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<PAGE> PAGE 7
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<PAGE> PAGE 10
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 15
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<PAGE> PAGE 17
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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008 B000701 A
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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010 A000801 FRANKLIN ADVISERS, INC.
010 B000801 801-26292
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<PAGE> PAGE 40
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<PAGE> PAGE 41
048 I010800 0
048 I020800 0.000
048 J010800 0
048 J020800 0.000
048 K010800 0
048 K020800 0.000
055 A000800 N
055 B000800 N
056 000800 N
057 000800 N
058 A000800 N
059 000800 Y
060 A000800 Y
060 B000800 Y
061 000800 2000
062 A000800 N
062 B000800 0.0
062 C000800 0.0
062 D000800 0.0
062 E000800 0.0
062 F000800 0.0
062 G000800 0.0
062 H000800 0.0
062 I000800 0.0
062 J000800 0.0
062 K000800 0.0
062 L000800 0.0
062 M000800 0.0
062 N000800 0.0
062 O000800 0.0
062 P000800 0.0
062 Q000800 0.0
062 R000800 0.0
063 A000800 0
063 B000800 0.0
066 A000800 Y
066 B000800 N
066 C000800 N
066 D000800 N
066 E000800 N
066 F000800 Y
066 G000800 N
067 000800 N
068 A000800 N
068 B000800 N
069 000800 N
070 A010800 Y
070 A020800 Y
070 B010800 N
070 B020800 N
070 C010800 N
<PAGE> PAGE 42
070 C020800 N
070 D010800 N
070 D020800 N
070 E010800 N
070 E020800 N
070 F010800 N
070 F020800 N
070 G010800 N
070 G020800 N
070 H010800 N
070 H020800 N
070 I010800 N
070 I020800 N
070 J010800 N
070 J020800 N
070 K010800 Y
070 K020800 Y
070 L010800 N
070 L020800 N
070 M010800 N
070 M020800 N
070 N010800 N
070 N020800 N
070 O010800 N
070 O020800 N
070 P010800 Y
070 P020800 Y
070 Q010800 N
070 Q020800 N
070 R010800 N
070 R020800 N
071 A000800 0
071 B000800 0
071 C000800 0
071 D000800 0
072 A000800 5
072 B000800 0
072 C000800 5
072 D000800 0
072 E000800 0
072 F000800 0
072 G000800 0
072 H000800 0
072 I000800 0
072 J000800 0
072 K000800 0
072 L000800 0
072 M000800 0
072 N000800 11
072 O000800 0
072 P000800 0
<PAGE> PAGE 43
072 Q000800 0
072 R000800 0
072 S000800 0
072 T000800 0
072 U000800 0
072 V000800 0
072 W000800 0
072 X000800 11
072 Y000800 11
072 Z000800 5
072AA000800 0
072BB000800 0
072CC010800 0
072CC020800 0
072DD010800 5
072DD020800 0
072EE000800 0
073 A010800 0.0139
073 A020800 0.0000
073 B000800 0.0000
073 C000800 0.0000
074 A000800 0
074 B000800 0
074 C000800 0
074 D000800 0
074 E000800 0
074 F000800 935
074 G000800 0
074 H000800 0
074 I000800 0
074 J000800 0
074 K000800 11
074 L000800 0
074 M000800 12
074 N000800 958
074 O000800 0
074 P000800 0
074 Q000800 0
074 R010800 0
074 R020800 0
074 R030800 0
074 R040800 3
074 S000800 0
074 T000800 955
074 U010800 955
074 U020800 0
074 V010800 1.00
074 V020800 0.00
074 W000800 0.9989
074 X000800 6
074 Y000800 0
<PAGE> PAGE 44
075 A000800 336
075 B000800 0
076 000800 0.00
SIGNATURE KENNETH V. DOMINGUES
TITLE VP, TREAS., & CFO
REPORT OF INDEPENDENT AUDITORS
To the Shareholders and Board of Trustees
of the Institutional Fiduciary Trust:
In planning and performing our audit of the financial statements
and financial highlights of the Institutional Fiduciary Trust
for the year ended June 30, 1994, we considered its internal
control structure, including procedures for safeguarding
securities, in order to determine our auditing procedures for the
purpose of expressing our opinion on the financial statements and
financial highlights and to comply with the requirements of Form
N-SAR, not to provide assurance on the internal control structure.
The management of the Institutional Fiduciary Trust is responsible
for establishing and maintaining an internal control structure.
In fulfilling this responsibility, estimates and judgements by
management are required to assess the expected benefits and related
costs of internal control structure policies and procedures. Two
of the objectives of an internal control structure are to provide
management with reasonable, but not absolute, assurance that assets
are safeguarded against loss from unauthorized use or disposition
and that transactions are executed in accordance with management's
authorization and recorded properly to permit preparation of
financial statements in conformity with generally accepted
accounting principles.
Because of inherent limitations in any internal control structure,
errors or irregularities may occur and not be detected. Also,
projection of any evaluation of the structure to future periods is
subject to the risk that it may become inadequate because of
changes in conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of the internal control structure would not
necessarily disclose all matters in the internal control structure
that might be material weaknesses under standards established by
the American Institute of Certified Public Accountants. A material
weakness is a condition in which the design or operation of the
specific internal control structure elements does not reduce to a
relatively low level the risk that errors or irregularities in
amounts that would be material in relation to the financial
statements and financial highlights being audited may occur and not
be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted
no matters involving the internal control structure, including
procedures for safeguarding securities, that we consider to be
material weaknesses, as defined above, as of June 30, 1994.
This report is intended solely for the information and use of
management of the Institutional Fiduciary Trust and the Securities
and Exchange Commission.
S\COOPERS & LYBRAND L.L.P.
Coopers & Lybrand L.L.P.
San Francisco, California
August 3, 1994
INSTITUTIONAL FIDUCIARY TRUST
ACTION OF SOLE SHAREHOLDER BY WRITTEN CONSENT
The undersigned, being the sole shareholder of the
Franklin U.S. Government Agency Money Market Fund, a series of
Institutional Fiduciary Trust (the "Trust"), does hereby take the
following actions and does hereby consent to the following
resolutions:
RESOLVED: That the Management Agreement to be
entered into between Franklin Advisers, Inc. and
the Trust on behalf of the Fund, be, and it hereby
is, approved for the Fund.
RESOLVED: That the Distribution Plan pursuant to
Rule 12b-1 (under the Investment Company Act of
1940), as agreed to and accepted by
Franklin/Templeton Distributors, Inc. and the
Trust, dated February 8, 1994, be and it hereby
is, approved for the Fund.
By execution hereof, the undersigned shareholder waives
prior notice of the foregoing actions by written consent.
FRANKLIN RESOURCES, INC.
Dated: February 8, 1994 By: s\ H.E. Burns
Title: Executive Vice President
INSTITUTIONAL FIDUCIARY TRUST
ACTION OF SOLE SHAREHOLDER BY WRITTEN CONSENT
The undersigned, being the sole shareholder of the AEA
Cash Management Fund, a series of Institutional Fiduciary Trust
(the "Trust"), does hereby take the following actions and does
hereby consent to the following resolutions:
RESOLVED: That the Distribution Plan
pursuant to Rule 12b-1 (under the Investment
Company Act of 1940), as agreed to and
accepted by Franklin/Templeton Distributors,
Inc. and the Trust, dated February 8, 1994,
be and it hereby is, approved for the Fund.
By execution hereof, the undersigned shareholder waives
prior notice of the foregoing actions by written consent.
FRANKLIN RESOURCES, INC.
Dated: February 8, 1994 By: s\ H. E. Burns
Title: Executive Vice President
