Equity

TFEQX TIF International Equity Series

Overview

See the risks and other important information.

Fund Facts

Fund description

The fund seeks long-term capital growth by investing at least 80% of its net assets in foreign (non-US) equity securities.

Benchmark: MSCI All Country World ex US Index-NR
Additional Benchmark: MSCI EAFE Index-NR
Fund Inception Date: 10/18/1990
Number of IssuersAs of 02/28/2026 (Updated Monthly): 49

Sales Charges, Expenses & Fees

As of 05/01/2025

Gross Expense Ratio⁴: 1.03%
Net Expense Ratio^4,5: 0.98%
Maximum Initial Charge: —
CDSC: N/A
12b-1 Fee: —

Identifiers

Ticker: TFEQX
Fund Number: 454
CUSIP Code: 880210505
Bloomberg Code: TFEQX US

Average Annual Total Returns As of 02/28/2026

View performance section for additional info As of 02/28/2026

Primary Shares

With Sales Charge (POP)

Without Sales Charge (NAV)

38.81%1 Year
23.65%3 Years
13.63%5 Years
10.33%10 Years
8.19%Since Inception
10/18/1990

Performance data quoted represents past performance, which does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the figures shown.

Top Sectors

View portfolio section for additional info

As of 02/28/2026 % of Total (Updated Monthly)

Top Sectors
Banks12.62%
Capital Goods11.20%
Materials7.57%
Pharmaceuticals, Biotechnology & Life Sciences7.43%
Energy6.54%

Additional Fund Info

Asset Class: Equity
Share Class Inception Date: 10/18/1990
Investment Style: Value
Morningstar Category⁶: Foreign Large Value
Lipper Classification: International Large-Cap Value

Manager and Commentary

About the Team

Templeton Global Investments

Templeton Global Investments combines extensive local presence and expertise with a flexible investment approach to give clients access to a broad set of global growth opportunities.

Commentary Highlights

December 31, 2025

Markets : Global equity markets collectively posted moderate gains in the fourth quarter of 2025, marking a period of consolidation after the stronger advance seen in the third quarter.
Detractors : Stock selection in the materials, energy and industrials sectors detracted from relative performance for the quarter.
Contributors: Stock selection in the consumer staples and utilities sectors and an underweight in the communication services sector contributed to relative performance.
Outlook: We remain broadly constructive on the longer-term outlook for equity markets, but the strength of 2025’s rally suggests that some caution is appropriate in the coming months.

For complete information, please see the full commentary:

Templeton Global Investments

Managed Fund Since 1999

Managed Fund Since 2022

Latest Insights

March 9, 2026

Value is not a low multiple: A broader framework for identifying undervalued businesses

March 5, 2026

Global Equity Pulse: Ramping up on consumer staples

March 3, 2026

US/Iran conflict: global equity impact

March 3, 2026

Emerging Markets Insights: Conflict in Iran and falling tariffs

Performance

Calendar Year Returns

As of 02/28/2026

Month End

Quarter End

Primary Shares - With Sales Charge (POP) (%)

Primary Shares - Without Sales Charge (NAV) (%)

MSCI All Country World ex US Index-NR (%)

MSCI EAFE Index-NR (%)

Performance data quoted represents past performance, which does not guarantee future results. Current performance may be lower or higher than the figures shown. Principal value and investment returns will fluctuate, and investors' shares, when redeemed, may be worth more or less than the original cost. Performance would have been lower if fees had not been waived in various periods. Total returns assume the reinvestment of all distributions and the deduction of all Fund expenses. Returns with sales charge reflect a deduction of the stated maximum sales charge. Returns without sales charge would have been lower had sales charges been reflected. An investor cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges. Returns for periods of less than one year are not annualized.

See the risks and other important information.

Overall Morningstar Rating: Overall Morningstar Rating: 3 out of 5 stars
As of 02/28/2026

3 Years: 3 Years: 4 out of 5 stars
325 Funds in category

5 Years: 5 Years: 3 out of 5 stars
308 Funds in category

10 Years: 10 Years: 3 out of 5 stars
238 Funds in category

Rating Category: Foreign Large Value

The fund's overall Morningstar Rating measures risk-adjusted returns and is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) rating metrics.

Morningstar Style Box

As of 02/28/2026

Current Historical
			Large
			Medium
			Small
Value	Blend	Growth
Style

Size

Source: Morningstar®. The style box reveals a fund's investment style. For equity funds, the vertical axis shows the market capitalization of the long stocks owned, and the horizontal axis shows the investment style (value, blend, or growth). For fixed income funds, the vertical axis shows the credit quality based on credit ratings and the horizontal axis shows interest-rate sensitivity as measured by effective duration. Placement is determined by fund portfolio holding figures most recently entered into Morningstar's database and corresponding market conditions. Shaded areas show the past 3 years of quarterly data. Past performance does not guarantee future results.

©2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Portfolio

Assets

As of02/28/2026 (Updated Monthly)

Total Net Assets: $67.02 Million

Positions

As of 02/28/2026 (Updated Monthly)

Number of Issuers

Fund: 49
Benchmark: 1,970

Portfolio Statistics

As of 02/28/2026 (Updated Monthly)

Price to Book

Fund: 2.31x
Benchmark: 2.40x

Price to Cash Flow

Fund: 9.62x
Benchmark: 10.68x

Price to Earnings (12-Month Trailing)

Fund: 20.63x
Benchmark: 18.62x

Asset Allocation

As of 02/28/2026 % of Total (Updated Monthly)

Asset Allocation
Holdings	Fund
Equity	94.34%
Cash & Cash Equivalents	5.66%

Holdings
As of 02/28/2026 (Updated Monthly)

AstraZeneca PLC ORD GBP.25

Hemisphere Properties India Ltd ESRW INR 1 REF SM 1120953 SEBI approved

Samsung Electronics Co Ltd ORD KRW 100

Taiwan Semiconductor Manufacturing Co Ltd ORD TWD10

SSE PLC ORD GBP.50

Mitsubishi Electric Corp ORD JPY NPV

Franklin Institutional U.S. Government Money Market Fund OEMF-SWEEP MONEY MARKET PORTFOLIO

BP PLC ORD GBP.25

Cash and Cash Equivalents

Unilever PLC ORD GBP.0311

Distributions & Tax

Federal ID Number 59-3020895

For information on tax years prior to 2008, please contact us

These amounts represent distributions paid by the fund, foreign taxes passed through (if any), and other distribution characteristics for the calendar year selected. These amounts are reported to shareholders on Form 1099-DIV.

Distributions per Share ($)

Year

Tax Information
Record Date	Ordinary Dividends Dividends paid by a fund that are derived from interest, dividends, net short-term capital gains and other types of ordinary income earned by the fund. For a fund that elects to pass through its foreign taxes paid (a non-cash item), a shareholder's allotted share of foreign taxes has been added to the “Ordinary Dividends” cash distributions received by the shareholder. If the fund passed through foreign taxes paid and later is refunded any portion of those taxes by a foreign tax authority, any interest paid to the fund on that refund is also required to be included in “Ordinary Dividends”.	Qualified Dividends The portion of a fund’s “Ordinary Dividends” that may be eligible for a reduced capital gain tax rate. To be eligible for the lower tax rates, certain holding periods apply and shareholders should consult their tax advisor to determine the amount eligible for the reduced rate. This amount represents both cash distributions and non-cash amounts, such as foreign taxes paid, that have been allocated to shareholders.	Capital Gain Distributions	Unrecaptured Section 1250 Gain	Non-Taxable Return Of Capital	Section 199a Dividends The portion of a fund’s “Ordinary Dividends” generated by a real estate investment trust or earned by a fund from its investments in real estate investment trusts, subject to limitations. Individual (non-corporate) shareholders may be entitled to a special deduction from gross income for “Section 199A Dividends” received from a fund. To qualify for this deduction certain holding periods apply and shareholders should consult their tax advisor.	Foreign Tax Paid	Exempt Interest Dividends	Interest on Tax Reclaim Refunds
Sep 30	—	—	0.2544	—	—	—	—	—	—
Dec 19	0.850395	0.362013	2.9227	—	—	—	0.025995	—	—
	0.850395	0.362013	3.1771	—	—	—	0.025995	—	—

Sep 30

Dec 19

Supplemental Tax Information

Foreign Source Income: 41.11%
Foreign Source Qualified Dividends: 41.11%
Direct U.S. Government Obligations The portion of “Ordinary Dividends” attributable to earnings from US Treasury and certain other government securities may be categorized as a fund containing US government obligations. This income may be exempt from state personal income taxes. The percentage for direct US government obligation interests available for tax-exempt treatment may be limited in states that require the fund to meet certain minimum thresholds. Shareholders should consult their tax advisor to determine the availability of exemptions in their state.: —
Specified Private Activity Bond Interest: —
Dividends Received Deduction: —
Section 163(j): —
Indiana Resident Taxable Income: —
Utah Resident Taxable Income The portion of “Exempt-Interest Dividends” subject to Utah income tax. Subject to certain exceptions, the state of Utah provides that income earned from non-federal government entities outside of Utah (non-Utah municipal bonds) is taxable to Utah resident shareholders. Income earned from states that do not tax Utah obligations are also exempt. Shareholders should consult their tax advisor about applicability.: —

Franklin Templeton and its specialized investment managers and its employees are not in the business of providing tax or legal advice to taxpayers. These materials and any tax-related statements are not intended or written to be used, and cannot be used or relied upon, by any such taxpayer for the purpose of avoiding tax penalties or complying with any applicable tax laws or regulations. Tax-related statements, if any, may have been written in connection with the promotion or marketing of the transaction(s) or matter(s) addressed by these materials, to the extent allowed by applicable law. Each investor’s tax situation is different, and is based on an individual’s tax bracket, type of account used for investment and other factors. Any such taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor.

Pricing

Pricing History

As of 04/01/2026 (Updated Daily)

Time Period

From

From Date

To Date

Daily Fund Prices

As of 04/01/2026

Share Prices

As of 04/01/2026

NAV ¹(Net Asset Value): $9.99
NAV Change ¹: $0.15
NAV Change (%) ¹: 1.52%
POP ⁷(Public Offering Price): $9.99

52-Week Range

Highest NAV As of 12/11/2025: $13.00
Lowest NAV As of 12/22/2025: $9.25

Documents

Fund Literature

Fund Literature
Checkbox	Name	Download	Add to Cart
Checkbox	Product Commentary - International Equity Series	Download Document

Regulatory Documents

Regulatory Documents
Checkbox	Name	Download
Checkbox	Annual Report - TIF International Equity Series - Primary Shares	Download Document
Checkbox	Annual Financial Statements and Other Information - Templeton Institutional Funds	Download Document
Checkbox	Semi-Annual Report - TIF International Equity Series - Primary Shares	Download Document
Checkbox	Semi-Annual Financial Statements and Other Information - Templeton Institutional Funds	Download Document
Checkbox	Prospectus - Templeton Institutional Fund Prospectus	Download Document
Checkbox	Summary Prospectus - TIF - International Equity Series	Download Document
Checkbox	Statement of Additional Information - Templeton Institutional FundMailed hardcopies unavailable.	Download Document
Checkbox	Application - Franklin Account	Download Document
Checkbox	Application - Franklin IRA	Download Document
Checkbox	Fiscal Q1 Holdings - Templeton Institutional FundMailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q3 Holdings - Templeton Institutional FundMailed hardcopies unavailable.	Download Document

Risks

All investments involve risks, including possible loss of principal. International investments are subject to special risks, including currency fluctuations and social, economic and political uncertainties, which could increase volatility. These risks are magnified in emerging markets. To the extent the fund invests in companies in a specific country or region, the fund may experience greater volatility than a fund that is more broadly diversified geographically. The investment style may become out of favor, which may have a negative impact on performance. The manager may consider environmental, social and governance (ESG) criteria in the research or investment process; however, ESG considerations may not be a determinative factor in security selection. In addition, the manager may not assess every investment for ESG criteria, and not every ESG factor may be identified or evaluated. These and other risks are discussed in the fund’s prospectus.

Important Information

Total Returns include change in share price, assume reinvestment of all distributions, and reflect the deduction of fund expenses and applicable fees. Total returns, distribution rate, and yields reflect any applicable expense reductions and fee waivers; without these reductions, the results would have been lower.

Certain share classes are only offered to eligible investors as stated in the prospectus. Different minimums may apply to clients of certain service agents. All classes of shares are not available through all distribution channels. See the Fund's prospectus for additional information.

Most funds offer multiple share classes. Share classes are subject to different fees and expenses, which will affect their performance.

Franklin Distributors, LLC. Member FINRA, SIPC. All entities mentioned are Franklin Templeton affiliated companies. Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE.
Reports and other information about the funds are available on the EDGAR Database on the SEC's Internet site at www.sec.gov.

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Important data provider notices and terms available at www.franklintempletondatasources.com.

Performance data quoted represents past performance, which does not guarantee future results.

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

Indexes are unmanaged and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges.

Investors should carefully consider a fund's investment goals, risks, sales charges and expenses before investing. The prospectus contains this and other information. Please read the prospectus carefully before investing or sending money.

The MSCI EAFE Index is a free float-adjusted market capitalization-weighted index designed to measure developed market equity performance, excluding the U.S. and Canada.
Source: MSCI makes no warranties and shall have no liability with respect to any MSCI data reproduced herein. No further redistribution or use is permitted. This report is not prepared or endorsed by MSCI.

Net Returns (NR) include income net of tax withholding when dividends are paid.

The MSCI EAFE Index is a free float-adjusted market capitalization-weighted index designed to measure developed market equity performance, excluding the U.S. and Canada.
Source: MSCI makes no warranties and shall have no liability with respect to any MSCI data reproduced herein. No further redistribution or use is permitted. This report is not prepared or endorsed by MSCI.