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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 14
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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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010 B000501 801-26292
010 C010501 SAN MATEO
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015 A000501 BANK OF AMERICA NT & SA
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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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010 A000601 FRANKLIN ADVISERS, INC.
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015 A000601 BANK OF AMERICA NT & SA
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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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<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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<PAGE> PAGE 41
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063 A000700 38
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064 A000700 N
064 B000700 N
066 A000700 N
067 000700 N
068 A000700 N
068 B000700 N
069 000700 N
070 A010700 N
070 A020700 N
070 B010700 N
070 B020700 N
070 C010700 N
070 C020700 N
070 D010700 N
070 D020700 N
070 E010700 N
070 E020700 N
070 F010700 N
070 F020700 N
<PAGE> PAGE 42
070 G010700 N
070 G020700 N
070 H010700 N
070 H020700 N
070 I010700 N
070 I020700 N
070 J010700 N
070 J020700 N
070 K010700 N
070 K020700 N
070 L010700 N
070 L020700 N
070 M010700 N
070 M020700 N
070 N010700 Y
070 N020700 N
070 O010700 N
070 O020700 N
070 P010700 Y
070 P020700 N
070 Q010700 N
070 Q020700 N
070 R010700 N
070 R020700 N
071 A000700 0
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072 A000700 12
072 B000700 4186
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<PAGE> PAGE 43
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072 Y000700 21
072 Z000700 3851
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072BB000700 6
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072DD010700 3848
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073 A010700 0.0511
073 A020700 0.0000
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074 C000700 71760
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074 N000700 71778
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074 W000700 0.9998
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075 A000700 76472
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076 000700 0.00
010 A000801 FRANKLIN ADVISERS, INC.
010 B000801 801-26292
010 C010801 SAN MATEO
010 C020801 CA
<PAGE> PAGE 44
010 C030801 94403
010 C040801 7777
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
015 A000803 BANK OF NEW YORK
015 B000803 C
015 C010803 NEW YORK
015 C020803 NY
015 C030803 10286
015 E010803 X
015 A000804 FRANKLIN TEMPLETON INVESTORS SERVICES, INC.
015 B000804 C
015 C010804 SAN MATEO
015 C020804 CA
015 C030804 94404
015 C040804 1585
015 E030804 X
028 A010800 17199
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<PAGE> PAGE 45
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028 F040800 5199
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034 000800 N
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<PAGE> PAGE 46
049 000800 N
050 000800 N
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052 000800 N
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053 B000800 Y
053 C000800 N
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054 B000800 Y
054 C000800 Y
054 D000800 Y
054 E000800 Y
054 F000800 Y
054 G000800 Y
054 H000800 Y
054 I000800 N
054 J000800 Y
054 K000800 Y
054 L000800 Y
054 M000800 Y
054 N000800 Y
054 O000800 Y
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 100000
062 A000800 N
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<PAGE> PAGE 47
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
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070 R020800 N
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<PAGE> PAGE 48
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<PAGE> PAGE 49
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010 A000901 FRANKLIN ADVISERS, INC.
010 B000901 801-26292
010 C010901 SAN MATEO
010 C020901 CA
010 C030901 94403
010 C040901 7777
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<PAGE> PAGE 50
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SIGNATURE KIMBERLEY MONASTERIO
TITLE ASST TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
INSTITUTIONAL FIDUCIARY TRUST JUNE 30, 1996 ANNUAL REPORT AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 01
<NAME> MONEY MARKET PORTFOLIO
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 341,314,800
<INVESTMENTS-AT-VALUE> 341,314,800
<RECEIVABLES> 767,784
<ASSETS-OTHER> 5,442
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 342,088,026
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 793,471
<TOTAL-LIABILITIES> 793,471
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 341,294,555
<SHARES-COMMON-STOCK> 341,294,555
<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> 341,294,555
<DIVIDEND-INCOME> 16,947,851
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> (131,723)
<NET-INVESTMENT-INCOME> 16,816,128
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 16,816,128
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 16,816,128
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,869,272,670
<NUMBER-OF-SHARES-REDEEMED> (2,807,550,248)
<SHARES-REINVESTED> 7,425,431
<NET-CHANGE-IN-ASSETS> 69,147,853
<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 154,740
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 258,390
<AVERAGE-NET-ASSETS> 308,635,446
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.055
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> (0.055)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.190
<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, 1996 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> YEAR
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
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<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<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> 0
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 0
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<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 0
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<SHARES-REINVESTED> 0
<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> 0
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> .000
<PER-SHARE-GAIN-APPREC> .000
<PER-SHARE-DIVIDEND> .000
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> (1.000)
<PER-SHARE-NAV-END> .000
<EXPENSE-RATIO> .000
<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 JUNE 30, 1996 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> YEAR
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> JUL-01-1995
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 152,155,022
<INVESTMENTS-AT-VALUE> 152,155,022
<RECEIVABLES> 233,906
<ASSETS-OTHER> 24,261
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 152,413,189
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 240,081
<TOTAL-LIABILITIES> 240,081
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 152,173,108
<SHARES-COMMON-STOCK> 152,173,108
<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> 152,173,108
<DIVIDEND-INCOME> 10,739,597
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 73,834
<NET-INVESTMENT-INCOME> 10,665,763
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 10,665,763
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (10,665,763)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,106,494,209
<NUMBER-OF-SHARES-REDEEMED> (1,295,593,361)
<SHARES-REINVESTED> 6,441,951
<NET-CHANGE-IN-ASSETS> (182,657,201)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 98,326
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 195,605
<AVERAGE-NET-ASSETS> 196,112,928
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.054
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (0.054)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> .190
<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
INSTITUTIONAL FIDUCIARY TRUST JUNE 30,1996 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> 12-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 123,476,455
<INVESTMENTS-AT-VALUE> 123,476,455
<RECEIVABLES> 24,294
<ASSETS-OTHER> 13,189
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 123,513,938
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 356,581
<TOTAL-LIABILITIES> 356,581
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 123,157,357
<SHARES-COMMON-STOCK> 123,157,357
<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> 123,157,357
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 8,465,897
<OTHER-INCOME> 0
<EXPENSES-NET> (299,007)
<NET-INVESTMENT-INCOME> 8,166,890
<REALIZED-GAINS-CURRENT> 7,492
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 8,174,382
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (8,174,382)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 429,590,577
<NUMBER-OF-SHARES-REDEEMED> (509,880,817)
<SHARES-REINVESTED> 2,512,183
<NET-CHANGE-IN-ASSETS> (77,778,057)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 393,481
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 465,409
<AVERAGE-NET-ASSETS> 156,962,279
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> .052
<PER-SHARE-GAIN-APPREC> .000
<PER-SHARE-DIVIDEND> (.052)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> .190
<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, 1996 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> YEAR
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 9,925,322
<INVESTMENTS-AT-VALUE> 9,450,014
<RECEIVABLES> 0
<ASSETS-OTHER> 443
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 9,450,457
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,711
<TOTAL-LIABILITIES> 2,711
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 40,101,681
<SHARES-COMMON-STOCK> 1,017,549
<SHARES-COMMON-PRIOR> 2,703,982
<ACCUMULATED-NII-CURRENT> 14,621
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (30,193,248)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (475,308)
<NET-ASSETS> 9,447,746
<DIVIDEND-INCOME> 876,882
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> (18,497)
<NET-INVESTMENT-INCOME> 858,385
<REALIZED-GAINS-CURRENT> (1,419,252)
<APPREC-INCREASE-CURRENT> 1,534,083
<NET-CHANGE-FROM-OPS> 973,216
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (886,196)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 22,039
<NUMBER-OF-SHARES-REDEEMED> (1,720,214)
<SHARES-REINVESTED> 11,742
<NET-CHANGE-IN-ASSETS> (15,572,201)
<ACCUMULATED-NII-PRIOR> 42,432
<ACCUMULATED-GAINS-PRIOR> (28,773,996)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 7,276
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 18,497
<AVERAGE-NET-ASSETS> 14,540,266
<PER-SHARE-NAV-BEGIN> 9.250
<PER-SHARE-NII> .600
<PER-SHARE-GAIN-APPREC> .028
<PER-SHARE-DIVIDEND> (.598)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 9.280
<EXPENSE-RATIO> .380
<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 JUNE 30, 1996 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> YEAR
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 4,578,967
<INVESTMENTS-AT-VALUE> 4,456,113
<RECEIVABLES> 0
<ASSETS-OTHER> 186
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4,456,299
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,167
<TOTAL-LIABILITIES> 3,167
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 6,573,941
<SHARES-COMMON-STOCK> 454,900
<SHARES-COMMON-PRIOR> 878,985
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,997,955)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (122,854)
<NET-ASSETS> 4,453,132
<DIVIDEND-INCOME> 538,931
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> (9,461)
<NET-INVESTMENT-INCOME> 529,470
<REALIZED-GAINS-CURRENT> (104,150)
<APPREC-INCREASE-CURRENT> 108,261
<NET-CHANGE-FROM-OPS> 533,581
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (529,470)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 365,324
<NUMBER-OF-SHARES-REDEEMED> (792,417)
<SHARES-REINVESTED> 3,008
<NET-CHANGE-IN-ASSETS> (4,142,920)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (1,893,805)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4,313
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 9,461
<AVERAGE-NET-ASSETS> 8,599,874
<PER-SHARE-NAV-BEGIN> 9.780
<PER-SHARE-NII> .601
<PER-SHARE-GAIN-APPREC> .011
<PER-SHARE-DIVIDEND> (.601)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 9.790
<EXPENSE-RATIO> .360
<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 JUNE 30, 1996 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> YEAR
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 71,760,593
<INVESTMENTS-AT-VALUE> 71,760,593
<RECEIVABLES> 0
<ASSETS-OTHER> 17,510
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 71,778,103
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 84,156
<TOTAL-LIABILITIES> 84,156
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 71,693,947
<SHARES-COMMON-STOCK> 71,693,947
<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> 71,693,947
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,186,024
<OTHER-INCOME> 0
<EXPENSES-NET> (335,467)
<NET-INVESTMENT-INCOME> 3,850,557
<REALIZED-GAINS-CURRENT> (2,545)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 3,848,012
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,848,012)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 239,775,798
<NUMBER-OF-SHARES-REDEEMED> (206,200,015)
<SHARES-REINVESTED> 3,833,612
<NET-CHANGE-IN-ASSETS> 37,409,395
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 115,022
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 356,394
<AVERAGE-NET-ASSETS> 76,471,543
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.051
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> (0.051)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.440
<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, 1996 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> 12-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 30,405,256
<INVESTMENTS-AT-VALUE> 30,405,256
<RECEIVABLES> 0
<ASSETS-OTHER> 390
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 30,405,646
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 24,589
<TOTAL-LIABILITIES> 24,589
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 30,381,057
<SHARES-COMMON-STOCK> 30,381,057
<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> 30,381,057
<DIVIDEND-INCOME> 1,335,467
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> (84,047)
<NET-INVESTMENT-INCOME> 1,251,420
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 1,251,420
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,251,420)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 146,315,356
<NUMBER-OF-SHARES-REDEEMED> (131,711,902)
<SHARES-REINVESTED> 1,232,299
<NET-CHANGE-IN-ASSETS> 15,835,753
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 61,531
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 140,263
<AVERAGE-NET-ASSETS> 24,545,259
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.052
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> (0.052)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.049
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
REPORT OF INDEPENDENT AUDITORS
To the Board of Trustees
of Institutional Fiduciary Trust:
In planning and performing our audit of the financial statements and
financial highlights of the funds comprising the Institutional Fiduciary
Trust for the year ended June 30, 1996, we considered their 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 judgments 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, 1996.
This report is intended solely for the information and use of
management and the Board of Trustees of the Institutional Fiduciary
Trust and the Securities and Exchange Commission.
S\Coopers & Lybrand L.L.P.
San Francisco, California
August 6, 1996
