# EDGAR Filing Document

**Accession Number:** 0000765485
**File Stem:** 0001133228-26-002534
**Filing Date:** 2026-2
**Character Count:** 73703
**Document Hash:** 73c61b3be10e864c15ad097ecfb03384
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-002534.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0001133228-26-002534

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 21

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**EFFECTIVENESS DATE**: 20260227

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** INSTITUTIONAL FIDUCIARY TRUST
- **CENTRAL INDEX KEY:** 0000765485

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** FL
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04267
- **FILM NUMBER:** 26696513

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

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

## Series and Classes Contracts Data

### Franklin Institutional U.S. Government Money Market Fund (Series ID: S000007358)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000020209 | Class A      | INFXX           |

?xml version='1.0' encoding='ASCII'? 2026-01-1474200001200_FranklinInstitutionalUSGovernmentMoneyMarketFund_ClassA_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number **811-04267**

 **Institutional Fiduciary Trust**

(Exact name of registrant as specified in charter)

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

(Address of principal executive offices) (Zip code)

Alison Baur

Franklin Templeton

One Franklin Parkway

San Mateo, CA 94403-1906

(Name and address of agent for service)

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

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

Date of reporting period: **December 31, 2025**

ITEM 1. REPORT TO STOCKHOLDERS

&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 Institutional U.S. Government Money Market** **Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [INFXX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Institutional U.S. Government Money Market Fund (previously known as IFT Money Market Portfolio) for the period July 1, 2025, to December 31, 2025.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class A<sup>1</sup>  | $9 | 0.17% |

---

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

† Annualized.

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

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $4663433764 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 97 |

---

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

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

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

![image](ts6133img003.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 |

---

Franklin Institutional U.S. Government Money Market Fund PAGE 1 140-STSR-0226

64.935.1 ------

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

ITEM 2. CODE OF ETHICS.

Not applicable

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable*.*

ITEM 6. SCHEDULE OF INVESTMENTS.

&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.

#### Institutional

#### Fiduciary

#### Trust

#### Financial

#### Statements

#### and

#### Other

#### Important

#### Information

#### Semi-Annual
\|

December 31, 2025

#### Franklin

#### Institutional

#### U.S.

#### Government

#### Money

#### Market

#### Fund

#### (formerly,

#### Money

#### Market

#### Portfolio)

#### Table

#### of

#### Contents
ftinstitutional.com

Financial

Statements

and

Other

Important

Information—Semiannual

Financial

Highlights

and

Schedule

of

Investments

#### 2
Financial

Statements

#### 4
Notes

to

Financial

Statements

#### 7
The

Money

Market

Portfolios

#### 10
Changes

In

and

Disagreements

with

Accountants

#### 20
Results

of

Meeting(s)

of

Shareholders

Remuneration

Paid

to

Directors,

Officers

and

Others

Board

Approval

of

Management

and

Subadvisory

Agreements

Changes

In

and

Disagreements

with

Accountants

#### 21
Results

of

Meeting(s)

of

Shareholders

Remuneration

Paid

to

Directors,

Officers

and

Others

Board

Approval

of

Management

and

Subadvisory

Agreements

Institutional

Fiduciary

Trust

Financial

Highlights

#### Franklin

#### Institutional

#### U.S.

#### Government

#### Money

#### Market

#### Fund
ftinstitutional.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### December

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### June

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$1.00

$1.00

$1.00

$1.00

$1.00

$1.00

Income

from

investment

operations:

Net

investment

income

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

0.020 0.043 0.050 0.034 0.001 —

a

Less

distributions

from:

Net

investment

income

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

(0.020)

(0.043)

(0.050)

(0.034)

(0.001)

(—)

a

Net

asset

value,

end

of

period

..........

$1.00

$1.00

$1.00

$1.00

$1.00

$1.00

Total

return

b

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

2.04%

4.43%

5.09%

3.46%

0.09%

—%

c

#### Ratios

#### to

#### average

#### net

#### assets

#### d,e
Expenses

before

waiver

and

payments

by

affiliates

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

0.35%

0.36%

0.36%

0.35%

0.36%

0.36%

Expenses

net

of

waiver

and

payments

by

affiliates

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

0.17%

0.33%

0.36%

0.35%

0.14%

0.10%

Net

investment

income

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

3.99%

4.38%

5.00%

3.36%

0.07%

—%

c

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$4,663,434

$5,732,663

$6,464,382

$5,845,294

$6,432,872

$8,239,555

a

Amount

rounds

to

less

than

$0.001

per

share.

b

Total

return

is

not

annualized

for

periods

less

than

one

year.

c

Rounds

to

less

than

0.01%.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Ratios

include

the

Fund's

share

of

the

Portfolio's

allocated

net

expenses.

Institutional

Fiduciary

Trust

Schedule

of

Investments

(unaudited),

December

31,

2025

#### Franklin

#### Institutional

#### U.S.

#### Government

#### Money

#### Market

#### Fund
ftinstitutional.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Shares
a

#### Value
a

#### Money

#### Market

#### Funds

#### 100.1%
a

U.S.

Government

Money

Market

Portfolio

(The)

,

3.665 %

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

4,666,753,026

$

4,666,753,026

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 4,666,753,026

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

#### 4,666,753,026

#### Other

#### Assets,

#### less

#### Liabilities

#### (0.1 ####)

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

#### (3,319,262)

#### Net

#### Assets

#### 100.0%

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

#### $4,663,433,764
a

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Institutional

Fiduciary

Trust

Financial

Statements

Statement

of

Assets

and

Liabilities

December

31,

2025

(unaudited)

ftinstitutional.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### Institutional

#### U.S.

#### Government

#### Money

#### Market

#### Fund
Assets:

Investment

in

affiliated

Portfolio,

at

value

and

cost

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

$4,666,753,026

Cash

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

4,993

Receivables:

Dividends

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

1,611

Affiliates

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

783,540

Total

assets

4,667,543,170

Liabilities:

Payables:

Investment

securities

purchased

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

1,775

Administrative

fees

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

855,900

Transfer

agent

fees

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

40,868

Trustees'

fees

and

expenses

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

8,381

Distributions

to

shareholders

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

3,148,426

Accrued

expenses

and

other

liabilities

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

54,056

Total

liabilities

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

4,109,406

Net

assets,

at

value

$4,663,433,764

Net

assets

consist

of:

Paid-in

capital

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

$4,663,427,469

Total

distributable

earnings

(losses)

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

6,295

Net

assets,

at

value

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

$4,663,433,764

Shares

outstanding

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

4,663,429,531

Net

asset

value

per

share

a

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

$1.00

a

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

Institutional

Fiduciary

Trust

Financial

Statements

Statement

of

Operations

for

the

six

months

ended

December

31,

2025

(unaudited)

ftinstitutional.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Franklin

#### Institutional

#### U.S.

#### Government

#### Money

#### Market

#### Fund
Investment

income:

Dividends

from

affiliated

Portfolio

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

$104,533,314

Expenses:

Administrative

fees

(Note

a)

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

5,217,333

Transfer

agent

fees

(Note

3b)

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

19,476

Reports

to

shareholders

fees

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

1,616

Registration

and

filing

fees

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

11,406

Professional

fees

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

37,017

Trustees'

fees

and

expenses

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

30,978

Other

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

14,754

Total

expenses

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

5,332,580

Expenses

waived/paid

by

affiliates

(Note

c)

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

(4,810,848)

Net

expenses

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

521,732

Net

investment

income

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

104,011,582

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

$104,011,582

Institutional

Fiduciary

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

ftinstitutional.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### Institutional

#### U.S.

#### Government

#### Money

#### Market

#### Fund

#### Six

#### Months

#### Ended

#### December

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### June

#### 30,

#### 2025
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$104,011,582

$212,731,429

Distributions

to

shareholders

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

(104,013,278)

(212,732,826)

Capital

share

transactions

(Note

2)

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

(1,069,227,493)

(731,717,968)

Net

increase

(decrease)

in

net

assets

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

(1,069,229,189)

(731,719,365)

Net

assets:

Beginning

of

period

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

5,732,662,953

6,464,382,318

End

of

period

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

$4,663,433,764

$5,732,662,953

Institutional

Fiduciary

Trust

ftinstitutional.com

Semiannual

Report

Notes

to

Financial

Statements

(unaudited)

#### Franklin

#### Institutional

#### U.S.

#### Government

#### Money

#### Market

#### Fund
1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
Institutional

Fiduciary

Trust (Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-

end

management

investment

company,

consisting

of

one

fund, Franklin

Institutional

U.S.

Government

Money

Market

Fund

(Fund).

The Fund

follows

the accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946. The

Fund

invests

substantially

all

of

its

assets

in

The

U.S.

Government

Money

Market

Portfolio

(Portfolio),

which

is

registered

under

the

1940

Act

as

an

open-end

management

investment

company and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

GAAP.

The

accounting

policies

of

the

Portfolio,

including

the

Portfolio's

security

valuation

policies,

will

directly

affect

the

recorded

value

of

the

Fund's

investment

in

the

Portfolio.

The

financial

statements

of

the

Portfolio,

including

the

Schedule

of

Investments,

are

included

elsewhere

in

this

report

and

should

be

read

in

conjunction

with

the

Fund's

financial

statements.

Shares

of

the

Fund

are

offered

to

other

investment

companies

and

accounts

managed

by

Franklin

Advisers

Inc.

(Advisers)

or

its

affiliates,

and

to

other

institutional

investors.

At

December

31,

2025,

Advisers,

affiliates

of

Advisers, investment

companies

and

accounts

managed

by

Advisers

or

its

affiliates

owned

4,663,429,531

shares

of

the

Fund.

Effective September

23,

2025,

Money

Market

Portfolio

was

renamed

Franklin

Institutional

U.S.

Government

Money

Market

Fund.

The

following

summarizes

the Fund's

significant

accounting

policies.

a. #### Financial

#### Instrument

#### Valuation
The

Fund

holds

Portfolio

shares

that

are

valued

at

the

closing

net

asset

value

of

the

Portfolio.

Under

compliance

policies

and

procedures

approved

by

the

Fund's Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Portfolio's

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Fund's

administrator

in

performing

this

responsibility,

including

leading

the

cross-

functional

Valuation

Committee

(VC).

At

December

31,

2025,

the

Fund

owned

47.14%

of

the

Portfolio.

b. #### Income

#### Taxes
It

is the Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. The Fund

intends

to

distribute

to

shareholders

substantially

all

of

its

taxable

income

and

net

realized

gains

to

relieve

it

from

federal

income

and

excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

The Fund

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

December

31,

2025, the Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

The

Fund's

federal

and

state

income

and

federal

excise

tax

returns

for

the

prior

three

fiscal

years

are

subject

to

examination

by

the

Internal

Revenue

Service

and

state

departments

of

revenue.

c. #### Security

#### Transactions,

#### Investment

#### Income,

#### Expenses

#### and

#### Distributions
Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis.

Income

received

from

the

Portfolio

and

estimated

expenses

are

accrued

daily.

Dividends

from

net

investment

income

are

normally

declared

and

distributed

daily;

these

dividends

may

be

reinvested

or

paid

monthly

to

shareholders.

Distributions

from

net

realized

capital

gains

and

other

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Distributable

earnings

are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These

reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences

are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

Institutional

Fiduciary

Trust

Notes

to

Financial

Statements

(unaudited)

ftinstitutional.com

Semiannual

Report

#### Franklin

#### Institutional

#### U.S.

#### Government

#### Money

#### Market

#### Fund
(continued)

d. #### Accounting

#### Estimates
The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

e. #### Guarantees

#### and

#### Indemnifications
Under

the Trust's

organizational

documents,

its

officers

and trustees

are

indemnified

by

the Trust against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

Additionally,

in

the

normal

course

of

business,

the Trust,

on

behalf

of

the

Fund, enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The Trust's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the Trust

that

have

not

yet

occurred.

Currently,

the Trust

expects

the

risk

of

loss

to

be

remote.

2. #### Shares

#### of

#### Beneficial

#### Interest
At

December

31,

2025,

there

were

an

unlimited

number

of

shares

authorized

(without

par

value).

Transactions

in

the

Fund's

shares

at

$1.00

per

share

were

as

follows:

3. #### Transactions

#### with

#### Affiliates
Franklin

Resources,

Inc.

is

the

holding

company

for

various

subsidiaries

that

together

are

referred

to

as

Franklin

Templeton.

Certain

officers

and

trustees

of

the Trust are

also

officers,

directors, and/or trustees

of

the

Portfolio

and

of

the

following

subsidiaries:

a. #### Administrative

#### Fees
The

Fund

pays

an

administrative

fee

to

FT

Services

of

0.20% per

year

of

the

average

daily

net

assets of

the

Fund.

b. #### Transfer

#### Agent

#### Fees
Investor

Services,

under

terms

of

an

agreement,

performs

shareholder

servicing

for

the

Fund and

is

not

paid

by

the Fund

for

the

services.

c. #### Waiver

#### and

#### Expense

#### Reimbursements
The

Portfolio's

investment

manager

has

contractually

agreed

in

advance

to

waive

or

limit

its

fees

and

to

assume

as

its

own

expense

certain

expenses

otherwise

payable

by

the

Fund

so

that

the

operating

expenses

(excluding

interest

expense,

acquired

Fund

fees

and

expenses,

and

certain

non-routine

expenses

or

costs,

including

those

relating

to

litigation,

#### Six

#### Months

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### June

#### 30,

#### 2025
Shares

sold

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

$30,274,944,036

$58,411,133,484

Shares

issued

in

reinvestment

of

distributions

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

80,359,172

168,109,521

Shares

redeemed

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

(31,424,530,701)

(59,310,960,973)

Net

increase

(decrease)

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

$(1,069,227,493)

$(731,717,968)

#### Subsidiary

#### Affiliation
Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Templeton

Investor

Services,

LLC

(Investor

Services)

Transfer

agent

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

Institutional

Fiduciary

Trust

Notes

to

Financial

Statements

(unaudited)

ftinstitutional.com

Semiannual

Report

#### Franklin

#### Institutional

#### U.S.

#### Government

#### Money

#### Market

#### Fund
(continued)

indemnification,

reorganizations,

and

liquidations)

for

the

Fund

do

not

exceed

0.17%,

based

on

the

average

net

assets

of

the

Fund

until

October

31,

2026. Total

expenses

waived

or

paid

are

not

subject

to

recapture

subsequent

to

the

Fund's

fiscal

year

end.

4. #### Income

#### Taxes
At

December

31,

2025,

the

cost

of

investments

for

book

and

income

tax

purposes

was

the

same.

5. #### Fair

#### Value

#### Measurements
The

Fund

follows

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Fund's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Fund's financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

–

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

December

31,

2025,

all

of

the Fund's

investments

in

financial

instruments

carried

at

fair

value

were

valued

using

Level 1

inputs.

6. #### Operating

#### Segments
The Fund operates

as

a

single

operating

segment,

which

is

an

investment

portfolio.

The

portfolio

managers

assigned

to

the

Fund

within

the

Fund's

Investment

manager serve

as

the

Chief

Operating

Decision

Maker

("CODM")

and

are

responsible

for

evaluating

the

Fund's

operating

results

and

allocating

resources

in

accordance

with

the

Fund's

investment

strategy.

Internal

reporting

provided

to

the

CODM

aligns

with

the

accounting

policies

and

measurement

principles

used

in

the financial

statements.

For

information

regarding

segment

assets,

segment

profit

or

loss,

and

significant

expenses,

refer

to

the Statement

of

Assets

and

Liabilities

and

the Statement

of

Operations,

along

with

the

related

notes

to

the financial

statements.

The Schedule

of

Investments

provides

details

of

the Fund's investments

that

generate

returns

such

as

interest,

dividends,

and

realized

gains

or

losses.

Performance

metrics,

including

expense

ratios,

are

disclosed

in

the Financial

Highlights.

7. #### Subsequent

#### Events
The

Fund

has

evaluated

subsequent

events

through

the

issuance

of

the

financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure.

3. #### Transactions

#### with

#### Affiliates
(continued)

c. #### Waiver

#### and

#### Expense

#### Reimbursements
(continued)

The

Money

Market

Portfolios

Financial

Highlights

#### The

#### U.S.

#### Government

#### Money

#### Market

#### Portfolio
ftinstitutional.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### December

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### June

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$1.00

$1.00

$1.00

$1.00

$1.00

$1.00

Income

from

investment

operations:

Net

investment

income

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

0.020 0.045 0.052 0.036 0.001 —

Net

realized

gains

(losses)

...........

—

—

—

—

a

—

(—)

a

Total

from

investment

operations

........

0.020 0.045 0.052 0.036 0.001 —

a

Less

distributions

from:

Net

investment

income

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

(0.020)

(0.045)

(0.052)

(0.036)

(0.001)

(—)

a

Net

asset

value,

end

of

period

..........

$1.00

$1.00

$1.00

$1.00

$1.00

$1.00

Total

return

b

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

2.05%

4.62%

5.30%

3.67%

0.14%

0.01%

#### Ratios

#### to

#### average

#### net

#### assets

#### c
Expenses

before

waiver

and

payments

by

affiliates

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

0.15%

0.15%

0.15%

0.15%

0.15%

0.15%

Expenses

net

of

waiver

and

payments

by

affiliates

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

0.15%

0.15%

0.15%

0.15%

d

0.10%

d

0.09%

d

Net

investment

income

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

4.01%

4.54%

5.20%

3.58%

0.13%

—%

e

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$9,900,586

$10,994,096

$11,497,745

$10,718,122

$11,102,314

$11,811,420

a

Amount

rounds

to

less

than

$0.001

per

share.

b

Total

return

is

not

annualized

for

periods

less

than

one

year.

c

Ratios

are

annualized

for

periods

less

than

one

year.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

e

Rounds

to

less

than

0.01%.

The

Money

Market

Portfolios

Schedule

of

Investments

(unaudited),

December

31,

2025

#### The

#### U.S.

#### Government

#### Money

#### Market

#### Portfolio
ftinstitutional.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### 64.9%
FFCB

,

a

3.617%,

1/21/26

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

$

88,692,000

$

88,514,123

a

3.748%,

1/22/26

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

105,100,000

104,870,707

b

FRN,

3.8%,

(SOFR

+

0.09%),

5/14/26

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

79,100,000

79,106,019

b

FRN,

3.8%,

(SOFR

+

0.09%),

8/17/26

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

22,130,000

22,130,000

b

FRN,

3.795%,

(U.S.

Federal

Funds

+

0.155%),

9/16/26

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

34,155,000

34,169,974

b

FRN,

3.78%,

(SOFR

+

0.07%),

10/13/26

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

89,251,000

89,251,000

b

FRN,

3.71%,

(U.S.

Federal

Funds

+

0.07%),

10/15/26

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

50,000,000

50,000,000

b

FRN,

3.76%,

(SOFR

+

0.05%),

11/10/26

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

31,725,000

31,725,000

b

FRN,

3.775%,

(SOFR

+

0.065%),

3/05/27

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

100,000,000

100,000,000

b

FRN,

3.805%,

(SOFR

+

0.095%),

3/05/27

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

9,000,000

9,000,000

b

FRN,

3.82%,

(SOFR

+

0.11%),

4/22/27

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

89,275,000

89,275,000

b

FRN,

3.805%,

(SOFR

+

0.095%),

4/29/27

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

83,940,000

83,940,000

781,981,823

FHLB

,

a

3.776%,

1/02/26

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

105,200,000

105,188,969

a

3.552 %,

1/06/26

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

172,100,000

172,015,145

a

3.863%,

1/07/26

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

100,000,000

99,935,667

a

3.553%,

1/08/26

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

150,000,000

149,896,458

a

3.863%,

1/09/26

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

150,000,000

149,871,333

a

3.592%,

1/12/26

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

224,435,000

224,188,961

a

3.85%,

1/14/26

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

158,275,000

158,055,239

a

3.595%,

1/15/26

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

200,000,000

199,720,778

a

3.667%,

1/16/26

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

275,000,000

274,580,469

a

3.809%,

1/23/26

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

100,000,000

99,767,778

a

3.619%,

1/26/26

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

150,000,000

149,623,958

a

3.77%,

1/28/26

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

103,500,000

103,208,130

a

3.751%,

1/30/26

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

52,600,000

52,441,528

a

3.616%,

2/13/26

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

104,850,000

104,399,145

a

3.762%,

2/20/26

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

149,500,000

148,722,736

a

3.611%,

2/27/26

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

102,925,000

102,339,957

a

3.599%,

3/09/26

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

50,000,000

49,667,326

a

3.802 %,

3/13/26

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

102,685,000

101,920,496

a

3.608%,

3/20/26

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

203,000,000

201,425,397

a

3.591%,

4/27/26

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

100,000,000

98,856,111

a

3.585%,

5/08/26

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

100,000,000

98,751,167

4%,

9/18/26

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

88,835,000

88,785,757

b

FRN,

3.715%,

(SOFR

+

0.005%),

2/09/26

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

93,200,000

93,200,000

b

FRN,

3.735%,

(SOFR

+

0.025%),

2/17/26

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

92,820,000

92,820,000

b

FRN,

3.785%,

(SOFR

+

0.075%),

11/27/26

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

88,680,000

88,680,000

b

FRN,

3.77%,

(SOFR

+

0.06%),

1/29/27

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

105,000,000

105,000,000

b

FRN,

3.79%,

(SOFR

+

0.08%),

3/05/27

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

95,000,000

95,032,655

b

FRN,

3.81%,

(SOFR

+

0.1%),

3/16/27

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

88,430,000

88,430,000

b

FRN,

3.84%,

(SOFR

+

0.13%),

12/08/27

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

75,850,000

75,850,000

3,572,375,160

FHLMC

,

a

3.582%,

1/05/26

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

100,000,000

99,960,222

a

3.8%,

1/13/26

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

106,900,000

106,764,772

a

3.599%,

1/26/26

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

127,640,000

127,321,786

a

3.822%,

2/02/26

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

45,540,000

45,385,771

a

3.669%,

3/09/26

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

100,000,000

99,321,625

b

FRN,

3.79%,

(SOFR

+

0.08%),

1/08/27

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

121,300,000

121,302,308

b

FRN,

3.805%,

(SOFR

+

0.095%),

5/05/27

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

59,100,000

59,100,000

659,156,484

The

Money

Market

Portfolios

Schedule

of

Investments

(unaudited)

#### The

#### U.S.

#### Government

#### Money

#### Market

#### Portfolio
(continued)

ftinstitutional.com

Semiannual

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)

FNMA

,

a

3.863%,

1/07/26

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

$

52,250,000

$

52,216,386

a

3.807%,

1/20/26

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

99,700,000

99,500,046

b

FRN,

3.79%,

(SOFR

+

0.08%),

12/22/27

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

23,000,000

23,000,000

174,716,432

a

U.S.

Treasury

Bills

,

3.62%,

1/02/26

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

49,000,000

48,995,073

3.865%,

1/15/26

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

100,000,000

99,849,889

3.617%,

1/22/26

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

116,000,000

115,755,723

3.829%,

1/27/26

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

200,000,000

199,448,222

3.625%,

1/29/26

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

155,000,000

154,564,192

3.808%,

2/03/26

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

139,840,000

139,353,388

3.783%,

2/05/26

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

100,000,000

99,633,395

3.838%,

2/10/26

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

200,000,000

199,150,444

3.785%,

3/19/26

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

136,750,000

135,651,052

3.981%,

5/14/26

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

43,000,000

42,375,676

1,234,777,054

#### Total

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $6,423,006,953)

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

#### 6,423,006,953
c

#### Repurchase

#### Agreements

#### 35.0%
Bank

of

New

York

Mellon

Corp.

(The),

3.7%,

1/02/26

(Maturity

Value

$84,517,369)

Collateralized

by

U.S.

Treasury

Note,

4.375%,

5/15/34

(valued

at

$86,190,006)

...

84,500,000

84,500,000

Bank

of

New

York

Mellon

Corp.

(The),

3.82%,

1/02/26

(Maturity

Value

$700,148,556)

Collateralized

by

U.S.

Treasury

Note,

3.625%,

8/31/27

(valued

at

$714,000,033)

..

700,000,000

700,000,000

BNP

Paribas

Securities

Corp.,

3.81%,

1/02/26

(Maturity

Value

$750,158,750)

Collateralized

by

U.S.

Treasury

Note,

3.75%,

5/15/28

(valued

at

$765,956,250)

...

750,000,000

750,000,000

Deutsche

Bank

Securities,

Inc.,

3.82%,

1/02/26

(Maturity

Value

$120,025,467)

Collateralized

by

U.S.

Treasury

Notes,

0.625%

-

3.75%,

4/30/27

-

11/30/30

(valued

at

$122,400,026)

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

120,000,000

120,000,000

Goldman

Sachs

&

Co.

LLC,

3.81%,

1/02/26

(Maturity

Value

$700,148,167)

Collateralized

by

U.S.

Treasury

Note,

2.5%,

3/31/27

(valued

at

$714,372,478)

....

700,000,000

700,000,000

HSBC

Securities

USA,

Inc.,

3.83%,

1/02/26

(Maturity

Value

$600,127,667)

Collateralized

by

Agency

Mortgage-Backed

Securities,

0%

-

7.5%,

6/10/26

-

11/20/55

and

U.S.

Treasury

Bond,

0%

-

2.375%,

11/15/39

-

2/15/55

(valued

at

$612,000,001)

600,000,000

600,000,000

RBC

Dominion

Securities,

Inc.,

3.82%,

1/02/26

(Maturity

Value

$514,909,252)

Collateralized

by

U.S.

Treasury

Notes, 0%

-

4.625%,

1/29/26

-

11/15/30

(valued

at

$525,096,000)

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

514,800,000

514,800,000

#### Total

#### Repurchase

#### Agreements

#### (Cost

#### $3,469,300,000)
............................

#### 3,469,300,000

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $9,892,306,953)

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

#### 9,892,306,953

#### a

#### Total

#### Investments

#### (Cost

#### $9,892,306,953)

#### 99.9%

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

#### $9,892,306,953

#### Other

#### Assets,

#### less

#### Liabilities

#### 0.1%

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

#### 8,278,702

#### Net

#### Assets

#### 100.0%

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

#### $9,900,585,655
a

The

rate

shown

represents

the

yield

at

period

end.

b

The

coupon

rate

shown

represents

the

rate

at

period

end.

c

See

Note

1(b)

regarding

repurchase

agreement.

The

Money

Market

Portfolios

Financial

Statements

Statement

of

Assets

and

Liabilities

December

31,

2025

(unaudited)

ftinstitutional.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### The

#### U.S.

#### Government

#### Money

#### Market

#### Portfolio
Assets:

Investments

in

unaffiliated

securities,

at

amortized

cost

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

$6,423,006,953

Unaffiliated

repurchase

agreements,

at

value

and

cost

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

3,469,300,000

Cash

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

62,815

Receivables:

Interest

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

9,495,638

Total

assets

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

9,901,865,406

Liabilities:

Payables:

Management

fees

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

1,305,289

Professional

fees

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

89,955

Trustees'

fees

and

expenses

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

12,177

Distributions

to

shareholders

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

Accrued

expenses

and

other

liabilities

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

(127,760)

Total

liabilities

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

1,279,751

Net

assets,

at

value

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

$9,900,585,655

Net

assets

consist

of:

Paid-in

capital

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

$9,900,383,739

Total

distributable

earnings

(losses)

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

201,916

Net

assets,

at

value

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

$9,900,585,655

Shares

outstanding

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

9,900,385,337

Net

asset

value

per

share

a

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

$1.00

a

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

The

Money

Market

Portfolios

Financial

Statements

Statement

of

Operations

for

the

six

months

ended

December

31,

2025

(unaudited)

ftinstitutional.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### The

#### U.S.

#### Government

#### Money

#### Market

#### Portfolio
Investment

income:

Interest:

Unaffiliated

issuers

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

$218,064,607

Expenses:

Management

fees

(Note

a)

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

7,861,204

Custodian

fee

s

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

23,570

Reports

to

shareholders

fees

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

1,504

Professional

fees

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

37,404

Trustees'

fees

and

expenses

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

60,315

Other

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

48,843

Total

expenses

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

8,032,840

Net

investment

income

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

210,031,767

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

$210,031,767

The

Money

Market

Portfolios

Financial

Statements

Statements

of

Changes

in

Net

Assets

ftinstitutional.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### The

#### U.S.

#### Government

#### Money

#### Market

#### Portfolio

#### Six

#### Months

#### Ended

#### December

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### June

#### 30,

#### 2025
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$210,031,767

$457,046,589

Distributions

to

shareholders

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

(209,930,452)

(456,945,921)

Capital

share

transactions

(Note

2)

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

(1,093,611,331)

(503,749,714)

Net

increase

(decrease)

in

net

assets

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

(1,093,510,016)

(503,649,046)

Net

assets:

Beginning

of

period

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

10,994,095,671

11,497,744,717

End

of

period

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

$9,900,585,655

$10,994,095,671

The

Money

Market

Portfolios

Notes

to

Financial

Statements

(unaudited)

#### The

#### U.S.

#### Government

#### Money

#### Market

#### Portfolio

ftinstitutional.com

Semiannual

Report

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
The

Money

Market

Portfolios

(Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-

end

management

investment

company,

consisting

of

one

portfolio The

U.S.

Government

Money

Market

Portfolio

(Portfolio).

The

Trust follows

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946. The

shares

of

the

Portfolio

are

issued

in

private

placements

and

are

exempt

from

registration

under

the

Securities

Act

of

1933. The

following

summarizes

the Portfolio's

significant

accounting

policies.

a. #### Financial

#### Instrument

#### Valuation
Securities

are

valued

at

amortized

cost,

which

approximates

fair

value.

Amortized

cost

is

an

income-based

approach

which

involves

valuing

an

instrument

at

its

cost

and

thereafter

assuming

a

constant

amortization

to

maturity

of

any

discount

or

premium.

Under

compliance

policies

and

procedures

approved

by

the

Portfolio's Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Portfolio's

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Fund's administrator

in

performing

this

responsibility,

including

leading

the

cross-

functional

Valuation

Committee

(VC).

b. #### Repurchase

#### Agreements
The

Portfolio enters

into

repurchase

agreements,

which

are

accounted

for

as

a

loan

by

the Portfolio

to

the

seller,

collateralized

by

securities

which

are

delivered

to

the Portfolio's

custodian.

The

fair

value,

including

accrued

interest,

of

the

initial

collateralization

is

required

to

be

at

least

102%

(if

the

counterparty

is

a

bank

or

broker-dealer)

or

100%

(if

the

counterparty

is

the

Federal

Reserve

Bank

of

New

York)

of

the

dollar

amount

invested

by

the

Portfolio,

with

the

value

of

the

underlying

securities

marked

to

market

daily

to

maintain

coverage

of

at

least

100%.

Repurchase

agreements

are

subject

to

the

terms

of

Master

Repurchase

Agreements

(MRAs)

with

approved

counterparties

(sellers).

The

MRAs

contain

various

provisions,

including

but

not

limited

to

events

of

default

and

maintenance

of

collateral

for

repurchase

agreements.

In

the

event

of

default

by

either

the

seller

or

the

Portfolio,

certain

MRAs

may

permit

the

non-defaulting

party

to

net

and

close-out

all

transactions,

if

any,

traded

under

such

agreements.

The Portfolio

may

sell

securities

it

holds

as

collateral

and

apply

the

proceeds

towards

the

repurchase

price

and

any

other

amounts

owed

by

the

seller

to

the Portfolio

in

the

event

of

default

by

the

seller.

This

could

involve

costs

or

delays

in

addition

to

a

loss

on

the

securities

if

their

value

falls

below

the

repurchase

price

owed

by

the

seller.

All

repurchase

agreements

held

by

the Portfolio

at period

end,

as

indicated

in

the Schedule

of

Investments,

had

been

entered

into

on

December

31,

2025. c. #### Income

#### Taxes
It

is the Portfolio's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. The Portfolio

intends

to

distribute

to

shareholders

substantially

all

of

its

taxable

income

and

net

realized

gains

to

relieve

it

from

federal

income

and

excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

The Portfolio

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

December

31,

2025, the Portfolio

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

The

Fund's

federal

and

state

income

and

federal

excise

tax

returns

for

the

prior

three

fiscal

years

are

subject

to

examination

by

the

Internal

Revenue

Service

and

state

departments

of

revenue.

d. #### Security

#### Transactions,

#### Investment

#### Income,

#### Expenses

#### and

#### Distributions
Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis.

Interest

income

(including

interest

income

from

payment-in-kind

securities,

if

any)

and

estimated

expenses

are

accrued

daily.

Amortization

of

premium

and

accretion

of

discount

on

debt

securities

are

included

in

interest

income.

Dividends

from

net

investment

income

are

normally

declared

daily;

these

dividends

may

be

reinvested

or

paid

monthly

to

shareholders.

Distributions

from

net

realized

capital

gains

and

other

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Distributable

earnings

are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

in

accordance

The

Money

Market

Portfolios

Notes

to

Financial

Statements

(unaudited)

ftinstitutional.com

Semiannual

Report

#### The

#### U.S.

#### Government

#### Money

#### Market

#### Portfolio
(continued)

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These

reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences

are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

e. #### Accounting

#### Estimates
The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

f. #### Guarantees

#### and

#### Indemnifications
Under

the Trust's

organizational

documents,

its

officers

and trustees

are

indemnified

by

the Trust against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

Additionally,

in

the

normal

course

of

business,

the Trust,

on

behalf

of

the

Portfolio, enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The Trust's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the Trust

that

have

not

yet

occurred.

Currently,

the Trust

expects

the

risk

of

loss

to

be

remote.

2. #### Shares

#### of

#### Beneficial

#### Interest
At

December

31,

2025,

there

were

an

unlimited

number

of

shares

authorized

(without

par

value).

Transactions

in

the

Portfolio's

shares

at

$1.00

per

share

were

as

follows:

3. #### Transactions

#### with

#### Affiliates
Franklin

Resources,

Inc.

is

the

holding

company

for

various

subsidiaries

that

together

are

referred

to

as

Franklin

Templeton.

Certain

officers

and

trustees

of

the Trust are

also

officers,

directors, and/or trustees

of

Franklin

U.S.

Government

Money

Fund,

Institutional

Fiduciary

Trust,

and

of

the

following

subsidiaries:

a. #### Management

#### Fees
The

Portfolio

pays

an

investment

management fee

to

Advisers

of

0.15% per year

of

the average

daily net

assets

of

the

Portfolio.

b. #### Transfer

#### Agent

#### Fees
Investor

Services,

under

terms

of

an

agreement,

performs

shareholder

servicing

for

the

Portfolio and

is

not

paid

by

the Portfolio

for

the

services.

#### Six

#### Months

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### June

#### 30,

#### 2025
Shares

sold

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

$9,200,668,471

$24,661,124,716

Shares

issued

in

reinvestment

of

distributions

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

209,940,891

457,103,361

Shares

redeemed

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

(10,504,220,693)

(25,621,977,791)

Net

increase

(decrease)

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

$(1,093,611,331)

$(503,749,714)

#### Subsidiary

#### Affiliation
Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Franklin

Templeton

Investor

Services,

LLC

(Investor

Services)

Transfer

agent

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

d. #### Security

#### Transactions,

#### Investment

#### Income,

#### Expenses

#### and

#### Distributions
(continued)

The

Money

Market

Portfolios

Notes

to

Financial

Statements

(unaudited)

ftinstitutional.com

Semiannual

Report

#### The

#### U.S.

#### Government

#### Money

#### Market

#### Portfolio
(continued)

c. #### Other

#### Affiliated

#### Transactions
At

December

31,

2025,

the

shares

of

the

Portfolio

were

owned

by

the

following

investment

companies:

4. #### Income

#### Taxes
At

December

31,

2025,

the

cost

of

investments

for

book

and

income

tax

purposes

was

the

same.

5. #### Fair

#### Value

#### Measurements
The

Portfolio follows

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Portfolio's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Portfolio's financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

–

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

December

31,

2025,

all

of

the

Portfolio's investments

in

financial

instruments

carried

at

fair

value

were

valued

using

Level 2

inputs.

6. #### Operating

#### Segments
The Portfolio operates

as

a

single

operating

segment,

which

is

an

investment

portfolio.

The

portfolio

managers

assigned

to

the

Fund

within

the

Fund's

Investment

manager serve

as

the

Chief

Operating

Decision

Maker

("CODM")

and

is

responsible

for

evaluating

the

Fund's

operating

results

and

allocating

resources

in

accordance

with

the

Fund's

investment

strategy.

Internal

reporting

provided

to

the

CODM

aligns

with

the

accounting

policies

and

measurement

principles

used

in

the financial

statements.

For

information

regarding

segment

assets,

segment

profit

or

loss,

and

significant

expenses,

refer

to

the Statement

of

Assets

and

Liabilities

and

the Statement

of

Operations,

along

with

the

related

notes

to

the financial

statements.

The Schedule

of

Investments

provides

details

of

the Portfolio's investments

that

generate

returns

such

as

interest,

dividends,

and

realized

gains

or

losses.

Performance

metrics,

including

expense

ratios,

are

disclosed

in

the Financial

Highlights.

#### Shares

#### Percentage

#### of

#### Outstanding

#### Shares
Institutional

Fiduciary

Trust—

Franklin

Institutional

U.S.

Government

Money

Market

Fund

......

4,666,753,026

47.14%

Franklin

U.S.

Government

Money

Fund

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

5,233,632,311

52.86%

9,900,385,337

100.00%

3. #### Transactions

#### with

#### Affiliates
(continued)

The

Money

Market

Portfolios

Notes

to

Financial

Statements

(unaudited)

ftinstitutional.com

Semiannual

Report

#### The

#### U.S.

#### Government

#### Money

#### Market

#### Portfolio
(continued)

7. #### Subsequent

#### Events
The Portfolio

has

evaluated

subsequent

events

through

the

issuance

of

the

financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure.

#### Abbreviations

#### Selected

#### Portfolio

#### FFCB
Federal

Farm

Credit

Banks

Funding

Corp.

#### FHLB
Federal

Home

Loan

Banks

#### FHLMC
Federal

Home

Loan

Mortgage

Corp.

#### FNMA
Federal

National

Mortgage

Association

#### FRN
Floating

Rate

Note

#### SOFR
Secured

Overnight

Financing

Rate

Institutional

Fiduciary

Trust

ftinstitutional.com

Semiannual

Report

#### Changes

#### In

#### and

#### Disagreements

#### with

#### Accountants
For

the

period

covered

by

this

report

Not

applicable.

#### Results

#### of

#### Meeting(s)

#### of

#### Shareholders
For

the

period

covered

by

this

report

Not

applicable.

#### Remuneration

#### Paid

#### to

#### Directors,

#### Officers

#### and

#### Others
For

the

period

covered

by

this

report

Refer

to

the

financial

statements

included

herein.

Remuneration

to

officers

is

paid

by

the

Fund's

investment

manager

according

to

the

terms

of

the

agreement.

#### Board

#### Approval

#### of

#### Management

#### and

#### Subadvisory

#### Agreements
For

the

period

covered

by

this

report

Not

applicable.

THE

MONEY

MARKET

PORTFOLIOS

ftinstitutional.com

Semiannual

Report

#### Changes

#### In

#### and

#### Disagreements

#### with

#### Accountants
For

the

period

covered

by

this

report

Not

applicable.

#### Results

#### of

#### Meeting(s)

#### of

#### Shareholders
For

the

period

covered

by

this

report

Not

applicable.

#### Remuneration

#### Paid

#### to

#### Directors,

#### Officers

#### and

#### Others
For

the

period

covered

by

this

report

Refer

to

the

financial

statements

included

herein.

Remuneration

to

officers

is

paid

by

the

Fund's

investment

manager

according

to

the

terms

of

the

agreement.

#### Board

#### Approval

#### of

#### Management

#### and

#### Subadvisory

#### Agreements
For

the

period

covered

by

this

report

Not

applicable.

4340-SFSOI

02/26©

2026

Franklin

Templeton.

All

rights

reserved.

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

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

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

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

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

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

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

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

---

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

---

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

ITEM 16. CONTROLS AND PROCEDURES.

&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) Not applicable

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.](fiugmmf-efp22356_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.](fiugmmf-efp22356_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.

---

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

---

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

---

| | |
|:---|:---|
| By: | /s/ Christopher Kings |
|  | Christopher Kings |
|  | Chief Executive Officer – Finance and Administration |
| Date: | February 26, 2026 |

---

---

| | |
|:---|:---|
| By: | /s/ Jeffrey White |
|  | Jeffrey White |
|  | Chief Financial Officer, Chief Accounting Officer and Treasurer |
| Date: | February 26, 2026 |

---

## Ex-99.Cert

CERTIFICATIONS PURSUANT TO SECTION 302

EX-99.CERT

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

I, Christopher Kings, certify that:

I have reviewed this report on Form N-CSR of Institutional Fiduciary Trust

&nbsp;&nbsp;&nbsp;&nbsp;1. **;** 

&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: February 26, 2026

---

| |
|:---|
| /s/ Christopher Kings |
| Christopher Kings |
| Chief 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 Institutional Fiduciary Trust;

&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: February 26, 2026

---

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

---

## 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 Institutional Fiduciary Trust (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 **December 31, 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.

---

| | |
|:---|:---|
| **Chief Executive Officer –** | **Chief Financial Officer, Chief** |
| **Finance and Administration** | **Accounting Officer and Treasurer** |
| Institutional Fiduciary Trust | Institutional Fiduciary Trust |
| /s/ Christopher Kings | /s/ Jeffrey White |
| Christopher Kings | Jeffrey White |
| Date: February 26, 2026 | Date: February 26, 2026 |

---

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.