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 811-07038
---------

THE MONEY MARKET PORTFOLIOS
---------------------------
(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: 06/30
-----

Date of reporting period: 12/31/06
--------

ITEM 1. REPORTS TO STOCKHOLDERS.

The Money Market Portfolios

FINANCIAL HIGHLIGHTS

THE MONEY MARKET PORTFOLIO

----------------------------------------------------------------------------------------
SIX MONTHS ENDED
DECEMBER 31, 2006 YEAR ENDED JUNE 30,
(UNAUDITED) 2006 2005 2004 2003 2002
----------------------------------------------------------------------------------------

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 ............... 0.026 0.041 0.020 0.009 0.014 0.026
Less distributions from net investment
income .............................. (0.026) (0.041) (0.020) (0.009) (0.014) (0.026)
----------------------------------------------------------------------------------------
Net asset value, end of period ......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========================================================================================

Total return a ......................... 2.63% 4.15% 2.06% 0.94% 1.41% 2.63%

RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000's) ...... $ 6,068,863 $4,993,739 $5,676,479 $5,505,394 $5,331,200 $4,734,196
Ratios to average net assets:
Expenses before waiver and payments
by affiliates .................... 0.16% b 0.16% 0.16% 0.16% 0.15% 0.16%
Expenses net of waiver and payments
by affiliates .................... 0.16% b,c 0.16% c 0.16% c 0.15% c 0.15% 0.15%
Net investment income ............... 5.16% b 4.09% 2.04% 0.93% 1.39% 2.56%

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

b Annualized.

c Benefit of expense reduction rounds to less than 0.01%.

Semiannual Report |
The accompanying notes are an integral part of these financial statements. | 15

The Money Market Portfolios

STATEMENT OF INVESTMENTS, DECEMBER 31, 2006 (UNAUDITED)

- --------------------------------------------------------------------------------------------------------------------------------
THE MONEY MARKET PORTFOLIO PRINCIPAL AMOUNT VALUE
- --------------------------------------------------------------------------------------------------------------------------------

SHORT TERM INVESTMENTS 102.8%
BANK NOTES (COST $200,000,850) 3.3%
Bank of America North America, 5.32%, 2/01/07 ............................................ $200,000,000 $ 200,000,850
--------------
CERTIFICATES OF DEPOSIT 49.3%
Abbey National Treasury Services PLC, Stamford Branch, 5.285%, 1/18/07 ................... 200,000,000 200,000,470
Australia & New Zealand Banking Group Ltd., New York Branch, 5.28%, 1/29/07 .............. 200,000,000 200,000,772
Bank of Nova Scotia, Portland Branch, 5.29%, 1/09/07 ..................................... 200,000,000 200,000,000
Banque Nationale de Paris, New York Branch, 5.275%, 2/05/07 .............................. 200,000,000 200,000,964
Barclays Bank PLC, New York Branch, 5.32%, 2/08/07 ....................................... 100,000,000 100,000,000
Barclays Bank PLC, New York Branch, 4.97%, 2/09/07 ....................................... 99,500,000 99,501,026
Calyon North America Inc., New York Branch, 5.06%, 3/02/07 ............................... 100,000,000 100,000,000
Dexia Credit Local, New York Branch, 4.875%, 2/01/07 ..................................... 50,000,000 50,000,000
Dexia Credit Local, New York Branch, 5.285%, 2/15/07 ..................................... 150,000,000 150,000,000
HBOS Treasury Services, New York Branch, 5.32%, 3/20/07 .................................. 200,000,000 200,000,000
Lloyds Bank PLC, New York Branch, 5.29%, 1/30/07 ......................................... 200,000,000 200,000,796
Rabobank Nederland NV, New York Branch, 5.275%, 1/17/07 .................................. 200,000,000 200,000,443
Royal Bank of Scotland, New York Branch, 5.28%, 1/10/07 .................................. 200,000,000 200,000,249
Societe Generale, New York Branch, 5.28%, 1/05/07 ........................................ 200,000,000 200,000,000
Svenska Handelsbanken, New York Branch, 5.305%, 2/02/07 .................................. 200,000,000 200,000,857
UBS AG, Stamford Branch, 5.30%, 1/22/07 .................................................. 200,000,000 200,000,577
Wells Fargo Bank North America, San Francisco Branch, 4.79%, 1/18/07 ..................... 93,000,000 92,966,495
Westpac Banking Corp., New York Branch, 5.32%, 1/24/07 ................................... 200,000,000 200,001,261
--------------
TOTAL CERTIFICATES OF DEPOSIT (COST $2,992,473,910) ...................................... 2,992,473,910
--------------
a COMMERCIAL PAPER 43.4%
BP Capital Markets PLC, 1/02/07 .......................................................... 141,800,000 141,779,203
Colgate-Palmolive Co., 1/19/07 ........................................................... 50,000,000 49,869,000
Commonwealth Bank of Australia, 2/07/07 .................................................. 200,000,000 198,923,917
Concentrate Manufacturing Co. of Ireland, 1/04/07 ........................................ 63,000,000 62,972,700
Concentrate Manufacturing Co. of Ireland, 1/11/07 ........................................ 63,900,000 63,807,700
Concentrate Manufacturing Co. of Ireland, 1/12/07 - 1/17/07 .............................. 75,000,000 74,862,777
Depfa Bank PLC, 1/31/07 .................................................................. 200,000,000 199,126,667
Internationale Nederlanden U.S. Funding Corp., 1/19/07 ................................... 200,000,000 199,476,000
Johnson & Johnson, 1/08/07 ............................................................... 150,000,000 149,848,333
Johnson & Johnson, 1/12/07 ............................................................... 50,000,000 49,920,250
Morgan Stanley Group Inc., 1/16/07 ....................................................... 200,000,000 199,560,833
National Australia Funding, 1/22/07 ...................................................... 200,000,000 199,382,833
Nestle Capital Corp., 1/11/07 ............................................................ 200,000,000 199,710,000
Procter & Gamble Co., 1/04/07 ............................................................ 100,000,000 99,956,417
Procter & Gamble Co., 1/09/07 ............................................................ 100,000,000 99,883,778
Siemens Capital Corp., 1/19/07 ........................................................... 174,000,000 173,541,510
Societe Generale North America Inc., 1/05/07 ............................................. 50,000,000 49,970,861
Toyota Motor Credit Corp., 1/23/07 ....................................................... 200,000,000 199,359,556
UBS AG Finance Delaware Inc., 1/05/07 .................................................... 23,708,000 23,694,170
U.S. Central Credit Union, 1/25/07 ....................................................... 200,000,000 199,297,333
--------------
TOTAL COMMERCIAL PAPER (COST $2,634,943,838) ............................................. 2,634,943,838
--------------

16 | Semiannual Report

The Money Market Portfolios

STATEMENT OF INVESTMENTS, DECEMBER 31, 2006 (UNAUDITED) (CONTINUED)

U.S. GOVERNMENT AND AGENCY SECURITIES 1.7%
a FHLB, 1/02/07 ............................................................................ $100,790,000 $ 100,776,561
a FHLB, 1/03/07 ............................................................................ 200,000 199,943
a FHLB, 1/05/07 ............................................................................ 210,000 209,880
a FHLB, 1/19/07 ............................................................................ 1,320,000 1,316,581
a U.S. Treasury Bill, 1/04/07 .............................................................. 2,500,000 2,498,943
--------------
TOTAL U.S. GOVERNMENT AND AGENCY SECURITIES (COST $105,001,908) .......................... 105,001,908
--------------
TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS (COST $5,932,420,506) ..................... 5,932,420,506
--------------
b REPURCHASE AGREEMENTS 5.1%
ABN AMRO Bank NV, 5.27%, 1/02/07 (Maturity Value $80,046,844)
Collateralized by U.S. Government Agency Securities, 4.50% - 5.25%,
8/03/07 - 8/04/08 .................................................................. 80,000,000 80,000,000
Deutsche Morgan Grenfell, 4.85%, 1/02/07 (Maturity Value $114,641,746)
Collateralized by U.S. Treasury Note, 4.25%, 1/15/10 .................................. 114,580,000 114,580,000
Morgan Stanley & Co. Inc., 4.80%, 1/02/07 (Maturity Value $114,641,109)
Collateralized by U.S. Treasury Notes, 3.625% - 3.875%, 1/15/08 - 1/15/09 ............. 114,580,000 114,580,000
--------------
TOTAL REPURCHASE AGREEMENTS (COST $309,160,000) .......................................... 309,160,000
--------------
TOTAL SHORT TERM INVESTMENTS (COST $6,241,580,506) 102.8% ................................ 6,241,580,506
OTHER ASSETS, LESS LIABILITIES (2.8)% .................................................... (172,717,824)
--------------
NET ASSETS 100.0% ........................................................................ $6,068,862,682
==============

SELECTED PORTFOLIO ABBREVIATIONS

FHLB - Federal Home Loan Bank

a The security is traded on a discount basis with no stated coupon rate.

b See Note 1(b) regarding repurchase agreements.

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

The Money Market Portfolios

FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES
December 31, 2006 (unaudited)

--------------
THE
MONEY MARKET
PORTFOLIO
--------------

Assets:
Investments in securities, at amortized cost ............................................................... $5,932,420,506
Repurchase agreements, at value and cost ................................................................... 309,160,000
--------------
Total investments .................................................................................... $6,241,580,506
Cash ....................................................................................................... 2,393
Interest receivable ........................................................................................ 28,067,699
--------------
Total assets ......................................................................................... 6,269,650,598
--------------
Liabilities:
Payables:
Investment securities purchased ......................................................................... 200,000,857
Affiliates .............................................................................................. 755,862
Distributions to shareholders ........................................................................... 6,924
Accrued expenses and other liabilities ..................................................................... 24,273
--------------
Total liabilities .................................................................................... 200,787,916
--------------
Net assets, at value .............................................................................. $6,068,862,682
==============
Net assets consist of paid-in capital ......................................................................... $6,068,862,682
==============
Shares outstanding ............................................................................................ 6,068,862,682
==============
Net asset value per share ..................................................................................... $ 1.00
==============

18 | The accompanying notes are an integral part of these financial statements.
| Semiannual Report

The Money Market Portfolios

FINANCIAL STATEMENTS (CONTINUED)

STATEMENT OF OPERATIONS
for the six months ended December 31, 2006 (unaudited)

--------------
THE
MONEY MARKET
PORTFOLIO
--------------

Investment income:
Interest ................................................................................................... $ 154,020,740
--------------
Expenses:
Management fees (Note 3a) .................................................................................. 4,335,253
Custodian fees (Note 4) .................................................................................... 64,170
Reports to shareholders .................................................................................... 6,088
Professional fees .......................................................................................... 23,745
Other ...................................................................................................... 56,144
--------------
Total expenses .......................................................................................... 4,485,400
Expense reductions (Note 4) ............................................................................. (464)
--------------
Net expenses ......................................................................................... 4,484,936
--------------
Net investment income ............................................................................. 149,535,804
--------------
Net increase (decrease) in net assets resulting from operations ............................................... $ 149,535,804
==============

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

The Money Market Portfolios

FINANCIAL STATEMENTS (CONTINUED)

STATEMENTS OF CHANGES IN NET ASSETS

----------------------------------
THE MONEY MARKET PORTFOLIO
----------------------------------
SIX MONTHS ENDED
DECEMBER 31, 2006 YEAR ENDED
(UNAUDITED) JUNE 30, 2006
----------------------------------

Increase (decrease) in net assets:
Net investment income from operations .................................................. $ 149,535,804 $ 235,463,389
Distributions to shareholders from net investment income ............................... (149,535,804) (235,463,389)
Capital share transactions: (Note 2) ................................................... 1,075,123,662 (682,740,398)
----------------------------------
Net increase (decrease) in net assets ............................................... 1,075,123,662 (682,740,398)
Net assets (there is no undistributed net investment income at beginning or end of period):
Beginning of period .................................................................... 4,993,739,020 5,676,479,418
==================================
End of period .......................................................................... $ 6,068,862,682 $4,993,739,020
==================================

20 | The accompanying notes are an integral part of these 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 amended, (the 1940 Act) as a diversified, open-end
investment company, consisting of one Portfolio, the The Money Market Portfolio
(the Portfolio). The shares of the Trust 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. SECURITY VALUATION

Securities are valued at amortized cost which approximates market value. This
method involves valuing an instrument at its cost and thereafter assuming a
constant amortization to maturity of any discount or premium. All security
valuation procedures are approved by the Trust's Board of Trustees.

B. REPURCHASE AGREEMENTS

The Portfolio may enter 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 market 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%. All
repurchase agreements held by the Portfolio at period end had been entered into
on December 29, 2006. Repurchase agreements are valued at cost.

C. INCOME TAXES

No provision has been made for U.S. income taxes because the Portfolio intends
to qualify as a regulated investment company under the Internal Revenue Code and
to distribute to shareholders substantially all of its taxable income and net
realized gains.

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. Such
distributions are reinvested in additional shares of the Portfolio.
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 accounting principles generally accepted in
the United States. 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.

Semiannual Report | 21

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 expenses during the reporting period. Actual results could differ from those
estimates.

F. GUARANTEES AND INDEMNIFICATIONS

Under the Trust's organizational documents, its officers and trustees are
indemnified by the Trust against certain liabilities arising out of the
performance of their duties to the Trust. Additionally, in the normal course of
business, the Trust 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, 2006, there were an unlimited number of shares authorized ($0.01
par value). Transactions in the Portfolio's shares at $1.00 per share were as
follows:

-------------------------------------
SIX MONTHS ENDED YEAR ENDED
DECEMBER 31, 2006 JUNE 30, 2006
-------------------------------------

Shares sold ........................................ $ 4,495,976,470 $ 5,987,924,802
Shares issued on merger (Note 6) ................... 84,125,474 --
Shares issued in reinvestment of distributions ..... 149,529,134 235,470,437
Shares redeemed .................................... $ (3,654,507,416) (6,906,135,637)
-------------------------------------
Net increase (decrease) ............................ $ 1,075,123,662 $ (682,740,398)
=====================================

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 and/or directors of the Franklin Money
Fund, the Institutional Fiduciary Trust, and the Franklin Templeton Money Fund
Trust, and of the following subsidiaries:

- --------------------------------------------------------------------------------
SUBSIDIARY AFFILIATION
- --------------------------------------------------------------------------------
Franklin Advisers, Inc. (Advisers) Investment manager
Franklin Templeton Investor Services, LLC (Investor Transfer agent
Services)

22 | Semiannual Report

The Money Market Portfolios

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

3. TRANSACTIONS WITH AFFILIATES (CONTINUED)

A. MANAGEMENT FEES

The Portfolio pays an investment management fee to Advisers of 0.15% per year of
the average daily net assets of the Portfolio.

B. TRANSFER AGENT FEES

Investor Services, under terms of an agreement, performs shareholder servicing
for the Portfolio and is not paid by the Portfolio for the services.

C. OTHER AFFILIATED TRANSACTIONS

At December 31, 2006, the shares of the Portfolio were owned by the following
funds:

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

Institutional Fiduciary Trust - Money Market Portfolio ..................... 3,981,217,812 65.60%
Franklin Money Fund ........................................................ 1,852,575,655 30.53%
Institutional Fiduciary Trust - Franklin Cash Reserves Fund ................ 135,488,285 2.23%
Franklin Templeton Money Fund Trust - Franklin Templeton Money Fund ........ 99,580,930 1.64%

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, 2006,
the custodian fees were reduced as noted in the Statement of Operations.

5. INCOME TAXES

At December 31, 2006, the cost of investments for book and income tax purposes
was the same.

6. MERGER

On August 31, 2006, the Franklin Money Fund acquired all of the assets, subject
to liabilities, of the Franklin Federal Money Fund pursuant to an agreement of
merger. The merger was accomplished by a taxable exchange and accounted for as a
purchase, and resulted in the Money Fund owning shares of the U.S. Government
Securities Money Market Portfolio. The Money Fund then used the shares of the
U.S. Government Securities Money Market Portfolio to purchase in-kind additional
shares of the Portfolio. The U.S. Government Securities Money Market Portfolio
then liquidated and transferred its portfolio securities to the Portfolio.

Semiannual Report | 23

The Money Market Portfolios

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

6. MERGER (CONTINUED)

The selected financial information and shares outstanding immediately before and
after the acquisition were as follows:

- ---------------------------------------------------------------------------------------------
FUND NAME SHARES AT $1.00 PER SHARE
- ---------------------------------------------------------------------------------------------

The U.S. Government Securities Money Market Portfolio ........... $ 84,125,474
The Money Market Portfolio ...................................... $5,604,232,120
The Money Market Portfolio - post merger ........................ $5,688,357,594

7. REGULATORY MATTERS

As part of various investigations by a number of federal, state, and foreign
regulators and governmental entities, including the Securities and Exchange
Commission ("SEC"), 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 ("marketing support"), Franklin
Resources, Inc. and certain of its subsidiaries (collectively, the "Company"),
entered into settlements with certain of those regulators. Specifically, the
Company entered into settlements with the SEC, among others, concerning market
timing and marketing support.

On June 23, 2006, the SEC approved the proposed plan of distribution for the
marketing support settlement, and disbursement of the settlement monies to the
designated funds, in accordance with the terms and conditions of that settlement
and plan, was completed in September 2006. The Trust did not participate in that
Settlement.

The plan of distribution for the market timing settlement is currently under
review by the SEC staff. After publication of notice of the plan and a 30-day
comment period, the proposed plan of distribution will be submitted to the SEC
for approval. Following the SEC's approval of the plan of distribution, with
modifications as appropriate, distribution of the settlement monies will begin
in accordance with the terms and conditions of the settlement and plan.

In addition, the Company, as well as most of the mutual funds within Franklin
Templeton Investments and certain current or former officers, Company directors,
fund directors, and employees, have been named in private lawsuits (styled as
shareholder class actions, or as derivative actions on behalf of either the
named funds or Franklin Resources, Inc.). The lawsuits relate to the industry
practices referenced above, as well as to allegedly excessive commissions and
advisory and distribution fees.

The Company and fund management believe that the claims made in each of the
private lawsuits referenced above are without merit and intend to defend against
them vigorously. The Company cannot predict with certainty the eventual outcome
of these lawsuits, nor whether they will have a material negative impact on the
Company. If it is determined that the Company 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.

24 | Semiannual Report

The Money Market Portfolios

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

8. NEW ACCOUNTING PRONOUNCEMENTS

In July 2006, the Financial Accounting Standards Board (FASB) issued FASB
Interpretation No. 48, "Accounting for Uncertainty in Income Taxes - an
Interpretation of FASB Statement No. 109" ("FIN 48"), which clarifies the
accounting for uncertainty in tax positions taken or expected to be taken in a
tax return. FIN 48 provides guidance on the measurement, recognition,
classification and disclosure of tax positions, along with accounting for the
related interest and penalties. FIN 48 is effective for fiscal years beginning
after December 15, 2006, and is to be applied to all open tax years as of the
date of effectiveness. On December 22, 2006, the Securities and Exchange
Commission extended the implementation date to no later than the last net asset
value calculation in the first semi-annual reporting period in 2007. The Trust
is currently evaluating the impact, if any, of applying the various provisions
of FIN 48.

In September 2006, FASB issued FASB Statement No. 157, "Fair Value Measurement"
("SFAS 157"), which defines fair value, establishes a framework for measuring
fair value, and expands disclosures about fair value measurements. SFAS 157 is
effective for fiscal years beginning after November 15, 2007, and interim
periods within those fiscal years. The Trust believes the adoption of SFAS 157
will have no material impact on its financial statements.

Semiannual Report | 25

SHAREHOLDER INFORMATION

PROXY VOTING POLICIES AND PROCEDURES

The Trust 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 1-954/527-7678 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 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
1-800/SEC-0330.

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 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 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 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 12. EXHIBITS.

(a) (1) Code of Ethics

(a) (2) 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) 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.

THE MONEY MARKET PORTFOLIOS

By /S/JIMMY D. GAMBILL
-------------------
Jimmy D. Gambill
Chief Executive Officer - Finance and Administration
Date February 27, 2007

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
-------------------
Jimmy D. Gambill
Chief Executive Officer - Finance and Administration
Date February 27, 2007

By /S/GALEN G. VETTER
------------------
Galen G. Vetter
Chief Financial Officer
Date February 27, 2007