# EDGAR Filing Document

**Accession Number:** 0000865722
**File Stem:** 0001133228-25-009001
**Filing Date:** 2025-8
**Character Count:** 135837
**Document Hash:** b28fa79b59354368c2468a732f62bdb8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-009001.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0001133228-25-009001

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 25

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250827

**DATE AS OF CHANGE**: 20250827

**EFFECTIVENESS DATE**: 20250827

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TEMPLETON INSTITUTIONAL FUNDS
- **CENTRAL INDEX KEY:** 0000865722

**ORGANIZATION NAME:**
- **EIN:** 593020895
- **STATE OF INCORPORATION:** FL
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06135
- **FILM NUMBER:** 251263555

**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           |

?xml version='1.0' encoding='ASCII'? 2025-07-1774200013100_TIFForeignSmallerCompaniesSeries_AdvisorClass_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 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

Franklin Templeton

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: **December 31**

Date of reporting period: **June 30, 2025**

ITEM 1. REPORT TO STOCKHOLDERS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is filed herewith

---

| | |
|:---|:---|
| **TIF Foreign Smaller Companies Series**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [TFSCX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about TIF Foreign Smaller Companies Series for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 321-8563.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Advisor Class | $62 | 1.19% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $61829912 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 93 |
| **Portfolio Turnover Rate** | 12.94% |

---

\* Does not include derivatives, except purchased options, if any.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4564img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

TIF Foreign Smaller Companies Series PAGE 1 458-STSR-0825

45.439.85.34.22.92.00.4 ------

---

| | |
|:---|:---|
| **TIF International Equity Series**  | ![image](img2199_202405220716489.jpg) |
| Primary Shares [TFEQX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about TIF International Equity Series for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 321-8563.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Primary Shares | $62 | 1.14% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $59338988 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 52 |
| **Portfolio Turnover Rate** | 28.28% |

---

\* Does not include derivatives, except purchased options, if any.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4566img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

TIF International Equity Series PAGE 1 454-STSR-0825

50.723.020.71.64.0 ------

---

| | |
|:---|:---|
| **TIF International Equity Series**  | ![image](img2199_202405220716489.jpg) |
| Service Shares [TFESX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about TIF International Equity Series for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 321-8563.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Service Shares | $77 | 1.40% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $59338988 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 52 |
| **Portfolio Turnover Rate** | 28.28% |

---

\* Does not include derivatives, except purchased options, if any.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4568img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

TIF International Equity Series PAGE 1 444-STSR-0825

50.723.020.71.64.0 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Please see schedule of investments contained in the Financial Statements and Financial
 Highlights included under Item 7 of this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

#### Templeton

#### Institutional

#### Funds

#### Financial

#### Statements

#### and

#### Other

#### Important

#### Information

#### Semi-Annual
\|

June

30,

2025

#### Foreign

#### Smaller

#### Companies

#### Series

#### International

#### Equity

#### Series

#### Table

#### of

#### Contents
ftinstitutional.com

Financial

Statements

and

Other

Important

Information—Semiannual

Financial

Highlights

and

Schedules

of

Investments

#### 2
Financial

Statements

#### 13
Notes

to

Financial

Statements

#### 16
Changes

In

and

Disagreements

with

Accountants

#### 29
Results

of

Meeting(s)

of

Shareholders

Remuneration

Paid

to

Directors,

Officers

and

Others

Board

Approval

of

Management

and

Subadvisory

Agreements

Templeton

Institutional

Funds

Financial

Highlights

#### Foreign

#### Smaller

#### Companies

#### Series
ftinstitutional.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$15.94

$18.67

$16.35

$21.80

$23.03

$21.40

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.15 0.28 0.26 0.31 0.28 0.17 Net

realized

and

unrealized

gains

(losses)

1.51 (0.72)

2.30 (5.38)

2.07 1.74 Total

from

investment

operations

........

1.66 (0.44)

2.56 (5.07)

2.35 1.91 Less

distributions

from:

Net

investment

income

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

—

(0.63)

(0.24)

(0.32)

(0.28)

(0.22)

Net

realized

gains

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

—

(1.66)

—

(0.06)

(3.30)

(0.06)

Total

distributions

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

—

(2.29)

(0.24)

(0.38)

(3.58)

(0.28)

Net

asset

value,

end

of

period

..........

$17.60

$15.94

$18.67

$16.35

$21.80

$23.03

Total

return

c

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

10.41%

(2.49)%

15.75%

(23.19)%

10.72%

8.95%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

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

1.19%

1.10%

1.09%

1.02%

1.04%

1.04%

Expenses

net

of

waiver

and

payments

by

affiliates

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

1.19%

e

1.10%

e

1.09%

e

1.02%

e

1.04%

e

1.03%

Net

investment

income

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

1.89%

1.50%

1.49%

1.76%

1.13%

0.87%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$61,830

$111,846

$191,256

$353,380

$739,717

$725,098

Portfolio

turnover

rate

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

12.94%

29.65%

36.62%

16.54%

31.09%

34.89%

a

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

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Templeton

Institutional

Funds

Schedule

of

Investments

(unaudited),

June

30,

2025

#### Foreign

#### Smaller

#### Companies

#### Series
ftinstitutional.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Industry

#### Shares
a

#### Value
a

#### Common

#### Stocks

#### 57.7%

#### Australia

#### 0.7%
National

Storage

REIT

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

Specialized

REITs

268,461

$

406,795

#### Austria

#### 0.6%
a

DO

&

CO

AG

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

Commercial

Services

&

Supplies

1,780

380,261

#### Bahamas

#### 1.0%
OneSpaWorld

Holdings

Ltd.

........

Diversified

Consumer

Services

30,750

626,992

#### Belgium

#### 1.3%
Barco

NV

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

Electronic

Equipment,

Instruments

&

Components

28,717

420,821

Kinepolis

Group

NV

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

Entertainment

9,351

396,291

817,112

#### Brazil

#### 1.5%
Arcos

Dorados

Holdings,

Inc.

,

A

.....

Hotels,

Restaurants

&

Leisure

56,466

445,517

Dexco

SA

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

Paper

&

Forest

Products

425,800

444,366

889,883

#### Canada

#### 2.2%
a

Athabasca

Oil

Corp.

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

Oil,

Gas

&

Consumable

Fuels

92,900

384,767

Canaccord

Genuity

Group,

Inc.

......

Capital

Markets

86,400

657,319

Computer

Modelling

Group

Ltd.

......

Software

61,004

322,995

1,365,081

#### China

#### 0.5%
Xtep

International

Holdings

Ltd.

......

Textiles,

Apparel

&

Luxury

Goods

434,196

312,154

#### Denmark

#### 0.3%
Matas

A/S

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

Specialty

Retail

9,785

206,089

#### Finland

#### 0.9%
Huhtamaki

OYJ

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

Containers

&

Packaging

16,092

574,954

#### France

#### 1.0%
Kaufman

&

Broad

SA

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

Household

Durables

6,043

235,602

Mersen

SA

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

Electrical

Equipment

15,505

404,782

640,384

#### Germany

#### 2.2%
Jenoptik

AG

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

Electronic

Equipment,

Instruments

&

Components

13,279

306,525

a,b

Montana

Aerospace

AG

,

144A

,

Reg

S

.

Aerospace

&

Defense

19,112

625,453

Rational

AG

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

Machinery

405,864

1,337,842

#### Greece

#### 0.7%
JUMBO

SA

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

Specialty

Retail

13,098

452,063

#### Hong

#### Kong

#### 2.3%
Luk

Fook

Holdings

International

Ltd.

..

Specialty

Retail

147,000

375,521

Techtronic

Industries

Co.

Ltd.

.......

Machinery

45,500

502,046

VTech

Holdings

Ltd.

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

Communications

Equipment

77,200

560,778

1,438,345

#### India

#### 0.6%
Exide

Industries

Ltd.

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

Automobile

Components

75,780

342,584

Templeton

Institutional

Funds

Schedule

of

Investments

(unaudited)

#### Foreign

#### Smaller

#### Companies

#### Series
(continued)

ftinstitutional.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Industry

#### Shares
a

#### Value
a

#### Common

#### Stocks
(continued)

#### Indonesia

#### 0.1%
Industri

Jamu

Dan

Farmasi

Sido

Muncul

Tbk.

PT

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

Personal

Care

Products

2,319,700

$

70,586

#### Ireland

#### 0.5%
Uniphar

plc

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

Health

Care

Providers

&

Services

64,199

284,520

#### Israel

#### 1.1%
a

Nayax

Ltd.

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

Electronic

Equipment,

Instruments

&

Components

13,838

698,844

#### Italy

#### 5.6%
Brunello

Cucinelli

SpA

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

Textiles,

Apparel

&

Luxury

Goods

4,076

494,838

b

Carel

Industries

SpA

,

144A

,

Reg

S

...

Building

Products

8,826

235,268

c

Intercos

SpA

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

Personal

Care

Products

32,518

494,895

Interpump

Group

SpA

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

Machinery

10,864

452,076

LU-VE

SpA

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

Building

Products

7,439

266,092

c

Sanlorenzo

SpA

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

Leisure

Products

23,268

819,587

b

Technogym

SpA

,

144A

,

Reg

S

......

Leisure

Products

49,866

714,477

3,477,233

#### Japan

#### 10.5%
Anicom

Holdings,

Inc.

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

Insurance

50,900

242,918

Asics

Corp.

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

Textiles,

Apparel

&

Luxury

Goods

28,500

726,761

Bunka

Shutter

Co.

Ltd.

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

Building

Products

23,800

389,587

CKD

Corp.

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

Machinery

23,400

425,447

Idec

Corp.

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

Electrical

Equipment

6,300

99,362

IDOM,

Inc.

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

Specialty

Retail

46,100

338,566

Kaneka

Corp.

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

Chemicals

16,400

452,488

MEITEC

Group

Holdings,

Inc.

.......

Professional

Services

28,200

621,460

Morinaga

&

Co.

Ltd.

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

Food

Products

10,900

179,657

Nichiha

Corp.

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

Building

Products

22,100

455,533

Nissei

ASB

Machine

Co.

Ltd.

........

Machinery

12,600

511,861

Pigeon

Corp.

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

Household

Products

28,200

342,924

Qol

Holdings

Co.

Ltd.

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

Consumer

Staples

Distribution

&

Retail

16,200

208,151

Raito

Kogyo

Co.

Ltd.

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

Construction

&

Engineering

9,800

194,562

Roland

Corp.

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

Leisure

Products

14,200

311,907

Sato

Corp.

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

Commercial

Services

&

Supplies

12,300

176,237

TechnoPro

Holdings,

Inc.

..........

Professional

Services

10,200

297,248

Tsumura

&

Co.

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

Pharmaceuticals

21,500

518,915

6,493,584

#### New

#### Zealand

#### 1.0%
Summerset

Group

Holdings

Ltd.

.....

Health

Care

Providers

&

Services

90,382

619,605

#### Norway

#### 0.7%
TGS

ASA

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

Energy

Equipment

&

Services

50,728

432,825

#### Philippines

#### 1.4%
Bloomberry

Resorts

Corp.

..........

Hotels,

Restaurants

&

Leisure

1,381,900

125,493

Century

Pacific

Food,

Inc.

..........

Food

Products

455,800

325,687

Puregold

Price

Club,

Inc.

...........

Consumer

Staples

Distribution

&

Retail

605,200

386,778

837,958

#### Portugal

#### 0.5%
c

Corticeira

Amorim

SGPS

SA

........

Containers

&

Packaging

34,117

318,387

#### Singapore

#### 1.3%
Digital

Core

REIT

Management

Pte.

Ltd.

Specialized

REITs

876,400

464,524

Templeton

Institutional

Funds

Schedule

of

Investments

(unaudited)

#### Foreign

#### Smaller

#### Companies

#### Series
(continued)

ftinstitutional.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Industry

#### Shares
a

#### Value
a

#### Common

#### Stocks
(continued)

#### Singapore
(continued)

Stoneweg

Europe

Stapled

Trust

.....

Diversified

REITs

193,000

$

345,563

810,087

#### South

#### Korea

#### 3.1%
Amorepacific

Holdings

Corp.

........

Personal

Care

Products

17,379

408,005

BNK

Financial

Group,

Inc.

..........

Banks

40,224

370,230

iM

Financial

Group

Co.

Ltd.

.........

Banks

41,583

386,186

i-SENS,

Inc.

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

Health

Care

Equipment

&

Supplies

15,254

200,932

NongShim

Co.

Ltd.

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

Food

Products

1,861

540,938

1,906,291

#### Sweden

#### 2.2%
Electrolux

Professional

AB

,

B

.......

Machinery

52,338

371,137

a

Karnov

Group

AB

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

Interactive

Media

&

Services

36,342

413,455

b

MIPS

AB

,

Reg

S

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

Leisure

Products

4,133

193,670

b

Thule

Group

AB

,

144A

,

Reg

S

.......

Leisure

Products

12,844

369,955

1,348,217

#### Switzerland

#### 3.1%
Bucher

Industries

AG

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

Machinery

899

446,830

c

Logitech

International

SA

..........

Technology

Hardware,

Storage

&

Peripherals

3,606

325,009

b

Medacta

Group

SA

,

144A

,

Reg

S

....

Health

Care

Equipment

&

Supplies

3,375

572,973

a

Siegfried

Holding

AG

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

Life

Sciences

Tools

&

Services

5,228

589,031

1,933,843

#### Taiwan

#### 3.2%
Johnson

Health

Tech

Co.

Ltd.

.......

Leisure

Products

85,000

504,962

Nien

Made

Enterprise

Co.

Ltd.

......

Household

Durables

18,000

250,939

Primax

Electronics

Ltd.

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

Electronic

Equipment,

Instruments

&

Components

136,000

339,580

Shin

Zu

Shing

Co.

Ltd.

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

Machinery

50,000

366,778

Tripod

Technology

Corp.

...........

Electronic

Equipment,

Instruments

&

Components

61,000

517,507

1,979,766

#### Thailand

#### 0.1%
Mega

Lifesciences

PCL

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

Pharmaceuticals

73,600

58,283

#### United

#### Kingdom

#### 6.6%
Coats

Group

plc

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

Textiles,

Apparel

&

Luxury

Goods

167,443

182,780

Fevertree

Drinks

plc

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

Beverages

40,632

521,838

Greggs

plc

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

Hotels,

Restaurants

&

Leisure

13,403

353,425

Johnson

Service

Group

plc

.........

Commercial

Services

&

Supplies

181,576

378,845

Man

Group

plc

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

Capital

Markets

271,322

630,303

Oxford

Instruments

plc

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

Electronic

Equipment,

Instruments

&

Components

10,756

279,930

Rathbones

Group

plc

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

Capital

Markets

20,028

479,260

Savills

plc

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

Real

Estate

Management

&

Development

35,178

480,647

Vesuvius

plc

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

Machinery

56,500

304,325

Warpaint

London

plc

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

Personal

Care

Products

42,391

242,644

a,b

Watches

of

Switzerland

Group

plc

,

144A

Specialty

Retail

36,010

202,741

4,056,738

#### United

#### States

#### 0.9%
Axis

Capital

Holdings

Ltd.

..........

Insurance

2,280

236,709

Templeton

Institutional

Funds

Schedule

of

Investments

(unaudited)

#### Foreign

#### Smaller

#### Companies

#### Series
(continued)

ftinstitutional.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

See

Abbreviations

on

.

a

a

#### Industry

#### Shares
a

#### Value
a

#### Common

#### Stocks
(continued)

#### United

#### States
(continued)

a

IMAX

Corp.

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

Entertainment

10,508

$

293,804

530,513

#### Total

#### Common

#### Stocks

#### (Cost

#### $

#### 22,951,938

####)
......................................

#### 35,647,819

#### Short

#### Term

#### Investments

#### 0.2%
a

a

#### Industry

#### Shares
a

#### Value
a

a

#### a
a

d

#### Investments

#### from

#### Cash

#### Collateral

#### Received

#### for

#### Loaned

#### Securities

#### 0.2%

#### Money

#### Market

#### Funds

#### 0.2%
e,f

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.332 %

.........

147,981

147,981

#### Total

#### Investments

#### from

#### Cash

#### Collateral

#### Received

#### for

#### Loaned

#### Securities

#### (Cost

#### $

#### 147,981

####)
...................................................................

#### 147,981
a

#### a
a

a

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 147,981

####)
..................................

#### 147,981
a

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 23,099,919

####)
57.9 #### %
....................................

#### $35,795,800

#### Other

#### Assets,

#### less

#### Liabilities
42.1 #### %
............................................

#### 26,034,112

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $61,829,912

#### a
a

Non-income

producing.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933. 144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933. Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

June

30,

2025,

the

aggregate

value

of

these

securities

was

$2,914,537,

representing

4.7%

of

net

assets.

c

A

portion

or

all

of

the

security

is

on

loan

at

June

30,

2025. See

Note

1(d).

d

See

Note

1(d)

regarding

securities

on

loan.

e

See

Note

3(d)

regarding

investments

in

affiliated

management

investment

companies.

f

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Templeton

Institutional

Funds

Financial

Highlights

#### International

#### Equity

#### Series
ftinstitutional.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Primary

#### Shares

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.21

$10.91

$10.19

$11.96

$15.22

$15.54

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.15 0.24 0.49 c

0.26 0.26 1.03 d

Net

realized

and

unrealized

gains

(losses)

1.99 0.67 1.77 (1.40)

0.55 (0.32)

Total

from

investment

operations

........

2.14 0.91 2.26 (1.14)

0.81 0.71 Less

distributions

from:

Net

investment

income

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

—

(0.30)

(0.90)

(0.10)

(1.46)

(0.67)

Net

realized

gains

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

—

(1.31)

(0.64)

(0.53)

(2.61)

(0.36)

Total

distributions

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

—

(1.61)

(1.54)

(0.63)

(4.07)

(1.03)

Net

asset

value,

end

of

period

..........

$12.35

$10.21

$10.91

$10.19

$11.96

$15.22

Total

return

e

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

21.08%

8.40%

22.84%

(9.23)%

5.75%

5.30%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

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

1.18%

0.97%

0.92%

0.87%

0.94%

0.87%

Expenses

net

of

waiver

and

payments

by

affiliates

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

1.14%

0.92%

0.88%

0.83%

0.91%

0.84%

Net

investment

income

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

2.65%

2.02%

4.31%

c

2.35%

1.64%

7.51%

d

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$59,182

$101,210

$127,735

$196,051

$386,291

$447,139

Portfolio

turnover

rate

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

28.28%

30.90%

18.18%

g

46.42%

44.73%

89.34%

a

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

repurchas-

es

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Net

investment

income

per

share

includes

approximately

$0.23

per

share

related

to

an

adjustment

for

EU

reclaims

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

2.34%.

d

Net

investment

income

per

share

includes

approximately

$0.77

per

share

related

to

an

adjustment

for

EU

reclaims

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

1.86%

and

total

return

would

have

been

(0.03)%.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

Templeton

Institutional

Funds

Financial

Highlights

#### International

#### Equity

#### Series
(continued)

ftinstitutional.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Service

#### Shares

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.55

$11.23

$10.45

$12.24

$15.48

$15.79

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.19 0.22 0.49 c

0.20 0.24 1.17 d

Net

realized

and

unrealized

gains

(losses)

2.00 0.69 1.84 (1.38)

0.58 (0.47)

Total

from

investment

operations

........

2.19 0.91 2.33 (1.18)

0.82 0.70 Less

distributions

from:

Net

investment

income

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

—

(0.28)

(0.91)

(0.08)

(1.45)

(0.65)

Net

realized

gains

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

—

(1.31)

(0.64)

(0.53)

(2.61)

(0.36)

Total

distributions

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

—

(1.59)

(1.55)

(0.61)

(4.06)

(1.01)

Net

asset

value,

end

of

period

..........

$12.74

$10.55

$11.23

$10.45

$12.24

$15.48

Total

return

e

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

20.78%

8.21%

22.68%

(9.29)%

5.69%

5.16%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

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

1.45%

1.19%

0.86%

1.01%

1.04%

1.01%

Expenses

net

of

waiver

and

payments

by

affiliates

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

1.40%

1.15%

0.82%

0.97%

1.00%

0.98%

Net

investment

income

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

3.25%

1.82%

4.26%

c

1.71%

1.52%

8.42%

d

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$157

$129

$136

$123

$521

$448

Portfolio

turnover

rate

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

28.28%

30.90%

18.18%

g

46.42%

44.73%

89.34%

a

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

repurchas-

es

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Net

investment

income

per

share

includes

approximately

$0.23

per

share

related

to

an

adjustment

for

EU

reclaims

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

2.29%.

d

Net

investment

income

per

share

includes

approximately

$0.78

per

share

related

to

an

adjustment

for

EU

reclaims

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

2.77%

and

total

return

would

have

been

(0.14)%.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

Templeton

Institutional

Funds

Schedule

of

Investments

(unaudited),

June

30,

2025

#### International

#### Equity

#### Series
ftinstitutional.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Industry

#### Shares
a

#### Value
a

#### Common

#### Stocks

#### 89.6%

#### Canada

#### 4.2%
Manulife

Financial

Corp.

...........

Insurance

31,700

$

1,013,562

Royal

Bank

of

Canada

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

Banks

11,300

1,489,268

2,502,830

#### Chile

#### 1.4%
Antofagasta

plc

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

Metals

&

Mining

33,858

841,808

#### China

#### 4.0%
a

Alibaba

Group

Holding

Ltd.

.........

Broadline

Retail

83,800

1,186,269

BYD

Co.

Ltd.

,

H

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

Automobiles

76,500

1,191,107

2,377,376

#### Denmark

#### 2.4%
Novo

Nordisk

A/S

,

B

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

Pharmaceuticals

13,277

920,017

b,c

Orsted

A/S

,

144A

,

Reg

S

...........

Independent

Power

and

Renewable

Electricity

Producers

11,930

513,928

1,433,945

#### France

#### 8.1%
Cie

de

Saint-Gobain

SA

...........

Building

Products

9,476

1,113,196

LVMH

Moet

Hennessy

Louis

Vuitton

SE

Textiles,

Apparel

&

Luxury

Goods

1,616

845,782

TotalEnergies

SE

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

Oil,

Gas

&

Consumable

Fuels

11,873

725,709

Veolia

Environnement

SA

..........

Multi-Utilities

29,970

1,069,985

Vinci

SA

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

Construction

&

Engineering

6,988

1,030,523

4,785,195

#### Germany

#### 12.0%
Daimler

Truck

Holding

AG

..........

Machinery

18,515

878,425

Deutsche

Boerse

AG

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

Capital

Markets

3,585

1,171,182

Deutsche

Telekom

AG

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

Diversified

Telecommunication

Services

60,159

2,202,036

Fresenius

Medical

Care

AG

.........

Health

Care

Providers

&

Services

13,770

791,158

Infineon

Technologies

AG

..........

Semiconductors

&

Semiconductor

Equipment

24,554

1,047,769

SAP

SE

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

Software

3,416

1,044,543

7,135,113

#### Hong

#### Kong

#### 1.5%
AIA

Group

Ltd.

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

Insurance

97,400

882,292

#### India

#### 1.3%
Reliance

Industries

Ltd.

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

Oil,

Gas

&

Consumable

Fuels

43,136

755,019

#### Japan

#### 10.5%
Ebara

Corp.

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

Machinery

71,900

1,378,875

KDDI

Corp.

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

Wireless

Telecommunication

Services

40,582

696,817

Mitsubishi

Electric

Corp.

...........

Electrical

Equipment

76,458

1,644,533

Mizuho

Financial

Group,

Inc.

........

Banks

61,400

1,704,460

Tokyo

Electron

Ltd.

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

Semiconductors

&

Semiconductor

Equipment

4,062

777,911

6,202,596

#### Netherlands

#### 5.2%
Akzo

Nobel

NV

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

Chemicals

12,772

896,130

ASM

International

NV

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

Semiconductors

&

Semiconductor

Equipment

1,350

865,995

ING

Groep

NV

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

Banks

61,756

1,353,549

3,115,674

#### Norway

#### 1.1%
Norsk

Hydro

ASA

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

Metals

&

Mining

116,727

668,426

Templeton

Institutional

Funds

Schedule

of

Investments

(unaudited)

#### International

#### Equity

#### Series
(continued)

ftinstitutional.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Industry

#### Shares
a

#### Value
a

#### Common

#### Stocks
(continued)

#### Portugal

#### 1.2%
Galp

Energia

SGPS

SA

,

B

.........

Oil,

Gas

&

Consumable

Fuels

40,242

$

736,664

#### South

#### Korea

#### 1.4%
Samsung

Electronics

Co.

Ltd.

.......

Technology

Hardware,

Storage

&

Peripherals

18,628

823,760

#### Sweden

#### 1.6%
Securitas

AB

,

B

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

Commercial

Services

&

Supplies

64,636

967,752

#### Switzerland

#### 1.3%
Adecco

Group

AG

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

Professional

Services

26,107

777,935

#### Taiwan

#### 2.9%
Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

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

Semiconductors

&

Semiconductor

Equipment

47,298

1,729,657

#### United

#### Kingdom

#### 14.3%
AstraZeneca

plc

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

Pharmaceuticals

9,583

1,333,658

BAE

Systems

plc

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

Aerospace

&

Defense

41,076

1,066,041

Barratt

Redrow

plc

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

Household

Durables

116,612

730,224

JD

Sports

Fashion

plc

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

Specialty

Retail

617,747

753,327

Lloyds

Banking

Group

plc

..........

Banks

1,070,193

1,125,327

SSE

plc

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

Electric

Utilities

36,294

913,888

Standard

Chartered

plc

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

Banks

99,920

1,653,531

Unilever

plc

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

Personal

Care

Products

14,636

893,180

8,469,176

#### United

#### States

#### 15.2%
BP

plc

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

Oil,

Gas

&

Consumable

Fuels

262,102

1,305,870

CNH

Industrial

NV

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

Machinery

74,237

962,112

CRH

plc

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

Construction

Materials

14,598

1,347,537

b

ICON

plc

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

Life

Sciences

Tools

&

Services

4,523

657,870

Sanofi

SA

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

Pharmaceuticals

14,519

1,405,638

Shell

plc

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

Oil,

Gas

&

Consumable

Fuels

39,749

1,386,825

Smurfit

WestRock

plc

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

Containers

&

Packaging

20,767

898,213

Swiss

Re

AG

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

Insurance

5,939

1,027,371

8,991,436

#### Total

#### Common

#### Stocks

#### (Cost

#### $

#### 36,870,462

####)
......................................

#### 53,196,654
a

#### a
a

#### Escrows

#### and

#### Litigation

#### Trusts

#### 0.0%
b,d

Hemisphere

Properties

India

Ltd.,

Escrow

Account

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

2,094,964

—

#### Total

#### Escrows

#### and

#### Litigation

#### Trusts

#### (Cost

#### $

#### –

####)
...................................

#### —

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 36,870,462

####)
................................

#### 53,196,654
Templeton

Institutional

Funds

Schedule

of

Investments

(unaudited)

#### International

#### Equity

#### Series
(continued)

ftinstitutional.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Short

#### Term

#### Investments

#### 3.8%
a

a

#### Industry

#### Shares
a

#### Value
a

a

#### a
a

#### Money

#### Market

#### Funds

#### 3.8%

#### United

#### States

#### 3.8%
e,f

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.332 %

.........

2,243,067

$

2,243,067

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 2,243,067

####)
...................................

#### 2,243,067
a

#### a
a

a

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 2,243,067

####)
.................................

#### 2,243,067
a

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 39,113,529

####)
93.4 #### %
....................................

#### $55,439,721

#### Other

#### Assets,

#### less

#### Liabilities
6.6 #### %
.............................................

#### 3,899,267

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $59,338,988

#### a
a

Variable

interest

entity

(VIE).

See

Note

regarding

investments

made

through

a

VIE

structure.

At

June

30,

2025,

the

value

of

this

security

was

$1,186,269,

representing

2.0%

of

net

assets.

b

Non-income

producing.

c

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933. 144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933. Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

June

30,

2025,

the

value

of

this

security

was

$513,928,

representing

0.9%

of

net

assets.

d

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

e

See

Note

3(d)

regarding

investments

in

affiliated

management

investment

companies.

f

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Templeton

Institutional

Funds

Schedule

of

Investments

(unaudited)

#### International

#### Equity

#### Series
(continued)

ftinstitutional.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

At

June

30,

2025,

the

Fund

had

the

following futures

contracts

outstanding.

See

Note

1(c).

See

Note 6 regarding

other

derivative

information.

#### Futures

#### Contracts

#### Description

#### Type

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### \*

#### Expiration

#### Date

#### Value/

#### Unrealized

#### Appreciation
(Depreciation)

#### Equity

#### contracts
MSCI

EAFE

Index

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

Long

$

3,620,295

9/19/25

$

38,551

Total

Futures

Contracts

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

$38,551

\*

As

of

period

end.

Templeton

Institutional

Funds

Financial

Statements

Statements

of

Assets

and

Liabilities

June

30,

2025

(unaudited)

ftinstitutional.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Foreign

#### Smaller

#### Companies

#### Series

#### International

#### Equity

#### Series
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

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

$22,951,938

$36,870,462

Cost

-

Non-controlled

affiliates

(Note

d)

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

147,981

2,243,067

Value

-

Unaffiliated

issuers

(Includes

securities

loaned

of

$1,371,452

and

$—,

respectively)

$35,647,819

$53,196,654

Value

-

Non-controlled

affiliates

(Note

d)

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

147,981

2,243,067

Cash

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

3,612,598

—

Foreign

currency,

at

value

(cost

$4,019

and

$1,477,

respectively)

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

4,025

1,535

Receivables:

Investment

securities

sold

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

22,326,631

—

Capital

shares

sold

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

895

89,228

Dividends

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

300,926

3,676,194

European

Union

tax

reclaims

(Note

e)

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

236,922

207,893

Affiliates

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

—

28,428

Deposits

with

brokers

for:

Futures

contracts

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

—

142,297

Variation

margin

on

futures

contracts

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

—

3,568

Total

assets

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

62,277,797

59,588,864

Liabilities:

Payables:

Investment

securities

purchased

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

96,840

—

Capital

shares

redeemed

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

73,642

3,290

Management

fees

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

47,895

—

Transfer

agent

fees

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

5,220

2,228

Professional

fees

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

40,002

48,121

Trustees'

fees

and

expenses

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

4,198

1,188

Payable

upon

return

of

securities

loaned

(Note

d)

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

147,981

—

Deferred

taxes

on

unrealized

appreciation

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

—

170,166

Accrued

expenses

and

other

liabilities

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

32,107

24,883

Total

liabilities

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

447,885

249,876

Net

assets,

at

value

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

$61,829,912

$59,338,988

Net

assets

consist

of:

Paid-in

capital

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

$32,104,374

$20,242,111

Total

distributable

earnings

(losses)

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

29,725,538

39,096,877

Net

assets,

at

value

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

$61,829,912

$59,338,988

Shares

outstanding

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

3,513,254

Net

asset

value

per

share

a

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

$17.60

#### International

#### Equity

#### Series

#### Primary

#### Shares:
Net

assets,

at

value

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

$59,181,683

Shares

outstanding

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

4,791,952

Net

asset

value

per

share

a

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

$12.35

#### Service

#### Shares:
Net

assets,

at

value

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

$157,305

Shares

outstanding

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

12,344

Net

asset

value

per

share

a

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

$12.74

a

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

Templeton

Institutional

Funds

Financial

Statements

Statements

of

Operations

for

the

six

months

ended

June

30,

2025

(unaudited)

ftinstitutional.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Foreign

#### Smaller

#### Companies

#### Series

#### International

#### Equity

#### Series
Investment

income:

Dividends:

(net

of

foreign

taxes

of

$182,419

and

$80,852,

respectively)

Unaffiliated

issuers

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

$1,313,460

$1,345,246

Non-controlled

affiliates

(Note

d)

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

—

48,207

Interest:

Unaffiliated

issuers

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

32,617

1,480

Income

from

securities

loaned:

Unaffiliated

entities

(net

of

fees

and

rebates)

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

(1,744)

Non-controlled

affiliates

(Note

d)

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

4,779

—

Other

income

(Note

e)

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

—

Total

investment

income

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

1,349,406

1,395,097

Expenses:

Management

fees

(Note

a)

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

415,768

285,526

Transfer

agent

fees:

(Note

3c)

&nbsp;&nbsp;&nbsp;&nbsp;Primary

Shares

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

—

9,283

&nbsp;&nbsp;&nbsp;&nbsp;Service

Shares

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

—

Transfer

agent

fees

(Note

3c)

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

10,807

—

Sub-transfer

agent

fees:

(Note

3c)

&nbsp;&nbsp;&nbsp;&nbsp;Service

Shares

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

—

Custodian

fees

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

5,993

2,129

Reports

to

shareholders

fees

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

3,185

3,479

Registration

and

filing

fees

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

16,496

17,784

Professional

fees

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

37,998

46,248

Trustees'

fees

and

expenses

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

10,301

7,540

Other

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

21,044

64,470

Total

expenses

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

521,592

436,639

Expenses

waived/paid

by

affiliates

(Note

d

and

e)

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

(415) (17,047)

Net

expenses

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

521,177

419,592

Net

investment

income

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

828,229

975,505

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

(net

of

foreign

taxes

of

$–

and

$15,334,

respectively)

Unaffiliated

issuers

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

19,101,206

21,663,132

Foreign

currency

transactions

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

86,381

(176,087)

Futures

contracts

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

—

307,236

Net

realized

gain

(loss)

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

19,187,587

21,794,281

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

(13,489,250)

(8,085,225)

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

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

9,516

458,128

Futures

contracts

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

—

111,784

Change

in

deferred

taxes

on

unrealized

appreciation

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

—

(170,166)

Net

change

in

unrealized

appreciation

(depreciation)

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

(13,479,734)

(7,685,479)

Net

realized

and

unrealized

gain

(loss)

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

5,707,853

14,108,802

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

$6,536,082

$15,084,307

Templeton

Institutional

Funds

Financial

Statements

Statements

of

Changes

in

Net

Assets

ftinstitutional.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Foreign

#### Smaller

#### Companies

#### Series

#### International

#### Equity

#### Series

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$828,229

$2,344,330

$975,505

$2,139,105

Net

realized

gain

(loss)

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

19,187,587

22,718,087

21,794,281

15,847,240

Net

change

in

unrealized

appreciation

(depreciation)

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

(13,479,734)

(25,802,371)

(7,685,479)

(9,814,782)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

6,536,082

(739,954)

15,084,307

8,171,563

Distributions

to

shareholders:

Primary

Shares

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

—

—

—

(13,938,011)

Service

Shares

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

—

—

—

(19,030)

Distributions

to

shareholders

.........

—

(14,138,493)

—

—

Total

distributions

to

shareholders

.....

—

(14,138,493)

—

(13,957,041)

Capital

share

transactions:

(Note

2)

Primary

Shares

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

—

—

(57,085,488)

(20,748,019)

Service

Shares

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

—

—

1,095

1,583

Capital

share

transactions

(Note

2)

.....

(56,552,426)

(64,531,610)

—

—

Total

capital

share

transactions

.......

(56,552,426)

(64,531,610)

(57,084,393)

(20,746,436)

Net

increase

(decrease)

in

net

assets

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

(50,016,344)

(79,410,057)

(42,000,086)

(26,531,914)

Net

assets:

Beginning

of

period

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

111,846,256

191,256,313

101,339,074

127,870,988

End

of

period

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

$61,829,912

$111,846,256

$59,338,988

$101,339,074

Templeton

Institutional

Funds

Notes

to

Financial

Statements

(unaudited)

ftinstitutional.com

Semiannual

Report

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
Templeton

Institutional

Funds

(Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-

end

management

investment

company,

consisting

of two

separate

funds

(Funds).

The Funds

follow

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and apply

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946. International

Equity

Series

offers

Primary

and

Service

Shares.

Each

class

of

shares

may

differ

by

its

initial

sales

load,

contingent

deferred

sales

charges,

voting

rights

on

matters

affecting

a

single

class,

its

exchange

privilege

and

fees

due

to

differing

arrangements

for

distribution

and

transfer

agent

fees.

The

following

summarizes

the Funds'

significant

accounting

policies.

a. #### Financial

#### Instrument

#### Valuation
The Funds'

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The Funds calculate the

net

asset

value

(NAV)

per

share

each

business

day

as

of

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier. Under

compliance

policies

and

procedures

approved

by

the

Trust's

Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Funds'

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Funds'

administrator

in

performing

this

responsibility,

including

leading

the

cross-

functional

Valuation

Committee

(VC).

The

Funds

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value.

Equity

securities

and

derivative

financial instruments listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price of

the

day,

respectively. Foreign

equity

securities

are

valued

as

of

the

close

of

trading

on

the

foreign

stock

exchange

on

which

the

security

is

primarily

traded,

or

as

of

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

p.m.

Eastern

time

on

the

day

that

the

value

of

the

security

is

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities.

Debt

securities

generally

trade

in

the

OTC

market rather

than

on

a

securities

exchange.

The

Funds'

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

Securities

denominated

in

a

foreign

currency

are

converted

into

their

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

p.m.

Eastern

time

on

the

date

that

the

values

of

the

foreign

debt

securities

are

determined.

Investments

in open-end mutual

funds

are

valued

at

the

closing

NAV.

The

Funds

have

procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the

Funds

primarily

employ

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed.

Templeton

Institutional

Funds

Notes

to

Financial

Statements

(unaudited)

ftinstitutional.com

Semiannual

Report

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

p.m.

Eastern

time.

In

addition,

trading

in

certain

foreign

markets

may

not

take

place

on

every

Funds'

business

day.

Events

can occur

between

the

time

at

which

trading

in

a

foreign

security

is

completed

and

p.m.

Eastern

time

that

might

call

into

question

the

reliability

of

the

value

of

a

portfolio

security

held

by

the

Fund.

As

a

result,

differences

may

arise

between

the

value

of

the

Funds'

portfolio

securities

as

determined

at

the

foreign

market

close

and

the

latest

indications

of

value

at

p.m.

Eastern

time.

In

order

to

minimize

the

potential

for

these

differences,

an

independent

pricing

service

may

be

used

to

adjust

the

value

of

the

Funds'

portfolio

securities

to

the

latest

indications

of

fair

value

at

p.m.

Eastern

time.

At

June

30,

2025,

certain

securities

may

have

been

fair

valued

using

these

procedures,

in

which

case

the

securities

were

categorized

as

Level

within

the

fair

value

hierarchy

(referred

to

as

"market

level

fair

value").

See

the

Fair

Value

Measurements

note

for

more

information.

When

the

last

day

of

the

reporting

period

is

a

non-business

day,

certain

foreign

markets

may

be

open

on

those

days

that

the

Funds'

NAV

is

not

calculated,

which

could

result

in

differences

between

the

value

of

the

Funds'

portfolio

securities

on

the

last

business

day

and

the

last

calendar

day

of

the

reporting

period.

Any

security

valuation

changes

due

to

an

open

foreign

market

are

adjusted

and

reflected

by

the

Funds

for

financial

reporting

purposes.

b. #### Foreign

#### Currency

#### Translation
Portfolio

securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

based

on

the

exchange

rate

of

such

currencies

against

U.S.

dollars

on

the

date

of

valuation.

The

Funds

may

enter

into

foreign

currency

exchange

contracts

to

facilitate

transactions

denominated

in

a

foreign

currency.

Purchases

and

sales

of

securities,

income

and

expense

items

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

in

effect

on

the

transaction

date.

Portfolio

securities

and

assets

and

liabilities

denominated

in

foreign

currencies

contain

risks

that

those

currencies

will

decline

in

value

relative

to

the

U.S.

dollar.

Occasionally,

events

may

impact

the

availability

or

reliability

of

foreign

exchange

rates

used

to

convert

the

U.S.

dollar

equivalent

value.

If

such

an

event

occurs,

the

foreign

exchange

rate

will

be

valued

at

fair

value

using

procedures

established

and

approved

by

the

Board.

The

Funds

do

not

separately

report

the

effect

of

changes

in

foreign

exchange

rates

from

changes

in

market

prices

on

securities

held.

Such

changes

are

included

in

net

realized

and

unrealized

gain

or

loss

from

investments

in

the

Statements

of

Operations.

Realized

foreign

exchange

gains

or

losses

arise

from

sales

of

foreign

currencies,

currency

gains

or

losses

realized

between

the

trade

and

settlement

dates

on

securities

transactions

and

the

difference

between

the

recorded

amounts

of

dividends,

interest,

and

foreign

withholding

taxes

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

in

foreign

exchange

rates

on

foreign

denominated

assets

and

liabilities

other

than

investments

in

securities

held

at

the

end

of

the

reporting

period.

c. #### Derivative

#### Financial

#### Instruments
Certain

or

all

Funds

invested

in

derivative

financial

instruments

in

order

to

manage

risk

or

gain

exposure

to

various

other

investments

or

markets.

Derivatives

are

financial

contracts

based

on

an

underlying

or

notional

amount,

require

no

initial

investment

or

an

initial

net

investment

that

is

smaller

than

would

normally

be

required

to

have

a

similar

response

to

changes

in

market

factors,

and

require

or

permit

net

settlement.

Derivatives

contain

various

risks

including

the

potential

inability

of

the

counterparty

to

fulfill

their

obligations

under

the

terms

of

the

contract,

the

potential

for

an

illiquid

secondary

market,

and/or

the

potential

for

market

movements

which

expose

the

Fund

to

gains

or

losses

in

excess

of

the

amounts

shown

in

the

Statements

of

Assets

and

Liabilities.

Realized

gain

and

loss

and

unrealized

appreciation

and

depreciation

on

these

contracts

for

the

period

are

included

in

the

Statements

of

Operations.

Collateral

requirements

differ

by

type

of

derivative.

Collateral

or

initial

margin

requirements

are

set

by

the

broker

or

exchange

clearing

house

for

exchange

traded

and

centrally

cleared

derivatives.

Initial

margin

deposited

is

held

at

the

exchange

and

can

be

in

the

form

of

cash

and/or

securities.

Certain

or

all

Funds

entered

into

exchange

traded

futures

contracts

primarily

to

manage

and/or

gain

exposure

to equity

price

risk.

A

futures

contract

is

an

agreement

between

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

a. #### Financial

#### Instrument

#### Valuation
(continued)

Templeton

Institutional

Funds

Notes

to

Financial

Statements

(unaudited)

ftinstitutional.com

Semiannual

Report

the

Fund

and

a

counterparty

to

buy

or

sell

an

asset

at

a

specified

price

on

a

future

date.

Required

initial

margins

are

pledged

by

the

Fund,

and

the

daily

change

in

fair

value

is

accounted

for

as

a

variation

margin

payable

or

receivable

in

the

Statements

of

Assets

and

Liabilities.

Futures

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Funds'

Schedules

of

Investments.

See

Note

regarding

other

derivative

information.

d. #### Securities

#### Lending
Certain

or

all

Funds

participate

in

an

agency

based

securities

lending

program

to

earn

additional

income.

The

Fund

receives

collateral

in

the

form

of

cash

and/or

U.S.

Government

and

Agency

securities

against

the

loaned

securities

in

an

amount

equal

to

at

least

102%

of

the

fair

value

of

the

loaned

securities.

Collateral

is

maintained

over

the

life

of

the

loan

in

an

amount

not

less

than

100%

of

the

fair

value

of

loaned

securities,

as

determined

at

the

close

of

Fund

business

each

day;

any

additional

collateral

required

due

to

changes

in

security

values

is

delivered

to

the

Fund

on

the

next

business

day.

Any

cash

collateral

received

is

deposited

into

a

joint

cash

account

with

other

funds

and

is

used

to

invest

in

a

money

market

fund

managed

by

Franklin

Advisers,

Inc.,

an

affiliate

of

the

Funds.

Additionally,

at

June

30,

2025,

Foreign

Smaller

Companies

Series

held

$1,306,752

in

U.S.

Government

and

Agency

securities

as

collateral.

These

securities

are

held

as

collateral

in

segregated

accounts

with

the

Fund's

custodian.

The

Fund

cannot

repledge

or

resell

these

securities

held

as

collateral.

As

such,

the

non-cash

collateral

is

excluded

from

the

Statements

of

Assets

and

Liabilities. The

Fund

may

receive

income

from

the

investment

of

cash

collateral,

in

addition

to

lending

fees

paid

by

the

borrower.

Income

from

securities

loaned,

net

of

fees

paid

to

the

securities

lending

agent

and/or

third-party

vendor,

is

reported

separately

in

the Statements of

Operations.

The

Fund

bears

the

market

risk

with

respect

to

any

cash

collateral

investment,

securities

loaned,

and

the

risk

that

the

agent

may

default

on

its

obligations

to

the

Fund.

If

the

borrower

defaults

on

its

obligation

to

return

the

securities

loaned,

the

Fund

has

the

right

to

repurchase

the

securities

in

the

open

market

using

the

collateral

received.

The

securities

lending

agent

has

agreed

to

indemnify

the

Fund

in

the

event

of

default

by

a

third

party

borrower.

At

June

30,

2025,

International

Equity

Series

had

no

securities

on

loan.

e. #### Income

#### and

#### Deferred

#### Taxes
It

is each

Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. Each

Fund

intends

to

distribute

to

shareholders

substantially

all

of

its

taxable

income

and

net

realized

gains

to

relieve

it

from

federal

income

and excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

The

Funds

may

be

subject

to

foreign

taxation

related

to

income

received,

capital

gains

on

the

sale

of

securities

and

certain

foreign

currency

transactions

in

the

foreign

jurisdictions

in

which the

Funds invest.

Foreign

taxes,

if

any,

are

recorded

based

on

the

tax

regulations

and

rates

that

exist

in

the

foreign

markets

in

which

the

Funds

invest.

When

a

capital

gain

tax

is

determined

to

apply, certain

or all Funds record

an

estimated

deferred

tax

liability

in

an

amount

that

would

be

payable

if

the

securities

were

disposed

of

on

the

valuation

date.

As

a

result

of

several

court

cases,

in

certain

countries

across

the

European

Union, certain

or

all Funds

filed

additional

tax

reclaims

for

previously

withheld

taxes

on

dividends

earned

in

those

countries

(EU

reclaims). Income

recognized,

if

any,

for

EU

reclaims

is

reflected

as

other

income

in

the

Statements

of

Operations

and

any

related

receivable,

if

any,

is

reflected

as

European

Union

tax

reclaims

in

the

Statements

of

Assets

and

Liabilities.

Any

fees

associated

with

these

filings

are

reflected

in

other

expenses in

the

Statements

of

Operations.

When

uncertainty

exists

as

to

the

ultimate

resolution

of

these

proceedings,

the

likelihood

of

receipt

of

these

EU

reclaims,

and

the

potential

timing

of

payment,

no

amounts

are

reflected

in

the

financial

statements.

For

U.S.

income

tax

purposes,

EU

reclaims

received

by

the

Funds,

if

any,

reduce

the

amount

of

foreign

taxes

Fund

shareholders

can

use

as

tax

deductions

or credits

on

their

income

tax

returns.

Each

Fund

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

June

30,

2025, each

Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

c. #### Derivative

#### Financial

#### Instruments
(continued)

Templeton

Institutional

Funds

Notes

to

Financial

Statements

(unaudited)

ftinstitutional.com

Semiannual

Report

years).

Open

tax

years

are

those

that

remain

subject

to

examination

and

are

based

on

the

statute

of

limitations

in

each

jurisdiction

in

which

the

Fund

invests.

f. #### Security

#### Transactions,

#### Investment

#### Income,

#### Expenses

#### and

#### Distributions
Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis.

Interest

income

(including

interest

income

from

payment-in-kind

securities,

if

any)

and

estimated

expenses

are

accrued

daily.

Amortization

of

premium

and

accretion

of

discount

on

debt

securities

are

included

in

interest

income.

Dividend

income

is

recorded

on

the

ex-dividend

date

except

for

certain

dividends

from

securities

where

the

dividend

rate

is

not

available.

In

such

cases,

the

dividend

is

recorded

as

soon

as

the

information

is

received

by

the

Funds.

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

Distributable

earnings

are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These

reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences

are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

Common

expenses

incurred

by

the

Trust

are

allocated

among

the

Funds

based

on

the

ratio

of

net

assets

of

each

Fund

to

the

combined

net

assets

of

the

Trust

or

based

on

the

ratio

of

number

of

shareholders

of

each

Fund

to

the

combined

number

of

shareholders

of

the

Trust.

Fund

specific

expenses

are

charged

directly

to

the

Fund

that

incurred

the

expense.

Realized

and

unrealized

gains

and

losses

and

net

investment

income,

excluding

class

specific

expenses,

are

allocated

daily

to

each

class

of

shares

based

upon

the

relative

proportion

of

net

assets

of

each

class.

Differences

in

per

share

distributions

by

class

are

generally

due

to

differences

in

class

specific

expenses.

g. #### Accounting

#### Estimates
The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

h. #### Guarantees

#### and

#### Indemnifications
Under

the Trust's

organizational

documents,

its

officers

and trustees

are

indemnified

by

the Trust against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

Additionally,

in

the

normal

course

of

business,

the Trust,

on

behalf

of

the

Funds, enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The Trust's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the Trust

that

have

not

yet

occurred.

Currently,

the Trust

expects

the

risk

of

loss

to

be

remote.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

e. #### Income

#### and

#### Deferred

#### Taxes
(continued)

Templeton

Institutional

Funds

Notes

to

Financial

Statements

(unaudited)

ftinstitutional.com

Semiannual

Report

2. #### Shares

#### of

#### Beneficial

#### Interest
At

June

30,

2025,

there

were

an

unlimited

number

of

shares

authorized

(without

par value).

Transactions

in

the

Funds'

shares

were

as

follows:

#### Foreign

#### Smaller

#### Companies

#### Series

#### Shares

#### Amount
Advisor

Class

Six

Months

ended

June

30,

2025

Shares

sold

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

208,220

$3,324,890

Shares

redeemed

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

(3,711,753)

(59,877,316)

Net

increase

(decrease)

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

(3,503,533)

$(56,552,426)

Year

ended

December

31,

2024

Shares

sold

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

916,450

$16,451,068

Shares

issued

in

reinvestment

of

distributions

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

855,958

13,996,485

Shares

redeemed

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

(4,997,817)

(94,979,163)

Net

increase

(decrease)

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

(3,225,409)

$(64,531,610)

#### International

#### Equity

#### Series

#### Shares

#### Amount
Primary

Shares

#### Primary

#### Shares:
Six

Months

ended

June

30,

2025

Shares

sold

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

798,910

$8,931,952

Shares

redeemed

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

(5,922,777)

(66,017,440)

Net

increase

(decrease)

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

(5,123,867)

$(57,085,488)

Year

ended

December

31,

2024

Shares

sold

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

1,526,338

$18,049,589

Shares

issued

in

reinvestment

of

distributions

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

1,322,254

13,421,021

Shares

redeemed

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

(4,639,729)

(52,218,629)

Net

increase

(decrease)

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

(1,791,137)

$(20,748,019)

Service

Shares

#### Service

#### Shares:
Six

Months

ended

June

30,

2025

Shares

sold

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

$1,134

Shares

redeemed

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

(3) (39) Net

increase

(decrease)

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

$1,095

Year

ended

December

31,

2024

Shares

sold

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

$1,479

Shares

issued

in

reinvestment

of

distributions

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

1,814

19,030

Shares

redeemed

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

(1,766)

(18,926)

Net

increase

(decrease)

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

$1,583

Templeton

Institutional

Funds

Notes

to

Financial

Statements

(unaudited)

ftinstitutional.com

Semiannual

Report

3. #### Transactions

#### with

#### Affiliates
Franklin

Resources,

Inc.

is

the

holding

company

for

various

subsidiaries

that

together

are

referred

to

as

Franklin

Templeton.

Certain

officers

and

trustees

of

the Trust are

also

officers

and/or

directors

of

the

following

subsidiaries:

a. #### Management

#### Fees
Foreign

Smaller

Companies

Series pays

an

investment

management fee,

calculated

daily

and

paid

monthly,

to TIC based

on the

average

daily

net

assets

of

the

Fund

as

follows:

International

Equity

Series pays

an

investment

management fee,

calculated

daily

and

paid

monthly,

to TIC based

on the

average

daily

net

assets

of

the

Fund

as

follows:

For

the

period

ended

June

30,

2025,

each

Fund's

annualized

gross

effective

investment

management

fee

rate

based

on

average

daily

net

assets

was

as

follows:

Under

a

subadvisory

agreement,

FTIC,

an

affiliate

of

TIC,

provides

subadvisory

services

to

Foreign

Smaller

Companies

Series.

The

subadvisory

fee

is

paid

by

TIC

based

on

the

Fund's

average

daily

net

assets,

and

is

not

an

additional

expense

of

the

Fund.

#### Subsidiary

#### Affiliation
Templeton

Investment

Counsel,

LLC

(TIC)

Investment

manager

Franklin

Templeton

Investments

Corp.

(FTIC)

Subadvisor

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

Principal

underwriter

Franklin

Templeton

Investor

Services,

LLC

(Investor

Services)

Transfer

agent

#### Annualized

#### Fee

#### Rate

#### Net

#### Assets
0.950%

Up

to

and

including

$500

million

0.930%

Over

$500

million,

up

to

and

including

$1

billion

0.910%

Over

$1

billion,

up

to

and

including

$5

billion

0.890%

Over

$5

billion,

up

to

and

including

$10

billion

0.870%

Over

$10

billion,

up

to

and

including

$15

billion

0.850%

In

excess

of

$15

billion

#### Annualized

#### Fee

#### Rate

#### Net

#### Assets
0.775%

Up

to

and

including

$500

million

0.755%

Over

$500

million,

up

to

and

including

$1

billion

0.735%

Over

$1

billion,

up

to

and

including

$5

billion

0.715%

Over

$5

billion,

up

to

and

including

$10

billion

0.695%

Over

$10

billion,

up

to

and

including

$15

billion

0.675%

In

excess

of

$15

billion

#### Foreign

#### Smaller

#### Companies

#### Series

#### International

#### Equity

#### Series
Gross

effective

investment

management

fee

rate

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

0.950%

0.775%

Templeton

Institutional

Funds

Notes

to

Financial

Statements

(unaudited)

ftinstitutional.com

Semiannual

Report

b. #### Administrative

#### Fees
Under

an

agreement

with

TIC,

FT

Services

provides

administrative

services

to

the

Funds.

The

fee

is

paid

by TIC

based

on

each

of the

Funds'

average

daily

net

assets,

and

is

not

an

additional

expense

of

the

Funds.

c. #### Transfer

#### Agent

#### Fees
Each

class

of

shares

pays

transfer

agent

fees,

calculated

monthly

and

paid

monthly, to

Investor

Services

for

its

performance

of

shareholder

servicing

obligations. The

fees

are based

on

a

fixed

margin

earned

by

Investor

Services

and

are allocated

to

the Funds

based

upon

relative

assets

and

relative

transactions. In

addition,

each

class reimburses

Investor

Services

for

out

of

pocket

expenses

incurred

and reimburses

shareholder

servicing

fees

paid

to

third

parties.

These

fees

paid

to

third

parties

are

accrued

and

allocated

daily

based

upon

their

relative

proportion

of

such

classes'

aggregate

net

assets.

For

the

period

ended

June

30,

2025,

the Funds

paid

transfer

agent

fees

as

noted

in

the

Statements of

Operations

of

which

the

following

amounts

were

retained

by

Investor

Services:

International

Equity

Series'

Service

shares

may

pay

up

to

0.15%

of

average

daily

net

assets

for

sub-transfer

agency

fees

as

noted

in

the

Statements

of

Operations.

d. #### Investments

#### in

#### Affiliated

#### Management

#### Investment

#### Companies
Certain

or

all

Funds

invest

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

"Controlled

Affiliate"

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund's

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Funds

do

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

Management

fees

paid

by

the

Funds

are

waived

on

assets

invested

in

the

affiliated

management

investment

companies,

as

noted

in

the

Statements

of

Operations,

in

an

amount

not

to

exceed

the

management

and

administrative

fees,

if

applicable, paid

directly

or

indirectly

by

each

affiliate.

During

the

period

ended

June

30,

2025,

investments

in

affiliated

management

investment

companies

were

as

follows:

#### Foreign

#### Smaller

#### Companies

#### Series

#### International

#### Equity

#### Series
Transfer

agent

fees

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

$8,449

$9,357

#### &nbsp;&nbsp;&nbsp;&nbsp;aa

#### Value

#### at

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Period

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Period

#### Investment

#### Income

#### a&nbsp;&nbsp;&nbsp;&nbsp;

#### a

#### Foreign

#### Smaller

#### Companies

#### Series

#### Non-Controlled

#### Affiliates
Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.332 %

$218,982

$4,940,000

$(5,011,001)

$—

$—

$147,981

147,981

$4,779

#### Total

#### Affiliated

#### Securities

#### ...
$218,982

$4,940,000

$(5,011,001)

$—

$—

$147,981

$4,779

3. #### Transactions

#### with

#### Affiliates
(continued)

Templeton

Institutional

Funds

Notes

to

Financial

Statements

(unaudited)

ftinstitutional.com

Semiannual

Report

e. #### Waiver

#### and

#### Expense

#### Reimbursements
TIC has

contractually

agreed

in

advance

to

limit

the

investment

management

fees

for

International

Equity

Series

to

0.74%

of

the

average

daily

net

assets

of

the

Fund

until

April

30,

2026. Total

expenses

waived

or

paid

are

not

subject

to

recapture

subsequent

to

the

Fund's

fiscal

year

end.

4. #### Income

#### Taxes
At

June

30,

2025

,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Differences

between

income

and/or

capital

gains

as

determined

on

a

book

basis

and

a

tax

basis

are

primarily

due

to

differing

treatments

of

foreign

currency

transactions,

wash

sales,

EU

reclaims,

passive

foreign

investment

company

shares

and

derivative

financial

instruments.

5. #### Investment

#### Transactions
Purchases

and

sales

of

investments

(excluding

short

term

securities)

for

the

period

ended

June

30,

2025,

were

as

follows:

#### &nbsp;&nbsp;&nbsp;&nbsp;aa

#### Value

#### at

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Period

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Period

#### Investment

#### Income

#### International

#### Equity

#### Series

#### Non-Controlled

#### Affiliates
Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.332 %

$4,241,876

$19,415,179

$(21,413,988)

$—

$—

$2,243,067

2,243,067

$48,207

#### Total

#### Affiliated

#### Securities

#### ...
$4,241,876

$19,415,179

$(21,413,988)

$—

$—

$2,243,067

$48,207

#### Foreign

#### Smaller

#### Companies

#### Series

#### International

#### Equity

#### Series
a

a

a

Cost

of

investments

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

$26,223,028

$40,243,251

Unrealized

appreciation

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

$13,219,730

$16,863,751

Unrealized

depreciation

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

(3,646,958)

(1,628,730)

Net

unrealized

appreciation

(depreciation)

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

$9,572,772

$15,235,021

#### Foreign

#### Smaller

#### Companies

#### Series

#### International

#### Equity

#### Series
Purchases

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

$10,491,528

$20,464,995

Sales

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

$85,472,644

$75,678,508

3. #### Transactions

#### with

#### Affiliates
(continued)

d. #### Investments

#### in

#### Affiliated

#### Management

#### Investment

#### Companies
(continued)

Templeton

Institutional

Funds

Notes

to

Financial

Statements

(unaudited)

ftinstitutional.com

Semiannual

Report

At

June

30,

2025,

in

connection

with

securities

lending

transactions,

certain

or

all

Funds

loaned

investments

and

received

cash

collateral

as

follows:

6. #### Other

#### Derivative

#### Information
At

June

30,

2025

,

investments

in

derivative

contracts

are

reflected

in

the

Statements

of

Assets

and

Liabilities

as

follows:

For

the

period

ended

June

30,

2025

,

the

effect

of

derivative

contracts

in

the

Statements

of

Operations

was

as

follows:

For

the

period

ended

June

30,

2025,

the

average

month

end

notional

amount

of

futures

contracts

represented

$2,730,710.

See

Note

1(c) regarding

derivative

financial

instruments.

#### Foreign

#### Smaller

#### Companies

#### Series

#### International

#### Equity

#### Series

#### Securities

#### lending

#### transactions

#### a

#### :
Equity

investments

b

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

$147,981

$—

a

The

agreements

can

be

terminated

at

any

time.

b

The

gross

amount

of

recognized

liability

for

such

transactions

is

included

in

payable

upon

return

of

securities

loaned

in

the

Statements

of

Assets

and

Liabilities.

#### Asset

#### Derivatives

#### Liability

#### Derivatives

#### Derivative

#### Contracts

#### Not

#### Accounted

#### for

#### as

#### Hedging

#### Instruments

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Location

#### Fair

#### Value

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Location

#### Fair

#### Value

#### International

#### Equity

#### Series
Equity

contracts

...........

Variation

margin

on

futures

contracts

$

38,551

a

Variation

margin

on

futures

contracts

$

—

Total

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

$

38,551

$

—

a

This

amount

reflects

the

cumulative

appreciation

(depreciation)

of

futures

contracts

as

reported

in

the

Schedule

of

Investments.

Only

the

variation

margin

receivable/payable

at

period

end

is

separately

reported

within

the

Statement

of

Assets

and

Liabilities.

Prior

variation

margin

movements

were

recorded

to

cash

upon

receipt

or

payment.

#### Derivative

#### Contracts

#### Not

#### Accounted

#### for

#### as

#### Hedging

#### Instruments

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Realized

#### Gain
(Loss)

#### for

#### the

#### Period

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### for

#### the

#### Period

#### International

#### Equity

#### Series
Net

realized

gain

(loss)

from:

Net

change

in

unrealized

&nbsp;&nbsp;&nbsp;&nbsp;appreciation

(depreciation)

on:

Equity

contracts

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

Futures

contracts

$307,236

Futures

contracts

$111,784

Total

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

$307,236

$111,784

5. #### Investment

#### Transactions
(continued)

Templeton

Institutional

Funds

Notes

to

Financial

Statements

(unaudited)

ftinstitutional.com

Semiannual

Report

7. #### Concentration

#### of

#### Risk
Investing

in

foreign

securities

may

include

certain

risks

and

considerations

not

typically

associated

with

investing

in

U.S.

securities,

such

as

fluctuating

currency

values

and

changing

local,

regional

and

global

economic,

political

and

social

conditions,

which

may

result

in

greater

market

volatility.

Political

and

financial

uncertainty

in

many

foreign

regions

may

increase

market

volatility

and

the

economic

risk

of

investing

in

foreign

securities.

In

addition,

certain

foreign

securities

may

not

be

as

liquid

as

U.S.

securities.

Certain

investments

in

Chinese

companies

are

made

through

a

special

structure

known

as

a

VIE.

In

a

VIE

structure,

foreign

investors,

such

as

the

Funds,

will

only

own

stock

in

a

shell

company

rather

than

directly

in

the

VIE,

which

must

be

owned

by

Chinese

nationals

(and/or

Chinese

companies)

to

obtain

the

licenses

and/or

assets

required

to

operate

in

a

restricted

or

prohibited

sector

in

China.

The

value

of

the

shell

company

is

derived

from

its

ability

to

consolidate

the

VIE

into

its

financials

pursuant

to

contractual

arrangements

that

allow

the

shell

company

to

exert

a

degree

of

control

over,

and

obtain

economic

benefits

arising

from,

the

VIE

without

formal

legal

ownership.

While

VIEs

are

a

longstanding

industry

practice

and

are

well

known

by

Chinese

officials

and

regulators,

the

structure

historically

has

not

been

formally

recognized

under

Chinese

law

and

it

is

uncertain

whether

Chinese

officials

or

regulators

will

withdraw

their

implicit

acceptance

of

the

structure.

It

is

also

uncertain

whether

the

contractual

arrangements,

which

may

be

subject

to

conflicts

of

interest

between

the

legal

owners

of

the

VIE

and

foreign

investors,

would

be

enforced

by

Chinese

courts

or

arbitration

bodies.

Prohibitions

of

these

structures

by

the

Chinese

government,

or

the

inability

to

enforce

such

contracts,

from

which

the

shell

company

derives

its

value,

would

likely

cause

the

VIE-structured

holding(s)

to

suffer

significant,

detrimental,

and

possibly

permanent

losses,

and

in

turn,

adversely

affect

the

Funds'

returns

and

net

asset

value.

8. #### Credit

#### Facility
The

Funds,

together

with

other

U.S.

registered

and

foreign

investment

funds

(collectively,

Borrowers),

managed

by

Franklin

Templeton,

are

borrowers

in

a

joint

syndicated

senior

unsecured

credit

facility

totaling

$2.995

billion

(Global

Credit

Facility)

which

matures

on

January

30,

2026. This

Global

Credit

Facility

provides

a

source

of

funds

to

the

Borrowers

for

temporary

and

emergency

purposes,

including

the

ability

to

meet

future

unanticipated

or

unusually

large

redemption

requests.

Under

the

terms

of

the

Global

Credit

Facility,

the

Funds

may,

in

addition

to

interest

charged

on

any

borrowings

made

by

the

Funds

and

other

costs

incurred

by

the

Funds,

pay

their

share

of

fees

and

expenses

incurred

in

connection

with

the

implementation

and

maintenance

of

the

Global

Credit

Facility,

based

upon

their

relative

share

of

the

aggregate

net

assets

of

all

of

the

Borrowers,

including

an

annual

commitment

fee

of

0.15%

based

upon

the

unused

portion

of

the

Global

Credit

Facility.

These

fees

are

reflected

in

other

expenses

in

the

Statements

of

Operations.

During

the

period ended

June

30,

2025,

the

Funds

did

not

use

the

Global

Credit

Facility.

9. #### Fair

#### Value

#### Measurements
The Funds

follow

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Funds'

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the Funds' financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

–

significant

unobservable

inputs

(including

the Funds'

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

Templeton

Institutional

Funds

Notes

to

Financial

Statements

(unaudited)

ftinstitutional.com

Semiannual

Report

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

A

summary

of

inputs

used

as

of

June

30,

2025,

in

valuing

the

Funds'

assets

and

liabilities carried

at

fair

value,

is

as

follows:

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Foreign

#### Smaller

#### Companies

#### Series

#### Assets:
Investments

in

Securities:

Common

Stocks

:

Australia

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

$

—

$

406,795

$

—

$

406,795

Austria

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

—

380,261

—

380,261

Bahamas

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

626,992

—

—

626,992

Belgium

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

—

817,112

—

817,112

Brazil

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

889,883

—

—

889,883

Canada

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

1,365,081

—

—

1,365,081

China

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

—

312,154

—

312,154

Denmark

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

206,089

—

—

206,089

Finland

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

—

574,954

—

574,954

France

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

—

640,384

—

640,384

Germany

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

—

1,337,842

—

1,337,842

Greece

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

452,063

—

—

452,063

Hong

Kong

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

—

1,438,345

—

1,438,345

India

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

—

342,584

—

342,584

Indonesia

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

—

70,586

—

70,586

Ireland

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

—

284,520

—

284,520

Israel

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

—

698,844

—

698,844

Italy

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

494,895

2,982,338

—

3,477,233

Japan

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

—

6,493,584

—

6,493,584

New

Zealand

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

—

619,605

—

619,605

Norway

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

—

432,825

—

432,825

Philippines

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

712,465

125,493

—

837,958

Portugal

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

—

318,387

—

318,387

Singapore

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

345,563

464,524

—

810,087

South

Korea

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

—

1,906,291

—

1,906,291

Sweden

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

—

1,348,217

—

1,348,217

Switzerland

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

325,009

1,608,834

—

1,933,843

Taiwan

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

—

1,979,766

—

1,979,766

Thailand

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

—

58,283

—

58,283

United

Kingdom

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

1,205,744

2,850,994

—

4,056,738

United

States

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

530,513

—

—

530,513

Short

Term

Investments

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

147,981

—

—

147,981

Total

Investments

in

Securities

...........

$7,302,278

$28,493,522

a

$—

$35,795,800

#### International

#### Equity

#### Series

#### Assets:
Investments

in

Securities:

Common

Stocks

:

Canada

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

2,502,830

—

—

2,502,830

Chile

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

—

841,808

—

841,808

China

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

—

2,377,376

—

2,377,376

Denmark

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

—

1,433,945

—

1,433,945

France

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

—

4,785,195

—

4,785,195

Germany

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

—

7,135,113

—

7,135,113

Hong

Kong

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

—

882,292

—

882,292

India

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

—

755,019

—

755,019

Japan

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

—

6,202,596

—

6,202,596

Netherlands

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

—

3,115,674

—

3,115,674

Norway

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

—

668,426

—

668,426

Portugal

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

—

736,664

—

736,664

9. #### Fair

#### Value

#### Measurements
(continued)

Templeton

Institutional

Funds

Notes

to

Financial

Statements

(unaudited)

ftinstitutional.com

Semiannual

Report

A

reconciliation

in

which

Level

inputs

are

used

in

determining

fair

value

is

presented

when

there

are

significant

Level

assets

and/or

liabilities

at

the

beginning

and/or

end

of

the period.

10. #### Operating

#### Segments
The Funds

have

adopted

the

FASB

Accounting

Standards

Update

(ASU)

2023-07,

*Segment* 

*Reporting* 

*(Topic* 

*280)* 

*-* 

*Improvements* 

*to* 

*Reportable* 

*Segment* 

*Disclosures.*

The

update

is

limited

to

disclosure

requirements

and

does

not

impact

the Funds'

financial

position

or

results

of

operations.

Each

Fund

operates

as

a

single

operating

segment,

which

is

an

investment

portfolio.

The

Funds'

Investment

manager

serves

as

the

Chief

Operating

Decision

Maker

(CODM),

evaluating

fund-wide

results

and

performance

under

a

unified

investment

strategy.

The

CODM

uses

these

measures

to

assess

fund

performance

and

allocate

resources

effectively.

Internal

reporting

provided

to

the

CODM

aligns

with

the

accounting

policies

and

measurement

principles

used

in

the

financial

statements.

For

information

regarding

segment

assets,

segment

profit

or

loss,

and

significant

expenses,

refer

to

the

Statements

of

Assets

and

Liabilities

and

the

Statements

of

Operations,

along

with

the

related

notes

to

the

financial

statements.

The

Schedules

of

Investments

provides

details

of

the

Funds'

investments

that

generate

returns

such

as

interest,

dividends,

and

realized

and

unrealized

gains

or

losses.

Performance

metrics,

including

portfolio

turnover

and

expense

ratios,

are

disclosed

in

the

Financial

Highlights.

11. #### New

#### Accounting

#### Pronouncements
In

December

2023,

the

FASB

issued

ASU

No.

2023-09,

Income

Taxes

(Topic

740)

–

Improvements

to

Income

Tax

Disclosures.

The

amendments

enhance

income

tax

disclosures

by

requiring

greater

disaggregation

in

the

rate

reconciliation

and

income

taxes

paid

by

jurisdiction,

while

removing

certain

disclosure

requirements.

The

ASU

is

effective

for

annual

periods

beginning

after

December

15,

2024,

with

early

adoption

permitted.

Management

is

currently

evaluating

the

impact

and

believes

that

the

adoption

of

the

ASU

will

not

have

a

material

impact

on

the

financial

statements.

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### International

#### Equity

#### Series
(continued)

#### Assets:
(continued)

Investments

in

Securities:

(continued)

Common

Stocks:

(continued)

South

Korea

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

$

—

$

823,760

$

—

$

823,760

Sweden

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

—

967,752

—

967,752

Switzerland

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

—

777,935

—

777,935

Taiwan

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

—

1,729,657

—

1,729,657

United

Kingdom

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

—

8,469,176

—

8,469,176

United

States

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

1,619,982

7,371,454

—

8,991,436

Escrows

and

Litigation

Trusts

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

—

—

—

b

—

Short

Term

Investments

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

2,243,067

—

—

2,243,067

Total

Investments

in

Securities

...........

$6,365,879

$49,073,842

c

$—

$55,439,721

Other

Financial

Instruments:

Futures

Contracts

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

$38,551

$—

$—

$38,551

Total

Other

Financial

Instruments

.........

$38,551

$—

$—

$38,551

a

Includes

foreign

securities

valued

at

$28,493,522,

which

were

categorized

as

Level

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

b

Includes

financial

instruments

determined

to

have

no

value.

c

Includes

foreign

securities

valued

at

$49,073,842,

which

were

categorized

as

Level

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

9. #### Fair

#### Value

#### Measurements
(continued)

Templeton

Institutional

Funds

Notes

to

Financial

Statements

(unaudited)

ftinstitutional.com

Semiannual

Report

12. #### Subsequent

#### Events
The

Funds

have

evaluated

subsequent

events

through

the

issuance

of

the

financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure.

#### Abbreviations

#### Selected

#### Portfolio

#### REIT
Real

Estate

Investment

Trust

Templeton

Institutional

Funds

franklintempleton.com

Semiannual

Report

#### TEMPLETON

#### INSTITUTIONAL

#### FUNDS

#### Foreign

#### Smaller

#### Companies

#### Series

#### International

#### Equity

#### Series
(each

a

Fund)

At

an

in-person

meeting

held

on

May

29,

2025

(Meeting),

the

Board

of

Trustees

(Board)

of

Templeton

Institutional

Funds

(Trust),

including

a

majority

of

the

trustees

who

are

not

"interested

persons"

as

defined

in

the

Investment

Company

Act

of

1940

(Independent

Trustees),

reviewed

and

approved

the

continuance

of

the

investment

management

agreement

between

Templeton

Investment

Counsel,

LLC

(TICL)

and

the

Trust,

on

behalf

of

each

Fund,

and

an

investment

sub-advisory

agreement

between

TICL

and

Franklin

Templeton

Investments

Corp.

(Sub-Adviser),

an

affiliate

of

TICL,

on

behalf

of

the

Foreign

Smaller

Companies

Series

(each

a

Management

Agreement),

for

an

additional

one-year

period.

The

Independent

Trustees

received

advice

from

and

met

separately

with

Independent

Trustee

counsel

to

consider

the

renewal

of

each

Management

Agreement.

Although

the

Management

Agreements

for

the

Funds

were

considered

at

the

same

Board

meeting,

the

Board

considered

the

information

provided

to

it

about

the

Funds

together

and

with

respect

to

each

Fund

separately

as

the

Board

deemed

appropriate.

TICL

and

the

Sub-Adviser

are

each

referred

to

herein

as

a

Manager.

In

considering

the

continuance

of

each

Management

Agreement,

the

Board

reviewed

and

considered

information

provided

by

each

Manager

at

the

Meeting

and

throughout

the

year

at

meetings

of

the

Board

and

its

committees.

The

Board

also

reviewed

and

considered

information

provided

in

response

to

a

detailed

set

of

requests

for

information

submitted

to

the

Managers

by

Independent

Trustee

counsel

on

behalf

of

the

Independent

Trustees

in

connection

with

the

annual

contract

renewal

process.

In

addition,

prior

to

the

Meeting,

the

Independent

Trustees

held

a

virtual

contract

renewal

meeting

at

which

the

Independent

Trustees

first

conferred

amongst

themselves

and

Independent

Trustee

counsel

about

contract

renewal

matters,

and

then

met

with

management

to

request

additional

information

that

the

Independent

Trustees

also

considered

prior

to

and

at

the

Meeting.

The

Board

further

considered

all

of

the

factors

it

deemed

relevant

in

approving

the

continuance

of

each

Management

#### Changes

#### In

#### and

#### Disagreements

#### with

#### Accountants
For

the

period

covered

by

this

report

Not

applicable.

#### Results

#### of

#### Meeting(s)

#### of

#### Shareholders
For

the

period

covered

by

this

report

Not

applicable.

#### Remuneration

#### Paid

#### to

#### Directors,

#### Officers

#### and

#### Others
For

the

period

covered

by

this

report

Refer

to

the

financial

statements

included

herein.

Remuneration

to

officers

is

paid

by

the

Fund's

investment

manager

according

to

the

terms

of

the

agreement.

#### Board

#### Approval

#### of

#### Management

#### and

#### Subadvisory

#### Agreements
For

the

period

covered

by

this

report

Templeton

Institutional

Funds

franklintempleton.com

Semiannual

Report

Agreement,

including,

but

not

limited

to:

(i) the

nature,

extent

and

quality

of

the

services

provided

by

each

Manager;

(ii) the

investment

performance

of

each

Fund;

(iii) the

costs

of

the

services

provided

and

profits

realized

by

each

Manager

and

its

affiliates

from

the

relationship

with

each

Fund;

(iv) the

extent

to

which

economies

of

scale

are

realized

as

each

Fund

grows;

and

(v) whether

fee

levels

reflect

these

economies

of

scale

for

the

benefit

of

Fund

investors.

In

approving

the

continuance

of

each

Management

Agreement,

the

Board,

including

a

majority

of

the

Independent

Trustees,

determined,

through

the

exercise

of

its

business

judgment,

that

the

terms

of

the

Management

Agreements

are

fair

and

reasonable

and

that

the

continuance

of

each

Management

Agreement

is

in

the

best

interests

of

the

applicable

Fund

and

its

shareholders.

While

attention

was

given

to

all

information

furnished,

the

following

discusses

some

primary

factors

relevant

to

the

Board's

determination.

#### Nature,

#### Extent

#### and

#### Quality

#### of

#### Services
The

Board

reviewed

the

information

it

received

regarding

the

nature,

extent

and

quality

of

investment

management

services

provided

by

each

Manager

and

its

affiliates

to

the

Funds

and

their

shareholders.

This

information

included,

among

other

things,

the

qualifications,

background

and

experience

of

the

senior

management

and

investment

personnel

of

each

Manager,

as

well

as

information

on

succession

planning

where

appropriate;

the

structure

of

investment

personnel

compensation;

oversight

of

third-party

service

providers;

investment

performance

reports

and

related

financial

information

for

each

Fund;

reports

on

expenses

and

shareholder

services;

legal

and

compliance

matters;

risk

controls;

pricing

and

other

services

provided

by

each

Manager

and

its

affiliates;

and

management

fees

charged

by

each

Manager

and

its

affiliates

to

US

funds

and

other

accounts,

including

management's

explanation

of

differences

among

accounts

where

relevant.

The

Board

also

reviewed

and

considered

an

annual

report

on

payments

made

by

Franklin

Templeton

(FT)

or

the

Funds

to

financial

intermediaries,

as

well

as

a

memorandum

relating

to

third-party

servicing

arrangements.

The

Board

acknowledged

the

ongoing

integration

of

acquired

third-party

fund

families

into

the

FT

family

of

funds

and

management's

continued

development

of

strategies

to

address

evolving

changes

in

domestic

policy

and

continuing

geopolitical

concerns.

The

Board

also

reviewed

and

considered

the

benefits

provided

to

Fund

shareholders

of

investing

in

a

fund

that

is

part

of

the

FT

family

of

funds.

The

Board

noted

the

financial

position

of

Franklin

Resources,

Inc.

(FRI),

the

Managers'

parent,

and

its

commitment

to

the

mutual

fund

business

as

evidenced

by

its

continued

reassessment

of

the

fund

offerings

in

response

to

FT

acquisitions

and

the

market

environment,

as

well

as

its

evaluation

of

ways

to

incorporate

private

assets

into

more

traditional

investment

vehicles.

The

Board

specifically

noted

FT's

commitment

to

technological

innovation

and

advancement,

including

its

continued

focus

on

developing

potential

use

cases

for

tokenization

and

the

blockchain

and

the

use

of

artificial

intelligence

tools

to

help

streamline

day-to-day

tasks.

Following

consideration

of

such

information,

the

Board

was

satisfied

with

the

nature,

extent

and

quality

of

services

provided

by

each

Manager

and

its

affiliates

to

the

Funds

and

their

shareholders.

#### Fund

#### Performance
The

Board

reviewed

and

considered

the

performance

results

of

each

Fund

over

various

time

periods

ended

December

31,

2024. The

Board

considered

the

performance

returns

for

each

Fund

in

comparison

to

the

performance

returns

of

mutual

funds

deemed

comparable

to

the

Fund

included

in

a

universe

(Performance

Universe)

selected

by

Broadridge

Financial

Solutions,

Inc.

(Broadridge),

an

independent

provider

of

investment

company

data.

The

Board

received

a

description

of

the

methodology

used

by

Broadridge

to

select

the

mutual

funds

included

in

a

Performance

Universe.

The

Board

also

reviewed

and

considered

Fund

performance

reports

provided

and

discussions

that

occurred

with

portfolio

managers

at

Board

meetings

throughout

the

year.

A

summary

of

each

Fund's

performance

results

is

below.

*Foreign* 

*Smaller* 

*Companies* 

*Series*

-

The

Performance

Universe

for

the

Fund

included

the

Fund

and

all

retail

and

institutional

international

small-/mid-cap

growth

funds.

The

Board

noted

that

the

Fund's

annualized

total

return

for

the

three-year

period

was

above

the

median

of

its

Performance

Universe,

but

for

the

one-,

five-

and

10-year

periods

was

below

the

median

of

its

Performance

Universe.

The

Board

discussed

the

Fund's

performance

with

management

and

management

explained

that

the

Fund's

Performance

Universe

was

not

directly

comparable

to

the

Fund

as

the

Fund

had

higher

allocations

to

Europe

and

Latin

America

than

other

funds

in

the

Performance

Universe,

as

well

as

weak

stock

selection

in

those

regions.

Management

Templeton

Institutional

Funds

franklintempleton.com

Semiannual

Report

further

explained

that

macroeconomic

events

in

2022,

2023

and

2024

impacted

the

Fund's

relative

performance

versus

the

Performance

Universe,

with

negative

stock

selection

in

industrials,

financials,

consumer

discretionary

and

information

technology

sectors

further

detracting

from

performance

during

the

periods.

Management

noted

that

the

Fund

outperformed

its

benchmark,

the

MSCI

All

Country

World

ex

Small

Cap

Index,

for

calendar

year

2023. Management

discussed

with

the

Board

the

actions

that

are

being

taken/have

been

taken

in

an

effort

to

improve

the

overall

performance

of

the

Fund,

including,

among

others,

the

Fund's

portfolio

positioning

and

reduction

of

geopolitical

risk.

The

Board

concluded

that

the

Fund's

Management

Agreement

should

be

continued

for

an

additional

one-year

period,

while

management's

efforts

continue

to

be

closely

monitored.

*International* 

*Equity* 

*Series* 

*-*

The

Performance

Universe

for

the

Fund

included

the

Fund

and

all

retail

and

institutional

international

large-cap

value

funds.

The

Board

noted

that

the

Fund's

annualized

total

return

for

the

one-,

three-,

five-

and

10-year

periods

was

above

the

median

of

its

Performance

Universe

and

in

the

first

(best)

quintile

for

the

one-

and

three-year

periods.

The

Board

concluded

that

the

Fund's

performance

was

satisfactory.

#### Comparative

#### Fees

#### and

#### Expenses
The

Board

reviewed

and

considered

information

regarding

each

Fund's

actual

total

expense

ratio

and

its

various

components,

including,

as

applicable,

management

fees;

transfer

agent

expenses;

underlying

fund

expenses;

Rule

12b-1

and

non-Rule

12b-1

service

fees;

and

other

non-management

fees.

The

Board

also

noted

the

quarterly

and

annual

reports

it

receives

on

all

marketing

support

payments

made

by

FT

to

financial

intermediaries.

The

Board

considered

the

actual

total

expense

ratio

and,

separately,

the

contractual

management

fee

rate,

without

the

effect

of

fee

waivers,

if

any

(Management

Rate)

of

each

Fund

in

comparison

to

the

median

expense

ratio

and

median

Management

Rate,

respectively,

of

other

mutual

funds

deemed

comparable

to

and

with

a

similar

expense

structure

to

the

Fund

selected

by

Broadridge

(Expense

Group).

Broadridge

fee

and

expense

data

is

based

upon

information

taken

from

each

fund's

most

recent

annual

or

semi-annual

report,

which

reflects

historical

asset

levels

that

may

be

quite

different

from

those

currently

existing,

particularly

in

a

period

of

market

volatility.

While

recognizing

such

inherent

limitation

and

the

fact

that

expense

ratios

and

Management

Rates

generally

increase

as

assets

decline

and

decrease

as

assets

grow,

the

Board

believed

the

independent

analysis

conducted

by

Broadridge

to

be

an

appropriate

measure

of

comparative

fees

and

expenses.

The

Broadridge

Management

Rate

includes

administrative

charges

(as

applicable),

and

the

actual

total

expense

ratio,

for

comparative

consistency,

was

shown

for:

(i) Institutional

Class,

Class

I,

and

Class

Y

shares

for

the

other

funds

in

the

Foreign

Smaller

Companies

Series

Expense

Group

with

multiple

classes

of

shares,

and

(ii) Primary

shares

for

the

International

Equity

Series

and

for

Institutional

Class,

Class

I

and

Class

Y

shares

for

the

other

funds

in

the

Expense

Group.

The

Board

received

a

description

of

the

methodology

used

by

Broadridge

to

select

the

mutual

funds

included

in

an

Expense

Group.

*Foreign* 

*Smaller* 

*Companies* 

*Series*

-

The

Expense

Group

for

the

Fund

included

the

Fund

and

other

international

small-/

mid-cap

growth

funds.

The

Board

noted

that

the

Management

Rate

was

slightly

above

the

median

of

its

Expense

Group.

The

Board

also

noted

that

the

actual

total

expense

ratio

for

the

Fund

was

equal

to

the

median

of

its

Expense

Group.

The

Board

noted

that

the

Sub-Adviser

is

paid

by

TICL

out

of

the

management

fee

TICL

receives

from

the

Fund

and

that

the

allocation

of

the

fee

between

TICL

and

the

Sub-Adviser

reflected

the

services

provided

by

each

to

the

Fund.

The

Board

concluded

that

the

Management

Rate

charged

to

the

Fund

and

the

sub-advisory

fee

paid

to

the

Sub-Adviser

are

reasonable.

*International* 

*Equity* 

*Series* 

*-*

The

Expense

Group

for

the

Fund

included

the

Fund

and

other

international

large-cap

value

funds.

The

Board

noted

that

the

Management

Rate

was

equal

to

the

median

of

its

Expense

Group.

The

Board

also

noted

that

the

actual

total

expense

ratio

for

the

Fund

was

below

the

median

of

its

Expense

Group.

The

Board

further

noted

that

the

Management

Rate

reflected

a

management

fee

waiver.

The

Board

concluded

that

the

Management

Rate

charged

to

the

Fund

is

reasonable.

Templeton

Institutional

Funds

franklintempleton.com

Semiannual

Report

#### Profitability
The

Board

reviewed

and

considered

information

regarding

the

profits

realized

by

TICL

and

its

affiliates

in

connection

with

the

operation

of

each

Fund.

In

this

respect,

the

Board

considered

the

Fund

profitability

analysis

provided

that

addresses

the

overall

profitability

of

FT's

US

fund

business,

as

well

as

its

profits

in

providing

investment

management

and

other

services

to

each

of

the

individual

funds

during

the

12-month

period

ended

September

30,

2024,

being

the

most

recent

fiscal

year-end

for

FRI.

The

Board

noted

that

although

management

continually

makes

refinements

to

its

methodologies

used

in

calculating

profitability

in

response

to

organizational

and

product-related

changes,

the

overall

methodology

has

remained

consistent

with

that

used

in

the

Funds'

profitability

report

presentations

from

prior

years.

The

Board

also

noted

that

an

independent

registered

public

accounting

firm

has

been

engaged

to

periodically

review

and

assess

the

allocation

methodologies

to

be

used

solely

by

the

Funds'

Board

with

respect

to

the

profitability

analysis.

The

Board

noted

management's

belief

that

costs

incurred

in

establishing

the

infrastructure

necessary

for

the

type

of

mutual

fund

operations

conducted

by

each

Manager

and

its

affiliates

may

not

be

fully

reflected

in

the

expenses

allocated

to

each

Fund

in

determining

its

profitability,

as

well

as

the

fact

that

the

level

of

profits,

to

a

certain

extent,

reflected

operational

cost

savings

and

efficiencies

initiated

by

management.

As

part

of

this

evaluation,

the

Board

considered

management's

outsourcing

of

certain

operations,

which

effort

has

required

considerable

upfront

expenditures

by

each

Manager,

but

over

the

long

run

is

expected

to

result

in

greater

efficiencies.

The

Board

also

noted

management's

expenditures

in

improving

shareholder

services

provided

to

the

Funds,

as

well

as

the

need

to

implement

systems

and

meet

additional

regulatory

and

compliance

requirements

resulting

from

recent

US

Securities

and

Exchange

Commission

and

other

regulatory

requirements.

The

Board

also

considered

the

extent

to

which

each

Manager

and

its

affiliates

might

derive

ancillary

benefits

from

fund

operations,

including

revenues

generated

from

transfer

agent

services,

potential

benefits

resulting

from

personnel

and

systems

enhancements

necessitated

by

fund

growth,

as

well

as

increased

leverage

with

service

providers

and

counterparties.

Based

upon

its

consideration

of

all

these

factors,

the

Board

concluded

that

the

level

of

profits

realized

by

each

Manager

and

its

affiliates

from

providing

services

to

each

Fund

was

not

excessive

in

view

of

the

nature,

extent,

and

quality

of

services

provided

to

each

Fund.

#### Economies

#### of

#### Scale
The

Board

reviewed

and

considered

the

extent

to

which

each

Manager

may

realize

economies

of

scale,

if

any,

as

each

Fund

grows

larger

and

whether

each

Fund's

management

fee

structure

reflects

any

economies

of

scale

for

the

benefit

of

shareholders.

With

respect

to

possible

economies

of

scale,

the

Board

noted

the

existence

of

management

fee

breakpoints,

which

operate

generally

to

share

any

economies

of

scale

with

a

Fund's

shareholders

by

reducing

the

Fund's

effective

management

fees

as

the

Fund

grows

in

size.

The

Board

considered

the

Managers'

views

that

any

analyses

of

potential

economies

of

scale

in

managing

a

particular

fund

are

inherently

limited

in

light

of

the

joint

and

common

costs

and

investments

the

Managers

incur

across

the

FT

family

of

funds

as

a

whole.

The

Board

noted

that

each

Fund

does

not

currently

have

an

asset

size

that

would

likely

enable

the

Fund

to

achieve

economies

of

scale,

but

concluded

that

to

the

extent

economies

of

scale

may

be

realized

by

each

Manager

and

its

affiliates,

each

Fund's

management

fee

structure

provided

a

sharing

of

benefits

with

the

Fund

and

its

shareholders

as

the

Fund

grows.

#### Conclusion
Based

on

its

review,

consideration

and

evaluation

of

all

factors

it

believed

relevant,

including

the

above-described

factors

and

conclusions,

the

Board

unanimously

approved

the

continuance

of

each

Management

Agreement

for

an

additional

one-year

period.

ZTIF-SFSOI

08/25©

2025

Franklin

Templeton.

All

rights

reserved.

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR, as applicable.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

---

| | |
|:---|:---|
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |

---

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.

ITEM 16. CONTROLS AND PROCEDURES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's chief executive officer and chief financial officer have concluded
 that the Registrant's disclosure controls and procedures (as defined in Rule 30a- 3(c) under the Investment Company Act of 1940,
 as amended (the "1940 Act")) are effective as of a date within 90 days of the filing date of this report that includes the
 disclosure required by this paragraph, based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under
 the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting
 (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected,
 or are likely to materially affect the Registrant's internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 19. EXHIBITS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) Not applicable.

Exhibit 99.CODE ETH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.](tif-efp17110_ex99cert.htm)

Exhibit 99.CERT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.](tif-efp17110_ex99906cert.htm)

Exhibit 99.906CERT

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned, there unto duly authorized.

---

| | |
|:---|:---|
| **Templeton Institutional Funds** | **Templeton Institutional Funds** |
| By: | /s/ Christopher Kings |
|  | Christopher Kings |
|  | Chief Executive Officer - Finance and Administration |
| Date: | August 26, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Christopher Kings |
|  | Christopher Kings |
|  | Chief Executive Officer - Finance and Administration |
| Date: | August 26, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/ Jeffrey White |
|  | Jeffrey White |
|  | Chief Financial Officer, Chief Accounting Officer and Treasurer |
| Date: | August 26, 2025 |

---

## Ex-99.Cert

CERTIFICATIONS PURSUANT TO SECTION 302

EX-99.CERT

**<u>CERTIFICATIONS</u>**

I, Christopher Kings, certify that:

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

&nbsp;&nbsp;&nbsp;&nbsp;2. 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;

&nbsp;&nbsp;&nbsp;&nbsp;3. 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;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers 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:

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers 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):

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

Date: August 26, 2025

---

| |
|:---|
| /s/ Christopher Kings |
| Christopher Kings |
| Executive Officer – Finance and Administration |

---

**<u>CERTIFICATIONS</u>**

I, Jeffrey White, certify that:

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

&nbsp;&nbsp;&nbsp;&nbsp;2. 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;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial information included in this report, and the financial statements
on which the financial information is based, 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;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers 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:

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers 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):

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

Date: August 26, 2025

---

| |
|:---|
| /s/ Jeffrey White |
| Jeffrey White |
| Chief Financial Officer, Chief Accounting Officer and Treasurer |

---

## Exhibit 99.906

CERTIFICATIONS PURSUANT TO SECTION 906

EX-99.906CERT

**CERTIFICATION**

**Christopher Kings,** Chief Executive Officer – Finance and Administration, and **Jeffrey White,** Chief Financial Officer, Chief Accounting Officer and Treasurer of **Templeton Institutional Funds** (the "Registrant"), each certify to the best of their knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended **June 30, 2025** (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

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

---

| | |
|:---|:---|
| **Chief Executive Officer – <br> Finance and Administration** | **Chief Financial Officer, Chief <br> Accounting Officer and Treasurer** |
| Templeton Institutional Funds | Templeton Institutional Funds |
| /s/ Christopher Kings | /s/ Jeffrey White |
| Christopher Kings | Jeffrey White |
| Date: August 26, 2025 | Date: August 26, 2025 |

---

This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.