Notes to Financial Statements (unaudited)
1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
Institutional Fiduciary Trust (the Trust) is registered under the Investment Company Act of 1940 as an open-end
investment company, consisting of five separate series. All Funds included in this report (the Funds) are
diversified. The investment objective of the Funds included in this report is to seek high current income consistent
with the preservation of capital and liquidity.
The Institutional Fiduciary Trust Money Market Portfolio (Money Market Fund) and the Franklin U.S.
Government Securities Money Market Portfolio (U.S. Government Fund) invest substantially all of their assets in
The Money Market Portfolio and The U.S. Government Securities Money Market Portfolio (the Portfolios),
respectively. The Portfolios are registered under the Investment Company Act of 1940 as diversified, open-end
investment companies having the same investment objectives as the Funds'. The financial statements of the
Portfolios, including the Statement of Investments, are included elsewhere in this report and should be read in
conjunction with the Funds' financial statements.
Shares of the Money Market Fund are offered to other investment companies managed by Franklin Advisers Inc.
(Advisers), or its affiliates. At December 31, 2003, investment companies managed by Advisers or its affiliates
owned 2,298,199,076 shares of the Money Market Fund.
The following summarizes the Funds' significant accounting policies.
A. SECURITY VALUATION
The Money Market Fund and the U.S. Government Fund hold Portfolio shares that are valued at their
proportionate interest in the net asset values of The Money Market Portfolio and The U.S. Government
Securities Money Market Portfolio, respectively. At December 31, 2003, the Money Market Fund owns
62.78% of The Money Market Portfolio and the U.S. Government Fund owns 39.34% of The U.S. Government
Securities Money Market Portfolio.
B. INCOME TAXES
No provision has been made for in