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<PAGE> PAGE 7
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<PAGE> PAGE 9
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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 18
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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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010 A000601 FRANKLIN ADVISERS, INC.
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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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<PAGE> PAGE 35
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008 A000701 FRANKLIN ADVISERS, INC.
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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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<PAGE> PAGE 40
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010 A000801 FRANKLIN ADVISERS, INC.
010 B000801 801-26292
010 C010801 SAN MATEO
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015 A000801 BANK OF AMERICA NT & SA
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<PAGE> PAGE 41
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028 C040800 425
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028 G020800 23
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028 G040800 1421
028 H000800 0
034 000800 Y
035 000800 0
036 A000800 N
036 B000800 0
037 000800 N
038 000800 0
039 000800 N
040 000800 Y
041 000800 Y
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<PAGE> PAGE 42
047 000800 Y
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048 I020800 0.000
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055 A000800 Y
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
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<PAGE> PAGE 43
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 N
070 B010800 N
070 B020800 N
070 C010800 N
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 Y
070 N020800 N
070 O010800 N
070 O020800 N
070 P010800 Y
070 P020800 N
070 Q010800 N
070 Q020800 N
070 R010800 N
070 R020800 N
071 A000800 0
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<PAGE> PAGE 44
072 A000800 12
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073 A010800 0.0497
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<PAGE> PAGE 45
074 O000800 0
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075 A000800 1068
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076 000800 0.00
010 A000901 FRANKLIN ADVISERS, INC.
010 B000901 801-26292
010 C010901 SAN MATEO
010 C020901 CA
010 C030901 94403
010 C040901 7777
015 A000901 BANK OF AMERICA NT & SA
015 B000901 C
015 C010901 SAN FRANCISCO
015 C020901 CA
015 C030901 94104
015 C040901 1502
015 E010901 X
015 A000902 CITIBANK DELAWARE
015 B000902 C
015 C010902 NEW CASTLE
015 C020902 DE
015 C030902 19720
015 C040902 2409
015 E010902 X
028 A010900 17383
028 A020900 52
028 A030900 0
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<PAGE> PAGE 46
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034 000900 Y
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037 000900 N
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039 000900 N
040 000900 Y
041 000900 Y
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<PAGE> PAGE 47
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055 A000900 Y
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056 000900 N
057 000900 N
058 A000900 N
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060 B000900 Y
061 000900 1000
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066 A000900 Y
066 B000900 N
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066 D000900 N
066 E000900 N
066 F000900 Y
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068 A000900 N
068 B000900 N
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<PAGE> PAGE 48
070 B010900 N
070 B020900 N
070 C010900 N
070 C020900 N
070 D010900 N
070 D020900 N
070 E010900 N
070 E020900 N
070 F010900 N
070 F020900 N
070 G010900 N
070 G020900 N
070 H010900 N
070 H020900 N
070 I010900 N
070 I020900 N
070 J010900 N
070 J020900 N
070 K010900 Y
070 K020900 Y
070 L010900 N
070 L020900 N
070 M010900 N
070 M020900 N
070 N010900 Y
070 N020900 N
070 O010900 N
070 O020900 N
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070 Q010900 N
070 Q020900 N
070 R010900 N
070 R020900 N
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<PAGE> PAGE 49
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<PAGE> PAGE 50
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SIGNATURE DIOMEDES LOO-TAM
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
INSTITUTIONAL FIDUCIARY TRUST JUNE 30, 1995 ANNUAL REPORT AND IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 011
<NAME> MONEY MARKET PORTFOLIO
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 272,146,783
<INVESTMENTS-AT-VALUE> 272,146,783
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 272,146,783
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 81
<TOTAL-LIABILITIES> 81
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 272,146,702
<SHARES-COMMON-STOCK> 272,146,702
<SHARES-COMMON-PRIOR> 218,253,997
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 272,146,702
<DIVIDEND-INCOME> 13,288,573
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 13,288,573
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 13,288,573
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (13,288,573)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,961,125,799
<NUMBER-OF-SHARES-REDEEMED> (1,914,669,718)
<SHARES-REINVESTED> 7,436,624
<NET-CHANGE-IN-ASSETS> 53,892,705
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 246,135,437
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.053
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (0.053)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.150
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
INSTITUTIONAL FIDUCIARY TRUST JUNE 30, 1995 ANNUAL REPORT AND IS QUALIFIED
IN IST ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 021
<NAME> FRANKLIN LATE DAY MONEY MARKET PORTFOLIO
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 3,245,921
<INVESTMENTS-AT-VALUE> 3,245,921
<RECEIVABLES> 21,585,497
<ASSETS-OTHER> 4,213
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 24,835,631
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 26,285
<TOTAL-LIABILITIES> 26,285
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 24,809,346
<SHARES-COMMON-STOCK> 24,809,346
<SHARES-COMMON-PRIOR> 60,298,654
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 24,809,346
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,704,723
<OTHER-INCOME> 0
<EXPENSES-NET> (49,182)
<NET-INVESTMENT-INCOME> 1,655,541
<REALIZED-GAINS-CURRENT> 129
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 1,655,670
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,655,670)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,675,137,346
<NUMBER-OF-SHARES-REDEEMED> (1,711,775,732)
<SHARES-REINVESTED> 1,149,078
<NET-CHANGE-IN-ASSETS> (35,489,308)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (8,108)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (49,182)
<AVERAGE-NET-ASSETS> 32,781,388
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.051
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (0.051)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.150
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
INSTITUTIONAL FIDUCIARY TRUST JUNE 30, 1995 ANNUAL REPORT AND IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 031
<NAME> FRANKLIN U.S. GOVERNMENT SECURITIES MONEY MARKET PORTFOLIO
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 334,830,412
<INVESTMENTS-AT-VALUE> 334,830,412
<RECEIVABLES> 10
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 334,830,422
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 113
<TOTAL-LIABILITIES> 113
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 334,830,309
<SHARES-COMMON-STOCK> 334,830,309
<SHARES-COMMON-PRIOR> 218,546,982
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 334,830,309
<DIVIDEND-INCOME> 14,715,535
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 14,715,535
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 14,715,535
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (14,715,535)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,881,865,521
<NUMBER-OF-SHARES-REDEEMED> (2,775,064,061)
<SHARES-REINVESTED> 9,481,867
<NET-CHANGE-IN-ASSETS> 116,283,327
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 279,565,413
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.052
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (0.052)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.150
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
INSTITUTIONAL FIDUCIARY TRUST JUNE 30, 1995 ANNUAL REPORT AND IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER>041
<NAME> FRANKLIN U.S TREASURY MONEY MARKET PORTFOLIO
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 201,439,090
<INVESTMENTS-AT-VALUE> 201,439,090
<RECEIVABLES> 20,609
<ASSETS-OTHER> 49,295
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 201,508,994
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 573,580
<TOTAL-LIABILITIES> 573,580
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 200,935,414
<SHARES-COMMON-STOCK> 200,935,414
<SHARES-COMMON-PRIOR> 195,134,586
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 200,935,414
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 11,398,032
<OTHER-INCOME> 0
<EXPENSES-NET> (226,770)
<NET-INVESTMENT-INCOME> 11,171,262
<REALIZED-GAINS-CURRENT> 5,063
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 11,176,325
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (11,176,325)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,008,930,555
<NUMBER-OF-SHARES-REDEEMED> (1,008,845,685)
<SHARES-REINVESTED> 5,715,958
<NET-CHANGE-IN-ASSETS> 5,800,828
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (127,141)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (226,770)
<AVERAGE-NET-ASSETS> 221,376,948
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> .051
<PER-SHARE-GAIN-APPREC> .000
<PER-SHARE-DIVIDEND> (.051)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> .100
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
INSTITUTIONAL FIDUCIARY TRUST JUNE 30, 1995 ANNUAL REPORT AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 051
<NAME> FRANKLIN INSTITUTIONAL ADJUSTABLE U.S. GOVT. SECURITIES FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 27,032,676
<INVESTMENTS-AT-VALUE> 25,023,285
<RECEIVABLES> 0
<ASSETS-OTHER> 1,090
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 25,024,375
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,428
<TOTAL-LIABILITIES> 4,428
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 55,760,902
<SHARES-COMMON-STOCK> 2,703,982
<SHARES-COMMON-PRIOR> 5,506,865
<ACCUMULATED-NII-CURRENT> 42,432
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (28,773,996)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (2,009,391)
<NET-ASSETS> 25,019,947
<DIVIDEND-INCOME> 2,222,606
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> (30,426)
<NET-INVESTMENT-INCOME> 2,192,180
<REALIZED-GAINS-CURRENT> (2,295,273)
<APPREC-INCREASE-CURRENT> 1,324,517
<NET-CHANGE-FROM-OPS> (970,756)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,210,136)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 407,666
<NUMBER-OF-SHARES-REDEEMED> (3,255,282)
<SHARES-REINVESTED> 44,733
<NET-CHANGE-IN-ASSETS> (26,718,054)
<ACCUMULATED-NII-PRIOR> 60,388
<ACCUMULATED-GAINS-PRIOR> (26,478,723)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (7,825)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (30,426)
<AVERAGE-NET-ASSETS> 37,739,411
<PER-SHARE-NAV-BEGIN> 9.400
<PER-SHARE-NII> .551
<PER-SHARE-GAIN-APPREC> (.155)
<PER-SHARE-DIVIDEND> (.546)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 9.250
<EXPENSE-RATIO> .080
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
INSTITUTIONAL FIDUCIARY TRUST JUNE 30, 1995 ANNUAL REPORT AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 061
<NAME> FRANKLIN INSTITUTIONAL ADJUSTABLE RATE SECURITIES FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 8,828,370
<INVESTMENTS-AT-VALUE> 8,597,255
<RECEIVABLES> 0
<ASSETS-OTHER> 357
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 8,597,612
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,560
<TOTAL-LIABILITIES> 1,560
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10,720,972
<SHARES-COMMON-STOCK> 878,985
<SHARES-COMMON-PRIOR> 3,193,336
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,893,805)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (231,115)
<NET-ASSETS> 8,596,052
<DIVIDEND-INCOME> 881,066
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> (8,474)
<NET-INVESTMENT-INCOME> 872,592
<REALIZED-GAINS-CURRENT> (772,268)
<APPREC-INCREASE-CURRENT> 646,566
<NET-CHANGE-FROM-OPS> 746,890
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (872,592)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 201,682
<NUMBER-OF-SHARES-REDEEMED> (2,528,833)
<SHARES-REINVESTED> 12,800
<NET-CHANGE-IN-ASSETS> (22,602,440)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (1,121,537)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (12,780)
<AVERAGE-NET-ASSETS> 14,951,189
<PER-SHARE-NAV-BEGIN> 9.770
<PER-SHARE-NII> .589
<PER-SHARE-GAIN-APPREC> .010
<PER-SHARE-DIVIDEND> (.589)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 9.780
<EXPENSE-RATIO> .060
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
INSTITUTIONAL FIDUCIARY TRUST JUNE 30, 1995 ANNUAL REPORT AND IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 071
<NAME> FRANKLIN U.S. GOVERNMENT AGENCY MONEY MARKET FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 34,266,983
<INVESTMENTS-AT-VALUE> 34,266,983
<RECEIVABLES> 5,906
<ASSETS-OTHER> 25,426
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 34,298,315
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 13,763
<TOTAL-LIABILITIES> 13,763
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 34,284,552
<SHARES-COMMON-STOCK> 34,284,552
<SHARES-COMMON-PRIOR> 5,065,321
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 34,284,552
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 806,011
<OTHER-INCOME> 0
<EXPENSES-NET> (42,650)
<NET-INVESTMENT-INCOME> 763,361
<REALIZED-GAINS-CURRENT> 279
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 763,640
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (763,640)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 52,530,734
<NUMBER-OF-SHARES-REDEEMED> (24,070,185)
<SHARES-REINVESTED> 758,682
<NET-CHANGE-IN-ASSETS> 29,219,231
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (42,650)
<AVERAGE-NET-ASSETS> 14,150,755
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> .051
<PER-SHARE-GAIN-APPREC> .000
<PER-SHARE-DIVIDEND> (.051)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> .300
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 081
<NAME> AEA CASH MANAGEMENT FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1995
<PERIOD-END> JUN-20-1995
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 954,958
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 52,206
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> (1,096)
<NET-INVESTMENT-INCOME> 51,110
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 51,110
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (51,110)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 566,000
<NUMBER-OF-SHARES-REDEEMED> (1,570,861)
<SHARES-REINVESTED> 49,903
<NET-CHANGE-IN-ASSETS> 0
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (1,096)
<AVERAGE-NET-ASSETS> 1,067,734
<PER-SHARE-NAV-BEGIN> 0
<PER-SHARE-NII> 0.049
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (0.049)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0
<EXPENSE-RATIO> 0.103
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
INSTITUTIONAL FIDUCIARY TRUST JUNE 30, 1995 ANNUAL REPORT AND IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 091
<NAME> FRANKLIN CASH RESERVES FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 14,585,078
<INVESTMENTS-AT-VALUE> 14,585,078
<RECEIVABLES> 15,444
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 14,600,522
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 55,218
<TOTAL-LIABILITIES> 55,218
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 14,545,304
<SHARES-COMMON-STOCK> 14,545,304
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 14,545,304
<DIVIDEND-INCOME> 559,372
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> (23,199)
<NET-INVESTMENT-INCOME> 536,173
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 536,173
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (536,173)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 55,543,343
<NUMBER-OF-SHARES-REDEEMED> (41,489,469)
<SHARES-REINVESTED> 490,930
<NET-CHANGE-IN-ASSETS> 14,544,804
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (35,747)
<AVERAGE-NET-ASSETS> 9,420,354
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> .052
<PER-SHARE-GAIN-APPREC> .000
<PER-SHARE-DIVIDEND> (.052)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> .400
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
REPORT OF INDEPENDENT AUDITORS
To the Shareholders and Board of Trustees of
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, 1995, 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 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, 1995.
This report is intended solely for the information and use
of management of Institutional Fiduciary Trust and the
Securities and Exchange Commission.
S\COOPERS & LYBRAND L.L.P.
Coopers & Lybrand L.L.P.
San Francisco, California
August 4, 1995
