UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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)

MURRAY L. SIMPSON, 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: 06/30
-----

Date of reporting period: 12/31/04
--------

ITEM 1. REPORTS TO STOCKHOLDERS.

[GRAPHIC OMITTED]

DECEMBER 31, 2004
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
SEMIANNUAL REPORT AND SHAREHOLDER LETTER | INCOME
- --------------------------------------------------------------------------------

WANT TO RECEIVE
THIS DOCUMENT
FASTER VIA EMAIL?
FRANKLIN MONEY FUND
Eligible shareholders can
sign up for eDelivery at
franklintempleton.com.
See inside for details.

- --------------------------------------------------------------------------------

[LOGO](R)
FRANKLIN(R) TEMPLETON(R)
INVESTMENTS

FRANKLIN o Templeton o Mutual Series

FRANKLIN TEMPLETON INVESTMENTS

GAIN FROM OUR PERSPECTIVE

Franklin Templeton's distinct multi-manager
structure combines the specialized expertise of
three world-class investment management
groups--Franklin, Templeton and Mutual Series.

SPECIALIZED EXPERTISE Each of our portfolio management groups
operates autonomously, relying on its own
research and staying true to the unique
investment disciplines that underlie its
success.

FRANKLIN. Founded in 1947, Franklin is a
recognized leader in fixed income investing and
also brings expertise in growth- and
value-style U.S. equity investing.

TEMPLETON. Founded in 1940, Templeton pioneered
international investing and, in 1954, launched
what has become the industry's oldest global
fund. Today, with research offices in over 25
countries, they offer investors the broadest
global reach in the industry.

MUTUAL SERIES. Founded in 1949, Mutual Series
is dedicated to a unique style of value
investing, searching aggressively for
opportunity among undervalued stocks, arbitrage
situations and distressed companies.

TRUE DIVERSIFICATION Because our management groups work
independently and adhere to distinctly
different investment approaches, Franklin,
Templeton and Mutual Series funds typically
have a low overlap of securities. That's why
our funds can be used to build truly
diversified portfolios covering every major
asset class.

RELIABILITY YOU CAN TRUST At Franklin Templeton Investments, we seek to
consistently provide investors with exceptional
risk-adjusted returns over the long term, as
well as the reliable account services that have
helped us become one of the most trusted names
in financial services.

- --------------------------------------------------------------------------------
MUTUAL FUNDS | RETIREMENT PLANS | 529 COLLEGE SAVINGS PLANS | SEPARATE ACCOUNTS
- --------------------------------------------------------------------------------

[GRAPHIC OMITTED]

Not part of the semiannual report

CONTENTS

SHAREHOLDER LETTER ........................................................ 1

SEMIANNUAL REPORT

Franklin Money Fund ....................................................... 3

Performance Summary ....................................................... 5

Your Fund's Expenses ...................................................... 6

Financial Highlights and Statement of Investments ......................... 8

Financial Statements ...................................................... 10

Notes to Financial Statements ............................................. 13

The Money Market Portfolios ............................................... 19

Shareholder Information ................................................... 33

- --------------------------------------------------------------------------------

SHAREHOLDER LETTER

Dear Shareholder:

Solid domestic economic growth, higher corporate earnings and greater business
spending became more evident during the six months ended December 31, 2004.
Although these factors were favorable for financial markets, record high oil
prices, war in Iraq and the presidential election contributed to investor
uncertainty. The Dow Jones Industrial Average returned 4.47% and the Standard &
Poor's 500 Composite Index (S&P 500) returned 7.19% for the period under
review.(1) Although volatile, most bond markets had solid returns. In response
to the strong economy as well as inflationary pressures, the Federal Reserve
Board made measured hikes to the federal funds target rate, raising it from
1.25% to 2.25%. We found encouraging signs in economic indicators and continue
to hold a positive long-term outlook for financial markets.

In the enclosed semiannual report for Franklin Money Fund, the portfolio manager
discusses market conditions, investment management decisions and Fund
performance during the period under review. You will also find performance data
and financial information. Please remember that all securities markets
fluctuate, as do mutual fund share prices. As always, we encourage you to

(1) Source: Standard & Poor's Micropal. The Dow Jones Industrial Average is
price weighted based on the average market price of 30 blue chip stocks of
companies that are generally industry leaders. The S&P 500 consists of 500
stocks chosen for market size, liquidity and industry group
representation. Each stock's weight in the index is proportionate to its
market value. The S&P 500 is one of the most widely used benchmarks of
U.S. equity performance.

- --------------------------------------------------------------------------------

EDELIVERY DETAILS

Log in at franklintempleton.com and click on eDelivery. Shareholders who are
registered at franklintempleton.com can receive these reports via email. Not all
accounts are eligible for eDelivery.

- -----------------------------------------------------
NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE
- -----------------------------------------------------

Not part of the semiannual report | 1

discuss your goals with your financial advisor who can address concerns about
volatility and diversification, periodically review your overall portfolio and
help you stay focused on the long term. We firmly believe that most people
benefit from professional advice, and that advice is never more valuable than
during a volatile market.

If you would like more frequent updates, FRANKLINTEMPLETON.COM provides daily
prices, monthly performance figures, portfolio holdings and other information.
You can also access your account, buy and sell shares, read timely commentary
from portfolio managers, and find helpful financial planning tools. We hope you
will take advantage of these online services.

We thank you for investing with Franklin Templeton, welcome your questions and
comments, and look forward to serving your investment needs in the years ahead.

Sincerely,

/s/ Charles B. Johnson

Charles B. Johnson
Chairman
Franklin Money Fund

THIS LETTER REFLECTS OUR ANALYSIS AND OPINIONS AS OF DECEMBER 31, 2004. THE
INFORMATION IS NOT A COMPLETE ANALYSIS OF EVERY ASPECT OF ANY MARKET, COUNTRY,
INDUSTRY, SECURITY OR FUND. STATEMENTS OF FACT HAVE BEEN OBTAINED FROM SOURCES
CONSIDERED RELIABLE.

2 | Not part of the semiannual report

SEMIANNUAL REPORT

FRANKLIN MONEY FUND

YOUR FUND'S GOAL AND MAIN INVESTMENTS: Franklin Money Fund seeks to provide a
high level of current income, consistent with liquidity and preservation of
capital. The Fund invests all of its assets in the shares of The Money Market
Portfolio (the Portfolio), which has the same investment goal. The Portfolio, in
turn, mainly invests 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.

- --------------------------------------------------------------------------------
PERFORMANCE DATA QUOTED REPRESENT PAST PERFORMANCE, WHICH DOES NOT GUARANTEE
FUTURE RESULTS. INVESTMENT RETURNS WILL FLUCTUATE. CURRENT PERFORMANCE MAY
DIFFER FROM FIGURES SHOWN. PLEASE VISIT FRANKLINTEMPLETON.COM OR CALL
1-800/342-5236 FOR MOST RECENT MONTH-END PERFORMANCE.
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
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.
- --------------------------------------------------------------------------------

We are pleased to bring you Franklin Money Fund's semiannual report for the
period ended December 31, 2004.

PERFORMANCE OVERVIEW

Rising short-term interest rates during the six months under review resulted in
an increase in the Fund's yields. In this environment, the Fund's seven-day
effective yield rose from 0.43% on June 30, 2004, to 1.66% on December 31, 2004.

ECONOMIC AND MARKET OVERVIEW

During the six months under review, there was much focus on the employment
picture and its resulting effects on the consumer. Although nonfarm payroll
statistics were mixed, stronger employment growth fundamentals were reflected in
several sources. One was the National Federation of Independent Businesses
(NFIB) survey, which was notable because small businesses historically have
created about two-thirds of all new jobs.(1) During the period under review,
more jobs combined with income tax reductions helped increase consumers'
disposable income and allowed them to continue spending, in turn boosting
economic growth.

Increases in business spending also contributed to economic growth. After
steadily declining in 2001 and 2002, business spending posted strong results
during 2004. For example, nonresidential investment spending rose 10.3% for the
year.(2) Historically low interest rates during the reporting period allowed
many businesses the opportunity to refinance their old debt at more attractive

(1) Source: Dennis, William J., Jr., NFIB Research Foundation, "The Public
Reviews Small Business," 8/04.

(2) Source: Bureau of Economic Analysis.

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.

Semiannual Report | 3

PORTFOLIO BREAKDOWN
12/31/04

- --------------------------------------------------------------------------------
% OF TOTAL
INVESTMENTS
- --------------------------------------------------------------------------------
Certificate of Deposit 46.4%
- --------------------------------------------------------------------------------
Commercial Paper 45.4%
- --------------------------------------------------------------------------------
Repurchase Agreement 3.9%
- --------------------------------------------------------------------------------
Bank Notes 2.4%
- --------------------------------------------------------------------------------
U.S. Agency 1.9%
- --------------------------------------------------------------------------------

levels. This helped enhance business operating performance, and corporate
profits reflected this data. Many corporate debt investments also benefited from
this improvement. Productivity continued to grow, which helped businesses
generate more goods and services without substantially raising inflation.

Oil prices reached a record high in October and then declined, as oil ended the
period at approximately $43 a barrel. In an effort to keep inflation in check,
the Federal Reserve Board raised the federal funds target rate to 2.25% from
1.25% during the reporting period. However, the core Consumer Price Index, a
measure of inflation excluding food and energy costs, rose a relatively modest
2.2% for the 12 months ended December 31, 2004, and helped contribute to the
continued low interest rate level during the period.(3) Many analysts had
expected the 10-year U.S. Treasury yield to increase significantly; however, it
declined from a period high of 4.62% at the beginning of the period to 4.24% on
December 31, 2004.

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 90 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.

(3) Source: Bureau of Labor Statistics.

4 | Semiannual Report

MANAGER'S DISCUSSION

We continued to invest the Portfolio's assets in high-quality money market
securities. For example, on December 31, 2004, more than 85% of the securities
purchased for the Portfolio carried a long-term credit rating of AA or higher by
independent credit rating agencies Standard & Poor's and Moody's Investors
Service, with the balance rated A.(4)

We appreciate your support, welcome new shareholders and look forward to serving
your investment needs in the years ahead.

(4) These do not indicate ratings of the Fund.

THE FOREGOING INFORMATION REFLECTS OUR ANALYSIS, OPINIONS AND PORTFOLIO HOLDINGS
AS OF DECEMBER 31, 2004, 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 ADVISER 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
12/31/04

- -------------------------------------------------
Seven-day effective yield* 1.66%
- -------------------------------------------------
Seven-day annualized yield 1.64%
- -------------------------------------------------

* Seven-day effective yield assumes compounding of daily dividends.

Annualized and effective yields are for the seven-day period ended 12/31/04. The
Fund's average weighted maturity was 30 days. Yield reflects Fund expenses and
fluctuations in interest rates on portfolio investments.

PERFORMANCE DATA QUOTED REPRESENT PAST PERFORMANCE, WHICH DOES NOT GUARANTEE
FUTURE RESULTS. INVESTMENT RETURNS WILL FLUCTUATE. CURRENT PERFORMANCE MAY
DIFFER FROM FIGURES SHOWN. PLEASE VISIT FRANKLINTEMPLETON.COM OR CALL
1-800/342-5236 FOR MOST RECENT MONTH-END PERFORMANCE.

Semiannual Report | 5

YOUR FUND'S EXPENSES

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

o Transaction costs, including sales charges (loads) on Fund purchases and
redemption fees; and

o 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 below 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 actual expense ratio for each class 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.

6 | Semiannual Report

YOUR FUND'S EXPENSES (CONTINUED)

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 OR
REDEMPTION FEES. 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
VALUE 6/30/04 VALUE 12/31/04 PERIOD* 6/30/04-12/31/04
- ----------------------------------------------------------------------------------------------------------

Actual $ 1,000 $ 1,005.20 $ 3.34
- ----------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000 $ 1,021.88 $ 3.36
- ----------------------------------------------------------------------------------------------------------

* Expenses are equal to the annualized expense ratio of 0.66%, which
includes the 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.

Semiannual Report | 7

FRANKLIN MONEY FUND

FINANCIAL HIGHLIGHTS

--------------------------------------------------------------------------------------
SIX MONTHS ENDED
DECEMBER 31, 2004 YEAR ENDED JUNE 30,
(UNAUDITED) 2004 2003 2002 2001 2000
--------------------------------------------------------------------------------------

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 ................... .005 .004 .010 .021 .054 .052

Less distributions from net investment
income .................................. (.005) (.004) (.010) (.021) (.054) (.052)
--------------------------------------------------------------------------------------
Net asset value, end of period ........... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======================================================================================

Total return(a) .......................... .52% .44% .93% 2.16% 5.59% 5.29%

RATIOS/SUPPLEMENTAL DATA

Net assets, end of period (000's) ........ $ 1,494,551 $1,615,830 $1,956,924 $2,095,945 $2,255,111 $2,437,183

Ratios to average net assets:

Expenses(b) ............................. .66%(c) .66% .62% .62% .63% .62%

Expenses net of waiver and
payments by affiliate(b) ............... .66%(c) .65% .62% .61% .62% .61%

Net investment income ................... 1.02%(c) .44% .93% 2.16% 5.51% 5.17%

(a) Total return does not reflect the contingent deferred sales charge, and
is not annualized for periods less than one year.

(b) The expense ratio includes the Fund's share of the Portfolio's allocated
expenses.

8 | See notes to financial statements. | Semiannual Report

FRANKLIN MONEY FUND

STATEMENT OF INVESTMENTS, DECEMBER 31, 2004 (UNAUDITED)

- ----------------------------------------------------------------------------------------------
SHARES VALUE
- ----------------------------------------------------------------------------------------------

MUTUAL FUND (COST $1,499,200,567) 100.3%
The Money Market Portfolio (Note 1) ........................ 1,499,200,567 $ 1,499,200,567
OTHER ASSETS, LESS LIABILITIES (.3)% ....................... (4,649,435)
---------------
NET ASSETS 100.0% .......................................... $ 1,494,551,132
===============

Semiannual Report | See notes to financial statements. | 9

FRANKLIN MONEY FUND

FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES
December 31, 2004 (unaudited)

Assets:
Investments in Portfolio, at value and cost ................. $ 1,499,200,567
Receivables from capital shares sold ........................ 1,058,863
---------------
Total assets ........................................... 1,500,259,430
---------------
Liabilities:
Payables:
Capital shares redeemed .................................... 4,831,867
Affiliates ................................................. 779,851
Distributions to shareholders .............................. 335
Other liabilities ........................................... 96,245
---------------
Total liabilities....................................... 5,708,298
---------------
Net assets, at value ......................................... $ 1,494,551,132
===============
Shares outstanding ........................................... 1,494,551,132
===============
Net asset value per share(a) ................................. $ 1.00
===============

(a) Redemption price is equal to net asset value less any applicable
contingent deferred sales charges, if applicable.

10 | See notes to financial statements. | Semiannual Report

FRANKLIN MONEY FUND

FINANCIAL STATEMENTS (CONTINUED)

STATEMENT OF OPERATIONS
for the six months ended December 31, 2004 (unaudited)

Investment income:
Dividends from Portfolio (Note 1)............................ $ 11,858,396
---------------
Expenses:
Administrative fees (Note 3)................................. 2,323,747
Transfer agent fees (Note 3)................................. 1,384,995
Reports to shareholders...................................... 71,451
Registration and filing fees................................. 54,873
Professional fees............................................ 13,458
Directors' fees and expenses................................. 40,576
Other........................................................ 3,622
---------------
Total expenses.......................................... 3,892,722
---------------
Net investment income.................................. 7,965,674
---------------
Net increase (decrease) in net assets resulting from operations $ 7,965,674
===============

Semiannual Report | See notes to financial statements. | 11

FRANKLIN MONEY FUND

FINANCIAL STATEMENTS (CONTINUED)

STATEMENTS OF CHANGES IN NET ASSETS
for the six months ended December 31, 2004 (unaudited)
and the year ended June 30, 2004

------------------------------------
SIX MONTHS ENDED YEAR ENDED
DECEMBER 31, 2004 JUNE 30, 2004
Increase (decrease) in net assets: ------------------------------------

Net investment income from operations .................................................... $ 7,965,674 $ 7,702,008
Distributions to shareholders from net investment income ................................. (7,965,674) (7,702,008)
Capital share transactions (Note 2) ...................................................... (121,279,229) (341,093,804)
------------------------------------
Net increase (decrease) in net assets ............................................... (121,279,229) (341,093,804)
Net assets (there is no undistributed net investment income at beginning or end of period):
Beginning of period ...................................................................... 1,615,830,361 1,956,924,165
------------------------------------
End of period ............................................................................ $ 1,494,551,132 $ 1,615,830,361
====================================

12 | See notes to financial statements. | Semiannual Report

FRANKLIN MONEY FUND

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Franklin Money Fund (the Fund) is registered under the Investment Company Act of
1940 as a diversified, open-end investment company. The Fund seeks high current
income consistent with the preservation of capital and liquidity.

The Fund invests substantially all of its assets in The Money Market Portfolio
(the Portfolio), which is registered under the Investment Company Act of 1940 as
a diversified, open-end investment company having the same investment objectives
as the Fund. 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. SECURITY VALUATION

The Fund holds Portfolio shares that are valued at its proportionate interest in
the net asset value of the Portfolio. As of December 31, 2004, the Fund owns
24.38% of the Portfolio.

B. INCOME TAXES

No provision has been made for U.S. income taxes because the Fund's policy is to
qualify as a regulated investment company under Sub Chapter M of the Internal
Revenue Code and to distribute substantially all of its taxable income. Fund
distributions to shareholders are determined on an income tax basis and may
differ from net investment income and realized gains for financial reporting
purposes.

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 and estimated expenses are accrued daily. Dividends from net investment
income and capital gains or losses received from the Portfolio are normally
declared daily. Such distributions are reinvested in additional shares of the
Fund.

D. ACCOUNTING ESTIMATES

The preparation of financial statements in accordance with accounting principles
generally accepted in the United States of America 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.

Semiannual Report | 13

FRANKLIN MONEY FUND

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

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 liability 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. However, based on experience, the Fund expects the
risk of loss to be remote.

2. CAPITAL STOCK

At December 31, 2004, there were an unlimited number of shares authorized ($0.01
par value). Transactions in the Fund's shares at $1.00 per share were as
follows:

-----------------------------------
SIX MONTHS ENDED YEAR ENDED
DECEMBER 31, 2004 JUNE 30, 2004
-----------------------------------

Shares sold ...................................... $ 716,684,598 $ 2,021,070,845
Shares issued in reinvestment of distributions ... 7,978,397 7,687,133
Shares redeemed .................................. (845,942,224) (2,369,851,782)
-----------------------------------
Net increase (decrease) .......................... $ (121,279,229) $ (341,093,804)
===================================

3. TRANSACTIONS WITH AFFILIATES

Certain officers and directors of the Fund are also officers and/or directors of
Franklin Advisers Inc. (Advisers), Franklin Templeton Distributors Inc.
(Distributors), and Franklin Templeton Investor Services LLC (Investor
Services), the Fund's administrative manager, principal underwriter, and
transfer agent, respectively, and of the Portfolio.

A. ADMINISTRATIVE FEES

The Fund pays an administrative fee to Advisers based on the average daily net
assets of the Fund as follows:

- --------------------------------------------------------------------------------
ANNUALIZED FEE RATE NET ASSETS
- --------------------------------------------------------------------------------
.455% First $100 million
.330% Over $100 million, up to and including $250 million
.280% In excess of $250 million

B. SALES CHARGES/UNDERWRITING AGREEMENTS

Distributors has advised the Fund of the following commission transactions
related to the sales and redemptions of the Fund's shares for the period:

Contingent deferred sales charges retained ................... $ 37,112

14 | Semiannual Report

FRANKLIN MONEY FUND

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

3. TRANSACTIONS WITH AFFILIATES (CONTINUED)

C. TRANSFER AGENT FEES

The Fund paid transfer agent fees of $1,384,995, of which $1,043,690 was paid to
Investor Services.

4. INCOME TAXES

At December 31, 2004, the cost of investments for book and income tax purposes
were the same.

5. REGULATORY MATTERS

INVESTIGATIONS

As part of various investigations by a number of federal, state, and foreign
regulators and governmental entities, including the Securities and Exchange
Commission ("SEC"), the California Attorney General's Office ("CAGO"), and the
National Association of Securities Dealers, Inc. ("NASD"), relating to certain
practices in the mutual fund industry, including late trading, market timing and
marketing support payments to securities dealers who sell fund shares, Franklin
Resources, Inc. and certain of its subsidiaries (as used in this section,
together, the "Company"), as well as certain current or former executives and
employees of the Company, received subpoenas and/or requests for documents,
information and/or testimony. The Company and its current employees provided
documents and information in response to those requests and subpoenas.

SETTLEMENTS

Beginning in August 2004, the Company entered into settlements with certain
regulators investigating the mutual fund industry practices noted above. The
Company believes that settlement of each of the matters described in this
section is in the best interest of the Company and shareholders of the Franklin,
Templeton, and Mutual Series mutual funds (the "funds").

On August 2, 2004, Franklin Resources, Inc. announced that its subsidiary,
Franklin Advisers, Inc., reached an agreement with the SEC that resolved the
issues resulting from the SEC investigation into market timing activity. In
connection with that agreement, the SEC issued an "Order Instituting
Administrative and Cease-and-Desist Proceedings Pursuant to Sections 203(e) and
203(k) of the Investment Advisers Act of 1940 and Sections 9(b) and 9(f) of the
Investment Company Act of 1940, Making Findings and Imposing Remedial Sanctions
and a Cease-and-Desist Order" (the "Order"). The SEC's Order concerned the
activities of a limited number of third parties that ended in 2000 and those
that were the subject of the first Massachusetts administrative complaint
described below.

Semiannual Report | 15

FRANKLIN MONEY FUND

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

5. REGULATORY MATTERS (CONTINUED)

SETTLEMENTS (CONTINUED)

it is unclear which funds or which shareholders of any particular fund will
receive distributions. The Order also required Franklin Advisers, Inc. to, among
other things, enhance and periodically review compliance policies and
procedures.

On September 20, 2004, Franklin Resources, Inc. announced that two of its
subsidiaries, Franklin Advisers, Inc. and Franklin Templeton Alternative
Strategies, Inc. ("FTAS"), reached an agreement with the Securities Division of
the Office of the Secretary of the Commonwealth of Massachusetts (the "State of
Massachusetts") related to its administrative complaint filed on February 4,
2004, concerning one instance of market timing that was also a subject of the
August 2, 2004 settlement that Franklin Advisers, Inc. reached with the SEC, as
described above.

Under the terms of the settlement consent order issued by the State of
Massachusetts, Franklin Advisers, Inc. and FTAS consented to the entry of a
cease-and-desist order and agreed to pay a $5 million administrative fine to the
State of Massachusetts (the "Massachusetts Consent Order"). The Massachusetts
Consent Order included two different sections: "Statements of Fact" and
"Violations of Massachusetts Securities Laws." Franklin Advisers, Inc. and FTAS
admitted the facts in the Statements of Fact.

On October 25, 2004, the State of Massachusetts filed a second administrative
complaint, alleging that Franklin Resources, Inc.'s Form 8-K filing (in which it
described the Massachusetts Consent Order and stated that "Franklin did not
admit or deny engaging in any wrongdoing") failed to state that Franklin
Advisers, Inc. and FTAS admitted the Statements of Fact portion of the
Massachusetts Consent Order (the "Second Complaint"). Franklin Resources, Inc.
reached a second agreement with the State of Massachusetts on November 19, 2004,
resolving the Second Complaint. As a result of the November 19, 2004 settlement,
Franklin Resources, Inc. filed a new Form 8-K. The terms of the Massachusetts
Consent Order did not change and there was no monetary fine associated with this
second settlement.

On November 17, 2004, Franklin Resources, Inc. announced that Franklin/Templeton
Distributors, Inc. ("FTDI") reached an agreement with the CAGO, resolving the
issues resulting from the CAGO's investigation concerning sales and marketing
support payments. Under the terms of the settlement, FTDI neither admitted nor
denied the allegations in the CAGO's complaint and agreed to pay $2 million to
the State of California as a civil penalty, $14 million to the funds, to be
allocated by an independent distribution consultant to be paid for by FTDI, and
$2 million to the CAGO for its investigative costs.

16 | Semiannual Report

FRANKLIN MONEY FUND

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

5. REGULATORY MATTERS (CONTINUED)

SETTLEMENTS (CONTINUED)

In connection with that agreement, the SEC issued an "Order Instituting
Administrative and Cease-and-Desist Proceedings, Making Findings, and Imposing
Remedial Sanctions Pursuant to Sections 203(e) and 203(k) of the Investment
Advisers Act of 1940, Sections 9(b) and 9(f) of the Investment Company Act of
1940, and Section 15(b) of the Securities Exchange Act of 1934" (the "Second
Order").

Under the terms of the Second Order, in which FTDI and Franklin Advisers, Inc.
neither admitted nor denied the findings contained therein, they agreed to pay
the funds a penalty of $20 million and disgorgement of $1 (one dollar). FTDI and
Franklin Advisers, Inc. also agreed to implement certain measures and
undertakings relating to marketing support payments to broker-dealers for the
promotion or sale of fund shares, including making additional disclosures in the
funds' Prospectuses and Statements of Additional Information. The Second Order
further requires the appointment of an independent distribution consultant, at
the Company's expense, who shall develop a plan for the distribution of the
penalty and disgorgement to the funds.

OTHER LEGAL PROCEEDINGS

The Company and other funds, and certain current and former officers, employees,
and directors have been named in multiple lawsuits in different federal courts
in Nevada, California, Illinois, New York and Florida, alleging violations of
various federal securities laws and seeking, among other relief, monetary
damages, restitution, removal of fund trustees, directors, advisers,
administrators, and distributors, rescission of management contracts and 12b-1
Plans, and/or attorneys' fees and costs. Specifically, the lawsuits claim breach
of duty with respect to alleged arrangements to permit market timing and/or late
trading activity, or breach of duty with respect to the valuation of the
portfolio securities of certain Templeton funds managed by Franklin Resources,
Inc. subsidiaries, resulting in alleged market timing activity. The majority of
these lawsuits duplicate, in whole or in part, the allegations asserted in the
February 4, 2004 Massachusetts administrative complaint and the findings in the
SEC's August 2, 2004 Order, as described above. The lawsuits are styled as class
actions, or derivative actions on behalf of either the named funds or Franklin
Resources, Inc.

In addition, the Company, as well as certain current and former officers,
employees, and directors, have been named in multiple lawsuits alleging
violations of various securities laws and pendent state law claims relating to
the disclosure of directed brokerage payments and/or payment of allegedly
excessive advisory, commission, and distribution fees, and seeking, among other
relief, monetary damages, restitution, rescission of advisory contracts,
including recovery of all fees paid pursuant to those contracts, an accounting
of all monies paid to the named advisers, declaratory relief, injunctive relief,
and/or attorneys' fees and costs. These lawsuits are styled as class actions or
derivative actions brought on behalf of certain funds.

Semiannual Report | 17

FRANKLIN MONEY FUND

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

5. REGULATORY MATTERS (CONTINUED)

OTHER LEGAL PROCEEDINGS (CONTINUED)

The Company and fund management strongly believes that the claims made in each
of the lawsuits identified above are without merit and intends to vigorously
defend against them. The Company cannot predict with certainty, however, the
eventual outcome of the remaining governmental investigations or private
lawsuits, nor whether they will have a material negative impact on the Company.
Public trust and confidence are critical to the Company's business and any
material loss of investor and/or client confidence could result in a significant
decline in assets under management by the Company, which would have an adverse
effect on the Company's future financial results. If the Company finds that it
bears responsibility for any unlawful or inappropriate conduct that caused
losses to the Fund, it is committed to making the Fund or its shareholders
whole, as appropriate. The Company is committed to taking all appropriate
actions to protect the interests of its funds' shareholders.

18 | Semiannual Report

THE MONEY MARKET PORTFOLIOS

FINANCIAL HIGHLIGHTS

THE MONEY MARKET PORTFOLIO

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 .................... .008 .009 .014 .026 .059 .056

Less distributions from net investment
income ................................... (.008) (.009) (.014) (.026) (.059) (.056)
-------------------------------------------------------------------------------------
Net asset value, end of period ............ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
=====================================================================================

Total return(a) ........................... .78% .94% 1.41% 2.63% 6.08% 5.75%

RATIOS/SUPPLEMENTAL DATA

Net assets, end of period (000's) ......... $6,150,502 $5,505,394 $5,331,200 $4,734,196 $4,490,919 $4,144,043

Ratios to average net assets:

Expenses ................................. .16%(b) .16% .15% .16% .16% .16%

Expenses net of waiver and payments
by affiliate ............................ .16%(b) .15% .15% .15% .15% .15%

Net investment income .................... 1.54%(b) .93% 1.39% 2.56% 5.91% 5.65%

(a) Total return is not annualized for periods less than one year.

(b) Annualized.

Semiannual Report | See notes to financial statements. | 19

THE MONEY MARKET PORTFOLIOS

STATEMENT OF INVESTMENTS, DECEMBER 31, 2004 (UNAUDITED)

- ---------------------------------------------------------------------------------------------------------------------------
THE MONEY MARKET PORTFOLIOS PRINCIPAL AMOUNT VALUE
- ---------------------------------------------------------------------------------------------------------------------------

CERTIFICATES OF DEPOSIT 46.3%
Abbey National Treasury Service, Stamford Branch, 2.32%, 2/10/05 - 2/28/05 ...... $150,000,000 $ 150,001,181
ABN AMRO Bank, N.V., New York Branch, 2.29%, 1/12/05 - 1/14/05 .................. 150,000,000 150,000,000
Bank of Montreal, Chicago Branch, 2.160% - 2.285%, 1/18/05 - 2/28/05 ............ 150,000,000 150,000,256
Bank of Nova Scotia, Portland Branch, 2.11% - 2.12%, 1/04/05 - 1/06/05 .......... 150,000,000 150,000,166
Banque Nationale De Paris, New York Branch, 2.255% - 2.330%, 2/09/05 - 8/16/05 .. 150,000,000 149,993,069
Barclay's Bank PLC, New York Branch, 2.28%, 2/22/05 ............................. 75,000,000 75,000,538
Credit Agricole, New York Branch, 2.28%, 2/23/05 - 2/24/05 ...................... 150,000,000 150,000,000
Dexia Bank, New York Branch, 2.04%, 1/21/05 ..................................... 100,000,000 100,000,553
HBOS Treasury Services PLC, New York Branch, 2.26% - 2.37%, 2/17/05 - 2/24/05 ... 150,000,000 150,002,143
Landesbank Hessen Thueringen Girozentrale, New York Branch, 1.273% - 2.320%,
2/14/05 - 3/01/05 ............................................................. 149,000,000 148,962,700
Lloyds Bank PLC, New York Branch, 2.05% - 2.40%, 1/31/05 - 3/11/05 .............. 150,000,000 150,000,726
Royal Bank of Canada, New York Branch, 2.04%, 1/19/05 - 1/20/05 ................. 150,000,000 150,000,000
Royal Bank of Scotland NY, New York Branch, 1.98% - 2.30%, 1/18/05 - 2/01/05 .... 150,000,000 150,000,665
Societe Generale North America, New York Branch, 2.03% - 2.32%, 1/14/05 - 2/04/05 150,000,000 150,000,000
State Street Corp., Boston Branch, 2.05%, 1/10/05 - 1/11/05 ..................... 150,000,000 150,000,000
Svenska Handelsbanken, New York Branch, 2.180% - 2.405%, 1/25/05 - 3/10/05 ...... 150,000,000 150,001,224
Toronto Dominion Bank, New York Branch, 2.39%, 2/25/05 - 2/28/05 ................ 150,000,000 150,000,000
UBS Finance Delaware LLC, Stamford Branch, 2.330% - 2.405%, 2/07/05 - 3/04/05 ... 150,000,000 150,001,882
Wells Fargo Bank NA, San Francisco Branch, 2.10% - 2.33%, 1/04/05 - 1/07/05 ..... 150,000,000 150,000,000
Westdeutsche Landesbank, New York Branch, 2.26% - 2.39%, 2/18/05 - 3/04/05 ...... 125,000,000 125,000,994
--------------
TOTAL CERTIFICATES OF DEPOSIT (COST $2,848,966,097) ............................. 2,848,966,097
--------------
BANK NOTES (COST $150,000,000) 2.4%
Bank of America NA, 2.26%, 2/16/05 - 2/17/05 .................................... 150,000,000 150,000,000
--------------
COMMERCIAL PAPER 45.4%
(a) AIG Funding Inc., 1/12/05 - 2/14/05 ............................................. 150,000,000 149,741,327
(a) ANZ (Delaware) Inc., 1/06/05 - 3/01/05 .......................................... 150,000,000 149,818,389
(a) Barclay's U.S. Funding Corp., 3/02/05 ........................................... 75,000,000 74,702,500
(a) BP Capital Markets PLC, 1/03/05 ................................................. 250,000,000 249,970,833
(a) Citigroup Global Markets Holdings, 1/25/05 - 1/28/05 ............................ 150,000,000 149,782,188
(a) Commonwealth Bank of Australia, 1/10/05 - 1/24/05 ............................... 175,000,000 174,883,264
(a) Danske Corp., 1/12/05 - 3/03/05 ................................................. 150,000,000 149,645,542
(a) General Electric Capital Corp., 2/03/05 ......................................... 75,000,000 74,844,625
(a) Glaxosmithkline Finance PLC, 1/13/05 - 1/27/05 .................................. 50,000,000 49,945,958
(a) Goldman Sachs Group Inc., 1/18/05 - 1/20/05 ..................................... 150,000,000 149,825,250
(a) ING U.S. Funding LLC, 1/31/05 - 2/11/05 ......................................... 150,000,000 149,687,820
(a) Merrill Lynch & Co. Inc., 1/03/05 ............................................... 214,000,000 213,973,844
(a) Morgan Stanley & Co., 1/04/05 - 1/07/05 ......................................... 150,000,000 149,956,181
(a) National Australia Funding Inc., 1/05/05 - 1/07/05 .............................. 150,000,000 149,952,292
(a) Nestle Capital Corp., 1/03/05 ................................................... 30,215,000 30,211,408
(a) Procter & Gamble Co., 1/07/05 - 1/13/05 ......................................... 150,000,000 149,920,708
(a) Rabobank USA Finance Corp., 2/23/05 - 2/24/05 ................................... 100,000,000 99,669,340
(a) Shell Finance UK PLC, 2/07/05 - 2/18/05 ......................................... 150,000,000 149,614,874
(a) Siemens Capital Corp., 2/02/05 - 2/25/05 ........................................ 150,000,000 149,592,083
(a) Westdeutsche Landesbank, 2/16/05 ................................................ 25,000,000 24,925,569
(a) Westpac Capital Corp., 1/24/05 - 1/26/05 ........................................ 150,000,000 149,796,000
--------------
TOTAL COMMERCIAL PAPER (COST $2,790,459,995) .................................... 2,790,459,995
--------------

20 | Semiannual Report

THE MONEY MARKET PORTFOLIOS

STATEMENT OF INVESTMENTS, DECEMBER 31, 2004 (UNAUDITED) (CONTINUED)

U.S. GOVERNMENT AGENCY SECURITIES (COST $115,542,253) 1.9%
(a) Federal Home Loan Bank, 1/03/05 ................................................. $115,550,000 $ 115,542,253
--------------
TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS (COST $5,904,968,345) ............ 5,904,968,345
--------------
REPURCHASE AGREEMENTS 3.9%
(b) ABN AMRO Bank, N.V., New York Branch, 2.00%, 1/03/05 (Maturity Value $40,006,667) 40,000,000 40,000,000
Collateralized by U.S. Government Agency Securities, 6.625%, 9/15/09
(b) Deutsche Bank Securities Inc., 1.59%, 1/03/05 (Maturity Value $70,009,275) ...... 70,000,000 70,000,000
Collateralized by (a)U.S. Treasury Bills, 3/03/05
(b) Morgan Stanley & Co. Inc., 1.50%, 1/03/05 (Maturity Value $89,221,151) .......... 89,210,000 89,210,000
Collateralized by U.S. Treasury Notes, 3.875%, 1/15/09
(b) UBS Securities LLC, 1.80%, 1/03/05 (Maturity Value $40,006,000) ................. 40,000,000 40,000,000
Collateralized by U.S. Government Agency Securities, 1.50%, 8/15/05
--------------
TOTAL REPURCHASE AGREEMENTS (COST $239,210,000) ................................. 239,210,000
--------------
TOTAL INVESTMENTS (COST $6,144,178,345) 99.9% ................................... 6,144,178,345
OTHER ASSETS, LESS LIABILITIES .1% .............................................. 6,324,001
--------------
NET ASSETS 100.0% ............................................................... $6,150,502,346
==============

(a) Security is traded on a discount basis with no stated coupon rate.

(b) See Note 1(b) regarding repurchase agreement(s).

Semiannual Report | See notes to financial statements. | 21

THE MONEY MARKET PORTFOLIOS

FINANCIAL HIGHLIGHTS

THE U.S. GOVERNMENT SECURITIES MONEY MARKET PORTFOLIO

------------------------------------------------------------------------------
SIX MONTHS ENDED
DECEMBER 31, 2004 YEAR ENDED JUNE 30,
(UNAUDITED) 2004 2003 2002 2001 2000
------------------------------------------------------------------------------

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 ............................ .007 .009 .013 .024 .056 .054

Less distributions from net investment income (.007) (.009) (.013) (.024) (.056) (.054)
--------------------------------------------------------------------------
Net asset value, end of period ................ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
==========================================================================

Total return(a) ............................... .75% .87% 1.34% 2.43% 5.75% 5.48%

RATIOS/SUPPLEMENTAL DATA

Net assets, end of period (000's) ............. $119,147 $117,815 $201,758 $226,676 $186,718 $221,993

Ratios to average net assets:

Expenses ..................................... .16%(b) .16% .16% .16% .16% .16%

Expenses net of waiver and payments
by affiliate ................................ .15%(b) .15% .15% .15% .15% .15%

Net investment income ........................ 1.47%(b) .87% 1.34% 2.33% 5.63% 5.36%

(a) Total return is not annualized for periods less than one year.

(b) Annualized.

22 | See notes to financial statements. | Semiannual Report

THE MONEY MARKET PORTFOLIOS

STATEMENT OF INVESTMENTS, DECEMBER 31, 2004 (UNAUDITED)

- ---------------------------------------------------------------------------------------------------------------------------
THE U.S. GOVERNMENT SECURITIES MONEY MARKET PORTFOLIO PRINCIPAL AMOUNT VALUE
- ---------------------------------------------------------------------------------------------------------------------------

GOVERNMENT SECURITIES 25.1%
(a) U.S. Treasury Bill, 1/06/05 ..................................................... $ 5,000,000 $ 4,998,883
(a) U.S. Treasury Bill, 1/20/05 ..................................................... 10,000,000 9,991,212
(a) U.S. Treasury Bill, 3/03/05 ..................................................... 5,000,000 4,983,776
(a) U.S. Treasury Bill, 3/24/05 ..................................................... 5,000,000 4,977,906
(a) U.S. Treasury Bill, 4/14/05 ..................................................... 5,000,000 4,969,100
--------------
TOTAL GOVERNMENT SECURITIES (COST $29,920,877) .................................. 29,920,877
--------------
REPURCHASE AGREEMENTS 74.9%
(b) ABN AMRO Bank, N.V., New York Branch, 1.45%, 1/03/05 (Maturity Value $5,000,604) 5,000,000 5,000,000
Collateralized by U.S. Treasury Notes, 2.75%, 6/30/06
(b) Banc of America Securities LLC, 1.55%, 1/03/05 (Maturity Value $5,000,646) ...... 5,000,000 5,000,000
Collateralized by U.S. Treasury Notes, 6.75%, 5/15/05
(b) Barclays Capital Inc., 1.30%, 1/03/05 (Maturity Value $5,000,542) ............... 5,000,000 5,000,000
Collateralized by U.S. Treasury Notes, 1.875%, 1/31/06
(b) Bear, Stearns & Co. Inc., 1.40%, 1/03/05 (Maturity Value $5,000,583) ............ 5,000,000 5,000,000
Collateralized by U.S. Treasury Notes, 1.625%, 4/30/05
(b) Deutsche Bank Securities Inc., 1.59%, 1/03/05 (Maturity Value $24,623,262) ...... 24,620,000 24,620,000
Collateralized by (a)U.S. Treasury Bills, 1/06/05 - 5/05/05
(b) Goldman, Sachs & Co., 1.47%, 1/03/05 (Maturity Value $5,000,612) ................ 5,000,000 5,000,000
Collateralized by U.S. Treasury Notes, 2.25%, 4/30/06
(b) Greenwich Capital Markets Inc., 1.55%, 1/03/05 (Maturity Value $5,000,646) ...... 5,000,000 5,000,000
Collateralized by U.S. Treasury Notes, 1.125%, 6/30/05
(b) Morgan Stanley & Co. Inc., 1.50%, 1/03/05 (Maturity Value $24,618,077) .......... 24,615,000 24,615,000
Collateralized by U.S. Treasury, Notes, 3.875%, 1/15/09
(b) UBS Securities LLC, 1.55%, 1/03/05 (Maturity Value $10,001,292) ................. 10,000,000 10,000,000
Collateralized by U.S. Treasury Notes, 5.625%, 5/15/08
--------------
TOTAL REPURCHASE AGREEMENTS (COST $89,235,000) .................................. 89,235,000
--------------
TOTAL INVESTMENTS (COST $119,155,877) 100.0% .................................... 119,155,877
OTHER ASSETS, LESS LIABILITIES .................................................. (8,464)
--------------
NET ASSETS 100.0% ............................................................... $ 119,147,413
==============

(a) Security is traded on a discount basis with no stated coupon rate.

(b) See Note 1(b) regarding repurchase agreement(s).

Semiannual Report | See notes to financial statements. | 23

THE MONEY MARKET PORTFOLIOS

FINANCIAL STATEMENTS

STATEMENTS OF ASSETS AND LIABILITIES
December 31, 2004 (Unaudited)

----------------------------------
THE U.S.
GOVERNMENT
THE SECURITIES
MONEY MARKET MONEY MARKET
PORTFOLIO PORTFOLIO
----------------------------------

Assets:
Investments in securities, at amortized cost (Note 1) ........ $5,904,968,345 $ 29,920,877
Repurchase agreements, at value and cost ..................... 239,210,000 89,235,000
Cash ......................................................... 10,201 3,440
Interest receivable .......................................... 7,095,131 3,755
----------------------------------
Total assets .......................................... 6,151,283,677 119,163,072
----------------------------------
Liabilities:
Payables:
Professional fees ........................................... 12,496 5,445
Custodian fees (Note 4) ..................................... 20,585 1,011
Affiliates .................................................. 728,434 9,035
Distributions to shareholders ................................ 19,380 29
Other liabilities ............................................ 436 139
----------------------------------
Total liabilities ..................................... 781,331 15,659
----------------------------------
Net assets, at value .......................................... $6,150,502,346 $ 119,147,413
==================================
Shares outstanding ............................................ 6,150,502,346 119,147,413
==================================
Net asset value per share ..................................... $ 1.00 $ 1.00
==================================

24 | See notes to financial statements. | Semiannual Report

THE MONEY MARKET PORTFOLIOS

FINANCIAL STATEMENTS (CONTINUED)

STATEMENTS OF OPERATIONS
for the six months ended December 31, 2004 (unaudited)

----------------------------------
THE U.S.
GOVERNMENT
THE SECURITIES
MONEY MARKET MONEY MARKET
PORTFOLIO PORTFOLIO
----------------------------------

Investment income:
Interest ..................................................... $ 50,379,062 $ 927,932
----------------------------------
Expenses:
Management fees (Note 3) ..................................... 4,479,223 85,862
Custodian fees (Note 4) ...................................... 50,315 1,236
Reports to shareholders ...................................... 5,856 134
Professional fees ............................................ 22,035 5,486
Trustees' fees and expenses .................................. 3,328 543
Other ........................................................ 77,126 1,551
----------------------------------
Total expenses ........................................ 4,637,883 94,812
Expenses reductions (Note 4) .......................... (13,764) (449)
Expenses waived/paid by affiliate (Note 3) ............ -- (8,455)
----------------------------------
Net expenses ......................................... 4,624,119 85,908
----------------------------------
Net investment income ............................... 45,754,943 842,024
----------------------------------
Net realized gain (loss) from investments ..................... (5,944) 190
----------------------------------
Net increase (decrease) in net assets resulting from operations $ 45,748,999 $ 842,214
==================================

Semiannual Report | See notes to financial statements. | 25

THE MONEY MARKET PORTFOLIOS

FINANCIAL STATEMENTS (CONTINUED)

STATEMENTS OF CHANGES IN NET ASSETS
for the six months ended December 31, 2004 (unaudited)
and the year ended June 30, 2004

-------------------------------------------------------------------------------
THE U.S. GOVERNMENT SECURITIES
THE MONEY MARKET PORTFOLIO MONEY MARKET PORTFOLIO
-----------------------------------------------------------------------------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED
DECEMBER 31, 2004 JUNE 30, 2004 DECEMBER 31, 2004 JUNE 30, 2004
-----------------------------------------------------------------------------------

Increase (decrease) in net assets:
Operations:
Net investment income ...................... $ 45,754,943 $ 49,426,140 $ 842,024 $ 1,508,957
Net realized gain (loss) from investments .. (5,944) 3,825 190 5,742
-----------------------------------------------------------------------------------
Net increase (decrease) in net assets
resulting from operations .......... 45,748,999 49,429,965 842,214 1,514,699
Distributions to shareholders from net
investment income .......................... (45,748,999)(a) (49,429,965)(b) (842,214)(c) (1,514,699)(d)
Capital share transactions (Note 2) ......... 645,108,182 174,194,451 1,332,859 (83,943,475)
-----------------------------------------------------------------------------------
Net increase (decrease) in net assets 645,108,182 174,194,451 1,332,859 (83,943,475)
Net assets (there is no undistributed net
investment income at beginning or end
of period):
Beginning of period ........................ 5,505,394,164 5,331,199,713 117,814,554 201,758,029
-----------------------------------------------------------------------------------
End of period .............................. $ 6,150,502,346 $ 5,505,394,164 $ 119,147,413 $ 117,814,554
===================================================================================

(a) Distributions were decreased by a net realized loss from investments of
$5,944.

(b) Distributions were increased by a net realized gain from investments of
$3,825.

(d) Distributions were increased by a net realized gain from investments of
$5,742.

26 | See notes to financial statements. | Semiannual Report

THE MONEY MARKET PORTFOLIOS

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The Money Market Portfolios (the Trust) is registered under the Investment
Company Act of 1940 as a diversified, open-end investment company, consisting of
two separate portfolios (the Portfolios). The shares of the Trust are issued in
private placements and are exempt from registration under the Securities Act of
1933. The Portfolios seek to provide high current income consistent with
preservation of capital and liquidity.

The following summarizes the Portfolios' significant accounting policies.

A. SECURITY VALUATION

Securities are valued at amortized cost which approximates value. Repurchase
agreements are valued at cost.

B. REPURCHASE AGREEMENTS

The Portfolios may enter into repurchase agreements, which are accounted for as
a loan by the Portfolios to the seller, collateralized by securities which are
delivered to the Portfolios' custodian. The market value, including accrued
interest, of the initial collateralization is required to be at least 102% of
the dollar amount invested by the Portfolios, with the value of the underlying
securities marked to market daily to maintain coverage of at least 100%. At
December 31, 2004, all repurchase agreements held by the Portfolios had been
entered into on that date.

C. INCOME TAXES

No provision has been made for U.S. income taxes because each Portfolio's policy
is to qualify as a regulated investment company under Sub Chapter M of the
Internal Revenue Code and to distribute substantially all of its taxable income.
Portfolios distributions to shareholders are determined on an income tax basis
and may differ from net investment income and realized gains for financial
reporting purposes.

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. Discounts and premiums
on securities purchased are amortized over the lives of the respective
securities. Dividends from net investment income and capital gains or losses are
normally declared daily. Such distributions are reinvested in additional shares
of the Portfolios.

Common expenses incurred by the Trust are allocated among the Portfolios based
on the ratio of net assets of each Portfolio to the combined net assets. Other
expenses are charged to each Portfolio on a specific identification basis.

Semiannual Report | 27

THE MONEY MARKET PORTFOLIOS

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

E. ACCOUNTING ESTIMATES

The preparation of financial statements in accordance with accounting principles
generally accepted in the United States of America 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 expense during the reporting period. Actual results could differ from those
estimates.

F. GUARANTEES AND INDEMNIFICATIONS

Under the Portfolios' organizational documents, its officers and trustees are
indemnified by the Portfolios against certain liability arising out of the
performance of their duties to the Portfolios. Additionally, in the normal
course of business, the Portfolios enter into contracts with service providers
that contain general indemnification clauses. The Portfolios' maximum exposure
under these arrangements is unknown as this would involve future claims that may
be made against the Portfolios that have not yet occurred. However, based on
experience, the Portfolios expect the risk of loss to be remote.

2. SHARES OF BENEFICIAL INTEREST

At December 31, 2004, there were an unlimited number of shares authorized ($.01
par value). Transactions in the Portfolios' shares at $1.00 per share were as
follows:

----------------------------------
THE U.S.
GOVERNMENT
THE SECURITIES
MONEY MARKET MONEY MARKET
PORTFOLIO PORTFOLIO
----------------------------------

Period ended December 31, 2004
Shares sold .................................................. $ 3,007,981,030 $ 28,414,199
Shares issued in reinvestment of distributions ............... 45,742,029 843,026
Shares redeemed .............................................. (2,408,614,877) (27,924,366)
----------------------------------
Net increase (decrease) ...................................... $ 645,108,182 $ 1,332,859
==================================
Year ended June 30, 2004
Shares sold .................................................. $ 5,413,860,590 $ 145,540,988
Shares issued in reinvestment of distributions ............... 49,424,401 1,513,783
Shares redeemed .............................................. (5,289,090,540) (230,998,246)
----------------------------------
Net increase (decrease) ...................................... $ 174,194,451 $ (83,943,475)
==================================

3. TRANSACTIONS WITH AFFILIATES

Certain officers and trustees of the Trust are also officers and/or directors of
Franklin Advisers, Inc. (Advisers) and Franklin/Templeton Investor Services, LLC
(Investor Services), the Portfolios' investment manager and transfer agent,
respectively, and of the Franklin Money Fund, the Institutional Fiduciary Trust,
the Franklin Templeton Money Fund Trust, and the Franklin Federal Money Fund.

28 | Semiannual Report

THE MONEY MARKET PORTFOLIOS

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

3. TRANSACTIONS WITH AFFILIATES (CONTINUED)

A. MANAGEMENT FEE

The Portfolios pay an investment management fee to Advisers of .15% per year of
the average daily net assets of each Portfolio. Advisers agreed in advance to
voluntarily waive a portion of management fees for The U.S. Government
Securities Money Market Portfolio as noted in the Statements of Operations.
Total expenses waived by Advisers are not subject to reimbursement by the
Portfolio subsequent to the Portfolio's fiscal year end.

B. OTHER AFFILIATED TRANSACTIONS

At December 31, 2004, the shares of The Money Market Portfolio were owned by
following funds:

------------------------------------
PERCENTAGE OF
SHARES OUTSTANDING SHARES
------------------------------------

Institutional Fiduciary Trust - Money Market Portfolio .......... 4,356,450,684 70.83%
Franklin Money Fund ............................................. 1,499,200,567 24.37%
Institutional Fiduciary Trust - Franklin Cash Reserves Fund ..... 189,917,636 3.09%
Franklin Templeton Money Fund Trust - Franklin Templeton
Money Fund ..................................................... 104,933,459 1.71%

At December 31, 2004, the shares of The U.S. Government Securities Money Market
Portfolio were owned by the following fund:

------------------------------------
PERCENTAGE OF
SHARES OUTSTANDING SHARES
------------------------------------

Franklin Federal Money Fund ..................................... 119,147,413 100.00%

4. EXPENSE OFFSET ARRANGEMENT

The Portfolios have 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 Fund's custodian expenses. During the period ended 12/31/04, the
custodian fees were reduced as noted in the Statements of Operations.

5. INCOME TAXES

At December 31, 2004, the cost of investments for book and income tax purposes
was the same.

6. REGULATORY MATTERS

INVESTIGATIONS

Semiannual Report | 29

THE MONEY MARKET PORTFOLIOS

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

6. REGULATORY MATTERS (CONTINUED)

INVESTIGATIONS (CONTINUED)

("NASD"), relating to certain practices in the mutual fund industry, including
late trading, market timing and marketing support payments to securities dealers
who sell fund shares, Franklin Resources, Inc. and certain of its subsidiaries
(as used in this section, together, the "Company"), as well as certain current
or former executives and employees of the Company, received subpoenas and/or
requests for documents, information and/or testimony. The Company and its
current employees provided documents and information in response to those
requests and subpoenas.

SETTLEMENTS

Under the terms of the SEC's Order, pursuant to which Franklin Advisers, Inc.
neither admitted nor denied any of the findings contained therein, Franklin
Advisers, Inc. agreed to pay $50 million, of which $20 million is a civil
penalty, to be distributed to shareholders of certain funds in accordance with a
plan to be developed by an independent distribution consultant. At this time, it
is unclear which funds or which shareholders of any particular fund will receive
distributions. The Order also required Franklin Advisers, Inc. to, among other
things, enhance and periodically review compliance policies and procedures.

30 | Semiannual Report

THE MONEY MARKET PORTFOLIOS

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

6. REGULATORY MATTERS (CONTINUED)

SETTLEMENTS (CONTINUED)

Order"). The Massachusetts Consent Order included two different sections:
"Statements of Fact" and "Violations of Massachusetts Securities Laws." Franklin
Advisers, Inc. and FTAS admitted the facts in the Statements of Fact.

On December 13, 2004, Franklin Resources, Inc. announced that its subsidiaries
FTDI and Franklin Advisers, Inc. reached an agreement with the SEC, resolving
the issues resulting from the SEC's investigation concerning marketing support
payments to securities dealers who sell fund shares. In connection with that
agreement, the SEC issued an "Order Instituting Administrative and
Cease-and-Desist Proceedings, Making Findings, and Imposing Remedial Sanctions
Pursuant to Sections 203(e) and 203(k) of the Investment Advisers Act of 1940,
Sections 9(b) and 9(f) of the Investment Company Act of 1940, and Section 15(b)
of the Securities Exchange Act of 1934" (the "Second Order").

Semiannual Report | 31

THE MONEY MARKET PORTFOLIOS

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

6. REGULATORY MATTERS (CONTINUED)

OTHER LEGAL PROCEEDINGS

The Company and fund management strongly believes that the claims made in each
of the lawsuits identified above are without merit and intends to vigorously
defend against them. The Company cannot predict with certainty, however, the
eventual outcome of the remaining governmental investigations or private
lawsuits, nor whether they will have a material negative impact on the Company.
Public trust and confidence are critical to the Company's business and any
material loss of investor and/or client confidence could result in a significant
decline in assets under management by the Company, which would have an adverse
effect on the Company's future financial results. If the Company finds that it
bears responsibility for any unlawful or inappropriate conduct that caused
losses to the Trust, it is committed to making the Trust or its shareholders
whole, as appropriate. The Company is committed to taking all appropriate
actions to protect the interests of its funds' shareholders.

32 | Semiannual Report

FRANKLIN MONEY FUND

SHAREHOLDER INFORMATION

PROXY VOTING POLICIES AND PROCEDURES

The Fund 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 1-954/847-2268 or
by sending a written request to: Franklin Templeton Companies, LLC, 500 East
Broward Boulevard, Suite 1500, Fort Lauderdale, FL 33394, Attention: Proxy
Group. Copies of the Fund's proxy voting records are also made available online
at franklintempleton.com and posted on the Securities and Exchange Commission's
website at sec.gov and reflect the 12-month period beginning July 1, 2003, and
ending June 30, 2004.

QUARTERLY STATEMENT OF INVESTMENTS

The Fund files a complete statement of investments with the 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
1-800/SEC-0330.

Semiannual Report | 33

This page intentionally left blank.

LITERATURE REQUEST

LITERATURE REQUEST. TO RECEIVE A BROCHURE AND PROSPECTUS, PLEASE CALL US AT
1-800/DIAL BEN(R) (1-800/342-5236) OR VISIT FRANKLINTEMPLETON.COM. INVESTORS
SHOULD CAREFULLY CONSIDER A FUND'S INVESTMENT GOALS, RISKS, CHARGES AND EXPENSES
BEFORE INVESTING. THE PROSPECTUS CONTAINS THIS AND OTHER INFORMATION. PLEASE
CAREFULLY READ THE PROSPECTUS BEFORE INVESTING. TO ENSURE THE HIGHEST QUALITY OF
SERVICE, WE MAY MONITOR, RECORD AND ACCESS TELEPHONE CALLS TO OR FROM OUR
SERVICE DEPARTMENTS. THESE CALLS CAN BE IDENTIFIED BY THE PRESENCE OF A REGULAR
BEEPING TONE.

FRANKLIN TEMPLETON INVESTMENTS

INTERNATIONAL

Mutual European Fund
Templeton China World Fund
Templeton Developing Markets Trust
Templeton Foreign Fund
Templeton Foreign Smaller Companies Fund
Templeton International (Ex EM) Fund

GLOBAL

Mutual Discovery Fund
Templeton Capital Accumulator Fund
Templeton Global Long-Short Fund
Templeton Global Opportunities Trust
Templeton Global Smaller Companies Fund
Templeton Growth Fund
Templeton World Fund

GROWTH

Franklin Aggressive Growth Fund
Franklin Capital Growth Fund
Franklin Flex Cap Growth Fund
Franklin Small-Mid Cap Growth Fund
Franklin Small Cap Growth Fund II(1)

VALUE

Franklin Balance Sheet Investment Fund(2)
Franklin Equity Income Fund
Franklin Large Cap Value Fund
Franklin MicroCap Value Fund(2)
Franklin Small Cap Value Fund
Mutual Beacon Fund
Mutual Qualified Fund
Mutual Recovery Fund(3)
Mutual Shares Fund

BLEND

Franklin Blue Chip Fund
Franklin Convertible Securities Fund
Franklin Growth Fund
Franklin Rising Dividends Fund
Franklin U.S. Long-Short Fund(4)

SECTOR

Franklin Biotechnology Discovery Fund
Franklin DynaTech Fund
Franklin Global Communications Fund
Franklin Global Health Care Fund
Franklin Gold and Precious Metals Fund
Franklin Natural Resources Fund
Franklin Real Estate Securities Fund
Franklin Technology Fund
Franklin Utilities Fund
Mutual Financial Services Fund

ASSET ALLOCATION

Franklin Templeton Corefolio Allocation Fund
Franklin Templeton Founding Funds Allocation Fund
Franklin Templeton Perspectives Allocation Fund

TARGET FUNDS

Franklin Templeton Conservative Target Fund
Franklin Templeton Growth Target Fund
Franklin Templeton Moderate Target Fund

INCOME

Franklin Adjustable U.S. Government Securities Fund(5)
Franklin's AGE High Income Fund
Franklin Floating Rate Daily Access Fund
Franklin Floating Rate Trust(3)
Franklin Income Fund
Franklin Limited Maturity U.S. Government Securities Fund(5),(6)
Franklin Low Duration Total Return Fund
Franklin Real Return Fund
Franklin Strategic Income Fund
Franklin Strategic Mortgage Portfolio
Franklin Templeton Hard Currency Fund
Franklin Total Return Fund
Franklin U.S. Government Securities Fund(5)
Templeton Global Bond Fund

TAX-FREE INCOME(7)

NATIONAL FUNDS

Double Tax-Free Income Fund
Federal Tax-Free Income Fund
High Yield Tax-Free Income Fund
Insured Tax-Free Income Fund(8)

LIMITED-TERM FUNDS

California Limited-Term Tax-Free Income Fund
Federal Limited-Term Tax-Free Income Fund
New York Limited-Term Tax-Free Income Fund

INTERMEDIATE-TERM FUNDS

California Intermediate-Term Tax-Free Income Fund
Federal Intermediate-Term Tax-Free Income Fund
New York Intermediate-Term Tax-Free Income Fund

STATE-SPECIFIC

Alabama
Arizona
California(9)
Colorado
Connecticut
Florida(9)
Georgia
Kentucky
Louisiana
Maryland
Massachusetts(8)
Michigan(8)
Minnesota(8)
Missouri
New Jersey
New York(9)
North Carolina
Ohio(8)
Oregon
Pennsylvania
Tennessee
Virginia

INSURANCE FUNDS

Franklin Templeton Variable Insurance Products Trust(10)

(1) The fund is closed to new investors. Existing shareholders can continue
adding to their accounts.

(2) The fund is only open to existing shareholders and select retirement
plans.

(3) The fund is a continuously offered, closed-end fund. Shares may be
purchased daily; there is no daily redemption. However, each quarter,
pending board approval, the fund will authorize the repurchase of 5%-25%
of the outstanding number of shares. Investors may tender all or a portion
of their shares during the tender period.

(4) Upon reaching approximately $350 million in assets, the fund intends to
close to all investors.

(5) An investment in the fund is neither insured nor guaranteed by the U.S.
government or by any other entity or institution.

(6) Formerly Franklin Short-Intermediate U.S. Government Securities Fund.
Effective 9/1/04, the fund's name changed; its investment goal and
strategy remained the same.

(7) For investors subject to the alternative minimum tax, a small portion of
fund dividends may be taxable. Distributions of capital gains are
generally taxable.

(8) Portfolio of insured municipal securities.

(9) These funds are available in two or more variations, including long-term
portfolios, portfolios of insured securities, a high-yield portfolio (CA)
and limited-term, intermediate-term and money market portfolios (CA and
NY).

(10) The funds of the Franklin Templeton Variable Insurance Products Trust are
generally available only through insurance company variable contracts.

11/04

Not part of the semiannual report

[LOGO](R)
FRANKLIN(R) TEMPLETON(R) One Franklin Parkway
INVESTMENTS San Mateo, CA 94403-1906

o WANT TO RECEIVE THIS DOCUMENT FASTER VIA EMAIL?

Eligible shareholders can sign up for eDelivery at franklintempleton.com.
See inside for details.

SEMIANNUAL REPORT AND SHAREHOLDER LETTER

FRANKLIN MONEY FUND

INVESTMENT MANAGER

Franklin Advisers, Inc.

DISTRIBUTOR

Franklin Templeton Distributors, Inc.
1-800/DIAL BEN(R)
franklintempleton.com

SHAREHOLDER SERVICES

1-800/632-2301

Authorized for distribution only when accompanied or preceded by a prospectus.
Investors should carefully consider a fund's investment goals, risks, charges
and expenses before investing. The prospectus contains this and other
information; please read it carefully before investing.

To ensure the highest quality of service, telephone calls to or from our service
departments may be monitored, recorded and accessed. These calls can be
identified by the presence of a regular beeping tone.

111 S2004 02/05

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 10(A), THE REGISTRANT IS ATTACHING AS AN EXHIBIT A COPY OF
ITS CODE OF ETHICS THAT APPLIES TO ITS PRINCIPAL EXECUTIVE OFFICERS 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 FRANK W.T. LAHAYE, 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 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES. N/A

ITEM 9. 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 significant changes in the
Registrant's internal controls or in other factors that could significantly
affect the internal controls subsequent to the date of their evaluation in
connection with the preparation of this Shareholder Report on Form N-CSR.

ITEM 10. EXHIBITS.

(A) CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS.

(B)(1) CERTIFICATIONS PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
OF JIMMY D. GAMBILL, CHIEF EXECUTIVE OFFICER - FINANCE AND ADMINISTRATION, AND
GALEN G. VETTER, CHIEF FINANCIAL OFFICER

(B)(2) CERTIFICATIONS PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
OF JIMMY D. GAMBILL, CHIEF EXECUTIVE OFFICER - FINANCE AND ADMINISTRATION, AND
GALEN G. VETTER, CHIEF FINANCIAL 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/Jimmy D. Gambill
Chief Executive Officer - Finance and Administration
Date February 18, 2005

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/Jimmy D. Gambill
Chief Executive Officer - Finance and Administration
Date February 18, 2005

By /s/Galen G. Vetter
Chief Financial Officer
Date February 18, 2005