Templeton Institutional Funds NPORTP Monthly portfolio investment report

Not

FDIC

Insured

May

Lose

Value

Bank

Guarantee

ZTIF-Q3PH

Schedules

Investments

(unaudited)

Foreign

Smaller

Companies

Series

International

Equity

Series

Notes

Schedules

Investments

Templeton

Institutional

Funds

Schedule

Investments

(unaudited),

September

30,

2023

Foreign

Smaller

Companies

Series

Quarterly

Schedule

Investments

See

Notes

Schedules

Investments.

Industry

Value

Common

Stocks

96.8%

Austria

1.2%

AT&S

Austria

Technologie

Systemtechnik

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

Electronic

Equipment,

Instruments

Components

29,636

875,207

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

Commercial

Services

Supplies

11,114

1,219,621

2,094,828

Bahamas

1.6%

OneSpaWorld

Holdings

Ltd.

........

Diversified

Consumer

Services

258,594

2,901,425

Belgium

2.5%

Barco

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

Electronic

Equipment,

Instruments

Components

130,567

2,533,137

Kinepolis

Group

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

Entertainment

38,198

1,899,816

4,432,953

Brazil

3.2%

Camil

Alimentos

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

Food

Products

1,068,000

1,633,859

Dexco

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

Paper

Forest

Products

728,200

1,115,471

Dias

Branco

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

Food

Products

135,700

986,158

Tres

Tentos

Agroindustrial

.......

Food

Products

451,800

1,150,465

Vivara

Participacoes

...........

Textiles,

Apparel

Luxury

Goods

172,100

919,611

5,805,564

Canada

3.9%

Canaccord

Genuity

Group,

Inc.

......

Capital

Markets

165,800

983,839

Canadian

Western

Bank

...........

Banks

145,231

3,008,761

Computer

Modelling

Group

Ltd.

......

Software

378,904

2,371,114

North

West

Co.,

Inc.

(The)

..........

Consumer

Staples

Distribution

Retail

29,200

735,213

7,098,927

China

1.6%

JNBY

Design

Ltd.,

Reg

..........

Textiles,

Apparel

Luxury

Goods

716,500

926,652

Xtep

International

Holdings

Ltd.

......

Textiles,

Apparel

Luxury

Goods

2,171,807

2,000,446

2,927,098

Denmark

0.7%

Matas

A/S

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

Specialty

Retail

88,755

1,226,472

Finland

2.0%

Fiskars

OYJ

Abp

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

Household

Durables

65,239

1,201,651

Huhtamaki

OYJ

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

Containers

Packaging

74,133

2,437,057

3,638,708

France

0.3%

Kaufman

Broad

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

Household

Durables

18,696

544,745

Germany

5.5%

Adesso

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

Services

12,773

1,380,351

Gerresheimer

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

Life

Sciences

Tools

Services

22,341

2,340,806

Jenoptik

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

Electronic

Equipment,

Instruments

Components

59,089

1,493,180

b,c

Montana

Aerospace

AG,

144A,

Reg

Aerospace

Defense

99,612

1,225,291

Rational

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

Machinery

2,823

1,786,037

Stabilus

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

Machinery

29,486

1,647,391

9,873,056

Greece

0.5%

JUMBO

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

Specialty

Retail

32,001

879,618

Templeton

Institutional

Funds

Schedule

Investments

(unaudited)

Foreign

Smaller

Companies

Series

(continued)

See

Notes

Schedules

Investments.

Quarterly

Schedule

Investments

Industry

Value

Common

Stocks

(continued)

Hong

Kong

3.4%

Techtronic

Industries

Co.

Ltd.

.......

Machinery

257,500

2,485,878

Value

Partners

Group

Ltd.

..........

Capital

Markets

3,725,000

1,170,106

VTech

Holdings

Ltd.

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

Communications

Equipment

417,800

2,499,820

6,155,804

India

1.0%

Exide

Industries

Ltd.

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

Automobile

Components

603,254

1,889,606

Israel

1.1%

Nayax

Ltd.

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

Electronic

Equipment,

Instruments

Components

82,232

1,906,232

Italy

9.7%

Brunello

Cucinelli

SpA

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

Textiles,

Apparel

Luxury

Goods

27,099

2,055,329

Carel

Industries

SpA,

144A,

Reg

...

Building

Products

60,298

1,443,198

Intercos

SpA

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

Personal

Care

Products

135,107

1,834,003

Interpump

Group

SpA

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

Machinery

71,348

3,263,608

LU-VE

SpA

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

Building

Products

34,546

788,876

Sanlorenzo

SpA

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

Leisure

Products

94,203

3,526,285

a,b

Seco

SpA

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

Technology

Hardware,

Storage

Peripherals

323,102

1,417,654

Technogym

SpA,

144A,

Reg

......

Leisure

Products

416,565

3,213,714

17,542,667

Japan

18.6%

Anicom

Holdings,

Inc.

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

Insurance

181,700

746,483

Asics

Corp.

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

Textiles,

Apparel

Luxury

Goods

100,800

3,510,133

Bunka

Shutter

Co.

Ltd.

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

Building

Products

134,400

993,550

CKD

Corp.

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

Machinery

135,200

1,858,736

Glory

Ltd.

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

Machinery

47,200

941,034

Idec

Corp.

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

Electrical

Equipment

78,700

1,560,453

IDOM,

Inc.

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

Specialty

Retail

277,300

1,352,338

Kaneka

Corp.

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

Chemicals

76,000

1,970,388

MEITEC

Group

Holdings,

Inc.

.......

Professional

Services

157,700

2,852,148

Nichiha

Corp.

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

Building

Products

122,200

2,402,643

Nihon

Parkerizing

Co.

Ltd.

..........

Chemicals

65,700

485,456

Nissei

ASB

Machine

Co.

Ltd.

........

Machinery

51,200

1,556,168

Qol

Holdings

Co.

Ltd.

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

Consumer

Staples

Distribution

Retail

111,500

1,383,913

Sato

Holdings

Corp.

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

Commercial

Services

Supplies

121,400

1,713,165

Shima

Seiki

Manufacturing

Ltd.

......

Machinery

141,000

1,684,753

Shoei

Co.

Ltd.

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

Automobile

Components

55,400

847,572

Square

Enix

Holdings

Co.

Ltd.

.......

Entertainment

18,700

640,784

TechnoPro

Holdings,

Inc.

..........

Professional

Services

119,300

2,592,869

Topcon

Corp.

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

Electronic

Equipment,

Instruments

Components

133,700

1,474,479

Tsumura

Co.

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

Pharmaceuticals

111,500

2,070,469

Zojirushi

Corp.

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

Household

Durables

72,400

862,961

33,500,495

Netherlands

0.2%

Flow

Traders

Ltd.

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

Capital

Markets

19,618

365,234

Norway

1.6%

TGS

ASA

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

Energy

Equipment

Services

214,931

2,933,445

Philippines

1.1%

Century

Pacific

Food,

Inc.

..........

Food

Products

4,134,700

2,044,279

Portugal

0.7%

Corticeira

Amorim

SGPS

........

Containers

Packaging

127,431

1,310,826

Templeton

Institutional

Funds

Schedule

Investments

(unaudited)

Foreign

Smaller

Companies

Series

(continued)

Quarterly

Schedule

Investments

See

Notes

Schedules

Investments.

Industry

Value

Common

Stocks

(continued)

South

Korea

5.0%

BNK

Financial

Group,

Inc.

..........

Banks

192,492

973,714

DGB

Financial

Group,

Inc.

..........

Banks

233,684

1,357,651

Hite

Jinro

Co.

Ltd.

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

Beverages

77,120

1,075,419

i-SENS,

Inc.

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

Health

Care

Equipment

Supplies

124,583

2,471,018

Jeisys

Medical,

Inc.

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

Health

Care

Equipment

Supplies

137,771

1,224,102

NongShim

Co.

Ltd.

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

Food

Products

5,347

1,866,537

8,968,441

Sweden

4.0%

Dometic

Group

AB,

144A

..........

Automobile

Components

251,435

1,588,567

Electrolux

Professional

AB,

.......

Machinery

252,677

1,302,931

Granges

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

Metals

Mining

192,179

1,807,852

Tethys

Oil

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

Oil,

Gas

Consumable

Fuels

144,590

725,126

Thule

Group

AB,

144A,

Reg

.......

Leisure

Products

67,215

1,758,155

7,182,631

Switzerland

5.0%

Bucher

Industries

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

Machinery

6,744

2,572,511

Logitech

International

..........

Technology

Hardware,

Storage

Peripherals

17,487

1,205,554

Medacta

Group

SA,

144A,

Reg

....

Health

Care

Equipment

Supplies

20,736

2,617,618

Siegfried

Holding

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

Life

Sciences

Tools

Services

3,044

2,599,817

8,995,500

Taiwan

9.6%

Chicony

Electronics

Co.

Ltd.

........

Technology

Hardware,

Storage

Peripherals

548,037

1,964,629

Giant

Manufacturing

Co.

Ltd.

........

Leisure

Products

170,482

942,072

Johnson

Health

Tech

Co.

Ltd.

.......

Leisure

Products

641,000

1,496,913

King

Yuan

Electronics

Co.

Ltd.

......

Semiconductors

Semiconductor

Equipment

1,451,000

3,424,469

Merida

Industry

Co.

Ltd.

...........

Leisure

Products

243,000

1,317,857

Nan

Pao

Resins

Chemical

Co.

Ltd.

...

Chemicals

246,000

1,582,885

Nien

Made

Enterprise

Co.

Ltd.

......

Household

Durables

108,000

1,037,644

Primax

Electronics

Ltd.

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

Electronic

Equipment,

Instruments

Components

585,000

1,256,010

Shin

Shing

Co.

Ltd.

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

Machinery

395,000

983,013

Topkey

Corp.

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

Leisure

Products

172,000

890,227

Tripod

Technology

Corp.

...........

Electronic

Equipment,

Instruments

Components

408,000

2,438,336

17,334,055

Thailand

1.9%

Hana

Microelectronics

PCL

.........

Electronic

Equipment,

Instruments

Components

1,424,800

2,301,140

Major

Cineplex

Group

PCL

.........

Entertainment

2,853,500

1,088,767

3,389,907

United

Kingdom

9.6%

Coats

Group

plc

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

Textiles,

Apparel

Luxury

Goods

1,837,686

1,643,369

Greggs

plc

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

Hotels,

Restaurants

Leisure

71,926

2,141,111

Ibstock

plc,

144A,

Reg

...........

Construction

Materials

956,750

1,663,310

Johnson

Service

Group

plc

.........

Commercial

Services

Supplies

642,905

1,061,524

Man

Group

plc

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

Capital

Markets

1,040,436

2,827,696

Oxford

Instruments

plc

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

Electronic

Equipment,

Instruments

Components

56,098

1,491,982

Pagegroup

plc

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

Professional

Services

359,015

1,835,614

Rathbones

Group

plc

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

Capital

Markets

102,636

2,173,205

Savills

plc

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

Real

Estate

Management

Development

89,736

947,531

Templeton

Institutional

Funds

Schedule

Investments

(unaudited)

Foreign

Smaller

Companies

Series

(continued)

See

Notes

Schedules

Investments.

Quarterly

Schedule

Investments

See

Abbreviations

page

Industry

Value

Common

Stocks

(continued)

United

Kingdom

(continued)

b,c

Watches

Switzerland

Group

plc,

144A

Specialty

Retail

220,788

1,437,780

17,223,122

United

States

1.3%

Axis

Capital

Holdings

Ltd.

..........

Insurance

14,850

837,094

IMAX

Corp.

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

Entertainment

78,433

1,515,326

2,352,420

Total

Common

Stocks

(Cost

$138,189,433)

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

174,518,058

Management

Investment

Companies

2.6%

United

States

2.6%

iShares

MSCI

EAFE

Small-Cap

ETF

Capital

Markets

82,675

4,668,657

Total

Management

Investment

Companies

(Cost

$4,775,308)

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

4,668,657

Warrants

0.2%

Bahamas

0.2%

OneSpaWorld

Holdings

Ltd.

3/19/24

Diversified

Consumer

Services

262,784

Total

Warrants

(Cost

$221,371)

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

262,784

Total

Long

Term

Investments

(Cost

$143,186,112)

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

179,449,499

Short

Term

Investments

0.5%

Industry

Value

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

0.5%

Money

Market

Funds

0.5%

d,e

Institutional

Fiduciary

Trust

Money

Market

Portfolio,

5.019%

.........

819,397

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$819,397)

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

819,397

Total

Short

Term

Investments

(Cost

$819,397

)

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

819,397

Total

Investments

(Cost

$144,005,509)

100.1%

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

$180,268,896

Other

Assets,

less

Liabilities

(0.1)%

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

(56,534)

Net

Assets

100.0%

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

$180,212,362

Templeton

Institutional

Funds

Schedule

Investments

(unaudited)

Foreign

Smaller

Companies

Series

(continued)

Quarterly

Schedule

Investments

See

Notes

Schedules

Investments.

portion

all

the

security

loan

September

30,

2023.

Non-income

producing.

Security

was

purchased

pursuant

Rule

144A

Regulation

under

the

Securities

Act

1933.

144A

securities

may

sold

transactions

exempt

from

registration

only

qualified

institutional

buyers

public

offering

registered

under

the

Securities

Act

1933.

Regulation

securities

cannot

sold

the

United

States

without

either

effective

registration

statement

filed

pursuant

the

Securities

Act

1933,

pursuant

exemption

from

registration.

September

30,

2023,

the

aggregate

value

these

securities

was

$15,874,285,

representing

8.8%

net

assets.

See

Note

regarding

investments

affiliated

management

investment

companies.

The

rate

shown

the

annualized

seven-day

effective

yield

period

end.

Templeton

Institutional

Funds

Schedule

Investments

(unaudited),

September

30,

2023

International

Equity

Series

See

Notes

Schedules

Investments.

Quarterly

Schedule

Investments

Industry

Value

Common

Stocks

96.3%

Belgium

1.4%

Anheuser-Busch

InBev

SA/NV

......

Beverages

46,247

2,563,635

Canada

2.5%

GFL

Environmental,

Inc.

...........

Commercial

Services

Supplies

139,300

4,424,168

Chile

1.2%

Antofagasta

plc

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

Metals

Mining

125,487

2,178,247

China

1.3%

NXP

Semiconductors

..........

Semiconductors

Semiconductor

Equipment

11,959

2,390,843

France

9.6%

Cie

Saint-Gobain

...........

Building

Products

44,662

2,672,912

Danone

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

Food

Products

56,726

3,128,731

TotalEnergies

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

Oil,

Gas

Consumable

Fuels

118,551

7,794,283

Veolia

Environnement

..........

Multi-Utilities

128,118

3,703,226

17,299,152

Germany

12.7%

Bayer

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

Pharmaceuticals

61,993

2,977,037

Continental

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

Automobile

Components

29,726

2,088,512

Deutsche

Boerse

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

Capital

Markets

17,005

2,936,570

Deutsche

Telekom

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

Diversified

Telecommunication

Services

320,687

6,726,671

Fresenius

Medical

Care

Co.

KGaA

Health

Care

Providers

Services

51,920

2,232,037

Infineon

Technologies

..........

Semiconductors

Semiconductor

Equipment

71,067

2,353,681

SAP

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

Software

26,793

3,467,976

22,782,484

Hungary

1.0%

Richter

Gedeon

Nyrt.

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

Pharmaceuticals

76,040

1,840,810

Ireland

1.5%

Smurfit

Kappa

Group

plc

...........

Containers

Packaging

80,585

2,676,889

Japan

20.4%

Hitachi

Ltd.

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

Industrial

Conglomerates

53,500

3,315,911

Honda

Motor

Co.

Ltd.

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

Automobiles

399,300

4,492,154

Isuzu

Motors

Ltd.

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

Automobiles

255,700

3,214,669

KDDI

Corp.

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

Wireless

Telecommunication

Services

87,300

2,672,384

Mitsubishi

Electric

Corp.

...........

Electrical

Equipment

277,000

3,422,302

Nitori

Holdings

Co.

Ltd.

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

Specialty

Retail

20,600

2,296,884

Sony

Group

Corp.

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

Household

Durables

35,900

2,935,842

Sumitomo

Metal

Mining

Co.

Ltd.

.....

Metals

Mining

73,600

2,161,420

Sumitomo

Mitsui

Financial

Group,

Inc.

Banks

128,100

6,293,257

Takeda

Pharmaceutical

Co.

Ltd.

.....

Pharmaceuticals

119,300

3,698,008

Tokyo

Electron

Ltd.

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

Semiconductors

Semiconductor

Equipment

15,900

2,171,890

36,674,721

Netherlands

6.9%

ING

Groep

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

Banks

226,393

2,983,734

SBM

Offshore

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

Energy

Equipment

Services

119,984

1,572,921

Shell

plc

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

Oil,

Gas

Consumable

Fuels

249,298

7,900,658

12,457,313

South

Korea

4.4%

Financial

Group,

Inc.

...........

Banks

51,513

2,096,248

Samsung

Electronics

Co.

Ltd.

.......

Technology

Hardware,

Storage

Peripherals

88,055

4,441,358

Shinhan

Financial

Group

Co.

Ltd.

....

Banks

51,868

1,361,948

7,899,554

Templeton

Institutional

Funds

Schedule

Investments

(unaudited)

International

Equity

Series

(continued)

Quarterly

Schedule

Investments

See

Notes

Schedules

Investments.

Industry

Value

Common

Stocks

(continued)

Spain

1.6%

Redeia

Corp.

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

Electric

Utilities

180,941

2,846,309

Switzerland

1.7%

Adecco

Group

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

Professional

Services

73,254

3,008,607

Taiwan

1.7%

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

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

Semiconductors

Semiconductor

Equipment

188,492

3,075,931

Thailand

0.8%

Kasikornbank

PCL

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

Banks

400,600

1,375,632

United

Kingdom

20.9%

AstraZeneca

plc

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

Pharmaceuticals

27,730

3,740,041

BAE

Systems

plc

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

Aerospace

Defense

317,730

3,860,689

Barratt

Developments

plc

..........

Household

Durables

256,617

1,375,773

plc

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

Oil,

Gas

Consumable

Fuels

1,223,294

7,884,627

Compass

Group

plc

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

Hotels,

Restaurants

Leisure

92,210

2,244,355

HSBC

Holdings

plc

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

Banks

494,823

3,871,864

Lloyds

Banking

Group

plc

..........

Banks

7,913,750

4,252,458

Smith

Nephew

plc

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

Health

Care

Equipment

Supplies

272,838

3,385,799

Standard

Chartered

plc

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

Banks

207,684

1,910,025

Unilever

plc

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

Personal

Care

Products

68,337

3,380,136

Smith

plc

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

Specialty

Retail

95,983

1,567,019

37,472,786

United

States

6.7%

CRH

plc

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

Construction

Materials

70,268

3,873,849

ICON

plc

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

Life

Sciences

Tools

Services

12,800

3,152,000

Sanofi

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

Pharmaceuticals

45,712

4,908,106

11,933,955

Total

Common

Stocks

(Cost

$135,056,605)

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

172,901,036

Escrows

and

Litigation

Trusts

0.0%

a,b

Hemisphere

Properties

India

Ltd.,

Escrow

Account

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

2,094,964

—

Total

Escrows

and

Litigation

Trusts

(Cost

$–)

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

—

Total

Long

Term

Investments

(Cost

$135,056,605)

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

172,901,036

Templeton

Institutional

Funds

Schedule

Investments

(unaudited)

International

Equity

Series

(continued)

See

Notes

Schedules

Investments.

Quarterly

Schedule

Investments

September

30,

2023,

the

Fund

had

the

following futures

contracts

outstanding.

Short

Term

Investments

2.6%

Industry

Value

Money

Market

Funds

2.6%

United

States

2.6%

c,d

Institutional

Fiduciary

Trust

Money

Market

Portfolio,

5.019%

.........

4,649,667

Total

Money

Market

Funds

(Cost

$4,649,667)

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

4,649,667

Total

Short

Term

Investments

(Cost

$4,649,667

)

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

4,649,667

Total

Investments

(Cost

$139,706,272)

98.9%

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

$177,550,703

Other

Assets,

less

Liabilities

1.1%

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

1,955,906

Net

Assets

100.0%

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

$179,506,609

†

Rounds

less

than

0.1%

net

assets.

Non-income

producing.

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

See

Note

regarding

investments

affiliated

management

investment

companies.

The

rate

shown

the

annualized

seven-day

effective

yield

period

end.

Futures

Contracts

Description

Type

Number

Contracts

Notional

Amount

Expiration

Date

Value/

Unrealized

Appreciation

(Depreciation)

Equity

contracts

MSCI

EAFE

Index

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

Long

2,041,500

12/15/23

(64,343)

Total

Futures

Contracts

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

$(64,343)

period

end.

Templeton

Institutional

Funds

Notes

Schedules

Investments

(unaudited)

Quarterly

Schedule

Investments

Organization

Templeton

Institutional

Funds (Trust)

registered

under

the

Investment

Company

Act

1940

(1940

Act)

open-end

management

investment

company,

consisting

of two

separate

funds (Funds).

The

Funds

the

accounting

and

reporting

guidance

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

apply

the

specialized

accounting

and

reporting

guidance

U.S.

Generally

Accepted

Accounting

Principles

(U.S.GAAP),

including,

but

not

limited

to,

ASC

946.

2. Financial

Instrument

Valuation

The

Funds’

investments

financial

instruments

are

carried

fair

value

daily.

Fair

value

the

price

that

would

received

sell

asset

paid

transfer

liability

orderly

transaction

between

market

participants

the

measurement

date.

The

Funds

calculate

the

net

asset

value

(NAV)

per

each

business

day

p.m.

Eastern

time

the

regularly

scheduled

the

New

York

Stock

Exchange

(NYSE),

whichever

earlier.

Under

compliance

policies

and

procedures

approved

the

Trust’s

Board

Trustees

(the

Board),

the

Board

has

designated

the

Funds’

investment

manager

the

valuation

designee

and

has

responsibility

for

oversight

valuation.

The

investment

manager

assisted

the

Funds’

administrator

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

determine

fair

value.

Equity

securities

listed

exchange

the

NASDAQ

National

Market

System

are

valued

the

last

quoted

sale

price

the

official

closing

price

the

day,

respectively.

Foreign

equity

securities

are

valued

the

trading

the

foreign

stock

exchange

which

the

security

primarily

traded

p.m.

Eastern

time.

The

value

then

converted

into

its

U.S.

dollar

equivalent

the

foreign

exchange

rate

effect

p.m. Eastern

time

the

day

that

the

value

the

security

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

multiple

markets

multiple

exchanges

are

valued

according

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

relationships

similar

securities.

Debt

securities

generally

trade

the

OTC

market

rather

than

securities

exchange.

The

Funds’

pricing

services

use

multiple

valuation

techniques

determine

fair

value.

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

market-based

approach

through

which

quotes

from

market

makers

are

used

determine

fair

value.

instances

where

sufficient

market

activity

may

not

exist

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

principal

repayments,

underlying

collateral,

and

other

unique

security

features

order

estimate

the

relevant

cash

flows,

which

are

then

discounted

calculate

the

fair

value.

Investments

open-end

mutual

funds

are

valued

the

closing

NAV.

The

Funds

have procedures

determine

the

fair

value

financial

instruments

for

which

market

prices

are

not

reliable

readily

available.

Under

these

procedures,

the

Funds

primarily employ

market-based

approach

which

may

use

comparable

assets

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

determine

the

fair

value

the

investment.

income-based

valuation

approach

may

also

used

which

the

anticipated

future

cash

flows

the

investment

are

discounted

calculate

fair

value.

Discounts

may

also

applied

due

the

nature

duration

any

restrictions

the

disposition

the

investments.

Due

the

inherent

uncertainty

valuations

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

active

market

existed.

Trading

securities

foreign

securities

stock

exchanges

and

OTC

markets

may

completed

before

p.m.

Eastern

time.

addition,

trading

certain

foreign

markets

may

not

take

place

every

Funds’ business

day.

Events

can

occur

between

the

time

which

trading

foreign

security

completed

and

p.m.

Eastern

time

that

might

call

into

question

the

reliability

the

value

portfolio

security

held

the

Fund.

result,

differences

may

arise

between

the

value

the

Funds’

portfolio

securities

determined

the

foreign

market

and

the

latest

indications

value

p.m.

Eastern

time.

order

Templeton

Institutional

Funds

Notes

Schedules

Investments

(unaudited)

Quarterly

Schedule

Investments

minimize

the

potential

for

these

differences,

independent

pricing

service

may

used

adjust

the

value

the

Funds'

portfolio

securities

the

latest

indications

fair

value

at 4

p.m.

Eastern

time.

September

30,

2023,

certain

securities

may

have

been

fair

valued

using

these

procedures,

which

case

the

securities

were

categorized

Level

within

the

fair

value

hierarchy

(referred

"market

level

fair

value").

See

the

Fair

Value

Measurements

note

for

information.

When

the

last

day

the

reporting

period

non-business

day,

certain

foreign

markets

may

open

those

days

that

the

Funds’

NAV

not

calculated,

which

could

result

differences

between

the

value

the

Funds’

portfolio securities

the

last

business

day

and

the

last

calendar

day

the

reporting

period.

Any

security

valuation

changes

due

open

foreign

market

are

adjusted

and

reflected

the

Funds for

financial

reporting

purposes.

Investments

Affiliated

Management

Investment

Companies

Certain

all

Funds

invest

one

affiliated

management

investment

companies.

defined

the

1940

Act,

investment

deemed

“Controlled

Affiliate”

fund

when

fund

owns,

either

directly

indirectly,

25%

the

affiliated

fund’s

outstanding

has

the

power

exercise

control

over

management

policies

such

fund.

The

Funds

not

invest

for

purposes

exercising

controlling

influence

over

the

management

policies.

During

the

period

ended

September

30,

2023,

investments

affiliated

management

investment

companies

were

follows:

4. Fair

Value

Measurements

The

Funds

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

determining

the

value

the

Funds’

financial

instruments

and

are

summarized

the

following

fair

value

hierarchy:

• Level

–

quoted

prices

active

markets

for

identical

financial

instruments

• Level

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Value

Beginning

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

Unrealized

Appreciation

(Depreciation)

Value

End

Period

Number

Held

End

Period

Investment

Income

Foreign

Smaller

Companies

Series

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

Money

Market

Portfolio,

5.019%

$4,656,168

$16,667,567

$(20,504,338)

$—

$819,397

819,397

$69,689

Total

Affiliated

Securities

...

$4,656,168

$16,667,567

$(20,504,338)

$—

$819,397

$69,689

International

Equity

Series

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

Money

Market

Portfolio,

5.019%

$7,572,866

$42,350,618

$(45,273,817)

$—

$4,649,667

4,649,667

$126,963

Total

Affiliated

Securities

...

$7,572,866

$42,350,618

$(45,273,817)

$—

$4,649,667

$126,963

2. Financial

Instrument

Valuation

(continued)

Templeton

Institutional

Funds

Notes

Schedules

Investments

(unaudited)

Quarterly

Schedule

Investments

• Level

–

significant

unobservable

inputs

(including

the

Funds'

own

assumptions

determining

the

fair

value

financial

instruments)

The

input

levels

are

not

necessarily

indication

the

risk

liquidity

associated

with

financial

instruments

that

level.

summary

inputs

used

September

30,

2023,

valuing

the

Funds’

assets

and

liabilities

carried

fair

value,

follows:

Level

Total

Foreign

Smaller

Companies

Series

Assets:

Investments

Securities:

Common

Stocks

Austria

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

1,219,621

875,207

—

2,094,828

Bahamas

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

2,901,425

—

2,901,425

Belgium

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

—

4,432,953

—

4,432,953

Brazil

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

5,805,564

—

5,805,564

Canada

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

7,098,927

—

7,098,927

China

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

—

2,927,098

—

2,927,098

Denmark

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

—

1,226,472

—

1,226,472

Finland

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

—

3,638,708

—

3,638,708

France

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

—

544,745

—

544,745

Germany

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

1,225,291

8,647,765

—

9,873,056

Greece

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

879,618

—

879,618

Hong

Kong

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

—

6,155,804

—

6,155,804

India

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

—

1,889,606

—

1,889,606

Israel

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

1,906,232

—

1,906,232

Italy

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

2,622,879

14,919,788

—

17,542,667

Japan

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

—

33,500,495

—

33,500,495

Netherlands

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

365,234

—

365,234

Norway

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

—

2,933,445

—

2,933,445

Philippines

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

2,044,279

—

2,044,279

Portugal

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

1,310,826

—

1,310,826

South

Korea

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

—

8,968,441

—

8,968,441

Sweden

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

—

7,182,631

—

7,182,631

Switzerland

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

1,205,554

7,789,946

—

8,995,500

Taiwan

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

—

17,334,055

—

17,334,055

Thailand

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

—

3,389,907

—

3,389,907

United

Kingdom

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

5,746,192

11,476,930

—

17,223,122

United

States

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

2,352,420

—

2,352,420

Management

Investment

Companies

.........

4,668,657

—

4,668,657

Warrants

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

262,784

—

262,784

Short

Term

Investments

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

819,397

—

819,397

Total

Investments

Securities

...........

$42,434,900

$137,833,996

$—

$180,268,896

International

Equity

Series

Assets:

Investments

Securities:

Common

Stocks

Belgium

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

—

2,563,635

—

2,563,635

Canada

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

4,424,168

—

4,424,168

Chile

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

—

2,178,247

—

2,178,247

China

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

2,390,843

—

2,390,843

France

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

—

17,299,152

—

17,299,152

Germany

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

—

22,782,484

—

22,782,484

Hungary

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

1,840,810

—

1,840,810

Ireland

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

—

2,676,889

—

2,676,889

Japan

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

—

36,674,721

—

36,674,721

4. Fair

Value

Measurements

(continued)

Templeton

Institutional

Funds

Notes

Schedules

Investments

(unaudited)

Quarterly

Schedule

Investments

reconciliation

which

Level

inputs

are

used

determining

fair

value

presented

when

there

are

significant

Level

assets

and/or

liabilities

the

beginning

and/or

end

the

period.

Abbreviations

Level

Total

International

Equity

Series

(continued)

Assets:

(continued)

Investments

Securities:

Common

Stocks:

Netherlands

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

—

12,457,313

—

12,457,313

South

Korea

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

—

7,899,554

—

7,899,554

Spain

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

—

2,846,309

—

2,846,309

Switzerland

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

—

3,008,607

—

3,008,607

Taiwan

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

—

3,075,931

—

3,075,931

Thailand

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

—

1,375,632

—

1,375,632

United

Kingdom

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

—

37,472,786

—

37,472,786

United

States

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

3,152,000

8,781,955

—

11,933,955

Escrows

and

Litigation

Trusts

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

—

Short

Term

Investments

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

4,649,667

—

4,649,667

Total

Investments

Securities

...........

$16,457,488

$161,093,215

$—

$177,550,703

Liabilities:

Other

Financial

Instruments:

Futures

contracts

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

64,343

—

64,343

Total

Other

Financial

Instruments

.........

$64,343

$—

$64,343

Includes

foreign

securities

valued

$137,833,996,

which

were

categorized

Level

result

the

application

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

information.

Includes

financial

instruments

determined

have

value.

Includes

foreign

securities

valued

$161,093,215,

which

were

categorized

Level

result

the

application

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

information.

Selected

Portfolio

ETF

Exchange-Traded

Fund

4. Fair

Value

Measurements

(continued)

For

additional

information

the

Funds'

significant

accounting

policies,

please

refer

the Funds'

most

recent

semiannual

annual

shareholder

report.

Templeton Institutional Funds NPORT-PMonthly portfolio investment report