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015 C030502 94404
015 C040502 1585
015 E030502 X
028 A010500 3
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028 A040500 249
028 B010500 3
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028 B040500 372
028 C010500 3
028 C020500 5
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028 C040500 24
028 D010500 3
<PAGE> PAGE 21
028 D020500 4
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028 D040500 281
028 E010500 117
028 E020500 3
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028 E040500 849
028 F010500 3
028 F020500 3
028 F030500 0
028 F040500 62
028 G010500 132
028 G020500 24
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028 G040500 1837
028 H000500 0
037 000500 N
038 000500 0
039 000500 Y
040 000500 N
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042 C000500 0
042 D000500 0
042 E000500 0
042 F000500 0
042 G000500 0
042 H000500 0
043 000500 0
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045 000500 N
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<PAGE> PAGE 22
048 J020500 0.000
048 K010500 0
048 K020500 0.000
055 A000500 N
055 B000500 N
056 000500 N
057 000500 N
058 A000500 N
059 000500 Y
060 A000500 Y
060 B000500 Y
061 000500 1000000
062 A000500 N
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062 D000500 0.0
062 E000500 0.0
062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
062 I000500 0.0
062 J000500 0.0
062 K000500 0.0
062 L000500 0.0
062 M000500 0.0
062 N000500 0.0
062 O000500 0.0
062 P000500 0.0
062 Q000500 0.0
062 R000500 0.0
063 A000500 0
063 B000500 0.0
066 A000500 Y
066 B000500 N
066 C000500 N
066 D000500 N
066 E000500 N
066 F000500 Y
066 G000500 N
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
070 A010500 N
070 A020500 N
070 B010500 N
070 B020500 N
070 C010500 N
070 C020500 N
070 D010500 N
070 D020500 N
<PAGE> PAGE 23
070 E010500 N
070 E020500 N
070 F010500 N
070 F020500 N
070 G010500 N
070 G020500 N
070 H010500 N
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 N
070 J020500 N
070 K010500 Y
070 K020500 Y
070 L010500 N
070 L020500 N
070 M010500 N
070 M020500 N
070 N010500 N
070 N020500 N
070 O010500 N
070 O020500 N
070 P010500 N
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 N
070 R020500 N
071 A000500 511
071 B000500 4482
071 C000500 5405
071 D000500 9
072 A000500 12
072 B000500 0
072 C000500 329
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<PAGE> PAGE 24
072 T000500 0
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072BB000500 235
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<PAGE> PAGE 25
010 A000601 FRANKLIN ADVISERS, INC.
010 B000601 801-26292
010 C010601 SAN MATEO
010 C020601 CA
010 C030601 94404
010 C040601 1585
015 A000601 BANK OF NEW YORK
015 B000601 C
015 C010601 NEW YORK
015 C020601 NY
015 C030601 10286
015 E010601 X
015 A000602 FRANKLIN TEMPLETON INVESTOR SERVICES INC.
015 B000602 C
015 C010602 SAN MATEO
015 C020602 CA
015 C030602 94404
015 C040602 1585
015 E030602 X
028 A010600 0
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037 000600 N
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<PAGE> PAGE 26
040 000600 N
042 A000600 0
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042 C000600 0
042 D000600 0
042 E000600 0
042 F000600 0
042 G000600 0
042 H000600 0
043 000600 0
044 000600 0
045 000600 N
048 000600 0.000
048 A010600 0
048 A020600 0.000
048 B010600 0
048 B020600 0.000
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048 H010600 0
048 H020600 0.000
048 I010600 0
048 I020600 0.000
048 J010600 0
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048 K010600 0
048 K020600 0.000
055 A000600 N
055 B000600 N
056 000600 N
057 000600 N
058 A000600 N
059 000600 Y
060 A000600 Y
060 B000600 Y
061 000600 1000000
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<PAGE> PAGE 27
062 H000600 0.0
062 I000600 0.0
062 J000600 0.0
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062 L000600 0.0
062 M000600 0.0
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062 O000600 0.0
062 P000600 0.0
062 Q000600 0.0
062 R000600 0.0
063 A000600 0
063 B000600 0.0
066 A000600 Y
066 B000600 N
066 C000600 N
066 D000600 N
066 E000600 N
066 F000600 Y
066 G000600 N
067 000600 N
068 A000600 N
068 B000600 N
069 000600 N
070 A010600 N
070 A020600 N
070 B010600 N
070 B020600 N
070 C010600 N
070 C020600 N
070 D010600 N
070 D020600 N
070 E010600 N
070 E020600 N
070 F010600 N
070 F020600 N
070 G010600 N
070 G020600 N
070 H010600 N
070 H020600 N
070 I010600 N
070 I020600 N
070 J010600 N
070 J020600 N
070 K010600 Y
070 K020600 Y
070 L010600 N
070 L020600 N
070 M010600 N
070 M020600 N
070 N010600 N
<PAGE> PAGE 28
070 N020600 N
070 O010600 N
070 O020600 N
070 P010600 N
070 P020600 N
070 Q010600 N
070 Q020600 N
070 R010600 N
070 R020600 N
071 A000600 242
071 B000600 4044
071 C000600 1867
071 D000600 13
072 A000600 12
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072 D000600 0
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072DD020600 0
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073 A010600 0.6180
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073 B000600 0.0000
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<PAGE> PAGE 29
074 B000600 0
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074 F000600 992
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075 A000600 0
075 B000600 1793
076 000600 0.00
008 A000701 FRANKLIN ADVISERS, INC.
008 B000701 A
008 C000701 801-26292
008 D010701 SAN MATEO
008 D020701 CA
008 D030701 94404
008 D040701 1585
015 A000701 BANK OF NEW YORK
015 B000701 C
015 C010701 NEW YORK
015 C020701 NY
015 C030701 10286
015 E010701 X
028 A010700 50615
028 A020700 600
028 A030700 0
028 A040700 38173
028 B010700 24729
028 B020700 577
<PAGE> PAGE 30
028 B030700 0
028 B040700 20695
028 C010700 29028
028 C020700 50
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028 D010700 3998
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028 D040700 8470
028 E010700 2327
028 E020700 45
028 E030700 0
028 E040700 8701
028 F010700 2547
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028 G020700 1358
028 G030700 0
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037 000700 N
038 000700 0
039 000700 Y
040 000700 Y
041 000700 Y
042 A000700 0
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042 C000700 100
042 D000700 0
042 E000700 0
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043 000700 382
044 000700 9
045 000700 Y
046 000700 N
047 000700 Y
048 000700 0.150
048 A010700 0
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048 B010700 0
048 B020700 0.000
048 C010700 0
048 C020700 0.000
048 D010700 0
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<PAGE> PAGE 31
048 E020700 0.000
048 F010700 0
048 F020700 0.000
048 G010700 0
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048 H020700 0.000
048 I010700 0
048 I020700 0.000
048 J010700 0
048 J020700 0.000
048 K010700 0
048 K020700 0.000
049 000700 N
050 000700 N
051 000700 N
052 000700 N
053 A000700 Y
053 B000700 Y
053 C000700 N
054 A000700 Y
054 B000700 Y
054 C000700 Y
054 D000700 N
054 E000700 N
054 F000700 N
054 G000700 Y
054 H000700 Y
054 I000700 N
054 J000700 Y
054 K000700 N
054 L000700 Y
054 M000700 Y
054 N000700 N
054 O000700 Y
055 A000700 Y
055 B000700 N
056 000700 N
057 000700 N
058 A000700 N
059 000700 Y
060 A000700 Y
060 B000700 Y
061 000700 0
062 A000700 Y
062 B000700 10.5
062 C000700 90.0
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062 G000700 0.0
<PAGE> PAGE 32
062 H000700 0.0
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062 O000700 0.0
062 P000700 0.0
062 Q000700 0.0
062 R000700 0.0
063 A000700 38
063 B000700 0.0
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
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
<PAGE> PAGE 33
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 6911
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073 A010700 0.0510
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074 A000700 30
074 B000700 0
074 C000700 16227
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<PAGE> PAGE 34
074 F000700 0
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075 A000700 125237
075 B000700 0
076 000700 0.00
010 A000901 FRANKLIN ADVISERS, INC.
010 B000901 801-26292
010 C010901 SAN MATEO
010 C020901 CA
010 C030901 94404
010 C040901 1585
015 A000901 BANK OF NEW YORK
015 B000901 C
015 C010901 NEW YORK
015 C020901 NY
015 C030901 10286
015 E010901 X
015 A000902 FRANKLIN TEMPLETON INVESTOR SERVICES INC.
015 B000902 C
015 C010902 SAN MATEO
015 C020902 CA
015 C030902 94404
015 C040902 1585
015 E030902 X
028 A010900 46177
028 A020900 545
028 A030900 0
028 A040900 19637
<PAGE> PAGE 35
028 B010900 31523
028 B020900 554
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028 B040900 17329
028 C010900 27140
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<PAGE> PAGE 36
048 E020900 0.000
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048 K020900 0.000
055 A000900 N
055 B000900 N
056 000900 N
057 000900 N
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059 000900 Y
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061 000900 1000
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062 O000900 0.0
062 P000900 0.0
062 Q000900 0.0
062 R000900 0.0
063 A000900 0
063 B000900 0.0
066 A000900 Y
066 B000900 N
066 C000900 N
066 D000900 N
066 E000900 N
066 F000900 Y
066 G000900 N
067 000900 N
068 A000900 N
<PAGE> PAGE 37
068 B000900 N
069 000900 N
070 A010900 N
070 A020900 N
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
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 N
070 N020900 N
070 O010900 N
070 O020900 N
070 P010900 N
070 P020900 N
070 Q010900 N
070 Q020900 N
070 R010900 N
070 R020900 N
071 A000900 0
071 B000900 0
071 C000900 0
071 D000900 0
072 A000900 12
072 B000900 0
072 C000900 6428
072 D000900 0
072 E000900 0
072 F000900 0
072 G000900 292
072 H000900 0
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<PAGE> PAGE 38
072 J000900 2
072 K000900 5
072 L000900 1
072 M000900 5
072 N000900 19
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072 S000900 1
072 T000900 301
072 U000900 0
072 V000900 0
072 W000900 1
072 X000900 712
072 Y000900 302
072 Z000900 6018
072AA000900 0
072BB000900 0
072CC010900 0
072CC020900 0
072DD010900 6018
072DD020900 0
072EE000900 0
073 A010900 0.0510
073 A020900 0.0000
073 B000900 0.0000
073 C000900 0.0000
074 A000900 0
074 B000900 0
074 C000900 0
074 D000900 0
074 E000900 0
074 F000900 117900
074 G000900 0
074 H000900 0
074 I000900 0
074 J000900 0
074 K000900 0
074 L000900 2585
074 M000900 0
074 N000900 120485
074 O000900 0
074 P000900 48
074 Q000900 0
074 R010900 0
074 R020900 0
074 R030900 0
074 R040900 852
074 S000900 0
074 T000900 119585
<PAGE> PAGE 39
074 U010900 119585
074 U020900 0
074 V010900 1.00
074 V020900 0.00
074 W000900 0.9998
074 X000900 652
074 Y000900 0
075 A000900 117005
075 B000900 0
076 000900 0.00
SIGNATURE KIMBERLEY MONASTERIO
TITLE ASSISTANT TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
INSTITUTIONAL FIDUCIARY TRUST JUNE 30, 1998 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-30-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 175,899,949
<INVESTMENTS-AT-VALUE> 175,899,949
<RECEIVABLES> 268,649
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 176,168,598
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 287,229
<TOTAL-LIABILITIES> 287,229
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 175,881,369
<SHARES-COMMON-STOCK> 175,881,369
<SHARES-COMMON-PRIOR> 185,088,159
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 175,881,369
<DIVIDEND-INCOME> 11,528,299
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> (105,067)
<NET-INVESTMENT-INCOME> 11,423,232
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 11,423,232
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (11,423,232)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,903,990,386
<NUMBER-OF-SHARES-REDEEMED> (1,920,621,403)
<SHARES-REINVESTED> 7,424,227
<NET-CHANGE-IN-ASSETS> (9,206,790)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (104,796)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (170,690)
<AVERAGE-NET-ASSETS> 210,120,576
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> .054
<PER-SHARE-GAIN-APPREC> .000
<PER-SHARE-DIVIDEND> (.054)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> .200<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
<FN>
<F1>THE EXPENSE RATIO INCLUDES THE FUND'S SHARE OF THE PORTFOLIO'S
ALLOCATED EXPENSES.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
INSTITUTIONAL FIDUCIARY TRUST JUNE 30, 1998 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-30-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 131,160,450
<INVESTMENTS-AT-VALUE> 131,160,450
<RECEIVABLES> 264,048
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 131,424,498
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 273,575
<TOTAL-LIABILITIES> 273,575
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 131,150,923
<SHARES-COMMON-STOCK> 131,150,923
<SHARES-COMMON-PRIOR> 136,704,663
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 131,150,923
<DIVIDEND-INCOME> 7,178,302
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> (66,556)
<NET-INVESTMENT-INCOME> 7,111,746
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 7,111,746
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (7,111,746)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,083,873,539
<NUMBER-OF-SHARES-REDEEMED> (1,093,303,780)
<SHARES-REINVESTED> 3,876,501
<NET-CHANGE-IN-ASSETS> (5,553,740)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (66,469)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (137,906)
<AVERAGE-NET-ASSETS> 133,075,185
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> .054
<PER-SHARE-GAIN-APPREC> .000
<PER-SHARE-DIVIDEND> .000
<PER-SHARE-DISTRIBUTIONS> (.054)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> .200<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
<FN>
<F1>THE EXPENSE RATIO INCLUDES THE FUND'S SHARE OF THE PORTFOLIO'S
ALLOCATED EXPENSES.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
INSTITUTIONAL FIDUCIARY TRUST JUNE 30, 1998 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-30-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 66,136,279
<INVESTMENTS-AT-VALUE> 66,136,279
<RECEIVABLES> 722,851
<ASSETS-OTHER> 39,605
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 66,898,735
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 154,234
<TOTAL-LIABILITIES> 154,234
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 66,744,501
<SHARES-COMMON-STOCK> 66,744,501
<SHARES-COMMON-PRIOR> 68,815,101
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 66,744,501
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,024,202
<OTHER-INCOME> 0
<EXPENSES-NET> (116,230)
<NET-INVESTMENT-INCOME> 2,907,972
<REALIZED-GAINS-CURRENT> 4,753
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 2,912,725
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,912,725)<F1>
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 182,325,365
<NUMBER-OF-SHARES-REDEEMED> (185,836,900)
<SHARES-REINVESTED> 1,440,935
<NET-CHANGE-IN-ASSETS> (2,070,600)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (145,231)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (205,243)
<AVERAGE-NET-ASSETS> 58,112,663
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> .050
<PER-SHARE-GAIN-APPREC> .000
<PER-SHARE-DIVIDEND> (.050)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> .200
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>DISTRIBUTIONS WERE INCREASED BY NET REALIZED GAINS FROM SECURITY
TRANSACTIONS OF $4,753.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
INSTITUTIONAL FIDUCIARY TRUST JUNE 30, 1998 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-30-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 3,528,270
<INVESTMENTS-AT-VALUE> 3,503,322
<RECEIVABLES> 0
<ASSETS-OTHER> 187
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,503,509
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6,099
<TOTAL-LIABILITIES> 6,099
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 34,086,812
<SHARES-COMMON-STOCK> 374,099
<SHARES-COMMON-PRIOR> 798,274
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (30,564,454)
<ACCUM-APPREC-OR-DEPREC> (24,948)
<NET-ASSETS> 3,497,410
<DIVIDEND-INCOME> 329,104
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> (14,939)
<NET-INVESTMENT-INCOME> 314,165
<REALIZED-GAINS-CURRENT> (229,051)
<APPREC-INCREASE-CURRENT> 232,193
<NET-CHANGE-FROM-OPS> 317,307
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (314,165)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 15,440
<NUMBER-OF-SHARES-REDEEMED> (445,054)
<SHARES-REINVESTED> 5,439
<NET-CHANGE-IN-ASSETS> (3,974,073)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (30,335,403)
<GROSS-ADVISORY-FEES> (2,694)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (14,939)
<AVERAGE-NET-ASSETS> 5,389,612
<PER-SHARE-NAV-BEGIN> 9.360
<PER-SHARE-NII> .539
<PER-SHARE-GAIN-APPREC> (.010)
<PER-SHARE-DIVIDEND> (.539)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 9.350
<EXPENSE-RATIO> .450<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
<FN>
<F1>THE EXPENSE RATIO INCLUDES THE FUND'S SHARE OF THE PORTFOLIO'S
ALLOCATED EXPENSES.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
INSTITUTIONAL FIDUCIARY TRUST JUNE 30, 1998 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-30-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 985,202
<INVESTMENTS-AT-VALUE> 992,476
<RECEIVABLES> 0
<ASSETS-OTHER> 46
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 992,522
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,062
<TOTAL-LIABILITIES> 3,062
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,027,081
<SHARES-COMMON-STOCK> 99,514
<SHARES-COMMON-PRIOR> 478,842
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (2,044,895)
<ACCUM-APPREC-OR-DEPREC> 7,274
<NET-ASSETS> 989,460
<DIVIDEND-INCOME> 112,743
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> (1,408)
<NET-INVESTMENT-INCOME> 111,335
<REALIZED-GAINS-CURRENT> (36,837)
<APPREC-INCREASE-CURRENT> 51,779
<NET-CHANGE-FROM-OPS> 126,277
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (111,335)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10,680
<NUMBER-OF-SHARES-REDEEMED> (395,776)
<SHARES-REINVESTED> 5,768
<NET-CHANGE-IN-ASSETS> (3,764,480)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (2,008,058)
<GROSS-ADVISORY-FEES> (897)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (1,408)
<AVERAGE-NET-ASSETS> 1,792,734
<PER-SHARE-NAV-BEGIN> 9.930
<PER-SHARE-NII> .618
<PER-SHARE-GAIN-APPREC> .013
<PER-SHARE-DIVIDEND> (.618)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 9.940
<EXPENSE-RATIO> .330<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
<FN>
<F1>THE EXPENSE RATIO INCLUDES THE FUNDS' SHARE OF THE PORTFOLIO'S
ALLOCATED EXPENSES.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN INSTITUTIONAL FIDUCIARY TRUST JUNE 30, 1998 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-30-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 16,226,426
<INVESTMENTS-AT-VALUE> 16,226,426
<RECEIVABLES> 0
<ASSETS-OTHER> 30,489
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 16,256,915
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 104,264
<TOTAL-LIABILITIES> 104,264
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 16,152,651
<SHARES-COMMON-STOCK> 16,152,651
<SHARES-COMMON-PRIOR> 134,361,712
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 16,152,651
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6,911,395
<OTHER-INCOME> 0
<EXPENSES-NET> (563,565)
<NET-INVESTMENT-INCOME> 6,347,830
<REALIZED-GAINS-CURRENT> (6,981)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 6,340,849
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (6,340,849)<F1>
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 332,809,628
<NUMBER-OF-SHARES-REDEEMED> (455,557,065)
<SHARES-REINVESTED> 4,538,376
<NET-CHANGE-IN-ASSETS> (118,209,061)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (187,785)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (618,693)
<AVERAGE-NET-ASSETS> 125,236,522
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> .051
<PER-SHARE-GAIN-APPREC> .000
<PER-SHARE-DIVIDEND> (.051)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> .450
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
<FN>
<F1> DISTRIBUTIONS WERE DECREASED BY NET REALIZED LOSSES FROM SECURITY
TRANSACTIONS OF $6,981.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
INSTITUTIONAL FIDUCIARY TRUST JUNE 30, 1998 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-30-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 117,900,101
<INVESTMENTS-AT-VALUE> 117,900,101
<RECEIVABLES> 2,585,188
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 120,485,289
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 900,706
<TOTAL-LIABILITIES> 900,706
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 119,584,583
<SHARES-COMMON-STOCK> 119,584,583
<SHARES-COMMON-PRIOR> 76,510,217
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 119,584,583
<DIVIDEND-INCOME> 6,427,687
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> (409,289)
<NET-INVESTMENT-INCOME> 6,018,398
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 6,018,398
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (6,018,398)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 326,338,904
<NUMBER-OF-SHARES-REDEEMED> (289,229,683)
<SHARES-REINVESTED> 5,965,145
<NET-CHANGE-IN-ASSETS> 43,074,366
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (292,245)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (711,148)
<AVERAGE-NET-ASSETS> 117,004,787
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> .051
<PER-SHARE-GAIN-APPREC> .000
<PER-SHARE-DIVIDEND> (.051)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> .500<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
<FN>
<F1>THE EXPENSE RATIO INCLUDES THE FUND'S SHARE OF THE PORTFOLIO'S
ALLOCATED EXPENSES.
</FN>
</TABLE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Shareholders and Board of Directors of
Franklin Institutional Fiduciary Trust
In planning and performing our audit of the financial
statements of Franklin Institutional Fiduciary Trust for the
year ended June 30, 1998, we considered its internal
control, including controls over safeguarding securities, in
order to determine our auditing procedures for the purpose
of expressing our opinion on the financial statements and to
comply with the requirements of Form N-SAR, not to provide
assurance on internal control.
The management of Franklin Institutional Fiduciary Trust is
responsible for establishing and maintaining internal
control. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected
benefits and related costs of controls. Generally, controls
that are relevant to an audit pertain to the entity's
objective of preparing financial statements for external
purposes that are fairly presented in conformity with
generally accepted accounting principles. Those controls
include the safeguarding of assets against unauthorized
acquisition, use, or disposition.
Because of inherent limitations in internal control, errors
or irregularities may occur and not be detected. Also,
projection of any evaluation of internal control 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 internal control would not necessarily
disclose all matters in internal control 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 any specific internal control component 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 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 internal control,
including controls over safeguarding securities that we
consider to be material weaknesses as defined above as of
June 30, 1998.
This report is intended solely for the information and use
of management and Securities and Exchange Commission.
PricewaterhouseCoopers LLP
San Francisco, California
July 30, 1998
