# EDGAR Filing Document

**Accession Number:** 0000765485
**File Stem:** 0001655589-25-000162
**Filing Date:** 2025-11
**Character Count:** 20011
**Document Hash:** e273044743b2507ca0c5118d75d98aeb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001655589-25-000162.hdr.sgml**: 20251103

**ACCESSION NUMBER**: 0001655589-25-000162

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20251103

**DATE AS OF CHANGE**: 20251031

**EFFECTIVENESS DATE**: 20251103

**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:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 002-96634
- **FILM NUMBER:** 251441601

**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           |

![](img_99676851ab634f1.jpg)<br>

## FRANKLIN INSTITUTIONAL U.S. GOVERNMENT MONEY MARKET FUND

#### (FORMERLY, MONEY MARKET PORTFOLIO)

## INSTITUTIONAL FIDUCIARY TRUST

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| | |
|:---|:---|
| **SUMMARY PROSPECTUS** | &nbsp;&nbsp;&nbsp;&nbsp;November 1, 2025<br>|

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**Ticker:** INFXX<br>

Before you invest, you may want to review the Fund's prospectus, which contains more information about the Fund and its risks. You can find the Fund's prospectus, statement of additional information, reports to shareholders and other information about the Fund online at www.franklintempleton.com/prospectus. You can also get this information at no cost by calling (800) DIAL BEN/342-5236 or by sending an e-mail request to prospectus.us.franklintempleton@fisglobal.com. The Fund's prospectus and statement of additional information, both dated November 1, 2025, as may be supplemented, are all incorporated by reference into this Summary Prospectus.

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FRANKLIN INSTITUTIONAL U.S. GOVERNMENT MONEY MARKET FUND<br>SUMMARY PROSPECTUS

### Franklin Institutional U.S. Government Money Market Fund

### Fund Summary
Investment Goal

To provide investors with as high a level of current income as is consistent with the preservation of shareholders' capital and liquidity. The Fund also tries to maintain a stable $1.00 share price.

Fees and Expenses of the Fund

These tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund.

#### Shareholder Fees
(fees paid directly from your investment)

Maximum Sales Charge (Load) <br>Imposed on Purchases<br>

#### Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)

---

| | |
|:---|:---|
| Management fees | 0.15% |
| Distribution and service (12b-1) fees |  |
| Other expenses | 0.21% |
| Total annual Fund operating expenses<sup>1</sup> | 0.36% |
| Fee waiver and/or expense reimbursement<sup>2</sup> | -0.19% |
| **Total annual Fund operating expenses after fee waiver and/or expense reimbursement<sup>1,3</sup>** | **0.17%** |

---

<sup>1.</sup> The fees and expenses shown in the table and included in the example below reflect the fees and expenses of both the Fund and The U.S. Government Money Market Portfolio (Master Portfolio), in which the Fund seeks to invest all of its assets in order to pursue its investment goal.

<sup>2.</sup> The investment manager has agreed to waive fees and/or reimburse operating expenses (excluding acquired fund fees and expenses, interest and certain non-routine expenses or costs, such as those relating to litigation, indemnification, reorganizations and liquidations) for the Fund so that the ratio of total annual fund operating expenses will not exceed 0.17% until October 31, 2026. During the term, the fee waiver and expense reimbursement agreement may not be terminated or amended without approval of the board of trustees except to add series or classes, to reflect the extension of the termination date or to lower the waiver and expense limitation (which would result in lower fees for shareholders).

<sup>3.</sup> Total annual Fund operating expenses after fee waiver and/or expense reimbursement have been restated to reflect current expenses and operating expense caps.

<br>  <br> 2 Summary Prospectus www.ftinstitutional.com

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FRANKLIN INSTITUTIONAL U.S. GOVERNMENT MONEY MARKET FUND<br>SUMMARY PROSPECTUS

#### Example
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of the period. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The Example reflects adjustments made to the Fund's operating expenses due to the fee waivers and/or expense reimbursements by management for the 1 Year numbers only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| **Franklin Institutional U.S. Government Money Market Fund** | $17 | $96 | $182 | $436 |

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Principal Investment Strategies

The Fund is a "feeder fund" that invests, through the Master Portfolio, at least 99.5% of its total assets in Government securities, cash and repurchase agreements collateralized fully by Government securities or cash. In addition, under normal circumstances, the Fund invests, through the Master Portfolio, at least 80% of its net assets in Government securities and repurchase agreements collateralized fully by Government securities. In contrast to the Fund's 99.5% policy, the Fund's 80% policy does not include cash. For purposes of these policies, "Government securities" means any securities issued or guaranteed as to principal or interest by the United States, or by a person controlled or supervised by and acting as an instrumentality of the Government of the United States pursuant to authority granted by the Congress of the United States; or any certificate of deposit for any of the foregoing. Government securities include those issued by government agencies or instrumentalities, such as the Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac), Federal Home Loan Banks and Federal Farm Credit Banks, whose securities are neither issued nor guaranteed by the U.S. Government. The Fund intends to be a "Government money market fund," as such term is defined in or interpreted under Rule 2a-7 under the Investment Company Act of 1940. Shareholders will be given at least 60 days' advance notice of any change to the 99.5% and 80% policies.

The Fund uses the amortized cost method of valuation to seek to maintain a stable $1.00 share price.

Unless the context otherwise requires, references to the Fund's investments refer to those investments of the Master Portfolio to which the Fund is exposed and

<br>  <br> www.ftinstitutional.com Summary Prospectus 3

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FRANKLIN INSTITUTIONAL U.S. GOVERNMENT MONEY MARKET FUND<br>SUMMARY PROSPECTUS

references to the investment manager or the Fund's investment manager refer to the Master Portfolio's investment manager.

The Fund invests in:

**U.S. government securities** which may include fixed, floating and variable rate securities.

**Repurchase agreements** which are agreements by the Fund to buy Government securities from a broker-dealer or other counterparty and then to sell the securities back to such counterparty on an agreed upon date (generally, less than seven days) at a higher price, which reflects prevailing short-term interest rates.

**Portfolio maturity and quality** The Fund only buys securities that the investment manager determines present minimal credit risks. The Fund maintains a dollar-weighted average portfolio maturity of 60 calendar days or less, maintains a dollar-weighted average life for its portfolio of 120 calendar days or less, and only buys securities that mature or are deemed to mature in 397 calendar days or less.

Principal Risks

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress.

**Interest Rate:** When interest rates rise, debt security prices generally fall. The opposite is also generally true: debt security prices rise when interest rates fall. Interest rate changes are influenced by a number of factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply of and demand for debt securities. The Fund's yield will vary. A low interest or negative rate environment may prevent the Fund from providing a positive yield or paying Fund expenses out of current income and could impair the Fund's ability to maintain a stable net asset value. A sharp and unexpected rise in interest rates could cause the Fund's share price to drop below a dollar. In general, securities with longer maturities or durations are more sensitive to these interest rate changes.

**Credit:** U.S. government investments generally have the least credit risk but are not completely free of credit risk. The Fund may incur losses on debt securities that are inaccurately perceived to present a different amount of credit risk by the market, the investment manager or the rating agencies than such securities

<br>  <br> 4 Summary Prospectus www.ftinstitutional.com

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FRANKLIN INSTITUTIONAL U.S. GOVERNMENT MONEY MARKET FUND<br>SUMMARY PROSPECTUS

actually do. Any downgrade of securities issued by the U.S. government may result in a downgrade of securities issued by its agencies or instrumentalities.

**Income:** The Fund's distributions to shareholders may decline when prevailing interest rates fall, when the Fund experiences defaults on debt securities it holds or when the Fund realizes a loss upon the sale of a debt security. Because the Fund limits its investments to high-quality, short-term securities, its portfolio generally will earn lower yields than a portfolio with lower-quality, longer-term securities subject to more risk.

**U.S. Government Securities:** Not all obligations of the U.S. Government, its agencies and instrumentalities are backed by the full faith and credit of the United States. Some obligations are backed only by the credit of the issuing agency or instrumentality, and in some cases there may be some risk of default by the issuer. Government agency or instrumentality issues have different levels of credit support. **U.S. government-sponsored entities ("GSEs"), such as Fannie Mae and Freddie Mac, may be chartered by Acts of Congress, but their securities are neither issued nor guaranteed by the U.S. government. Although the U.S. government has provided financial support to Fannie Mae, Freddie Mac and certain other GSEs in the past, no assurance can be given that the U.S. government will continue to do so.** Accordingly, securities issued by Fannie Mae and Freddie Mac may involve a risk of non-payment of principal and interest. Investors should remember that guarantees of timely repayment of principal and interest do not apply to the market prices and yields of the securities or to the net asset value or performance of the Fund, which will vary with changes in interest rates and other market conditions.

**Repurchase Agreements:** A repurchase agreement exposes the Fund to the risk that the party that sells the securities to the Fund may default on its obligation to repurchase such securities.

**Market:** The market values of securities or other investments owned by the Fund will go up or down, sometimes rapidly or unpredictably. The market value of a security or other investment may be reduced by market activity or other results of supply and demand unrelated to the issuer. This is a basic risk associated with all investments. When there are more sellers than buyers, prices tend to fall. Likewise, when there are more buyers than sellers, prices tend to rise. In addition, the value of the Fund's investments may go up or down due to general market or other conditions that are not specifically related to a particular issuer, such as: real or perceived adverse economic changes, including widespread liquidity issues and defaults in one or more industries; changes in interest, inflation or exchange rates; unexpected natural and man-made world events, such as diseases or disasters; financial, political or social disruptions, including terrorism and war; and U.S. trade

<br>  <br> www.ftinstitutional.com Summary Prospectus 5

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FRANKLIN INSTITUTIONAL U.S. GOVERNMENT MONEY MARKET FUND<br>SUMMARY PROSPECTUS

disputes or other disputes with specific countries that could result in additional tariffs, trade barriers and/or investment restrictions in certain securities in those countries. Any of these conditions can adversely affect the economic prospects of many companies, sectors, nations, regions and the market in general, in ways that cannot necessarily be foreseen.

**Master/Feeder Structure:** The Fund seeks to achieve its investment goal by investing all of its assets in shares of the Master Portfolio. The Master Portfolio has the same investment goal and policies as the Fund. The Fund buys shares of the Master Portfolio at net asset value. An investment in the Fund is an indirect investment in the Master Portfolio. It is possible that the Fund may have to withdraw its investment in the Master Portfolio if the Master Portfolio changes its investment goal or if the Fund's board of trustees, at any time, considers it to be in the Fund's best interest.

**Management:** The Fund is subject to management risk because it is an actively managed investment portfolio. The investment manager applies investment techniques and risk analyses in making investment decisions for the Master Portfolio, but there can be no guarantee that these decisions will produce the desired results.

**Cybersecurity:** Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to Fund assets, Fund or customer data (including private shareholder information), or proprietary information, cause the Fund, the investment manager, authorized participants, or index providers (as applicable) and listing exchanges, and/or their service providers (including, but not limited to, Fund accountants, custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality or prevent Fund investors from purchasing, redeeming shares or receiving distributions. The investment manager has limited ability to prevent or mitigate cybersecurity incidents affecting third party service providers, and such third party service providers may have limited indemnification obligations to the Fund or the investment manager. Cybersecurity incidents may result in financial losses to the Fund and its shareholders, and substantial costs may be incurred in an effort to prevent or mitigate future cybersecurity incidents. Issuers of securities in which the Fund invests are also subject to cybersecurity risks, and the value of these securities could decline if the issuers experience cybersecurity incidents.

Because technology is frequently changing, new ways to carry out cyber attacks are always developing. Therefore, there is a chance that some risks have not been identified or prepared for, or that an attack may not be detected, which puts limitations on the Fund's ability to plan for or respond to a cyber attack. Like other

<br>  <br> 6 Summary Prospectus www.ftinstitutional.com

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FRANKLIN INSTITUTIONAL U.S. GOVERNMENT MONEY MARKET FUND<br>SUMMARY PROSPECTUS

funds and business enterprises, the Fund, the investment manager, and their service providers are subject to the risk of cyber incidents occurring from time to time.

Performance

The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year. The table shows the Fund's average annual returns for 1 year, 5 years, 10 years or since inception, as applicable. The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. You can obtain updated performance information at www.ftinstitutional.com or by calling (800) 321-8563.

#### Annual Total Returns
![PerformanceBarChartData(2015:0, 2016:0, 2017:0.5, 2018:1.47, 2019:1.86, 2020:0.26, 2021:0.01, 2022:1.34, 2023:4.75, 2024:4.94)](img_90180932245e4f1.jpg)

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| | | |
|:---|:---|:---|
| Best Quarter:  | 2023, Q4 | 1.28% |
| Worst Quarter:  | 2020, Q4 | 0.00% |

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As of September 30, 2025, the Fund's year-to-date return was 3.07%.<br>

#### Average Annual Total Returns
For periods ended December 31, 2024

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| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| **Franklin Institutional U.S. Government Money Market Fund** | 4.94% | 2.24% | 1.50% |

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<br>  <br> www.ftinstitutional.com Summary Prospectus 7

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FRANKLIN INSTITUTIONAL U.S. GOVERNMENT MONEY MARKET FUND<br>SUMMARY PROSPECTUS

Investment Manager

Franklin Advisers, Inc. (Advisers or investment manager) (Master Portfolio's investment manager)

Purchase and Sale of Fund Shares

You may purchase or redeem shares of the Fund on any business day by mail (Franklin Templeton Institutional Services, P.O. Box 33030, St. Petersburg, FL 33733-8030), or by telephone at (800) 321-8563. The minimum initial purchase for most accounts is $1,000,000. There is no minimum investment for subsequent purchases.

Taxes

The Fund's distributions are generally taxable to you as ordinary income, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an individual retirement account, in which case your distributions would generally be taxed when withdrawn from the tax-advantaged account.

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your financial advisor or visit your financial intermediary's website for more information.

<br>  <br> 8 Summary Prospectus www.ftinstitutional.com

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|  | &nbsp;&nbsp;**Franklin Templeton Institutional<br>One Franklin Parkway** | &nbsp;&nbsp;San Mateo, CA 94403-1906<br>**ftinstitutional.com** | &nbsp;&nbsp;**Franklin Institutional U.S. Government Money Market Fund** |
| &nbsp;&nbsp;![](img_d5c5884781664f1.jpg) |  |  |  |

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| &nbsp;&nbsp;&nbsp;140 PSUM 11/25 |
| &nbsp;&nbsp;&nbsp;Investment Company Act file #811-04267<br>© 2025 Franklin Templeton. All rights reserved.<br>![](img_7fb112ea96864f1.jpg)10% Total Recycled Fiber 00070456 |

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