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<PAGE> PAGE 12
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048 I010900 0
048 I020900 0.000
048 J010900 0
048 J020900 0.000
048 K010900 0
048 K020900 0.000
055 A000900 N
055 B000900 N
056 000900 N
057 000900 N
058 A000900 N
059 000900 Y
060 A000900 Y
060 B000900 Y
061 000900 100000
062 A000900 N
062 B000900 0.0
062 C000900 0.0
062 D000900 0.0
062 E000900 0.0
062 F000900 0.0
062 G000900 0.0
062 H000900 0.0
062 I000900 0.0
062 J000900 0.0
062 K000900 0.0
062 L000900 0.0
062 M000900 0.0
062 N000900 0.0
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 22
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 7456
072 D000900 0
072 E000900 0
072 F000900 0
072 G000900 369
072 H000900 0
072 I000900 204
<PAGE> PAGE 23
072 J000900 0
072 K000900 5
072 L000900 2
072 M000900 7
072 N000900 18
072 O000900 0
072 P000900 0
072 Q000900 0
072 R000900 7
072 S000900 2
072 T000900 369
072 U000900 0
072 V000900 0
072 W000900 1
072 X000900 984
072 Y000900 0
072 Z000900 6472
072AA000900 0
072BB000900 0
072CC010900 0
072CC020900 0
072DD010900 6472
072DD020900 0
072EE000900 0
073 A010900 0.0440
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 134823
074 G000900 0
074 H000900 0
074 I000900 0
074 J000900 0
074 K000900 0
074 L000900 3634
074 M000900 0
074 N000900 138457
074 O000900 0
074 P000900 215
074 Q000900 0
074 R010900 0
074 R020900 0
074 R030900 0
074 R040900 2852
074 S000900 0
074 T000900 135390
<PAGE> PAGE 24
074 U010900 135390
074 U020900 0
074 V010900 1.00
074 V020900 0.00
074 W000900 0.9994
074 X000900 880
074 Y000900 0
075 A000900 147861
075 B000900 0
076 000900 0.00
SIGNATURE LAURA FERGERSON
TITLE ASSISTANT TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE INSTITUTIONAL FIDUCIARY TRUST (I) JUNE 30, 1999 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-30-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 1,295,694,772
<INVESTMENTS-AT-VALUE> 1,295,694,772
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,295,694,772
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6,684,784
<TOTAL-LIABILITIES> 6,684,784
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,289,009,988
<SHARES-COMMON-STOCK> 1,289,009,988
<SHARES-COMMON-PRIOR> 175,881,369
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 1,289,009,988
<DIVIDEND-INCOME> 13,919,535
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> (446,164)
<NET-INVESTMENT-INCOME> 13,473,371
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 13,473,371
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (13,473,371)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,137,711,337
<NUMBER-OF-SHARES-REDEEMED> (2,035,415,309)
<SHARES-REINVESTED> 10,832,591
<NET-CHANGE-IN-ASSETS> 1,113,128,619
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (444,184)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (510,627)
<AVERAGE-NET-ASSETS> 279,490,849
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> .049
<PER-SHARE-GAIN-APPREC> .000
<PER-SHARE-DIVIDEND> (.049)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> .310<F1>
<FN>
<F1> THE EXPENSE RATIO INCLUDES THE FUND'S SHARE OF THE
PORTFOLIO'S ALLOCATED EXPENSES. RATIO OF EXPENSES EXCLUDING
WAIVER AND PAYMENTS BY AFFILIATE AMOUNTED TO 0.33%.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE INSTITUTIONAL FIDUCIARY TRUST (I) JUNE 30, 1999 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-30-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 113,377,163
<INVESTMENTS-AT-VALUE> 113,377,163
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 113,377,163
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,811,131
<TOTAL-LIABILITIES> 1,811,131
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 111,566,032
<SHARES-COMMON-STOCK> 111,566,032
<SHARES-COMMON-PRIOR> 131,150,923
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 111,566,032
<DIVIDEND-INCOME> 6,673,684
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> (204,292)
<NET-INVESTMENT-INCOME> 6,469,392
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 6,469,392
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (6,469,392)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 716,692,153
<NUMBER-OF-SHARES-REDEEMED> (740,919,023)
<SHARES-REINVESTED> 4,641,979
<NET-CHANGE-IN-ASSETS> (19,584,891)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (203,308)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (259,792)
<AVERAGE-NET-ASSETS> 138,018,605
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> .047
<PER-SHARE-GAIN-APPREC> .000
<PER-SHARE-DIVIDEND> (.047)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> .300<F1>
<FN>
<F1> THE EXPENSE RATIO INCLUDES THE FUND'S SHARE OF THE
PORTFOLIO'S ALLOCATED EXPENSES. RATIO OF EXPENSES EXCLUDING
WAIVER AND PAYMENTS BY AFFILIATE AMOUNTED TO 0.34%.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
INSTITUTIONAL FIDUCIARY TRUST JUNE 30, 1999 ANNUAL REPORT AND IS QUALIFIED IN IT
S ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> FRANKLIN INSTITUTIONAL ADJUSTABLE U.S. GOVERNMENT SECURITIES FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 374,099
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 100,387
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> (11,427)
<NET-INVESTMENT-INCOME> 88,960
<REALIZED-GAINS-CURRENT> (53,800)
<APPREC-INCREASE-CURRENT> 24,948
<NET-CHANGE-FROM-OPS> 60,108
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (88,960)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,243
<NUMBER-OF-SHARES-REDEEMED> (378,675)
<SHARES-REINVESTED> 2,333
<NET-CHANGE-IN-ASSETS> (3,497,410)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (30,564,454)
<GROSS-ADVISORY-FEES> (920)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (11,427)
<AVERAGE-NET-ASSETS> 2,970,469
<PER-SHARE-NAV-BEGIN> 9.350
<PER-SHARE-NII> .280
<PER-SHARE-GAIN-APPREC> .000
<PER-SHARE-DIVIDEND> (.280)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 0.000<F1>
<EXPENSE-RATIO> .000
<FN>
<F1>THE FUND WAS LIQUIDATED ON - 2/12/99
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE INSTITUT
IONAL FIDUCIARY TRUST (III) JUNE 30, 1999 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-30-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 134,822,519
<INVESTMENTS-AT-VALUE> 134,822,519
<RECEIVABLES> 3,634,053
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 138,456,572
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,067,020
<TOTAL-LIABILITIES> 3,067,020
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 135,389,552
<SHARES-COMMON-STOCK> 135,389,552
<SHARES-COMMON-PRIOR> 119,584,583
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 135,389,552
<DIVIDEND-INCOME> 7,456,088
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> (984,086)
<NET-INVESTMENT-INCOME> 6,472,002
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 6,472,002
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (6,472,002)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 296,189,371
<NUMBER-OF-SHARES-REDEEMED> (286,829,827)
<SHARES-REINVESTED> 6,445,425
<NET-CHANGE-IN-ASSETS> 15,804,969
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (369,360)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (984,086)
<AVERAGE-NET-ASSETS> 147,861,173
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> .044
<PER-SHARE-GAIN-APPREC> .000
<PER-SHARE-DIVIDEND> (.044)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> .820<F1>
<FN>
<F1>THE EXPENSE RATIO INCLUDES THE FUND'S SHARE OF THE PORTFOLIO'S
ALLOCATED EXPENSES. RATIO OF EXPENSES EXCLUDING WAIVER AND PAYMENTS
BY AFFILIATE AMOUNTED TO 0.82%.
</FN>
</TABLE>
REPORT OF INDEPENDENT AUDITORS
To the Shareholders and Board of Trustees 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,
1999, 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 the 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 may 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, 1999.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
S\PricewaterhouseCoopers LLP
San Francisco, California
August 3, 1999
