fmfn-csrspe123114.htm - Generated by SEC Publisher for SEC Filing

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_811-02605

__Franklin Money Fund
(Exact name of registrant as specified in charter)

One Franklin Parkway, San Mateo, CA 94403-1906
(Address of principal executive offices) (Zip code)

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: 12/31/14

Item 1. Reports to Stockholders.

Franklin Templeton Investments

Gain From Our Perspective®

At Franklin Templeton Investments, we’re dedicated to one goal: delivering exceptional asset management for our clients. By bringing together multiple, world-class investment teams in a single firm, we’re able to offer specialized expertise across styles and asset classes, all supported by the strength and resources of one of the world’s largest asset managers. This has helped us to become a trusted partner to individual and institutional investors across the globe.

Focus on Investment Excellence

At the core of our firm, you’ll find multiple independent investment teams—each with a focused area of expertise—from traditional to alternative strategies and multi-asset solutions. And because our portfolio groups operate autonomously, their strategies can be combined to deliver true style and asset class diversification.

All of our investment teams share a common commitment to excellence grounded in rigorous, fundamental research and robust, disciplined risk management. Decade after decade, our consistent, research-driven processes have helped Franklin Templeton earn an impressive record of strong, long-term results.

Global Perspective Shaped by Local Expertise

In today’s complex and interconnected world, smart investing demands a global perspective. Franklin Templeton pioneered international investing over 60 years ago, and our expertise in emerging markets spans more than a quarter of a century. Today, our investment professionals are on the ground across the globe, spotting investment ideas and potential risks firsthand. These locally based teams bring in-depth understanding of local companies, economies and cultural nuances, and share their best thinking across our global research network.

Strength and Experience

Franklin Templeton is a global leader in asset management serving clients in over 150 countries.¹We run our business with the same prudence we apply to asset management, staying focused on delivering relevant investment solutions, strong long-term results and reliable, personal service. This approach, focused on putting clients first, has helped us to become one of the most trusted names in financial services.

1. As of 12/31/13. Clients are represented by the total number of shareholder accounts.

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semiannual Report

Franklin Money Fund

This semiannual report for Franklin Money Fund covers the period ended December 31, 2014.

Your Fund’s Goal and Main Investments

The Fund seeks to provide as high a level of current income as is consistent with preservation of shareholders’ capital and liquidity. The Fund invests through The Money Market Portfolio (the Portfolio) mainly in high-quality, short-term U.S. dollar denominated money market securities of domestic and foreign issuers. The Fund attempts 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.

Performance Overview

In an effort to promote economic growth, the Federal Reserve Board (Fed) held short-term interest rates at a historically low level during the six-month period under review. As a result, the Fund’s Class A and R6 shares’ seven-day effective yields remained unchanged at 0.00% from June 30, 2014, through December 31, 2014, as shown in the Performance Summary on page 5.

Performance data represent past performance, which does not guarantee future results. Investment return will fluctuate. Current performance may differ from figures shown. Please visit franklintempleton.com or call (800) 342-5236 for most recent month-end performance.

Economic and Market Overview

The U.S. economy continued to grow during the six-month period ended December 31, 2014, resulting largely from increased personal consumption, business investment and federal defense spending in some quarters. Manufacturing

activity increased through the period under review. The housing market improved as home prices rose and mortgage rates generally moderated. The unemployment rate declined to 5.6% in December 2014 from 6.1% in June.¹Retail sales rose as consumer spending increased, supported by job growth and lower gasoline prices. Inflation, as measured by the Consumer Price Index, remained low for the period.

After gradually reducing its large-scale bond purchases, the Fed ended its bond buying program in October, based on its view that underlying economic strength could support ongoing progress in labor market conditions. But it continued its practice of maintaining holdings of longer term securities at sizable levels. The Fed also noted that although inflation might remain low in the near term, the likelihood of inflation running persistently below 2% had diminished. Toward period-end, the Fed stated that it could be patient with regard to raising interest rates and that the interest rate might not rise for at least a couple of meetings, possibly implying at least the first two meetings of 2015.

The 10-year Treasury yield declined from 2.53% at the beginning of the period to 2.17% at period-end, as investors shifted to less risky assets given the crises in Ukraine and the Middle East, weak economic data in Europe and Japan, record-low bond yields and lower Treasury issuance.


Portfolio Breakdown
12/31/14
	% of Total
	Net Assets
Commercial Paper	56.9	%
Certificates of Deposit	22.1	%
U.S. Government & Agency Securities	11.1	%
Repurchase Agreements	2.3	%
Other Net Assets	7.6	%

1. Source: Bureau of Labor Statistics.

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 9.

franklintempleton.com

Semiannual Report | 3

FRANKLIN MONEY FUND

Investment Strategy

Consistent with our strategy, we invest, through the Portfolio, mainly in high-quality, short-term U.S. dollar denominated money market securities of domestic and foreign issuers, including bank obligations, commercial paper, repurchase agreements and U.S. government securities. We maintain a dollar-weighted average portfolio maturity of 60 days or less and a dollar-weighted average life of 120 days or less. We seek to provide shareholders with a high-quality, conservative investment vehicle; thus, we do not invest the Fund’s cash in derivatives or other relatively volatile securities that we believe involve undue risk.

Manager’s Discussion

The six months under review were characterized by extremely low short-term interest rates, which pressured money market yields. We continued to invest the Portfolio’s assets in high-quality money market securities. On December 31, 2014, for example, 100% of the securities purchased for the Portfolio carried short-term credit ratings of A-1 or P-1, or higher, by independent credit rating agency Standard & Poor’s or Moody’s Investors Service.²

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, 2014, 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.

2. These do not indicate ratings of the Fund.

4 | Semiannual Report

franklintempleton.com

FRANKLIN MONEY FUND

Performance Summary as of December 31, 2014¹


					Seven-Day
	Seven-Day		Seven-Day		Annualized Yield		Total Annual
Share Class (Symbol)	Effective Yield²		Annualized Yield		(without waiver)		Operating Expenses³

A (FMFXX)	0.00	%	0.00	%	-0.44	%	0.57	%

R6 (FRRXX)	0.00	%	0.00	%	-0.33	%	0.46	%

Performance data represent past performance, which does not guarantee future results. Investment return will fluctuate.
Current performance may differ from figures shown. Please go to franklintempleton.com or call (800) 342-5236 for most
recent month-end performance.

1. The Fund has a voluntary fee waiver that may be modified or discontinued at any time, and without further notice. Class R6 has a fee waiver contractually guaranteed
through at least 10/31/15. Fund investment results reflect the expense reduction and fee waiver, to the extent applicable; without these reductions, 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. Figures are as stated in the Fund’s current prospectus. 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 12/31/14. The Fund’s average weighted life and average weighted maturity were each 37 days.
Yield reflects Fund expenses and fluctuations in interest rates on Portfolio investments.

franklintempleton.com

Semiannual Report | 5

FRANKLIN MONEY FUND

Your Fund’s Expenses

As a Fund shareholder, you can incur two types of costs:

Transaction costs, including sales charges (loads) on Fund purchases; and
Ongoing Fund costs, including management fees, distribution and service (12b-1) fees, and other Fund expenses. All mutual funds have ongoing costs, sometimes referred to as operating expenses.

The following table 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 first line (Actual) for each share class listed in the table provides actual account values and expenses. The “Ending Account Value” is derived from the Fund’s actual return, which includes the effect of Fund expenses.

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:

1.	Divide your account value by $1,000.
	If an account had an $8,600 value, then $8,600 ÷ $1,000 = 8.6.
2.	Multiply the result by the number under the heading “Expenses Paid During Period.”
	If Expenses Paid During Period were $7.50, then 8.6 x $7.50 = $64.50.

In this illustration, the estimated expenses paid this period are $64.50.

Hypothetical Example for Comparison with Other Funds

Information in the second line (Hypothetical) for each class in the table can help you compare ongoing costs of investing in the Fund with those of other mutual funds. This information may not be used to estimate the actual ending account balance or expenses you paid during the period. The hypothetical “Ending Account Value” is based on the Fund’s actual expense ratio and an assumed 5% annual rate of return before expenses, which does not represent the Fund’s actual return. The figure under the heading “Expenses Paid During Period” shows the hypothetical expenses your account would have incurred under this scenario. You can compare this figure with the 5% hypothetical examples that appear in shareholder reports of other funds.

Please note that expenses shown in the table are meant to highlight ongoing costs and do not reflect any transaction costs, such as sales charges. Therefore, the second line for each class is useful in comparing ongoing costs only, and will not help you compare total costs of owning different funds. In addition, if transaction costs were included, your total costs would have been higher. Please refer to the Fund prospectus for additional information on operating expenses.


		Beginning Account		Ending Account		Expenses Paid During
Share Class		Value 7/1/14		Value 12/31/14		*Period 7/1/14–12/31/14**
Class A
Actual	$	1,000	$	1,000.00	$	0.40
Hypothetical (5% return before expenses)	$	1,000	$	1,024.80	$	0.41
Class R6
Actual	$	1,000	$	1,000.00	$	0.40
Hypothetical (5% return before expenses)	$	1,000	$	1,024.80	$	0.41

*Expenses are calculated using the most recent six-month expense ratio, net of voluntary and contractual expense waivers, annualized for
each class (A: 0.08%; R6: 0.08%), which includes the net expenses incurred by the Portfolio, multiplied by the average account value over
the period, multiplied by 184/365 to reflect the one-half year period.

6 | Semiannual Report

franklintempleton.com

FRANKLIN MONEY FUND

Financial Highlights


		Six Months Ended
		December 31, 2014									Year Ended June 30,
		(unaudited)			2014			2013			2012			2011			2010
Class A
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 (loss)		—			—			—			—			—			(—)^a
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total return^b		—%			—%			—%			—%			—%			—%

Ratios to average net assets^c
Expenses before waiver and payments by
affiliates^d		0.59	%		0.57	%		0.61	%		0.59	%		0.60	%		0.61	%
Expenses net of waiver and payments by
affiliates^d		0.08	%		0.08	%		0.13	%		0.13	%		0.19	%		0.22	%
Net investment income (loss)		—%			—%			—%			—%			—%			(—)%^e

Supplemental data
Net assets, end of period (000’s)	$	1,695,181		$	1,668,506		$	2,068,172		$	1,666,221		$	1,706,534		$	1,876,147

^aAmount rounds to less than $0.001 per share.
^bTotal return does not reflect sales commissions or contingent deferred sales charges, if applicable, and is not annualized for periods less than one year.
^cRatios are annualized for periods less than one year.
^dThe expense ratio includes the Fund’s share of the Portfolio’s allocated expenses.
^eRounds to less than 0.01%.

franklintempleton.com The accompanying notes are an integral part of these financial statements. | Semiannual Report | 7

FRANKLIN MONEY FUND

FINANCIAL HIGHLIGHTS


		Six Months Ended			Year Ended
		December 31, 2014			June 30,
		(unaudited)			2014			2013	^a
Class R6
Per share operating performance
(for a share outstanding throughout the period)
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00
Income from investment operations – net investment income		—			—			—
Net asset value, end of period	$	1.00		$	1.00		$	1.00

Total return^b		—%			—%			—%

Ratios to average net assets^c
Expenses before waiver and payments by affiliates^d		0.47	%		0.46	%		0.47	%
Expenses net of waiver and payments by affiliates^d		0.08	%		0.08	%		0.13	%
Net investment income		—%			—%			—%

Supplemental data
Net assets, end of period (000’s)	$	56,008		$	54,168		$	5

^aFor the period May 1, 2013 (effective date ) to June 30, 2013.
^bTotal return is not annualized for period less than one year.
^cRatios are annualized for periods less than one year.
^dThe expense ratio includes the Fund’s share of the Portfolio’s allocated expenses.

8 | Semiannual Report | The accompanying notes are an integral part of these financial statements. franklintempleton.com

FRANKLIN MONEY FUND

Notes to Financial Statements (unaudited)

1. Organization and Significant Accounting Policies

Franklin Money Fund (Fund) is registered under the Investment Company Act of 1940, as amended, (1940 Act) as an open-end management investment company and applies the specialized accounting and reporting guidance in U.S. Generally Accepted Accounting Principles (U.S. GAAP). The Fund offers two classes of shares: Class A and Class R6. Each class of shares differs by its initial sales load, contingent deferred sales charges, voting rights on matters affecting a single class, its exchange privilege and fees primarily due to differing arrangements for transfer agent fees.

The Fund invests substantially all of its assets in The 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.

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 and Liquidity Oversight Committee (VLOC). The VLOC provides administration and oversight of the Fund’s valuation policies and procedures, which are approved annually by the Board. At December 31, 2014, the Fund owned 9.22% 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 recognizes the tax benefits of uncertain tax positions only when the position is “more likely than not” to be sustained upon examination by the tax authorities based on the technical merits of the tax position. As of December 31, 2014, and for all open tax years, the Fund has determined that no liability for unrecognized tax benefits is required in the Fund’s financial statements related to uncertain tax positions taken on a tax return (or expected to be taken on future tax returns). Open tax years are those that remain subject to examination and are based on each tax jurisdiction statute of limitation.

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 to shareholders are determined according to income tax regulations (tax basis). Distributable earnings determined on a tax basis may differ from earnings recorded in accordance with U.S. GAAP. These differences may be permanent or temporary. Permanent differences are reclassified among capital accounts to reflect their tax character. These reclassifications have no impact on net assets or the results of operations. Temporary differences are not reclassified, as they may reverse in subsequent periods.

Net investment income, not including class specific expenses, is allocated daily to each class of shares based upon the relative value of the settled shares of each class. Realized and unrealized gains and losses are allocated daily to each class of shares based upon the relative proportion of net assets of each class. Differences in per share distributions, by class, are generally due to differences in class specific expenses.

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.

franklintempleton.com

Semiannual Report | 13

FRANKLIN MONEY FUND

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

1. Organization and Significant Accounting

Policies (continued)

e. Guarantees and Indemnifications

Under the Fund’s organizational documents, its officers and trustees are indemnified by the Fund against certain liabilities arising out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters

into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. Currently, the Fund expects the risk of loss to be remote.

2. Shares of Beneficial Interest

At December 31, 2014, 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:


		Six Months Ended			Year Ended
		December 31, 2014			June 30, 2014

Class A Shares:
Shares sold	$	962,257,879		$	2,213,266,668
Shares redeemed		(935,582,601	)		(2,612,932,932	)
Net increase (decrease)	$	26,675,278		$	(399,666,264	)

Class R6 Shares:
Shares sold	$	14,533,011		$	61,751,806
Shares redeemed		(12,692,579	)		(7,589,096	)
Net increase (decrease)	$	1,840,432		$	54,162,710

3. Transactions with Affiliates

Franklin Resources, Inc. is the holding company for various subsidiaries that together are referred to as Franklin Templeton Investments. Certain officers and trustees of the Fund are also officers, directors and/or trustees of the Portfolio and of the following subsidiaries:


Subsidiary	Affiliation
Franklin Templeton Services, LLC (FT Services)	Administrative manager
Franklin Templeton Distributors, Inc. (Distributors)	Principal underwriter
Franklin Templeton Investor Services, LLC (Investor Services)	Transfer agent

a. Administrative Fees

The Fund pays an administrative fee to FT Services based on the Fund’s average daily net assets as follows:


Annualized Fee Rate		Net Assets
0.455%		Up to and including $100 million
0.330%		Over $100 million, up to and including $250 million
0.280%		In excess of $250 million

14 | Semiannual Report

franklintempleton.com

FRANKLIN MONEY FUND
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

b. Sales Charges/Underwriting Agreements

Front-end sales charges and contingent deferred sales charges (CDSC) do not represent expenses of the Fund. These charges are deducted from the proceeds of sales of Fund shares prior to investment or from redemption proceeds prior to remittance, as applicable. Distributors has advised the Fund of the following commission transactions related to the sales and redemptions of the Fund’s shares for the period:


CDSC retained	$	41,852

c. TransferAgent Fees

Class A pays transfer agent fees to Investor Services for its performance of shareholder servicing obligations and reimburses Investor Services for out of pocket expenses incurred, including shareholding servicing fees paid to third parties. Class R6 pays Investor Services transfer agent fees specific to that class.

For the period ended December 31, 2014, the Fund paid transfer agent fees of $981,764, of which $600,246 was retained by Investor Services.

d. Waiver and Expense Reimbursements

In efforts to prevent a negative yield, FT Services and Investor Services have voluntarily agreed to waive or limit their respective fees, assume as their own expense certain expenses otherwise payable by the Fund and if necessary, make a capital infusion into the Fund. These waivers, expense reimbursements and capital infusions are voluntary and may be modified or discontinued by FT Services or Investor Services at any time, and without further notice. There is no guarantee that the Fund will be able to avoid a negative yield.

Additionally, Investor Services has contractually agreed in advance to waive or limit its fees so that the Class R6 transfer agent fees do not exceed 0.01% until October 31, 2015.

4. Income Taxes

At December 31, 2014, the cost of investments for book and income tax purposes was the same.

5. Fair Value Measurements

The Fund follows a fair value hierarchy that distinguishes between market data obtained from independent sources (observable inputs) and the Fund’s own market assumptions (unobservable inputs). These inputs are used in determining the value of the Fund’s financial instruments and are summarized in the following fair value hierarchy:

Level 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.

For movements between the levels within the fair value hierarchy, the Fund has adopted a policy of recognizing the transfers as of the date of the underlying event which caused the movement.

At December 31, 2014, all of the Fund’s investments in financial instruments carried at fair value were valued using Level 1 inputs.

franklintempleton.com

Semiannual Report | 15

FRANKLIN MONEY FUND
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

6. Money Fund Reform

In July 2014, the Securities and Exchange Commission (SEC) adopted amendments to the rules that govern money market mutual funds under the 1940 Act, to reform the structure and operations of these funds. The amendments will require certain money market funds to sell and redeem shares at prices based on their market value (a floating net asset value). It will also allow money market funds to impose liquidity fees and suspend redemptions temporarily, and will impose new requirements related to diversification, stress testing, and disclosure. Management is currently evaluating the impact of these rule amendments. Compliance dates for the various amendments range from nine months to two years.

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.

16 | Semiannual Report

franklintempleton.com


								THE MONEY MARKET PORTFOLIOS


Financial Highlights
The Money Market Portfolio
		Six Months Ended
		December 31, 2014									Year Ended June 30,
		(unaudited)			2014			2013			2012			2011			2010
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 (loss)		—			—			—			(—)^a			—^a			0.001
Net realized and unrealized gains
(losses)^a		—			—			—			—			—			—
Total from investment operations		—^a			—^a			—^a			—^a			—^a			0.001
Less distributions from net investment
income		—			—			—			—			(—)^a			(0.001	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total return^b		—%			—%			—%			—%			0.04	%		0.06	%

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		0.08	%		0.08	%		0.13	%		0.13	%		0.15	%^e		0.15	%
Net investment income (loss)		—%			—%			—%			(—)%^f			0.04	%		0.06	%

Supplemental data
Net assets, end of period (000’s)	$	18,974,688		$	23,491,469		$	18,744,530		$	14,065,932		$	12,092,511		$	8,924,640

^aAmount rounds to less than $0.001 per share.
^bTotal return is not annualized for periods less than one year.
^cRatios are annualized for periods less than one year.
^dBenefit of expense reduction rounds to less than 0.01%.
^eBenefit of waiver and payments by affiliates rounds to less than 0.01%.
^fRounds to less than 0.01%.

franklintempleton.com The accompanying notes are an integral part of these financial statements. | Semiannual Report | 17


THE MONEY MARKET PORTFOLIOS




Statement of Investments, December 31, 2014 (unaudited)

The Money Market Portfolio
	Principal
	Amount*		Value
Investments 92.4%
Certificates of Deposit 22.1%
Bank of Montreal, Chicago Branch, 0.12%, 1/05/15	240,000,000	$	240,000,000
Bank of Montreal, Chicago Branch, 0.11%, 1/06/15	275,000,000		275,000,000
Bank of Montreal, Chicago Branch, 0.08%, 1/13/15	90,000,000		90,000,000
Bank of Montreal, Chicago Branch, 0.14%, 2/02/15	250,000,000		250,000,000
Bank of Montreal, Chicago Branch, 0.13%, 2/09/15	275,000,000		275,000,000
Bank of Nova Scotia, Houston Branch, 0.10%, 1/07/15	230,000,000		230,000,000
Bank of Nova Scotia, Houston Branch, 0.11%, 2/04/15	320,000,000		320,001,511
Bank of Nova Scotia, Houston Branch, 0.08%, 2/23/15	225,000,000		225,000,000
Bank of Nova Scotia, Houston Branch, 0.10% - 0.14%, 1/05/15 - 4/01/15	195,000,000		195,000,000
The Toronto-Dominion Bank, New York Branch, 0.17%, 1/09/15	500,000,000		500,000,000
The Toronto-Dominion Bank, New York Branch, 0.11%, 2/12/15	220,000,000		220,000,000
The Toronto-Dominion Bank, New York Branch, 0.19%, 4/08/15	130,000,000		130,000,000
The Toronto-Dominion Bank, New York Branch, 0.19%, 5/04/15	240,000,000		240,000,000
Wells Fargo Bank NA, California Branch, 0.15%, 3/05/15	250,000,000		250,000,000
Wells Fargo Bank NA, California Branch, 0.15%, 3/06/15	250,000,000		250,000,000
Wells Fargo Bank NA, California Branch, 0.17%, 3/11/15	500,000,000		500,000,000
Total Certificates of Deposit (Cost $4,190,001,511)			4,190,001,511
^aCommercial Paper 56.9%
Chevron Corp., 2/10/15	200,000,000		199,980,000
Chevron Corp., 1/06/15 - 4/20/15	887,997,000		887,902,475
Coca-Cola Co., 1/09/15 - 1/15/15	75,000,000		74,997,861
Eli Lilly & Co., 3/17/15	89,410,000		89,387,648
Export Development Canada, 2/10/15 (Canada)	200,000,000		199,982,222
Export Development Canada, 2/02/15 - 5/04/15 (Canada)	700,000,000		699,863,118
Export Development Canada, 6/08/15 (Canada)	225,000,000		224,871,625
Exxon Mobil Corp., 1/08/15	270,000,000		269,995,800
Exxon Mobil Corp., 1/09/15	100,000,000		99,998,445
Exxon Mobil Corp., 2/04/15	190,000,000		189,987,439
Google Inc., 2/18/15	70,000,000		69,992,533
Merck & Co. Inc., 3/10/15	300,000,000		299,932,000
Merck & Co. Inc., 3/11/15	300,000,000		299,931,000
Merck & Co. Inc., 3/12/15	450,000,000		449,895,000
Microsoft Corp., 1/02/15 - 1/13/15	61,500,000		61,498,811
Microsoft Corp., 1/14/15	230,000,000		229,993,735
Microsoft Corp., 2/18/15	410,000,000		409,948,000
Microsoft Corp., 2/25/15	275,000,000		274,957,986
Procter & Gamble Co., 2/10/15	250,000,000		249,977,778
Procter & Gamble Co., 3/11/15	290,000,000		289,938,858
Procter & Gamble Co., 1/08/15 - 3/16/15	588,860,000		588,797,695
Province of British Columbia, 3/20/15 - 6/19/15	135,800,000		135,750,964
Province of Ontario, 1/05/15 (Canada)	445,000,000		444,994,939
Province of Ontario, 3/02/15 (Canada)	315,000,000		314,947,500
Province of Ontario, 1/02/15 - 3/03/15 (Canada)	355,455,000		355,427,431
Quebec Treasury Bill, 1/05/15 (Canada)	820,000,000		819,992,889
Quebec Treasury Bill, 2/02/15 (Canada)	160,000,000		159,987,200
Royal Bank of Canada, 1/02/15 (Canada)	250,000,000		249,999,722
Royal Bank of Canada, 1/05/15 (Canada)	200,000,000		199,998,667
Royal Bank of Canada, 1/30/15 (Canada)	120,000,000		119,993,233
Royal Bank of Canada, 3/12/15 (Canada)	200,000,000		199,926,111
Royal Bank of Canada, 5/11/15 (Canada)	200,000,000		199,870,000


18 \| Semiannual Report	franklintempleton.com

THE MONEY MARKET PORTFOLIOS
STATEMENT OF INVESTMENTS (UNAUDITED)


The Money Market Portfolio (continued)
	Principal
	Amount*		Value
Investments (continued)
^aCommercial Paper (continued)
Total Capital Canada Ltd., 1/05/15 (France)	225,000,000	$	224,998,000
Total Capital Canada Ltd., 2/24/15 (France)	264,000,000		263,960,400
Total Capital Canada Ltd., 2/26/15 (France)	338,000,000		337,947,422
Total Capital Canada Ltd., 3/02/15 (France)	206,500,000		206,465,583
United Parcel Service Inc., 2/02/15	300,000,000		299,968,000
United Parcel Service Inc., 2/03/15	100,000,000		99,990,833
Total Commercial Paper (Cost $10,796,048,923)			10,796,048,923
U.S. Government and Agency Securities 11.1%
^aFHLB,
1/07/15	100,000,000		99,998,983
1/09/15	284,500,000		284,496,523
2/04/15	642,100,000		642,053,872
^a,bInternational Bank for Reconstruction and Development,
1/12/15 (Supranational)	200,000,000		199,998,167
1/20/15 (Supranational)	200,000,000		199,994,986
2/03/15 (Supranational)	300,000,000		299,986,250
1/06/15 - 2/04/15 (Supranational)	250,000,000		249,994,542
^aU.S. Treasury Bill, 1/02/15	133,000,000		133,000,000
Total U.S. Government and Agency Securities (Cost $2,109,523,323)			2,109,523,323
Total Investments before Repurchase Agreements (Cost $17,095,573,757)			17,095,573,757
^cRepurchase Agreements 2.3%
Barclays Capital Inc., 0.02%, 1/02/15 (Maturity Value $150,000,167)
Collateralized by U.S. Treasury Notes, 0.875%, 7/31/19 (valued at $153,781,989)	150,000,000		150,000,000
Goldman, Sachs & Co., 0.07%, 1/02/15 (Maturity Value $75,000,292)
Collateralized by U.S. Government and Agency Securities, 1.88%, 9/10/19
(valued at $76,978,946)	75,000,000		75,000,000
HSBC Securities (USA) Inc., 0.06%, 1/02/15 (Maturity Value $205,000,683)
Collateralized by U.S. Government and Agency Securities, 0.00% - 5.50%, 1/08/15 - 11/26/19
(valued at $209,101,992)	205,000,000		205,000,000
Merrill Lynch, Pierce, Fenner & Smith Inc., 0.05%, 1/02/15 (Maturity Value $5,000,014)
Collateralized by U.S. Treasury Notes, 2.00%, 7/31/20 (valued at $5,100,037)	5,000,000		5,000,000
Total Repurchase Agreements (Cost $435,000,000)			435,000,000
Total Investments (Cost $17,530,573,757) 92.4%			17,530,573,757
Other Assets, less Liabilities 7.6%			1,444,113,806
Net Assets 100.0%		$	18,974,687,563

See Abbreviations on page 26.

*The principal amount is stated in U.S. dollars unless otherwise indicated.
^aThe security is traded on a discount basis with no stated coupon rate.
^bA supranational organization is an entity formed by two or more central governments through international treaties.
^cSee Note 1(b) regarding repurchase agreements.

franklintempleton.com The accompanying notes are an integral part of these financial statements. | Semiannual Report | 19

THE MONEY MARKET PORTFOLIOS

Notes to Financial Statements (unaudited)

The Money Market Portfolio

1. Organization and Significant Accounting Policies

The Money Market Portfolios (Trust) is registered under the Investment Company Act of 1940, as amended, (1940 Act) as an open-end management investment company, consisting of one portfolio, The 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), the Portfolio’s administrator has responsibility for oversight of valuation, including leading the cross-functional Valuation and Liquidity Oversight Committee (VLOC). The VLOC provides administration and oversight of the Portfolio’s valuation policies and procedures, which are approved annually by the Board.

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% 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, 2014.

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 recognizes the tax benefits of uncertain tax positions only when the position is “more likely than not” to be sustained upon examination by the tax authorities based on the technical merits of the tax position. As of December 31, 2014, and for all open tax years, the Portfolio has determined that no liability for unrecognized tax benefits is required in the Portfolio’s financial statements related to uncertain tax positions taken on a tax return (or expected to be taken on future tax returns). Open tax years are those that remain subject to examination and are based on each tax jurisdiction statute of limitation.

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 to shareholders are determined according to income tax regulations (tax basis). Distributable earnings determined on a tax basis 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.

franklintempleton.com

Semiannual Report | 23

THE MONEY MARKET PORTFOLIOS

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

The Money Market Portfolio (continued)

1. Organization and Significant Accounting

Policies (continued)

e. Accounting 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, 2014, 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:


		Six Months Ended			Year Ended
		December 31, 2014			June 30, 2014
Shares sold	$	14,325,273,613		$	27,269,023,426
Shares redeemed		(18,842,058,247	)		(22,522,085,806	)
Net increase (decrease)	$	(4,516,784,634	)	$	4,746,937,620

3. Transactions with Affiliates

Franklin Resources, Inc. is the holding company for various subsidiaries that together are referred to as Franklin Templeton Investments. Certain officers and trustees of the Trust are also officers, directors, and/or trustees of the Franklin Money Fund, the Franklin Templeton Money Fund Trust, the Institutional Fiduciary Trust, and of the following subsidiaries:


Subsidiary	Affiliation
Franklin Advisers, Inc. (Advisers)	Investment manager
Franklin Templeton Investor Services, LLC (Investor Services)	Transfer agent

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. TransferAgent 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 has voluntarily agreed to waive or limit its fees, assume as its own expense certain expenses otherwise payable by the Portfolio and if necessary, make a capital infusion into the Portfolio. These waivers, expense reimbursements and capital infusions are voluntary and may be modified or discontinued by Advisers at any time, and without further notice. There is no guarantee that the Portfolio will be able to avoid a negative yield.

24 | Semiannual Report

franklintempleton.com


	THE MONEY MARKET PORTFOLIOS
	NOTES TO FINANCIAL STATEMENTS (UNAUDITED)


The Money Market Portfolio (continued)

d. OtherAffiliated Transactions
At December 31, 2014, the shares of the Portfolio were owned by the following entities:
		Percentage of
	Shares	Outstanding Shares
Institutional Fiduciary Trust – Money Market Portfolio	16,974,842,685	89.45	%
Franklin Money Fund	1,749,049,705	9.22	%
Franklin Templeton Money Fund Trust – Franklin Templeton Money Fund	253,419,455	1.33	%

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, 2014, 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. Capital loss carryforwards with no expiration, if any, must be fully utilized before those losses with expiration dates. At June 30, 2014, the Portfolio had capital loss carryfor-wards of $2,625,804 expiring in 2017.

At December 31, 2014, the cost of investments for book and income tax purposes was the same.

6. 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
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 Portfolio’s own assumptions in determining the fair value of financial instruments)

The input levels are not necessarily an indication of the risk or liquidity associated with financial instruments at that level. Money market securities may be valued using amortized cost, in accordance with the 1940 Act. Generally, amortized cost reflects the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2 inputs.

For movements between the levels within the fair value hierarchy, the Portfolio has adopted a policy of recognizing the transfers as of the date of the underlying event which caused the movement.

At December 31, 2014, all of the Portfolio’s investments in financial instruments carried at fair value were valued using Level 2 inputs.

franklintempleton.com

Semiannual Report | 25

THE MONEY MARKET PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

The Money Market Portfolio (continued)

7. Money Fund Reform

In July 2014, the Securities and Exchange Commission (SEC) adopted amendments to the rules that govern money market mutual funds under the 1940 Act, to reform the structure and operations of these funds. The amendments will require certain money market funds to sell and redeem shares at prices based on their market value (a floating net asset value). It will also allow money market funds to impose liquidity fees and suspend redemptions temporarily, and will impose new requirements related to diversification, stress testing and disclosure. Management is currently evaluating the impact of these rule amendments. Compliance dates for the various amendments range from nine months to two years.

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

FHLB Federal Home Loan Bank

26 | Semiannual Report

franklintempleton.com

FRANKLIN MONEY FUND

Shareholder Information

Proxy Voting Policies and Procedures

The Trust’s investment manager has established Proxy Voting Policies and Procedures (Policies) that the Trust uses to determine how to vote proxies relating to portfolio securities. Shareholders may view the Trust’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 Trust’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 files a complete statement of investments with the U.S. Securities and Exchange Commission for the first and third quarters for each fiscal year on Form N-Q. Shareholders may view the filed Form N-Q 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.

franklintempleton.com

Semiannual Report | 27

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.

(d) N/A

(f) Pursuant to Item 12(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 John B. Wilson and he 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 ensure that information required to be disclosed in the Registrant’s filings under the Securities Exchange Act of 1934 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 controls or in other factors that could materially affect the internal controls over financial reporting subsequent to the date of their evaluation in connection with the preparation of this Shareholder Report on Form N-CSR.

Item 12. Exhibits.

(a)(1) Code of Ethics

(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of Laura F. Fergerson, Chief Executive Officer - Finance and Administration, and Gaston Gardey, Chief Financial Officer and Chief Accounting Officer

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of Laura F. Fergerson, Chief Executive Officer - Finance and Administration, and Gaston Gardey, Chief Financial Officer and Chief Accounting Officer

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.

FRANKLIN MONEY FUND

By /s/ Laura F. Fergerson

Laura F. Fergerson

Chief Executive Officer - Finance and Administration

Date February 26, 2015

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/ Laura F. Fergerson

Laura F. Fergerson

Chief Executive Officer - Finance and Administration

Date February 26, 2015

By /s/ Gaston Gardey

Gaston Gardey

Chief Financial Officer and Chief Accounting Officer

Date February 26, 2015


FRANKLIN MONEY FUND



Financial Statements

Statement of Assets and Liabilities
December 31, 2014 (unaudited)

Assets:
Investment in Portfolio, at value and cost	$	1,749,049,705
Receivables:
Capital shares sold		9,971,788
Affiliates		790,144
Total assets		1,759,811,637
Liabilities:
Payables for capital shares redeemed		8,167,942
Accrued expenses and other liabilities		454,475
Total liabilities		8,622,417
Net assets, at value	$	1,751,189,220
Net assets consist of paid-in capital	$	1,751,189,220
Class A:
Net assets, at value	$	1,695,181,078
Shares outstanding		1,695,264,665
Net asset value per share^a	$	1.00
Class R6:
Net assets, at value	$	56,008,142
Shares outstanding		56,008,142
Net asset value per share	$	1.00


Investment income:
Dividends from Portfolio	$	—
Expenses:
Administrative fees (Note 3a)		2,549,195
Transfer agent fees: (Note 3c)
Class A		981,715
Class R6		49
Reports to shareholders		69,280
Registration and filing fees		75,321
Professional fees		16,847
Trustees’ fees and expenses		21,938
Other		32,058
Total expenses		3,746,403
Expenses waived/paid by affiliates (Note 3d)		(3,746,403	)
Net expenses		—
Net investment income	$	—


FRANKLIN MONEY FUND
FINANCIAL STATEMENTS


Statements of Changes in Net Assets


		Six Months Ended
		December 31, 2014		Year Ended
		(unaudited)		June 30, 2014
Increase (decrease) in net assets:
Net investment income from operations	$	—	$	—
Capital share transactions: (Note 2)
Class A		26,675,278		(399,666,264	)
Class R6		1,840,432		54,162,710
Total capital share transactions		28,515,710		(345,503,554	)
Net increase (decrease) in net assets		28,515,710		(345,503,554	)
Net assets (there is no undistributed net investment income at beginning or end of period):
Beginning of period		1,722,673,510	$	2,068,177,064
End of period	$	1,751,189,220	$	1,722,673,510


THE MONEY MARKET PORTFOLIOS



Financial Statements

Statement of Assets and Liabilities
December 31, 2014 (unaudited)

The Money Market Portfolio

Assets:
Investments in securities, at amortized cost	$	17,095,573,757
Repurchase agreements, at value and cost		435,000,000
Total investments	$	17,530,573,757
Cash		1,445,065,337
Interest receivable		816,809
Total assets		18,976,455,903
Liabilities:
Payables:
Management fees		1,602,723
Professional fees		98,394
Accrued expenses and other liabilities		67,223
Total liabilities		1,768,340
Net assets, at value	$	18,974,687,563
Net assets consist of:
Paid-in capital	$	18,977,310,247
Accumulated net realized gain (loss)		(2,622,684	)
Net assets, at value	$	18,974,687,563
Shares outstanding		18,977,311,845
Net asset value per share	$	1.00


The Money Market Portfolio

Investment income:
Interest	$	9,047,819
Expenses:
Management fees (Note 3a)		16,267,359
Custodian fees (Note 4)		97,724
Reports to shareholders		4,329
Professional fees		105,079
Other		20,300
Total expenses		16,494,791
Expense reductions (Note 4)		(16,369	)
Expenses waived/paid by affiliates (Note 3c)		(7,430,603	)
Net expenses		9,047,819
Net investment income		—
Net realized gain (loss) from investments		3,120
Net increase (decrease) in net assets resulting from operations	$	3,120


Contents

Shareholder Letter	1
Semiannual Report
Franklin Money Fund	3
Performance Summary	5
Your Fund’s Expenses	6
Financial Highlights and
Statement of Investments	7
Financial Statements	10
Notes to Financial Statements	13
The Money Market Portfolios	17
Shareholder Information	27




franklintempleton.com