Institutional Fiduciary Trust

02/27/2026 | Press release | Distributed by Public on 02/27/2026 12:26

Semi-Annual Report by Investment Company (Form N-CSRS)

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 811-04267

Institutional Fiduciary Trust

(Exact name of registrant as specified in charter)

One Franklin Parkway, San Mateo, CA 94403-1906

(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: (650) 312-2000

Date of fiscal year end: June 30

Date of reporting period: December 31, 2025

ITEM 1. REPORT TO STOCKHOLDERS

(a) The Report to Shareholders is filed herewith

Franklin Institutional U.S. Government Money Market Fund
Class A   [INFXX]
Semi-Annual Shareholder Report | December 31, 2025
This semi-annual shareholder reportcontains important information about Franklin Institutional U.S. Government Money Market Fund (previously known as IFT Money Market Portfolio) for the period July 1, 2025, to December 31, 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) DIAL BEN/342-5236.  
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*,†
Class A1
$9
0.17%
* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. Additional amounts may be voluntarily waived and/or reimbursed from time to time.
† Annualized.
1 The expense table reflects the expenses of both the feeder Fund and the master Fund.
KEY FUND STATISTICS (as of December 31, 2025)
Total Net Assets
$4,663,433,764
Total Number of Portfolio Holdings*
97
* Reflects holdings of The U.S. Government Money Market Portfolio.
WHAT DID THE FUND INVEST IN? (as of December 31, 2025)
Portfolio Composition*(% of Total Investments)
* Reflects holdings of The U.S. Government Money Market Portfolio.
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information
Franklin Institutional U.S. Government Money Market Fund PAGE 1 140-STSR-0226

(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.
(a) Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR.
(b) Not applicable.
ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
Institutional
Fiduciary
Trust
Financial
Statements
and
Other
Important
Information
Semi-Annual
|
December 31, 2025
Franklin
Institutional
U.S.
Government
Money
Market
Fund
(formerly,
Money
Market
Portfolio)
Table
of
Contents
ftinstitutional.com
Financial
Statements
and
Other
Important
Information-Semiannual
1
Financial
Highlights
and
Schedule
of
Investments
2
Financial
Statements
4
Notes
to
Financial
Statements
7
The
Money
Market
Portfolios
10
Changes
In
and
Disagreements
with
Accountants
20
Results
of
Meeting(s)
of
Shareholders
20
Remuneration
Paid
to
Directors,
Officers
and
Others
20
Board
Approval
of
Management
and
Subadvisory
Agreements
20
Changes
In
and
Disagreements
with
Accountants
21
Results
of
Meeting(s)
of
Shareholders
21
Remuneration
Paid
to
Directors,
Officers
and
Others
21
Board
Approval
of
Management
and
Subadvisory
Agreements
21
Institutional
Fiduciary
Trust
Financial
Highlights
Franklin
Institutional
U.S.
Government
Money
Market
Fund
ftinstitutional.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
2
a
Six
Months
Ended
December
31,
2025
(unaudited)
Year
Ended
June
30,
2025
2024
2023
2022
2021
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$1.00
$1.00
$1.00
$1.00
$1.00
$1.00
Income
from
investment
operations:
Net
investment
income
..............
0.020
0.043
0.050
0.034
0.001
-
a
Less
distributions
from:
Net
investment
income
..............
(0.020)
(0.043)
(0.050)
(0.034)
(0.001)
(-)
a
Net
asset
value,
end
of
period
..........
$1.00
$1.00
$1.00
$1.00
$1.00
$1.00
Total
return
b
.......................
2.04%
4.43%
5.09%
3.46%
0.09%
-%
c
Ratios
to
average
net
assets
d,e
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.35%
0.36%
0.36%
0.35%
0.36%
0.36%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
0.17%
0.33%
0.36%
0.35%
0.14%
0.10%
Net
investment
income
...............
3.99%
4.38%
5.00%
3.36%
0.07%
-%
c
Supplemental
data
Net
assets,
end
of
period
(000's)
........
$4,663,434
$5,732,663
$6,464,382
$5,845,294
$6,432,872
$8,239,555
a
Amount
rounds
to
less
than
$0.001
per
share.
b
Total
return
is
not
annualized
for
periods
less
than
one
year.
c
Rounds
to
less
than
0.01%.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Ratios
include
the
Fund's
share
of
the
Portfolio's
allocated
net
expenses.
Institutional
Fiduciary
Trust
Schedule
of
Investments
(unaudited),
December
31,
2025
Franklin
Institutional
U.S.
Government
Money
Market
Fund
ftinstitutional.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
3
a
a
Shares
a
Value
a
Money
Market
Funds
100.1%
a
U.S.
Government
Money
Market
Portfolio
(The)
,
3.665
%
......................
4,666,753,026
$
4,666,753,026
Total
Money
Market
Funds
(Cost
$
4,666,753,026
)
................................
4,666,753,026
Other
Assets,
less
Liabilities
(
0.1
)
%
...........................................
(3,319,262)
Net
Assets
100.0%
...........................................................
$4,663,433,764
a
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Institutional
Fiduciary
Trust
Financial
Statements
Statement
of
Assets
and
Liabilities
December
31,
2025
(unaudited)
ftinstitutional.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
4
Franklin
Institutional
U.S.
Government
Money
Market
Fund
Assets:
Investment
in
affiliated
Portfolio,
at
value
and
cost
..................................................
$4,666,753,026
Cash
....................................................................................
4,993
Receivables:
Dividends
...............................................................................
1,611
Affiliates
................................................................................
783,540
Total
assets
4,667,543,170
Liabilities:
Payables:
Investment
securities
purchased
..............................................................
1,775
Administrative
fees
........................................................................
855,900
Transfer
agent
fees
........................................................................
40,868
Trustees'
fees
and
expenses
.................................................................
8,381
Distributions
to
shareholders
.................................................................
3,148,426
Accrued
expenses
and
other
liabilities
...........................................................
54,056
Total
liabilities
.........................................................................
4,109,406
Net
assets,
at
value
$4,663,433,764
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$4,663,427,469
Total
distributable
earnings
(losses)
.............................................................
6,295
Net
assets,
at
value
.................................................................
$4,663,433,764
Shares
outstanding
.........................................................................
4,663,429,531
Net
asset
value
per
share
a
....................................................................
$1.00
a
Net
asset
value
per
share
may
not
recalculate
due
to
rounding.
Institutional
Fiduciary
Trust
Financial
Statements
Statement
of
Operations
for
the
six
months
ended
December
31,
2025
(unaudited)
ftinstitutional.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
5
Franklin
Institutional
U.S.
Government
Money
Market
Fund
Investment
income:
Dividends
from
affiliated
Portfolio
...............................................................
$104,533,314
Expenses:
Administrative
fees
(Note
3
a
)
..................................................................
5,217,333
Transfer
agent
fees
(Note
3b)
..................................................................
19,476
Reports
to
shareholders
fees
..................................................................
1,616
Registration
and
filing
fees
....................................................................
11,406
Professional
fees
...........................................................................
37,017
Trustees'
fees
and
expenses
..................................................................
30,978
Other
....................................................................................
14,754
Total
expenses
.........................................................................
5,332,580
Expenses
waived/paid
by
affiliates
(Note
3
c
)
...................................................
(4,810,848)
Net
expenses
.........................................................................
521,732
Net
investment
income
................................................................
104,011,582
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$104,011,582
Institutional
Fiduciary
Trust
Financial
Statements
Statements
of
Changes
in
Net
Assets
ftinstitutional.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Franklin
Institutional
U.S.
Government
Money
Market
Fund
Six
Months
Ended
December
31,
2025
(unaudited)
Year
Ended
June
30,
2025
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$104,011,582
$212,731,429
Distributions
to
shareholders
..............................................
(104,013,278)
(212,732,826)
Capital
share
transactions
(Note
2
)
..........................................
(1,069,227,493)
(731,717,968)
Net
increase
(decrease)
in
net
assets
...................................
(1,069,229,189)
(731,719,365)
Net
assets:
Beginning
of
period
.....................................................
5,732,662,953
6,464,382,318
End
of
period
..........................................................
$4,663,433,764
$5,732,662,953
Institutional
Fiduciary
Trust
7
ftinstitutional.com
Semiannual
Report
Notes
to
Financial
Statements
(unaudited)
Franklin
Institutional
U.S.
Government
Money
Market
Fund
1.
Organization
and
Significant
Accounting
Policies
Institutional
Fiduciary
Trust (Trust)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-
end
management
investment
company,
consisting
of
one
fund, Franklin
Institutional
U.S.
Government
Money
Market
Fund
(Fund).
The Fund
follows
the accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
-
Investment
Companies
(ASC
946)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
The
Fund
invests
substantially
all
of
its
assets
in
The
U.S.
Government
Money
Market
Portfolio
(Portfolio),
which
is
registered
under
the
1940
Act
as
an
open-end
management
investment
company and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
GAAP.
The
accounting
policies
of
the
Portfolio,
including
the
Portfolio's
security
valuation
policies,
will
directly
affect
the
recorded
value
of
the
Fund's
investment
in
the
Portfolio.
The
financial
statements
of
the
Portfolio,
including
the
Schedule
of
Investments,
are
included
elsewhere
in
this
report
and
should
be
read
in
conjunction
with
the
Fund's
financial
statements.
Shares
of
the
Fund
are
offered
to
other
investment
companies
and
accounts
managed
by
Franklin
Advisers
Inc.
(Advisers)
or
its
affiliates,
and
to
other
institutional
investors.
At
December
31,
2025,
Advisers,
affiliates
of
Advisers, investment
companies
and
accounts
managed
by
Advisers
or
its
affiliates
owned
4,663,429,531
shares
of
the
Fund.
Effective September
23,
2025,
Money
Market
Portfolio
was
renamed
Franklin
Institutional
U.S.
Government
Money
Market
Fund.
The
following
summarizes
the Fund's
significant
accounting
policies.
a.
Financial
Instrument
Valuation
The
Fund
holds
Portfolio
shares
that
are
valued
at
the
closing
net
asset
value
of
the
Portfolio.
Under
compliance
policies
and
procedures
approved
by
the
Fund's Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Portfolio's
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Fund's
administrator
in
performing
this
responsibility,
including
leading
the
cross-
functional
Valuation
Committee
(VC).
At
December
31,
2025,
the
Fund
owned
47.14%
of
the
Portfolio.
b.
Income
Taxes
It
is the Fund's
policy
to
qualify
as
a
regulated
investment
company
under
the
Internal
Revenue
Code. The 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 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
December
31,
2025, the 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
years).
The
Fund's
federal
and
state
income
and
federal
excise
tax
returns
for
the
prior
three
fiscal
years
are
subject
to
examination
by
the
Internal
Revenue
Service
and
state
departments
of
revenue.
c.
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.
Income
received
from
the
Portfolio
and
estimated
expenses
are
accrued
daily.
Dividends
from
net
investment
income
are
normally
declared
and
distributed
daily;
these
dividends
may
be
reinvested
or
paid
monthly
to
shareholders.
Distributions
from
net
realized
capital
gains
and
other
distributions,
if
any,
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.
Institutional
Fiduciary
Trust
Notes
to
Financial
Statements
(unaudited)
8
ftinstitutional.com
Semiannual
Report
Franklin
Institutional
U.S.
Government
Money
Market
Fund
(continued)
d.
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.
e.
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
Fund, 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.
2.
Shares
of
Beneficial
Interest
At
December
31,
2025,
there
were
an
unlimited
number
of
shares
authorized
(without
par
value).
Transactions
in
the
Fund's
shares
at
$1.00
per
share
were
as
follows:
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,
directors, and/or trustees
of
the
Portfolio
and
of
the
following
subsidiaries:
a.
Administrative
Fees
The
Fund
pays
an
administrative
fee
to
FT
Services
of
0.20% per
year
of
the
average
daily
net
assets of
the
Fund.
b.
Transfer
Agent
Fees
Investor
Services,
under
terms
of
an
agreement,
performs
shareholder
servicing
for
the
Fund and
is
not
paid
by
the Fund
for
the
services.
c.
Waiver
and
Expense
Reimbursements
The
Portfolio's
investment
manager
has
contractually
agreed
in
advance
to
waive
or
limit
its
fees
and
to
assume
as
its
own
expense
certain
expenses
otherwise
payable
by
the
Fund
so
that
the
operating
expenses
(excluding
interest
expense,
acquired
Fund
fees
and
expenses,
and
certain
non-routine
expenses
or
costs,
including
those
relating
to
litigation,
Six
Months
Ended
December
31,
2025
Year
Ended
June
30,
2025
Shares
sold
............................................................
$30,274,944,036
$58,411,133,484
Shares
issued
in
reinvestment
of
distributions
...................................
80,359,172
168,109,521
Shares
redeemed
........................................................
(31,424,530,701)
(59,310,960,973)
Net
increase
(decrease)
...................................................
$(1,069,227,493)
$(731,717,968)
Subsidiary
Affiliation
Franklin
Templeton
Services,
LLC
(FT
Services)
Administrative
manager
Franklin
Templeton
Investor
Services,
LLC
(Investor
Services)
Transfer
agent
1.
Organization
and
Significant
Accounting
Policies
(continued)
Institutional
Fiduciary
Trust
Notes
to
Financial
Statements
(unaudited)
9
ftinstitutional.com
Semiannual
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Franklin
Institutional
U.S.
Government
Money
Market
Fund
(continued)
indemnification,
reorganizations,
and
liquidations)
for
the
Fund
do
not
exceed
0.17%,
based
on
the
average
net
assets
of
the
Fund
until
October
31,
2026.
Total
expenses
waived
or
paid
are
not
subject
to
recapture
subsequent
to
the
Fund's
fiscal
year
end.
4.
Income
Taxes
At
December
31,
2025,
the
cost
of
investments
for
book
and
income
tax
purposes
was
the
same.
5.
Fair
Value
Measurements
The
Fund
follows
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund's financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
-
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
-
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
-
significant
unobservable
inputs
(including
the
Fund's
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
At
December
31,
2025,
all
of
the Fund's
investments
in
financial
instruments
carried
at
fair
value
were
valued
using
Level 1
inputs.
6.
Operating
Segments
The Fund operates
as
a
single
operating
segment,
which
is
an
investment
portfolio.
The
portfolio
managers
assigned
to
the
Fund
within
the
Fund's
Investment
manager serve
as
the
Chief
Operating
Decision
Maker
("CODM")
and
are
responsible
for
evaluating
the
Fund's
operating
results
and
allocating
resources
in
accordance
with
the
Fund's
investment
strategy.
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 Statement
of
Assets
and
Liabilities
and
the Statement
of
Operations,
along
with
the
related
notes
to
the financial
statements.
The Schedule
of
Investments
provides
details
of
the Fund's investments
that
generate
returns
such
as
interest,
dividends,
and
realized
gains
or
losses.
Performance
metrics,
including
expense
ratios,
are
disclosed
in
the Financial
Highlights.
7.
Subsequent
Events
The
Fund
has
evaluated
subsequent
events
through
the
issuance
of
the
financial
statements
and
determined
that
no
events
have
occurred
that
require
disclosure.
3.
Transactions
with
Affiliates
(continued)
c.
Waiver
and
Expense
Reimbursements
(continued)
The
Money
Market
Portfolios
Financial
Highlights
The
U.S.
Government
Money
Market
Portfolio
ftinstitutional.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
10
a
Six
Months
Ended
December
31,
2025
(unaudited)
Year
Ended
June
30,
2025
2024
2023
2022
2021
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$1.00
$1.00
$1.00
$1.00
$1.00
$1.00
Income
from
investment
operations:
Net
investment
income
..............
0.020
0.045
0.052
0.036
0.001
-
Net
realized
gains
(losses)
...........
-
-
-
-
a
-
(-)
a
Total
from
investment
operations
........
0.020
0.045
0.052
0.036
0.001
-
a
Less
distributions
from:
Net
investment
income
..............
(0.020)
(0.045)
(0.052)
(0.036)
(0.001)
(-)
a
Net
asset
value,
end
of
period
..........
$1.00
$1.00
$1.00
$1.00
$1.00
$1.00
Total
return
b
.......................
2.05%
4.62%
5.30%
3.67%
0.14%
0.01%
Ratios
to
average
net
assets
c
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
0.15%
0.15%
0.15%
0.15%
d
0.10%
d
0.09%
d
Net
investment
income
...............
4.01%
4.54%
5.20%
3.58%
0.13%
-%
e
Supplemental
data
Net
assets,
end
of
period
(000's)
........
$9,900,586
$10,994,096
$11,497,745
$10,718,122
$11,102,314
$11,811,420
a
Amount
rounds
to
less
than
$0.001
per
share.
b
Total
return
is
not
annualized
for
periods
less
than
one
year.
c
Ratios
are
annualized
for
periods
less
than
one
year.
d
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
e
Rounds
to
less
than
0.01%.
The
Money
Market
Portfolios
Schedule
of
Investments
(unaudited),
December
31,
2025
The
U.S.
Government
Money
Market
Portfolio
ftinstitutional.com
The
accompanying
notes
are
an
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part
of
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financial
statements.
Semiannual
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11
a
a
Principal
Amount
a
Value
U.S.
Government
and
Agency
Securities
64.9%
FFCB
,
a
3.617%,
1/21/26
...................................................
$
88,692,000
$
88,514,123
a
3.748%,
1/22/26
...................................................
105,100,000
104,870,707
b
FRN,
3.8%,
(SOFR
+
0.09%),
5/14/26
..................................
79,100,000
79,106,019
b
FRN,
3.8%,
(SOFR
+
0.09%),
8/17/26
..................................
22,130,000
22,130,000
b
FRN,
3.795%,
(U.S.
Federal
Funds
+
0.155%),
9/16/26
.....................
34,155,000
34,169,974
b
FRN,
3.78%,
(SOFR
+
0.07%),
10/13/26
................................
89,251,000
89,251,000
b
FRN,
3.71%,
(
U.S.
Federal
Funds
+
0.07%),
10/15/26
......................
50,000,000
50,000,000
b
FRN,
3.76%,
(SOFR
+
0.05%),
11/10/26
.................................
31,725,000
31,725,000
b
FRN,
3.775%,
(SOFR
+
0.065%),
3/05/27
...............................
100,000,000
100,000,000
b
FRN,
3.805%,
(SOFR
+
0.095%),
3/05/27
...............................
9,000,000
9,000,000
b
FRN,
3.82%,
(SOFR
+
0.11%),
4/22/27
.................................
89,275,000
89,275,000
b
FRN,
3.805%,
(SOFR
+
0.095%),
4/29/27
...............................
83,940,000
83,940,000
781,981,823
FHLB
,
a
3.776%,
1/02/26
...................................................
105,200,000
105,188,969
a
3.552
%,
1/06/26
...................................................
172,100,000
172,015,145
a
3.863%,
1/07/26
...................................................
100,000,000
99,935,667
a
3.553%,
1/08/26
...................................................
150,000,000
149,896,458
a
3.863%,
1/09/26
...................................................
150,000,000
149,871,333
a
3.592%,
1/12/26
...................................................
224,435,000
224,188,961
a
3.85%,
1/14/26
...................................................
158,275,000
158,055,239
a
3.595%,
1/15/26
...................................................
200,000,000
199,720,778
a
3.667%,
1/16/26
...................................................
275,000,000
274,580,469
a
3.809%,
1/23/26
...................................................
100,000,000
99,767,778
a
3.619%,
1/26/26
...................................................
150,000,000
149,623,958
a
3.77%,
1/28/26
...................................................
103,500,000
103,208,130
a
3.751%,
1/30/26
...................................................
52,600,000
52,441,528
a
3.616%,
2/13/26
...................................................
104,850,000
104,399,145
a
3.762%,
2/20/26
...................................................
149,500,000
148,722,736
a
3.611%,
2/27/26
...................................................
102,925,000
102,339,957
a
3.599%,
3/09/26
...................................................
50,000,000
49,667,326
a
3.802
%,
3/13/26
...................................................
102,685,000
101,920,496
a
3.608%,
3/20/26
...................................................
203,000,000
201,425,397
a
3.591%,
4/27/26
...................................................
100,000,000
98,856,111
a
3.585%,
5/08/26
...................................................
100,000,000
98,751,167
4%,
9/18/26
......................................................
88,835,000
88,785,757
b
FRN,
3.715%,
(SOFR
+
0.005%),
2/09/26
...............................
93,200,000
93,200,000
b
FRN,
3.735%,
(SOFR
+
0.025%),
2/17/26
...............................
92,820,000
92,820,000
b
FRN,
3.785%,
(SOFR
+
0.075%),
11/27/26
...............................
88,680,000
88,680,000
b
FRN,
3.77%,
(SOFR
+
0.06%),
1/29/27
.................................
105,000,000
105,000,000
b
FRN,
3.79%,
(
SOFR
+
0.08%),
3/05/27
.................................
95,000,000
95,032,655
b
FRN,
3.81%,
(SOFR
+
0.1%),
3/16/27
..................................
88,430,000
88,430,000
b
FRN,
3.84%,
(SOFR
+
0.13%),
12/08/27
................................
75,850,000
75,850,000
3,572,375,160
FHLMC
,
a
3.582%,
1/05/26
...................................................
100,000,000
99,960,222
a
3.8%,
1/13/26
....................................................
106,900,000
106,764,772
a
3.599%,
1/26/26
...................................................
127,640,000
127,321,786
a
3.822%,
2/02/26
...................................................
45,540,000
45,385,771
a
3.669%,
3/09/26
...................................................
100,000,000
99,321,625
b
FRN,
3.79%,
(SOFR
+
0.08%),
1/08/27
.................................
121,300,000
121,302,308
b
FRN,
3.805%,
(SOFR
+
0.095%),
5/05/27
...............................
59,100,000
59,100,000
659,156,484
The
Money
Market
Portfolios
Schedule
of
Investments
(unaudited)
The
U.S.
Government
Money
Market
Portfolio
(continued)
ftinstitutional.com
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The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
12
See
abbreviations
on
page
19
.
a
a
Principal
Amount
a
Value
U.S.
Government
and
Agency
Securities
(continued)
FNMA
,
a
3.863%,
1/07/26
...................................................
$
52,250,000
$
52,216,386
a
3.807%,
1/20/26
...................................................
99,700,000
99,500,046
b
FRN,
3.79%,
(SOFR
+
0.08%
),
12/22/27
................................
23,000,000
23,000,000
174,716,432
a
U.S.
Treasury
Bills
,
3.62%,
1/02/26
...................................................
49,000,000
48,995,073
3.865%,
1/15/26
...................................................
100,000,000
99,849,889
3.617%,
1/22/26
...................................................
116,000,000
115,755,723
3.829%,
1/27/26
...................................................
200,000,000
199,448,222
3.625%,
1/29/26
...................................................
155,000,000
154,564,192
3.808%,
2/03/26
...................................................
139,840,000
139,353,388
3.783%,
2/05/26
...................................................
100,000,000
99,633,395
3.838%,
2/10/26
...................................................
200,000,000
199,150,444
3.785%,
3/19/26
...................................................
136,750,000
135,651,052
3.981%,
5/14/26
...................................................
43,000,000
42,375,676
1,234,777,054
Total
U.S.
Government
and
Agency
Securities
(Cost
$6,423,006,953)
..............
6,423,006,953
c
Repurchase
Agreements
35.0%
Bank
of
New
York
Mellon
Corp.
(The),
3.7%,
1/02/26
(Maturity
Value
$84,517,369)
Collateralized
by
U.S.
Treasury
Note,
4.375%,
5/15/34
(valued
at
$86,190,006)
...
84,500,000
84,500,000
Bank
of
New
York
Mellon
Corp.
(The),
3.82%,
1/02/26
(Maturity
Value
$700,148,556)
Collateralized
by
U.S.
Treasury
Note,
3.625%,
8/31/27
(valued
at
$714,000,033)
..
700,000,000
700,000,000
BNP
Paribas
Securities
Corp.,
3.81%,
1/02/26
(Maturity
Value
$750,158,750)
Collateralized
by
U.S.
Treasury
Note,
3.75%,
5/15/28
(valued
at
$765,956,250)
...
750,000,000
750,000,000
Deutsche
Bank
Securities,
Inc.,
3.82%,
1/02/26
(Maturity
Value
$120,025,467)
Collateralized
by
U.S.
Treasury
Notes,
0.625%
-
3.75%,
4/30/27
-
11/30/30
(valued
at
$122,400,026)
....................................................
120,000,000
120,000,000
Goldman
Sachs
&
Co.
LLC,
3.81%,
1/02/26
(Maturity
Value
$700,148,167)
Collateralized
by
U.S.
Treasury
Note,
2.5%,
3/31/27
(valued
at
$714,372,478)
....
700,000,000
700,000,000
HSBC
Securities
USA,
Inc.,
3.83%,
1/02/26
(Maturity
Value
$600,127,667)
Collateralized
by
Agency
Mortgage-Backed
Securities,
0%
-
7.5%,
6/10/26
-
11/20/55
and
U.S.
Treasury
Bond,
0%
-
2.375%,
11/15/39
-
2/15/55
(valued
at
$612,000,001)
600,000,000
600,000,000
RBC
Dominion
Securities,
Inc.,
3.82%,
1/02/26
(Maturity
Value
$514,909,252)
Collateralized
by
U.S.
Treasury
Notes, 0%
-
4.625%,
1/29/26
-
11/15/30
(valued
at
$525,096,000)
....................................................
514,800,000
514,800,000
Total
Repurchase
Agreements
(Cost
$3,469,300,000)
............................
3,469,300,000
Total
Short
Term
Investments
(Cost
$9,892,306,953)
.............................
9,892,306,953
a
Total
Investments
(Cost
$9,892,306,953)
99.9%
..................................
$9,892,306,953
Other
Assets,
less
Liabilities
0.1%
.............................................
8,278,702
Net
Assets
100.0%
...........................................................
$9,900,585,655
a
The
rate
shown
represents
the
yield
at
period
end.
b
The
coupon
rate
shown
represents
the
rate
at
period
end.
c
See
Note
1(b)
regarding
repurchase
agreement.
The
Money
Market
Portfolios
Financial
Statements
Statement
of
Assets
and
Liabilities
December
31,
2025
(unaudited)
ftinstitutional.com
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accompanying
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statements.
Semiannual
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13
The
U.S.
Government
Money
Market
Portfolio
Assets:
Investments
in
unaffiliated
securities,
at
amortized
cost
...............................................
$6,423,006,953
Unaffiliated
repurchase
agreements,
at
value
and
cost
...............................................
3,469,300,000
Cash
....................................................................................
62,815
Receivables:
Interest
.................................................................................
9,495,638
Total
assets
..........................................................................
9,901,865,406
Liabilities:
Payables:
Management
fees
.........................................................................
1,305,289
Professional
fees
.........................................................................
89,955
Trustees'
fees
and
expenses
.................................................................
12,177
Distributions
to
shareholders
.................................................................
90
Accrued
expenses
and
other
liabilities
...........................................................
(127,760)
Total
liabilities
.........................................................................
1,279,751
Net
assets,
at
value
.................................................................
$9,900,585,655
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$9,900,383,739
Total
distributable
earnings
(losses)
.............................................................
201,916
Net
assets,
at
value
.................................................................
$9,900,585,655
Shares
outstanding
.........................................................................
9,900,385,337
Net
asset
value
per
share
a
....................................................................
$1.00
a
Net
asset
value
per
share
may
not
recalculate
due
to
rounding.
The
Money
Market
Portfolios
Financial
Statements
Statement
of
Operations
for
the
six
months
ended
December
31,
2025
(unaudited)
ftinstitutional.com
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14
The
U.S.
Government
Money
Market
Portfolio
Investment
income:
Interest:
Unaffiliated
issuers
........................................................................
$218,064,607
Expenses:
Management
fees
(Note
3
a
)
...................................................................
7,861,204
Custodian
fee
s
.............................................................................
23,570
Reports
to
shareholders
fees
..................................................................
1,504
Professional
fees
...........................................................................
37,404
Trustees'
fees
and
expenses
..................................................................
60,315
Other
....................................................................................
48,843
Total
expenses
.........................................................................
8,032,840
Net
investment
income
................................................................
210,031,767
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$210,031,767
The
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Market
Portfolios
Financial
Statements
Statements
of
Changes
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Net
Assets
ftinstitutional.com
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The
U.S.
Government
Money
Market
Portfolio
Six
Months
Ended
December
31,
2025
(unaudited)
Year
Ended
June
30,
2025
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$210,031,767
$457,046,589
Distributions
to
shareholders
..............................................
(209,930,452)
(456,945,921)
Capital
share
transactions
(Note
2
)
..........................................
(1,093,611,331)
(503,749,714)
Net
increase
(decrease)
in
net
assets
...................................
(1,093,510,016)
(503,649,046)
Net
assets:
Beginning
of
period
.....................................................
10,994,095,671
11,497,744,717
End
of
period
..........................................................
$9,900,585,655
$10,994,095,671
The
Money
Market
Portfolios
Notes
to
Financial
Statements
(unaudited)
The
U.S.
Government
Money
Market
Portfolio
16
ftinstitutional.com
Semiannual
Report
1.
Organization
and
Significant
Accounting
Policies
The
Money
Market
Portfolios
(Trust)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-
end
management
investment
company,
consisting
of
one
portfolio The
U.S.
Government
Money
Market
Portfolio
(Portfolio).
The
Trust follows
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
-
Investment
Companies
(ASC
946)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
The
shares
of
the
Portfolio
are
issued
in
private
placements
and
are
exempt
from
registration
under
the
Securities
Act
of
1933.
The
following
summarizes
the Portfolio's
significant
accounting
policies.
a.
Financial
Instrument
Valuation
Securities
are
valued
at
amortized
cost,
which
approximates
fair
value.
Amortized
cost
is
an
income-based
approach
which
involves
valuing
an
instrument
at
its
cost
and
thereafter
assuming
a
constant
amortization
to
maturity
of
any
discount
or
premium.
Under
compliance
policies
and
procedures
approved
by
the
Portfolio's Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Portfolio's
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Fund's administrator
in
performing
this
responsibility,
including
leading
the
cross-
functional
Valuation
Committee
(VC).
b.
Repurchase
Agreements
The
Portfolio enters
into
repurchase
agreements,
which
are
accounted
for
as
a
loan
by
the Portfolio
to
the
seller,
collateralized
by
securities
which
are
delivered
to
the Portfolio's
custodian.
The
fair
value,
including
accrued
interest,
of
the
initial
collateralization
is
required
to
be
at
least
102%
(if
the
counterparty
is
a
bank
or
broker-dealer)
or
100%
(if
the
counterparty
is
the
Federal
Reserve
Bank
of
New
York)
of
the
dollar
amount
invested
by
the
Portfolio,
with
the
value
of
the
underlying
securities
marked
to
market
daily
to
maintain
coverage
of
at
least
100%.
Repurchase
agreements
are
subject
to
the
terms
of
Master
Repurchase
Agreements
(MRAs)
with
approved
counterparties
(sellers).
The
MRAs
contain
various
provisions,
including
but
not
limited
to
events
of
default
and
maintenance
of
collateral
for
repurchase
agreements.
In
the
event
of
default
by
either
the
seller
or
the
Portfolio,
certain
MRAs
may
permit
the
non-defaulting
party
to
net
and
close-out
all
transactions,
if
any,
traded
under
such
agreements.
The Portfolio
may
sell
securities
it
holds
as
collateral
and
apply
the
proceeds
towards
the
repurchase
price
and
any
other
amounts
owed
by
the
seller
to
the Portfolio
in
the
event
of
default
by
the
seller.
This
could
involve
costs
or
delays
in
addition
to
a
loss
on
the
securities
if
their
value
falls
below
the
repurchase
price
owed
by
the
seller.
All
repurchase
agreements
held
by
the Portfolio
at period
end,
as
indicated
in
the Schedule
of
Investments,
had
been
entered
into
on
December
31,
2025.
c.
Income
Taxes
It
is the Portfolio's
policy
to
qualify
as
a
regulated
investment
company
under
the
Internal
Revenue
Code. The Portfolio
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 Portfolio
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
December
31,
2025, the Portfolio
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
years).
The
Fund's
federal
and
state
income
and
federal
excise
tax
returns
for
the
prior
three
fiscal
years
are
subject
to
examination
by
the
Internal
Revenue
Service
and
state
departments
of
revenue.
d.
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.
Dividends
from
net
investment
income
are
normally
declared
daily;
these
dividends
may
be
reinvested
or
paid
monthly
to
shareholders.
Distributions
from
net
realized
capital
gains
and
other
distributions,
if
any,
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
The
Money
Market
Portfolios
Notes
to
Financial
Statements
(unaudited)
17
ftinstitutional.com
Semiannual
Report
The
U.S.
Government
Money
Market
Portfolio
(continued)
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.
e.
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.
f.
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
Portfolio, 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.
2.
Shares
of
Beneficial
Interest
At
December
31,
2025,
there
were
an
unlimited
number
of
shares
authorized
(without
par
value).
Transactions
in
the
Portfolio's
shares
at
$1.00
per
share
were
as
follows:
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,
directors, and/or trustees
of
Franklin
U.S.
Government
Money
Fund,
Institutional
Fiduciary
Trust,
and
of
the
following
subsidiaries:
a.
Management
Fees
The
Portfolio
pays
an
investment
management fee
to
Advisers
of
0.15% per year
of
the average
daily net
assets
of
the
Portfolio.
b.
Transfer
Agent
Fees
Investor
Services,
under
terms
of
an
agreement,
performs
shareholder
servicing
for
the
Portfolio and
is
not
paid
by
the Portfolio
for
the
services.
Six
Months
Ended
December
31,
2025
Year
Ended
June
30,
2025
Shares
sold
............................................................
$9,200,668,471
$24,661,124,716
Shares
issued
in
reinvestment
of
distributions
...................................
209,940,891
457,103,361
Shares
redeemed
........................................................
(10,504,220,693)
(25,621,977,791)
Net
increase
(decrease)
...................................................
$(1,093,611,331)
$(503,749,714)
Subsidiary
Affiliation
Franklin
Advisers,
Inc.
(Advisers)
Investment
manager
Franklin
Templeton
Investor
Services,
LLC
(Investor
Services)
Transfer
agent
1.
Organization
and
Significant
Accounting
Policies
(continued)
d.
Security
Transactions,
Investment
Income,
Expenses
and
Distributions
(continued)
The
Money
Market
Portfolios
Notes
to
Financial
Statements
(unaudited)
18
ftinstitutional.com
Semiannual
Report
The
U.S.
Government
Money
Market
Portfolio
(continued)
c.
Other
Affiliated
Transactions
At
December
31,
2025,
the
shares
of
the
Portfolio
were
owned
by
the
following
investment
companies:
4.
Income
Taxes
At
December
31,
2025,
the
cost
of
investments
for
book
and
income
tax
purposes
was
the
same.
5.
Fair
Value
Measurements
The
Portfolio follows
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Portfolio's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Portfolio's financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
-
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
-
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
-
significant
unobservable
inputs
(including
the Portfolio's
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
Money
market
securities
may
be
valued
using
amortized
cost,
in
accordance
with
the
1940
Act.
Generally,
amortized
cost
reflects
the
current
fair
value
of
a
security,
but
since
the
value
is
not
obtained
from
a
quoted
price
in
an
active
market,
such
financial
instruments
were
valued
using
Level
2
inputs.
At
December
31,
2025,
all
of
the
Portfolio's investments
in
financial
instruments
carried
at
fair
value
were
valued
using
Level 2
inputs.
6.
Operating
Segments
The Portfolio operates
as
a
single
operating
segment,
which
is
an
investment
portfolio.
The
portfolio
managers
assigned
to
the
Fund
within
the
Fund's
Investment
manager serve
as
the
Chief
Operating
Decision
Maker
("CODM")
and
is
responsible
for
evaluating
the
Fund's
operating
results
and
allocating
resources
in
accordance
with
the
Fund's
investment
strategy.
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 Statement
of
Assets
and
Liabilities
and
the Statement
of
Operations,
along
with
the
related
notes
to
the financial
statements.
The Schedule
of
Investments
provides
details
of
the Portfolio's investments
that
generate
returns
such
as
interest,
dividends,
and
realized
gains
or
losses.
Performance
metrics,
including
expense
ratios,
are
disclosed
in
the Financial
Highlights.
Shares
Percentage
of
Outstanding
Shares
Institutional
Fiduciary
Trust-
Franklin
Institutional
U.S.
Government
Money
Market
Fund
......
4,666,753,026
47.14%
Franklin
U.S.
Government
Money
Fund
...........................................
5,233,632,311
52.86%
9,900,385,337
100.00%
3.
Transactions
with
Affiliates
(continued)
The
Money
Market
Portfolios
Notes
to
Financial
Statements
(unaudited)
19
ftinstitutional.com
Semiannual
Report
The
U.S.
Government
Money
Market
Portfolio
(continued)
7.
Subsequent
Events
The Portfolio
has
evaluated
subsequent
events
through
the
issuance
of
the
financial
statements
and
determined
that
no
events
have
occurred
that
require
disclosure.
Abbreviations
Selected
Portfolio
FFCB
Federal
Farm
Credit
Banks
Funding
Corp.
FHLB
Federal
Home
Loan
Banks
FHLMC
Federal
Home
Loan
Mortgage
Corp.
FNMA
Federal
National
Mortgage
Association
FRN
Floating
Rate
Note
SOFR
Secured
Overnight
Financing
Rate
Institutional
Fiduciary
Trust
20
ftinstitutional.com
Semiannual
Report
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
Not
applicable.
THE
MONEY
MARKET
PORTFOLIOS
21
ftinstitutional.com
Semiannual
Report
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
Not
applicable.
4340-SFSOI
02/26
©
2026
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.
(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.
(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.
(a) Not applicable.
(b) Not applicable.
ITEM 19. EXHIBITS.

(a) (1) Not applicable

Exhibit 99.CODE ETH

Exhibit 99.CERT

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.

Institutional Fiduciary Trust
By: /s/ Christopher Kings
Christopher Kings
Chief Executive Officer – Finance and Administration
Date: February 26, 2026

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: February 26, 2026
By: /s/ Jeffrey White
Jeffrey White
Chief Financial Officer, Chief Accounting Officer and Treasurer
Date: February 26, 2026
Institutional Fiduciary Trust published this content on February 27, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on February 27, 2026 at 18:26 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]