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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 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 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 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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<PAGE> PAGE 42
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SIGNATURE LAURA FERGERSON
TITLE ASST TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
INSTITUTIONAL FIDUCIARY TRUST JUNE 30, 1997 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> YEAR
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 185,105,166
<INVESTMENTS-AT-VALUE> 185,105,166
<RECEIVABLES> 282,970
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 185,388,136
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 299,977
<TOTAL-LIABILITIES> 299,977
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 185,088,159
<SHARES-COMMON-STOCK> 185,088,159
<SHARES-COMMON-PRIOR> 341,294,555
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 185,088,159
<DIVIDEND-INCOME> 16,036,209
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> (150,057)
<NET-INVESTMENT-INCOME> 15,886,152
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 15,886,152
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (15,886,152)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,719,946,335
<NUMBER-OF-SHARES-REDEEMED> (3,885,522,745)
<SHARES-REINVESTED> 9,370,014
<NET-CHANGE-IN-ASSETS> (156,206,396)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 150,356
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 229,985
<AVERAGE-NET-ASSETS> 301,297,170
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.053
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> (0.053)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.200
<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, 1997 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-30-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 136,748,226
<INVESTMENTS-AT-VALUE> 136,748,226
<RECEIVABLES> 186,141
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 136,934,367
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 229,704
<TOTAL-LIABILITIES> 229,704
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 136,704,663
<SHARES-COMMON-STOCK> 136,704,663
<SHARES-COMMON-PRIOR> 152,173,108
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 136,704,663
<DIVIDEND-INCOME> 7,307,099
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> (70,068)
<NET-INVESTMENT-INCOME> 7,237,031
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 7,237,031
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (7,237,031)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,332,259,122
<NUMBER-OF-SHARES-REDEEMED> (1,351,443,412)
<SHARES-REINVESTED> 3,715,845
<NET-CHANGE-IN-ASSETS> (15,468,445)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 70,196
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 138,570
<AVERAGE-NET-ASSETS> 140,799,882
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.052
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (0.052)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> .200
<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, 1997 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> YEAR
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 68,873,778
<INVESTMENTS-AT-VALUE> 68,873,778
<RECEIVABLES> 44,696
<ASSETS-OTHER> 34,450
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 68,952,924
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 137,823
<TOTAL-LIABILITIES> 137,823
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 68,815,101
<SHARES-COMMON-STOCK> 68,815,101
<SHARES-COMMON-PRIOR> 123,157,357
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 68,815,101
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,426,753
<OTHER-INCOME> 0
<EXPENSES-NET> (132,003)
<NET-INVESTMENT-INCOME> 3,294,750
<REALIZED-GAINS-CURRENT> 1,688
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 3,296,438
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,296,438)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 332,213,814
<NUMBER-OF-SHARES-REDEEMED> (388,119,203)
<SHARES-REINVESTED> 1,563,133
<NET-CHANGE-IN-ASSETS> (54,342,256)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 165,739
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 215,749
<AVERAGE-NET-ASSETS> 66,304,822
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.050
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> (0.050)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.200
<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, 1997 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-30-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 7,728,365
<INVESTMENTS-AT-VALUE> 7,471,224
<RECEIVABLES> 0
<ASSETS-OTHER> 5,364
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 7,476,588
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5,105
<TOTAL-LIABILITIES> 5,105
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 38,064,027
<SHARES-COMMON-STOCK> 798,274
<SHARES-COMMON-PRIOR> 1,017,549
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (30,335,403)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (257,141)
<NET-ASSETS> 7,471,483
<DIVIDEND-INCOME> 545,674
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> (15,848)
<NET-INVESTMENT-INCOME> 529,826
<REALIZED-GAINS-CURRENT> (142,155)
<APPREC-INCREASE-CURRENT> 218,167
<NET-CHANGE-FROM-OPS> 605,838
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (544,447)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,317
<NUMBER-OF-SHARES-REDEEMED> (230,283)
<SHARES-REINVESTED> 6,691
<NET-CHANGE-IN-ASSETS> (1,976,263)
<ACCUMULATED-NII-PRIOR> 14,621
<ACCUMULATED-GAINS-PRIOR> (30,193,248)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4,327
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 15,848
<AVERAGE-NET-ASSETS> 8,653,775
<PER-SHARE-NAV-BEGIN> 9.280
<PER-SHARE-NII> .570
<PER-SHARE-GAIN-APPREC> .090
<PER-SHARE-DIVIDEND> (.580)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 9.360
<EXPENSE-RATIO> .430
<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, 1997 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-30-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 4,823,703
<INVESTMENTS-AT-VALUE> 4,779,198
<RECEIVABLES> 0
<ASSETS-OTHER> 203
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4,779,401
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 25,461
<TOTAL-LIABILITIES> 25,461
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 6,806,503
<SHARES-COMMON-STOCK> 478,842
<SHARES-COMMON-PRIOR> 454,900
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2,008,058)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (44,505)
<NET-ASSETS> 4,753,940
<DIVIDEND-INCOME> 203,499
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> (8,127)
<NET-INVESTMENT-INCOME> 285,372
<REALIZED-GAINS-CURRENT> (10,103)
<APPREC-INCREASE-CURRENT> 78,349
<NET-CHANGE-FROM-OPS> 353,618
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (285,372)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 83,275
<NUMBER-OF-SHARES-REDEEMED> (64,209)
<SHARES-REINVESTED> 4,876
<NET-CHANGE-IN-ASSETS> 300,808
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (1,997,955)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,368
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 8,127
<AVERAGE-NET-ASSETS> 4,733,874
<PER-SHARE-NAV-BEGIN> 9.790
<PER-SHARE-NII> 0.590
<PER-SHARE-GAIN-APPREC> 0.140
<PER-SHARE-DIVIDEND> (0.590)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.930
<EXPENSE-RATIO> 0.420
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN INSTITUTIONAL FIDUCIARY TRUST JUNE 30, 1997 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-30-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 134,613,012
<INVESTMENTS-AT-VALUE> 134,613,012
<RECEIVABLES> 0
<ASSETS-OTHER> 30,294
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 134,643,306
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 281,594
<TOTAL-LIABILITIES> 281,594
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 134,361,712
<SHARES-COMMON-STOCK> 134,361,712
<SHARES-COMMON-PRIOR> 71,693,947
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 134,361,712
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5,824,062
<OTHER-INCOME> 0
<EXPENSES-NET> (485,425)
<NET-INVESTMENT-INCOME> 5,338,637
<REALIZED-GAINS-CURRENT> (890)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 5,337,747
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (5,337,747)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 296,873,544
<NUMBER-OF-SHARES-REDEEMED> (238,391,576)
<SHARES-REINVESTED> 4,185,797
<NET-CHANGE-IN-ASSETS> 62,667,765
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 161,912
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 517,615
<AVERAGE-NET-ASSETS> 107,944,053
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.049
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> (0.049)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.450
<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, 1997 ANNUAL REPORT AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 9
<NAME> FRANKLIN CASH RESERVES FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 76,597,681
<INVESTMENTS-AT-VALUE> 76,597,681
<RECEIVABLES> 3,570
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 76,601,251
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 91,034
<TOTAL-LIABILITIES> 91,034
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 76,510,217
<SHARES-COMMON-STOCK> 76,510,217
<SHARES-COMMON-PRIOR> 30,381,057
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 76,510,217
<DIVIDEND-INCOME> 3,168,841
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> (207,669)
<NET-INVESTMENT-INCOME> 2,961,172
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 2,961,172
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,961,172)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 222,797,987
<NUMBER-OF-SHARES-REDEEMED> (179,585,176)
<SHARES-REINVESTED> 2,916,349
<NET-CHANGE-IN-ASSETS> 46,129,160
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 148,055
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 311,825
<AVERAGE-NET-ASSETS> 59,231,262
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.050
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> (0.050)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.500
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</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 funds comprising the Institutional
Fiduciary Trust for the year ended June 30, 1997, 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, 1997.
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.
San Francisco, California
August 4, 1997
