o ZTIFI P-1
SUPPLEMENT DATED JULY 21, 1999
TO THE PROSPECTUS OF
TEMPLETON INSTITUTIONAL FUNDS, INC.
dated May 1, 1999
On July 21, 1999, Templeton Institutional Funds, Inc.'s Board of Directors
approved a proposal to merge the Growth Series into Templeton Growth Fund, Inc.,
subject to shareholder approval. Templeton Growth Fund, Inc.'s Board of
Directors also approved the merger. The investment goal of both the Growth
Series and Templeton Growth Fund, Inc. is long-term capital growth. This goal is
fundamental, which means that it may not be changed without shareholder
approval. The Boards believe this proposed merger will benefit shareholders.
It is anticipated that this summer shareholders of Growth Series will receive a
proxy and proxy statement requesting their votes on the merger.
Growth Series will be closed to new investors after the close of business on
August 10, 1999. If you are a shareholder of record as of the close of business
on August 10, 1999, you may continue to add to your account, subject to your
applicable minimum additional investment amount, or buy additional shares
through reinvestment of dividend or capital gain distributions until the merger
is approved by Growth Series' shareholders. If the merger is approved by Growth
Series' shareholders, the Growth Series will also be closed to purchases by
existing shareholders, except through the reinvestment of dividend or capital
gain distributions or through established automatic investment plans, including
automatic salary deferrals through defined contribution plans.
Although you may redeem your shares, please keep in mind that if you sell all
the shares in your account after August 10, 1999, your account will be closed
and you will not be allowed to buy additional shares of Growth Series or to
reopen your account in the Growth Series. If you sell your shares in the fund,
you may reinvest some or all of the proceeds in most of the other Franklin
Templeton Funds within 365 days without an initial sales charge.
Please keep this supplement for future reference.
