144STKS

                         SUPPLEMENT DATED JUNE 18, 1996
                               TO THE STATEMENT OF
                             ADDITIONAL INFORMATION
                          INSTITUTIONAL FIDUCIARY TRUST
                        FRANKLIN INSTITUTIONAL ADJUSTABLE
                         U.S. GOVERNMENT SECURITIES FUND
                      FRANKIN INSTITUTIONAL ADJUSTABLE RATE
                                 SECURITIES FUND
                             DATED NOVEMBER 1, 1995

The discussion on inverse floaters under "Other Policies", in the section
entitled "The Investment Objective and Policies of the Funds", is modified by
replacing the reference to "Portfolio" with "Securities Portfolio".

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