# EDGAR Filing Document

**Accession Number:** 0000038778
**File Stem:** 0001133228-25-009027
**Filing Date:** 2025-8
**Character Count:** 183641
**Document Hash:** 69e0ff0446ccab6c4ccf2e09cd219ead
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-009027.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0001133228-25-009027

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 30

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250827

**DATE AS OF CHANGE**: 20250827

**EFFECTIVENESS DATE**: 20250827

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FRANKLIN U.S. GOVERNMENT MONEY FUND
- **CENTRAL INDEX KEY:** 0000038778

**ORGANIZATION NAME:**
- **EIN:** 942312649
- **STATE OF INCORPORATION:** FL
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02605
- **FILM NUMBER:** 251264495

**BUSINESS ADDRESS:**
- **STREET 1:** ONE FRANKLIN PARKWAY
- **CITY:** SAN MATEO
- **STATE:** CA
- **ZIP:** 94403-1906
- **BUSINESS PHONE:** 650-570-3000

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FRANKLIN MONEY FUND
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FRANKLIN RESOURCES LIQUID ASSETS FUND
- **DATE OF NAME CHANGE:** 19800402

## Series and Classes Contracts Data

### FRANKLIN U.S. GOVERNMENT MONEY FUND (Series ID: S000006859)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000018536 | Class A      | FMFXX           |
| C000128781 | Class R6     | FRRXX           |
| C000213872 | Class C      | FTQXX           |
| C000213873 | Class R      | FRQXX           |
| C000253579 | Class P1     |  |

?xml version='1.0' encoding='ASCII'? 2025-07-1774200000700_FranklinUSGovernmentMoneyFund_ClassA_TSRAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number **811-02605**

**Franklin U.S. Government Money Fund**

(Exact name of registrant as specified in charter)

**One Franklin Parkway, San Mateo, CA 94403-1906**

(Address of principal executive offices) (Zip code)

Alison Baur

Franklin Templeton

One Franklin Parkway

San Mateo, CA 94403-1906

(Name and address of agent for service)

Registrant's telephone number, including area code: **(650) 312-2000**

Date of fiscal year end: **June 30**

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

ITEM 1. REPORT TO STOCKHOLDERS

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

---

| | |
|:---|:---|
| **Franklin U.S. Government Money Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FMFXX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin U.S. Government Money Fund for the period July 1, 2024, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment** |
| Class A<sup>1</sup>  | $50 | 0.49% |

---

1 The expense table reflects the expenses of both the feeder Fund and the master Fund.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

As of June 30, 2025, the seven-day current yield for Class A shares of the Franklin U.S. Government Money Fund was 3.96% and the seven-day effective yield was 4.04%. The seven-day current yield represents net interest income generated by the Fund's investments for the past seven days and assumes income is generated each week over a 365-day period. The seven-day effective yield assumes reinvestment of the coupon (interest payments) and will typically be slightly higher than the current yield because of the compounding effect on investment returns.

The Fund's performance was mainly driven by the high levels of income provided by short-term interest rates. There were no significant credit events that would have impacted on the Fund's returns.

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.**

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/money-market-funds.

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

---

| | |
|:---|:---|
| **Total Net Assets** | $5252010484 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 93 |
| **Total Administrative Fee Paid** | $14888104 |

---

\* Reflects holdings of The U.S. Government Money Market Portfolio.

Franklin U.S. Government Money Fund PAGE 1 111-ATSR-0825

------

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

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

![image](ts4339img003.jpg)

\* Reflects holdings of The U.S. Government Money Market Portfolio.

---

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

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, 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 shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin U.S. Government Money Fund PAGE 2 111-ATSR-0825

75.524.5 ------

---

| | |
|:---|:---|
| **Franklin U.S. Government Money Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FTQXX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin U.S. Government Money Fund for the period July 1, 2024, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment** |
| Class C<sup>1</sup>  | $116 | 1.14% |

---

1 The expense table reflects the expenses of both the feeder Fund and the master Fund.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

As of June 30, 2025, the seven-day current yield for Class C shares of the Franklin U.S. Government Money Fund was 3.34% and the seven-day effective yield was 3.39%. The seven-day current yield represents net interest income generated by the Fund's investments for the past seven days and assumes income is generated each week over a 365-day period. The seven-day effective yield assumes reinvestment of the coupon (interest payments) and will typically be slightly higher than the current yield because of the compounding effect on investment returns.

The Fund's performance was mainly driven by the high levels of income provided by short-term interest rates. There were no significant credit events that would have impacted on the Fund's returns.

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.**

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/money-market-funds.

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

---

| | |
|:---|:---|
| **Total Net Assets** | $5252010484 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 93 |
| **Total Administrative Fee Paid** | $14888104 |

---

\* Reflects holdings of The U.S. Government Money Market Portfolio.

Franklin U.S. Government Money Fund PAGE 1 2111-ATSR-0825

------

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

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

![image](ts4340img003.jpg)

\* Reflects holdings of The U.S. Government Money Market Portfolio.

---

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

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, 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 shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin U.S. Government Money Fund PAGE 2 2111-ATSR-0825

75.524.5 ------

---

| | |
|:---|:---|
| **Franklin U.S. Government Money Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [FRQXX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin U.S. Government Money Fund for the period July 1, 2024, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment** |
| Class R<sup>1</sup>  | $101 | 0.99% |

---

1 The expense table reflects the expenses of both the feeder Fund and the master Fund.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

As of June 30, 2025, the seven-day current yield for Class R shares of the Franklin U.S. Government Money Fund was 3.48% and the seven-day effective yield was 3.54%. The seven-day current yield represents net interest income generated by the Fund's investments for the past seven days and assumes income is generated each week over a 365-day period. The seven-day effective yield assumes reinvestment of the coupon (interest payments) and will typically be slightly higher than the current yield because of the compounding effect on investment returns.

The Fund's performance was mainly driven by the high levels of income provided by short-term interest rates. There were no significant credit events that would have impacted on the Fund's returns.

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.**

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/money-market-funds.

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

---

| | |
|:---|:---|
| **Total Net Assets** | $5252010484 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 93 |
| **Total Administrative Fee Paid** | $14888104 |

---

\* Reflects holdings of The U.S. Government Money Market Portfolio.

Franklin U.S. Government Money Fund PAGE 1 8111-ATSR-0825

------

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

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

![image](ts4341img003.jpg)

\* Reflects holdings of The U.S. Government Money Market Portfolio.

---

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

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, 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 shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin U.S. Government Money Fund PAGE 2 8111-ATSR-0825

75.524.5 ------

---

| | |
|:---|:---|
| **Franklin U.S. Government Money Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FRRXX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin U.S. Government Money Fund for the period July 1, 2024, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R6<sup>1</sup>  | $48 | 0.47% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. Additional amounts may be voluntarily waived and/or reimbursed from time to time.

1 The expense table reflects the expenses of both the feeder Fund and the master Fund.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

As of June 30, 2025, the seven-day current yield for Class R6 shares of the Franklin U.S. Government Money Fund was 3.82% and the seven-day effective yield was 3.89%. The seven-day current yield represents net interest income generated by the Fund's investments for the past seven days and assumes income is generated each week over a 365-day period. The seven-day effective yield assumes reinvestment of the coupon (interest payments) and will typically be slightly higher than the current yield because of the compounding effect on investment returns.

The Fund's performance was mainly driven by the high levels of income provided by short-term interest rates. There were no significant credit events that would have impacted on the Fund's returns.

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.**

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/money-market-funds.

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

---

| | |
|:---|:---|
| **Total Net Assets** | $5252010484 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 93 |
| **Total Administrative Fee Paid** | $14888104 |

---

\* Reflects holdings of The U.S. Government Money Market Portfolio.

Franklin U.S. Government Money Fund PAGE 1 333-ATSR-0825

------

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

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

![image](ts4336img003.jpg)

\* Reflects holdings of The U.S. Government Money Market Portfolio.

---

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

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, 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 shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin U.S. Government Money Fund PAGE 2 333-ATSR-0825

75.524.5 ------

---

| | |
|:---|:---|
| **Franklin U.S. Government Money Fund**  | ![image](img2199_202405220716489.jpg) |
| Class P1 [FVTXX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin U.S. Government Money Fund for the period September 4, 2024, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment** |
| Class P1<sup>1,</sup><sup>2</sup>  | $49 | 0.59% |

---

1 The expense table reflects the expenses of both the feeder Fund and the master Fund.

---

| | |
|:---|:---|
| 2 | Amounts are for the period September 4, 2024 through June 30, 2025. Expenses for the full reporting period would have been higher. |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

As of June 30, 2025, the seven-day current yield for Class P1 shares of the Franklin U.S. Government Money Fund was 3.72% and the seven-day effective yield was 3.79%. The seven-day current yield represents net interest income generated by the Fund's investments for the past seven days and assumes income is generated each week over a 365-day period. The seven-day effective yield assumes reinvestment of the coupon (interest payments) and will typically be slightly higher than the current yield because of the compounding effect on investment returns.

The Fund's performance was mainly driven by the high levels of income provided by short-term interest rates. There were no significant credit events that would have impacted on the Fund's returns.

Returns for less than one year have not been annualized.

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.**

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/money-market-funds.

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

---

| | |
|:---|:---|
| **Total Net Assets** | $5252010484 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 93 |
| **Total Administrative Fee Paid** | $14888104 |

---

\* Reflects holdings of The U.S. Government Money Market Portfolio.

Franklin U.S. Government Money Fund PAGE 1 8113-ATSR-0825

------

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

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

![image](ts4592img003.jpg)

\* Reflects holdings of The U.S. Government Money Market Portfolio.

---

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

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, 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 shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin U.S. Government Money Fund PAGE 2 8113-ATSR-0825

75.524.5 ------

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

ITEM 2. CODE OF ETHICS.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Pursuant to Item 19(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.

The Board of Trustees of the Registrant has determined that Mary C. Choksi, possesses the technical attributes identified in Item 3 to Form N-CSR to qualify as an "audit committee financial expert," and has designated Mary C. Choksi as the Audit Committee's financial expert. Mary C. Choksi is an "independent" Trustee pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Audit Fees</u>. The aggregate fees billed in the last two fiscal years ending June 30, 2024 and June 30, 2025 (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $30,087 in June 30, 2024 and $18,900 in June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Audit-Related Fees</u>. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the Registrant's financial statements were $0 in June 30, 2024 and $0 in June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Fees</u>. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice and tax planning ("Tax Services") were $0 in June 30, 2024 and $9,750 in June 30, 2025. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments, and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held.

The aggregate fees billed for tax services by the Auditors to the Registrant's investment manager and any entity controlling, controlled by, or under common control with the investment manager that provides ongoing services to the Registrant ("Service Affiliates") during the Reporting Periods that required pre-approval by the Audit Committee were $140,000 in June 30, 2024 and $0 in June 30, 2025. The services for which these fees were paid included global access to tax platform International Tax View.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>All Other Fees</u>. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor to the Registrant, other than the services reported in paragraphs (a) through (c) of this item, were $0 in June 30, 2024 and $0 in June 30, 2025.

The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor to the Service Affiliates, other than the services reported in paragraphs (a) through (c) of this item, were $43,126 in June 30, 2024 and $0 in June 30, 2025. The services for which these fees were paid included professional fees in connection with SOC 1 reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Audit Committee's pre–approval policies and procedures described in paragraph (c) (7) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Registrant's Audit Committee is directly responsible for approving the services to be provided by the Auditors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) pre-approval of all audit and audit related services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) pre-approval of all non-audit related services to be provided to the Registrant by the Auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) pre-approval of all non-audit related services to be provided by the Auditors to the Registrant and the Service Affiliates where the non-audit services relate directly to the operations or financial reporting of the Registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) establishment by the Audit Committee, if deemed necessary or appropriate, as an alternative to committee pre-approval of services to be provided by the Auditors, as required by paragraphs (ii) and (iii) above, of policies and procedures to permit such services to be pre-approved by other means, such as through establishment of guidelines or by action of a designated member or members of the committee; provided the policies and procedures are detailed as to the particular service and the committee is informed of each service and such policies and procedures do not include delegation of Audit Committee responsibilities, as contemplated under the Securities Exchange Act of 1934, to management; subject, in the case of (ii) through (iv), to any waivers, exceptions or exemptions that may be available under applicable law or rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) None of the services described in paragraphs (b) through (d) of this Item were performed in reliance on paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Non-audit fees billed by the Auditor for services rendered to the Registrant and the Service Affiliates during the reporting period were $183,126 in June 30, 2024 and $437,023 in June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Yes. The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval), is compatible with maintaining the Auditor's independence. All services provided by the Auditor to the Registrant or to the Service Affiliates, which were required to be pre-approved, were pre-approved as required.

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

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

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable*.*

ITEM 6. SCHEDULE OF INVESTMENTS.

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

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

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

#### Franklin

#### U.S.

#### Government

#### Money

#### Fund

#### Financial

#### Statements

#### and

#### Other

#### Important

#### Information

#### Annual
\|

June

30,

2025

#### Table

#### of

#### Contents
franklintempleton.com

Financial

Statements

and

Other

Important

Information—Annual

Financial

Highlights

and

Schedule

of

Investments

#### 2
Financial

Statements

#### 8
Notes

to

Financial

Statements

#### 11
Report

of

Independent

Registered

Public

Accounting

Firm

#### 16
Tax

Information

#### 17
The

Money

Market

Portfolios

#### 18
Changes

In

and

Disagreements

with

Accountants

#### 31
Results

of

Meeting(s)

of

Shareholders

Remuneration

Paid

to

Directors,

Officers

and

Others

Board

Approval

of

Management

and

Subadvisory

Agreements

Changes

In

and

Disagreements

with

Accountants

#### 35
Results

of

Meeting(s)

of

Shareholders

Remuneration

Paid

to

Directors,

Officers

and

Others

Board

Approval

of

Management

and

Subadvisory

Agreements

Franklin

U.S.

Government

Money

Fund

Financial

Highlights

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### June

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$1.00

$1.00

$1.00

$1.00

$1.00

Income

from

investment

operations:

Net

investment

income

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

0.042 0.048 0.032 0.001 —

a

Less

distributions

from:

Net

investment

income

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

(0.042)

(0.048)

(0.032)

(0.001)

(—)

a

Net

asset

value,

end

of

year

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

$1.00

$1.00

$1.00

$1.00

$1.00

Total

return

b

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

4.26%

4.93%

3.30%

0.06%

—%

c

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

......

0.49%

0.51%

0.51%

0.53%

0.52%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.49%

0.51%

0.51%

0.19%

0.09%

Net

investment

income

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

4.16%

4.84%

3.24%

0.08%

—%

c

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$5,021,022

$4,868,571

$4,613,527

$4,379,075

$3,271,640

a

Amount

rounds

to

less

than

$0.001

per

share.

b

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

c

Rounds

to

less

than

0.01%.

d

Ratios

include

the

Fund's

share

of

the

Portfolio's

allocated

net

expenses.

Franklin

U.S.

Government

Money

Fund

Financial

Highlights

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### June

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$1.00

$1.00

$1.00

$1.00

$1.00

Income

from

investment

operations:

Net

investment

income

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

0.035 0.042 0.026 —

a

—

a

Less

distributions

from:

Net

investment

income

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

(0.035)

(0.042)

(0.026)

(—)

a

(—)

a

Net

asset

value,

end

of

year

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

$1.00

$1.00

$1.00

$1.00

$1.00

Total

return

b

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

3.59%

4.26%

2.62%

—%

c

—%

c

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

......

1.14%

1.16%

1.16%

0.59%

0.52%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

1.14%

1.16%

1.16%

0.24%

0.09%

Net

investment

income

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

3.55%

4.17%

2.50%

0.01%

—%

c

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$38,207

$47,787

$138,352

$173,327

$174,336

a

Amount

rounds

to

less

than

$0.001

per

share.

b

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

c

Rounds

to

less

than

0.01%.

d

Ratios

include

the

Fund's

share

of

the

Portfolio's

allocated

net

expenses.

Franklin

U.S.

Government

Money

Fund

Financial

Highlights

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### June

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$1.00

$1.00

$1.00

$1.00

$1.00

Income

from

investment

operations:

Net

investment

income

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

0.037 0.043 0.027 —

a

—

a

Less

distributions

from:

Net

investment

income

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

(0.037)

(0.043)

(0.027)

(—)

a

(—)

a

Net

asset

value,

end

of

year

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

$1.00

$1.00

$1.00

$1.00

$1.00

Total

return

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

3.74%

4.41%

2.78%

0.01%

—%

b

#### Ratios

#### to

#### average

#### net

#### assets

#### c
Expenses

before

waiver

and

payments

by

affiliates

......

0.99%

1.01%

1.01%

0.58%

0.52%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.99%

1.01%

1.01%

0.23%

0.09%

Net

investment

income

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

3.71%

4.32%

2.63%

0.02%

—%

b

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$5,304

$6,417

$10,733

$8,345

$6,006

a

Amount

rounds

to

less

than

$0.001

per

share.

b

Rounds

to

less

than

0.01%.

c

Ratios

include

the

Fund's

share

of

the

Portfolio's

allocated

net

expenses.

Franklin

U.S.

Government

Money

Fund

Financial

Highlights

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### June

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$1.00

$1.00

$1.00

$1.00

$1.00

Income

from

investment

operations:

Net

investment

income

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

0.042 0.049 0.033 0.001 —

a

Less

distributions

from:

Net

investment

income

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

(0.042)

(0.049)

(0.033)

(0.001)

(—)

a

Net

asset

value,

end

of

year

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

$1.00

$1.00

$1.00

$1.00

$1.00

Total

return

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

4.28%

4.98%

3.35%

0.06%

—%

b

#### Ratios

#### to

#### average

#### net

#### assets

#### c
Expenses

before

waiver

and

payments

by

affiliates

......

0.48%

0.49%

0.49%

0.50%

0.51%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.47%

0.46%

0.46%

0.17%

0.09%

Net

investment

income

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

4.18%

4.88%

3.26%

0.07%

—%

b

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$111,919

$106,267

$101,180

$105,446

$84,445

a

Amount

rounds

to

less

than

$0.001

per

share.

b

Rounds

to

less

than

0.01%.

c

Ratios

include

the

Fund's

share

of

the

Portfolio's

allocated

net

expenses.

Franklin

U.S.

Government

Money

Fund

Financial

Highlights

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### June

#### 30,

#### 2025

#### a

#### Class

#### P1

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$1.00

Income

from

investment

operations:

Net

investment

income

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

0.032 Less

distributions

from:

Net

investment

income

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

(0.032)

Net

asset

value,

end

of

year

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

$1.00

Total

return

b

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

3.26%

#### Ratios

#### to

#### average

#### net

#### assets

#### c,d
Expenses

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

0.59%

Net

investment

income

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

3.73%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$75,560

a

For

the

period

September

4,

2024

(effective

date)

to

June

30,

2025. b

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

c

Ratios

are

annualized

for

periods

less

than

one

year.

d

Ratios

include

the

Fund's

share

of

the

Portfolio's

allocated

net

expenses.

Franklin

U.S.

Government

Money

Fund

Schedule

of

Investments,

June

30,

2025

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Shares
a

#### Value
a

#### Money

#### Market

#### Funds

#### 100.1%
a

U.S.

Government

Money

Market

Portfolio

(The)

,

4.204 %

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

5,257,299,881

$

5,257,299,881

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 5,257,299,881

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

#### 5,257,299,881

#### Other

#### Assets,

#### less

#### Liabilities

#### (0.1 ####)

#### %
...........................................

#### (5,289,397)

#### Net

#### Assets

#### 100.0%

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

#### $5,252,010,484
a

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

U.S.

Government

Money

Fund

Financial

Statements

Statement

of

Assets

and

Liabilities

June

30,

2025

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### U.S.

#### Government

#### Money

#### Fund
Assets:

Investment

in

affiliated

Portfolio,

at

value

and

cost

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

$5,257,299,881

Cash

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

41,145

Receivables:

Capital

shares

sold

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

10,765,312

Dividends

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

18,185,094

Total

assets

5,286,291,432

Liabilities:

Payables:

Investment

securities

purchased

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

18,182,962

Capital

shares

redeemed

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

14,384,895

Administrative

fees

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

1,248,635

Distribution

fees

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

27,916

Transfer

agent

fees

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

257,341

Trustees'

fees

and

expenses

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

4,360

Accrued

expenses

and

other

liabilities

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

174,839

Total

liabilities

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

34,280,948

Net

assets,

at

value

$5,252,010,484

Net

assets

consist

of:

Paid-in

capital

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

$5,252,001,818

Total

distributable

earnings

(losses)

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

8,666

Net

assets,

at

value

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

$5,252,010,484

#### Franklin

#### U.S.

#### Government

#### Money

#### Fund

#### Class

#### A:
Net

assets,

at

value

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

$5,021,021,617

Shares

outstanding

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

5,021,098,071

Net

asset

value

per

share

a

,b

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

$1.00

#### Class

#### C:
Net

assets,

at

value

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

$38,206,501

Shares

outstanding

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

38,211,901

Net

asset

value

per

share

a

,b

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

$1.00

#### Class

#### R:
Net

assets,

at

value

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

$5,304,005

Shares

outstanding

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

5,304,157

Net

asset

value

per

share

b

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

$1.00

#### Class

#### R6:
Net

assets,

at

value

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

$111,918,681

Shares

outstanding

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

111,918,505

Net

asset

value

per

share

b

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

$1.00

#### Class

#### P1:
Net

assets,

at

value

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

$75,559,680

Shares

outstanding

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

75,559,650

Net

asset

value

per

share

b

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

$1.00

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

b

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

Franklin

U.S.

Government

Money

Fund

Financial

Statements

Statement

of

Operations

for

the

year

ended

June

30,

2025

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Franklin

#### U.S.

#### Government

#### Money

#### Fund
Investment

income:

Dividends

from

affiliated

Portfolio

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

$235,561,614

Expenses:

Administrative

fees

(Note

a)

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

14,888,104

Distribution

fees:

(Note

3b)

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

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

284,517

&nbsp;&nbsp;&nbsp;&nbsp;Class

R

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

29,098

&nbsp;&nbsp;&nbsp;&nbsp;Class

P1

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

9,350

Transfer

agent

fees:

(Note

3d)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

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

2,078,295

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

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

18,148

&nbsp;&nbsp;&nbsp;&nbsp;Class

R

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

2,414

&nbsp;&nbsp;&nbsp;&nbsp;Class

R6

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

31,064

&nbsp;&nbsp;&nbsp;&nbsp;Class

P1

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

3,662

Reports

to

shareholders

fees

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

220,599

Registration

and

filing

fees

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

312,818

Professional

fees

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

131,555

Trustees'

fees

and

expenses

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

55,984

Other

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

92,400

Total

expenses

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

18,158,008

Expenses

waived/paid

by

affiliates

(Note

e)

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

(8,745)

Net

expenses

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

18,149,263

Net

investment

income

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

217,412,351

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

$217,412,351

Franklin

U.S.

Government

Money

Fund

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### U.S.

#### Government

#### Money

#### Fund

#### Year

#### Ended

#### June

#### 30,

#### 2025

#### Year

#### Ended

#### June

#### 30,

#### 2024
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$217,412,351

$244,167,290

Distributions

to

shareholders:

Class

A

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

(210,789,216)

(235,861,527)

Class

C

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

(1,552,916)

(3,030,401)

Class

R

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

(215,768)

(284,816)

Class

R6

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

(4,507,545)

(4,983,874)

Class

P1

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

(347,367)

—

Total

distributions

to

shareholders

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

(217,412,812)

(244,160,618)

Capital

share

transactions:

(Note

2)

Class

A

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

152,450,845

255,037,263

Class

C

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

(9,580,660)

(90,564,628)

Class

R

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

(1,112,864)

(4,315,902)

Class

R6

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

5,652,100

5,086,936

Class

P1

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

75,559,650

—

Total

capital

share

transactions

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

222,969,071

165,243,669

Net

increase

(decrease)

in

net

assets

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

222,968,610

165,250,341

Net

assets:

Beginning

of

year

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

5,029,041,874

4,863,791,533

End

of

year

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

$5,252,010,484

$5,029,041,874

Franklin

U.S.

Government

Money

Fund

franklintempleton.com

Annual

Report

Notes

to

Financial

Statements

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
Franklin

U.S.

Government

Money

Fund (Fund)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company.

The Fund

follows

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946. The

Fund

offers

five classes

of

shares:

Class

A,

Class

C,

Class

R,

Class

R6

and

Class

P1.

Each

class

of

shares

may

differ

by

its

initial

sales

load,

contingent

deferred

sales

charges,

voting

rights

on

matters

affecting

a

single

class,

its

exchange

privilege

and

fees

due

to

differing

arrangements

for

distribution

and

transfer

agent

fees.

Effective

September

4,

2024,

Franklin

U.S.

Government

Money

Fund

began

offering

a

new

class

of

shares,

Class

P1.

The

Fund

invests

substantially

all

of

its

assets

in

The

U.S.

Government

Money

Market

Portfolio

(Portfolio),

which

is

registered

under

the

1940

Act

as

an

open-end

management

investment

company and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

GAAP.

The

accounting

policies

of

the

Portfolio,

including

the

Portfolio's

security

valuation

policies,

will

directly

affect

the

recorded

value

of

the

Fund's

investment

in

the

Portfolio.

The

financial

statements

of

the

Portfolio,

including

the

Schedule

of

Investments,

are

included

elsewhere

in

this

report

and

should

be

read

in

conjunction

with

the

Fund's

financial

statements.

The

following

summarizes

the Fund's

significant

accounting

policies.

a. #### Financial

#### Instrument

#### Valuation
The

Fund

holds

Portfolio

shares

that

are

valued

at

the

closing

net

asset

value

of

the

Portfolio.

Under

compliance

policies

and

procedures

approved

by

the

Fund's Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Portfolio's

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Fund's

administrator

in

performing

this

responsibility,

including

leading

the

cross-

functional

Valuation

Committee

(VC).

At

June

30,

2025,

the

Fund

owned

47.82%

of

the

Portfolio.

b. #### Income

#### Taxes
It

is the Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. The Fund

intends

to

distribute

to

shareholders

substantially

all

of

its

taxable

income

and

net

realized

gains

to

relieve

it

from

federal

income

and

excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

The Fund

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

June

30,

2025, the Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

Open

tax

years

are

those

that

remain

subject

to

examination

and

are

based

on

the

statute

of

limitations

in

each

jurisdiction

in

which

the Fund

invests.

c. #### Security

#### Transactions,

#### Investment

#### Income,

#### Expenses

#### and

#### Distributions
Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis.

Income

received

from

the

Portfolio

and

estimated

expenses

are

accrued

daily.

Dividends

from

net

investment

income

are

normally

declared

and

distributed

daily;

these

dividends

may

be

reinvested

or

paid

monthly

to

shareholders.

Distributions

from

net

realized

capital

gains

and

other

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Distributable

earnings

are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These

reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences

are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

Net

investment

income,

excluding

class

specific

expenses,

is

allocated

daily

to

each

class

of

shares

based

upon

the

relative

value

of

the

settled

shares

of

each

class.

Realized

and

unrealized

gains

and

losses

are

allocated

daily

to

each

class

of

shares

based

upon

the

relative

proportion

of

net

assets

of

each

class.

Differences

in

per

share

distributions

by

class

are

generally

due

to

differences

in

class

specific

expenses.

Franklin

U.S.

Government

Money

Fund

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

d. #### Accounting

#### Estimates
The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

e. #### Guarantees

#### and

#### Indemnifications
Under

the Fund's

organizational

documents,

its

officers

and trustees

are

indemnified

by

the

Fund against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Fund.

Additionally,

in

the

normal

course

of

business,

the

Fund

enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The Fund's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the Fund

that

have

not

yet

occurred.

Currently,

the Fund

expects

the

risk

of

loss

to

be

remote.

2. #### Shares

#### of

#### Beneficial

#### Interest
At

June

30,

2025,

there

were

an

unlimited

number

of

shares

authorized

(without

par

value).

Transactions

in

the

Fund's

shares

at

$1.00

per

share

were

as

follows:

#### Year

#### Ended

#### June

#### 30,

#### 2025

#### Year

#### Ended

#### June

#### 30,

#### 2024

#### Class

#### A

#### Shares:
Shares

sold

a

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

$2,954,762,472

$2,887,704,203

Shares

issued

in

reinvestment

of

distributions

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

208,662,363

232,640,510

Shares

redeemed

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

(3,010,973,990)

(2,865,307,450)

Net

increase

(decrease)

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

$152,450,845

$255,037,263

#### Class

#### C

#### Shares:
Shares

sold

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

$24,740,747

$39,301,701

Shares

issued

in

reinvestment

of

distributions

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

1,533,801

2,992,635

Shares

redeemed

a

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

(35,855,208)

(132,858,964)

Net

increase

(decrease)

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

$(9,580,660)

$(90,564,628)

#### Class

#### R

#### Shares:
Shares

sold

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

$3,331,856

$4,224,629

Shares

issued

in

reinvestment

of

distributions

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

213,996

284,015

Shares

redeemed

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

(4,658,716)

(8,824,546)

Net

increase

(decrease)

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

$(1,112,864)

$(4,315,902)

#### Class

#### R6

#### Shares:
Shares

sold

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

$131,265,144

$75,331,611

Shares

issued

in

reinvestment

of

distributions

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

3,833,695

4,051,802

Shares

redeemed

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

(129,446,739)

(74,296,477)

Net

increase

(decrease)

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

$5,652,100

$5,086,936

#### Class

#### P1

#### Shares:
Shares

sold

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

$165,748,994

$—

Shares

issued

in

reinvestment

of

distributions

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

346,467

—

Shares

redeemed

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

(90,535,811)

—

Net

increase

(decrease)

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

$75,559,650

$—

a

May

include

a

portion

of

Class

C

shares

that

were

automatically

converted

to

Class

A. 1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

Franklin

U.S.

Government

Money

Fund

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

3. #### Transactions

#### with

#### Affiliates
Franklin

Resources,

Inc.

is

the

holding

company

for

various

subsidiaries

that

together

are

referred

to

as

Franklin

Templeton.

Certain

officers

and

trustees

of

the Fund are

also

officers,

directors, and/or trustees

of

the

Portfolio

and

of

the

following

subsidiaries:

a. #### Administrative

#### Fees
The

Fund

pays an

administrative

fee

to

FT

Services based

on the Fund's

average

daily

net

assets

as

follows:

For

the

year

ended

June

30,

2025,

the

gross

effective administrative

fee rate

was

0.285%

of

the

Fund's

average

daily

net

assets.

b. #### Distribution

#### Fees
The

Board

has

adopted

distribution

plans

for

each

share

class,

with

the

exception

of

Class

A

and

Class

R6

shares,

pursuant

to

Rule

12b-1

under

the

1940

Act.

Under

the

Fund's

Class

C,

R

and

P1

compensation

distribution

plans,

the

Fund

pays

Distributors

for

costs

incurred

in

connection

with

the

servicing,

sale

and

distribution

of

the

Fund's

shares

up

to

the

maximum

annual

plan

rate

for

each

class.

The

plan

year,

for

purposes

of

monitoring

compliance

with

the

maximum

annual

plan

rates,

is

February

through

January

31. The

maximum

annual

plan

rates,

based

on

the

average

daily

net

assets,

for

each

class,

are

as

follows:

c. #### Sales

#### Charges/Underwriting

#### Agreements
Front-end

sales

charges

and

contingent

deferred

sales

charges

(CDSC)

do

not

represent

expenses

of

the

Fund.

These

charges

are

deducted

from

the

proceeds

of

sales

of

fund

shares

prior

to

investment

or

from

redemption

proceeds

prior

to

remittance,

as

applicable.

Distributors

has

advised

the

Fund

of

the

following

commission

transactions

related

to

the

sales

and

redemptions

of

the

Fund's

shares

for

the

year:

d. #### Transfer

#### Agent

#### Fees
Each

class

of

shares

pays

transfer

agent

fees,

calculated

monthly

and

paid

monthly, to

Investor

Services

for

its

performance

of

shareholder

servicing

obligations. The

fees

are based

on

a

fixed

margin

earned

by

Investor

Services

and

are allocated

to

the Fund

based

upon

relative

assets

and

relative

transactions. In

addition,

each

class reimburses

Investor

Services

for

out

of

pocket

expenses

incurred

and,

except

for

Class

R6, reimburses

shareholder

servicing

fees

paid

to

third

parties.

These

fees

#### Subsidiary

#### Affiliation
Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

Principal

underwriter

Franklin

Templeton

Investor

Services,

LLC

(Investor

Services)

Transfer

agent

#### Annualized

#### Fee

#### Rate

#### Net

#### Assets
0.455%

Up

to

and

including

$100

million

0.330%

Over

$100

million,

up

to

and

including

$250

million

0.280%

In

excess

of

$250

million

Class

C

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

0.65%

Class

R

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

0.50%

Class

P1

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

0.10%

CDSC

retained

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

$90,547

Franklin

U.S.

Government

Money

Fund

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

paid

to

third

parties

are

accrued

and

allocated

daily

based

upon

their

relative

proportion

of

such

classes'

aggregate

net

assets.

Class

R6

pays

Investor

Services

transfer

agent

fees

allocated

specifically

to

that

class

based

upon

its

relative

assets

and

relative

transactions.

For

the

year

ended

June

30,

2025,

the Fund

paid

transfer

agent

fees

as

noted

in

the

Statement of

Operations,

of

which

$1,843,376

was

retained

by

Investor

Services.

e. #### Waiver

#### and

#### Expense

#### Reimbursements
Transfer

agent

fees

on

Class

R6

shares

of

the

Fund have

been

capped

so

that

transfer

agent

fees

for

that

class

do

not

exceed

0.02%

based

on

the

average

net

assets

of

the

class

until

October

31,

2025. f. #### Other

#### Affiliated

#### Transactions
At

June

30,

2025,

an

interested

board

member

owned 26.00% of

the

Fund's outstanding

shares.

4. #### Income

#### Taxes
The

tax

character

of

distributions

paid

during

the

years

ended

June

30,

2025

and

2024,

was

as

follows:

At

June

30,

2025,

the

cost

of

investments

and

undistributed

ordinary

income

for

income

tax

purposes

were

as

follows:

5. #### Fair

#### Value

#### Measurements
The

Fund

follows

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Fund's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Fund's financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

–

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

At

June

30,

2025,

all

of

the Fund's

investments

in

financial

instruments

carried

at

fair

value

were

valued

using

Level 1

inputs.

#### 2025

#### 2024
Distributions

paid

from:

Ordinary

income

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

$217,412,812

$244,160,618

Cost

of

investments

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

$5,257,299,881

Distributable

earnings:

Undistributed

ordinary

income

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

$8,666

3. #### Transactions

#### with

#### Affiliates
(continued)

d. #### Transfer

#### Agent

#### Fees
(continued)

Franklin

U.S.

Government

Money

Fund

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

6. #### Operating

#### Segments
The

Fund has adopted

the

FASB

Accounting

Standards

Update

(ASU)

2023-07,

*Segment* 

*Reporting* 

*(Topic* 

*280)* 

*-* 

*Improvements* 

*to* 

*Reportable* 

*Segment* 

*Disclosures.*

The

update

is

limited

to

disclosure

requirements

and

does

not

impact

the Fund's

financial

position

or

results

of

operations.

The Fund operates

as

a

single

operating

segment,

which

is

an

investment

portfolio.

The

Portfolio's Investment

manager

serves

as

the

Chief

Operating

Decision

Maker

(CODM),

evaluating

fund-wide

results

and

performance

under

a

unified

investment

strategy.

The

CODM

uses

these

measures

to

assess

fund

performance

and

allocate

resources

effectively.

Internal

reporting

provided

to

the

CODM

aligns

with

the

accounting

policies

and

measurement

principles

used

in

the financial

statements.

For

information

regarding

segment

assets,

segment

profit

or

loss,

and

significant

expenses,

refer

to

the Statement

of

Assets

and

Liabilities

and

the Statement

of

Operations,

along

with

the

related

notes

to

the financial

statements.

The Schedule

of

Investments

provides

details

of

the Fund's

investments

that

generate

returns

such

as

interest,

dividends,

and

realized

gains

or

losses.

Performance

metrics,

including

expense

ratios,

are

disclosed

in

the Financial

Highlights.

7. #### Subsequent

#### Events
The

Fund

has

evaluated

subsequent

events

through

the

issuance

of

the

financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure.

Franklin

U.S.

Government

Money

Fund

Report

of

Independent

Registered

Public

Accounting

Firm

franklintempleton.com

Annual

Report

To

the

Board

of

Trustees

and

Shareholders

of

Franklin

U.S.

Government

Money

Fund

#### Opinion

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Franklin

U.S.

Government

Money

Fund

(the

"Fund")

as

of

June

2025,

the

related

statement

of

operations

for

the

year

ended

June

30,

2025,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

June

30,

2025,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

periods

indicated

therein

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

June

30,

2025,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

June

30,

2025

and

the

financial

highlights

for

each

of

the

periods

indicated

therein

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

#### Basis

#### for

#### Opinion
These

financial

statements

are

the

responsibility

of

the

Fund's

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund's

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

June

30,

2025,

by

correspondence

with

the

transfer

agent.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/PricewaterhouseCoopers

LLP

San

Francisco,

California

August

19,

2025

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

Franklin

Templeton

Group

of

Funds

since

1948. Franklin

U.S.

Government

Money

Fund

Tax

Information

(unaudited)

franklintempleton.com

Annual

Report

#### Franklin

#### U.S.

#### Government

#### Money

#### Fund
By

mid-February,

tax

information

related

to

a

shareholder's

proportionate

share

of

distributions

paid

during

the

preceding

calendar

year

will

be

received,

if

applicable.

Please

also

refer

to

www.franklintempleton.com

for

per

share

tax

information

related

to

any

distributions

paid

during

the

preceding

calendar

year.

Shareholders

are

advised

to

consult

with

their

tax

advisors

for

further

information

on

the

treatment

of

these

amounts

on

their

tax

returns.

The

following

tax

information

for

the

Fund

is

required

to

be

furnished

to

shareholders

with

respect

to

income

earned

and

distributions

paid

during

its

fiscal

year.

The

Fund

hereby

reports

the

following

amounts,

or

if

subsequently

determined

to

be

different,

the

maximum

allowable

amounts,

for

the

fiscal

year

ended

June

30,

2025:

Note

(1) -

The

Law

varies

in

each

state

as

to

whether

and

what

percentage

of

dividend

income

attributable

to

Federal

obligations

is

exempt

from

state

income

tax.

Shareholders

are

advised

to

consult

with

their

tax

advisors

to

determine

if

any

portion

of

the

dividends

received

is

exempt

from

state

income

taxes.

#### Pursuant

#### to:

#### Amount

#### Reported
Qualified

Net

Interest

Income

(QII)

§871(k)(1)(C)

$217,412,351

Section

163(j)

Interest

Earned

§163(j)

$217,412,351

Interest

Earned

from

Federal

Obligations

Note

(1) $179,460,424

The

Money

Market

Portfolios

Financial

Highlights

#### The

#### U.S.

#### Government

#### Money

#### Market

#### Portfolio
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### June

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$1.00

$1.00

$1.00

$1.00

$1.00

Income

from

investment

operations:

Net

investment

income

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

0.045 0.052 0.036 0.001 —

Net

realized

gains

(losses)

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

—

—

—

a

—

(—)

a

Total

from

investment

operations

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

0.045 0.052 0.036 0.001 —

a

Less

distributions

from:

Net

investment

income

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

(0.045)

(0.052)

(0.036)

(0.001)

(—)

a

Net

asset

value,

end

of

year

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

$1.00

$1.00

$1.00

$1.00

$1.00

Total

return

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

4.62%

5.30%

3.67%

0.14%

0.01%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.15%

0.15%

0.15%

0.15%

0.15%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.15%

0.15%

0.15%

b

0.10%

b

0.09%

b

Net

investment

income

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

4.54%

5.20%

3.58%

0.13%

—%

c

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$10,994,096

$11,497,745

$10,718,122

$11,102,314

$11,811,420

a

Amount

rounds

to

less

than

$0.001

per

share.

b

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

c

Rounds

to

less

than

0.01%.

The

Money

Market

Portfolios

Schedule

of

Investments,

June

30,

2025

#### The

#### U.S.

#### Government

#### Money

#### Market

#### Portfolio
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### 75.4%
FFCB

,

a

4.234%,

7/09/25

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

$

13,900,000

$

13,886,934

a

4.238%,

7/16/25

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

37,200,000

37,134,435

a

4.242%,

7/24/25

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

37,100,000

36,999,737

a

4.248%,

8/05/25

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

27,700,000

27,586,084

a

4.245%,

8/19/25

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

46,500,000

46,232,909

a

4.255%,

8/20/25

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

18,400,000

18,291,900

a

4.256%,

8/21/25

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

18,500,000

18,389,139

a

4.249%,

8/27/25

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

46,700,000

46,387,966

a

4.252%,

9/03/25

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

46,700,000

46,349,646

b

FRN,

4.415%,

(SOFR

+

0.025%),

9/10/25

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

29,000,000

29,000,000

b

FRN,

4.41%,

(SOFR

+

0.02%),

10/09/25

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

24,000,000

24,000,000

b

FRN,

4.48%,

(SOFR

+

0.09%),

5/14/26

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

79,100,000

79,114,009

b

FRN,

4.48%,

(SOFR

+

0.09%),

8/17/26

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

22,130,000

22,130,000

445,502,759

FHLB

,

a

4.151%,

7/01/25

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

273,951,000

273,951,000

a

4.229%,

7/02/25

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

186,000,000

185,978,155

a

4.223%,

7/07/25

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

65,500,000

65,453,932

a

4.222%,

7/09/25

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

211,300,000

211,101,956

a

4.235%,

7/10/25

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

46,000,000

45,951,355

a

4.229%,

7/11/25

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

318,500,000

318,126,288

a

4.242%,

7/14/25

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

46,000,000

45,929,652

a

4.222%,

7/16/25

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

167,000,000

166,706,776

a

4.236%,

7/18/25

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

164,800,000

164,471,034

a

4.241%,

7/22/25

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

50,000,000

49,876,625

a

4.236%,

7/23/25

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

179,100,000

178,637,645

a

4.222%,

7/30/25

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

206,100,000

205,401,521

a

4.239%,

8/01/25

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

427,770,000

426,214,361

a

4.232%,

8/04/25

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

93,500,000

93,127,792

a

4.248 %,

8/05/25

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

93,000,000

92,617,537

a

4.239%,

8/06/25

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

231,750,000

230,771,789

a

4.246%,

8/07/25

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

114,100,000

113,604,276

a

4.24%,

8/08/25

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

254,900,000

253,764,265

a

4.251%,

8/11/25

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

189,000,000

188,089,492

a

4.249%,

8/13/25

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

298,900,000

297,390,904

a

4.246%,

8/15/25

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

161,000,000

160,150,121

a

4.244%,

8/18/25

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

46,700,000

46,437,235

a

4.245%,

8/19/25

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

46,700,000

46,431,760

a

4.254%,

8/20/25

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

184,700,000

183,615,342

a

4.25%,

8/22/25

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

186,400,000

185,262,850

a

4.238%,

8/26/25

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

71,825,000

71,354,626

a

4.254%,

8/27/25

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

186,000,000

184,755,738

a

4.254%,

8/28/25

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

93,000,000

92,366,954

a

4.262%,

9/03/25

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

138,700,000

137,656,976

a

4.262%,

9/05/25

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

185,200,000

183,764,114

a

4.26%,

9/10/25

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

55,450,000

54,988,065

a

4.262%,

9/12/25

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

185,700,000

184,109,041

a

4.262%,

9/24/25

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

93,500,000

92,568,597

a

4.244%,

9/26/25

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

158,800,000

157,188,180

a

4.095%,

12/01/25

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

46,000,000

45,213,112

b

FRN,

4.415%,

(SOFR

+

0.025%),

7/07/25

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

86,400,000

86,400,000

b

FRN,

4.415%,

(SOFR

+

0.025%),

7/18/25

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

77,000,000

77,000,000

b

FRN,

4.41%,

(SOFR

+

0.02%),

7/25/25

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

86,400,000

86,400,000

b

FRN,

4.395%,

(SOFR

+

0.01%),

8/07/25

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

124,000,000

124,000,000

b

FRN,

4.4%,

(SOFR

+

0.01%),

8/15/25

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

81,700,000

81,700,000

b

FRN,

4.4%,

(SOFR

+

0.01%),

8/18/25

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

79,100,000

79,100,000

The

Money

Market

Portfolios

Schedule

of

Investments

#### The

#### U.S.

#### Government

#### Money

#### Market

#### Portfolio
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

See

abbreviations

on

.

a

a

#### Principal

#### Amount
a

#### Value

#### U.S.

#### Government

#### and

#### Agency

#### Securities
(continued)

FHLB,

(continued)

b

FRN,

4.4%,

(SOFR

+

0.01%),

8/22/25

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

$

78,800,000

$

78,800,000

b

FRN,

4.39%,

(SOFR),

9/29/25

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

94,500,000

94,500,000

b

FRN,

4.39%,

(SOFR),

10/03/25

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

83,600,000

83,600,000

b

FRN,

4.39%,

(SOFR),

10/14/25

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

79,000,000

79,000,000

b

FRN,

4.41%,

(SOFR

+

0.02%),

10/15/25

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

81,700,000

81,700,000

b

FRN,

4.395%,

(SOFR

+

0.005%),

10/17/25

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

82,300,000

82,300,000

b

FRN,

4.395%,

(SOFR

+

0.005%),

10/21/25

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

82,000,000

82,000,000

b

FRN,

4.415%,

(SOFR

+

0.025%),

11/28/25

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

86,000,000

86,000,000

b

FRN,

4.39%,

(SOFR),

12/15/25

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

118,400,000

118,400,000

6,753,929,066

a

U.S.

Treasury

Bills

,

4.16%,

7/01/25

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

160,000,000

160,000,000

4.236%,

7/03/25

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

185,000,000

184,956,474

4.228%,

7/08/25

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

162,000,000

161,866,913

4.224%,

7/10/25

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

256,000,000

255,729,922

4.242%,

7/15/25

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

160,750,000

160,485,254

4.233%,

7/17/25

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

108,200,000

107,996,824

4.06%,

3/19/26

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

20,000,000

19,427,975

4.067%,

5/14/26

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

43,000,000

41,511,949

1,091,975,311

#### Total

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $8,291,407,136)

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

#### 8,291,407,136
c

#### Repurchase

#### Agreements

#### 24.5%
Bank

of

New

York

Mellon

Corp.

(The),

4.37%,

7/01/25

(Maturity

Value

$400,048,556)

Collateralized

by

U.S.

Treasury

Note,

0.875%

-

4.875%,

4/30/26

-

2/15/55

(valued

at

$408,000,013)

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

400,000,000

400,000,000

BNP

Paribas

Securities

Corp.,

4.38%,

7/01/25

(Maturity

Value

$675,082,125)

Collateralized

by

U.S.

Treasury

Note,

4.125%,

1/31/27

(valued

at

$690,564,728)

..

675,000,000

675,000,000

Deutsche

Bank

Securities,

Inc.,

4.38%,

7/01/25

(Maturity

Value

$52,006,327)

Collateralized

by

U.S.

Treasury

Notes,

0%,

7/3/25

-

11/20/25

(valued

at

$53,040,080)

52,000,000

52,000,000

Federal

Reserve

Bank

of

New

York,

4.25%,

7/01/25

(Maturity

Value

$1,350,159,375)

Collateralized

by

U.S.

Treasury

Notes,

0.625%

-

3.125%,

8/15/25

-

11/15/31

(valued

at

$1,350,159,400)

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

1,350,000,000

1,350,000,000

Goldman

Sachs

&

Co.

LLC,

4.39%,

7/01/25

(Maturity

Value

$75,009,146)

Collateralized

by

U.S.

Treasury

Note,

4.25%,

11/30/26

(valued

at

$76,547,449)

...

75,000,000

75,000,000

HSBC

Securities

USA,

Inc.,

4.29%,

7/01/25

(Maturity

Value

$110,013,108)

Collateralized

by

U.S.

Government

Agency

Securities,

3%

-

7.5%,

12/20/28

-

4/20/65

(valued

at

$112,200,000)

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

110,000,000

110,000,000

RBC

Dominion

Securities,

Inc.,

4.35%,

7/01/25

(Maturity

Value

$25,003,021)

Collateralized

by

U.S.

Treasury

Note, 0%

-

2.875%,

7/1/25

-

5/15/30

(valued

at

$25,500,077)

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

25,000,000

25,000,000

#### Total

#### Repurchase

#### Agreements

#### (Cost

#### $2,687,000,000)

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

#### 2,687,000,000

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $10,978,407,136)

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

#### 10,978,407,136

#### a

#### Total

#### Investments

#### (Cost

#### $10,978,407,136)

#### 99.9%

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

#### $10,978,407,136

#### Other

#### Assets,

#### less

#### Liabilities

#### 0.1%

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

#### 15,688,535

#### Net

#### Assets

#### 100.0%

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

#### $10,994,095,671
The

Money

Market

Portfolios

Schedule

of

Investments

#### The

#### U.S.

#### Government

#### Money

#### Market

#### Portfolio
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

The

rate

shown

represents

the

yield

at

period

end.

b

The

coupon

rate

shown

represents

the

rate

at

period

end.

c

See

Note

1(b)

regarding

repurchase

agreement.

The

Money

Market

Portfolios

Financial

Statements

Statement

of

Assets

and

Liabilities

June

30,

2025

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### The

#### U.S.

#### Government

#### Money

#### Market

#### Portfolio
Assets:

Investments

in

unaffiliated

securities,

at

amortized

cost

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

$8,291,407,136

Unaffiliated

repurchase

agreements,

at

value

and

cost

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

2,687,000,000

Cash

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

6,865,587

Receivables:

Interest

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

10,190,270

Total

assets

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

10,995,462,993

Liabilities:

Payables:

Management

fees

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

1,246,301

Professional

fees

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

85,551

Trustees'

fees

and

expenses

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

7,432

Accrued

expenses

and

other

liabilities

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

28,038

Total

liabilities

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

1,367,322

Net

assets,

at

value

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

$10,994,095,671

Net

assets

consist

of:

Paid-in

capital

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

$10,993,995,070

Total

distributable

earnings

(losses)

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

100,601

Net

assets,

at

value

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

$10,994,095,671

Shares

outstanding

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

10,993,996,668

Net

asset

value

per

share

a

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

$1.00

a

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

The

Money

Market

Portfolios

Financial

Statements

Statement

of

Operations

for

the

year

ended

June

30,

2025

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### The

#### U.S.

#### Government

#### Money

#### Market

#### Portfolio
Investment

income:

Interest:

Unaffiliated

issuers

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

$472,450,910

Expenses:

Management

fees

(Note

a)

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

15,112,199

Custodian

fees

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

36,468

Reports

to

shareholders

fees

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

1,203

Professional

fees

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

103,565

Trustees'

fees

and

expenses

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

103,867

Other

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

47,019

Total

expenses

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

15,404,321

Net

investment

income

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

457,046,589

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

$457,046,589

The

Money

Market

Portfolios

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### The

#### U.S.

#### Government

#### Money

#### Market

#### Portfolio

#### Year

#### Ended

#### June

#### 30,

#### 2025

#### Year

#### Ended

#### June

#### 30,

#### 2024
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$457,046,589

$549,788,397

Distributions

to

shareholders

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

(456,945,921)

(549,797,249)

Capital

share

transactions

(Note

2)

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

(503,749,714)

779,631,968

Net

increase

(decrease)

in

net

assets

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

(503,649,046)

779,623,116

Net

assets:

Beginning

of

year

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

11,497,744,717

10,718,121,601

End

of

year

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

$10,994,095,671

$11,497,744,717

The

Money

Market

Portfolios

franklintempleton.com

Annual

Report

Notes

to

Financial

Statements

#### The

#### U.S.

#### Government

#### Money

#### Market

#### Portfolio
1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
The

Money

Market

Portfolios

(Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-

end

management

investment

company,

consisting

of

one

portfolio The

U.S.

Government

Money

Market

Portfolio

(Portfolio).

The

Trust follows

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946. The

shares

of

the

Portfolio

are

issued

in

private

placements

and

are

exempt

from

registration

under

the

Securities

Act

of

1933. The

following

summarizes

the Portfolio's

significant

accounting

policies.

a. #### Financial

#### Instrument

#### Valuation
Securities

are

valued

at

amortized

cost,

which

approximates

fair

value.

Amortized

cost

is

an

income-based

approach

which

involves

valuing

an

instrument

at

its

cost

and

thereafter

assuming

a

constant

amortization

to

maturity

of

any

discount

or

premium.

Under

compliance

policies

and

procedures

approved

by

the

Portfolio's Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Portfolio's

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Fund's administrator

in

performing

this

responsibility,

including

leading

the

cross-

functional

Valuation

Committee

(VC).

b. #### Repurchase

#### Agreements
The

Portfolio enters

into

repurchase

agreements,

which

are

accounted

for

as

a

loan

by

the Portfolio

to

the

seller,

collateralized

by

securities

which

are

delivered

to

the Portfolio's

custodian.

The

fair

value,

including

accrued

interest,

of

the

initial

collateralization

is

required

to

be

at

least

102%

(if

the

counterparty

is

a

bank

or

broker-dealer)

or

100%

(if

the

counterparty

is

the

Federal

Reserve

Bank

of

New

York)

of

the

dollar

amount

invested

by

the

Portfolio,

with

the

value

of

the

underlying

securities

marked

to

market

daily

to

maintain

coverage

of

at

least

100%.

Repurchase

agreements

are

subject

to

the

terms

of

Master

Repurchase

Agreements

(MRAs)

with

approved

counterparties

(sellers).

The

MRAs

contain

various

provisions,

including

but

not

limited

to

events

of

default

and

maintenance

of

collateral

for

repurchase

agreements.

In

the

event

of

default

by

either

the

seller

or

the

Portfolio,

certain

MRAs

may

permit

the

non-defaulting

party

to

net

and

close-out

all

transactions,

if

any,

traded

under

such

agreements.

The Portfolio

may

sell

securities

it

holds

as

collateral

and

apply

the

proceeds

towards

the

repurchase

price

and

any

other

amounts

owed

by

the

seller

to

the Portfolio

in

the

event

of

default

by

the

seller.

This

could

involve

costs

or

delays

in

addition

to

a

loss

on

the

securities

if

their

value

falls

below

the

repurchase

price

owed

by

the

seller.

All

repurchase

agreements

held

by

the Portfolio

at year

end,

as

indicated

in

the Schedule

of

Investments,

had

been

entered

into

on

June

30,

2025. c. #### Income

#### Taxes
It

is the Portfolio's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. The Portfolio

intends

to

distribute

to

shareholders

substantially

all

of

its

taxable

income

and

net

realized

gains

to

relieve

it

from

federal

income

and

excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

The Portfolio

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

June

30,

2025, the Portfolio

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

Open

tax

years

are

those

that

remain

subject

to

examination

and

are

based

on

the

statute

of

limitations

in

each

jurisdiction

in

which

the Portfolio

invests.

d. #### Security

#### Transactions,

#### Investment

#### Income,

#### Expenses

#### and

#### Distributions
Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis.

Interest

income

(including

interest

income

from

payment-in-kind

securities,

if

any)

and

estimated

expenses

are

accrued

daily.

Amortization

of

premium

and

accretion

of

discount

on

debt

securities

are

included

in

interest

income.

Dividends

from

net

investment

income

are

normally

declared

daily;

these

dividends

may

be

reinvested

or

paid

monthly

to

shareholders.

Distributions

from

net

realized

capital

gains

and

other

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Distributable

earnings

are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

The

Money

Market

Portfolios

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### The

#### U.S.

#### Government

#### Money

#### Market

#### Portfolio
(continued)

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These

reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences

are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

e. #### Accounting

#### Estimates
The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

f. #### Guarantees

#### and

#### Indemnifications
Under

the Trust's

organizational

documents,

its

officers

and trustees

are

indemnified

by

the Trust against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

Additionally,

in

the

normal

course

of

business,

the Trust,

on

behalf

of

the

Portfolio, enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The Trust's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the Trust

that

have

not

yet

occurred.

Currently,

the Trust

expects

the

risk

of

loss

to

be

remote.

2. #### Shares

#### of

#### Beneficial

#### Interest
At

June

30,

2025,

there

were

an

unlimited

number

of

shares

authorized

(without

par

value).

Transactions

in

the

Portfolio's

shares

at

$1.00

per

share

were

as

follows:

3. #### Transactions

#### with

#### Affiliates
Franklin

Resources,

Inc.

is

the

holding

company

for

various

subsidiaries

that

together

are

referred

to

as

Franklin

Templeton.

Certain

officers

and

trustees

of

the Trust are

also

officers,

directors, and/or trustees

of

Franklin

U.S.

Government

Money

Fund,

Institutional

Fiduciary

Trust,

and

of

the

following

subsidiaries:

a. #### Management

#### Fees
The

Portfolio

pays

an

investment

management fee

to

Advisers

of

0.15% per year

of

the average

daily net

assets

of

the

Portfolio.

b. #### Transfer

#### Agent

#### Fees
Investor

Services,

under

terms

of

an

agreement,

performs

shareholder

servicing

for

the

Portfolio and

is

not

paid

by

the Portfolio

for

the

services.

#### Year

#### Ended

#### June

#### 30,

#### 2025

#### Year

#### Ended

#### June

#### 30,

#### 2024
Shares

sold

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

$24,661,124,716

$24,020,028,954

Shares

issued

in

reinvestment

of

distributions

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

457,103,361

549,798,848

Shares

redeemed

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

(25,621,977,791)

(23,790,195,834)

Net

increase

(decrease)

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

$(503,749,714)

$779,631,968

#### Subsidiary

#### Affiliation
Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Franklin

Templeton

Investor

Services,

LLC

(Investor

Services)

Transfer

agent

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

d. #### Security

#### Transactions,

#### Investment

#### Income,

#### Expenses

#### and

#### Distributions
(continued)

The

Money

Market

Portfolios

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### The

#### U.S.

#### Government

#### Money

#### Market

#### Portfolio
(continued)

c. #### Other

#### Affiliated

#### Transactions
At

June

30,

2025,

the

shares

of

the

Portfolio

were

owned

by

the

following

investment

companies:

4. #### Income

#### Taxes
The

tax

character

of

distributions

paid

during

the

years

ended

June

30,

2025

and

2024,

was

as

follows:

At

June

30,

2025,

the

cost

of

investments

and

undistributed

ordinary

income

for

income

tax

purposes

were

as

follows:

5. #### Fair

#### Value

#### Measurements
The

Portfolio follows

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Portfolio's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Portfolio's financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

–

significant

unobservable

inputs

(including

the Portfolio's

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

Money

market

securities

may

be

valued

using

amortized

cost,

in

accordance

with

the

1940

Act.

Generally,

amortized

cost

reflects

the

current

fair

value

of

a

security,

but

since

the

value

is

not

obtained

from

a

quoted

price

in

an

active

market,

such

financial

instruments

were

valued

using

Level

inputs.

At

June

30,

2025,

all

of

the

Portfolio's investments

in

financial

instruments

carried

at

fair

value

were

valued

using

Level 2

inputs.

#### Shares

#### Percentage

#### of

#### Outstanding

#### Shares
Institutional

Fiduciary

Trust—Money

Market

Portfolio

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

5,736,696,787

52.18%

Franklin

U.S.

Government

Money

Fund

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

5,257,299,881

47.82%

10,993,996,668

100.00%

#### 2025

#### 2024
Distributions

paid

from:

Ordinary

income

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

$456,945,921

$549,797,249

Cost

of

investments

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

$10,978,407,136

Distributable

earnings:

Undistributed

ordinary

income

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

$100,601

3. #### Transactions

#### with

#### Affiliates
(continued)

The

Money

Market

Portfolios

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### The

#### U.S.

#### Government

#### Money

#### Market

#### Portfolio
(continued)

6. #### Operating

#### Segments
The

Portfolio has adopted

the

FASB

Accounting

Standards

Update

(ASU)

2023-07,

*Segment* 

*Reporting* 

*(Topic* 

*280)* 

*-* 

*Improvements* 

*to* 

*Reportable* 

*Segment* 

*Disclosures.*

The

update

is

limited

to

disclosure

requirements

and

does

not

impact

the Portfolio's

financial

position

or

results

of

operations.

The Portfolio operates

as

a

single

operating

segment,

which

is

an

investment

portfolio.

The

Portfolio's Investment

manager

serves

as

the

Chief

Operating

Decision

Maker

(CODM),

evaluating

fund-wide

results

and

performance

under

a

unified

investment

strategy.

The

CODM

uses

these

measures

to

assess

fund

performance

and

allocate

resources

effectively.

Internal

reporting

provided

to

the

CODM

aligns

with

the

accounting

policies

and

measurement

principles

used

in

the financial

statements.

For

information

regarding

segment

assets,

segment

profit

or

loss,

and

significant

expenses,

refer

to

the Statement

of

Assets

and

Liabilities

and

the Statement

of

Operations,

along

with

the

related

notes

to

the financial

statements.

The Schedule

of

Investments

provides

details

of

the Portfolio's investments

that

generate

returns

such

as

interest,

dividends,

and

realized

gains

or

losses.

Performance

metrics,

including

expense

ratios,

are

disclosed

in

the Financial

Highlights.

7. #### Subsequent

#### Events
The

Portfolio

has

evaluated

subsequent

events

through

the

issuance

of

the

financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure.

#### Abbreviations

#### Selected

#### Portfolio

#### FFCB
Federal

Farm

Credit

Banks

Funding

Corp.

#### FHLB
Federal

Home

Loan

Banks

#### FRN
Floating

Rate

Note

#### SOFR
Secured

Overnight

Financing

Rate

The

Money

Market

Portfolios

Report

of

Independent

Registered

Public

Accounting

Firm

franklintempleton.com

Annual

Report

To

the

Board

of

Trustees

of

The

Money

Market

Portfolios

and

Shareholders

of

The

U.S.

Government

Money

Market

Portfolio

#### Opinion

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

The

U.S.

Government

Money

Market

Portfolio

(the

"Portfolio")

as

of

June

30,

2025,

the

related

statement

of

operations

for

the

year

ended

June

30,

2025,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

June

30,

2025,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

June

30,

2025

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Portfolio

as

of

June

2025,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

June

2025

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

June

2025

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

#### Basis

#### for

#### Opinion
These

financial

statements

are

the

responsibility

of

the

Portfolio's

management.

Our

responsibility

is

to

express

an

opinion

on

the

Portfolio's

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Portfolio

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

auditing

standards

of

the

PCAOB

and

in

accordance

with

auditing

standards

generally

accepted

in

the

United

States

of

America.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

June

30,

2025

by

correspondence

with

the

custodian

and

brokers;

when

replies

were

not

received,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/PricewaterhouseCoopers

LLP

San

Francisco,

California

August

19,

2025

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

Franklin

Templeton

Group

of

Funds

since

1948. The

Money

Market

Portfolios

Tax

Information

(unaudited)

franklintempleton.com

Annual

Report

#### The

#### U.S.

#### Government

#### Money

#### Market

#### Portfolio
By

mid-February,

tax

information

related

to

a

shareholder's

proportionate

share

of

distributions

paid

during

the

preceding

calendar

year

will

be

received,

if

applicable.

Please

also

refer

to

www.franklintempleton.com

for

per

share

tax

information

related

to

any

distributions

paid

during

the

preceding

calendar

year.

Shareholders

are

advised

to

consult

with

their

tax

advisors

for

further

information

on

the

treatment

of

these

amounts

on

their

tax

returns.

The

following

tax

information

for

the

Fund

is

required

to

be

furnished

to

shareholders

with

respect

to

income

earned

and

distributions

paid

during

its

fiscal

year.

The

Fund

hereby

reports

the

following

amounts,

or

if

subsequently

determined

to

be

different,

the

maximum

allowable

amounts,

for

the

fiscal

year

ended

June

30,

2025:

Note

(1) -

The

Law

varies

in

each

state

as

to

whether

and

what

percentage

of

dividend

income

attributable

to

Federal

obligations

is

exempt

from

state

income

tax.

Shareholders

are

advised

to

consult

with

their

tax

advisors

to

determine

if

any

portion

of

the

dividends

received

is

exempt

from

state

income

taxes.

#### Pursuant

#### to:

#### Amount

#### Reported
Qualified

Net

Interest

Income

(QII)

§871(k)(1)(C)

$457,046,589

Section

163(j)

Interest

Earned

§163(j)

$457,046,589

Interest

Earned

from

Federal

Obligations

Note

(1) $359,817,641

Franklin

U.S.

Government

Money

Fund

franklintempleton.com

Annual

Report

#### FRANKLIN

#### U.S.

#### GOVERNMENT

#### MONEY

#### FUND
Franklin

U.S.

Government

Money

Fund

(Feeder

Fund)

is

a

feeder

fund

that

invests

all

of

its

assets

in

The

U.S.

Government

Money

Market

Portfolio

(Master

Portfolio).

The

Feeder

Fund

does

not

have

an

investment

manager

or

an

investment

management

agreement,

unlike

the

Master

Portfolio.

The

Board

of

Trustees

(collectively

or

individually,

the

Board)

of

each

of

the

Feeder

Fund

and

the

Master

Portfolio

is

comprised

of

the

same

individuals.

References

herein

to

"the

Fund"

refer

to

the

Feeder

Fund

and/or

Master

Portfolio

as

the

context

requires.

At

an

in-person

meeting

held

on

April

15,

2025

(Meeting),

the

Board,

including

a

majority

of

the

trustees

who

are

not

"interested

persons"

(Independent

Trustees)

as

defined

in

the

Investment

Company

Act

of

1940

(1940

Act),

reviewed

and

approved

the

continuance

of

the

investment

management

agreement

between

Franklin

Advisers,

Inc.

(Manager)

and

the

Master

Portfolio

(Management

Agreement)

for

an

additional

one-year

period.

The

Independent

Trustees

received

advice

from

and

met

separately

with

Independent

Trustee

counsel

to

consider

the

renewal

of

the

Management

Agreement.

In

considering

the

continuance

of

the

Management

Agreement,

the

Board

reviewed

and

considered

information

provided

by

the

Manager

at

the

Meeting

and

throughout

the

year

at

meetings

of

the

Board

and

its

committees.

The

Board

also

reviewed

and

considered

information

provided

in

response

to

a

detailed

set

of

requests

for

information

submitted

to

the

Manager

by

Independent

Trustee

counsel

on

behalf

of

the

Independent

Trustees

in

connection

with

the

annual

contract

renewal

process.

In

addition,

prior

to

the

Meeting,

the

Independent

Trustees

held

a

virtual

contract

renewal

meeting

at

which

the

Independent

Trustees

first

conferred

amongst

themselves

and

Independent

Trustee

counsel

about

contract

renewal

matters,

and

then

met

with

management

to

request

additional

information

that

the

Independent

Trustees

also

considered

prior

to

and

at

the

Meeting.

The

Board

further

considered

all

of

the

factors

it

deemed

relevant

in

approving

the

continuance

of

the

Management

Agreement,

including,

but

not

limited

to:

(i) the

nature,

extent

and

quality

of

the

services

provided

by

the

Manager;

(ii) the

investment

performance

of

the

Fund;

(iii) the

costs

of

the

services

provided

and

profits

realized

by

the

Manager

and

its

affiliates

from

the

relationship

with

the

Fund;

(iv) the

extent

to

which

economies

of

scale

are

realized

as

the

Fund

grows;

and

(v) whether

fee

levels

reflect

these

economies

of

scale

for

the

benefit

of

Fund

investors.

#### Changes

#### In

#### and

#### Disagreements

#### with

#### Accountants
For

the

period

covered

by

this

report

Not

applicable.

#### Results

#### of

#### Meeting(s)

#### of

#### Shareholders
For

the

period

covered

by

this

report

Not

applicable.

#### Remuneration

#### Paid

#### to

#### Directors,

#### Officers

#### and

#### Others
For

the

period

covered

by

this

report

Refer

to

the

financial

statements

included

herein.

Remuneration

to

officers

is

paid

by

the

Fund's

investment

manager

according

to

the

terms

of

the

agreement.

#### Board

#### Approval

#### of

#### Management

#### and

#### Subadvisory

#### Agreements
For

the

period

covered

by

this

report

Franklin

U.S.

Government

Money

Fund

franklintempleton.com

Annual

Report

In

approving

the

continuance

of

the

Management

Agreement,

the

Board,

including

a

majority

of

the

Independent

Trustees,

determined,

through

the

exercise

of

its

business

judgment,

that

the

terms

of

the

Management

Agreement

are

fair

and

reasonable

and

that

the

continuance

of

the

Management

Agreement

is

in

the

best

interests

of

the

Fund

and

its

shareholders.

While

attention

was

given

to

all

information

furnished,

the

following

discusses

some

primary

factors

relevant

to

the

Board's

determination.

#### Nature,

#### Extent

#### and

#### Quality

#### of

#### Services
The

Board

reviewed

the

information

it

received

regarding

the

nature,

extent

and

quality

of

investment

management

services

provided

by

the

Manager

and

its

affiliates

to

the

Fund

and

its

shareholders.

This

information

included,

among

other

things,

the

qualifications,

background

and

experience

of

the

senior

management

and

investment

personnel

of

the

Manager,

as

well

as

information

on

succession

planning

where

appropriate;

the

structure

of

investment

personnel

compensation;

oversight

of

third-

party

service

providers;

investment

performance

reports

and

related

financial

information

for

the

Fund;

reports

on

expenses

and

shareholder

services;

legal

and

compliance

matters;

risk

controls;

pricing

and

other

services

provided

by

the

Manager

and

its

affiliates;

and

management

fees

charged

by

the

Manager

and

its

affiliates

to

US

funds

and

other

accounts,

including

management's

explanation

of

differences

among

accounts

where

relevant.

The

Board

also

reviewed

and

considered

an

annual

report

on

payments

made

by

Franklin

Templeton

(FT)

or

the

Fund

to

financial

intermediaries,

as

well

as

a

memorandum

relating

to

third-party

servicing

arrangements.

The

Board

acknowledged

the

ongoing

integration

of

acquired

third-party

fund

families

into

the

FT

family

of

funds

and

management's

continued

development

of

strategies

to

address

evolving

changes

in

domestic

policy

and

continuing

geopolitical

concerns.

The

Board

also

reviewed

and

considered

the

benefits

provided

to

Fund

shareholders

of

investing

in

a

fund

that

is

part

of

the

FT

family

of

funds.

The

Board

noted

the

financial

position

of

Franklin

Resources,

Inc.

(FRI),

the

Manager's

parent,

and

its

commitment

to

the

mutual

fund

business

as

evidenced

by

its

continued

reassessment

of

the

fund

offerings

in

response

to

FT

acquisitions

and

the

market

environment,

as

well

as

its

evaluation

of

ways

to

incorporate

private

assets

into

more

traditional

investment

vehicles.

The

Board

specifically

noted

FT's

commitment

to

technological

innovation

and

advancement,

including

its

continued

focus

on

developing

potential

use

cases

for

tokenization

and

the

blockchain

and

the

use

of

artificial

intelligence

tools

to

help

streamline

day-to-day

tasks.

Following

consideration

of

such

information,

the

Board

was

satisfied

with

the

nature,

extent

and

quality

of

services

provided

by

the

Manager

and

its

affiliates

to

the

Fund

and

its

shareholders.

#### Fund

#### Performance
The

Board

reviewed

and

considered

the

performance

results

of

the

Fund

over

various

time

periods

ended

December

31,

2024. The

Board

considered

the

performance

returns

for

the

Fund

in

comparison

to

the

performance

returns

of

mutual

funds

deemed

comparable

to

the

Fund

included

in

a

universe

(Performance

Universe)

selected

by

Broadridge

Financial

Solutions,

Inc.

(Broadridge),

an

independent

provider

of

investment

company

data.

The

Board

received

a

description

of

the

methodology

used

by

Broadridge

to

select

the

mutual

funds

included

in

a

Performance

Universe.

The

Board

also

reviewed

and

considered

Fund

performance

reports

provided

and

discussions

that

occurred

with

portfolio

managers

at

Board

meetings

throughout

the

year.

A

summary

of

the

Fund's

performance

results

is

below.

The

Performance

Universe

for

the

Fund

included

the

Fund

and

all

retail

US

government

money

market

funds.

The

Board

noted

that

the

Fund's

annualized

income

return

for

the

one-,

three-,

five-

and

10-year

periods

was

below

the

median

of

its

Performance

Universe,

but

within

three

basis

points

for

the

five-

and

10-year

periods.

The

Board

discussed

the

Fund's

performance

with

management

and

management

explained

that

the

Fund

is

a

"government

money

market

fund"

as

defined

in

Rule

2a-7

under

the

1940

Act

and

is

therefore

managed

in

a

conservative

manner

with

at

least

99.5%

of

its

total

assets

invested

in

Government

securities,

cash

and

repurchase

agreements

collateralized

fully

by

Government

securities

and/

or

cash,

which

minimizes

liquidity

risk.

Management

further

explained

that

the

Fund

had

a

shorter

weighted

maturity

as

compared

to

the

Performance

Universe,

noting

that

funds

with

shorter

weighted

maturities

tend

to

underperform

funds

with

longer

weighted

maturities

but

ensures

abundant

liquidity,

which

impacted

the

Fund's

longer-term

performance.

The

Board

Franklin

U.S.

Government

Money

Fund

franklintempleton.com

Annual

Report

noted

management's

commitment

to

continue

to

invest

in

what

it

believes

are

high-quality,

liquid

securities.

The

Board

noted

management's

view

regarding

the

income-related

attributes

of

the

Fund

(e.g.,

a

fund's

investment

objective)

as

set

forth

in

the

Fund's

registration

statement

and

that

the

evaluation

of

the

Fund's

performance

relative

to

its

peers

on

an

income

return

basis

was

appropriate

given

these

attributes.

The

Board

concluded

that

the

Fund's

performance

was

acceptable.

#### Comparative

#### Fees

#### and

#### Expenses
The

Board

reviewed

and

considered

information

regarding

the

Fund's

actual

total

expense

ratio

and

its

various

components,

including,

as

applicable,

management

fees;

transfer

agent

expenses;

underlying

fund

expenses;

Rule

12b-1

and

non-Rule

12b-1

service

fees;

and

other

non-management

fees.

The

Board

also

noted

the

quarterly

and

annual

reports

it

receives

on

all

marketing

support

payments

made

by

FT

to

financial

intermediaries.

The

Board

considered

the

actual

total

expense

ratio

and,

separately,

the

contractual

management

fee

rate,

without

the

effect

of

fee

waivers,

if

any

(Management

Rate)

of

the

Fund

in

comparison

to

the

median

expense

ratio

and

median

Management

Rate,

respectively,

of

other

mutual

funds

deemed

comparable

to

and

with

a

similar

expense

structure

to

the

Fund

selected

by

Broadridge

(Expense

Group).

Broadridge

fee

and

expense

data

is

based

upon

information

taken

from

each

fund's

most

recent

annual

or

semi-annual

report,

which

reflects

historical

asset

levels

that

may

be

quite

different

from

those

currently

existing,

particularly

in

a

period

of

market

volatility.

While

recognizing

such

inherent

limitation

and

the

fact

that

expense

ratios

and

Management

Rates

generally

increase

as

assets

decline

and

decrease

as

assets

grow,

the

Board

believed

the

independent

analysis

conducted

by

Broadridge

to

be

an

appropriate

measure

of

comparative

fees

and

expenses.

The

Broadridge

Management

Rate

includes

administrative

charges,

and

the

actual

total

expense

ratio,

for

comparative

consistency,

was

shown

for

Class

A

shares

for

the

Fund

and

for

Class

A

and

Government

Cash

Managed

shares

for

other

funds

in

the

Expense

Group

with

multiple

classes

of

shares.

The

Board

received

a

description

of

the

methodology

used

by

Broadridge

to

select

the

mutual

funds

included

in

an

Expense

Group.

The

Expense

Group

for

Fund

included

the

Fund

and

eight

other

US

government

money

market

funds.

The

Board

noted

that

the

Management

Rate

and

actual

total

expense

ratio

for

the

Fund

were

above

the

medians

of

its

Expense

Group.

The

Board

discussed

with

management

the

Fund's

above

median

Management

Rate

and

actual

total

expense

ratio

relative

to

its

peers

in

the

Expense

Group,

including

the

impact

of

certain

of

the

peers'

voluntary

waivers

that

had

been

implemented

to

support

minimum

yield

requirements

and

the

expiration

of

the

waivers.

The

Board

also

noted

that

the

Fund

is

maintained

as

an

accommodation

product

for

investors

in

need

of

a

short-term

investment

vehicle,

and

the

Fund's

Management

Rate

is

paid

by

the

Master

Portfolio.

After

consideration

of

the

above,

the

Board

concluded

that

the

Management

Rate

charged

to

the

Fund

is

reasonable.

#### Profitability
The

Board

reviewed

and

considered

information

regarding

the

profits

realized

by

the

Manager

and

its

affiliates

in

connection

with

the

operation

of

the

Fund.

In

this

respect,

the

Board

considered

the

Fund

profitability

analysis

provided

by

the

Manager

that

addresses

the

overall

profitability

of

FT's

US

fund

business,

as

well

as

its

profits

in

providing

investment

management

and

other

services

to

each

of

the

individual

funds

during

the

12-month

period

ended

September

30,

2024,

being

the

most

recent

fiscal

year-end

for

FRI.

The

Board

noted

that

although

management

continually

makes

refinements

to

its

methodologies

used

in

calculating

profitability

in

response

to

organizational

and

product-related

changes,

the

overall

methodology

has

remained

consistent

with

that

used

in

the

Fund's

profitability

report

presentations

from

prior

years.

The

Board

also

noted

that

an

independent

registered

public

accounting

firm

has

been

engaged

by

the

Manager

to

periodically

review

and

assess

the

allocation

methodologies

to

be

used

solely

by

the

Fund's

Board

with

respect

to

the

profitability

analysis.

The

Board

noted

management's

belief

that

costs

incurred

in

establishing

the

infrastructure

necessary

for

the

type

of

mutual

fund

operations

conducted

by

the

Manager

and

its

affiliates

may

not

be

fully

reflected

in

the

expenses

allocated

to

the

Fund

in

determining

its

profitability,

as

well

as

the

fact

that

the

level

of

profits,

to

a

certain

extent,

reflected

operational

cost

savings

and

efficiencies

initiated

by

management.

As

part

of

this

evaluation,

the

Board

considered

management's

outsourcing

of

certain

operations,

which

effort

has

required

considerable

up-front

expenditures

by

the

Manager,

but

over

the

long

run

is

expected

to

result

in

greater

efficiencies.

The

Board

also

noted

management's

expenditures

in

improving

shareholder

services

provided

to

the

Fund,

as

well

as

the

need

to

implement

systems

and

meet

additional

regulatory

and

compliance

requirements

resulting

from

recent

US

Securities

and

Exchange

Commission

and

other

regulatory

requirements.

Franklin

U.S.

Government

Money

Fund

franklintempleton.com

Annual

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The

Board

also

considered

the

extent

to

which

the

Manager

and

its

affiliates

might

derive

ancillary

benefits

from

fund

operations,

including

revenues

generated

from

transfer

agent

services,

potential

benefits

resulting

from

personnel

and

systems

enhancements

necessitated

by

fund

growth,

as

well

as

increased

leverage

with

service

providers

and

counterparties.

Based

upon

its

consideration

of

all

these

factors,

the

Board

concluded

that

the

level

of

profits

realized

by

the

Manager

and

its

affiliates

from

providing

services

to

the

Fund

was

not

excessive

in

view

of

the

nature,

extent

and

quality

of

services

provided

to

the

Fund.

#### Economies

#### of

#### Scale
The

Board

reviewed

and

considered

the

extent

to

which

the

Manager

may

realize

economies

of

scale,

if

any,

as

the

Fund

grows

larger

and

whether

the

Fund's

management

fee

structure

reflects

any

economies

of

scale

for

the

benefit

of

shareholders.

The

Board

considered

the

Manager's

view

that

any

analyses

of

potential

economies

of

scale

in

managing

a

particular

fund

are

inherently

limited

in

light

of

the

joint

and

common

costs

and

investments

the

Manager

incurs

across

the

FT

family

of

funds

as

a

whole.

The

Board

concluded

that

it

was

unlikely

that

the

Manager

and

its

affiliates

realized

economies

of

scale

in

furnishing

advisory

services

to

the

Fund

in

view

of

the

transitory

nature

of

its

investment

role

within

the

FT

family

of

funds,

the

services

provided

to

the

Fund's

shareholders

and

management's

subsidization

of

expenses

(when

needed).

#### Conclusion
Based

on

its

review,

consideration

and

evaluation

of

all

factors

it

believed

relevant,

including

the

above-described

factors

and

conclusions,

the

Board

unanimously

approved

the

continuance

of

the

Management

Agreement

for

an

additional

one-year

period.

Franklin

U.S.

Government

Money

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#### THE

#### U.S.

#### GOVERNMENT

#### MONEY

#### MARKET

#### PORTFOLIO
(Master

Portfolio)

The

Master

Portfolio

is

only

registered

under

the

Investment

Company

Act

of

1940

(1940

Act).

Accordingly,

the

Master

Portfolio

does

not

offer

its

shares

to

the

public.

Shares

of

the

Master

Portfolio

are

sold

only

to

other

investment

companies,

which

include

the

Franklin

U.S.

Government

Money

Fund

and

Money

Market

Portfolio

(each

a

Feeder

Fund).

Each

Feeder

Fund

invests

all

of

its

assets

in

the

Master

Portfolio.

None

of

the

Feeder

Funds

have

an

investment

manager

or

an

investment

management

agreement,

unlike

the

Master

Portfolio.

The

Board

of

Trustees

(collectively

or

individually,

the

Board)

of

each

Feeder

Fund

and

Master

Portfolio

is

comprised

of

the

same

individuals.

At

an

in-person

meeting

held

on

April

15,

2025

(Meeting),

the

Board

of

the

Master

Portfolio,

including

a

majority

of

the

trustees

who

are

not

"interested

persons"

as

defined

in

the

1940

Act

(Independent

Trustees),

reviewed

and

approved

the

continuance

of

the

investment

management

agreement

between

Franklin

Advisers,

Inc.

(Manager)

and

the

Master

Portfolio

(Management

Agreement)

for

an

additional

one-year

period.

The

Independent

Trustees

received

advice

from

and

met

separately

with

Independent

Trustee

counsel

to

consider

the

renewal

of

the

Management

Agreement.

In

considering

the

continuance

of

the

Management

Agreement,

the

Board

reviewed

and

considered

information

provided

by

the

Manager

at

the

Meeting

and

throughout

the

year

at

meetings

of

the

Board

and

its

committees.

The

Board

also

reviewed

and

considered

information

provided

in

response

to

a

detailed

set

of

requests

for

information

submitted

to

the

Manager

by

Independent

Trustee

counsel

on

behalf

of

the

Independent

Trustees

in

connection

with

the

annual

contract

renewal

process.

In

addition,

prior

to

the

Meeting,

the

Independent

Trustees

held

a

virtual

contract

renewal

meeting

at

which

the

Independent

Trustees

first

conferred

amongst

themselves

and

Independent

Trustee

counsel

about

contract

renewal

matters,

and

then

met

with

management

to

request

additional

information

that

the

Independent

Trustees

also

considered

prior

to

and

at

the

Meeting.

The

Board

further

considered

all

of

the

factors

it

deemed

relevant

in

approving

the

continuance

of

the

Management

Agreement,

including,

but

not

limited

to:

(i) the

nature,

extent

and

quality

of

the

services

provided

by

the

Manager;

(ii) the

#### Changes

#### In

#### and

#### Disagreements

#### with

#### Accountants
For

the

period

covered

by

this

report

Not

applicable.

#### Results

#### of

#### Meeting(s)

#### of

#### Shareholders
For

the

period

covered

by

this

report

Not

applicable.

#### Remuneration

#### Paid

#### to

#### Directors,

#### Officers

#### and

#### Others
For

the

period

covered

by

this

report

Refer

to

the

financial

statements

included

herein.

Remuneration

to

officers

is

paid

by

the

Fund's

investment

manager

according

to

the

terms

of

the

agreement.

#### Board

#### Approval

#### of

#### Management

#### and

#### Subadvisory

#### Agreements
For

the

period

covered

by

this

report

Franklin

U.S.

Government

Money

Fund

franklintempleton.com

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investment

performance

of

the

Master

Portfolio;

(iii) the

costs

of

the

services

provided

and

profits

realized

by

the

Manager

and

its

affiliates

from

the

relationship

with

the

Master

Portfolio;

(iv) the

extent

to

which

economies

of

scale

are

realized

as

the

Master

Portfolio

grows;

and

(v) whether

fee

levels

reflect

these

economies

of

scale

for

the

benefit

of

Master

Portfolio

shareholders.

In

approving

the

continuance

of

the

Management

Agreement,

the

Board,

including

a

majority

of

the

Independent

Trustees,

determined,

through

the

exercise

of

its

business

judgment,

that

the

terms

of

the

Management

Agreement

are

fair

and

reasonable

and

that

the

continuance

of

the

Management

Agreement

is

in

the

best

interests

of

the

Master

Portfolio

and

its

shareholders.

While

attention

was

given

to

all

information

furnished,

the

following

discusses

some

primary

factors

relevant

to

the

Board's

determination.

#### Nature,

#### Extent

#### and

#### Quality

#### of

#### Services
The

Board

reviewed

the

information

it

received

regarding

the

nature,

extent

and

quality

of

investment

management

services

provided

by

the

Manager

and

its

affiliates

to

the

Master

Portfolio

and

its

shareholders.

This

information

included,

among

other

things,

the

qualifications,

background

and

experience

of

the

senior

management

and

investment

personnel

of

the

Manager;

as

well

as

information

on

succession

planning

where

appropriate;

the

structure

of

investment

personnel

compensation;

oversight

of

third-party

service

providers;

investment

performance

reports

and

related

financial

information

for

the

Master

Portfolio;

reports

on

expenses;

legal

and

compliance

matters;

risk

controls;

pricing

and

other

services

provided

by

the

Manager

and

its

affiliates;

and

management

fees

charged

by

the

Manager

and

its

affiliates

to

US

funds

and

other

accounts,

including

management's

explanation

of

differences

among

accounts

where

relevant.

The

Board

acknowledged

the

ongoing

integration

of

acquired

third-party

fund

families

into

the

Franklin

Templeton

(FT)

family

of

funds

and

management's

continued

development

of

strategies

to

address

evolving

changes

in

domestic

policy

and

continuing

geopolitical

concerns.

The

Board

noted

the

financial

position

of

Franklin

Resources,

Inc.

(FRI),

the

Manager's

parent,

and

its

commitment

to

the

mutual

fund

business

as

evidenced

by

its

continued

reassessment

of

the

fund

offerings

in

response

to

FT

acquisitions

and

the

market

environment,

as

well

as

its

evaluation

of

ways

to

incorporate

private

assets

into

more

traditional

investment

vehicles.

The

Board

specifically

noted

FT's

commitment

to

technological

innovation

and

advancement,

including

its

continued

focus

on

developing

potential

use

cases

for

tokenization

and

the

blockchain

and

the

use

of

artificial

intelligence

tools

to

help

streamline

day-to-day

tasks.

Following

consideration

of

such

information,

the

Board

was

satisfied

with

the

nature,

extent

and

quality

of

services

provided

by

the

Manager

and

its

affiliates

to

the

Master

Portfolio

and

its

shareholders.

#### Fund

#### Performance
The

Board

reviewed

and

considered

the

performance

results

of

the

Master

Portfolio

over

various

time

periods

ended

December

31,

2024. The

Board

considered

the

performance

returns

for

the

Master

Portfolio

in

comparison

to

the

performance

returns

of

mutual

funds

deemed

comparable

to

the

Master

Portfolio

included

in

a

universe

(Performance

Universe)

selected

by

Broadridge

Financial

Solutions,

Inc.

(Broadridge),

an

independent

provider

of

investment

company

data.

The

Board

received

a

description

of

the

methodology

used

by

Broadridge

to

select

the

mutual

funds

included

in

a

Performance

Universe.

The

Board

also

reviewed

and

considered

Master

Portfolio

performance

reports

provided

and

discussions

that

occurred

with

portfolio

managers

at

Board

meetings

throughout

the

year.

A

summary

of

the

Master

Portfolio's

performance

results

is

below.

The

Performance

Universe

for

the

Master

Portfolio

included

the

Master

Portfolio

and

all

retail

US

government

money

market

funds.

The

Board

noted

that

the

Master

Portfolio's

annualized

income

return

for

the

one-,

three-

and

five-year

periods

was

below

the

median

of

its

Performance

Universe,

but

for

the

10-year

period

was

above

the

median

of

its

Performance

Universe.

The

Board

discussed

the

Master

Portfolio's

performance

with

management

and

management

explained

that

the

Master

Portfolio

is

a

"government

money

market

fund"

as

defined

in

Rule

2a-7

under

the

1940

Act

and

is

therefore

managed

in

a

conservative

manner

with

at

least

99.5%

of

its

total

assets

invested

in

Government

securities,

cash

and

repurchase

agreements

collateralized

fully

by

Government

securities

and/or

cash,

which

minimizes

liquidity

risk.

The

Board

further

noted

Franklin

U.S.

Government

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Fund

franklintempleton.com

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management's

view

regarding

the

income-related

attributes

of

the

Master

Portfolio

(e.g.,

a

fund's

investment

objective)

as

set

forth

in

the

Master

Portfolio's

registration

statement

and

that

the

evaluation

of

the

Master

Portfolio's

performance

relative

to

its

peers

on

an

income

return

basis

was

appropriate

given

these

attributes.

The

Board

concluded

that

the

Master

Portfolio's

performance

was

acceptable.

#### Comparative

#### Fees

#### and

#### Expenses
The

Board

reviewed

and

considered

information

regarding

the

Master

Portfolio's

actual

total

expense

ratio

and

its

various

components,

including,

as

applicable,

management

fees;

transfer

agent

expenses;

and

other

non-management

fees.

The

Board

considered

the

actual

total

expense

ratio

and,

separately,

the

contractual

management

fee

rate,

without

the

effect

of

fee

waivers,

if

any

(Management

Rate)

of

the

Master

Portfolio

in

comparison

to

the

median

expense

ratio

and

median

Management

Rate,

respectively,

of

other

mutual

funds

deemed

comparable

to

and

with

a

similar

expense

structure

to

the

Master

Portfolio

selected

by

Broadridge

(Expense

Group).

Broadridge

fee

and

expense

data

is

based

upon

information

taken

from

each

fund's

most

recent

annual

or

semi-annual

report,

which

reflects

historical

asset

levels

that

may

be

quite

different

from

those

currently

existing,

particularly

in

a

period

of

market

volatility.

While

recognizing

such

inherent

limitation

and

the

fact

that

expense

ratios

and

Management

Rates

generally

increase

as

assets

decline

and

decrease

as

assets

grow,

the

Board

believed

the

independent

analysis

conducted

by

Broadridge

to

be

an

appropriate

measure

of

comparative

fees

and

expenses.

The

Broadridge

Management

Rate

includes

administrative

charges,

and

the

actual

total

expense

ratio,

for

comparative

consistency,

was

shown

for

Class

A,

Class

AF2,

DWS

Government

&

Agency

Money

Fund

Class,

Investor

Class,

Mischler

Financial

G

Class

and

Ultra

Class

shares

for

other

funds

in

the

Expense

Group

with

multiple

classes

of

shares.

The

Board

received

a

description

of

the

methodology

used

by

Broadridge

to

select

the

mutual

funds

included

in

an

Expense

Group.

The

Expense

Group

for

the

Master

Portfolio

included

the

Master

Portfolio

and

eight

other

US

government

money

market

funds.

The

Board

noted

that

the

Management

Rate

and

actual

total

expense

ratio

for

the

Master

Portfolio

were

below

the

medians

and

in

the

first

quintile

(least

expensive)

of

its

Expense

Group.

The

Board

also

noted

that

the

other

funds

in

the

Expense

Group

were

not

master

portfolios

in

a

master-feeder

structure

like

the

Master

Portfolio

and,

accordingly,

considered

the

Management

Rate

and

actual

total

expense

ratio

information

provided

for

each

of

the

Feeder

Funds

to

be

a

more

relevant

comparison.

The

Board

concluded

that

the

Management

Rate

charged

to

the

Master

Portfolio

is

reasonable.

#### Profitability
The

Board

reviewed

and

considered

information

regarding

the

profits

realized

by

the

Manager

and

its

affiliates

in

connection

with

the

operation

of

the

Master

Portfolio.

In

this

respect,

the

Board

considered

the

Master

Portfolio

profitability

analysis

provided

by

the

Manager

that

addresses

the

overall

profitability

of

FT's

US

fund

business,

as

well

as

its

profits

in

providing

investment

management

and

other

services

to

each

of

the

individual

funds

during

the

12-month

period

ended

September

30,

2024,

being

the

most

recent

fiscal

year-end

for

FRI.

The

Board

noted

that

although

management

continually

makes

refinements

to

its

methodologies

used

in

calculating

profitability

in

response

to

organizational

and

product-related

changes,

the

overall

methodology

has

remained

consistent

with

that

used

in

the

Master

Portfolio's

profitability

report

presentations

from

prior

years.

The

Board

also

noted

that

an

independent

registered

public

accounting

firm

has

been

engaged

by

the

Manager

to

periodically

review

and

assess

the

allocation

methodologies

to

be

used

solely

by

the

Master

Portfolio's

Board

with

respect

to

the

profitability

analysis.

The

Board

noted

management's

belief

that

costs

incurred

in

establishing

the

infrastructure

necessary

for

the

type

of

mutual

fund

operations

conducted

by

the

Manager

and

its

affiliates

may

not

be

fully

reflected

in

the

expenses

allocated

to

the

Master

Portfolio

in

determining

its

profitability,

as

well

as

the

fact

that

the

level

of

profits,

to

a

certain

extent,

reflected

operational

cost

savings

and

efficiencies

initiated

by

management.

As

part

of

this

evaluation,

the

Board

considered

management's

outsourcing

of

certain

operations,

which

effort

has

required

considerable

upfront

expenditures

by

the

Manager,

but

over

the

long

run

is

expected

to

result

in

greater

efficiencies.

The

Board

also

noted

the

need

to

implement

systems

and

meet

additional

regulatory

and

compliance

requirements

resulting

from

recent

US

Securities

and

Exchange

Commission

and

other

regulatory

requirements.

Franklin

U.S.

Government

Money

Fund

franklintempleton.com

Annual

Report

The

Board

also

considered

the

extent

to

which

the

Manager

and

its

affiliates

might

derive

ancillary

benefits

from

fund

operations,

including

revenues

generated

from

transfer

agent

services,

potential

benefits

resulting

from

personnel

and

systems

enhancements

necessitated

by

fund

growth,

as

well

as

increased

leverage

with

service

providers

and

counterparties.

Based

upon

its

consideration

of

all

these

factors,

the

Board

concluded

that

the

level

of

profits

realized

by

the

Manager

and

its

affiliates

from

providing

services

to

the

Master

Portfolio

was

not

excessive

in

view

of

the

nature,

extent

and

quality

of

services

provided

to

the

Master

Portfolio.

#### Economies

#### of

#### Scale
The

Board

reviewed

and

considered

the

extent

to

which

the

Manager

may

realize

economies

of

scale,

if

any,

as

the

Master

Portfolio

grows

larger

and

whether

the

Master

Portfolio's

management

fee

structure

reflects

any

economies

of

scale

for

the

benefit

of

shareholders.

The

Board

considered

the

Manager's

view

that

any

analyses

of

potential

economies

of

scale

in

managing

a

particular

fund

are

inherently

limited

in

light

of

the

joint

and

common

costs

and

investments

the

Manager

incurs

across

the

FT

family

of

funds

as

a

whole.

The

Board

noted

that

the

Master

Portfolio

had

experienced

a

significant

decrease

in

assets

and

would

not

be

expected

to

demonstrate

economies

of

scale

in

the

near

term,

and

concluded

that

it

was

unlikely

that

the

Manager

and

its

affiliates

realized

economies

of

scale

in

furnishing

advisory

services

to

the

Master

Portfolio

in

view

of

the

transitory

nature

of

its

investment

role

within

the

FT

family

of

funds

and

the

services

provided

to

the

Master

Portfolio's

shareholders.

#### Conclusion
Based

on

its

review,

consideration

and

evaluation

of

all

factors

it

believed

relevant,

including

the

above-described

factors

and

conclusions,

the

Board

unanimously

approved

the

continuance

of

the

Management

Agreement

for

an

additional

one-year

period.

4311-AFSOI

08/25©

2025

Franklin

Templeton

Investments.

All

rights

reserved.

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

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

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

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

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

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

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

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

---

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

---

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

ITEM 16. CONTROLS AND PROCEDURES.

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

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

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

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

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

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

ITEM 19. EXHIBITS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (1) Code of Ethics attached hereto.](fugmf-efp17200_ex99code.htm)

Exhibit 99.CODE ETH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.](fugmf-efp17200_ex99cert.htm)

Exhibit 99.CERT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.](fugmf-efp17200_ex99906cert.htm)

Exhibit 99.906CERT

SIGNATURES

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

**Franklin U.S. Government Money Fund**

---

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

---

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

---

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

---

---

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

---

## Ex-99.Codeeth

**Code of Ethics for Principal Executives & Senior Financial Officers**

---

| | |
|:---|:---|
| **Procedures** | &nbsp;&nbsp;&nbsp;Revised [September 27, 2024] |

---

**FRANKLIN TEMPLETON AFFILIATED FUNDS**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVES AND**

**SENIOR FINANCIAL OFFICERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. 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") 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").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. 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 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 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 superseded 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. 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 a position 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 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 of 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>

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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>:

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

&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.

<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</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 Covered Person should also obtain written approval by FT's General Counsel in such situations.

&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, or the Chief Compliance Officer, will
 provide a report to the FT Funds Audit Committee of any approvals granted at the next regularly
 scheduled meeting.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. 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 A);

&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 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> However, the Independent Directors of the respective FT Funds will consider any approvals or waivers<sup>4</sup> 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>

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

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

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

<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.

<sup>5</sup> See Part X.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X. 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**

**ACKNOWLEDGMENT FORM**

**Franklin Templeton Funds Code of Ethics**

**For Principal Executives and Senior Financial Officers**

**Instructions:**

&nbsp;&nbsp;&nbsp;&nbsp;1. Complete
 all sections of this form.

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

&nbsp;&nbsp;&nbsp;&nbsp;3. 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 15<sup>th</sup> of each subsequent year.

---

| | |
|:---|:---|
| **E-mail:** | Code of Ethics Inquiries & Requests (internal address);<br> 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.

---

| | |
|:---|:---|
| ***Signature*** | ***Date signed*** |

---

## Ex-99.Cert

CERTIFICATIONS PURSUANT TO SECTION 302

EX-99.CERT

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

I, Christopher Kings, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Franklin U.S. Government Money Fund;** 

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

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

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

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

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

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

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

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

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

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

Date: August 26, 2025

---

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

---

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

I, Jeffrey White, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Franklin U.S. Government Money Fund**;

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

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

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

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

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

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

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

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

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

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

Date: August 26, 2025

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

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## Exhibit 99.906

CERTIFICATIONS PURSUANT TO SECTION 906

EX-99.906CERT

**CERTIFICATION**

**Christopher Kings,** Chief Executive Officer – Finance and Administration, and **Jeffrey White,** Chief Financial Officer, Chief Accounting Officer and Treasurer of **Franklin U.S. Government Money Fund** (the "Registrant"), each certify to the best of their knowledge that:

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

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

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| | |
|:---|:---|
| **Chief Executive Officer – Finance and Administration** | **Chief Financial Officer, Chief Accounting Officer and Treasurer** |
| Franklin U.S. Government Money Fund | Franklin U.S. Government Money Fund |
| /s/ Christopher Kings | /s/ Jeffrey White |
| Christopher Kings | Jeffrey White |
| Date: August 26, 2025 | Date: August 26, 2025 |

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