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<PAGE> PAGE 15
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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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<PAGE> PAGE 35
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<PAGE> PAGE 36
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008 A000701 FRANKLIN ADVISERS, INC.
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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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<PAGE> PAGE 41
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010 A000801 FRANKLIN ADVISERS, INC.
010 B000801 801-26292
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015 A000801 BANK OF AMERICA NT & SA
015 B000801 C
015 C010801 SAN FRANCISCO
015 C020801 CA
015 C030801 94104
015 C040801 1502
015 E010801 X
015 A000802 CITIBANK DELAWARE
015 B000802 C
015 C010802 NEW CASTLE
015 C020802 DE
015 C030802 19720
015 C040802 2409
015 E010802 X
028 A010800 3177
028 A020800 72
028 A030800 0
028 A040800 2985
028 B010800 353
028 B020800 51
028 B030800 0
028 B040800 4107
028 C010800 2321
028 C020800 50
028 C030800 0
028 C040800 2081
028 D010800 16593
028 D020800 75
028 D030800 0
028 D040800 7311
028 E010800 7747
028 E020800 82
028 E030800 0
028 E040800 14788
028 F010800 41628
028 F020800 74
028 F030800 0
028 F040800 34803
<PAGE> PAGE 42
028 G010800 71819
028 G020800 404
028 G030800 0
028 G040800 66075
028 H000800 0
034 000800 Y
035 000800 0
036 A000800 N
036 B000800 0
037 000800 N
038 000800 0
039 000800 Y
040 000800 Y
041 000800 Y
042 A000800 0
042 B000800 0
042 C000800 0
042 D000800 100
042 E000800 0
042 F000800 0
042 G000800 0
042 H000800 0
043 000800 16
044 000800 0
045 000800 Y
046 000800 N
047 000800 Y
048 000800 0.250
048 A010800 0
048 A020800 0.000
048 B010800 0
048 B020800 0.000
048 C010800 0
048 C020800 0.000
048 D010800 0
048 D020800 0.000
048 E010800 0
048 E020800 0.000
048 F010800 0
048 F020800 0.000
048 G010800 0
048 G020800 0.000
048 H010800 0
048 H020800 0.000
048 I010800 0
048 I020800 0.000
048 J010800 0
048 J020800 0.000
048 K010800 0
048 K020800 0.000
049 000800 N
<PAGE> PAGE 43
050 000800 N
051 000800 N
052 000800 N
053 A000800 Y
053 B000800 Y
053 C000800 N
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 1000
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 N
070 B010800 N
070 B020800 N
070 C010800 N
<PAGE> PAGE 44
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
071 B000800 0
071 C000800 0
071 D000800 0
072 A000800 6
072 B000800 0
072 C000800 436
072 D000800 0
072 E000800 0
072 F000800 0
072 G000800 19
072 H000800 0
072 I000800 0
072 J000800 0
072 K000800 0
072 L000800 1
072 M000800 1
072 N000800 3
072 O000800 0
072 P000800 0
<PAGE> PAGE 45
072 Q000800 0
072 R000800 1
072 S000800 1
072 T000800 17
072 U000800 0
072 V000800 0
072 W000800 0
072 X000800 43
072 Y000800 19
072 Z000800 412
072AA000800 0
072BB000800 0
072CC010800 0
072CC020800 0
072DD010800 412
072DD020800 0
072EE000800 0
073 A010800 0.0275
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 20752
074 G000800 0
074 H000800 0
074 I000800 0
074 J000800 0
074 K000800 0
074 L000800 0
074 M000800 0
074 N000800 20752
074 O000800 0
074 P000800 8
074 Q000800 0
074 R010800 0
074 R020800 0
074 R030800 0
074 R040800 51
074 S000800 0
074 T000800 20693
074 U010800 20693
074 U020800 0
074 V010800 1.00
074 V020800 0.00
074 W000800 0.9996
074 X000800 237
074 Y000800 0
<PAGE> PAGE 46
075 A000800 15029
075 B000800 0
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
062 A000900 N
062 B000900 0.0
062 C000900 0.0
062 D000900 0.0
062 E000900 0.0
062 F000900 0.0
062 G000900 0.0
062 H000900 0.0
062 I000900 0.0
062 J000900 0.0
062 K000900 0.0
062 L000900 0.0
062 M000900 0.0
062 N000900 0.0
062 O000900 0.0
062 P000900 0.0
062 Q000900 0.0
062 R000900 0.0
071 A000900 0
071 B000900 0
071 C000900 0
071 D000900 0
072 A000900 0
072 B000900 0
072 C000900 0
072 D000900 0
072 E000900 0
072 F000900 0
072 G000900 0
072 H000900 0
SIGNATURE DIOMEDES LOO-TAM
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
INSTITUTIONAL FIDUCIARY TRUST DECEMBER 31, 1995 SEMI-ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> MONEY MARKET PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 258,982,647
<INVESTMENTS-AT-VALUE> 258,982,647
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 258,982,647
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 26,339
<TOTAL-LIABILITIES> 26,339
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 258,956,308
<SHARES-COMMON-STOCK> 258,956,308
<SHARES-COMMON-PRIOR> 272,146,702
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 258,956,308
<DIVIDEND-INCOME> 8,373,983
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> (49,948)
<NET-INVESTMENT-INCOME> 8,324,035
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 8,324,035
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (8,324,035)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,305,504,488
<NUMBER-OF-SHARES-REDEEMED> (1,322,174,537)
<SHARES-REINVESTED> 3,479,655
<NET-CHANGE-IN-ASSETS> (13,190,394)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 73,035
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 125,355
<AVERAGE-NET-ASSETS> 289,757,910
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .029
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (0.029)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .180
<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 DECEMBER 31,1995 SEMI-ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> FRANKLIN LATE DAY MONEY MARKET PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 599,116
<INVESTMENTS-AT-VALUE> 599,116
<RECEIVABLES> 19,612,060
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 20,211,176
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 406,540
<TOTAL-LIABILITIES> 406,540
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 19,804,636
<SHARES-COMMON-STOCK> 19,804,636
<SHARES-COMMON-PRIOR> 24,809,346
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 19,804,636
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 596,546
<OTHER-INCOME> 0
<EXPENSES-NET> (19,047)
<NET-INVESTMENT-INCOME> 577,499
<REALIZED-GAINS-CURRENT> (10)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 577,489
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (577,489)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 410,589,106
<NUMBER-OF-SHARES-REDEEMED> (415,906,536)
<SHARES-REINVESTED> 312,720
<NET-CHANGE-IN-ASSETS> (5,004,710)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 65,044
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 86,019
<AVERAGE-NET-ASSETS> 20,644,369
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.028
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> (0.028)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.180
<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 DECEMBER 31, 1995 SEMI-ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> FRANKLIN U.S. GOVERNMENT SECURITIES MONEY MARKET PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 208,508,416
<INVESTMENTS-AT-VALUE> 208,508,416
<RECEIVABLES> 1,900
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 208,510,316
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5,765
<TOTAL-LIABILITIES> 5,765
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 208,504,551
<SHARES-COMMON-STOCK> 208,504,551
<SHARES-COMMON-PRIOR> 334,830,309
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 208,504,551
<DIVIDEND-INCOME> 6,966,557
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 37,370
<NET-INVESTMENT-INCOME> 6,929,187
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 6,929,187
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (6,929,187)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 642,853,799
<NUMBER-OF-SHARES-REDEEMED> (773,616,645)
<SHARES-REINVESTED> 4,437,088
<NET-CHANGE-IN-ASSETS> (126,325,758)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 61,901
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 98,920
<AVERAGE-NET-ASSETS> 245,581,436
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.028
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (0.028)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.18
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN INSTITUTIONAL FIDUCIARY TRUST DECEMBER 31, 1995 SEMI-ANNUAL
REPORT AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 4
<NAME> FRANKLIN U.S. TREASURY MONEY MARKET PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 201,652,876
<INVESTMENTS-AT-VALUE> 201,652,876
<RECEIVABLES> 28,970
<ASSETS-OTHER> 31,831
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 201,713,677
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 652,389
<TOTAL-LIABILITIES> 652,389
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 201,061,288
<SHARES-COMMON-STOCK> 201,061,288
<SHARES-COMMON-PRIOR> 200,935,414
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 201,061,288
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5,210,665
<OTHER-INCOME> 0
<EXPENSES-NET> (172,612)
<NET-INVESTMENT-INCOME> 5,038,053
<REALIZED-GAINS-CURRENT> 1,577
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 5,039,630
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (5,039,630)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 255,906,773
<NUMBER-OF-SHARES-REDEEMED> (257,350,168)
<SHARES-REINVESTED> 1,569,269
<NET-CHANGE-IN-ASSETS> 125,874
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 235,504
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 285,126
<AVERAGE-NET-ASSETS> 186,867,445
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.027
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> (0.027)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.180
<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 DECEMBER 31, 1995 SEMI ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> FRANKLIN INST. ADJUSTABLE U.S. GOVERNMENT SECURITIES FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 13,151,972
<INVESTMENTS-AT-VALUE> 12,600,628
<RECEIVABLES> 0
<ASSETS-OTHER> 595
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 12,601,223
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5,730
<TOTAL-LIABILITIES> 5,730
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 43,221,762
<SHARES-COMMON-STOCK> 1,353,222
<SHARES-COMMON-PRIOR> 2,703,982
<ACCUMULATED-NII-CURRENT> 27,457
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (30,102,382)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (551,344)
<NET-ASSETS> 12,595,493
<DIVIDEND-INCOME> 530,065
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> (13,283)
<NET-INVESTMENT-INCOME> 516,782
<REALIZED-GAINS-CURRENT> (1,328,386)
<APPREC-INCREASE-CURRENT> 1,458,047
<NET-CHANGE-FROM-OPS> 646,443
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 531,757
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 19,590
<NUMBER-OF-SHARES-REDEEMED> (1,378,536)
<SHARES-REINVESTED> 8,186
<NET-CHANGE-IN-ASSETS> (12,424,454)
<ACCUMULATED-NII-PRIOR> 42,432
<ACCUMULATED-GAINS-PRIOR> (28,773,996)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4,551
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 13,283
<AVERAGE-NET-ASSETS> 18,053,878
<PER-SHARE-NAV-BEGIN> 9.250
<PER-SHARE-NII> .268
<PER-SHARE-GAIN-APPREC> .090
<PER-SHARE-DIVIDEND> (.298)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 9.310
<EXPENSE-RATIO> .400
<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
INSTITUTIONAL FIDUCIARY TRUST DECEMBER 31, 1995 SEMI-ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 6
<NAME> FRANKLIN INSTITUTIONAL ADJUSTABLE RATE SECURITIES FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 8,878,375
<INVESTMENTS-AT-VALUE> 8,753,741
<RECEIVABLES> 0
<ASSETS-OTHER> 419
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 8,754,160
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,915
<TOTAL-LIABILITIES> 3,915
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10,796,323
<SHARES-COMMON-STOCK> 887,485
<SHARES-COMMON-PRIOR> 878,985
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,921,444)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (124,634)
<NET-ASSETS> 8,750,245
<DIVIDEND-INCOME> 295,135
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> (8,410)
<NET-INVESTMENT-INCOME> 286,725
<REALIZED-GAINS-CURRENT> (27,639)
<APPREC-INCREASE-CURRENT> 106,481
<NET-CHANGE-FROM-OPS> 365,567
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (286,725)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 226,777
<NUMBER-OF-SHARES-REDEEMED> (220,521)
<SHARES-REINVESTED> 2,244
<NET-CHANGE-IN-ASSETS> 154,193
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (1,893,805)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,369
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 8,410
<AVERAGE-NET-ASSETS> 9,391,544
<PER-SHARE-NAV-BEGIN> 9.780
<PER-SHARE-NII> .300
<PER-SHARE-GAIN-APPREC> .080
<PER-SHARE-DIVIDEND> (.300)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 9.860
<EXPENSE-RATIO> .430
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN INSTITUTIONAL FIDUCIARY TRUST DECEMBER 31, 1995 SEMI-ANNUAL
REPORT AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 7
<NAME> FRANKLIN U.S. GOVERNMENT AGENCY MONEY MARKET FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 87,887,971
<INVESTMENTS-AT-VALUE> 87,887,971
<RECEIVABLES> 3,472
<ASSETS-OTHER> 9,548
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 87,900,991
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 57,860
<TOTAL-LIABILITIES> 57,860
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 87,843,131
<SHARES-COMMON-STOCK> 87,843,131
<SHARES-COMMON-PRIOR> 34,284,552
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 87,843,131
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,628,607
<OTHER-INCOME> 0
<EXPENSES-NET> (118,533)
<NET-INVESTMENT-INCOME> 1,510,074
<REALIZED-GAINS-CURRENT> 226
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 1,510,300
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,510,300)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 124,860,307
<NUMBER-OF-SHARES-REDEEMED> (72,801,257)
<SHARES-REINVESTED> 1,499,529
<NET-CHANGE-IN-ASSETS> 53,558,579
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 42,754
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 137,645
<AVERAGE-NET-ASSETS> 56,540,922
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.027
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> (0.027)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.420
<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 DECEMBER 31, 1995 SEMI-ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 8
<NAME> FRANKLIN CASH RESERVES FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 20,752,073
<INVESTMENTS-AT-VALUE> 20,752,073
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 20,752,073
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 59,208
<TOTAL-LIABILITIES> 59,208
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 20,692,865
<SHARES-COMMON-STOCK> 20,692,865
<SHARES-COMMON-PRIOR> 14,545,304
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 20,692,865
<DIVIDEND-INCOME> 436,658
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> (24,260)
<NET-INVESTMENT-INCOME> 412,398
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 412,398
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (412,398)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 71,818,704
<NUMBER-OF-SHARES-REDEEMED> (66,075,523)
<SHARES-REINVESTED> 404,380
<NET-CHANGE-IN-ASSETS> 6,147,561
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 18,941
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 43,201
<AVERAGE-NET-ASSETS> 15,028,861
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.028
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (0.028)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.470
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
