Money Funds

INFXX Franklin Institutional U.S. Government Money Market Fund

Overview

See the risks and other important information.

Fund Facts

Fund description

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. The fund also tries to maintain a stable $1.00 share price. 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.

Fund Inception Date: 07/17/1985
Dividend Frequency, if any: Monthly
Total Net AssetsAs of 02/28/2026 (Updated Monthly): $5.58 Billion
Total Net Assets (Master Fund)As of 2026-02-28 (Updated Monthly): $10.74 Billion
Shareholder Net Flow⁴As of 03/31/2026: $-67.40 Million
Shareholder Net Flow (Master Fund)⁴As of 03/31/2026: $-68.83 Million

Sales Charges, Expenses & Fees

As of 11/01/2025

Gross Expense Ratio⁵: 0.36%
Net Expense Ratio^5,6: 0.17%
Maximum Initial Charge: —
CDSC: N/A
12b-1 Fee: —

Identifiers

Ticker: INFXX
Fund Number: 140
CUSIP Code: 457756500

Average Annual Total Returns As of 02/28/2026

View performance section for additional info As of 02/28/2026

Class A

With Sales Charge (POP)

Without Sales Charge (NAV)

3.99%1 Year
4.57%3 Years
3.12%5 Years
1.96%10 Years
3.14%Since Inception
07/17/1985

Performance data quoted represents past performance, which does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the figures shown.

Dividends & Yields

As of 03/30/2026

7-Day Effective Yield^7,8: 3.57%
7-Day Effective Yield—Without Waiver⁷: 3.54%
7-Day Current Yield^7,8: 3.51%
7-Day Current Yield—Without Waiver⁷: 3.48%

Additional Fund Info

Share Class Inception Date: 07/17/1985
Investment Style: Money Market
Lipper Classification: Instl U.S. Government Money Market Funds
Morningstar Category⁹: Money Market-Taxable

Manager and Commentary

About the Team

Franklin Templeton Fixed Income

A global leader in fixed income, the team strives to provide consistent and resilient returns by combining deep fundamental research with rigorous portfolio construction. This solutions-driven approach means maintaining portfolio and risk exposures that align with client expectations.

Franklin Templeton Fixed Income

Managed Fund Since 1985

Managed Fund Since 2024

Latest Insights

March 23, 2026

Macro Views: AI tailwinds, geopolitical headwinds

March 18, 2026

Middle East escalation: Market impact and emerging market implications

March 12, 2026

On My Mind: Not partying like it’s 1979

March 9, 2026

Municipal bond market monthly brief

Performance

Cumulative Total Returns

As of 02/28/2026

Month End

Quarter End

Class A - Without Sales Charge (NAV) (%)

Class A - With Sales Charge (POP) (%)

Performance data quoted represents past performance, which does not guarantee future results. Current performance may be lower or higher than the figures shown. Principal value and investment returns will fluctuate, and investors' shares, when redeemed, may be worth more or less than the original cost. Performance would have been lower if fees had not been waived in various periods. Total returns assume the reinvestment of all distributions and the deduction of all Fund expenses. Returns with sales charge reflect a deduction of the stated maximum sales charge. Returns without sales charge would have been lower had sales charges been reflected. An investor cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges. Returns for periods of less than one year are not annualized.

Portfolio

Assets

As of02/28/2026 (Updated Monthly)

Total Net Assets ¹⁰: $5.58 Billion

Positions

Download All Holdings

Portfolio Statistics

As of 02/28/2026 (Updated Monthly)

Weighted Average Maturity

As of 02/28/2026 (Updated Monthly)

25 Days

12/31/2025

20 Days

11/30/2025

23 Days

10/31/2025

32 Days

09/30/2025

23 Days

02/28/2026

25 Days

01/31/2026

27 Days

Weighted Average Life

As of 02/28/2026 (Updated Monthly)

81 Days

12/31/2025

71 Days

11/30/2025

64 Days

10/31/2025

76 Days

09/30/2025

43 Days

02/28/2026

81 Days

01/31/2026

77 Days

Holdings
As of 02/28/2026 (Updated Monthly)

As of

TMMP-THE U.S. GOVERNMENT MONEY MARKET PORTFOLIO OEMF USD 1 CL

Cash and Cash Equivalents

Distributions & Tax

Federal ID Number 94-2984391

For information on tax years prior to 2008, please contact us

These amounts represent distributions paid by the fund, foreign taxes passed through (if any), and other distribution characteristics for the calendar year selected. These amounts are reported to shareholders on Form 1099-DIV.

Distributions per Share ($)

Year

Tax Information
Record Date	Ordinary Dividends Dividends paid by a fund that are derived from interest, dividends, net short-term capital gains and other types of ordinary income earned by the fund. For a fund that elects to pass through its foreign taxes paid (a non-cash item), a shareholder's allotted share of foreign taxes has been added to the “Ordinary Dividends” cash distributions received by the shareholder. If the fund passed through foreign taxes paid and later is refunded any portion of those taxes by a foreign tax authority, any interest paid to the fund on that refund is also required to be included in “Ordinary Dividends”.	Qualified Dividends The portion of a fund’s “Ordinary Dividends” that may be eligible for a reduced capital gain tax rate. To be eligible for the lower tax rates, certain holding periods apply and shareholders should consult their tax advisor to determine the amount eligible for the reduced rate. This amount represents both cash distributions and non-cash amounts, such as foreign taxes paid, that have been allocated to shareholders.	Capital Gain Distributions	Unrecaptured Section 1250 Gain	Non-Taxable Return Of Capital	Section 199a Dividends The portion of a fund’s “Ordinary Dividends” generated by a real estate investment trust or earned by a fund from its investments in real estate investment trusts, subject to limitations. Individual (non-corporate) shareholders may be entitled to a special deduction from gross income for “Section 199A Dividends” received from a fund. To qualify for this deduction certain holding periods apply and shareholders should consult their tax advisor.	Foreign Tax Paid	Exempt Interest Dividends	Interest on Tax Reclaim Refunds
Jan 31	0.00340861	—	—	—	—	—	—	—	—
Feb 28	0.00306019	—	—	—	—	—	—	—	—
Mar 31	0.003375769	—	—	—	—	—	—	—	—
Apr 30	0.003263084	—	—	—	—	—	—	—	—
May 30	0.003387689	—	—	—	—	—	—	—	—
Jun 30	0.00348852	—	—	—	—	—	—	—	—
Jul 31	0.00352955	—	—	—	—	—	—	—	—
Aug 29	0.003529627	—	—	—	—	—	—	—	—
Sep 30	0.003380427	—	—	—	—	—	—	—	—
Oct 31	0.003374596	—	—	—	—	—	—	—	—
Nov 28	0.003148175	—	—	—	—	—	—	—	—
Dec 31	0.003118397	—	—	—	—	—	—	—	—
	0.040064634	—	—	—	—	—	—	—	—

The fund's policy is to declare daily, and pay monthly, dividends from net investment income. Each day on which the fund declares a dividend distribution is ex date.

The per share distribution amounts presented above reflect the distribution rates that were paid to shareholders on the indicated dates. The character of distributions for certain funds may have been subsequently adjusted for tax purposes. Shareholders can determine which funds may have reclassified the tax character of distributions by visiting the Tax Center in Tools & Resources. Information on reclassifications for distributions paid during the current calendar year will not be available until the first quarter of the following year.

Jan 31

Feb 28

Mar 31

Apr 30

May 30

Jun 30

Jul 31

Aug 29

Sep 30

Oct 31

Nov 28

Dec 31

Supplemental Tax Information

Foreign Source Income: —
Foreign Source Qualified Dividends: —
Direct U.S. Government Obligations The portion of “Ordinary Dividends” attributable to earnings from US Treasury and certain other government securities may be categorized as a fund containing US government obligations. This income may be exempt from state personal income taxes. The percentage for direct US government obligation interests available for tax-exempt treatment may be limited in states that require the fund to meet certain minimum thresholds. Shareholders should consult their tax advisor to determine the availability of exemptions in their state.: 72.85%
Specified Private Activity Bond Interest: —
Dividends Received Deduction: —
Section 163(j): 99.99%
Indiana Resident Taxable Income: —
Utah Resident Taxable Income The portion of “Exempt-Interest Dividends” subject to Utah income tax. Subject to certain exceptions, the state of Utah provides that income earned from non-federal government entities outside of Utah (non-Utah municipal bonds) is taxable to Utah resident shareholders. Income earned from states that do not tax Utah obligations are also exempt. Shareholders should consult their tax advisor about applicability.: —

Franklin Templeton and its specialized investment managers and its employees are not in the business of providing tax or legal advice to taxpayers. These materials and any tax-related statements are not intended or written to be used, and cannot be used or relied upon, by any such taxpayer for the purpose of avoiding tax penalties or complying with any applicable tax laws or regulations. Tax-related statements, if any, may have been written in connection with the promotion or marketing of the transaction(s) or matter(s) addressed by these materials, to the extent allowed by applicable law. Each investor’s tax situation is different, and is based on an individual’s tax bracket, type of account used for investment and other factors. Any such taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor.

Pricing

Pricing History

As of 03/31/2026 (Updated Daily)

Time Period

From

From Date

To Date

Daily Fund Prices

As of 03/31/2026

Share Prices

As of 03/31/2026

NAV ¹(Net Asset Value): $1.0000
NAV Change ¹: $0.0000
NAV Change (%) ¹: 0.00%
Fund Level Market NAV: $1.0000
Master Fund Level Market NAV: $1.0000
Liquid Asset (Daily) ^2,3: 65.97%
Liquid Asset (Weekly) ^2,3: 80.78%

52-Week Range

Highest NAV As of 03/31/2026: $1.0000
Lowest NAV As of 03/31/2025: $1.0000

Time Period

From

[common.date-picker-calendar-heading]

Historical Pricing Results

From 03/02/2026 – To 03/31/2026

03/31/2026

03/30/2026

03/27/2026

03/26/2026

03/25/2026

03/24/2026

03/23/2026

03/20/2026

03/19/2026

03/18/2026

Documents

Fund Literature

Fund Literature
Checkbox	Name	Download
Checkbox	Portfolio Holdings - IFT Money Market Portfolio - December 31, 2025Mailed hardcopies unavailable.	Download Document
Checkbox	Portfolio Holdings - IFT Money Market Portfolio - February 28, 2026Mailed hardcopies unavailable.	Download Document
Checkbox	Portfolio Holdings - IFT Money Market Portfolio - January 31, 2026Mailed hardcopies unavailable.	Download Document
Checkbox	Portfolio Holdings - IFT Money Market Portfolio - November 30, 2025Mailed hardcopies unavailable.	Download Document
Checkbox	Portfolio Holdings - IFT Money Market Portfolio - October 31, 2025Mailed hardcopies unavailable.	Download Document
Checkbox	Portfolio Holdings - IFT Money Market Portfolio - September 30, 2025Mailed hardcopies unavailable.	Download Document

Regulatory Documents

Regulatory Documents
Checkbox	Name	Download
Checkbox	Prospectus - Franklin Institutional U.S. Government Money Market Fund	Download Document
Checkbox	Summary Prospectus - Franklin Institutional U.S. Government Money Market Fund	Download Document
Checkbox	Annual Report - IFT Money Market Portfolio - Class A	Download Document
Checkbox	Annual Financial Statements and Other Information - Money Market Portfolio	Download Document
Checkbox	Semi-Annual Report - Franklin Institutional U.S. Government Money Market Fund - Class A	Download Document
Checkbox	Semi-Annual Financial Statements and Other Information - Money Market Portfolio	Download Document
Checkbox	Statement of Additional Information - Franklin Institutional U.S. Government Money Market FundMailed hardcopies unavailable.	Download Document

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. Although the fund invests in U.S. government obligations, an investment in the fund is neither insured nor guaranteed by the U.S. government.

All investments involve risk, including loss of principal. The fund's yield may be affected by changes in interest rates and changes in credit ratings. These and other risks are discussed in the fund’s prospectus.

Important Information

Franklin Distributors, LLC. Member FINRA, SIPC. All entities mentioned are Franklin Templeton affiliated companies. Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE.
Reports and other information about the funds are available on the EDGAR Database on the SEC's Internet site at www.sec.gov.

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Important data provider notices and terms available at www.franklintempletondatasources.com.

Performance data quoted represents past performance, which does not guarantee future results.

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

Indexes are unmanaged and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges.

All investments involve risk, including possible loss of principal. Please see each product's web page for specific details regarding investment objective, risks, performance, and other important information. Review this information carefully before you make any investment decision. Investors cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges.

Carefully consider a fund’s investment objectives, risks, charges and expenses before investing. Please view the prospectus or summary prospectus for this and other information. Read it carefully.

Franklin Distributors, LLC serves as the distributor of Creation Units for the ETFs on an agency basis. Franklin Distributors, LLC does not maintain a secondary market in the funds' shares.

Footnotes

Net Asset Value - the amount per share you would receive if you sold shares that day. NAV Change indicates a change in the Net Asset Value from the previous business day.
Rule 2a-7 of the Investment Company Act of 1940 provides that money market funds may not acquire any security other than a “weekly liquid asset” unless, immediately following such purchase, at least 50% of its total assets would be invested in weekly liquid assets. In addition, the Rule provides that taxable money market funds may not acquire any security other than a “daily liquid asset” unless, immediately following such purchase, at least 25% of its total assets would be invested in daily liquid assets.

Daily Liquid Assets include (i) cash; (ii) direct obligations of the U.S. Government; and (iii) securities that will mature or are subject to a demand feature that is exercisable and payable within one business Day. May include the effect of receivables from pending sales and payables from pending purchases.

Weekly Liquid Assets include (i) cash; (ii) direct obligations of the U.S. Government; (iii) U.S. Government securities issued by a person controlled or supervised by and acting as an instrumentality of the U.S. Government pursuant to authority granted by the U.S. Congress, that are issued at a discount to the principal amount to be repaid at maturity and have a remaining maturity of 60 days or less; and (iv) securities that will mature or are subject to a demand feature that is exercisable and payable within five business Days. May include the effect of receivables from pending sales and payables from pending purchases.
Daily Liquid Assets and Weekly Liquid Assets are calculated at the master portfolio level.
Based on the previous business day.
Gross Expense Ratio reflects the total annual operating expenses for the share class shown, prior to the deduction of any waiver or reimbursement. Actual expenses may be higher and may impact portfolio returns. Net Expense Ratio reflects total expenses after any fee waivers, implemented expense caps or reimbursements. If a fund has contractual fee waivers, expense caps and/or reimbursements, the expiration date can be found by clicking on the information button next to the net expense ratio. Additional amounts may be voluntarily waived and/or reimbursed and may be modified or discontinued at any time without notice. Expense ratios are as of the most recent prospectus or annual report.
Net Expense Ratio represents the expense ratio applicable to investors.
The 7-day Current Yield represents net interest income generated by the investments for the past 7 days and assumes that the same income is generated each week over a 365-day period. The 7-day yield more closely reflects current fund earnings than does total returns. 7-day Effective Yield, assumes reinvest of the coupon (interest payments). Unlike Current Yield, Effective Yield takes into account the power of compounding on investment returns. Yields for other share classes may vary due to differences in sales charge structure and class expenses.
With Waiver means the performance quote reflects any applicable expense reductions and fee waivers.
©2026 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Assets are reported at the fund level.
Premium / Discount reflects the difference between the NAV and the Market Price of the fund, and represents the amount that the fund is trading above or below its NAV, expressed as a percentage of the NAV.

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Individual Investor

Financial Professional

Institutional Investor

INFXX Franklin Institutional U.S. Government Money Market Fund

Popular Documents

Name and other changes

Overview

Fund description

Sales Charges, Expenses & Fees

Identifiers

Class A

Additional Fund Info

Manager and Commentary

About the Team

Latest Insights

Performance

Cumulative Total Returns

Portfolio

Distributions & Tax

Federal ID Number 94-2984391

Pricing

Chart

Daily Fund Prices

Documents

Risks

Important Information

Footnotes