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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 11
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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 18
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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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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 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 A000601 FRANKLIN ADVISERS, INC.
010 B000601 801-26292
010 C010601 SAN MATEO
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015 A000601 BANK OF AMERICA NT & SA
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015 A000602 CITIBANK DELAWARE
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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
008 A000701 FRANKLIN ADVISERS, INC.
008 B000701 A
008 C000701 801-26292
008 D010701 SAN MATEO
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010 A000701 FRANKLIN TEMPLETON SERVICES, INC.
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015 A000701 CITIBANK DELAWARE
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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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010 A000901 FRANKLIN ADVISERS, INC.
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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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066 F000900 Y
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067 000900 N
068 A000900 N
068 B000900 N
069 000900 N
070 A010900 Y
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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
<PAGE> PAGE 42
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
070 P010900 Y
070 P020900 N
070 Q010900 N
070 Q020900 N
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070 R020900 N
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<PAGE> PAGE 43
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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 DECEMBER 31, 1996 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-30-1997
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 254,807,998
<INVESTMENTS-AT-VALUE> 254,807,998
<RECEIVABLES> 764,821
<ASSETS-OTHER> 10,452
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 255,583,271
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 774,207
<TOTAL-LIABILITIES> 774,207
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 254,809,064
<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> 254,809,064
<DIVIDEND-INCOME> 10,017,458
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> (93,517)
<NET-INVESTMENT-INCOME> 9,923,941
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 9,923,941
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (9,923,941)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,474,800,649
<NUMBER-OF-SHARES-REDEEMED> (2,567,028,901)
<SHARES-REINVESTED> 5,742,761
<NET-CHANGE-IN-ASSETS> (86,485,491)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 94,227
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 132,505
<AVERAGE-NET-ASSETS> 374,628,861
<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> 0.200
<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 DECEMBER 31, 1996 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-30-1997
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 142,857,653
<INVESTMENTS-AT-VALUE> 142,857,653
<RECEIVABLES> 389,199
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 143,246,852
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 362,831
<TOTAL-LIABILITIES> 362,831
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 142,884,021
<SHARES-COMMON-STOCK> 142,884,021
<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> 142,884,021
<DIVIDEND-INCOME> 3,821,148
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> (36,494)
<NET-INVESTMENT-INCOME> 3,784,654
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 3,784,654
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,784,654)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 726,866,180
<NUMBER-OF-SHARES-REDEEMED> (738,079,351)
<SHARES-REINVESTED> 1,924,084
<NET-CHANGE-IN-ASSETS> (9,289,087)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 36,864
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 76,007
<AVERAGE-NET-ASSETS> 146,254,649
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.026
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (0.026)
<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 DECEMBER 31, 1996 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-30-1997
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 51,058,186
<INVESTMENTS-AT-VALUE> 51,058,186
<RECEIVABLES> 29,673
<ASSETS-OTHER> 794
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 51,088,653
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 120,301
<TOTAL-LIABILITIES> 120,301
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 50,968,352
<SHARES-COMMON-STOCK> 50,968,352
<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> 50,968,352
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,099,542
<OTHER-INCOME> 0
<EXPENSES-NET> (79,993)
<NET-INVESTMENT-INCOME> 2,019,549
<REALIZED-GAINS-CURRENT> 1,365
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 2,020,914
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,020,914)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 125,658,880
<NUMBER-OF-SHARES-REDEEMED> (198,762,505)
<SHARES-REINVESTED> 914,620
<NET-CHANGE-IN-ASSETS> (72,189,005)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 101,131
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 139,713
<AVERAGE-NET-ASSETS> 80,526,571
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> .025
<PER-SHARE-GAIN-APPREC> .000
<PER-SHARE-DIVIDEND> (.025)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> .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 DECEMBER 31, 1996 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-30-1997
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 9,211,709
<INVESTMENTS-AT-VALUE> 8,808,451
<RECEIVABLES> 0
<ASSETS-OTHER> 1,500
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 8,809,951
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 743
<TOTAL-LIABILITIES> 743
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 39,449,065
<SHARES-COMMON-STOCK> 947,234
<SHARES-COMMON-PRIOR> 1,017,549
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (30,236,599)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (403,258)
<NET-ASSETS> 8,809,208
<DIVIDEND-INCOME> 287,371
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> (8,335)
<NET-INVESTMENT-INCOME> 279,036
<REALIZED-GAINS-CURRENT> (43,351)
<APPREC-INCREASE-CURRENT> 72,050
<NET-CHANGE-FROM-OPS> 307,735
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (293,657)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,831
<NUMBER-OF-SHARES-REDEEMED> (75,670)
<SHARES-REINVESTED> 3,524
<NET-CHANGE-IN-ASSETS> (638,538)
<ACCUMULATED-NII-PRIOR> 14,621
<ACCUMULATED-GAINS-PRIOR> (30,193,248)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,311
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 8,335
<AVERAGE-NET-ASSETS> 9,166,093
<PER-SHARE-NAV-BEGIN> 9.280
<PER-SHARE-NII> .283
<PER-SHARE-GAIN-APPREC> .034
<PER-SHARE-DIVIDEND> (.297)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 9.300
<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 DECEMBER 31, 1996 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-30-1997
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 4,773,416
<INVESTMENTS-AT-VALUE> 4,680,734
<RECEIVABLES> 0
<ASSETS-OTHER> 317
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4,681,051
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5,076
<TOTAL-LIABILITIES> 5,076
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 6,771,727
<SHARES-COMMON-STOCK> 475,235
<SHARES-COMMON-PRIOR> 454,900
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2,003,070)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (92,682)
<NET-ASSETS> 4,675,975
<DIVIDEND-INCOME> 150,683
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> (5,174)
<NET-INVESTMENT-INCOME> 145,509
<REALIZED-GAINS-CURRENT> (5,115)
<APPREC-INCREASE-CURRENT> 30,172
<NET-CHANGE-FROM-OPS> 170,566
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (145,509)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 53,237
<NUMBER-OF-SHARES-REDEEMED> (35,174)
<SHARES-REINVESTED> 2,272
<NET-CHANGE-IN-ASSETS> 222,843
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (1,997,955)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,190
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,174
<AVERAGE-NET-ASSETS> 4,717,518
<PER-SHARE-NAV-BEGIN> 9.790
<PER-SHARE-NII> .300
<PER-SHARE-GAIN-APPREC> .050
<PER-SHARE-DIVIDEND> (.300)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 9.840
<EXPENSE-RATIO> .470
<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, 1996 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-30-1997
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 143,086,790
<INVESTMENTS-AT-VALUE> 143,086,790
<RECEIVABLES> 0
<ASSETS-OTHER> 51,688
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 143,138,478
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 265,778
<TOTAL-LIABILITIES> 265,778
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 142,872,700
<SHARES-COMMON-STOCK> 142,872,700
<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> 142,872,700
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,661,209
<OTHER-INCOME> 0
<EXPENSES-NET> (221,496)
<NET-INVESTMENT-INCOME> 2,439,713
<REALIZED-GAINS-CURRENT> 1,598
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 2,441,311
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,441,311)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 162,094,430
<NUMBER-OF-SHARES-REDEEMED> (92,950,546)
<SHARES-REINVESTED> 2,034,869
<NET-CHANGE-IN-ASSETS> 71,178,753
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 74,465
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 247,516
<AVERAGE-NET-ASSETS> 98,510,741
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.025
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> (0.025)
<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 DECEMBER 31, 1996 SEMI-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> 6-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 51,554,346
<INVESTMENTS-AT-VALUE> 51,554,346
<RECEIVABLES> 0
<ASSETS-OTHER> 509
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 51,554,855
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 37,450
<TOTAL-LIABILITIES> 37,450
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 51,517,405
<SHARES-COMMON-STOCK> 51,517,405
<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> 51,517,405
<DIVIDEND-INCOME> 1,144,192
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> (74,744)
<NET-INVESTMENT-INCOME> 1,069,448
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 1,069,448
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,069,448)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 87,861,021
<NUMBER-OF-SHARES-REDEEMED> (67,790,938)
<SHARES-REINVESTED> 1,066,265
<NET-CHANGE-IN-ASSETS> 21,136,348
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 53,769
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 128,513
<AVERAGE-NET-ASSETS> 42,448,313
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.025
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> (0.025)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.050
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
