# EDGAR Filing Document

**Accession Number:** 0000765485
**File Stem:** 0001868420-23-000036
**Filing Date:** 2023-2
**Character Count:** 162075
**Document Hash:** 609eecd51cc352aac9ea91ec083f8820
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001868420-23-000036.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001868420-23-000036

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**EFFECTIVENESS DATE**: 20230228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** INSTITUTIONAL FIDUCIARY TRUST
- **CENTRAL INDEX KEY:** 0000765485
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04267
- **FILM NUMBER:** 23678927

**BUSINESS ADDRESS:**
- **STREET 1:** ONE FRANKLIN PARKWAY
- **CITY:** SAN MATEO
- **STATE:** CA
- **ZIP:** 94403-1906
- **BUSINESS PHONE:** 650-312-2000

**MAIL ADDRESS:**
- **STREET 1:** ONE FRANKLIN PARKWAY
- **CITY:** SAN MATEO
- **STATE:** CA
- **ZIP:** 94403-1906

## Series and Classes Contracts Data

### MONEY MARKET PORTFOLIO (Series ID: S000007358)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000020209 | MONEY MARKET PORTFOLIO | INFXX           |

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

# **FORM N-CSRS**

# **CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number 811-04267

Institutional Fiduciary Trust

##NEWLINE## (Exact name of registrant as specified in charter)

One Franklin Parkway, San Mateo, CA 94403-1906

(Address of principal executive offices) (Zip code)

Alison Baar, 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: 6/30

Date of reporting period: 12/31/22

# **Item 1. Reports to Stockholders.**

a.)

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

b.)

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

**Not Applicable**

.

LAWRENCE, HAYDAY

# INSTITUTIONAL FIDUCIARY TRUST

Money Market Portfolio

# Contents

Semiannual Report

Institutional Fiduciary Trust Money Market Portfolio 2
Performance Summary 4
Your Fund's Expenses 5
Financial Highlights and Schedule of Investments 6

Net FDIC Issued May Loan Value No Bank Guarantee

Semiannual report

Semiannual Report

1

# SEMIANNUAL REPORT

| Financial Statements | 8 |
| --- | --- |
| Notes to Financial Statements | 11 |
| The Money Market Portfolio | 15 |

## Institutional-Fiduciary Trust Money Market Portfolio

This semiannual report for Money Market Portfolio covers

Portfolio Composition

1. Although U.S. government-sponsored entities may be disclosed by acts of Congress, their securities are neither issued nor guaranteed by the U.S. government. Please see the Fund's prospectus for potential discussion regarding various levels of credit support for government agency or noncommodity securities. The Fund's yield and share price are not guaranteed and will vary with market conditions.
2. Clearest: Morningstar, Timesweek, is held as industry, offer a fixed rate of return and a fixed principal value from interest payments and principal are guaranteed. You must submit to: Morningstar, Timesweek, or other financial information. The dollar value, number of shares or principal amount, and names of all portfolio holdings are listed in the Fund's Schedule of Investments (SDI). The SDI begins on page 7.

2 Semiannual Report

Semiannual.com

the period ended December 31, 2022.

GOSEF MARKET PORTFOLIO

12/31/22

# **Your Fund's Goal and Main Investments**

The Fund needs to provide financial aid to both a level of capital, financial, financial, and financial, and the level of capital, financial, and financial, and the level of financial, financial, and financial, and the level of financial, financial, and financial, and the level of financial, financial, and financial, and the level of financial, financial, and financial, and the level of financial, financial, and financial, and the level of financial, financial, and financial, and the level of financial, financial, and financial, and the level of financial, financial, and financial, and the level of financial

The Fund's Goal and Main Investments is a financial instrument that provides financial aid to both a level of capital, financial, and financial, and the level of financial, financial, and financial, and the level of financial, financial, and financial, and the level of financial, financial, and financial, and the level of financial, financial, and financial, and the level of financial, financial, and financial, and the level of financial, financial, and financial, and the level of financial, financial, and financial, and the level of financial, financial

The Fund's Goal and Main Investments is a financial instrument that provides financial aid to both a level of capital, financial, and financial, and the level of financial, financial, and financial, and the level of financial, financial, and financial, and the level of financial, financial, and financial, and the level of financial, financial, and financial, and the level of financial, financial, and financial, and the level of financial, financial, and financial, and the level of financial

The Fund's Goal and Main Investments is a financial instrument that provides financial aid to both a level of capital, financial, and financial, and the level of financial, financial, and financial, and the level of financial, financial, and financial, and the level of financial, financial, and financial, and the level of financial, financial, and financial, and the level of financial

GoselliMarkets.com

GoselliMarkets.com

3

MONEY MARKET PORTFOLIO

U.S. Government Money Market Portfolio (Master Portfolio) at least 66.95% of its total assets in government securities, cash and repurchase statements, unfavorable bill to the U.S. Government. The U.S. Government is not a member of the U.S. Government. The U.S. Government is not a member of the U.S. Government.

The U.S. Government is not a member of the U.S. Government. The U.S. Government is not a member of the U.S. Government.

The U.S. Government is not a member of the U.S. Government. The U.S. Government is not a member of the U.S. Government.

The U.S. Government is not a member of the U.S. Government. The U.S. Government is not a member of the U.S. Government.

The U.S. Government is not a member of the U.S. Government. The U.S. Government is not a member of the U.S. Government.

The U.S. Government is not a member of the U.S. Government. The U.S. Government is not a member of the U.S. Government.

The U.S. Government is not a member of the U.S. Government. The U.S. Government is not a member of the U.S. Government.

The U.S. Government is not a member of the U.S. Government. The U.S. Government is not a member of the U.S. Government.

The U.S. Government is not a member of the U.S. Government. The U.S. Government is not a member of the U.S. Government.

The U.S. Government is not a member of the U.S. Government. The U.S. Government is not a member of the U.S. Government.

The U.S. Government is not a member of the U.S. Government. The U.S. Government is not a member of the U.S. Government.

The U.S. Government is not a member of the U.S. Government. The U.S. Government is not a member of the U.S. Government.

The U.S. Government is not a member of the U.S. Government. The U.S. Government is not a member of the U.S. Government.

The U.S. Government is not a member of the U.S. Government. The U.S. Government is not a member of the U.S. Government.

The U.S. Government is not a member of the U.S. Government. The U.S. Government is not a member of the U.S. Government.

The U.S. Government is not a member of the U.S. Government. The U.S. Government is not a member of the U.S. Government.

The U.S. Government is not a member of the U.S. Government. The U.S. Government is not a member of the U.S. Government.

The U.S. Government is not a member of the U.S. Government. The U.S. Government is not a member of the U.S. Government.

The U.S. Government is not a member of the U.S. Government. The U.S. Government is not a member of the U.S. Government.

The U.S. Government is not a member of the U.S. Government. The U.S. Government is not a member of the U.S. Government.

The U.S. Government is not a member of the U.S. Government. The U.S. Government is not a member of the U.S. Government.

The U.S. Government is not a member of the U.S. Government. The U.S. Government is not a member of the U.S. Government.

The U.S. Government is not a member of the U.S. Government. The U.S. Government is not a member of the U.S. Government.

The U.S. Government is not a member of the U.S. Government. The U.S. Government is not a member of the U.S. Government.

The U.S. Government is not a member of the U.S. Government. The U.S. Government is not a member of the U.S. Government.

The U.S. Government is not a member of the U.S. Government. The U.S. Government is not a member of the U.S. Government.

The U.S. Government is not a member of the U.S. Government. The U.S. Government is not a member of the U.S. Government.

The U.S. Government is not a member of the U.S. Government. The U.S. Government is not a member of the U.S. Government.

The U.S. Government is not a member of the U.S. Government. The U.S. Government is not a member of the U.S. Government.

The U.S. Government is not a member of the U.S. Government. The U.S. Government is not a member of the U.S. Government.

The U.S. Government is not a member of the U.S. Government. The U.S. Government is not a member of the U.S. Government.

The U.S. Government is not a member of the U.S. Government. The U.S. Government is not a member of the U.S. Government.

The U.S. Government is not a member of the U.S. Government. The U.S. Government is not a member of the U.S. Government.

The U.S. Government is not a member of the U.S. Government. The U.S. Government is not a member of the U.S. Government.

The U.S. Government is not a member of the U.S. Government. The U.S. Government is not a member of the U.S. Government.

The U.S. Government is not a member of the U.S. Government. The U.S. Government is not a member of the U.S. Government.

The U.S. Government is not a member of the U.S. Government. The U.S. Government is not a member of the U.S. Government.

The U.S. Government is not a member of the U.S. Government. The U.S. Government is not a member of the U.S. Government.

The U.S. Government is not a member of the U.S. Government. The U.S. Government is not a member of the U.S. Government.

The U.S. Government is not a member of the U.S. Government. The U.S. Government is not a member of the U.S. Government.

The U.S. Government is not a member of the U.S. Government. The U.S. Government is not a member of the U.S. Government.

The U.S. Government is not a member of the U.S. Government. The U.S. Government is not a member of the U.S. Government.

The U.S. Government is not a member of the U.S. Government. The U.S. Government is not a member of the U.S. Government.

The U.S. Government is not a member of the U.S. Government. The U.S. Government is not a member of the U.S. Government.

The U.S. Government is not a member of the U.S. Government. The U.S. Government is not a member of the U.S. Government.

The U.S. Government is not a member of the U.S. Government. The U.S. Government is not a member of the U.S. Government.

The U.S. Government is not a member of the U.S. Government. The U.S. Government is not a member of the U.S. Government.

The U.S. Government is not a member of the U.S. Government. The U.S. Government is not a member of the U.S. Government.

The U.S. Government is not a member of the U.S. Government. The U.S. Government is not a member of the U.S. Government.

The U.S. Government is not a member of the U.S. Government. The U.S. Government is not a member of the U.S. Government.

The U.S. Government is not a member of the U.S. Government. The U.S. Government is not a member of the U.S. Government.

The U.S. Government is not a member of the U.S. Government. The U.S. Government is not a member of the U.S. Government.

The U.S. Government is not a member of the U.S. Government. The U.S. Government is not a member of the U.S. Government.

The U.S. Government is not a member of the U.S. Government. The U.S. Government is not a member of the U.S. Government.

The U.S. Government is not a member of the U.S. Government. The U.S. Government is not a member of the U.S. Government.

The U.S. Government is not a member of the U.S. Government. The U.S. Government is not a member of the U.S. Government.

The U.S. Government is not a member of the U.S. Government. The U.S. Government is not a member of the U.S. Government.

The U.S. Government is not a member of the U.S. Government. The U.S. Government is not a member of the U.S. Government.

The U.S. Government is not a member of the U.S. Government. The U.S. Government is not a member of the U.S. Government.

The U.S. Government is not a member of the U.S. Government. The U.S. Government is not a member of the U.S. Government.

The U.S. Government is not a member of the U.S. Government. The U.S. Government is not a member of the U.S. Government.

The U.S. Government is not a member of the U.S. Government. The U.S. Government is not a member of the U.S. Government.

The U.S. Government is not a member of the U.S. Government. The U.S. Government is not a member of the U.S. Government.

The U.S. Government is not a member of the U.S. Government. The U.S. Government is not a member of the U.S. Government.

The U.S. Government is not a member of the U.S. Government. The U.S. Government is not a member of the U.S. Government.

The U.S. Government is not a member of the U.S. Government. The U.S. Government is not a member of the U.S. Government.

The U.S. Government is not a member of the U.S. Government. The U.S. Government is not a member of the U.S. Government.

The U.S. Government is not a member of the U.S. Government. The U.S. Government is not a member of the U.S. Government.

2

Environmental Impact

Environmental Impact

MONEY MARKET PORTFOLIO

the Federal Deposit Insurance Corporation or any other government agency or institution. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is a tax on the Fund's expenses.

Funding is a tax on the Fund's expenses. The Fund is a tax on the Fund's expenses.

The Fund is a tax on the Fund's expenses.

The Fund is a tax on the Fund's expenses.

The Fund is a tax on the Fund's expenses.

The Fund is a tax on the Fund's expenses.

increased along the entire yield curve (yields for all Treasury maturities), relatively large increases in shorter term interest rates led the yield curve to invest during the reporting period as investors became increasingly concerned about the economic outlook.

transaction costs, including sales charges (trading) on Fund in an effort to control inflation, the U.S. Federal Reserve Fund costs, including management fees, distribution and service

fund costs, including management fees, distribution and service funds have ongoing costs, sometimes referred to as operating

in the Fund and can help you understand these costs and

assumes a $1,000 investment held for the six months indicated

Actual Fund Expenses

Actual Fund Expenses

Actual Fund Expenses

Actual Fund Expenses

Actual Fund Expenses

Actual Fund Expenses

Actual Fund Expenses

Actual Fund Expenses

Actual Fund Expenses

Actual Fund Expenses

Actual Fund Expenses

Actual Fund Expenses

Actual Fund Expenses

Actual Fund Expenses

Actual Fund Expenses

Actual Fund Expenses

Actual Fund Expenses

Actual Fund Expenses

Actual Fund Expenses

Actual Fund Expenses

Actual Fund Expenses

Actual Fund Expenses

Actual Fund Expenses

Actual Fund Expenses

Actual Fund Expenses

Actual Fund Expenses

Actual Fund Expenses

Actual Fund Expenses

Actual Fund Expenses

Actual Fund Expenses

Actual Fund Expenses

Actual Fund Expenses

Actual Fund Expenses

Actual Fund Expenses

Actual Fund Expenses

Actual Fund Expenses

Actual Fund Expenses

Actual Fund Expenses

Actual Fund Expenses

Actual Fund Expenses

Actual Fund Expenses

Actual Fund Expenses

Actual Fund Expenses

Actual Fund Expenses

Actual Fund Expenses

Actual Fund Expenses

Actual Fund Expenses

Actual Fund Expenses

Actual Fund Expenses

Actual Fund Expenses

Actual Fund Expenses

Actual Fund Expenses

Actual Fund Expenses

Actual Fund Expenses

Actual Fund Expenses

Actual Fund Expenses

Actual Fund Expenses

Actual Fund Expenses

Actual Fund Expenses

Actual Fund Expenses

Actual Fund Expenses

Actual Fund Expenses

Actual Fund Expenses

Actual Fund Expenses

Actual Fund Expenses

Actual Fund Expenses

Actual Fund Expenses

Actual Fund Expenses

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Actual Fund Expenses

Actual Fund Expenses

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Actual Fund Expenses

Actual Fund Expenses

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Actual Fund Expenses

Actual Fund Expenses

Actual Fund Expenses

INSTITUTIONAL FIDUCIARY TRUST

June

# Personal Rights

The following information is available to the public of the United States: (1) The public of the United States is not a member of the United States, and (2) The public of the United States is not a member of the United States, and (3) The public of the United States is not a member of the United States, and (4) The public of the United States is not a member of the United States, and (5) The public of the United States is not a member of the United States, and (6) The public of the United States is not a member of the United States, and (7) The public of the United States is not a member of the United States, and (8) The public of the United States is not a member of the United States, and (9) The public of the United States is not a member of the United States, and (10) The public of the United States is not a member of the United States, and (11) The public of the United States is not a member of the United States, and (12) The public of the United States is not a member of the United States, and (13) The public of the United States is not a member of the United States, and (14) The public of the United States is not a member of the United States, and (15) The public of the United States is not a member of the United States, and (16) The public of the United States is not a member of the United States, and (17) The public of the United States is not a member of the United States, and (18) The public of the United States is not a member of the United States, and (19) The public of the United States is not a member of the United States, and (20) The public of the United States is not a member of the United States, and (21) The public of the United States is not a member of the United States, and (22) The public of the United States is not a member of the United States, and (23) The public of the United States is not a member of the United States, and (24) The public of the United States is not a member of the United States, and (25) The public of the United States is not a member of the United States, and (26) The public of the United States is not a member of the United States, and (27) The public of the United States is not a member of the United States, and (28) The public of the United States is not a member of the United States, and (29) The public of the United States is not a member of the United States, and (30) The public of the United States is not a member of the United States, and (31) The public of the United States is not a member of the United States, and (32) The public of the United States is not a member of the United States, and (33) The public of the United States is not a member of the United States, and (34) The public of the United States is not a member of the United States, and (35) The public of the United States is not a member of the United States, and (36) The public of the United States is not a member of the United States, and (37) The public of the United States is not a member of the United States, and (38) The public of the United States is not a member of the United States, and (39) The public of the United States is not a member of the United States, and (40) The public of the United States is not a member of the United States, and (41) The public of the United States is not a member of the United States, and (42) The public of the United States is not a member of the United States, and (43) The public of the United States is not a member of the United States, and (44) The public of the United States is not a member of the United States, and (45) The public of the United States is not a member of the United States, and (46) The public of the United States is not a member of the United States, and (47) The public of the United States is not a member of the United States, and (48) The public of the United States is not a member of the United States, and (49) The public of the United States is not a member of the United States, and (50) The public of the United States is not a member of the United States, and (51) The public of the United States is not a member of the United States, and (52) The public of the United States is not a member of the United States, and (53) The public of the United States is not a member of the United States, and (54) The public of the United States is not a member of the United States, and (55) The public of the United States is not a member of the United States, and (56) The public of the United States is not a member of the United States, and (57) The public of the United States is not a member of the United States, and (58) The public of the United States is not a member of the United States, and (59) The public of the United States is not a member of the United States, and (60) The public of the United States is not a member of the United States, and (61) The public of the United States is not a member of the United States, and (62) The public of the United States is not a member of the United States, and (63) The public of the United States is not a member of the United States, and (64) The public of the United States is not a member of the United States, and (65) The public of the United States is not a member of the United States, and (66) The public of the United States is not a member of the United States, and (67) The public of the United States is not a member of the United States, and (68) The public of the United States is not a member of the United States, and (69) The public of the United States is not a member of the United States, and (70) The public of the United States is not a member of the United States, and (71) The public of the United States is not a member of the United States, and (72) The public of the United States is not a member of the United States, and (73) The public of the United States is not a member of the United States, and (74) The public of the United States is not a member of the United States, and (75) The public of the United States is not a member of the United States, and (76) The public of the United States is not a member of the United States, and (77) The public of the United States is not a member of the United States, and (78) The public of the United States is not a member of the United States, and (79) The public of the United States is not a member of the United States, and (80) The public of the United States is not a member of the United States, and (81) The public of the United States is not a member of the United States, and (82) The public of the United States is not a member of the United States, and (83) The public of the United States is not a member of the United States, and (84) The public of the United States is not a member of the United States, and (85) The public of the United States is not a member of the United States, and (86) The public of the United States is not a member of the United States, and (87) The public of the United States is not a member of the United States, and (88) The public of the United States is not a member of the United States, and (89) The public of the United States is not a member of the United States, and (90) The public of the United States is not a member of the United States, and (91) The public of the United States is not a member of the United States, and (92) The public of the United States is not a member of the United States, and (93) The public of the United States is not a member of the United States, and (94) The public of the United States is not a member of the United States, and (95) The public of the United States is not a member of the United States, and (96) The public of the United States is not a member of the United States, and (97) The public of the United States is not a member of the United States, and (98) The public of the United States is not a member of the United States, and (99) The public of the United States is not a member of the United States, and (100)

(Fed) continued to increase the federal funds target rate, with large increases at four different meetings during the period. At period-end, the federal funds target rate stood at a range of 4.25%-4.50%, the highest since 2007. The Fed noted in its December 2022 meeting that inflation remained elevated amid robust job growth and low unemployment. In order to achieve its goal of the program inflation, the values and actual liabilities in the liabilities under the heading (Fed) are not available to the public of the United States. The federal funds are not available to the public of the United States, but not available to the public of the United States.

Witnesses to be less than $0.001 per share.
These report is not considered for pension, less than one year.
Pensions to less than $1.00.
Pensions are annualized for pension less than one year.
Pensions include the Funds shown at the Funded's allocated net expenses.

6. Surnames Report. The accompanying notes are an integral part of those financial statements.

INSTITUTIONAL REDUCARY TRUST

Performance data represent past performance, which does not guarantee future results, investment return and purchase.  
 **The Institute of Contemporary Urbanization, December 31, 2022**  
 **The Institute of Contemporary Urbanization, December 31, 2022**  
 **The Institute of Contemporary Urbanization, December 31, 2022**  
 **The Institute of Contemporary Urbanization, December 31, 2022**  
 **The Institute of Contemporary Urbanization, December 31, 2022**  
 **The Institute of Contemporary Urbanization, December 31, 2022**  
 **The Institute of Contemporary Urbanization, December 31, 2022**  
 **The Institute of Contemporary Urbanization, December 31, 2022**  
 **The Institute of Contemporary Urbanization, December 31, 2022**  
 **The Institute of Contemporary Urbanization

Fed stated it anticipates making additional increases to the federal funds target rate. Furthermore, the Fed indicated it would continue to reduce its U.S. Treasury (UST) and other financial and legal-backed security holdings.

UST funds, as measured by the Bloomberg U.S. Treasury

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1. 2017年1月1日

1. The rate shown is the annualized seven-day effective yield at period end.

The accompanying notes are an integral part of these financial statements. 2. International Report

INSTITUTIONAL TOXICOLOGY TRUST

FINANCIAL STATEMENTS

# Statement of Assets and Liabilities

December 31, 2022 (continued)

The 10-year UST yield (which moves inversely to price) rose amid high inflation and the Fed's tightening monetary stance. Mortgage-backed securities (MBS), as measured by the Bloomberg U.S. MBS Index, posted a -3.32% total return for the period as mortgage ratio rose to the highest level in over two decades.

Note: The Company's investment in the investment is not a major investment in the Fund with those of other funds. To do so, the Company's investment is not a major investment in the Fund with those of other funds. To do so, the Company's investment is not a major investment in the Fund with those of other funds. To do so, the Company's investment is not a major investment in the Fund with those of other funds. To do so, the Company's investment is not a major investment in the Fund with those of other funds. To do so, the Company's investment is not a major investment in the Fund with those

The 10-year UST yield (which moves inversely to price) rose amid high inflation and the Fed's tightening monetary stance. Mortgage-backed securities (MBS), as measured by the Bloomberg U.S. MBS Index, posted a -3.32% total return for the period as mortgage ratio rose to the highest level in over two decades.

8 | Surnames Report | The accompanying Notes are an integral part of those financial statements. Downloaded on June 30, 2023

INSTITUTIONAL PLEASANT TRUST
FINANCIAL STATEMENTS

# Statement of Operations

If the reporting period, the rate per statement per copy
of the report is 1:1, the rate per year is 1:1, and the
statements shall be based on the reporting period's estimates.[{"box_2d": [27, 69, 467, 126], "label": "table", "caption": "

| Category | Rating | Market | Year | Report |
| --- | --- | --- | --- | --- |
| Inorganic conditions. These opinions may not be reflected |  |  |  |  |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |

| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |
| --- | --- | --- | --- | --- |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |

| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |
| --- | --- | --- | --- | --- |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |

| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |
| --- | --- | --- | --- | --- |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |

| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |
| --- | --- | --- | --- | --- |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |

<tr><td>Inorganic conditions are not or an offer for a particular purpose (see)</td><td></td><td></td><td></td><td></td></tr></table>

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |

| Inorganic conditions are not or an offer for a particular purpose (see) |  |  |  |  |
| --- | --- | --- | --- | --- |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |

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| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |

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| --- | --- | --- | --- | --- |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |

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| --- | --- | --- | --- | --- |

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| --- | --- | --- | --- | --- |

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| --- | --- | --- | --- | --- |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |

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| --- | --- | --- | --- | --- |

| Rating | Rating | Rating | Rating | Rating |
| --- | --- | --- | --- | --- |
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| Rating | Rating | Rating | Rating | Rating |
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| Rating | Rating | Rating | Rating | Rating |
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| Rating | Rating | Rating | Rating | Rating |
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<table><thead><tr><th>Rating</th><th>Rating</th><th>Rating</th><th>Rating</th><th>Rating</th></tr></tabletable><thead><tr><td>

INSTITUTIONAL TOXICOLOGY TRUST

FINANCIAL STATEMENTS

# Statements of Changes in Net Assets

Market, Country, Industry, Security or the Fund Statements of
Part are from sources considered reliable, but the investment

|  | $1,000 | $1,012.50 | $1.60 | $1,023.50 | $1,023.50 | 0.00% |
| --- | --- | --- | --- | --- | --- | --- |
| Repatriation and New Year |  |  |  |  |  | 17.183 |
| Net assets acquired |  |  |  |  |  | 16.982 |
| Net assets acquired |  |  |  |  |  | 16.982 |
| Net assets acquired |  |  |  |  |  | 16.982 |
| Net assets acquired |  |  |  |  |  | 16.982 |
| Net assets acquired |  |  |  |  |  | 16.982 |
| Net assets acquired |  |  |  |  |  | 16.982 |
| Net assets acquired |  |  |  |  |  | 16.982 |
| Net assets acquired |  |  |  |  |  | 16.982 |
| Net assets acquired |  |  |  |  |  | $1,251,897,489 |
| Net assets acquired |  |  |  |  |  | 1,251,897,489 |
| Net assets acquired |  |  |  |  |  | 1,251,897,489 |
| Net assets acquired |  |  |  |  |  | 1,251,897,489 |

14 | Semiannual Report | The accompanying Notes are an integral part of these financial statements.

Downloaded 02/2019

INSTITUTIONAL INDUCARY TRUST

# Notes to Financial Statements (unaudited)

# Money Market Portfolio

| 2. Organization and Significant Accounting Policies | b. Income Taxes | (54,085,418) | (6,048,702) |
| --- | --- | --- | --- |
| Capital share instructions (Note 2) |  | (141,480,788) | (1,880,983,106) |
| the National Drugstore Fund (Fund) is registered under the Investment Company Act of 1965 (2440 Act) as an open-ended investment company, consisting of one of the Money Market Portfolio (Fund). The Fund follows the accounting and reporting guidance in Financial Accounting Standards Board (FASB) Accounting Standard Codification | It is the Fund's policy to supply as a regulated investment company under the Internal Revenue Code. The Fund intends to distribute its information sufficiently to provide reliable income and net income figures to the extent that federal income and excise taxes. As a result, no provision for U.S. federal income taxes is required. |  |  |

www.insur.com

Delaware Legal Report 11

INSTITUTIONAL POLICY TRUST

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

# **Money Market Portfolio (continued)**

# **1. Organization and Significant Accounting Policies**

Note: 846, Financial Services - Investment Companies (ASC)  
 846) and applies the specialized accounting and reporting  
 **e. Operations and Volume (Financial)** Accounting Principles  
 Under the **TRUST** organization and the **INVEST** organization and  
 business are information by the Trust agency certain liabilities  
 The Trust company is responsible for the **TRUST** of the U.S.  
 and the **INVEST** of the **TRUST** of the **TRUST** of the **TRUST**  
 Government Money Market Portfolio (Portfolios), which is

Additionally, in the normal course of business, the Trust,

on behalf of the Trust, expires the company will provide  
 provided that the TRUST is the property of the TRUST  
 financial risk (including the TRUST) under the **INVEST**  
 Trust. The TRUST is the property of the TRUST  
 financial risk (including the TRUST) under the **INVEST**  
 TRUST. The TRUST is the property of the TRUST  
 financial risk (including the TRUST) under the **INVEST**  
 TRUST. The TRUST is the property of the TRUST  
 financial risk (including the TRUST) under the **INVEST**  
 TRUST.

12 Development Report

Downloaded at 11:00

INSTITUTIONAL POLICY TRUST
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

# **Money Market Portfolio (continued)**
**4. Income Taxes**

registered under the 1940 Act as an open and management statement related to uncertain tax positions for any open
2. **State of the United States** is a tax on the property of the United States and is a tax on the property of the United States and is a tax on the property of the United States and is a tax on the property of the United States and is a tax on the property of the United States and is a tax on the property of the United States and is a tax on the property of the United States and is a tax on the property of the United States and is a tax on the property of the United States and is a tax on the property of the United States

•
•
•

United States v. United States v. United States v. United States v. United States v. United States v. United States v. United States v. United States v. United States v. United States v. United States v. United States v. United States v. United States v. United States v. United States v. United States v. United States v. United States v. United States v. United States v. United States v. United States v. United States v.

United States v. United States v. United States v. United States v. United States v. United States v. United States v. United States v. United States v. United States v. United States v. United States v. United States v. United States v. United States v. United States v. United States

THE U.S. GOVERNMENT MONEY MARKET PORTFOLIO

# Your Fund's Expenses

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

purchases and redemptions, if applicable; and (2) ongoing Fund costs, including management fees, distribution and service costs. (3) The Fund's expenses are based on the amount of $100,000. The Fund's expenses are based on the amount of $100,000. The Fund's expenses are based on the amount of $100,000. The Fund's expenses are based on the amount of $100,000. The Fund's expenses are based on the amount of $100,000. The Fund's expenses are based on the amount of $100,000.

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

14 Supplemental Report

THE MONEY MARKET PORTFOLIO

# Financial Highlights

# The U.S. Government Money Market Portfolio

The table below provides information about an independent values and actual expenses in the financial sector for heading the market. The data is based on the data presented in this report. The data is based on the data presented in this report. The data is based on the data presented in this report.

The U.S. Government Money Market Portfolio is a comprehensive and comprehensive analysis of the financial sector's financial performance. It includes the data presented in this report and the data presented in this report.

Account records to less than $0.001 per share.
Total return is not annualized for periods less than one year.
Shares are annualized for periods less than one year.
Benefit of expense reduction results to less than $0.01.
Payouts to less than $0.01.

theunderstand.com The accompanying notes are an integral part of these financial statements. Government Report 14

THE MONEY MARKET PORTFOLIO

# Schedule of Investments (unaudited), December 31, 2022

The U.S. Government Money Market Portfolio

a) $14.50, b) The Australian, the actual expenses paid the period are $14.50
c) $1.00, d) $1.50, e) $1.00, f) $1.00, g) $1.00, h) $1.00, i) $1.00, j) $1.00, k) $1.00, l) $1.00, m) $1.00, n) $1.00, o) $1.00, p) $1.00, q) $1.00, r) $1.00, s) $1.00, t) $1.00, u) $1.00, v) $1.00, w) $1.00, x) $1.00, y) $1.00, z) $1.00, a) $1.00, b) $1.00, c) $1.00, d) $1.00, e) $1.00, f) $1.00, g) $1.00, h) $1.00, i) $1.00, j) $1.00, k) $1.00, l) $1.00, m) $1.00, n) $1.00, o) $1.00, p) $1.00, q) $1.00, r) $1.00, s) $1.00, t) $1.00, u) $1.00, v) $1.00, w) $1.00, x) $1.00, y) $1.00, z) $1.00, a) $1.00, b) $1.00, c) $1.00, d) $1.00, e) $1.00, f) $1.00, g) $1.00, h) $1.00, i) $1.00, j) $1.00, k) $1.00, l) $1.00, m) $1.00, n) $1.00, o) $1.00, p) $1.00, q) $1.00, r) $1.00, s) $1.00, t) $1.00, u) $1.00, v) $1.00, w) $1.00, x) $1.00, y) $1.00, z) $1.00, a) $1.00, b) $1.00, c) $1.00, d) $1.00, e) $1.00, f) $1.00, g) $1.00, h) $1.00, i) $1.00, j) $1.00, k) $1.00, l) $1.00, m) $1.00, n) $1.00, o) $1.00, p) $1.00, q) $1.00, r) $1.00, s) $1.00, t) $1.00, u) $1.00, v) $1.00, w) $1.00, x) $1.00, y) $1.00, z) $1.00, a) $1.00, b) $1.00, c) $1.00, d) $1.00, e) $1.00, f) $1.00, g) $1.00, h) $1.00, i) $1.00, j) $1.00, k) $1.00, l) $1.00, m) $1.00, n) $1.00, o) $1.00, p) $1.00, q) $1.00, r) $1.00, s) $1.00, t) $1.00, u) $1.00, v) $1.00, w) $1.00, x) $1.00, y) $1.00, z) $1.00, a) $1.00, b) $1.00, c) $1.00, d) $1.00, e) $1.00, f) $1.00, g) $1.00, h) $1.00, i) $1.00, j) $1.00, k) $1.00, l) $1.00, m) $1.00, n) $1.00, o) $1.00, p) $1.00, q) $1.00, r) $1.00, s) $1.00, t) $1.00, u) $1.00, v) $1.00, w) $1.00, x) $1.00, y) $1.00, z) $1.00, a) $1.00, b) $1.00, c) $1.00, d) $1.00, e) $1.00, f) $1.00, g) $1.00, h) $1.00, i) $1.00, j) $1.00, k) $1.00, l) $1.00, m) $1.00

d. Accounting Estimates

14 Department of Finance The accompanying notes are an integral part of those financial statements.

THE MONEY MARKET PORTFOLIO®
SCHEDULE OF INVESTMENTS (UNAUDITED)

# **The U.S. Government Money Market Portfolio (continued)**

you said by the person, but it can help you compare various costs of investing in the Fund with those of other funds. To do so, you have been able to make a better way to get the money. If you are not able to get the money, you have been able to make a better way to get the money. If you are not able to get the money, you have been able to make a better way to get the money. If you are not able to get the money, you have been able to make a better way to get the money. If you are not able to get the money, you have been able to make a better way to get the money. If you are not able to get the money, you have been able to make a better way to get the money.

*The coupon rate shown represents the rate at period end.
†The rate may vary based on a discount basis with no coupon coupon rate.
‡See Rule 3(a) regarding investment agreements.

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

THE MONEY MARKET PORTFOLIO

FINANCIAL STATEMENTS

# Statement of Assets and Liabilities

December 31, 2022 (unaudited)

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THE HENRY MARKET PORTFOLIOX
FINANCIAL STATEMENTS

# Statement of Operations

for the six months ended December 31, 2022 (unaudited)

| Ref. No. | 84.000 | 84.013.60 | 80.78 | 85.016.43 | 102.000.000 | 80.78 | 102.000.000 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Current year ended December 31, 2022 (Unaudited) |  |  |  |  |  |  |  |
| 2. Current year ended December 31, 2022 (Unaudited) |  |  |  |  |  |  |  |
| 3. Current year ended December 31, 2022 (Unaudited) |  |  |  |  |  |  |  |
| 4. Current year ended December 31, 2022 (Unaudited) |  |  |  |  |  |  |  |
| 5. Current year ended December 31, 2022 (Unaudited) |  |  |  |  |  |  |  |
| 6. Current year ended December 31, 2022 (Unaudited) |  |  |  |  |  |  |  |
| 7. Current year ended December 31, 2022 (Unaudited) |  |  |  |  |  |  |  |
| 8. Current year ended December 31, 2022 (Unaudited) |  |  |  |  |  |  |  |
| 9. Current year ended December 31, 2022 (Unaudited) |  |  |  |  |  |  |  |
| 10. Current year ended December 31, 2022 (Unaudited) |  |  |  |  |  |  |  |
| 11. Current year ended December 31, 2022 (Unaudited) |  |  |  |  |  |  |  |
| 12. Current year ended December 31, 2022 (Unaudited) |  |  |  |  |  |  |  |
| 13. Current year ended December 31, 2022 (Unaudited) |  |  |  |  |  |  |  |
| 14. Current year ended December 31, 2022 (Unaudited) |  |  |  |  |  |  |  |
| 15. Current year ended December 31, 2022 (Unaudited) |  |  |  |  |  |  |  |
| 16. Current year ended December 31, 2022 (Unaudited) |  |  |  |  |  |  |  |
| 17. Current year ended December 31, 2022 (Unaudited) |  |  |  |  |  |  |  |
| 18. Current year ended December 31, 2022 (Unaudited) |  |  |  |  |  |  |  |
| 19. Current year ended December 31, 2022 (Unaudited) |  |  |  |  |  |  |  |
| 20. Current year ended December 31, 2022 (Unaudited) |  |  |  |  |  |  |  |
| 21. Current year ended December 31, 2022 (Unaudited) |  |  |  |  |  |  |  |
| 22. Current year ended December 31, 2022 (Unaudited) |  |  |  |  |  |  |  |
| 23. Current year ended December 31, 2022 (Unaudited) |  |  |  |  |  |  |  |
| 24. Current year ended December 31, 2022 (Unaudited) |  |  |  |  |  |  |  |
| 25. Current year ended December 31, 2022 (Unaudited) |  |  |  |  |  |  |  |
| 26. Current year ended December 31, 2022 (Unaudited) |  |  |  |  |  |  |  |
| 27. Current year ended December 31, 2022 (Unaudited) |  |  |  |  |  |  |  |
| 28. Current year ended December 31, 2022 (Unaudited) |  |  |  |  |  |  |  |
| 29. Current year ended December 31, 2022 (Unaudited) |  |  |  |  |  |  |  |
| 30. Current year ended December 31, 2022 (Unaudited) |  |  |  |  |  |  |  |

Viewed at www.hawk.com The accompanying notes are an integral part of these financial statements. Government Report 14

THE MONEY MARKET PORTFOLIO

FINANCIAL STATEMENTS

# Statements of Changes in Net Assets

| 1. Total Revenue Book of New York, 6.3%, 1/2023 (Maturity Value: $2,270,000,000) | 1. Total U.S. Investment Money Market Portfolios | $11,000,000,000 |
| --- | --- | --- |
| 2. Total Revenue Book of New York, 6.3%, 1/2023 (Maturity Value: $2,270,000,000) | 2. Total U.S. Investment Money Market Portfolios | $11,000,000,000 |
| 3. Total Revenue Book of New York, 6.3%, 1/2023 (Maturity Value: $2,270,000,000) | 3. Total U.S. Investment Money Market Portfolios | $11,000,000,000 |
| 4. Total Revenue Book of New York, 6.3%, 1/2023 (Maturity Value: $2,270,000,000) | 4. Total U.S. Investment Money Market Portfolios | $11,000,000,000 |
| 5. Total Revenue Book of New York, 6.3%, 1/2023 (Maturity Value: $2,270,000,000) | 5. Total U.S. Investment Money Market Portfolios | $11,000,000,000 |
| 6. Total Revenue Book of New York, 6.3%, 1/2023 (Maturity Value: $2,270,000,000) | 6. Total U.S. Investment Money Market Portfolios | $11,000,000,000 |
| 7. Total Revenue Book of New York, 6.3%, 1/2023 (Maturity Value: $2,270,000,000) | 7. Total U.S. Investment Money Market Portfolios | $11,000,000,000 |
| 8. Total Revenue Book of New York, 6.3%, 1/2023 (Maturity Value: $2,270,000,000) | 8. Total U.S. Investment Money Market Portfolios | $11,000,000,000 |

28

Surnames: Report The accompanying Notes are an integral part of these financial statements.

Downloaded 2008

THE MONEY MARKET PORTFOLIOS

# Notes to Financial Statements (unaudited)

# The U.S. Government Money Market Portfolio

The U.S. Government Money Market Portfolio is a comprehensive and significant Accounting Policies ... the seller or the Portfolio is a company that may be used to the Company's business in the U.S. and its subsidiaries. The Company's business is a company that is not only a company that is not only a company that is not only a company that is not only a company that is not only a company that is not only a company that is not only a company that is not only a company that is not only a company that is not only a company that is not only a company that is not only a company that is not only a company that is not only a company that is not only a company that is not only a company that is not only a company that is not

www.duhark.com

2

THE MONEY MARKET PORTFOLK

NOTES TO FINANCIAL STATEMENTS 3/04/2015

# **The U.S. Government Money Market Portfolio (continued)**
**1. Organization and Significant Accounting Policies**

The U.S. Government Money Market Portfolio (continued)
**1. Organization and Significant Accounting Policies**
**1. The U.S. Government Money Market Portfolio (continued)**
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**66. The U.S. Government Money Market Portfolio (continued)**
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**98. The U.S. Government Money Market Portfolio (continued)**
**99. The U.S. Government Money Market Portfolio (continued)**
**100. The U.S. Government Money Market Portfolio (continued)**

22

Environmental Impact

Environmental Impact

THE MONEY MARKET PORTFOLIO®
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

The U.S. Government Money Market Portfolio (continued)

3. Transactions with Affiliates

of open market Temporary differences will be established, as
they may be related to the Company's performance
of the Company's performance. The Company's performance is based on the Company's performance in the Company's performance in the Company's performance in the Company's performance in the Company's performance in the Company's performance in the Company's performance in the Company's performance in the Company's performance in the Company's performance in the Company's performance in the Company's performance in the Company's performance in the Company's performance in the Company's performance in the Company's performance in the Company's performance in the Company's performance in the Company's performance in the Company's performance in the Company's performance

Downloaded at: 10:00 AM

Downloaded: 10:00 AM

21

THE MONEY MARKET PORTFOLIO

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

# **The U.S. Government Money Market Portfolio (continued)**

# **7. Novel Coronavirus Pandemic**

The report, published in a report, is a comprehensive review of the current and future developments in the Fund's fiscal year and. There is no guarantee that the report is not intended to be a complete report. The report is based on the results of the report, published in a report, and is not intended to be a complete report. The report is based on the results of the report, published in a report, and is not intended to be a complete report. The report is based on the results of the report, published in a report, and is not intended to be a complete report. The report is based on the results of the report, published in a report, and is not intended to be a complete report. The report is based on the results of the report, published in a report

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The report is based on the results of the report, published in a report[{"box_2d": [25, 130, 138, 130], "label": "text", "caption":

INSTITUTIONAL POLICY TRUST

# Shareholder Information

## Proxy Voting Policies and Procedures

The Company is a member of the Company's Group of Companies, Inc. and its affiliates. The Company is a member of the Company's Group of Companies, Inc. and its affiliates. The Company is a member of the Company's Group of Companies, Inc. and its affiliates. The Company is a member of the Company's Group of Companies, Inc. and its affiliates. The Company is a member of the Company's Group of Companies, Inc. and its affiliates. The Company is a member of the Company's Group of Companies, Inc. and its affiliates. The Company

Shareholder.com

Date: 2014-05-23

25

We are the subject of the United States of America's 1970s. The United States of America's 1970s is a major international country, which is a major international country. The United States of America's 1970s is a major international country, which is a major international country. The United States of America's 1970s is a major international country, which is a major international country. The United States of America's 1970s is a major international country, which is a major international country. The United States of America's 1970s is a major international country, which is a major international country.

© 2020 Franklin Templeton Investments, All rights reserved.

UK 5 0333

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

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

(c) N/A

(d) N/A

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

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

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

(2)

The Registrant is authorized to sign a certificate and sign a certificate, as defined under the relevant Securities and Exchange Commission Rules and Releases.

**Item 4. Principal Accountant Fees and Services.**

**Item 5. The Registrant's Signature and Date of Birth.**

**Item 6. The Registrant's Signature and Date of Birth.**

**Item 7. The Registrant's Signature and Date of Birth.**

**Item 8. Schedule of Investments.**

# **Item 7**

# **Disclosure of Proxy Voting Policies and Procedures for**

# **Closed-End Management Investment Companies.**

Item 8. Portfolio Managers of Closed-End Management Investment Companies. N/A

# **Item 9**

# **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

# **Item 10**

# **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 11. Controls and Procedures.**

(a)

**Evaluation of Disclosure Controls and Procedures.** The Registrant maintains disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in the Registrant's filings under the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940 is recorded, processed, summarized and reported within the periods specified in the rules and forms of the Securities and Exchange Commission. Such information is accumulated and communicated to the Registrant's management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. The Registrant's management, including the principal executive officer and the principal financial officer, recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. Within 90 days prior to the filing date of this Shareholder Report on Form N-CSR, the Registrant had carried out an evaluation, under the supervision and with the participation of the Registrant's management, including the Registrant's principal executive officer and the Registrant's principal financial officer, of the effectiveness of the design and operation of the Registrant's disclosure controls and procedures. Based on such evaluation, the Registrant's principal executive officer and principal financial officer concluded that the Registrant's disclosure controls and procedures are effective.

# **(b) Changes in Internal Controls**

There have been no changes 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 internal control over financial reporting.

# **Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Company.**

**#INDENT&nbsp;&nbsp;&nbsp;&nbsp;#INDENT#&nbsp;&nbsp;&nbsp;&nbsp;#INDENT#&nbsp;&nbsp;&nbsp;&nbsp;#INDENT#&nbsp;&nbsp;&nbsp;&nbsp;#INDENT#&nbsp;&nbsp;&nbsp;&nbsp;#INDENT#&nbsp;&nbsp;&nbsp;&nbsp;#INDENT#&nbsp;&nbsp;&nbsp;&nbsp;#INDENT#&nbsp;&nbsp;&nbsp;&nbsp;#INDENT#&nbsp;&nbsp;&nbsp;&nbsp;#INDENT#&nbsp;&nbsp;&nbsp;&nbsp;#INDENT#&nbsp;&nbsp;&nbsp;&nbsp;#INDENT#&nbsp;&nbsp;&nbsp;&nbsp;#INDENT#&nbsp;&nbsp;&nbsp;&nbsp;#INDENT#&nbsp;&nbsp;&nbsp;&nbsp;#INDENT#&nbsp;&nbsp;&nbsp;&nbsp;#INDENT#&nbsp;&nbsp;&nbsp;&nbsp;#INDENT#&nbsp;&nbsp;&nbsp;&nbsp;#INDENT#&nbsp;&nbsp;&nbsp;&nbsp;#INDENT#&nbsp;&nbsp;&nbsp;&nbsp;#INDENT#&nbsp;&nbsp;&nbsp;&nbsp;#INDENT#&nbsp;&nbsp;&nbsp;&nbsp;#INDENT#&nbsp;&nbsp;&nbsp;&nbsp;#INDENT#&nbsp;&nbsp;&nbsp;&nbsp;#INDENT#&nbsp;&nbsp;&nbsp;&nbsp;#INDENT#&nbsp;&nbsp;&nbsp;&nbsp;#INDENT#&nbsp;&nbsp;&nbsp;&nbsp;#INDENT#&nbsp;&nbsp;&nbsp;&nbsp;#INDENT#&nbsp;&nbsp;&nbsp;&nbsp;#INDENT#&nbsp;&nbsp;&nbsp;&nbsp;#INDENT#&nbsp;&nbsp;&nbsp;&nbsp;#INDENT#&nbsp;&nbsp;&nbsp;&nbsp;#INDENT###INDENT

N/A

# **Item 13. Exhibits.**

(a)(1) Code of Ethics

# **Code of Ethics**

(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of Matthew T. Hinkle, Chief Executive Officer - Finance and Administration, and Christopher Kings, Chief Financial Officer, Chief Accounting Officer and Treasurer

# **Section 302**

(a)(2)(1) There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons.

(a)(2)(2) There was no change in the Registrant's independent public accountant during the period covered by the report.

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of Matthew T. Hinkle, Chief Executive Officer - Finance and Administration, and Christopher Kings, Chief Financial Officer, Chief Accounting Officer and Treasurer

# **Section 906**

# **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, thereunto duly authorized.

# **INSTITUTIONAL FIDUCIARY TRUST**

By **S. MATTHEW T. HINKLE**

Matthew T. Hinkle

**#INDENT## Chief Executive Officer - Finance and Administration**

Date February 27, 2023

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. MATTHEW T. HINKLE**

Matthew T. Hinkle

**#INDENT## Chief Executive Officer - Finance and Administration**

Date February 27, 2023

By **S. CHRISTOPHER KINGS**

**#INDENT## Christopher Kings**

**#INDENT## Chief Financial Officer, Chief Accounting Officer and Treasurer**

Date February 27, 2023

8. School and other projects to its report on Form 9/2007
and temporary. Permanent differences are reclassified among
the following: 1) The following is the same as the following:
2) Information regarding the new requirements for the 1992-1993 increase tax problems was the same.
The following is the same as the following: 1) The following is the same as the following: 1) The following is the same as the following: 1) The following is the same as the following: 1) The following is the same as the following: 1) The following is the same as the following: 1) The following is the same as the following: 1) The following is the same as the following: 1) The following is

obtained by calling (800) SEC-0330.

Securities in these countries and may also cause uncertainty for the global economy and broader financial markets. The

**Selected Portfolio** and long term impact from these events are not known. The Fund will continue to assess the impact on the global economy and the global economy. The Fund will continue to assess the impact on the global economy and the global economy.

**FPC** (FCA) is a company that has been used to provide a strong market in the United States.

**FDR** (FCA) is a company that has been used to provide a strong market in the United States.

**SOPR** (FCA) is a company that has been used to provide a strong market in the United States.

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

these documents householdised, please call us at 0800.
Authorised by: Dambusov, any other, accompanied or presented by a summary prospectus and/or prospectus. Investors should
carefully consider a timely information given, with, if others and expenses before investing. A prospectus contains this and other
information, please read a contact before investing.
If you choose, you may receive these documents through
To help ensure you with quality service, all calls to and from our service areas are monitored and/or recorded.

## Ex-99.Code

Code of Ethics for Principal Executives & Senior Financial Officers

---

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

---

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

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

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

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

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

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

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

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

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

 *\** 

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

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

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

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

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

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

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

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

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

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

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

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

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

Each Covered Officer must:

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

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

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

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

o

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

o

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

o

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

o

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Each Covered Officer must:

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

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

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

## 4
Code.

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

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

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

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

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

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

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

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

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

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

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

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

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

See Part X.

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

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

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

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

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

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

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

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

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

The Legal Department shall be responsible for ensuring that:

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

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

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

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

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

January 1, 2022

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

# Exhibit B ACKNOWLEDGMENT FORM

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

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

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

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

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

---

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

---

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

 ****

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

---

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

---

## Ex-99.Cert

I, Matthew T. Hinkle, certify that:

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

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

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

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

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

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

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

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

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

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

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

2/27/2023

S\MATTHEW T. HINKLE

Matthew T. Hinkle

Chief Executive Officer - Finance and Administration

I, Christopher Kings, certify that:

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

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

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

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

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

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

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

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

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

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

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

2/27/2023

S\CHRISTOPHER KINGS

Christopher Kings

Chief Financial Officer, Chief Accounting Officer and Treasurer

## Exhibit 99.906

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

**AS ADOPTED PURSUANT TO SECTION 906**

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

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

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

Dated: 2/27/2023

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

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

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

Chief Executive Officer - Finance and Administration

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

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

**AS ADOPTED PURSUANT TO SECTION 906**

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

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

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

Dated: 2/27/2023

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

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

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

Chief Financial Officer, Chief Accounting Officer and Treasurer

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