UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-CSRS

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)

Craig S. Tyle, One Franklin Parkway, San Mateo, CA  94403-1906

(Name and address of agent for service)

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

Date of fiscal year end: 6/30

Date of reporting period: 12/31/21

Item 1. Reports to Stockholders.

a.)

The following is a copy of the report transmitted to shareholders pursuant to Rule30e-1 under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30e-1.)

b.)

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

Not Applicable

.

SEMIANNUAL

REPORT

Institutional

Fiduciary

Trust

December

31,

2021

Money

Market

Portfolio

Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

ftinstitutional.com

Semiannual

Report

1

Contents

Semiannual

Report

Institutional

Fiduciary

Trust

Money

Market

Portfolio

2

Performance

Summary

4

Your

Fund’s

Expenses

5

Financial

Highlights

and

Statement

of

Investments

6

Financial

Statements

8

Notes

to

Financial

Statements

11

The

Money

Market

Portfolios

15

Shareholder

Information

25

2

ftinstitutional.com

Semiannual

Report

SEMIANNUAL

REPORT

Institutional

Fiduciary

Trust

Money

Market

Portfolio

This

semiannual

report

for

Money

Market

Portfolio

covers

the

period

ended

December

31,

2021

.

Your

Fund’s

Goal

and

Main

Investments

The

Fund

seeks

to

provide

investors

with

as

high

a

level

of

current

income

as

is

consistent

with

the

preservation

of

shareholders’

capital

and

liquidity

by

investing

through

The

U.S.

Government

Money

Market

Portfolio

(Master

Portfolio)

at

least

99.95%

of

its

total

assets

in

government

securities,

cash

and

repurchase

agreements

collateralized

fully

by

government

securities

or

cash.

1

The

Fund

also

tries

to

maintain

a

stable

$1.00

share

price.

An

investment

in

the

Fund

is

not

insured

or

guaranteed

by

the

Federal

Deposit

Insurance

Corporation

or

any

other

government

agency

or

institution.

Although

the

Fund

seeks

to

preserve

the

value

of

your

investment

at

$1.00

per

share,

it

is

possible

to

lose

money

by

investing

in

the

Fund.

The

Fund’s

sponsor

has

no

legal

obligation

to

provide

financial

support

to

the

Fund,

and

you

should

not

expect

that

the

sponsor

will

provide

financial

support

to

the

Fund

at

any

time.

Performance

Overview

The

U.S.

Federal

Reserve

(Fed)

held

its

target

range

for

the

federal

funds

rate

unchanged

at

0.00%-0.25%

during

the

six-month

period.

In

this

environment,

the

Fund’s

seven-day

effective

yield

remained

unchanged

from

0.01%

on

June

30,

2021,

to

0.01%

on

December

31,

2021,

as

shown

in

the

Performance

Summary

on

page

4.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

will

fluctuate.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

ftinstitutional.com

or

call

a

Franklin

Templeton

Institutional

Services

representative

at

(800)

321-8563

.

Economic

and

Market

Overview

The

U.S.

bond

market,

as

measured

by

the

Bloomberg

U.S.

Aggregate

Bond

Index,

posted

a

+0.06%

total

return

for

the

six

months

ended

December

31,

2021.

2

The

inflation

rate

was

elevated

during

the

six-month

period

amid

increased

demand

and

supply-chain

bottlenecks.

U.S.

consumer

spending

on

goods

remained

strong,

adding

to

pressure

on

the

prices

of

many

products.

The

positive

performance

of

long-term

bonds

partially

offset

a

decline

in

the

value

of

intermediate-term

bonds

as

the

yield

curve

flattened.

In

an

effort

to

support

the

economy,

the

U.S.

Federal

Reserve

(Fed)

kept

the

federal

funds

target

rate

at

a

record-

low

range

of

0.00%–0.25%.

While

the

Fed

also

maintained

quantitative

easing

measures

with

U.S.

Treasury

and

mortgage

bond

purchasing,

it

began

to

reduce

the

rate

of

purchases

beginning

in

November

2021

and

accelerated

the

pace

of

tapering

in

December.

The

Fed

also

noted

that

it

expected

easing

supply

constraints

to

help

reduce

inflationary

pressures

and

that

further

employment

progress

was

needed

before

the

Fed

would

consider

raising

the

range

for

the

federal

funds

target

rate.

U.S.

Treasury

bonds,

as

measured

by

the

Bloomberg

U.S.

Treasury

Index,

posted

a

+0.26%

total

return

for

the

six-

month

period.

2

The

10-year

U.S.

Treasury

yield

(which

moves

inversely

to

price)

ended

the

period

relatively

flat.

However,

investors

expected

future

interest-rate

increases

to

accelerate

as

inflationary

pressures

mounted.

Yields

fell

on

the

longest-term

(20-year

and

30-year)

U.S.

Treasuries,

while

rising

or

ending

the

period

relatively

flat

on

short-

and

intermediate-term

U.S.

Treasuries,

reflecting

investor

concerns

about

long-term

economic

growth.

Mortgage-

backed

securities

(MBS),

as

measured

by

the

Bloomberg

U.S.

MBS

Index,

posted

a

-0.27%

total

return

for

the

period.

2

Portfolio

Composition

12/31/21

%

of

Total

Net

Assets

U.S.

Government

and

Agency

Securities

58.8%

Repurchase

Agreements

43.3%

Other

Net

Assets

-2.1%

1.

Although

U.S.

government-sponsored

entities

may

be

chartered

by

acts

of

Congress,

their

securities

are

neither

issued

nor

guaranteed

by

the

U.S.

government.

Please

see

the

Fund’s

prospectus

for

a

detailed

discussion

regarding

various

levels

of

credit

support

for

government

agency

or

instrumentality

securities.

The

Fund’s

yield

and

share

price

are

not

guaranteed

and

will

vary

with

market

conditions.

2.

Source:

Morningstar.

Treasuries,

if

held

to

maturity,

offer

a

fixed

rate

of

return

and

a

fixed

principal

value;

their

interest

payments

and

principal

are

guaranteed.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

The

dollar

value,

number

of

shares

or

principal

amount,

and

names

of

all

portfolio

holdings

are

listed

in

the

Fund’s

Statement

of

Investments

(SOI).

The

SOI

begins

on

page

7

.

Money

Market

Portfolio

3

ftinstitutional.com

Semiannual

Report

Corporate

bond

total

returns

were

modest.

High-yield

corporate

bonds,

as

represented

by

the

Bloomberg

U.S.

Corporate

High

Yield

Bond

Index,

posted

a

+1.60%

total

return,

while

investment-grade

corporate

bonds,

as

represented

by

the

Bloomberg

U.S.

Corporate

Bond

Index,

posted

a

+0.23%

total

return.

2

Investment

Strategy

We

seek

to

invest,

through

the

Master

Portfolio,

at

least

99.5%

of

the

Fund’s

total

assets

in

U.S.

government

securities,

cash

and

repurchase

agreements

collateralized

fully

by

government

securities

or

cash.

We

only

buy

securities

that

we

determine

present

minimal

credit

risks.

We

maintain

a

dollar-weighted

average

portfolio

maturity

of

60

calendar

days

or

less

and

a

dollar-weighted

average

life

for

its

portfolio

of

120

calendar

days

or

less,

and

we

only

buy

securities

that

mature

or

are

deemed

to

mature

in

397

calendar

days

or

less.

Manager’s

Discussion

The

U.S.

Federal

Reserve

held

its

target

range

for

the

federal

funds

rate

unchanged

at

0.00%-0.25%

during

the

six-month

period.

Money

market

yields

remained

pressured

over

the

period

given

extremely

low

short-term

interest

rates.

We

continued

to

invest

the

Portfolio’s

assets

in

high-quality,

short-term

securities.

We

appreciate

your

support,

welcome

new

shareholders

and

look

forward

to

serving

your

investment

needs

in

the

years

ahead.

The

foregoing

information

reflects

our

analysis,

opinions

and

portfolio

holdings

as

of

December

31,

2021,

the

end

of

the

reporting

period.

The

way

we

implement

our

main

investment

strategies

and

the

resulting

portfolio

holdings

may

change

depending

on

factors

such

as

market

and

economic

conditions.

These

opinions

may

not

be

relied

upon

as

investment

advice

or

an

offer

for

a

particular

security.

The

information

is

not

a

complete

analysis

of

every

aspect

of

any

market,

country,

industry,

security

or

the

Fund.

Statements

of

fact

are

from

sources

considered

reliable,

but

the

investment

manager

makes

no

representation

or

warranty

as

to

their

completeness

or

accuracy.

Although

historical

performance

is

no

guarantee

of

future

results,

these

insights

may

help

you

understand

our

investment

management

philosophy.

Performance

Summary

as

of

December

31,

2021

Money

Market

Portfolio

4

ftinstitutional.com

Semiannual

Report

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

will

fluctuate.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

ftinstitutional.com

or

call

a

Franklin

Templeton

Institutional

Services

representative

at

(800)

321-8563.

1.

The

Fund

has

a

voluntary

fee

waiver

that

may

be

modified

or

discontinued

at

any

time,

and

without

further

notice.

Fund

investment

results

reflect

the

fee

waiver;

without

this

reduction,

the

results

would

have

been

lower.

There

is

no

guarantee

the

Fund

will

be

able

to

avoid

a

negative

yield.

2.

The

seven-day

effective

yield

assumes

compounding

of

daily

dividends,

if

any.

3.

The

figure

is

as

stated

in

the

Fund’s

current

prospectus,

does

not

include

the

voluntary

fee

waiver,

and

may

differ

from

the

expense

ratio

disclosed

in

the

Your

Fund’s

Expenses

and

Financial

Highlights

sections

in

this

report.

In

periods

of

market

volatility,

assets

may

decline

significantly,

causing

total

annual

Fund

operating

expenses

to

become

higher

than

the

figures

shown.

Annualized

and

effective

yields

are

for

the

seven-day

period

ended

12/31/21.

The

Fund’s

average

weighted

life

was

30

days

and

the

Fund’s

average

weighted

maturity

was

21

days.

Yield

reflects

Fund

expenses

and

fluctuations

in

interest

rates

on

Portfolio

investments.

Seven-Day

Annualized

Yield

1

Symbol

Seven-Day

Effective

Yield

1,2

(with

fee

waiver)

(without

fee

waiver)

INFXX

0.01%

0.01%

-0.15%

Total

Annual

Operating

Expenses

3

With

Fee

Waiver

Without

Fee

Waiver

0.36%

0.36%

Your

Fund’s

Expenses

Money

Market

Portfolio

5

ftinstitutional.com

Semiannual

Report

As

a

Fund

shareholder,

you

can

incur

two

types

of

costs:

(1)

transaction

costs,

including

sales

charges

(loads)

on

Fund

purchases

and

redemptions,

if

applicable;

and

(2)

ongoing

Fund

costs,

including

management

fees,

distribution

and

service

(12b-1)

fees,

if

applicable,

and

other

Fund

expenses.

All

mutual

funds

have

ongoing

costs,

sometimes

referred

to

as

operating

expenses.

The

table

below

shows

ongoing

costs

of

investing

in

the

Fund

and

can

help

you

understand

these

costs

and

compare

them

with

those

of

other

mutual

funds.

The

table

assumes

a

$1,000

investment

held

for

the

six

months

indicated.

Actual

Fund

Expenses

The

table

below

provides

information

about

actual

account

values

and

actual

expenses

in

the

columns

under

the

heading

“Actual.”

In

these

columns

the

Fund’s

actual

return,

which

includes

the

effect

of

Fund

expenses,

is

used

to

calculate

the

“Ending

Account

Value.”

You

can

estimate

the

expenses

you

paid

during

the

period

by

following

these

steps

(

of

course,

your

account

value

and

expenses

will

differ

from

those

in

this

illustration

):

Divide

your

account

value

by

$1,000

(

if

your

account

had

an

$8,600

value,

then

$8,600

÷

$1,000

=

8.6

).

Then

multiply

the

result

by

the

number

in

the

row

under

the

headings

“Actual”

and

“Expenses

Paid

During

Period”

(

if

Actual

Expenses

Paid

During

Period

were

$7.50,

then

8.6

x

$7.50

=

$64.50

).

In

this

illustration,

the

actual

expenses

paid

this

period

are

$64.50.

Hypothetical

Example

for

Comparison

with

Other

Funds

Under

the

heading

“Hypothetical”

in

the

table,

information

is

provided

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

This

information

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period,

but

it

can

help

you

compare

ongoing

costs

of

investing

in

the

Fund

with

those

of

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

expenses

shown

in

the

table

are

meant

to

highlight

ongoing

costs

and

do

not

reflect

any

transactional

costs.

Therefore,

information

under

the

heading

“Hypothetical”

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

compare

total

costs

of

owning

different

funds.

In

addition,

if

transactional

costs

were

included,

your

total

costs

would

have

been

higher.

1.

Expenses

are

equal

to

the

annualized

expense

ratio,

which

includes

the

net

expenses

incurred

by

the

Portfolio,

for

the

six-month

period

as

indicated

above—in

the

far

right

column—multiplied

by

the

simple

average

account

value

over

the

period

indicated,

and

then

multiplied

by

184/365

to

reflect

the

one-half

year

period.

2.

Reflects

expenses

after

fee

waivers

and

expense

reimbursements.

Actual

(actual

return

after

expenses)

Hypothetical

(5%

annual

return

before

expenses)

Beginning

Account

Value

7/1/21

Ending

Account

Value

12/31/21

Expenses

Paid

During

Period

7/1/21–12/31/21

1,2

Ending

Account

Value

12/31/21

Expenses

Paid

During

Period

7/1/21–12/31/21

1,2

a

Net

Annualized

Expense

Ratio

2

$1,000

$1,000.10

$0.44

$1,024.77

$0.44

0.09%

Institutional

Fiduciary

Trust

Financial

Highlights

Money

Market

Portfolio

ftinstitutional.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

6

a

Six

Months

Ended

December

31,

2021

(unaudited)

Year

Ended

June

30,

2021

2020

2019

2018

2017

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

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

—

a

—

a

0.010

0.019

0.009

0.002

Less

distributions

from:

Net

investment

income

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

(—)

a

(—)

a

(0.010)

(0.019)

(0.009)

(0.002)

Net

asset

value,

end

of

period

..........

$1.00

$1.00

$1.00

$1.00

$1.00

$1.00

Total

return

b

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

0.01%

—%

c

1.10%

1.90%

0.94%

0.16%

Ratios

to

average

net

assets

d

Expenses

before

waiver

and

payments

by

affiliates

e

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

0.36%

0.36%

0.35%

0.35%

0.35%

0.35%

Expenses

net

of

waiver

and

payments

by

affiliates

e

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

0.09%

0.10%

0.33%

0.35%

0.35%

0.34%

Net

investment

income

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

0.01%

—%

c

1.17%

1.88%

0.95%

0.17%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$9,426,736

$8,239,555

$14,571,556

$20,274,082

$20,728,903

$18,970,507

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

The

expense

ratio

includes

the

Fund's

share

of

the

Portfolio's

allocated

expenses.

Institutional

Fiduciary

Trust

Statement

of

Investments

(unaudited),

December

31,

2021

Money

Market

Portfolio

ftinstitutional.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

7

a

a

Shares

a

Value

a

Money

Market

Funds

100.0%

a

U.S.

Government

Money

Market

Portfolio

(The),

0.01%

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

9,426,768,209

$

9,426,768,209

Total

Money

Market

Funds

(Cost

$9,426,768,209)

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

9,426,768,209

Other

Assets,

less

Liabilities

0.0%

†

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

(32,235)

Net

Assets

100.0%

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

$9,426,735,974

†

Rounds

to

less

than

0.1%

of

net

assets.

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,

2021

(unaudited)

ftinstitutional.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

8

Money

Market

Portfolio

Assets:

Investment

in

affiliated

Portfolio,

at

value

and

cost

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

$9,426,768,209

Cash

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

75,798

Receivables:

Capital

shares

sold

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

53,627

Affiliates

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

124,556

Total

assets

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

9,427,022,190

Liabilities:

Payables:

Professional

fees

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

45,459

Trustees'

fees

and

expenses

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

10,464

Distributions

to

shareholders

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

76,067

Accrued

expenses

and

other

liabilities

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

154,226

Total

liabilities

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

286,216

Net

assets,

at

value

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

$9,426,735,974

Net

assets

consist

of:

Paid-in

capital

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

$9,426,735,975

Total

distributable

earnings

(losses)

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

(1)

Net

assets,

at

value

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

$9,426,735,974

Shares

outstanding

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

9,426,738,105

Net

asset

value

per

share

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

$1.00

Institutional

Fiduciary

Trust

Financial

Statements

Statement

of

Operations

for

the

six

months

ended

December

31,

2021

(unaudited)

ftinstitutional.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

9

Money

Market

Portfolio

Investment

income:

Dividends

from

affiliated

Portfolio

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

$465,810

Expenses:

Administrative

fees

(Note

3

a

)

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

9,131,111

Transfer

agent

fees

(Note

3

b

)

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

66,346

Reports

to

shareholders

fees

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

4,881

Registration

and

filing

fees

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

18,929

Professional

fees

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

74,841

Trustees'

fees

and

expenses

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

48,956

Other

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

51,997

Total

expenses

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

9,397,061

Expenses

waived/paid

by

affiliates

(Note

3c)

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

(9,388,367)

Net

expenses

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

8,694

Net

investment

income

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

457,116

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

$457,116

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.

10

Money

Market

Portfolio

Six

Months

Ended

December

31,

2021

(unaudited)

Year

Ended

June

30,

2021

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$457,116

$210,667

Distributions

to

shareholders

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

(457,188)

(281,312)

Capital

share

transactions

(Note

2

)

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

1,187,181,223

(6,331,930,913)

Net

increase

(decrease)

in

net

assets

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

1,187,181,151

(6,332,001,558)

Net

assets:

Beginning

of

period

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

8,239,554,823

14,571,556,381

End

of

period

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

$9,426,735,974

$8,239,554,823

Institutional

Fiduciary

Trust

11

ftinstitutional.com

Semiannual

Report

Notes

to

Financial

Statements

(unaudited)

Money

Market

Portfolio

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,

Money

Market

Portfolio

(Fund)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP).

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

Statement

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

,

202

1

,

Advisers,

affiliates

of

Advisers,

investment

companies

and

accounts

managed

by

Advisers

or

its

affiliates

owned

9,426,738,105

shares

of

the

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

Fund's

administrator

has

responsibility

for

oversight

of

valuation,

including

leading

the

cross-functional

Valuation

Committee

(VC).

At

December

31,

2021,

the

Fund

owned

71.9%

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,

2021,

the

Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

Open

tax

years

are

those

that

remain

subject

to

examination

and

are

based

on

the

statute

of

limitations

in

each

jurisdiction

in

which

the

Fund

invests. 

c.

Security

Transactions,

Investment

Income,

Expenses

and

Distributions

Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis.

Income

received

from

the

Portfolio

and

estimated

expenses

are

accrued

daily.

Dividends

from

net

investment

income

are

normally

declared

and

distributed

daily;

these

dividends

may

be

reinvested

or

paid

monthly

to

shareholders.

Distributions

from

net

realized

capital

gains

and

other

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Distributable

earnings

are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These

reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences

are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

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.

Institutional

Fiduciary

Trust

Notes

to

Financial

Statements

(unaudited)

12

ftinstitutional.com

Semiannual

Report

Money

Market

Portfolio

(continued)

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,

2021,

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

In

efforts

to

prevent

a

negative

yield,

FT

Services

and

Investor

Services

have

voluntarily

agreed

to

waive

or

limit

their

fees,

assume

as

their

own

expense

certain

expenses

otherwise

payable

by

the

Fund

and

if

necessary,

make

a

capital

infusion

into

the

Fund.

Effective

March

1,

2021,

they

have

voluntarily

agreed

to

further

waive

or

limit

their

fees,

assume

as

their

own

expense

certain

expenses

otherwise

payable

by

the

Fund

and

if

necessary,

make

a

capital

infusion

into

the

Fund

in

order

to

maintain

a

minimum

1

basis

point

annualized

yield.

These

waivers,

expense

reimbursements

and

capital

infusions

are

voluntary

and

may

be

modified

or

discontinued

at

any

time,

and

without

further

notice.

There

is

no

guarantee

that

the

Fund

will

be

able

to

avoid

a

negative

yield

or

maintain

the

current

1

basis

point

yield.

Six

Months

Ended

December

31,

2021

Year

Ended

June

30,

2021

Amount

Amount

Shares

sold

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

$37,414,342,786

$82,609,537,160

Shares

issued

in

reinvestment

of

distributions

..........

337,004

217,644

Shares

redeemed

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

(36,227,498,567)

(88,941,685,717)

Net

increase

(decrease)

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

$1,187,181,223

$(6,331,930,913)

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)

13

ftinstitutional.com

Semiannual

Report

Money

Market

Portfolio

(continued)

4.

Income

Taxes

At

December

31,

2021,

the

cost

of

investments

f

or

book

and

income

tax

purposes

were

the

same.

5.

Novel

Coronavirus

Pandemic 

The

global

outbreak

of

the

novel

coronavirus

disease,

known

as

COVID-19, has

caused

adverse

effects

on

many

companies,

sectors,

nations,

regions

and

the

markets

in

general, and

may

continue for

an unpredictable duration.

The

effects

of

this

pandemic

may

materially

impact

the

value

and

performance

of

the Fund, its ability

to

buy

and

sell

fund

investments

at

appropriate

valuations

and its ability

to

achieve its investment

objectives.

6.

Fair

Value

Measurements

The

Fund

follows

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the

Fund's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Fund's financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

3

–

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

financial

instruments).

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

At

December

31,

2021,

all

of

the

Fund’s

investments

in

financial

instruments

carried

at

fair

value

were

valued

using

Level

1

inputs.

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.

Your

Fund’s

Expenses

The

U.S.

Government

Money

Market

Portfolio

14

ftinstitutional.com

Semiannual

Report

As

a

Fund

shareholder,

you

can

incur

two

types

of

costs:

(1)

transaction

costs,

including

sales

charges

(loads)

on

Fund

purchases

and

redemptions,

if

applicable;

and

(2)

ongoing

Fund

costs,

including

management

fees,

distribution

and

service

(12b-1)

fees,

if

applicable,

and

other

Fund

expenses.

All

mutual

funds

have

ongoing

costs,

sometimes

referred

to

as

operating

expenses.

The

table

below

shows

ongoing

costs

of

investing

in

the

Fund

and

can

help

you

understand

these

costs

and

compare

them

with

those

of

other

mutual

funds.

The

table

assumes

a

$1,000

investment

held

for

the

six

months

indicated.

Actual

Fund

Expenses

The

table

below

provides

information

about

actual

account

values

and

actual

expenses

in

the

columns

under

the

heading

“Actual.”

In

these

columns

the

Fund’s

actual

return,

which

includes

the

effect

of

Fund

expenses,

is

used

to

calculate

the

“Ending

Account

Value”.

You

can

estimate

the

expenses

you

paid

during

the

period

by

following

these

steps

(

of

course,

your

account

value

and

expenses

will

differ

from

those

in

this

illustration

):

Divide

your

account

value

by

$1,000

(

if

your

account

had

an

$8,600

value,

then

$8,600

÷

$1,000

=

8.6

).

Then

multiply

the

result

by

the

number

in

the

row

for

your

class

of

shares

under

the

headings

“Actual”

and

“Expenses

Paid

During

Period”

(

if

Actual

Expenses

Paid

During

Period

were

$7.50,

then

8.6

x

$7.50

=

$64.50

).

In

this

illustration,

the

actual

expenses

paid

this

period

are

$64.50.

Hypothetical

Example

for

Comparison

with

Other

Funds

Under

the

heading

“Hypothetical”

in

the

table,

information

is

provided

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

This

information

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period,

but

it

can

help

you

compare

ongoing

costs

of

investing

in

the

Fund

with

those

of

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

for

the

class

of

shares

you

hold

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

expenses

shown

in

the

table

are

meant

to

highlight

ongoing

costs

and

do

not

reflect

any

transactional

costs.

Therefore,

information

under

the

heading

“Hypothetical”

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

compare

total

costs

of

owning

different

funds.

In

addition,

if

transactional

costs

were

included,

your

total

costs

would

have

been

higher.

1.

Expenses

are

equal

to

the

annualized

expense

ratio

for

the

six-month

period

as

indicated

above—in

the

far

right

column—multiplied

by

the

simple

average

account

value

over

the

period

indicated,

and

then

multiplied

by

184/365

to

reflect

the

one-half

year

period.

2.

Reflects

expenses

after

fee

waivers

and

expense

reimbursements.

Actual

(actual

return

after

expenses)

Hypothetical

(5%

annual

return

before

expenses)

Beginning

Account

Value

7/1/21

Ending

Account

Value

12/31/21

Expenses

Paid

During

Period

7/1/21–12/31/21

1,2

Ending

Account

Value

12/31/21

Expenses

Paid

During

Period

7/1/21–12/31/21

1,2

a

Net

Annualized

Expense

Ratio

2

$1,000

$1,000.10

$0.43

$1,024.77

$0.44

0.09%

The

Money

Market

Portfolios

Financial

Highlights

The

U.S.

Government

Money

Market

Portfolio

ftinstitutional.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

15

a

Six

Months

Ended

December

31,

2021

(unaudited)

Year

Ended

June

30,

2021

2020

2019

2018

2017

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

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

—

a

—

a

0.013

0.021

0.011

0.003

Net

realized

and

unrealized

gains

(losses)

a

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

—

(—)

—

—

(—)

—

Total

from

investment

operations

........

—

a

—

a

0.013

0.021

0.011

0.003

Less

distributions

from:

Net

investment

income

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

(—)

a

(—)

a

(0.013)

(0.021)

(0.011)

(0.003)

Net

asset

value,

end

of

period

..........

$1.00

$1.00

$1.00

$1.00

$1.00

$1.00

Total

return

b

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

0.01%

0.01%

1.29%

2.10%

1.15%

0.35%

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

d

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

0.09%

0.09%

0.15%

0.15%

0.15%

0.15%

Net

investment

income

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

0.01%

—%

e

1.33%

2.09%

1.15%

0.35%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$13,109,900

$11,811,420

$18,381,976

$23,218,541

$23,700,037

$21,564,546

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

Statement

of

Investments

(unaudited),

December

31,

2021

The

U.S.

Government

Money

Market

Portfolio

ftinstitutional.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

16

a

a

Principal

Amount

a

Value

U.S.

Government

and

Agency

Securities

58.8%

FFCB

,

a

1/13/22

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

$

20,000,000

$

19,999,933

b

FRN,

0.22%,

(SOFRRATE

+

0.17%),

3/15/22

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

66,000,000

66,000,000

b

FRN,

0.25%,

(SOFRRATE

+

0.2%),

6/23/22

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

100,000,000

100,000,000

b

FRN,

0.24%,

(SOFRRATE

+

0.19%),

7/14/22

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

35,000,000

35,000,000

b

FRN,

0.195%,

(SOFRRATE

+

0.145%),

7/28/22

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

9,000,000

9,000,000

b

FRN,

0.115%,

(SOFRRATE

+

0.065%),

11/18/22

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

25,000,000

25,000,000

b

FRN,

0.09%,

(SOFRRATE

+

0.04%),

3/10/23

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

14,000,000

14,000,000

268,999,933

FHLB

,

a

1/03/22

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

132,150,000

132,149,841

a

1/04/22

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

15,080,000

15,079,962

a

1/05/22

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

294,900,000

294,898,667

a

1/06/22

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

83,900,000

83,899,534

a

1/07/22

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

267,082,000

267,080,064

a

1/12/22

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

243,000,000

242,996,847

a

1/13/22

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

125,500,000

125,498,327

a

1/14/22

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

250,000,000

249,996,118

a

1/19/22

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

100,000,000

99,997,800

a

1/21/22

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

180,000,000

179,995,625

a

1/26/22

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

562,000,000

561,986,670

a

1/28/22

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

200,000,000

199,992,800

a

2/02/22

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

264,900,000

264,888,537

a

2/04/22

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

244,900,000

244,888,435

a

2/09/22

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

249,900,000

249,886,735

a

2/11/22

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

235,600,000

235,589,609

a

2/17/22

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

164,200,000

164,190,353

a

2/18/22

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

200,000,000

199,988,000

a

2/23/22

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

194,900,000

194,885,653

a

3/03/22

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

144,900,000

144,888,951

a

3/09/22

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

200,000,000

199,980,644

a

3/11/22

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

98,000,000

97,990,608

a

3/18/22

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

171,900,000

171,882,218

a

4/01/22

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

144,900,000

144,880,801

a

6/10/22

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

100,400,000

100,344,222

b

FRN,

0.055%,

(SOFRRATE

+

0.005%),

3/11/22

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

39,900,000

39,900,000

b

FRN,

0.105%,

(SOFRRATE

+

0.055%),

5/13/22

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

50,000,000

50,000,000

b

FRN,

0.11%,

(SOFRRATE

+

0.06%),

11/18/22

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

50,000,000

50,000,000

5,007,757,021

b

FHLMC

,

FRN,

0.21%,

(SOFRRATE

+

0.16%),

4/20/22

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

195,000,000

195,000,000

FRN,

0.24%,

(SOFRRATE

+

0.19%),

5/11/22

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

100,000,000

100,000,000

295,000,000

b

FNMA

,

FRN,

0.41%,

(SOFRRATE

+

0.36%),

1/20/22

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

50,000,000

50,000,000

FRN,

0.35%,

(SOFRRATE

+

0.3%),

1/27/22

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

50,000,000

50,000,000

FRN,

0.37%,

(SOFRRATE

+

0.32%),

4/27/22

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

50,000,000

50,000,000

FRN,

0.28%,

(SOFRRATE

+

0.23%),

5/06/22

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

50,000,000

50,000,000

200,000,000

a

U.S.

Treasury

Bills

,

1/11/22

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

94,950,000

94,948,813

1/13/22

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

84,610,000

84,608,590

1/18/22

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

99,900,000

99,897,877

1/20/22

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

194,630,000

194,624,745

The

Money

Market

Portfolios

Statement

of

Investments

(unaudited)

The

U.S.

Government

Money

Market

Portfolio

(continued)

ftinstitutional.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

17

See

abbreviations

on

page

24

.

a

a

Principal

Amount

a

Value

U.S.

Government

and

Agency

Securities

(continued)

a

U.S.

Treasury

Bills,

(continued)

1/27/22

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

$

171,820,000

$

171,813,795

2/01/22

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

244,950,000

244,939,495

2/10/22

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

94,950,000

94,945,253

2/22/22

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

144,900,000

144,888,489

3/01/22

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

194,900,000

194,883,325

3/03/22

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

100,000,000

99,991,528

3/10/22

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

239,900,000

239,875,974

3/17/22

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

95,000,000

94,990,104

3/24/22

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

79,300,000

79,291,872

5/12/22

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

94,950,000

94,927,542

1,934,627,402

Total

U.S.

Government

and

Agency

Securities

(Cost

$7,706,384,356)

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

7,706,384,356

c

Repurchase

Agreements

43.3%

Bank

of

New

York

Mellon

Corp.

(The),

0.05%,

1/03/22

(Maturity

Value

$300,001,250)

Collateralized

by

U.S.

Treasury

Note,

0.75%

-

2.375%,

9/30/26

-

2/15/42

(valued

at

$306,000,091)

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

300,000,000

300,000,000

BNP

Paribas

Securities

Corp.,

0.01%,

1/03/22

(Maturity

Value

$625,000,521)

Collateralized

by

U.S.

Treasury

Note,

2.50%,

1/31/24

(valued

at

$637,943,605)

...

625,000,000

625,000,000

Deutsche

Bank

Securities,

Inc.,

0.01%,

1/03/22

(Maturity

Value

$85,000,071)

Collateralized

by

U.S.

Treasury

Bill,

2/08/22

-

6/16/22

(valued

at

$86,700,096)

....

85,000,000

85,000,000

Federal

Reserve

Bank

of

New

York,

0.05%,

1/03/22

(Maturity

Value

$4,575,019,063)

Collateralized

by

U.S.

Treasury

Note,

0.125%

-

2.375%,

1/31/23

-

5/15/29

(valued

at

$4,575,019,098)

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

4,575,000,000

4,575,000,000

Goldman

Sachs

&

Co.

LLC,

0.04%,

1/03/22

(Maturity

Value

$75,000,250)

Collateralized

by

U.S.

Treasury

Note,

2.75%,

2/15/24

(valued

at

$76,593,781)

....

75,000,000

75,000,000

HSBC

Securities

USA,

Inc.,

0.05%,

1/03/22

(Maturity

Value

$20,000,083)

Collateralized

by

U.S.

Government

Agency

Securities,

3.50%

-

4.00%,

11/20/47

-

6/20/49

(valued

at

$20,400,000)

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

20,000,000

20,000,000

Total

Repurchase

Agreements

(Cost

$5,680,000,000)

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

5,680,000,000

Total

Short

Term

Investments

(Cost

$13,386,384,356

)

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

13,386,384,356

a

Total

Investments

(Cost

$13,386,384,356)

102.1%

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

$13,386,384,356

Other

Assets,

less

Liabilities

(2.1)%

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

(276,484,059)

Net

Assets

100.0%

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

$13,109,900,297

a

The

security

was

issued

on

a

discount

basis

with

no

stated

coupon

rate.

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,

2021

(unaudited)

ftinstitutional.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

18

The

U.S.

Government

Money

Market

Portfolio

Assets:

Investments

in

unaffiliated

securities,

at

amortized

cost

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

$7,706,384,356

Unaffiliated

repurchase

agreements,

at

value

and

cost

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

5,680,000,000

Cash

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

68,770,364

Receivables:

Interest

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

306,842

Affiliates

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

35,153

Total

assets

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

13,455,496,715

Liabilities:

Payables:

Investment

securities

purchased

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

344,876,908

Capital

shares

redeemed

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

106,137

Management

fees

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

428,358

Trustees'

fees

and

expenses

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

31,817

Distributions

to

shareholders

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

265

Accrued

expenses

and

other

liabilities

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

152,933

Total

liabilities

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

345,596,418

Net

assets,

at

value

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

$13,109,900,297

Net

assets

consist

of:

Paid-in

capital

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

$13,109,900,730

Total

distributable

earnings

(losses)

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

(433)

Net

assets,

at

value

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

$13,109,900,297

Shares

outstanding

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

13,109,902,330

Net

asset

value

per

share

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

$1.00

The

Money

Market

Portfolios

Financial

Statements

Statement

of

Operations

for

the

six

months

ended

December

31,

2021

(unaudited)

ftinstitutional.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

19

The

U.S.

Government

Money

Market

Portfolio

Investment

income:

Interest:

Unaffiliated

issuers

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

$6,124,105

Expenses:

Management

fees

(Note

3

a

)

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

9,525,746

Custodian

fees

(Note

4

)

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

12,235

Reports

to

shareholders

fees

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

4,107

Registration

and

filing

fees

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

543

Professional

fees

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

53,742

Trustees'

fees

and

expenses

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

86,297

Other

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

96,623

Total

expenses

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

9,779,293

Expense

reductions

(Note

4

)

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

(7,547)

Expenses

waived/paid

by

affiliates

(Note

3

and

3

c

)

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

(4,294,448)

Net

expenses

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

5,477,298

Net

investment

income

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

646,807

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

$646,807

The

Money

Market

Portfolios

Financial

Statements

Statements

of

Changes

in

Net

Assets

ftinstitutional.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

20

The

U.S.

Government

Money

Market

Portfolio

Six

Months

Ended

December

31,

2021

(unaudited)

Year

Ended

June

30,

2021

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$646,807

$614,238

Net

realized

gain

(loss)

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

—

(433)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

646,807

613,805

Distributions

to

shareholders

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

(646,807)

(710,769)

Capital

share

transactions

(Note

2

)

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

1,298,480,619

(6,570,459,167)

Net

increase

(decrease)

in

net

assets

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

1,298,480,619

(6,570,556,131)

Net

assets:

Beginning

of

period

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

11,811,419,678

18,381,975,809

End

of

period

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

$13,109,900,297

$11,811,419,678

The

Money

Market

Portfolios

21

ftinstitutional.com

Semiannual

Report

Notes

to

Financial

Statements

(unaudited)

The

U.S.

Government

Money

Market

Portfolio

1.

Organization

and

Significant

Accounting

Policies

The

Money

Market

Portfolios

(Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-

end

management

investment

company,

consisting

of

one

portfolio The

U.S.

Government

Money

Market

Portfolio

(Portfolio)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP).

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),

Franklin

Templeton

Services,

LLC,

an

affiliate

of

the

investment

manager,

has

responsibility

for

oversight

of

valuation,

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

Statement

of

Investments,

had

been

entered

into

on

December

31,

2021.

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,

2021,

the

Portfolio

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

Open

tax

years

are

those

that

remain

subject

to

examination

and

are

based

on

the

statute

of

limitations

in

each

jurisdiction

in

which

the

Portfolio

invests. 

d.

Security

Transactions,

Investment

Income,

Expenses

and

Distributions

Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis.

Interest

income

and

estimated

expenses

are

accrued

daily.

Amortization

of

premium

and

accretion

of

discount

on

debt

securities

are

included

in

interest

income.

Dividends

from

net

investment

income

are

normally

declared

daily;

these

dividends

may

be

reinvested

or

paid

monthly

to

shareholders.

Distributions

from

net realized

capital

gains

and

other

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Distributable

earnings

are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

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.

The

Money

Market

Portfolios

Notes

to

Financial

Statements

(unaudited)

22

ftinstitutional.com

Semiannual

Report

The

U.S.

Government

Money

Market

Portfolio

(continued)

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,

2021,

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.

c.

Waiver

and

Expense

Reimbursements

In

efforts

to

prevent

a

negative

yield,

Advisers

and

Investor

Services

have

voluntarily

agreed

to

waive

or

limit

their

fees,

assume

as

their

own

expense

certain

expenses

otherwise

payable

by

the

Fund

and

if

necessary,

make

a

capital

infusion

into

the

Fund.

Effective

March

1,

2021,

they

have

voluntarily

agreed

to

further

waive

or

limit

their

fees,

assume

as

their

own

expense

certain

expenses

otherwise

payable

by

the

Fund

and

if

necessary,

make

a

capital

infusion

into

the

Fund

in

order

Six

Months

Ended

December

31,

2021

Year

Ended

June

30,

2021

Shares

sold

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

$15,447,781,774

$33,535,340,757

Shares

issued

in

reinvestment

of

distributions

..........

539,120

728,867

Shares

redeemed

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

(14,149,840,275)

(40,106,528,791)

Net

increase

(decrease)

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

$1,298,480,619

$(6,570,459,167)

Subsidiary

Affiliation

Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Franklin

Templeton

Investor

Services,

LLC

(Investor

Services)

Transfer

agent

1.

Organization

and

Significant

Accounting

Policies

(continued)

The

Money

Market

Portfolios

Notes

to

Financial

Statements

(unaudited)

23

ftinstitutional.com

Semiannual

Report

The

U.S.

Government

Money

Market

Portfolio

(continued)

to

maintain

a

minimum

1

basis

point

annualized

yield.

These

waivers,

expense

reimbursements

and

capital

infusions

are

voluntary

and

may

be

modified

or

discontinued

at

any

time,

and

without

further

notice.

There

is

no

guarantee

that

the

Fund

will

be

able

to

avoid

a

negative

yield

or

maintain

the

current

1

basis

point

yield.

d.

Other

Affiliated

Transactions

At

December

31,

2021,

the

shares

of

the

Portfolio

were

owned

by

the

following

investment

companies:

4.

Expense

Offset

Arrangement

The Portfolio has

entered

into

an

arrangement

with

its

custodian

whereby

credits

realized

as

a

result

of

uninvested

cash

balances

are

used

to

reduce

a

portion

of

the

Portfolio’s

custodian

expenses.

During

the

period

ended

December

31,

2021,

the

custodian

fees

were

reduced

as

noted

in

the

Statement

of

Operations. 

5.

Income

Taxes

For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains.

At

June

30,

2021,

the

capital

loss

carryforwards

were

as

follows:

At

December

31,

2021,

the

cost

of

investments

for

book

and

income

tax

purposes

was

the

same.

6.

Novel

Coronavirus

Pandemic 

The

global

outbreak

of

the

novel

coronavirus

disease,

known

as

COVID-19, has

caused

adverse

effects

on

many

companies,

sectors,

nations,

regions

and

the

markets

in

general, and

may

continue for

an unpredictable duration.

The

effects

of

this

pandemic

may

materially

impact

the

value

and

performance

of

the Fund, its ability

to

buy

and

sell

fund

investments

at

appropriate

valuations

and its ability

to

achieve its investment

objectives.

7.

Fair

Value

Measurements

The

Portfolio

follows

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Portfolio's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Portfolio's financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Shares

Percentage

of

Outstanding

Shares

Institutional

Fiduciary

Trust

–

Money

Market

Portfolio

.....

9,426,768,209

71.9%

Franklin

U.S.

Government

Money

Fund

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

3,683,134,121

28.1%

13,109,902,330

100.0%

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

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

$433

3.

Transactions

with

Affiliates

(continued)

c.

Waiver

and

Expense

Reimbursements

(continued)

The

Money

Market

Portfolios

Notes

to

Financial

Statements

(unaudited)

24

ftinstitutional.com

Semiannual

Report

The

U.S.

Government

Money

Market

Portfolio

(continued)

Level

2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

3

–

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

Money

market

securities

may

be

valued

using

amortized

cost,

in

accordance

with

the

1940

Act.

Generally,

amortized

cost

reflects

the

current

fair

value

of

a

security,

but

since

the

value

is

not

obtained

from

a

quoted

price

in

an

active

market,

such

financial

instruments

were

valued

using

Level

2

inputs.

At

December

31,

2021,

all

of

the

Portfolio’s

investments

in

financial

instruments

carried

at

fair

value

were

valued

using

Level

2

inputs.

8.

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

7.

Fair

Value

Measurements

(continued)

Institutional

Fiduciary

Trust

Shareholder

Information

25

ftinstitutional.com

Semiannual

Report

Proxy

Voting

Policies

and

Procedures

The

Fund’s

investment

manager

has

established

Proxy

Voting

Policies

and

Procedures

(Policies)

that

the

Fund

uses

to

determine

how

to

vote

proxies

relating

to

portfolio

securities.

Shareholders

may

view

the

Fund’s

complete

Policies

online

at

franklintempleton.com.

Alternatively,

shareholders

may

request

copies

of

the

Policies

free

of

charge

by

calling

the

Proxy

Group

collect

at

(954)

527-

7678

or

by

sending

a

written

request

to:

Franklin

Templeton

Companies,

LLC,

300

S.E.

2nd

Street,

Fort

Lauderdale,

FL

33301,

Attention:

Proxy

Group.

Copies

of

the

Fund’s

proxy

voting

records

are

also

made

available

online

at

franklintempleton.com

and

posted

on

the

U.S.

Securities

and

Exchange

Commission’s

website

at

sec.gov

and

reflect

the

most

recent

12-month

period

ended

June

30.

Quarterly

Statement

of

Investments

The

Trust,

on

behalf

of

the

Fund,

files

a

complete

statement

of

investments

with

the

U.S.

Securities

and

Exchange

Commission

for

the

first

and

third

quarters

for

each

fiscal

year

as

an

exhibit

to

its

report

on

Form

N-PORT.

Shareholders

may

view

the

filed

Form

N-PORT

by

visiting

the

Commission’s

website

at

sec.gov.

The

filed

form

may

also

be

viewed

and

copied

at

the

Commission’s

Public

Reference

Room

in

Washington,

DC.

Information

regarding

the

operations

of

the

Public

Reference

Room

may

be

obtained

by

calling

(800)

SEC-0330.

Householding

of

Reports

and

Prospectuses

You

will

receive,

or

receive

notice

of

the

availability

of,

the

Fund’s

financial

reports

every

six

months.

In

addition,

you

will

receive

an

annual

updated

summary

prospectus

(detail

prospectus

available

upon

request).

To

reduce

Fund

expenses,

we

try

to

identify

related

shareholders

in

a

household

and

send

only

one

copy

of

the

financial

reports

(to

the

extent

received

by

mail)

and

summary

prospectus.

This

process,

called

“householding,”

will

continue

indefinitely

unless

you

instruct

us

otherwise.

If

you

prefer

not

to

have

these

documents

householded,

please

call

us

at

(800)

632-2301.

At

any

time

you

may

view

current

prospectuses/

summary

prospectuses

and

financial

reports

on

our

website.

If

you

choose,

you

may

receive

these

documents

through

electronic

delivery.

140

S

02/22

©

2022

Franklin

Templeton

Investments.

All

rights

reserved.

Authorized

for

distribution

only

when

accompanied

or

preceded

by

a

summary

prospectus

and/or

prospectus.

Investors

should

carefully

consider

a

fund’s

investment

goals,

risks,

charges

and

expenses

before

investing.

A

prospectus

contains

this

and

other

information;

please

read

it

carefully

before

investing.

To

help

ensure

we

provide

you

with

quality

service,

all

calls

to

and

from

our

service

areas

are

monitored

and/or

recorded.

Semiannual

Report

Institutional

Fiduciary

Trust

Money

Market

Portfolio

Investment

Manager

Distributor

Franklin

Templeton

Institutional

Services

Franklin

Advisers,

Inc.

Franklin

Distributors,

LLC

(800)

321-8563

ftinstitutional.com

Item 2. Code of Ethics.

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

(c) N/A

(d) N/A

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

Item 3. Audit Committee Financial Expert.

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

(2)

The audit committee financial expert is Mary C. Choksi and she is "independent" as defined under the relevant Securities and Exchange Commission Rules and Releases.

Item 4. Principal Accountant Fees and Services. N/A

Item 5. Audit Committee

of Listed Registrants.

  N/A

Item 6. Schedule of Investments.   N/A

Item 7

. Disclosure of Proxy Voting Policies and Procedures for

Closed-End Management Investment Companies.  N/A

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

Item 9

. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.  N/A

Item 10

. Submission of Matters to a Vote of Security Holders.

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

Item 11. Controls and Procedures.

(a)

  Evaluation of Disclosure Controls and Procedures.  The Registrant maintains disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in the Registrant’s filings under the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940 is recorded, processed, summarized and reported within the periods specified in the rules and forms of the Securities and Exchange Commission. Such information is accumulated and communicated to the Registrant’s management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. The Registrant’s management, including the principal executive officer and the principal financial officer, recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.

Within 90 days prior to the filing date of this Shareholder Report on Form N-CSR, the Registrant had carried out an evaluation, under the supervision and with the participation of the Registrant’s management, including the Registrant’s principal executive officer and the Registrant’s principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on such evaluation, the Registrant’s principal executive officer and principal financial officer concluded that the Registrant’s disclosure controls and procedures are effective.

(b)  Changes in Internal Controls

.  There have been no changes in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect the internal control over financial reporting.

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

N/A

Item 13. Exhibits.

(a)(1)

Code of Ethics

codeofethics

(a)(2)

Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of

Matthew T. Hinkle

, Chief Executive Officer - Finance and Administration, and

Christopher Kings, Chief Financial Officer, Chief Accounting Officer and Treasurer

section302

(b)

Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of

Matthew T. Hinkle

, Chief Executive Officer - Finance and Administration, and

Christopher Kings, Chief Financial Officer, Chief Accounting Officer and Treasurer

section906

SIGNATURES

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

INSTITUTIONAL FIDUCIARY TRUST

By S\MATTHEW T. HINKLE______________________

      Matthew T. Hinkle

      Chief Executive Officer – Finance and Administration

Date February 28, 2022

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

By S\MATTHEW T. HINKLE______________________

      Matthew T. Hinkle

      Chief Executive Officer – Finance and Administration

Date February 28, 2022

By S\Christopher Kings________________________

     Christopher Kings

     Chief Financial Officer, Chief Accounting Officer and Treasurer

Date February 28, 2022