# EDGAR Filing Document

**Accession Number:** 0000865722
**File Stem:** 0001868420-23-000029
**Filing Date:** 2023-2
**Character Count:** 244521
**Document Hash:** c595b5a860568d39f26e36c24b811066
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001868420-23-000029.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001868420-23-000029

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**EFFECTIVENESS DATE**: 20230228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TEMPLETON INSTITUTIONAL FUNDS
- **CENTRAL INDEX KEY:** 0000865722
- **IRS NUMBER:** 593020895
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06135
- **FILM NUMBER:** 23678562

**BUSINESS ADDRESS:**
- **STREET 1:** 300 S.E. 2ND STREET
- **CITY:** FORT LAUDERDALE
- **STATE:** FL
- **ZIP:** 33301-1923
- **BUSINESS PHONE:** 9545277500

**MAIL ADDRESS:**
- **STREET 1:** 300 S.E. 2ND STREET
- **CITY:** FORT LAUDERDALE
- **STATE:** FL
- **ZIP:** 33301-1923

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TEMPLETON INSTITUTIONAL FUNDS INC
- **DATE OF NAME CHANGE:** 19940602

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TEMPLETON INSTITUTIONAL TRUST INC
- **DATE OF NAME CHANGE:** 19930326

## Series and Classes Contracts Data

### International Equity Series (Series ID: S000008751)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000023825 | Primary Shares | TFEQX           |
| C000037509 | Service Shares | TFESX           |

### Foreign Smaller Companies Series (Series ID: S000008752)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000023826 | Advisor Class | TFSCX           |

UNITED STATES##NEWLINE## SECURITIES AND EXCHANGE COMMISSION##NEWLINE## Washington, DC 20549

# FORM N-CSR

# CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-06135

Templeton Institutional Funds

(Exact name of registrant as specified in charter)

300 S.E. 2##SUP##nd##/SUP## Street, Fort Lauderdale, FL 33301-1923

(Address of principal executive offices) (Zip code)

Alison Baur, One Franklin Parkway, San Mateo, CA 94403-1906

(Name and address of agent for service)

Registrant's telephone number, including area code: (954) 527-7500

Date of fiscal year end: 12/31

Date of reporting period: 12/31/22

# Item 1. Reports to Stockholders.

a.)

The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30e-1.)##NEWLINE## ##NEWLINE## ##NEWLINE##

b.)

Include a copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule.

Not Applicable

.

ANNUAL REPORT

# INSTITUTIONAL FUNDS

![img-0.jpeg](img-0.jpeg)

Foreign Smaller Companies Series

International Equity Series

Annual Report

Economic and Market Overview 2
Foreign Smaller Companies Series 3
International Equity Series 10
Financial Highlights and Schedules of Investments 17

# Contents

Not FDIC Insured | May Lose Value | No Bank Guarantee

International.com

Annual Report 1

| Financial Statements | 29 |
| --- | --- |
| Notes to Financial Statements | 32 |
| Report of Independent Registered | 33 |
| Economics and Market Overview |  |
| Tax Information | 46 |
| Board Members and Officers | 47 |
| Global Development and Emerging market equities, as Shareholder Information | 62 European developed market equities, as measured by the |

## ANNUAL REPORT

See www.bankersceptendatauouves.com for additional data provider information.

2 | Annual Report

Brockwood.com

1. Source: Morningstar

measured by the MSCI All Country World Index-NR (net of tax withholding when dividends are paid), posted a -18.36% total return for the 12 months ended December 31, 2007. The combination of inflation, consumer demand and price of capitalization, and the other factors that were not included in the higher inflation rate of 2008-2009. The total company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share

MSCI Europe Index-NR, posted a -15.06% total return for the 12 months under review.1

Assumed with the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share

![img-1.jpeg](img-1.jpeg)

## Foreign Smaller Companies Series

The Index is a nonstandard and includes a nonstandard of any income or distributions. It does not reflect any loss, expense or value charges. One current invest directly in an index, and an index is not representative of the Fund's portfolio. Net returns (000) include income net of tax withholding when dividends are paid. See www.funditalsmellings.com for additional data provider information.

The dollar value, number of shares or principal amount, and names of all portfolio holdings are listed in the Fund's Schedule of Investments (SDI). The NDI begins on page 18.

International.com

Annual Report

3

1. Source: FundNet

1

accomplishments, and the policy of the 2022 financial
stock and the capital. The economic growth is the result of its net
investment. It is also a result of the financial situation in the
World's Company's growth in the global economy. For example, of this
1.2% of the country's growth in the global economy, the
market is a result of the world's growth in the global economy, as lockdowns, early
Machinery 12.6%
Electronic Equipment, Instruments &
Components 8.6%

GDP growth and contraction. China's economy contracted
sharply in 2022 as COVID-related restrictions in many countries
cities, including Shanghai, weakened consumer demand
inversely concerns about the solvency of several large
property developers in China for the increased stocks in the
2022 financial year. Montana Aerospace is vertically
integrated across the entire set of production steps-
complete from raw material recycling, casting, extrusion,
machining, surface treatment and sub-assembly-with many
steps occurring in a single location. This vertical integration

FOREIGN SMALLER COMPANIES SERIES

costs, which led to analyst downgrades. We believe the

4

Annual Report

Broadcasual.com

However, under normal conditions, when making an initial investment, the company is not a result of the investment in the investment in the investment in the investment in the investment in the investment in the investment in the investment in the investment in the investment in the investment in the investment in the investment in the investment in the investment in the investment in the investment in the investment in the investment in the investment in the investment in the investment in the investment in the investment in the investment in the investment in the investment in the investment in the investment in the investment in the investment in the investment in the investment in

Global emerging market stocks, as measured by the MSCI's 5% Emerging Markets Index (MMI) 2016 total return 2.7% for the 12 months under review. Central bank tightening, the market is a result of a strong demand for the market in the investment in the investment in the investment in the investment in the investment in the investment in the investment in the investment in the investment in the investment in the investment in the investment in the investment in the investment in the investment in the investment in the investment in the investment in the investment in the investment in the investment in the investment in the investment in the investment in the investment in the investment in the investment in the investment in the investment in the investment in the investment

FOREIGN SMALLER COMPANIES SERIES

M Dias Branco, Brazil's market leader in producing cookies *warranty as to their completeness or accuracy. Although*

---

Reputational.com

Annual Report | 5

CFA\* is a trademark owned by CFA Institute

---

contraction in the first half of the year when high inflation, supported by the United States, is expected to be expected to be expected to be expected to be expected to be expected to be expected to be expected to be expected to be expected to be expected to be expected to be expected to be expected to be expected to be expected to be expected to be expected to be expected to be expected to be expected to be expected to be expected to be expected to be expected to be expected to be expected to be expected to be expected to be expected to be expected to be expected to be expected to be expected

The United States is a major foreign country, which is a major foreign country, which is a major foreign country, which is a major foreign country, which is a major foreign country, which is a major foreign country, which is a major foreign country, which is a major foreign country, which is a major foreign country, which is a major foreign country, which is a major foreign country, which is a major foreign country, which is a major foreign country, which is a major foreign country, which is a major foreign country, which is a major foreign country

Performance as of 12/31/221

FOREIGN SMALLER COMPANIES SERIES

## Performance Summary as of December 31, 2022

The performance table and graph do not reflect any taxes that a shareholder would pay on Fund dividends, capital gain

6 | Annual Report

Brockwood.com

See page 6 for Performance Summary footnotes.

funds target rate in March 2022 for the first time since 2018.

The first time of the first time is a result of the following:

six measures to work the impact of the implementation

Fundamentals and Evaluation Report summary

as well as the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results of the results

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Sharwin's 1980s, 1980s, 1980s, 1980s, 1980s, 1980s, 1980s, 1980s, 1980s, 1980s, 1980s, 1980s, 1980s, 1980s, 1980s

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10. 2017年1月1日

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Series Index M

Total Return Index Comparison for a Hypothetical

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See page 6 for Performance Summary footnotes.

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COMPANIES SERIES

[Non-Text]

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Economic growth in the eurozone decelerated to a slightly
positive growth rate during the year. The lifting of COVID-
related restrictions in some European countries and the
summer tourism season is the most important opportunity. French does
not have a significant impact on the global economy. The global
economy is a key factor in the global economy. The global economy is a key
factor in the global economy. The global economy is a key factor in the global
economy. The global economy is a key factor in the global economy. The global
economy is a key factor in the global economy. The global economy is a key
factor in the global economy. The global economy is a key factor in the global
economy. The global economy is a key factor in the global economy. The global
economy is a key factor in the global economy. The global economy is a key
factor in the global economy.

Against this backdrop, the Fund underperformed its
benchmark index for the year, due primarily to stock
reduction in the financials, consumer discretionary and
individuals sectors.
Professional Services, Japan
Business Development
Business Development
Business Development
Business Development
Business Development
Business Development
Business Development
Business Development
Business Development
Business Development
Business Development
Business Development
Business Development
Business Development
Business Development
Business Development
Business Development
Business Development
Business Development
Business Development
Business Development
Business Development
Business Development
Business Development
Business Development
Business Development
Business Development
Business Development
Business Development
Business Development
Business Development
Business Development
Business Development

FOREIGN SMALLER COMPANIES SERIES

3 | Annual Report | Institutional.com

periods (1) and 2) in Germany and France. In 2022, the European Central Bank raised interest rates in July 2022 for the first time in 11 years to curtail growing inflation and raised interest rates in the European Central Bank. In the development of the European Central Bank, the European Central Bank raised interest rates in July 2022 for the first time in 11 years to curtail growing inflation and raised interest rates in the European Central Bank. In the development of the European Central Bank, the European Central Bank raised interest rates in July 2022 for the first time in 11 years to curtail growing inflation and raised interest rates in the European Central Bank. In the development of the European Central Bank, the European Central Bank raised interest rates in July 2022 for the first time in

branded products in the outdoor segment, and Watches of Switzerland Group (WOSG), a leading U.K. luxury watch retailer with a growing presence in the U.S., detracted from negative returns in the consumer discretionary sector. 1.5% Life Sciences Tools & Services, Germany

In contrast, relative contributors included stock selection in the information contained in the information contained in the information contained in the information contained in the information contained in the information contained in the information contained in the information contained in the information contained in the information contained in the information contained in the information contained in the information contained in the information contained in the information contained in the information contained in the information contained in the information contained in the information contained in the information contained in the information contained in the information contained in the information contained in the information contained in the information contained in

## Actual Fund Expenses

FOREIGN: SMALLER COMPANIES SERIES

## Your Fund's Expenses

As a Fund shareholder, you can incur two types of costs: (1) transaction costs, including sales charges (loads) on Fund

firephoos.com

Annual Report

5

on the market price of a company's securities relative to our
evaluation of the company's long-term earnings, asset value

# Geographic Composition

12/31/22

% of Total
Net Assets

This annual report for International Equity Series (Fund)

The Fund's Annual Report on Investment and Investment in the United States is based on the results of the financial statements and estimates. The Fund's Annual Report on Investment and Investment in the United States is based on the results of the financial statements and estimates. The Fund's Annual Report on Investment and Investment in the United States is based on the results of the financial statements and estimates. The Fund's Annual Report on Investment and Investment in the United States is based on the results of the financial statements and estimates. The Fund's Annual Report on Investment and Investment in the United States is based on the results of the financial statements and estimates. The Fund's Annual Report on Investment and Investment in the United States is based on the results of the financial statements

# International Equity Series

The indices are summarized and include measurement of any income or distributions. They do not reflect any fees, expenses or sales charges. One cannot invest directly in
so sides, and so sides is not representation of the Fund's portfolio. See Returns (RRI) include income not to be attributable when dividends are paid.
See www.fundfunds.com/interests/interests.com for additional data provider information.

The dollar value, number of shares or principal amount, and names of all portfolio holdings are listed in the Fund's Schedule of Investments (SDI).
The SDI begins on page 25.

10 | Annual Report

funds.com

1. Source: Morningstar

The Fund seeks long-term capital growth. Under normal market conditions, the Fund invests at least 80% of its net assets in foreign (non-U.S.) equity securities. The Fund

| Latin America & Caribbean | 1.9% |
| --- | --- |
| Short Term Investments & Other Net Assets | 5.0% |

in the United States, the Fund's actual expense is based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. This information may not be used to estimate the actual ending account balance or expenses

INTERNATIONAL EQUITY SERIES

Each company benefited from elevated oil prices, strong

financial services firm Sumitomo Mitsui Financial Group

Reproductions

Annual Report

11

## Performance Overview

The Fund's Primary shares posted a -0.23% cumulative total return for the 12 months under review. For comparison, it is noted that the performance of the Fund's primary shares is not a significant increase in the market. The Fund's primary shares are not a significant increase in the market. The Fund's primary shares are not a significant increase in the market. The Fund's primary shares are not a significant increase in the market.

For purposes of pursuing the Fund's investment goal, we intend to enter into equity derivative instruments, including equity index futures contracts. We use these derivative instruments for investment purposes, including for cash and cash equivalents. The Fund's primary shares are not a significant increase in the market. The Fund's primary shares are not a significant increase in the market.

INTERNATIONAL EQUITY SERIES

The IT sector did not contribute any individual stocks to

12

Annual Report

International.com

markets excluding the U.S., posted a -16.00% cumulative total return.1 Also in comparison, the Fund's secondary benchmark, the MSCI Europe, Australasia, Far East Index (EAFE) NIF, which measures the equity market performance of a third-party shareholders. Management USA and Canada have also been issued to the Company's shareholders, and the Company's shareholders' equity in the Company's equity in the Company's equity in the Company's equity in the Company's equity in the Company's equity in the Company's equity in the Company's equity in the Company's equity in the Company's equity in the Company's equity in the Company's equity in the Company's equity in the Company's equity in the Company's equity in the Company's equity in the Company's equity in the Company's equity in the Company's equity in the Company's equity in the Company's equity in the Company's equity

# Manager's Discussion[{"box_2d": [292, 52, 557, 142], "label": "text", "caption": "The Fund outperformed its benchmark MSCI ACWI ex USA S&P 500 Index, which is a 2018-2019 stock market. The company's performance is 2.0% in 2017, and the Company's performance is 2.0% in 2016. The Company's performance is 2.0% in 2015, and the Company's performance is 2.0% in 2014. The Company's performance is 2.0% in 2013, and the Company's performance is 2.0% in 2012. The Company's performance is 2.0% in 2011, and the Company's performance is 2.0% in 2010, and the Company's performance is 2.0% in 2009, and the Company's performance is 2.0% in 2008, and the Company's performance is 2.0% in 2007, and the Company's performance is 2.0% in 2006, and the Company's performance is 2.0% in 2005, and the Company's performance is 2.0% in 2004, and the Company's performance is 2.0% in 2003, and the Company's performance is 2.0% in 2002, and the Company's performance is 2.0% in 2001, and the Company's performance is 2.0% in 2000, and the Company's performance is 2.0% in 1999, and the Company's performance is 2.0% in 1998, and the Company's performance is 2.0% in 1997, and the Company's performance is 2.0% in 1996, and the Company's performance is 2.0% in 1995, and the Company's performance is 2.0% in 1994, and the Company's performance is 2.0% in 1993, and the Company's performance is 2.0% in 1992, and the Company's performance is 2.0% in 1991, and the Company's performance is 2.0% in 1990, and the Company's performance is 2.0% in 1989, and the Company's performance is 2.0% in 1988, and the Company's performance is 2.0% in 1987, and the Company's performance is 2.0% in 1986, and the Company's performance is 2.0% in 1985, and the Company's performance is 2.0% in 1984, and the Company's performance is 2.0% in 1983, and the Company's performance is 2.0% in 1982, and the Company's performance is 2.0% in 1981, and the Company's performance is 2.0% in 1980, and the Company's performance is 2.0% in 1979, and the Company's performance is 2.0% in 1978, and the Company's performance is 2.0% in 1977, and the Company's performance is 2.0% in 1976, and the Company's performance is 2.0% in 1975, and the Company's performance is 2.0% in 1974, and the Company's performance is 2.0% in 1973, and the Company's performance is 2.0% in 1972, and the Company's performance is 2.0% in 1971, and the Company's performance is 2.0% in 1970, and the Company's performance is 2.0% in 1969, and the Company's performance is 2.0% in 1968, and the Company's performance is 2.0% in 1967, and the Company's performance is 2.0% in 1966, and the Company's performance is 2.0% in 1965, and the Company's performance is 2.0% in 1964, and the Company's performance is 2.0% in 1963, and the Company's performance is 2.0% in 1962, and the Company's performance is 2.0% in 1961, and the Company's performance is 2.0% in 1960, and the Company's performance is 2.0% in 1959, and the Company's performance is 2.0% in 1958, and the Company's performance is 2.0% in 1957, and the Company's performance is 2.0% in 1956, and the Company's performance is 2.0% in 1955, and the Company's performance is 2.0% in 1954, and the Company's performance is 2.0% in 1953, and the Company's performance is 2.0% in 1952, and the Company's performance is 2.0% in 1951, and the Company's performance is 2.0% in 1950, and the Company's performance is 2.0% in 1949, and the Company's performance is 2.0% in 1948, and the Company's performance is 2.0% in 1947, and the Company's performance is 2.0% in 1946, and the Company's performance is 2.0% in 1945, and the Company's performance is 2.0% in 1944, and the Company's performance is 2.0% in 1943, and the Company's performance is 2.0% in 1942, and the Company's performance is 2.0% in 1941, and the Company's performance is 2.0% in 1940, and the Company's performance is 2.0% in 1939, and the Company's performance is 2.0% in 1938, and the Company's performance is 2.0% in 1937, and the Company's performance is 2.0% in 1936, and the Company's performance is 2.0% in 1935, and the Company's performance is 2.0% in 1934, and the Company's performance is 2.0% in 1933, and the Company's performance is 2.0% in 1932, and the Company's performance is 2.0% in 1931, and the Company's performance is 2.0% in 1930, and the Company's performance is 2.0% in 1929, and the Company's performance is 2.0% in 1928, and the Company's performance is 2.0% in 1927, and the Company's performance is 2.0% in 1926, and the Company's performance is 2.0% in 1925, and the Company's performance is 2.0% in 1924, and the Company's performance is 2.0% in 1923, and the Company's performance is 2.0% in 1922, and the Company's performance is 2.0% in 1921, and the Company's performance is 2.0% in 1920, and the Company's performance is 2.0% in 1919, and the Company's performance is 2.0% in 1918, and the Company's performance is 2.0% in 1917, and the Company's performance is 2.0% in 1916, and the Company's performance is 2.0% in 1915, and the Company's performance is 2.0% in 1914, and the Company's performance is 2.0% in 1913, and the Company's performance is 2.0% in 1912, and the Company's performance is 2.0% in 1911, and the Company's performance is 2.0% in 1910, and the Company's performance is 2.0% in 1909, and the Company's performance is 2.0% in 1908, and the Company's performance is 2.0% in 1907, and the Company's performance is 2.0% in 1906, and the Company's performance is 2.0% in 1905, and the Company's performance is 2.0% in 1904, and the Company's performance is 2.0% in 1903, and the Company's performance is 2.0% in 1902, and the Company's performance is 2.0% in 1901, and the Company's performance is 2.0% in 1900, and the Company's performance is 2.0% in 1899, and the Company's performance is 2.0% in 1898, and the Company's performance is 2.0% in 1897, and the Company's performance is 2.0% in 1896, and the Company's performance is 2.0% in 1895, and the Company's performance is 2.0% in 1894, and the Company's performance is 2.0% in 1893, and the Company's performance is 2.0% in 1892, and the Company's performance is 2.0% in 1891, and the Company's performance is 2.0% in 1890, and the Company's performance is 2.0% in 1889, and the Company's performance is 2.0% in 1888, and the Company's performance is 2.0% in 1887, and the Company's performance is 2.0% in 1886, and the Company's performance is 2.0% in 1885, and the Company's performance is 2.0% in 1884, and the Company's performance is 2.0% in 1883, and the Company's performance is 2.0% in 1882, and the Company's performance is 2.0% in 1881, and the Company's performance is 2.0% in 1880, and the Company's performance is 2.0% in 1879, and the Company's performance is 2.0% in 1878, and the Company's performance is 2.0% in 1877, and the Company's performance is 2.0% in 1876, and the Company's performance is 2.0% in 1875, and the Company's performance is 2.0% in 1874, and the Company's performance is 2.0% in 1873, and the Company's performance is 2.0% in 1872, and the Company's performance is 2.0% in 1871, and the Company's performance is 2.0% in 1870, and the Company's performance is 2.0% in 1869, and the Company's performance is 2.0% in 1868, and the Company's performance is 2.0% in 1867, and the Company's performance is 2.0% in 1866, and the Company's performance is 2.0% in 1865, and the Company's performance is 2.0% in 1864, and the Company's performance is 2.0% in 1863, and the Company's performance is 2.0% in 1862, and the Company's performance is 2.0% in 1861, and the Company's performance is 2.0% in 1860, and the Company's performance is 2.0% in 1859, and the Company's performance is 2.0% in 1858, and the Company's performance is 2.0% in 1857, and the Company's performance is 2.0% in 1856, and the Company's performance is 2.0% in 1855, and the Company's performance is 2.0% in 1854, and the Company's performance is 2.0% in 1853, and the Company's performance is 2.0% in 1852, and the Company's performance is 2.0% in 1851, and the Company's performance is 2.0% in 1850, and the Company's performance is 2.0% in 1849, and the Company's performance is 2.0% in 1848, and the Company's performance is 2.0% in 1847, and the Company's performance is 2.0% in 1846, and the Company's performance is 2.0% in 1845, and the Company's performance is 2.0% in 1844, and the Company's performance is 2.0% in 1843, and the Company's performance is 2.0% in 1842, and the Company's performance is 2.0% in 1841, and the Company's performance is 2.0% in 1840, and the Company's performance is 2.0% in 1839, and the Company's performance is 2.0% in 1838, and the Company's performance is 2.0% in 1837, and the Company's performance is 2.0% in 1836, and the Company's performance is 2.0% in 1835, and the Company's performance is 2.0% in 1834, and the Company's performance is 2.0% in 1833, and the Company's performance is 2.0% in 1832, and the Company's performance is 2.0% in 1831, and the Company's performance is 2.0% in 1830, and the Company's performance is 2.0% in 1829, and the Company's performance is 2.0% in 1828, and the Company's performance is 2.0% in 1827, and the Company's performance is 2.0% in 1826, and the Company's performance is 2.0% in 1825, and the Company's performance is 2.0% in 1824, and the Company's performance is 2.0% in 1823, and the Company's performance is 2.0% in 1822, and the Company's performance is 2.0% in 1821, and the Company's performance is 2.0% in 1820, and the Company's performance is 2.0% in 1819, and the Company's performance is 2.0% in 1818, and the Company's performance is 2.0% in 1817, and the Company's performance is 2.0% in 1816, and the Company's performance is 2.0% in 1815, and the Company's performance is 2.0% in 1814, and the Company's performance is 2.0% in 1813, and the Company's performance is 2.0% in 1812, and the Company's performance is 2.0% in 1811, and the Company's performance is 2.0% in 1810, and the Company's performance is 2.0% in 1809, and the Company's performance is 2.0% in 1808, and the Company's performance is 2.0% in 1807, and the Company's performance is 2.0% in 1806, and the Company's performance is 2.0% in 1805, and the Company's performance is 2.0% in 1804, and the Company's performance is 2.0% in 1803, and the Company's performance is 2.0% in 1802, and the Company's performance is 2.0% in 1801, and the Company's performance is 2.0% in 1800, and the Company's performance is 2.0% in 1799, and the Company's performance is 2.0% in 1798, and the Company's performance is 2.0% in 1797, and the Company's performance is 2.0% in 1796, and the Company's performance is 2.0% in 1795, and the Company's performance is 2.0% in 1794, and the Company's performance is 2.0% in 1793, and the Company's performance is 2.0% in 1792, and the Company's performance is 2.0% in 1791, and the Company's performance is 2.0% in 1790, and the Company's performance is 2.0% in 1789, and the Company's performance is 2.0% in 1788, and the Company's performance is 2.0% in 1787, and the Company's performance is 2.0% in 1786, and the Company's performance is 2.0% in 1785, and the Company's performance is 2.0% in 1784, and the Company's performance is 2.0% in 1783, and the Company's performance is 2.0% in 1782, and the Company's performance is 2.0% in 1781, and the Company's performance is 2.0% in 1780, and the Company's performance is 2.0% in 1779, and the Company's performance is 2.0% in 1778, and the Company's performance is 2.0% in 1777, and the Company's performance is 2.0% in 1776, and the Company's performance is 2.0% in 1775, and the Company's performance is 2.0% in 1774, and the Company's performance is 2.0% in 1773, and the Company's performance is 2.0% in 1772, and the Company's performance is 2.0% in 1771, and the Company's performance is 2.0% in 1770, and the Company's performance is 2.0% in 1769, and the Company's performance is 2.0% in 1768, and the Company's performance is 2.0% in 1767, and the Company's performance is 2.0% in 1766, and the Company's performance is 2.0% in 1765, and the Company's performance is 2.0% in 1764, and the Company's performance is 2.0% in 1763, and the Company's performance is 2.0% in 1762, and the Company's performance is 2.0% in 1761, and the Company's performance is 2.0% in 1760, and the Company's performance is 2.0% in 1759, and the Company's performance is 2.0% in 1758, and the Company's performance is 2.0% in 1757, and the Company's performance is 2.0% in 1756, and the Company's performance is 2.0% in 1755, and the Company's performance is 2.0% in 1754, and the Company's performance is 2.0% in 1753, and the Company's performance is 2.0% in 1752, and the Company's performance is 2.0% in 1751, and the Company's performance is 2.0% in 1750, and the Company's performance is 2.0% in 1749, and the Company's performance is 2.0% in 1748, and the Company's performance is 2.0% in 1747, and the Company's performance is 2.0% in 1746, and the Company's performance is 2.0% in 1745, and the Company's performance is 2.0% in 1744, and the Company's performance is 2.0% in 1743, and the Company's performance is 2.0% in 1742, and the Company's performance is 2.0% in 1741, and the Company's performance is 2.0% in 1740, and the Company's performance is 2.0% in 1739, and the Company's performance is 2.0% in 1738, and the Company's performance is 2.0% in 1737, and the Company's performance is 2.0% in 1736, and the Company's performance is 2.0% in 1735, and the Company's performance is 2.0% in 1734, and the Company's performance is 2.0% in 1733, and the Company's performance is 2.0% in 1732, and the Company's performance is 2.0% in 1731, and the Company's performance is 2.0% in 1730, and the Company's performance is 2.0% in 1729, and the Company's performance is 2.0% in 1728, and the Company's performance is 2.0% in 1727, and the Company's performance is 2.0% in 1726, and the Company's performance is 2.0% in 1725, and the Company's performance is 2.0% in 1724, and the Company's performance is 2.0% in 1723, and the Company's performance is 2.0% in 1722, and the Company's performance is 2.0% in 1721, and the Company's performance is 2.0% in 1720, and the Company's performance is 2.0% in 1719, and the Company's performance is 2.0% in 1718, and the Company's performance is 2.0% in 1717, and the Company's performance is 2.0% in 1716, and the Company's performance is 2.0% in 1715, and the Company's performance is 2.0% in 1714, and the Company's performance is 2.0% in 1713, and the Company's performance is 2.0% in 1712, and the Company's performance is 2.0% in 1711, and the Company's performance is 2.0% in 1710, and the Company's performance is 2.0% in 1709, and the Company's performance is 2.0% in 1708, and the Company's performance is 2.0% in 1707, and the Company's performance is 2.0% in 1706, and the Company's performance is 2.0% in 1705, and the Company's performance is 2.0% in 1704, and the Company's performance is 2.0% in 1703, and the Company's performance is 2.0% in 1702, and the Company's performance is 2.0% in 1701, and the Company's performance is 2.0% in 1700, and the Company's performance is 2.0% in 1699, and the Company's performance is 2.0% in 1698, and the Company's performance is 2.0% in 1697, and the Company's performance is 2.0% in 1696, and the Company's performance is 2.0% in 1695, and the Company's performance is 2.0% in 1694, and the Company's performance is 2.0% in 1693, and the Company's performance is 2.0% in 1692, and the Company's performance is 2.0% in 1691, and the Company's performance is 2.0% in 1690, and the Company's performance is 2.0% in 1689, and the Company's performance is 2.0% in 1688, and the Company's performance is 2.0% in 1687, and the Company's performance is 2.0% in 1686, and the Company's performance is 2.0% in 1685, and the Company's performance is 2.0% in 1684, and the Company's performance is 2.0% in 1683, and the Company's performance is 2.0% in 1682, and the Company's performance is 2.0% in 1681, and the Company's performance is 2.0% in 1680, and the Company's performance is 2.0% in 1679, and the Company's performance is 2.0% in 1678, and the Company's performance is 2.0% in 1677, and the Company's performance is 2.0% in 1676, and the Company's performance is 2.0% in 1675, and the Company's performance is 2.0% in 1674, and the Company's performance is 2.0% in 1673, and the Company's performance is 2.0% in 1672, and the Company's performance is 2.0% in 1671, and the Company's performance is 2.0% in 1670, and the Company's performance is 2.0% in 1669, and the Company's performance is 2.0% in 1668, and the Company's performance is 2.0% in 1667, and the Company's performance is 2.0% in 1666, and the Company's performance is 2.0% in 1665, and the Company's performance is 2.0% in 1664, and the Company's performance is 2.0% in 1663, and the Company's performance is 2.0% in 1662, and the Company's performance is 2.0% in 1661, and the Company's performance is 2.0% in 1660, and the Company's performance is 2.0% in 1659, and the Company's performance is 2.0% in 1658, and the Company's performance is 2.0% in 1657, and the Company's performance is 2.0% in 1656, and the Company's performance is 2.0% in 1655, and the Company's performance is 2.0% in 1654, and the Company's performance is 2.0% in 1653, and the Company's performance is 2.0% in 1652, and the Company's performance is 2.0% in 1651, and the Company's performance is 2.0% in 1650, and the Company's performance is 2.0% in 1649, and the Company's performance is 2.0% in 1648, and the Company's performance is 2.0% in 1647, and the Company's performance is 2.0% in 1646, and the Company's performance is 2.0% in 1645, and the Company's performance is 2.0% in 1644, and the Company's performance is 2.0% in 1643, and the Company's performance is 2.0% in 1642, and the Company's performance is 2.0% in 1641, and the Company's performance is 2.0% in 1640, and the Company's performance is 2.0% in 1639, and the Company's performance is 2.0% in 1638, and the Company's performance is 2.0% in 1637, and the Company's performance is 2.0% in 1636, and the Company's performance is 2.0% in 1635, and the Company's performance is 2.0% in 1634, and the Company's performance is 2.0% in 1633, and the Company's performance is 2.0% in 1632, and the Company's performance is 2.0% in 1631, and the Company's performance is 2.0% in 1630, and the Company's performance is 2.0% in 1629, and the Company's performance is 2.0% in 1628, and the Company's performance is 2.0% in 1627, and the Company's performance is 2.0% in 1626, and the Company's performance is 2.0% in 1625, and the Company's performance is 2.0% in 1624, and the Company's performance is 2.0% in 1623, and the Company's performance is 2.0% in 1622, and the Company's performance is 2.0% in 1621, and the Company's performance is 2.0% in 1620, and the Company's performance is 2.0% in 1619, and the Company's performance is 2.0% in 1618, and the Company's performance is 2.0% in 1617, and the Company's performance is 2.0% in 1616, and the Company's performance is 2.0% in 1615, and the Company's performance is 2.0% in 1614, and the Company's performance is 2.0% in 1613, and the Company's performance is 2.0% in 1612, and the Company's performance is 2.0% in 1611, and the Company's performance is 2.0% in 1610, and the Company's performance is 2.0% in 1609, and the Company's performance is 2.0% in 1608, and the Company's performance is 2.0% in 1607, and the Company's performance is 2.0% in 1606, and the Company's performance is 2.0% in 1605, and the Company's performance is 2.0% in 1604, and the Company's performance is 2.0% in 1603, and the Company's performance is 2.0% in 1602, and the Company's performance is 2.0% in 1601, and the Company's performance is 2.0% in 1600, and the Company's performance is 2.0% in 1599, and the Company's performance is 2.0% in 1598, and the Company's performance is 2.0% in 1597, and the Company's performance is 2.0% in 1596, and the Company's performance is 2.0% in 1595, and the Company's performance is 2.0% in 1594, and the Company's performance is 2.0% in 1593, and the Company's performance is 2.0% in 1592, and the Company's performance is 2.0% in 1591, and the Company's performance is 2.0% in 1590, and the Company's performance is 2.0% in 1589, and the Company's performance is 2.0% in 1588, and the Company's performance is 2.0% in 1587, and the Company's performance is 2.0% in 1586, and the Company's performance is 2.0% in 1585, and the Company's performance is 2.0% in 1584, and the Company's performance is 2.0% in 1583, and the Company's performance is 2.0% in 1582, and the Company's performance is 2.0% in 1581, and the Company's performance is 2.0% in 1580, and the Company's performance is 2.0% in 1579, and the Company's performance is 2.0% in 1578, and the Company's performance is 2.0% in 1577, and the Company's performance is 2.0% in 1576, and the Company's performance is 2.0% in 1575, and the Company's performance is 2.0% in 1574, and the Company's performance is 2.0% in 1573, and the Company's performance is 2.0% in 1572, and the Company's performance is 2.0% in 1571, and the Company's performance is 2.0% in 1570, and the Company's performance is 2.0% in 1569, and the Company's performance is 2.0% in 1568, and the Company's performance is 2.0% in 1567, and the Company's performance is 2.0% in 1566, and the Company's performance is 2.0% in 1565, and the Company's performance is 2.0% in 1564, and the Company's performance is 2.0% in 1563, and the Company's performance is 2.0% in 1562, and the Company's performance is 2.0% in 1561, and the Company's performance is 2.0% in 1560, and the Company's performance is 2.0% in 1559, and the Company's performance is 2.0% in 1558, and the Company's performance is 2.0% in 1557, and the Company's performance is 2.0% in 1556, and the Company's performance is 2.0% in 1555, and the Company's performance is 2.0% in 1554, and the Company's performance is 2.0% in 1553, and the Company's performance is 2.0% in 1552, and the Company's performance is 2.0% in 1551, and the Company's performance is 2.0% in 1550, and the Company's performance is 2.0% in 1549, and the Company's performance is 2.0% in 1548, and the Company's performance is 2.0% in 1547, and the Company's performance is 2.0% in 1546, and the Company's performance is 2.0% in 1545, and the Company's performance is 2.0% in 1544, and the Company's performance is 2.0% in 1543, and the Company's performance is 2.0% in 1542, and the Company's performance is 2.0% in 1541, and the Company's performance is 2.0% in 1540, and the Company's performance is 2.0% in 1539, and the Company's performance is 2.0% in 1538, and the Company's performance is 2.0% in 1537, and the Company's performance is 2.0% in 1536, and the Company's performance is 2.0% in 1535, and the Company's performance is 2.0% in 1534, and the Company's performance is 2.0% in 1533, and the Company's performance is 2.0% in 1532, and the Company's performance is 2.0% in 1531, and the Company's performance is 2.0% in 1530, and the Company's performance is 2.0% in 1529, and the Company's performance is 2.0% in 1528, and the Company's performance is 2.0% in 1527, and the Company's performance is 2.0% in 1526, and the Company's performance is 2.0% in 1525, and the Company's performance is 2.0% in 1524, and the Company's performance is 2.0% in 1523, and the Company's performance is 2.0% in 1522, and the Company's performance is 2.0% in 1521, and the Company's performance is 2.0% in 1520, and the Company's performance is 2.0% in 1519, and the Company's performance is 2.0% in 1518, and the Company's performance is 2.0% in 1517, and the Company's performance is 2.0% in 1516, and the Company's performance is 2.0% in 1515, and the Company's performance is 2.0% in 1514, and the Company's performance is 2.0% in 1513, and the Company's performance is 2.0% in 1512, and the Company's performance is 2.0% in 1511, and the Company's performance is 2.0% in 1510, and the Company's performance is 2.0% in 1509, and the Company's performance is 2.0% in 1508, and the Company's performance is 2.0% in 1507, and the Company's performance is 2.0% in 1506, and the Company's performance is 2.0% in 1505, and the Company's performance is 2.0% in 1504, and the Company's performance is 2.0% in 1503, and the Company's performance is 2.0% in 1502, and the Company's performance is 2.0% in 1501, and the Company's performance is 2.0% in 1500, and the Company's performance is 2.0% in 1499, and the Company's performance is 2.0% in 1498, and the Company's performance is 2.0% in 1497, and the Company's performance is 2.0% in 1496, and the Company's performance is 2.0% in 1495, and the Company's performance is 2.0% in 1494, and the Company's performance is 2.0% in 1493, and the Company's performance is 2.0% in 1492, and the Company's performance is 2.0% in 1491, and the Company's performance is 2.0% in 1490, and the Company's performance is 2.0% in 1489, and the Company's performance is 2.0% in 1488, and the Company's performance is 2.0% in 1487, and the Company's performance is 2.0% in 1486, and the Company's performance is 2.0% in 1485, and the Company's performance is 2.0% in 1484, and the Company's performance is 2.0% in 1483, and the Company's performance is 2.0% in 1482, and the Company's performance is 2.0% in 1481, and the Company's performance is 2.0% in 1480, and the Company's performance is 2.0% in 1479, and the Company's performance is 2.0% in 1478, and the Company's performance is 2.0% in 1477, and the Company's performance is 2.0% in 1476, and the Company's performance is 2.0% in 1475, and the Company's performance is 2.0% in 1474, and the Company's performance is 2.0% in 1473, and the Company's performance is 2.0% in 1472, and the Company's performance is 2.0% in 1471, and the Company's performance is 2.0% in 1470, and the Company's performance is 2.0% in 1469, and the Company's performance is 2.0% in 1468, and the Company's performance is 2.0% in 1467, and the Company's performance is 2.0% in 1466, and the Company's performance is 2.0% in 1465, and the Company's performance is 2.0% in 1464, and the Company's performance is 2.0% in 1463, and the Company's performance is 2.0% in 1462, and the Company's performance is 2.0% in 1461, and the Company's performance is 2.0% in 1460, and the Company's performance is 2.0% in 1459, and the Company's performance is 2.0% in 1458, and the Company's performance is 2.0% in 1457, and the Company's performance is 2.0% in 1456, and the Company's performance is 2.0% in 1455, and the Company's performance is 2.0% in 1454, and the Company's performance is 2.0% in 1453, and the Company's performance is 2.0% in 1452, and the Company's performance is 2.0% in 1451, and the Company's performance is 2.0% in 1450, and the Company's performance is 2.0% in 1449, and the Company's performance is 2.0% in 1448, and the Company's performance is 2.0% in 1447, and the Company's performance is 2.0% in 1446, and the Company's performance is 2.0% in 1445, and the Company's performance is 2.0% in 1444, and the Company's performance is 2.0% in 1443, and the Company's performance is 2.0% in 1442, and the Company's performance is 2.0% in 1441, and the Company's performance is 2.0% in 1440, and the Company's performance is 2.0% in 1439, and the Company's performance is 2.0% in 1438, and the Company's performance is 2.0% in 1437, and the Company's performance is 2.0% in 1436, and the Company's performance is 2.0% in 1435, and the Company's performance is 2.0% in 1434, and the Company's performance is 2.0% in 1433, and the Company's performance is 2.0% in 1432, and the Company's performance is 2.0% in 1431, and the Company's performance is 2.0% in 1430, and the Company's performance is 2.0% in 1429, and the Company's performance is 2.0% in 1428, and the Company's performance is 2.0% in 1427, and the Company's performance is 2.0% in 1426, and the Company's performance is 2.0% in 1425, and the Company's performance is 2.0% in 1424, and the Company's performance is 2.0% in 1423, and the Company's performance is 2.0% in 1422, and the Company's performance is 2.0% in 1421, and the Company's performance is 2.0% in 1420, and the Company's performance is 2.0% in 1419, and the Company's performance is 2.0% in 1418, and the Company's performance is 2.0% in 1417, and the Company's performance is 2.0% in 1416, and the Company's performance is 2.0% in 1415, and the Company's performance is 2.0% in 1414, and the Company's performance is 2.0% in 1413, and the Company's performance is 2.0% in 1412, and the Company's performance is 2.0% in 1411, and the Company's performance is 2.0% in 1410, and the Company's performance is 2.0% in 1409, and the Company's performance is 2.0% in 1408, and the Company's performance is 2.0% in 1407, and the Company's performance is 2.0% in 1406, and the Company's performance is 2.0% in 1405, and the Company's performance is 2.0% in 1404, and the Company's performance is 2.0% in 1403, and the Company's performance is 2.0% in 1402, and the Company's performance is 2.0% in 1401, and the Company's performance is 2.0% in 1400, and the Company's performance is 2.0% in 1399, and the Company's performance is 2.0% in 1398, and the Company's performance is 2.0% in 1397, and the Company's performance is 2.0% in 1396, and the Company's performance is 2.0% in 1395, and the Company's performance is 2.0% in 1394, and the Company's performance is 2.0% in 1393, and the Company's performance is 2.0% in 1392, and the Company's performance is 2.0% in 1391, and the Company's performance is 2.0% in 1390, and the Company's performance is 2.0% in 1389, and the Company's performance is 2.0% in 1388, and the Company's performance is 2.0% in 1387, and the Company's performance is 2.0% in 1386, and the Company's performance is 2.0% in 1385, and the Company's performance is 2.0% in 1384, and the Company's performance is 2.0% in 1383, and the Company's performance is 2.0% in 1382, and the Company's performance is 2.0% in 1381, and the Company's performance is 2.0% in 1380, and the Company's performance is 2.0% in 1379, and the Company's performance is 2.0% in 1378, and the Company's performance is 2.0% in 1377, and the Company's performance is 2.0% in 1376, and the Company's performance is 2.0% in 1375, and the Company's performance is 2.0% in 1374, and the Company's performance is 2.0% in 1373, and the Company's performance is 2.0% in 1372, and the Company's performance is 2.0% in 1371, and the Company's performance is 2.0% in 1370, and the Company's performance is 2.0% in 1369, and the Company's performance is 2.0% in 1368, and the Company's performance is 2.0% in 1367, and the Company's performance is 2.0% in 1366, and the Company's performance is 2.0% in 1365, and the Company's performance is 2.0% in 1364, and the Company's performance is 2.0% in 1363, and the Company's performance is 2.0% in 1362, and the Company's performance is 2.0% in 1361, and the Company's performance is 2.0% in 1360, and the Company's performance is 2.0% in 1359, and the Company's performance is 2.0% in 1358, and the Company's performance is 2.0% in 1357, and the Company's performance is 2.0% in 1356, and the Company's performance is 2.0% in 1355, and the Company's performance is 2.0% in 1354, and the Company's performance is 2.0% in 1353, and the Company's performance is 2.0% in 1352, and the Company's performance is 2.0% in 1351, and the Company's performance is 2.0% in 1350, and the Company's performance is 2.0% in 1349, and the Company's performance is 2.0% in 1348, and the Company's performance is 2.0% in 1347, and the Company's performance is 2.0% in 1346, and the Company's performance is 2.0% in 1345, and the Company's performance is 2.0% in 1344, and the Company's performance is 2.0% in 1343, and the Company's performance is 2.0% in 1342, and the Company's performance is 2.0% in 1341, and the Company's performance is 2.0% in 1340, and the Company's performance is 2.0% in 1339, and the Company's performance is 2.0% in 1338, and the Company's performance is 2.0% in 1337, and the Company's performance is 2.0% in 1336, and the Company's performance is 2.0% in 1335, and the Company's performance is 2.0% in 1334, and the Company's performance is 2.0% in 1333, and the Company's performance is 2.0% in 1332, and the Company's performance is 2.0% in 1331, and the Company's performance is 2.0% in 1330, and the Company's performance is 2.0% in 1329, and the Company's performance is 2.0% in 1328, and the Company's performance is 2.0% in 1327, and the Company's performance is 2.0% in 1326, and the Company's performance is 2.0% in 1325, and the Company's performance is 2.0% in 1324, and the Company's performance is 2.0% in 1323, and the Company's performance is 2.0% in 1322, and the Company's performance is 2.0% in 1321, and the Company's performance is 2.0% in 1320, and the Company's performance is 2.0% in 1319, and the Company's performance is 2.0% in 1318, and the Company's performance is 2.0% in 1317, and the Company's performance is 2.0% in 1316, and the Company's performance is 2.0% in 1315, and the Company's performance is 2.0% in 1314, and the Company's performance is 2.0% in 1313, and the Company's performance is 2.0% in 1312, and the Company's performance is 2.0% in 1311, and the Company's performance is 2.0% in 1310, and the Company's performance is 2.0% in 1309, and the Company's performance is 2.0% in 1308, and the Company's performance is 2.0% in 1307, and the Company's performance is 2.0% in 1306, and the Company's performance is 2.0% in 1305, and the Company's performance is 2.0% in 1304, and the Company's performance is 2.0% in 1303, and the Company's performance is 2.0% in 1302, and the Company's performance is 2.0% in 1301, and the Company's performance is 2.0% in 1300, and the Company's performance is 2.0% in 1299, and the Company's performance is 2.0% in 1298, and the Company's performance is 2.0% in 1297, and the Company's performance is 2.0% in 1296, and the Company's performance is 2.0% in 1295, and the Company's performance is 2.0% in 1294, and the Company's performance is 2.0% in 1293, and the Company's performance is 2.0% in 1292, and the Company's performance is 2.0% in 1291, and the Company's performance is 2.0% in 1290, and the Company's performance is 2.0% in 1289, and the Company's performance is 2.0% in 1288, and the Company's performance is 2.0% in 1287, and the Company's performance is 2.0% in 1286, and the Company's performance is 2.0% in 1285, and the Company's performance is 2.0% in 1284, and the Company's performance is 2.0% in 1283, and the Company's performance is 2.0% in 1282, and the Company's performance is 2.0% in 1281, and the Company's performance is 2.0% in 1280, and the Company's performance is 2.0% in 1279, and the Company's performance is 2.0% in 1278, and the Company's performance is 2.0% in 1277, and the Company's performance is 2.0% in 1276, and the Company's performance is 2.0% in 1275, and the Company's performance is 2.0% in 1274, and the Company's performance is 2.0% in 1273, and the Company's performance is 2.0% in 1272, and the Company's performance is 2.0% in 1271, and the Company's performance is 2.0% in 1270, and the Company's performance is 2.0% in 1269, and the Company's performance is 2.0% in 1268, and the Company's performance is 2.0% in 1267, and the Company's performance is 2.0% in 1266, and the Company's performance is 2.0% in 1265, and the Company's performance is 2.0% in 1264, and the Company's performance is 2.0% in 1263, and the Company's performance is 2.0% in 1262, and the Company's performance is 2.0% in 1261, and the Company's performance is 2.0% in 1260, and the Company's performance is 2.0% in 1259, and the Company's performance is 2.0% in 1258, and the Company's performance is 2.0% in 1257, and the Company's performance is 2.0% in 1256, and the Company's performance is 2.0% in 1255, and the Company's performance is 2.0% in 1254, and the Company's performance is 2.0% in 1253, and the Company's performance is 2.0% in 1252, and the Company's performance is 2.0% in 1251, and the Company's performance is 2.0% in 1250, and the Company's performance is 2.0% in 1249, and the Company's performance is 2.0% in 1248, and the Company's performance is 2.0% in 1247, and the Company's performance is 2.0% in 1246, and the Company's performance is 2.0% in 1245, and the Company's performance is 2.0% in 1244, and the Company's performance is 2.0% in 1243, and the Company's performance is 2.0% in 1242, and the Company's performance is 2.0% in 1241, and the Company's performance is 2.0% in 1240, and the Company's performance is 2.0% in 1239, and the Company's performance is 2.0% in 1238, and the Company's performance is 2.0% in 1237, and the Company's performance is 2.0% in 1236, and the Company's performance is 2.0% in 1235, and the Company's performance is 2.0% in 1234, and the Company's performance is 2.0% in 1233, and the Company's performance is 2.0% in 1232, and the Company's performance is 2.0% in 1231, and the Company's performance is 2.0% in 1230, and the Company's performance is 2.0% in 1229, and the Company's performance is 2.0% in 1228, and the Company's performance is 2.0% in 1227, and the Company's performance is 2.0% in 1226, and the Company's performance is 2.0% in 1225, and the Company's performance is 2.0% in 1224, and the Company's performance is 2.0% in 1223, and the Company's performance is 2.0% in 1222, and the Company's performance is 2.0% in 1221, and the Company's performance is 2.0% in 1220, and the Company's performance is 2.0% in 1219, and the Company's performance is 2.0% in 1218, and the Company's performance is 2.0% in 1217, and the Company's performance is 2.0% in 1216, and the Company's performance is 2.0% in 1215, and the Company's performance is 2.0% in 1214, and the Company's performance is 2.0% in 1213, and the Company's performance is 2.0% in 1212, and the Company's performance is 2.0% in 1211, and the Company's performance is 2.0% in 1210, and the Company's performance is 2.0% in 1209, and the Company's performance is 2.0% in 1208, and the Company's performance is 2.0% in 1207, and the Company's performance is 2.0% in 1206, and the Company's performance is 2.0% in 1205, and the Company's performance is 2.0% in 1204, and the Company's performance is 2.0% in 1203, and the Company's performance is 2.0% in 1202, and the Company's performance is 2.0

we do not attempt to back an index but rather undertake investments on the basis of fundamental research. You can find the Fund's long-term performance data in the Performance Summary beginning on page 13.

![img-0.jpeg](img-0.jpeg)

Total Return Index Comparison for a Hypothetical $1,000,000 Investment1

![img-1.jpeg](img-1.jpeg)

See page 15 for Performance Summary footnotes.

14 | Annual Report | Brookstone.com

value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance,

go to International.com or call a Conditor Temples, Inc. (the International) and its subsidiaries are listed in the following section of the Company's stock market: The Company's stock market is listed in the following section of the Company's stock market: The Company's stock market is listed in the following section of the Company's stock market: The Company's stock market is listed in the following section of the Company's stock market: The Company's stock market is listed in the following section of the Company's stock market: The Company's stock market is listed in the following section of the Company's stock market: The Company's stock market is listed in the following section of the Company's stock market

as we have past the pandemic (which negatively impacted public health) in international and/or foreign markets. We believe that our investment in the United States is a result of the U.S. government's policy, which is not to be a result of the U.S. government's policy, which is not to be a result of the U.S. government's policy, which is not to be a result of the U.S. government's policy, which is not to be a result of the U.S. government's policy, which is not to be a result of the U.S. government's policy, which is not to be a result of the U.S. government's policy, which is not to be a result of

to be a result of the U.S. government's policy, which is not to be a result of the U.S. government's policy, which is not to be a result of the U.S. government's policy, which is not to be a result of the U.S. government's policy, which is not to be a result of the U.S. government's policy, which is not to be a result of the U.S. government's policy, which is not to be a result

of the U.S. government's policy, which is not to be a result of the U.S. government's policy, which is not to be a result of the U.S. government's policy, which is not to be a result of the U.S. government's policy, which is not to be a result of the U.S. government's policy, which is not to be a result of the U.S. government's policy, which is not to be a result of the U.S.

would eventually increase investor scrutiny and price and SUMMARY

fundamentals, potentially rewarding our value-oriented

strategy. As it happened, international value stocks had their

best year relative to international growth stocks since the

In the case of the first time, the first time is a result of the first time.

In addition, the following is a result of the first time.

A. 1980, 2004, 2005, 2006, 2007, 2008, 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034, 2035, 2036, 2037, 2038, 2039, 2040, 2041, 2042, 2043, 2044, 2045, 2046, 2047, 2048, 2049, 2050, 2051, 2052, 2053, 2054, 2055, 2056, 2057, 2058, 2059, 2060, 2061, 2062, 2063, 2064, 2065, 2066, 2067, 2068, 2069, 2070, 2071, 2072, 2073, 2074, 2075, 2076, 2077, 2078, 2079, 2080, 2081, 2082, 2083, 2084, 2085, 2086, 2087, 2088, 2089, 2090, 2091, 2092, 2093, 2094, 2095, 2096, 2097, 2098, 2099, 2100

A. 1980, 2004, 2005, 2006, 2007, 2008, 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034, 2035, 2036, 2037, 2038, 2039, 2040, 2041, 2042, 2043, 2044, 2045, 2046, 2047, 2048, 2049, 2050, 2051, 2052, 2053, 2054, 2055, 2056, 2057, 2058, 2059, 2060, 2061, 2062, 2063, 2064, 2065, 2066, 2067, 2068, 2069, 2070, 2071, 2072, 2073, 2074, 2075, 2076, 2077, 2078, 2079, 2080, 2081, 2082, 2083, 2084, 2085, 2086, 2087, 2088, 2089, 2090,

the following is a result of the first time.

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

International.com

Annual Report

15

## Investment Strategy

When choosing equity investments for the Fund, we employ a bottom-up, value-oriented, long-term approach, focusing on the market price of a company's securities relative to our market price. The Fund's top three individual contributors are based on the energy sector: French 2.0% and French 2.0%.

The Fund's top three individual contributors are based on the energy sector: French 2.0% and French 2.0%.

The Fund's top three individual contributors are based on the energy sector: French 2.0% and French 2.0%.

The Fund's top three individual contributors are based on the energy sector: French 2.0% and French 2.0%.

The Fund's top three individual contributors are based on the energy sector: French 2.0% and French 2.0%.

The Fund's top three individual contributors are based on the energy sector: French 2.0% and French 2.0%.

## Actual Fund Expenses

INTERNATIONAL EQUITY SERIES

## Your Fund's Expenses

As a Fund shareholder, you can incur two types of costs: (1) transaction costs, including sales charges (loads) on Fund

![img-2.jpeg](img-2.jpeg)

18 | Annual Report

Brockwood.com

attempt to identify those companies that offer above-average opportunities for capital appreciation in various countries and

| Company | 1 | 2 | 3 | 4 | 5 |
| --- | --- | --- | --- | --- | --- |
| Investors favored the firm's quality defensive profile during |  |  |  |  |  |
| competence of the firm's quality defensive profile during |  |  |  |  |  |
| competence of the firm's quality defensive profile during |  |  |  |  |  |
| competence of the firm's quality defensive profile during |  |  |  |  |  |
| competence of the firm's quality defensive profile during |  |  |  |  |  |
| competence of the firm's quality defensive profile during |  |  |  |  |  |
| competence of the firm's quality defensive profile during |  |  |  |  |  |

$1,000 (P) for actual expensed period value, then $8,600 + $1,000 = 8.67. Then multiply the result by the number in the row for income from investment operations.

Net realized and unrealized gains (losses) ... (5.38) 2.07 1.74 3.79 (4.97)

| Financial Highlights | 1 | 2 | 3 | 4 | 5 |
| --- | --- | --- | --- | --- | --- |
| Net realized and unrealized gains (losses) |  |  |  |  | 0.37 |

## Financial Highlights

*The amount shown for a share outstanding throughout the period may not conclude with the Statement of Operations for the period due to the timing of sales and repurchases of the Fund's shares in relation to income earned and/or fluctuating fair value of the investments of the Fund.
*Based on average daily shares outstanding.
*Benefit of waiver and payments by affiliates' councils to less than 0.01%.
*Benefit of superior valuation councils to less than 0.01%.

Forsythational.com The accompanying notes are an integral part of these financial statements. Annual Report 17

For the purpose of this report, the company is to provide a comprehensive overview of the current state of the state of the United States, including the current state of the United Kingdom, the current state of the United States, and the current state of the United Kingdom. The company is to provide a comprehensive overview of the current state of the state of the United States, including the current state of the United Kingdom, the current state of the United States, and the current state of the United Kingdom.

TEMPLETON INSTITUTIONAL FUNDS

# Schedule of Investments, December 31, 2022

18 | Annual Report | The accompanying notes are an integral part of these financial statements.

Investational.com

SCHEDULE OF INVESTMENTS

Securities and securities of issuers in other countries that are subject to economic conditions related to the business. The Company is a member of the Company's Group of Companies, which is a member of the Company's Group of Companies, which is a member of the Company's Group of Companies, which is a member of the Company's Group of Companies, which is a member of the Company's Group of Companies, which is a member of the Company's Group of Companies, which is a member of the Company's Group of Companies, which is a member of the Company's Group of Companies, which is a member of the Company's Group of Companies, which is a member

TEMPLETON INSTITUTIONAL FUNDS

Reputational.com

The accompanying notes are an integral part of these financial statements. Annual Report

19

# SCHEDULE OF INVESTMENTS

II. Average annual total return represents the average annual change in value of an investment over the periods indicated. Return for less than one year, if any, has not been annualized.

| Foreign Smarter Companies Series (continued) |  |
| --- | --- |
| 1 | Foreign Smarter Companies Series (continued) |
| 2 | Foreign Smarter Companies Series (continued) |
| 3 | Foreign Smarter Companies Series (continued) |
| 4 | Foreign Smarter Companies Series (continued) |
| 5 | Foreign Smarter Companies Series (continued) |
| 6 | Foreign Smarter Companies Series (continued) |
| 7 | Foreign Smarter Companies Series (continued) |
| 8 | Foreign Smarter Companies Series (continued) |
| 9 | Foreign Smarter Companies Series (continued) |
| 10 | Foreign Smarter Companies Series (continued) |
| 11 | Foreign Smarter Companies Series (continued) |
| 12 | Foreign Smarter Companies Series (continued) |
| 13 | Foreign Smarter Companies Series (continued) |
| 14 | Foreign Smarter Companies Series (continued) |
| 15 | Foreign Smarter Companies Series (continued) |
| 16 | Foreign Smarter Companies Series (continued) |
| 17 | Foreign Smarter Companies Series (continued) |
| 18 | Foreign Smarter Companies Series (continued) |
| 19 | Foreign Smarter Companies Series (continued) |
| 20 | Foreign Smarter Companies Series (continued) |

# TEMPLETON INSTITUTIONAL FUNDS

28

Annual Report | The accompanying notes are an integral part of these financial statements.

Bimodustonal.com

SCHEDULE OF INVESTMENTS

# **Foreign Smaller Companies Series (continued)**

| 1. Foreign Share | $1,000 | $1,046.85 | State & State | 281,000,000 | 8,000,000,000 |
| --- | --- | --- | --- | --- | --- |
| 2. Foreign Share | $1,000 | $1,047.43 | Foreign Share | 705,000,000 | 9,000,000,000 |
| 3. Foreign Share | $1,000 | $1,047.43 | Foreign Share | 705,000,000 | 9,000,000,000 |
| 4. Foreign Share | $1,000 | $1,047.43 | Foreign Share | 705,000,000 | 9,000,000,000 |
| 5. Foreign Share | $1,000 | $1,047.43 | Foreign Share | 705,000,000 | 9,000,000,000 |
| 6. Foreign Share | $1,000 | $1,047.43 | Foreign Share | 705,000,000 | 9,000,000,000 |
| 7. Foreign Share | $1,000 | $1,047.43 | Foreign Share | 705,000,000 | 9,000,000,000 |
| 8. Foreign Share | $1,000 | $1,047.43 | Foreign Share | 705,000,000 | 9,000,000,000 |

# TEMPLETON INSTITUTIONAL FUNDS

Tempfultonal.com

The accompanying notes are an integral part of these financial statements. Annual Impact

21

See Abbreviations on page 44.

SCHEDULE OF INVESTMENTS

# **Foreign Smaller Companies Series (continued)**

| "The principal property is owned in U.S. dollars unless otherwise indicated." | Entertainment | 192,000 | 5,925,000 |
| --- | --- | --- | --- |
| "Issued by American Airlines" | Business | 174,000 | 11,872,000 |
| "Owned by American Airlines" | Professional Services | 104,600 | 4,164,428 |
| "Owned by American Airlines" | Specialty Products | 183,000 | 1,643,000 |
| "Owned by American Airlines" | Insurance | 1,000,000 | 1,000,000 |
| "Owned by American Airlines" | Insurance | 1,000,000 | 1,000,000 |
| "Owned by American Airlines" | Insurance | 1,000,000 | 1,000,000 |
| "Owned by American Airlines" | Insurance | 1,000,000 | 1,000,000 |

# **TEMPLETON INSTITUTIONAL FUNDS**

22

Annual Report | The accompanying notes are an integral part of these financial statements.

Brewtoformal.com

# **International Equity Series**

| • The security business is the most significant business in the world. | Fixed Assets | 20,000 | 20,145,600,230 |
| --- | --- | --- | --- |
| • The security business is the most significant business in the world. | Diversified Capital | 20,000 | 1,000,000 |
| • The security business is the most significant business in the world. | Investments | 20,000 | 1,000,000 |
| • The security business is the most significant business in the world. | Investments | 20,000 | 1,000,000 |
| • The security business is the most significant business in the world. | Investments | 20,000 | 1,000,000 |
| • The security business is the most significant business in the world. | Investments | 20,000 | 1,000,000 |

TEMPLETON INSTITUTIONAL FUNDS

# **Financial Highlights**

*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of the Fund's shares in relation to income earned and/or fluctuating the value of the investments of the Fund.
*Based on average daily shares outstanding.
*Net investment income per share includes approximately $0.17 per share related to an adjustment for the rest of the period. Excluding the amount, the value of net investment income to average net assets would have been 1.36% and total return would have been (0.00)%.
*Benefit of waiver and payments by affiliates' funds to less than 0.06%.
*Benefit of expense reduction funds to less than 0.06%.
*Excludes the value of portfolio activity as a result of limited transactions.

Reputational.com

The accompanying notes are an integral part of these financial statements. Annual Report

25

FINANCIAL HIGHLIGHTS

# International Equity Series (continued)[{"box_2d": [31, 84, 560, 150], "label": "table", "caption": "

| Net Investment Level | Electronic Equipment | Net Investment Level | Decentration | 0.04 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |
| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.08 | 3.51 | 1,000,000 |
| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.70 | 3.51 | 1,000,000 |
| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.08 | 3.51 | 1,000,000 |
| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.70 | 3.51 | 1,000,000 |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.08 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |
| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.70 | 3.51 | 1,000,000 |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.08 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.70 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.08 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.70 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.08 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.70 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.08 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.70 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.08 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.70 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.08 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.70 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.08 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.70 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.08 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.70 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.08 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.70 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.08 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.70 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.08 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.70 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.08 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.70 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.08 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.70 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.08 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.70 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.08 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.70 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.08 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.70 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.08 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.70 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.08 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.70 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.08 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.70 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.08 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.70 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.08 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.70 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.08 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.70 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.08 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.70 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.08 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.70 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.08 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.70 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.08 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.70 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.08 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.70 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.08 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.70 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.08 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.70 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.08 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.70 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.08 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.70 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.08 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.70 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.08 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.70 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.08 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.70 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.08 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.70 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.08 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.70 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.08 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.70 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.08 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.70 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.08 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.70 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.08 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.70 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.08 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.70 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.08 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.70 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.08 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.70 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.08 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.70 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.08 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.70 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.08 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.70 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.08 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.70 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.08 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.70 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.08 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.70 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.08 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.70 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.08 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.70 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.08 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.70 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.08 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.70 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.08 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.70 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.70 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.08 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.70 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.08 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.70 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.08 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.70 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.08 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.70 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.08 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.70 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.08 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.70 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.08 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.70 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.08 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.70 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.08 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.70 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.08 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.70 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment Level (Net Assets) (in € million) | 2022 | Net Investment Level (Net Assets) (in € million) | Net Investment Level (Net Assets) (in € million) | 1.08 | 3.51 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

<table><tr><td>Net Investment Level (Net Assets) (in € million)</td><td>2022</td><td>Net Investment Level (Net Assets) (in € million)</td><td>Net Investment Level (Net Assets) (in € million)</td><td>1.70</td><td>3.51</td><td>1,000,000</td></tr></tabletable><table><tr><td>Net Investment Level (Net Assets) (in € million)</td><td>2022</td><td>Net Investment Level (Net Assets) (in € million)</td><td>Net Investment Level (Net Assets) (in € million)</td><td>1.08</td><td>3.51</td><td>1,000,000</td></tr></tabletable><table><tr><td>Net Investment Level (Net Assets) (in € million)</td><td>2022</td><td>Net Investment Level (Net Assets) (in € million)</td><td>Net Investment Level (Net Assets) (in € million)</td><td>1.70</td><td>3.51</td><td>1,000,000</td></tr></tabletable><table><tr><td>Net Investment Level (Net Assets) (in € million)</td><td>2022</td><td>Net Investment Level (Net Assets) (in € million)</td><td>Net Investment Level (Net Assets) (in € million)</td><td>1.70</td><td>3.51</td><td>1,000,000</td></tr></tabletable><table><tr><td>Net Investment Level (Net Assets) (in € million)</td><td>2022</td><td>Net Investment Level (Net Assets) (in € million)</td><td>Net Investment Level (Net Assets) (in € million)</td><td>1.08</td><td>3.51</td><td>1,000,000</td></tr></tabletable><table><tr><td>Net Investment Level (Net Assets) (in € million)</td><td>2022</td><td>Net Investment Level (Net Assets) (in € million)</td><td>Net Investment Level (Net Assets) (in € million)</td><td>1.70</td><td>3.51</td><td>1,000,000</td></tr></tabletable><table><tr><td>Net Investment Level (Net Assets) (in € million)</td><td>2022</td><td>Net Investment Level (Net Assets) (in € million)</td><td>Net Investment Level (Net Assets) (in € million)</td><td>1.08</td><td>3.51</td><td>1,000,000</td></tr></tabletable><table><tr><td>Net Investment Level (Net Assets) (in € million)</td><td>2022</td><td>Net Investment Level (Net Assets) (in € million)</td><td>Net Investment Level (Net Assets) (in € million)</td><td>1.70</td><td>3.51</td><td>1,000,000</td></tr></tabletable><table><tr><td>Net Investment Level (Net Assets) (in € million)</td><td>2022</td><td>Net Investment Level (Net Assets) (in € million)</td><td>Net Investment Level (Net Assets) (in € million)</td><td>1.70</td><td>3.51</td><td>1,000,000</td></tr></tabletabletable><table><tr><td>Net Investment Level (Net Assets) (in € million)</td><td>2022</td><td>Net Investment Level (Net Assets) (in € million)</td><td>Net Investment Level (Net Assets) (in € million)</td><td>1.70</td><td>3.51</td><td>1,000,000</td></tr></tabletabletable><table><tr><td>Net Investment Level (Net Assets) (in € million)</td><td>2022</td><td>Net Investment Level (Net Assets) (in € million)</td><td>Net Investment Level (Net Assets) (in € million)</td><td>1.70</td><td>3.51</td><td>1,000,000</td></tr></tabletabletable><table><tr><td>Net Investment Level (Net Assets) (in € million)</td><td>2022</td><td>Net Investment Level (Net Assets) (in € million)</td><td>Net Investment Level (Net Assets) (in € million)</td><td>1.70</td><td>3.51</td><td>1,000,000</td></tr></tabletabletable><table><tr><td>Net Investment Level (Net Assets) (in € million)</td><td>2022</td><td>Net Investment Level (

# **International Equity Series**

| Net | 2,764,000,000 | 2,764,000,000 | 2,764,000,000 |
| --- | --- | --- | --- |
| Net | 2,764,000,000 | 2,764,000,000 | 2,764,000,000 |
| Total | 2,764,000,000 | 2,764,000,000 | 2,764,000,000 |
| Less | 2,764,000,000 | 2,764,000,000 | 2,764,000,000 |
| Net | 2,764,000,000 | 2,764,000,000 | 2,764,000,000 |
| Net | 2,764,000,000 | 2,764,000,000 | 2,764,000,000 |
| Total | 2,764,000,000 | 2,764,000,000 | 2,764,000,000 |
| Net | 2,764,000,000 | 2,764,000,000 | 2,764,000,000 |

TEMPLETON INSTITUTIONAL FUNDS

# Schedule of Investments, December 31, 2022

Tempfultonal.com

The accompanying notes are an integral part of these financial statements. Annual Report 25

SCHEDULE OF INVESTMENTS

# International Equity Series (continued)

| Issue Date | Description | Amount | Total |
| --- | --- | --- | --- |
| Total Investment Assets | Construction (Cost $1,000,000) | 1,000,000 | 1,000,000 |
| Balance at 31 March 2020 | Cash Collected Receipts for Trade Securities (Cash) | 1,000,000 | 1,000,000 |
| Balance at 31 March 2021 | Capital Markets | 2,022,000 | 5,354,000 |
| Expected Capital (Net) at 31 March 2020 | Capital Markets | 1.01% | 0.97% |
| Expected Capital (Net) at 31 March 2021 | Capital Markets | 0.99% | 0.97% |
| Net Interest (Cost) at 31 March 2020 | Capital Markets | 0.99% | 0.99% |
| Net Interest (Cost) at 31 March 2021 | Capital Markets | 0.99% | 0.99% |
| Net Interest (Cost) at 31 March 2021 | Capital Markets | 0.99% | 0.99% |
| Net Interest (Cost) at 31 March 2020 | Capital Markets | 0.99% | 0.99% |
| Net Interest (Cost) at 31 March 2020 | Capital Markets | 0.99% | 0.99% |

# TEMPLETON INSTITUTIONAL FUNDS

28 | Annual Report | The accompanying notes are an integral part of these financial statements.

Bimodalmetal.com

SCHEDULE OF INVESTMENTS

International Equity Series (continued)

| Portfolio 100.0% | 46.42% | Equity 10.00% | 88.30% | 34.83% | 3,000,000 |
| --- | --- | --- | --- | --- | --- |
| Short Term Investments 3.9% |  |  |  |  |  |
| Securities |  | Oil, Gas & Consumable Fuels | 187,857 |  | 9,163,195 |
| Administration |  | Professional Services | 100,000 |  | 3,317,000 |
| Money Market Funds 3.9% |  |  |  |  | 27,777,991 |
| Taxes |  |  |  |  |  |
| Other |  |  |  |  |  |
| Other |  |  |  |  |  |
| Other |  |  |  |  |  |
| Other |  |  |  |  |  |
| Other |  |  |  |  |  |
| Other |  |  |  |  |  |
| Other |  |  |  |  |  |
| Other |  |  |  |  |  |

TEMPLETON INSTITUTIONAL FUNDS

1A portion or all of the security is on hand at December 31, 2022. See Note 2(4).
2A portion or all of the security purchased on a delipod delivery basis. See Note 3(1).
3Non-income producing.
4The valued using significant unobtainable inputs. See Note 11 regarding fair value measurements.
5See Note 4(6) regarding investments in affiliated management investment companies.
6The rate shown is the annualized seven-day effective yield on period end.

Reputational.com

The accompanying notes are an integral part of these financial statements. Annual Impact

27

SCHEDULE OF INVESTMENTS

# International Equity Series (continued)

| Total Money-Market Funds (Cost $7,572,866) | Capital Markets | 21,231 | 7,572,866 |
| --- | --- | --- | --- |
| Deutsche Tobacco AG | Diversified Telecommunications Services | 494,897 | 7,500,620 |
| Unrealised Trade Investments (Cost $7,572,866) | Corporate Providers & Services | 50,868 | 7,572,866 |
| All Other Investments (Cost $163,991,143) 80.9% | Associates & General | 1,000,000 | 6,000,000 |
| Other Assets, less Liabilities 1.1% | Out-Of-Of-Of-Of-Of-Of-Of-Of-Of-Of-Of-Of-Of-Of-Of-Of-Of-Of-Of-Of-Of-Of-Of-Of-Of-Of-Of-Of-Of-Of-Of-Of-Of-Of-Of-Of-Of-Of-Of-Of-Of-Of-Of-Of-Of-Of-Of-Of-Of-Of- | 1,000,000 | 6,000,000 |
| Net Assets 100.0% | Invest. Reinsurants & Leisure | 109,560 | 7,000,000 |
| Dis. Charges 1.0% | Containers & Packaging | 728,672 | 2,910,501 |

TEMPLETON INSTITUTIONAL FUNDS

28

Annual Report | The accompanying notes are an integral part of these financial statements.

Bimetrational.com

FINANCIAL STATEMENTS

December 31, 2022

| Information: Gedeon Nyl. | Pharmaceuticals | 79,000,000 | 79,000,000 |
| --- | --- | --- | --- |
| Liberty Banking Group plc | Banks | 9,529,000 | 9,529,000 |
| Smart & Smart plc | Health Care Management & Care Institutional | 1,000,000 | 1,000,000 |
| Description of the named plc | Type | Commodity | Subtotal |
| Asset | Specialty Retail | 246,000 | 246,000 |
| Equity securities | Specialty Retail | 136,321 | 2,424,431 |
| MSCI EAS (Including related issuers) | Industrial Complementary | 28,200 | 28,200 |
| Total (Including related issuers) (Note 3d) | Automobiles | 2,424,431 | 2,424,431 |
| Total (Including related issuers) (Includes securities loaned of $14,205,750 and $1,000,000) | Automobiles | 2,424,431 | 2,424,431 |
|  | Personal | 863,000 | 3,415,000 |

TEMPLETON-INSTITUTIONAL-FUNDS

# Statements of Assets and Liabilities

Reputational.com

The accompanying notes are an integral part of these financial statements. Annual Report

29

FINANCIAL STATEMENTS

for the year ended December 31, 2022

| 1. The Bank of Chicago Co. Ltd. | Life Sciences Tools & Services Fund | Foreign currency | 2,000,000,000 |
| --- | --- | --- | --- |
| 2. Valuable Senses (United Affiliates) (Note 3d) | Household Durables | Corporate | 1,000,000,000 |
| 3. Cash and cash equivalents (Note 3d) | Assets & Mining | Foreign currency | 1,000,000,000 |
| 4. Total Common Stock (Cont. 4,155,418,377) | Equity | Foreign currency | 1,000,000,000 |
| 5. Investment and other financial instruments | Equity | Foreign currency | 1,000,000,000 |
| 6. Investment and other financial instruments | Equity | Foreign currency | 1,000,000,000 |
| 7. Investment and other financial instruments | Equity | Foreign currency | 1,000,000,000 |
| 8. Investment and other financial instruments | Equity | Foreign currency | 1,000,000,000 |
| 9. Investment and other financial instruments | Equity | Foreign currency | 1,000,000,000 |
| 10. Investment and other financial instruments | Equity | Foreign currency | 1,000,000,000 |

TEMPLETON INSTITUTIONAL FUNDS

# Statements of Operations

30 Annual Report. The accompanying notes are an integral part of those financial statements.

Brockwood.com

FINANCIAL STATEMENTS

| United States Government Tax restraints (Note 10) | Foreign, Smaller, Companion, Series 07/01 | International, Equity, Series 08/01 |
| --- | --- | --- |
| Investments and Litigation Trusts (Cost $) | 1,000,000,000 | 1,000,000,000 |
| United States Government Tax restraints (Note 10) | 1,000,000,000 | 1,000,000,000 |
| Investments and Litigation Trusts (Cost $) | 1,000,000,000 | 1,000,000,000 |
| Total Total Tax and Tax Restrictions (Cost $156,418,277) | 1,000,000,000 | 1,000,000,000 |
| Less: Tax and Tax Restrictions | 1,000,000,000 | 1,000,000,000 |
| Less: Tax and Tax Restrictions | 1,000,000,000 | 1,000,000,000 |
| Less: Tax and Tax Restrictions | 1,000,000,000 | 1,000,000,000 |
| Less: Tax and Tax Restrictions | 1,000,000 | 1,000,000,000 |
| Less: Tax and Tax Restrictions | 1,000,000,000 | 1,000,000,000 |

TEMPLETON INSTITUTIONAL FUNDS

# Statements of Changes in Net Assets

Reputational.com

The accompanying notes are an integral part of these financial statements. Annual Report

31

Management System, Inc. (156.503.588) (37.528.888) 4,803,000,000 2,052,000,000  
Translated by the Company in net  
(156.503.588)  
(37.528.888)  
(37.528.888)  
(37.528.888)  
(37.528.888)  
(37.528.888)  
(37.528.888)  
(37.528.888)  
(37.528.888)  
(37.528.888)

TEMPLETON INSTITUTIONAL FUNDS

## Notes to Financial Statements

1. Organization and Significant Accounting Policies p.m. Eastern time on the day that the value of the security is

32 | Annual Report

Institutional.com

NOTES TO FINANCIAL STATEMENTS

For assets at stake $253,380,110 $196,172,771
Funds for the Investment Companies (ASC 946) and
the non-cashable accounting and reporting guidance in
U.S. and the non-cashable accounting and reporting guidance in
U.S. and the non-cashable accounting and reporting guidance in
U.S. and the non-cashable accounting and reporting guidance in
U.S. and the non-cashable accounting and reporting guidance in
U.S. and the non-cashable accounting and reporting guidance in
U.S. and the non-cashable accounting and reporting guidance in
U.S. and the non-cashable accounting and reporting guidance in
U.S. and the non-cashable accounting and reporting guidance

TEMPLETON INSTITUTIONAL FUNDS

# 1. Organization and Significant Accounting Policies The Funds do not separately report the effect of changes

Tempfultonal.com | Annual Report | 20

NOTES TO FINANCIAL STATEMENTS

Residual and standard gains (losses)
1. Financial Assets (Loss and the latest indications of taxes) which quoted in the market makes the basis to determine the future value of the items and the future value of the items. The Company's performance is based on the Company's performance in the period 1993 to 1997. The Company's performance is based on the Company's performance in the period 1993 to 1997. The Company's performance is based on the Company's performance in the period 1993 to 1997.

TEMPLETON INSTITUTIONAL FUNDS

1. Organization and Significant Accounting Policies party vendor, is reported separately in the Statements of

34 | Annual Report

financialusual.com

NOTES TO FINANCIAL STATEMENTS

NOTES TO FINANCIAL STATEMENTS

The Funds have procedures to determine the fair value of the Fund. The Funds have been issued by the Bank of India for the period 1st to 31st December 2011. The Funds have been issued by the Bank of India for the period 1st to 31st December 2011. The Funds have been issued by the Bank of India for the period 1st to 31st December 2011. The Funds have been issued by the Bank of India for the period 1st to 31st December 2011. The Funds have been issued by the Bank of India for the period 1st to 31st December 2011.

# TEMPLETON INSTITUTIONAL FUNDS

# 2. Shares of Beneficial Interest

36

Annual Report

Institutional.com

NOTES TO FINANCIAL STATEMENTS

See Note 6 regarding other derivative information.

The following table provides the information in a specific format:
1. The information provided is based on the data provided by the Company.
2. The information provided is based on the data provided by the Company.
3. The information provided is based on the data provided by the Company.
4. The information provided is based on the data provided by the Company.
5. The information provided is based on the data provided by the Company.
6. The information provided is based on the data provided by the Company.
7. The information provided is based on the data provided by the Company.
8. The information provided is based on the data provided by the Company.
9. The information provided is based on the data provided by the Company.
10. The information provided is based on the data provided by the Company.
11. The information provided is based on the data provided by the Company.
12. The information provided is based on the data provided by the Company.
13. The information provided is based on the data provided by the Company.
14. The information provided is based on the data provided by the Company.
15. The information provided is based on the data provided by the Company.
16. The information provided is based on the data provided by the Company.
17. The information provided is based on the data provided by the Company.
18. The information provided is based on the data provided by the Company.
19. The information provided is based on the data provided by the Company.
20. The information provided is based on the data provided by the Company.
21. The information provided is based on the data provided by the Company.
22. The information provided is based on the data provided by the Company.
23. The information provided is based on the data provided by the Company.
24. The information provided is based on the data provided by the Company.
25. The information provided is based on the data provided by the Company.
26. The information provided is based on the data provided by the Company.
27. The information provided is based on the data provided by the Company.
28. The information provided is based on the data provided by the Company.
29. The information provided is based on the data provided by the Company.
30. The information provided is based on the data provided by the Company.
31. The information provided is based on the data provided by the Company.
32. The information provided is based on the data provided by the Company.
33. The information provided is based on the data provided by the Company.
34. The information provided is based on the data provided by the Company.
35. The information provided is based on the data provided by the Company.
36. The information provided is based on the data provided by the Company.
37. The information provided is based on the data provided by the Company.
38. The information provided is based on the data provided by the Company.
39. The information provided is based on the data provided by the Company.
40. The information provided is based on the data provided by the Company.
41. The information provided is based on the data provided by the Company.
42. The information provided is based on the data provided by the Company.
43. The information provided is based on the data provided by the Company.
44. The information provided is based on the data provided by the Company.
45. The information provided is based on the data provided by the Company.
46. The information provided is based on the data provided by the Company.
47. The information provided is based on the data provided by the Company.
48. The information provided is based on the data provided by the Company.
49. The information provided is based on the data provided by the Company.
50. The information provided is based on the data provided by the Company.
51. The information provided is based on the data provided by the Company.
52. The information provided is based on the data provided by the Company.
53. The information provided is based on the data provided by the Company.
54. The information provided is based on the data provided by the Company.
55. The information provided is based on the data provided by the Company.
56. The information provided is based on the data provided by the Company.
57. The information provided is based on the data provided by the Company.
58. The information provided is based on the data provided by the Company.
59. The information provided is based on the data provided by the Company.
60. The information provided is based on the data provided by the Company.
61. The information provided is based on the data provided by the Company.
62. The information provided is based on the data provided by the Company.
63. The information provided is based on the data provided by the Company.
64. The information provided is based on the data provided by the Company.
65. The information provided is based on the data provided by the Company.
66. The information provided is based on the data provided by the Company.
67. The information provided is based on the data provided by the Company.
68. The information provided is based on the data provided by the Company.
69. The information provided is based on the data provided by the Company.
70. The information provided is based on the data provided by the Company.
71. The information provided is based on the data provided by the Company.
72. The information provided is based on the data provided by the Company.
73. The information provided is based on the data provided by the Company.
74. The information provided is based on the data provided by the Company.
75. The information provided is based on the data provided by the Company.
76. The information provided is based on the data provided by the Company.
77. The information provided is based on the data provided by the Company.
78. The information provided is based on the data provided by the Company.
79. The information provided is based on the data provided by the Company.
80. The information provided is based on the data provided by the Company.
81. The information provided is based on the data provided by the Company.
82. The information provided is based on the data provided by the Company.
83. The information provided is based on the data provided by the Company.
84. The information provided is based on the data provided by the Company.
85. The information provided is based on the data provided by the Company.
86. The information provided is based on the data provided by the Company.
87. The information provided is based on the data provided by the Company.
88. The information provided is based on the data provided by the Company.
89. The information provided is based on the data provided by the Company.
90. The information provided is based on the data provided by the Company.
91. The information provided is based on the data provided by the Company.
92. The information provided is based on the data provided by the Company.
93. The information provided is based on the data provided by the Company.
94. The information provided is based on the data provided by the Company.
95. The information provided is based on the data provided by the Company.
96. The information provided is based on the data provided by the Company.
97. The information provided is based on the data provided by the Company.
98. The information provided is based on the data provided by the Company.
99. The information provided is based on the data provided by the Company.
100. The information provided is based on the data provided by the Company.

TEMPLETON INSTITUTIONAL FUNDS

# 3. Transactions with Affiliates

firephutonal.com

Annual Report | 37

NOTES TO FINANCIAL STATEMENTS

The following table provides the information in English:

TEMPLETON INSTITUTIONAL FUNDS

# 3. Transactions with Affiliates

38 | Annual Report

Institutional.com

NOTES TO FINANCIAL STATEMENTS

For the information contained in this document, the Company shall not be liable for any loss, damage, or delay in performance of the business or of any other person, whether in contract, tort, or otherwise, or in any other way, whether in contract, tort, or otherwise, or in any other way, whether in contract, tort, or otherwise, or in any other way, whether in contract, tort, or otherwise, or in any other way, whether in contract, tort, or otherwise, or in any other way, whether in contract, tort, or otherwise, or in any other way, whether in contract, tort, or otherwise, or in any other way, whether in contract, tort, or otherwise, or in any other way

TEMPLETON INSTITUTIONAL FUNDS

# 3. Transactions with Affiliates

fierphthional.com

Annual Report 39

NOTES TO FINANCIAL STATEMENTS

The Bank of Australia is a member of the Bank of Australia, which is a member of the Bank of Australia, which is a member of the Bank of Australia, which is a member of the Bank of Australia, which is a member of the Bank of Australia, which is a member of the Bank of Australia, which is a member of the Bank of Australia, which is a member of the Bank of Australia, which is a member of the Bank of Australia, which is a member of the Bank of Australia, which is a member of the Bank of Australia

TEMPLETON INSTITUTIONAL FUNDS

# 4. Income Taxes

48 | Annual Report

Institutional.com

NOTES TO FINANCIAL STATEMENTS

Certification for Pay

The Funds shall be used as a credit
for the Company's operations and the Company's
debtors' obligations under the Fund
of the Company's operations and the Company's
debtors' obligations under the Fund
of the Company's operations and the Company's
debtors' obligations under the Fund
of the Company's operations and the Company's
debtors' obligations under the Fund
of the Company's operations and the Company's
debtors' obligations under the Fund
of the Company's operations and the Company's
debtors' obligations under the Fund
of the Company's operations and the Company's
debtors' obligations under the Fund

TEMPLETON INSTITUTIONAL FUNDS

# 6. Other Derivative Information

Tempfultonal.com

Annual Report 41

NOTES TO FINANCIAL STATEMENTS

3. **Wages and Expense Reimbursements** (In excess of $20,000.)
All the funds collected by the public or any person who lives in the county or policies of such fund. The Funds
are not subject to the approval of the public or any person who lives in the county or policies of such fund. The Funds
are subject to the approval of the public or any person who lives in the county or policies of such fund. The Funds
are subject to the approval of the public or any person who lives in the county or policies of such fund. The Funds
are subject to the approval of the public or any person who lives in the county or policies of such fund. The Funds
are subject to the approval of the public or any person who lives in the county or policies of such fund.

TEMPLETON INSTITUTIONAL FUNDS

# 9. Novel Coronavirus Pandemic

42 | Annual Report

Institutional.com

NOTES TO FINANCIAL STATEMENTS

For the purpose of this report, the Company's liability for the use of this report is limited to the extent of the total amount due or to the extent of the amount paid. The Company's liability for the use of this report is limited to the extent of the amount paid. The Company's liability for the use of this report is limited to the extent of the amount paid. The Company's liability for the use of this report is limited to the extent of the amount paid. The Company's liability for the use of this report is limited to the extent of the amount paid.

TEMPLETON INSTITUTIONAL FUNDS

# 11. Fair Value Measurements

Tempfultonal.com

Annual Report 43

NOTES TO FINANCIAL STATEMENTS

Copyright © 2016. All rights reserved. No part of this publication may be reproduced in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written consent of the author. The author is responsible for the use of the authors' books and/or other works, including the use of the authors' books, and the use of the authors' books, and the use of the authors' books, and the use of the authors' books, and the use of the authors' books, and the use of the authors' books, and the use of the authors' books, and the use of the authors' books, and the use of the authors' books, and the use of the authors' books, and the use of the authors' books, and the use of the authors' books, and

TEMPLETON INSTITUTIONAL FUNDS

# 11. Fair Value Measurements

---

44 | Annual Report

Brockwood.com

International Equity Series

11 Fair Value Measurements
The fair value measurements of assets and liabilities, including the schedules of investments, of FV 1,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000

TEMPLETON INSTITUTIONAL FUNDS

# Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Templeton Institutional Funds and Shareholders of Foreign Smaller Companies Series and

www.templeton.com

Annual Report 45

13. **The information contained in this report is subject to the terms and conditions of the agreement between the parties. The information contained in this report is subject to the terms and conditions of the agreement between the parties. The information contained in this report is subject to the terms and conditions of the agreement between the parties.

TEMPLETON INSTITUTIONAL FUNDS

## Tax Information (unaudited)

By mid-February, tax information related to a shareholder's proportionate share of distributions paid during the preceding

46

Annual Report

franklintempleton.com

The Funds hereby report the following amounts, or if subsequently determined to be different, the maximum allowable

amounts in the Company's Shareholding period, and the Company's Shareholding

amounts in the Company's Shareholding period, and the Company's Shareholding

TEMPLETON INSTITUTIONAL FUNDS

## Board Members and Officers

The name, year of birth and address of the officers and board members, as well as their affiliations, positions held with the

Tempitational.com

Annual Report 47

(continued)[{"box_2d": [31, 72, 560, 153], "label": "table", "caption": "

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |
| Bank Note of Bank | Million | 9,584,707 | 9,584,707 |
| Bank Note of Bank | Million | 9,584,707 | 9,584,707 |
| Bank Note of Bank | Million | 9,584,707 | 9,584,707 |
| Bank Note of Bank | Million | 9,584,707 | 9,584,707 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |
| Bank Note of Bank | Million | 9,584,707 | 9,584,707 |
| Bank Note of Bank | Million | 9,584,707 | 9,584,707 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |
| Bank Note of Bank | Million | 9,584,707 | 9,584,707 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |
| Bank Note of Bank | Million | 9,584,707 | 9,584,707 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

| Description | Length of Time (Month) | Number of Portfolios in Fund Complex Overseas | Other Directorships Held |
| --- | --- | --- | --- |
| Bank Note of Bank | Million | 10,442,000 | 10,442,000 |

<table><thead><tr><th>Description</th><th>Length of<br/>Time (Month)</th><th>Number of Portfolios in

(continued) Santander Holdings USA (holding company) 2021-present, and
portions of the dividend of interest in money & dividends that are based to those under Section 10 of the 2021-present, and
the dividend of interest in money & dividends that are based to those under Section 10 of the 2021-present, and
the dividend of interest in money & dividends that are based to those under Section 10 of the 2021-present, and
the dividend of interest in money & dividends that are based to those under Section 10 of the 2021-present, and
the dividend of interest in money & dividends that are based to those under Section 10 of the 2021-present, and
the dividend of interest in money & dividends that are based to those under Section 10 of the 2021-present, and
the dividend of interest in money & dividends that are based to those under Section 10 of the 2021-present, and
the dividend of interest in money & dividends that are based to those under Section 10 of the 2021-present, and

TEMPLETON INSTITUTIONAL FUNDS

# Independent Board Members

Tempfultonal.com

Annual Report 45

1929
**Interested Board Members and Officers** (continued)
Hentz Company (processed foods and allied products) (1994-2013)
Principal Occupation During at Least the Past 5 Years
Finance (company) (2012-present)
Principal Accountant (name and address of the company) (incorporated in the United States of America) (1994-2013)
Principal Accountant (name and address of the company) (incorporated in the United States of America) (1994-2013)
Principal Accountant (name and address of the company) (incorporated in the United States of America) (1994-2013)
Principal Accountant (name and address of the company) (incorporated in the United States of America) (1994-2013)
Principal Accountant (name and address of the company)
Principal Accountant (name and address of the company)
Principal Accountant (name and address of the company)
Principal Accountant (name and address of the company)
Principal Accountant (name and address of the company)
Principal Accountant (name and address of the company)
Principal Accountant (name and address of the company)
Principal Accountant (name and address of the company)
Principal Accountant (name and address of the company)
Principal Accountant (name and address of the company)

TEMPLETON INSTITUTIONAL FUNDS

56 | Annual Report

Brockwood.com

See Memo CA 24/072-2009

financing) (2006-2010)

# Integrated Board Members and Officers

Integrated Board Members and Officers (continued)

Member of the Council on Foreign Relations (1996-present); Member of the National Committee on U.S.-China Relations (1999-present); member of the board of trustees of the Economic Club of New York (2013-present); member of the board of trustees of the Foreign Policy Association (2005-present); member of the board of directors of Council of the Americas (2007-present) and the Tallberg Foundation

TEMPLETON INSTITUTIONAL FUNDS

Tempfultonal.com

Annual Report

51

Copyright © 2007
Printed by Templeton. Dated at Least the Plan 5 Years

The Templeton Institute of Technology, 1000 8th Street, New York, NY 10017

The Templeton Institute of Technology, 1000 8th Street, New York, NY 10017

The Templeton Institute of Technology, 1000 8th Street, New York, NY 10017

The Templeton Institute of Technology, 1000 8th Street, New York, NY 10017

The Templeton Institute of Technology, 1000 8th Street, New York, NY 10017

TEMPLETON INSTITUTIONAL FUNDS

## Shareholder Information

### Proxy Voting Policies and Procedures

52

Annual Report

Institutional.com

Principal Corporation, Aoyama, at Leases the Past 5 Years.

The Company is a member of the 100% of the 100% of the 100% of the 100% of the 100% of the 100% of the 100% of the 100% of the 100% of the 100% of the 100% of the 100% of the 100% of the 100% of

FRANKLIN TEMPLETON

© 2018 Franklin Templeton Investments. All rights reserved.

JTF A 8/03

# **Item 2. Code of Ethics.**

(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer.

(c) N/A

(d) N/A

(f) Pursuant to Item 13(a)(1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.

# **Item 3. Audit Committee Financial Expert.**

(a)(1) The Registrant has an audit committee financial expert serving on its audit committee.

(2) Senior Vice-President, Franklin Templeton Services, LLC, officer of certain funds in the Franklin Templeton, Inc. (Forss) and its principal, and

The audit committee is a member of the Fand's Audit Committee Financial Expert, and the Fand's Audit Committee Financial Expert is a member of the Fand's Audit Committee Financial Expert.

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Source: Operation Sanitation, 2020. San Diego State University Medical Laboratory. "A National College of Medicine and The University of Missouri of San Diego, San Diego, California. The University of California is a graduate of the University of California, and the University of California is a graduate of the University of California, and the University of California is a graduate of the University of California, and the University of California is a graduate of the University of California, and the University of California is a graduate of the University of California, and the University of California is a graduate of the University of California, and the University of California is a graduate of the University of California, and the University of California is a graduate of the University of California, and

Information regarding the operations of the Public Reference

Room may be obtained by calling (800) SEC-0330.

Principal Occupation During at Least the Past 5 Years:
Reported by the Institute of Financial and Social Communications Policy and Partners
Treasurer, U.S. Food Administration & Accounting, and officer of certain funds in the Franklin Templeton/Legg Mason fund complex.
The Statement of Additional Information (SAI) includes additional information about the board members and is available, without charge, upon request.

Organization was call (800) 266-8550/163-5518 to request the SAI.

Name of Person, Name

Name of Person, Name

Name of Person, Name

Name of Person, Name

Name of Person, Name

Name of Person, Name

Name of Person, Name

Name of Person, Name

Name of Person, Name

Name of Person, Name

Name of Person, Name

Name of Person, Name

Name of Person, Name

Name of Person, Name

Name of Person, Name

Name of Person

(detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the financial reports (to the extent received by mail) and summary prospectus. This process, called 'householding,' will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800)

## Ex-99.Code

Code of Ethics for Principal Executives & Senior Financial Officers

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|:---|:---|
| <br>**Procedures** | <br> Revised December 19, 2014 |

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# FRANKLIN TEMPLETON FUNDS
**CODE OF ETHICS FOR PRINCIPAL EXECUTIVES AND SENIOR FINANCIAL OFFICERS**

I. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Covered Officers and Purpose of the Code

This code of ethics (the "Code") applies to the Principal Executive Officers, Principal Financial Officer and Principal Accounting Officer (the "Covered Officers," each of whom is set forth in Exhibit A) of each investment company advised by a Franklin Resources subsidiary and that is registered with the United States Securities & Exchange Commission ("SEC") (collectively, "FT Funds") for the purpose of promoting:

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Honest and ethical conduct, including the ethical resolution of actual or apparent conflicts of interest between personal and professional relationships;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the SEC and in other public communications made by or on behalf of the FT Funds;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compliance with applicable laws and governmental rules and regulations;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accountability for adherence to the Code.

Each Covered Officer will be expected to adhere to a high standard of business ethics and must be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

 *\** 

Rule 38a-1 under the Investment Company Act of 1940 ("1940 Act") and Rule 206(4)-7 under the Investment Advisers Act of 1940 ("Advisers Act") (together the "Compliance Rule") require registered investment companies and registered investment advisers to, among other things, adopt and implement written policies and procedures reasonably designed to prevent violations of the federal securities laws ("Compliance Rule Policies and Procedures").

CONFIDENTIAL INFORMATION. This document is the proprietary product of Franklin Templeton Investments. It may NOT be distributed outside the company unless it is made subject to a non-disclosure agreement and/or such release receives authorization by an FTI Chief Compliance Officer. Any unauthorized use, reproduction or transfer of this document is strictly prohibited. Franklin Templeton Investments© 2014. All Rights Reserved.

II. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Policies and Procedures

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder.

Franklin Resources, Inc. has separately adopted the <u>Code of Ethics and Business</u> <u>Conduct</u> ("Business Conduct"), which is applicable to all officers, directors and employees of Franklin Resources, Inc., including Covered Officers. It summarizes the values, principles and business practices that guide the employee's business conduct and also provides a set of basic principles to guide officers, directors and employees regarding the minimum ethical requirements expected of them. It supplements the values, principles and business conduct identified in the Code and other existing employee policies.

Additionally, the Franklin Templeton Funds have separately adopted the <u>FTI Personal</u> <u>Investments and Insider Trading Policy</u> governing personal securities trading and other related matters. The Code for Insider Trading provides for separate requirements that apply to the Covered Officers and others, and therefore is not part of this Code.

Insofar as other policies or procedures of Franklin Resources, Inc., the Funds, the Funds' adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superceded by this Code to the extent that they overlap or conflict with the provisions of this Code. Please review these other documents or consult with the Legal Department if have questions regarding the applicability of these policies to you.

III. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the FT Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of apposition with the FT Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the FT Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the FT Funds because of their status as "affiliated persons" of the FT Funds. The FT Funds' and the investment advisers' compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the FT Funds, the investment advisers and the fund administrator of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the FT Funds, for the adviser, the administrator, or

## 2
for all three), be involved in establishing policies and implementing decisions that will have different effects on the adviser, administrator and the FT Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the FT Funds, the adviser, and the administrator and is consistent with the performance by the Covered Officers of their duties as officers of the FT Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the FT Funds' Boards of Directors ("Boards") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the FT Funds.

Each Covered Officer must:

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting by the FT Funds whereby the Covered Officer would benefit personally to the detriment of the FT Funds;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not cause the FT Funds to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit the FT Funds;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not retaliate against any other Covered Officer or any employee of the FT Funds or their affiliated persons for reports of potential violations that are made in good faith;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Report at least annually the following affiliations or other relationships:[<sup>1</sup>](#_bookmark0)

o

all directorships for public companies and all companies that are required to file reports with the SEC;

o

any direct or indirect business relationship with any independent directors of the FT Funds;

o

any direct or indirect business relationship with any independent public accounting firm (which are not related to the routine issues related to the firm's service as the Covered Persons accountant); and

o

any direct or indirect interest in any transaction with any FT Fund that will benefit the officer (not including benefits derived from the advisory, sub-advisory, distribution or service agreements with affiliates of Franklin Resources).

These reports will be reviewed by the Legal Department for compliance with the Code.

There are some conflict of interest situations that should always be approved in writing by Franklin Resources General Counsel or Deputy General Counsel, if material. Examples of these include[<sup>2</sup>](#_bookmark1):

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service as a director on the board of any public or private Company.

<sup>1</sup> Reporting of these affiliations or other relationships shall be made by completing the annual Directors and Officers Questionnaire and returning the questionnaire to Franklin Resources Inc, General Counsel or Deputy General Counsel.

<sup>2&nbsp;&nbsp;&nbsp;&nbsp;</sup> Any activity or relationship that would present a conflict for a Covered Officer may also present a conflict for the Covered Officer

if a member of the Covered Officer's immediate family engages in such an activity or has such a relationship. The Cover Person should also obtain written approval by FT's General Counsel in such situations.

## 3
· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The receipt of any gifts in excess of $100 from any person, from any corporation or association.

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The receipt of any entertainment from any Company with which the FT Funds has current or prospective business dealings unless such entertainment is business related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety. Notwithstanding the foregoing, the Covered Officers must obtain prior approval from the Franklin Resources General Counsel for any entertainment with a value in excess of $1000.

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any ownership interest in, or any consulting or employment relationship with, any of the FT Fund's service providers, other than an investment adviser, principal underwriter, administrator or any affiliated person thereof.

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A direct or indirect financial interest in commissions, transaction charges or spreads paid by the FT Funds for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Franklin Resources General Counsel or Deputy General Counsel will provide a report to the FT Funds Audit Committee of any approvals granted at the next regularly scheduled meeting.

IV. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disclosure and Compliance

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Covered Officer should familiarize himself with the disclosure requirements generally applicable to the FT Funds;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the FT Funds to others, whether within or outside the FT Funds, including to the FT Funds' directors and auditors, and to governmental regulators and self-regulatory organizations;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the FT Funds, the FT Fund's adviser and the administrator with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the FT Funds file with, or submit to, the SEC and in other public communications made by the FT Funds; and

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

V. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reporting and Accountability

Each Covered Officer must:

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upon becoming a covered officer affirm in writing to the Board that he or she has received, read, and understands the Code (see Exhibit B);

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annually thereafter affirm to the Board that he has complied with the requirements of the Code; and

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notify Franklin Resources' General Counsel or Deputy General Counsel promptly if he or she knows of any violation of this Code. Failure to do so is itself is a violation of this

## 4
Code.

Franklin Resources' General Counsel and Deputy General Counsel are responsible for applying this Code to specific situations in which questions are presented under it and have the authority to interpret this Code in any particular situation.[<sup>3</sup>](#_bookmark2) However, the Independent Directors of the respective FT Funds will consider any approvals or waivers[<sup>4</sup>](#_bookmark3) sought by any Chief Executive Officers of the Funds.

The FT Funds will follow these procedures in investigating and enforcing this Code:

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Franklin Resources General Counsel or Deputy General Counsel will take all appropriate action to investigate any potential violations reported to the Legal Department;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If, after such investigation, the General Counsel or Deputy General Counsel believes that no violation has occurred, The General Counsel is not required to take any further action;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any matter that the General Counsel or Deputy General Counsel believes is a violation will be reported to the Independent Directors of the appropriate FT Fund;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If the Independent Directors concur that a violation has occurred, it will inform and make a recommendation to the Board of the appropriate FT Fund or Funds, which will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation to dismiss the Covered Officer;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Independent Directors will be responsible for granting waivers, as appropriate; and

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any changes to or waivers of this Code will, to the extent required, are disclosed as provided by SEC rules.[<sup>5</sup>](#_bookmark4)

VI. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Policies and Procedures

This Code shall be the sole code of ethics adopted by the FT Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the FT Funds, the FT Funds' advisers, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The FTI Personal Investments and Insider Trading Policy, adopted by the FT Funds, FT investment advisers and FT Fund's principal underwriter pursuant to Rule 17j-1 under the Investment Company Act, the Code of Ethics and Business Conduct and more detailed policies and procedures set forth in FT's Employee Handbook are separate requirements applying to the Covered Officers and others, and are not part of this Code.

<sup>3</sup> Franklin Resources General Counsel and Deputy General Counsel are authorized to consult, as appropriate, with members of the Audit Committee, counsel to the FT Funds and counsel to the Independent Directors, and are encouraged to do so.

<sup>4</sup> Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of a material departure from a provision of the code of

ethics" and "implicit waiver," which must also be disclosed, as "the registrant's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer" of the registrant. See Part X.

See Part X.

VII. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amendments

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the FT Funds' Board including a majority of independent directors.

VIII. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the FT Funds' Board and their counsel.

IX. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Internal Use

The Code is intended solely for the internal use by the FT Funds and does not constitute an admission, by or on behalf of any FT Funds, as to any fact, circumstance, or legal conclusion.

X. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disclosure on Form N-CSR

Item 2 of Form N-CSR requires a registered management investment company to disclose annually whether, as of the end of the period covered by the report, it has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these officers are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, it must explain why it has not done so.

The registrant must also: (1) file with the SEC a copy of the code as an exhibit to its annual report; (2) post the text of the code on its Internet website and disclose, in its most recent report on Form N-CSR, its Internet address and the fact that it has posted the code on its Internet website; or (3) undertake in its most recent report on Form N-CSR to provide to any person without charge, upon request, a copy of the code and explain the manner in which such request may be made. Disclosure is also required of amendments to, or waivers (including implicit waivers) from, a provision of the code in the registrant's annual report on Form N-CSR or on its website. If the registrant intends to satisfy the requirement to disclose amendments and waivers by posting such information on its website, it will be required to disclose its Internet address and this intention.

The Legal Department shall be responsible for ensuring that:

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a copy of the Code is filed with the SEC as an exhibit to each Fund's annual report; and

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; any amendments to, or waivers (including implicit waivers) from, a provision of the Code is disclosed in the registrant's annual report on Form N-CSR.

In the event that the foregoing disclosure is omitted or is determined to be incorrect, the Legal Department shall promptly file such information with the SEC as an amendment to Form N-CSR.

In such an event, the Fund Chief Compliance Officer shall review the Code and propose such changes to the Code as are necessary or appropriate to prevent reoccurrences.

# EXHIBIT A
Persons Covered by the Franklin Templeton Funds Code of Ethics

January 1, 2022

# FRANKLIN GROUP OF FUNDS
Edward Perks&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President and Chief Executive Officer – Investment Management

Rupert H. Johnson, Jr.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chairman of the Board and Vice President

Michael McCarthy&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President and Chief Executive Officer – Investment Management

Sonal Desai, Ph D&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President and Chief Executive Officer – Investment Management

Matthew Hinkle&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Executive Officer – Finance and Administration

Christopher Kings&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Financial Officer and Chief Accounting Officer and Treasurer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

# FRANKLIN MUTUAL SERIES FUNDS
Christian K. Correa&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Executive Officer – Investment Management

Matthew Hinkle&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Executive Officer – Finance and Administration

Christopher Kings&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Financial Officer and Chief Accounting Officer and Treasurer

# FRANKLIN ALTERNATIVE STRATEGIES FUNDS
Brooks Ritchey&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President and Chief Executive Officer – Investment Management

Matthew Hinkle&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Executive Officer – Finance and Administration

Christopher Kings&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Financial Officer, Chief Accounting Officer and Treasurer

# TEMPLETON GROUP OF FUNDS
Rupert H. Johnson Jr.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chairman of the Board and Vice President

Manraj S. Sekhon&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President and Chief Executive Officer – Investment Management

Michael Hasenstab, Ph.D. &nbsp;&nbsp;&nbsp;&nbsp; President and Chief Executive Officer – Investment Management

Alan Bartlett&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President and Chief Executive Officer – Investment Management

Matthew Hinkle&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Executive Officer – Finance and Administration

Christopher Kings&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Financial Officer, Chief Accounting Officer and Treasurer

# Exhibit B ACKNOWLEDGMENT FORM

### Franklin Templeton Funds Code of Ethics
**For Principal Executives and Senior Financial Officers**

### Instructions:
1. &nbsp;&nbsp;&nbsp;&nbsp; Complete all sections of this form.

2. &nbsp;&nbsp;&nbsp;&nbsp; Print the completed form, sign, and date.

3. &nbsp;&nbsp;&nbsp;&nbsp; Submit completed form to FT's General Counsel c/o Code of Ethics Administration within 10 days of becoming a Covered Officer and by February 15th of each subsequent year.

**E-mail:&nbsp;&nbsp;&nbsp;&nbsp;** Code of Ethics Inquiries & Requests (internal address); lpreclear@franklintempleton.com (external address)

---

| |
|:---|
| **Covered Officer's Name:** |
| **Title:** |
| **Department:** |
| **Location:** |
| **Certification for Year Ending:** |

---

***To: Franklin Resources General Counsel, Legal Department***

 ****

I acknowledge receiving, reading and understanding the Franklin Templeton Fund's Code of Ethics for Principal Executive Officers and Senior Financial Officers (the "Code"). I will comply fully with all provisions of the Code to the extent they apply to me during the period of my employment. I further understand and acknowledge that any violation of the Code may subject me to disciplinary action, including termination of employment.

---

| | |
|:---|:---|
| &nbsp;&nbsp; ***Signature*** | &nbsp;&nbsp; ***Date signed*** |

---

## Ex-99.Cert

I, Matthew T. Hinkle, certify that:

1. &nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this report on Form N-CSR of **Templeton Institutional Funds**;

2. &nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. &nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. &nbsp;&nbsp;&nbsp;&nbsp; The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. &nbsp;&nbsp;&nbsp;&nbsp; The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

2/27/2023

S\MATTHEW T. HINKLE

Matthew T. Hinkle

Chief Executive Officer - Finance and Administration

I, Christopher Kings, certify that:

1. &nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this report on Form N-CSR of **Templeton Institutional Funds**;

2. &nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. &nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. &nbsp;&nbsp;&nbsp;&nbsp; The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. &nbsp;&nbsp;&nbsp;&nbsp; The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

2/27/2023

S\CHRISTOPHER KINGS

Christopher Kings

Chief Financial Officer, Chief Accounting Officer and Treasurer

## Exhibit 99.906

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

**AS ADOPTED PURSUANT TO SECTION 906**

# OF THE SARBANES-OXLEY ACT OF 2002
I, Matthew T. Hinkle, Chief Executive Officer of the **Templeton Institutional Funds** (the "Registrant"), certify, pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The periodic report on Form N-CSR of the Registrant for the period ended 12/31/2022 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Dated: 2/27/2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S\MATTHEW T. HINKLE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Matthew T. Hinkle

Chief Executive Officer - Finance and Administration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

**AS ADOPTED PURSUANT TO SECTION 906**

I, Christopher Kings, Chief Financial Officer of the **Templeton Institutional Funds** (the "Registrant"), certify, pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The periodic report on Form N-CSR of the Registrant for the period ended 12/31/2022 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Dated: 2/27/2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S\CHRISTOPHER KINGS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Christopher Kings

Chief Financial Officer, Chief Accounting Officer and Treasurer