<PAGE> PAGE 1
000 B000000 07/31/97
000 C000000 0001022804
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 U
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001 C000000 6503122000
002 A000000 777 MARINERS ISLAND BOULEVARD
002 B000000 SAN MATEO
002 C000000 CA
002 D010000 94404
002 D020000 1585
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 3
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007 C020100 FRANKLIN TEMPLETON CONSERVATIVE TARGET FUND
007 C030100 N
007 C010200 2
007 C020200 FRANKLIN TEMPLETON GROWTH TARGET FUND
007 C030200 N
007 C010300 3
007 C020300 FRANKLIN TEMPLETON MODERATE TARGET FUND
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007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
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008 B00AA01 A
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008 D01AA01 SAN MATEO
008 D02AA01 CA
008 D03AA01 94403
008 D04AA01 7777
010 A00AA01 FRANKLIN TEMPLETON SERVICES, INC.
010 C01AA01 SAN MATEO
010 C02AA01 CA
010 C03AA01 94403
010 C04AA01 7777
<PAGE> PAGE 2
011 A00AA01 FRANKLIN/TEMPLETON DISTRIBUTORS, INC.
011 B00AA01 8-5889
011 C01AA01 SAN MATEO
011 C02AA01 CA
011 C03AA01 94403
011 C04AA01 7777
012 A00AA01 FRANKLIN/TEMPLETON INVESTOR SERVICES, INC.
012 B00AA01 84-1036
012 C01AA01 SAN MATEO
012 C02AA01 CA
012 C03AA01 94403
012 C04AA01 7777
013 A00AA01 COOPERS & LYBRAND L.L.P.
013 B01AA01 SAN FRANCISCO
013 B02AA01 CA
013 B03AA01 94105
013 B04AA01 2119
014 A00AA01 FRANKLIN/TEMPLETON DISTRIBUTORS, INC.
014 B00AA01 8-5889
015 A00AA01 THE BANK OF NEW YORK
015 B00AA01 C
015 C01AA01 NEW YORK
015 C02AA01 NY
015 C03AA01 10286
015 E01AA01 X
015 A00AA02 THE PHILIPPINE CENTRAL DEPOSITORY, INC.
015 B00AA02 S
015 C01AA02 MAKATI CITY
015 D01AA02 PHILIPPINES
015 E04AA02 X
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015 B00AA03 C
015 C01AA03 SAN MATEO
015 C02AA03 CA
015 C03AA03 94403
015 C04AA03 7777
015 E03AA03 X
015 A00AA04 THE BANK OF BOSTON
015 B00AA04 S
015 C01AA04 BUENOS AIRES
015 D01AA04 ARGENTINA
015 E04AA04 X
015 A00AA05 AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD
015 B00AA05 S
015 C01AA05 MELBOURNE
015 D01AA05 AUSTRALIA
015 E04AA05 X
015 A00AA06 CREDITANSTALT BANKVEREIN
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015 C01AA06 VIENNA
015 D01AA06 AUSTRIA
<PAGE> PAGE 3
015 E04AA06 X
015 A00AA07 STANDARD CHARTERED BANK PLC (SCB)
015 B00AA07 S
015 C01AA07 DHAKA
015 D01AA07 BANGLADESH
015 E04AA07 X
015 A00AA08 BANQUE BRUXELLES LAMBERT (BBL)
015 B00AA08 S
015 C01AA08 BRUSSELS
015 D01AA08 BELGIUM
015 E04AA08 X
015 A00AA09 THE FIRST NATIONAL BANK OF BOSTON
015 B00AA09 S
015 C01AA09 SAO PAULO
015 D01AA09 BRAZIL
015 E04AA09 X
015 A00AA10 ROYAL BANK OF CANADA
015 B00AA10 S
015 C01AA10 MONTREAL
015 D01AA10 CANADA
015 E04AA10 X
015 A00AA11 THE FIRST NATIONAL BANK OF BOSTON
015 B00AA11 S
015 C01AA11 SANTIAGO
015 D01AA11 CHILE
015 E04AA11 X
015 A00AA12 BANCO DE CHILE
015 B00AA12 S
015 C01AA12 SANTIAGO
015 D01AA12 CHILE
015 E04AA12 X
015 A00AA13 THE STANDARD CHARTERED BANK, HONG KONG
015 B00AA13 S
015 C01AA13 HONG KONG
015 D01AA13 CHINA
015 E04AA13 X
015 A00AA14 STANBIC BANK BOTSWANA LIMITED (STANBIC)
015 B00AA14 S
015 C01AA14 GABARONE
015 D01AA14 BOTSWANA
015 E04AA14 X
015 A00AA15 CITITRUST COLOMBIA S.A. SOCIEDAD FIDUCIARIA
015 B00AA15 S
015 C01AA15 BOGOTA
015 D01AA15 COLOMBIA
015 E04AA15 X
015 A00AA16 CESKOSLOVENSKA OBCHODNI BANKA A.S.
015 B00AA16 S
015 C01AA16 PRAGUE
015 D01AA16 CZECH REPUBLIC
015 E04AA16 X
<PAGE> PAGE 4
015 A00AA17 DEN DANSKE BANK
015 B00AA17 S
015 C01AA17 COPENHAGEN
015 D01AA17 DENMARK
015 E04AA17 X
015 A00AA18 MERITA BANK LTD. (MB)
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015 C01AA18 HELSINKI
015 D01AA18 FINLAND
015 E04AA18 X
015 A00AA19 BANQUE PARIBAS
015 B00AA19 S
015 C01AA19 PARIS
015 D01AA19 FRANCE
015 E04AA19 X
015 A00AA20 DRESDNER BANK AG
015 B00AA20 S
015 C01AA20 FRANKFURT
015 D01AA20 GERMANY
015 E04AA20 X
015 A00AA21 NATIONAL BANK OF GREECE SA
015 B00AA21 S
015 C01AA21 ATHENS
015 D01AA21 GREECE
015 E04AA21 X
015 A00AA22 THE HONGKONG & SHANGHAI BANKING CORP. LTD
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015 C01AA22 HONG KONG
015 D01AA22 HONG KONG
015 E04AA22 X
015 A00AA23 CITIBANK BUDAPEST RT.
015 B00AA23 S
015 C01AA23 BUDAPEST
015 D01AA23 HUNGARY
015 E04AA23 X
015 A00AA24 THE HONGKONG & SHANGHAI BANKING CORP. LTD
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015 C01AA24 MUMBAI
015 D01AA24 INDIA
015 E04AA24 X
015 A00AA25 THE HONGKONG & SHANGHAI BANKING CORP. LTD
015 B00AA25 S
015 C01AA25 JAKARTA
015 D01AA25 INDONESIA
015 E04AA25 X
015 A00AA26 ALLIED IRISH BANKS, PLC (AIB)
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015 E04AA26 X
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<PAGE> PAGE 5
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015 C01AA27 TEL AVIV
015 D01AA27 ISRAEL
015 E04AA27 X
015 A00AA28 BANCA COMMERCIALE ITALIANA (BCI)
015 B00AA28 S
015 C01AA28 MILAN
015 D01AA28 ITALY
015 E04AA28 X
015 A00AA29 BANK OF TOKYO MITSUBISHI (BTM)
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015 C01AA29 TOKYO
015 D01AA29 JAPAN
015 E04AA29 X
015 A00AA30 CEDEL (DEPOSITORY)
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015 C01AA30 LUXEMBOURG CITY
015 D01AA30 LUXEMBOURG
015 E04AA30 X
015 A00AA31 BANQUE INTERNATIONALE A LUXEMBOURG
015 B00AA31 S
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015 D01AA31 LUXEMBOURG
015 E04AA31 X
015 A00AA32 THE HONGKONG BANK MALAYSIA BERHAD (HBMB)
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015 A00AA33 BANCO NACIONAL DE MEXICO
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015 A00AA34 BANQUE COMMERCIALE DU MAROC (BCM)
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015 B00AA35 S
015 C01AA35 AMSTERDAM
015 D01AA35 NETHERLANDS
015 E04AA35 X
015 A00AA36 AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD
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015 D01AA36 NEW ZEALAND
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015 A00AA37 DEN NORSKE BANK ASA
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<PAGE> PAGE 6
015 C01AA37 OSLO
015 D01AA37 NORWAY
015 E04AA37 X
015 A00AA38 STANDARD CHARTERED BANK (SCB)
015 B00AA38 S
015 C01AA38 KARACHI
015 D01AA38 PAKISTAN
015 E04AA38 X
015 A00AA39 CITIBANK, N.A.
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015 D01AA39 PERU
015 E04AA39 X
015 A00AA40 THE HONGKONG & SHANGHAI BANKING CORP. LTD
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015 D01AA40 PHILIPPINES
015 E04AA40 X
015 A00AA41 BANK HANDLOWY W WARSZAWIE S.A.
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015 D01AA42 PORTUGAL
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015 D01AA43 SINGAPORE
015 E04AA43 X
015 A00AA44 STANDARD CORPORATE AND MERCHANT BANK (SCMB)
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015 D01AA44 SOUTH AFRICA
015 E04AA44 X
015 A00AA45 SEOULBANK (SB)
015 B00AA45 S
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015 D01AA45 SOUTH KOREA
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015 A00AA46 BANCO BILBAO VIZCAYA (BBV)
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015 C01AA46 MADRID
015 D01AA46 SPAIN
015 E04AA46 X
015 A00AA47 STANDARD CHARTERED BANK (SCB)
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<PAGE> PAGE 7
015 D01AA47 SRI LANKA
015 E04AA47 X
015 A00AA48 SKANDINAVISKA ENSKILDA BANKEN (SEB)
015 B00AA48 S
015 C01AA48 STOCKHOLM
015 D01AA48 SWEDEN
015 E04AA48 X
015 A00AA49 UNION BANK OF SWITZERLAND
015 B00AA49 S
015 C01AA49 ZURICH
015 D01AA49 SWITZERLAND
015 E04AA49 X
015 A00AA50 THE HONGKONG & SHANGHAI BANKING CORP. LTD
015 B00AA50 S
015 C01AA50 TAIPEI
015 D01AA50 TAIWAN
015 E04AA50 X
015 A00AA51 THE SIAM COMMERCIAL BANK PUBLIC COMPANY LTD
015 B00AA51 S
015 C01AA51 BANGKOK
015 D01AA51 THAILAND
015 E04AA51 X
015 A00AA52 OSMANLI BANKASI A.S. (OTTOMAN BANK)
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015 D01AA52 TURKEY
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015 A00AA53 THE BANK OF NEW YORK
015 B00AA53 S
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015 D01AA53 UNITED KINGDOM
015 E04AA53 X
015 A00AA54 THE FIRST NATIONAL BANK OF BOSTON
015 B00AA54 S
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015 D01AA54 URUGUAY
015 E04AA54 X
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015 D01AA55 VENEZUELA
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015 A00AA57 STANBIC BANK ZIMBABWE LIMITED (STANBIC)
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<PAGE> PAGE 8
015 E04AA57 X
015 A00AA58 BANQUE PARIBAS SA
015 B00AA58 S
015 C01AA58 MILAN
015 D01AA58 ITALY
015 E04AA58 X
015 A00AA59 JASDEC (DEPOSITORY)
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015 D01AA59 JAPAN
015 E04AA59 X
015 A00AA60 THE BRITISH BANK OF THE MIDDLE EAST
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015 C01AA60 AMMAN
015 D01AA60 JORDAN
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015 A00AA61 STANBIC BANK KENYA LIMITED (STANBIC)
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015 A00AA62 STANBIC BANK NAMIBIA LIMITED (STANBIC)
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015 D01AA62 NAMIBIA
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<PAGE> PAGE 9
015 A00AA68 BANK LEU LTD.
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015 A00AA70 FIRST CHICAGO CLEARING CENTRE (FCCC)
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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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 16
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<PAGE> PAGE 17
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032 000200 135
033 000200 0
034 000200 Y
035 000200 0
036 A000200 N
036 B000200 0
037 000200 N
038 000200 0
039 000200 Y
040 000200 Y
041 000200 Y
042 A000200 0
042 B000200 0
042 C000200 100
042 D000200 0
042 E000200 0
042 F000200 0
042 G000200 0
042 H000200 0
043 000200 11
044 000200 0
055 A000200 Y
055 B000200 N
056 000200 N
057 000200 N
066 A000200 Y
066 B000200 N
066 C000200 N
066 D000200 N
066 E000200 N
<PAGE> PAGE 18
066 F000200 N
066 G000200 Y
067 000200 N
068 A000200 N
068 B000200 N
069 000200 N
070 A010200 Y
070 A020200 Y
070 B010200 Y
070 B020200 N
070 C010200 Y
070 C020200 N
070 D010200 Y
070 D020200 N
070 E010200 Y
070 E020200 N
070 F010200 Y
070 F020200 N
070 G010200 Y
070 G020200 N
070 H010200 Y
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 N
070 K010200 Y
070 K020200 Y
070 L010200 Y
070 L020200 N
070 M010200 Y
070 M020200 N
070 N010200 Y
070 N020200 N
070 O010200 Y
070 O020200 N
070 P010200 Y
070 P020200 Y
070 Q010200 Y
070 Q020200 N
070 R010200 Y
070 R020200 N
071 A000200 16852
071 B000200 3308
071 C000200 5049
071 D000200 66
072 A000200 7
072 B000200 2
072 C000200 76
072 D000200 0
072 E000200 0
<PAGE> PAGE 19
072 F000200 6
072 G000200 0
072 H000200 0
072 I000200 5
072 J000200 0
072 K000200 0
072 L000200 1
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072 N000200 5
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 5
072 S000200 1
072 T000200 12
072 U000200 8
072 V000200 0
072 W000200 14
072 X000200 57
072 Y000200 34
072 Z000200 55
072AA000200 12
072BB000200 22
072CC010200 770
072CC020200 0
072DD010200 0
072DD020200 0
072EE000200 0
073 A010200 0.0000
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 18
074 B000200 62
074 C000200 0
074 D000200 0
074 E000200 0
074 F000200 14304
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 0
074 K000200 27
074 L000200 48
074 M000200 70
074 N000200 14529
074 O000200 50
074 P000200 103
074 Q000200 0
074 R010200 0
074 R020200 0
<PAGE> PAGE 20
074 R030200 0
074 R040200 6
074 S000200 0
074 T000200 14370
074 U010200 851
074 U020200 419
074 V010200 11.33
074 V020200 11.30
074 W000200 0.0000
074 X000200 1220
074 Y000200 0
075 A000200 0
075 B000200 3991
076 000200 0.00
028 A010300 10029
028 A020300 0
028 A030300 0
028 A040300 0
028 B010300 652
028 B020300 23
028 B030300 0
028 B040300 9417
028 C010300 11134
028 C020300 0
028 C030300 0
028 C040300 27
028 D010300 1523
028 D020300 0
028 D030300 0
028 D040300 50
028 E010300 2383
028 E020300 25
028 E030300 0
028 E040300 292
028 F010300 2323
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028 F030300 0
028 F040300 8625
028 G010300 28044
028 G020300 48
028 G030300 0
028 G040300 18411
028 H000300 28044
029 000300 Y
030 A000300 98
030 B000300 4.50
030 C000300 0.00
031 A000300 0
031 B000300 9
032 000300 107
033 000300 0
<PAGE> PAGE 21
034 000300 Y
035 000300 2
036 A000300 N
036 B000300 0
037 000300 N
038 000300 0
039 000300 Y
040 000300 Y
041 000300 Y
042 A000300 0
042 B000300 0
042 C000300 100
042 D000300 0
042 E000300 0
042 F000300 0
042 G000300 0
042 H000300 0
043 000300 17
044 000300 0
055 A000300 Y
055 B000300 N
056 000300 N
057 000300 N
066 A000300 Y
066 B000300 N
066 C000300 N
066 D000300 N
066 E000300 N
066 F000300 N
066 G000300 Y
067 000300 N
068 A000300 N
068 B000300 N
069 000300 N
070 A010300 Y
070 A020300 Y
070 B010300 Y
070 B020300 N
070 C010300 Y
070 C020300 N
070 D010300 Y
070 D020300 N
070 E010300 Y
070 E020300 N
070 F010300 Y
070 F020300 N
070 G010300 Y
070 G020300 N
070 H010300 Y
070 H020300 N
070 I010300 N
<PAGE> PAGE 22
070 I020300 N
070 J010300 Y
070 J020300 N
070 K010300 Y
070 K020300 Y
070 L010300 Y
070 L020300 N
070 M010300 Y
070 M020300 N
070 N010300 Y
070 N020300 N
070 O010300 Y
070 O020300 N
070 P010300 Y
070 P020300 Y
070 Q010300 Y
070 Q020300 N
070 R010300 Y
070 R020300 N
071 A000300 35153
071 B000300 25302
071 C000300 9556
071 D000300 265
072 A000300 7
072 B000300 11
072 C000300 174
072 D000300 0
072 E000300 0
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<PAGE> PAGE 23
072CC010300 645
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074 D000300 0
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074 F000300 11105
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074 U020300 421
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076 000300 0.00
SIGNATURE DIOMEDES LOO-TAM
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN TEMPLETON FUND ALLOCATOR SERIES JULY 31, 1997 ANNUAL
REPORT AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 011
<NAME> FRANKLIN TEMPLETON CONSERVATIVE TARGET FUND - CLASS I
<S> <C>
<PERIOD-TYPE> 7-MOS
<FISCAL-YEAR-END> JUL-31-1997
<PERIOD-START> DEC-31-1996
<PERIOD-END> JUL-31-1997
<INVESTMENTS-AT-COST> 4,458,916
<INVESTMENTS-AT-VALUE> 4,668,950
<RECEIVABLES> 41,520
<ASSETS-OTHER> 79,182
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4,789,652
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 170,821
<TOTAL-LIABILITIES> 170,821
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4,378,271
<SHARES-COMMON-STOCK> 148,049
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 29,104
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,422
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 210,034
<NET-ASSETS> 4,618,831
<DIVIDEND-INCOME> 45,999
<INTEREST-INCOME> 576
<OTHER-INCOME> 0
<EXPENSES-NET> (12,304)
<NET-INVESTMENT-INCOME> 34,271
<REALIZED-GAINS-CURRENT> 1,422
<APPREC-INCREASE-CURRENT> 210,034
<NET-CHANGE-FROM-OPS> 245,727
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,504)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 149,156
<NUMBER-OF-SHARES-REDEEMED> (1,344)
<SHARES-REINVESTED> 237
<NET-CHANGE-IN-ASSETS> 4,578,831
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,583
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 43,758
<AVERAGE-NET-ASSETS> 1,765,714
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> 0.120
<PER-SHARE-GAIN-APPREC> 0.800
<PER-SHARE-DIVIDEND> (0.050)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.870
<EXPENSE-RATIO> 0.590
<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
FRANKLIN TEMPLETON FUND ALLOCATOR SERIES JULY 31, 1997 ANNUAL
REPORT AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 012
<NAME> FRANKLIN TEMPLETON CONSERVATIVE TARGET FUND - CLASS II
<S> <C>
<PERIOD-TYPE> 7-MOS
<FISCAL-YEAR-END> JUL-31-1997
<PERIOD-START> DEC-31-1996
<PERIOD-END> JUL-31-1997
<INVESTMENTS-AT-COST> 4,458,916
<INVESTMENTS-AT-VALUE> 4,668,950
<RECEIVABLES> 41,520
<ASSETS-OTHER> 79,182
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4,789,652
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 170,821
<TOTAL-LIABILITIES> 170,821
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4,378,271
<SHARES-COMMON-STOCK> 278,499
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 29,104
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,422
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 210,034
<NET-ASSETS> 4,618,831
<DIVIDEND-INCOME> 45,999
<INTEREST-INCOME> 576
<OTHER-INCOME> 0
<EXPENSES-NET> (12,304)
<NET-INVESTMENT-INCOME> 34,271
<REALIZED-GAINS-CURRENT> 1,422
<APPREC-INCREASE-CURRENT> 210,034
<NET-CHANGE-FROM-OPS> 245,727
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,663)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 292,216
<NUMBER-OF-SHARES-REDEEMED> (13,971)
<SHARES-REINVESTED> 254
<NET-CHANGE-IN-ASSETS> 4,578,831
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,583
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 43,758
<AVERAGE-NET-ASSETS> 1,765,714
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> 0.100
<PER-SHARE-GAIN-APPREC> 0.750
<PER-SHARE-DIVIDEND> (0.040)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.810
<EXPENSE-RATIO> 1.480
<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
FRANKLIN TEMPLETON FUND ALLOCATOR SERIES JULY 31, 1997 ANNUAL REPORT
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 021
<NAME> FRANKLIN TEMPLETON GROWTH TARGET FUND - CLASS I
<S> <C>
<PERIOD-TYPE> 7-MOS
<FISCAL-YEAR-END> JUL-31-1997
<PERIOD-START> DEC-31-1996
<PERIOD-END> JUL-31-1997
<INVESTMENTS-AT-COST> 13,534,178
<INVESTMENTS-AT-VALUE> 14,304,391
<RECEIVABLES> 136,881
<ASSETS-OTHER> 87,959
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 14,529,231
<PAYABLE-FOR-SECURITIES> 50,000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 108,807
<TOTAL-LIABILITIES> 158,807
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 13,555,242
<SHARES-COMMON-STOCK> 850,786
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 55,207
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (10,238)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 770,213
<NET-ASSETS> 14,370,424
<DIVIDEND-INCOME> 76,690
<INTEREST-INCOME> 1,895
<OTHER-INCOME> 0
<EXPENSES-NET> (23,378)
<NET-INVESTMENT-INCOME> 55,207
<REALIZED-GAINS-CURRENT> (10,238)
<APPREC-INCREASE-CURRENT> 770,213
<NET-CHANGE-FROM-OPS> 815,182
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,059,498
<NUMBER-OF-SHARES-REDEEMED> (208,712)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 14,330,424
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5,826
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 57,477
<AVERAGE-NET-ASSETS> 3,991,350
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> 0.050
<PER-SHARE-GAIN-APPREC> 1.280
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 11.330
<EXPENSE-RATIO> 0.730
<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
FRANKLIN TEMPLETON FUND ALLOCATOR SERIES JULY 31, 1997 ANNUAL REPORT AND
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 022
<NAME> FRANKLIN TEMPLETON GROWTH TARGET FUND - CLASS II
<S> <C>
<PERIOD-TYPE> 7-MOS
<FISCAL-YEAR-END> JUL-31-1997
<PERIOD-START> DEC-31-1996
<PERIOD-END> JUL-31-1997
<INVESTMENTS-AT-COST> 13,534,178
<INVESTMENTS-AT-VALUE> 14,304,391
<RECEIVABLES> 136,881
<ASSETS-OTHER> 87,959
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 14,529,231
<PAYABLE-FOR-SECURITIES> 50,000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 108,807
<TOTAL-LIABILITIES> 158,807
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 13,555,242
<SHARES-COMMON-STOCK> 418,893
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 55,207
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (10,238)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 770,213
<NET-ASSETS> 14,370,424
<DIVIDEND-INCOME> 76,690
<INTEREST-INCOME> 1,895
<OTHER-INCOME> 0
<EXPENSES-NET> (23,378)
<NET-INVESTMENT-INCOME> 55,207
<REALIZED-GAINS-CURRENT> (10,238)
<APPREC-INCREASE-CURRENT> 770,213
<NET-CHANGE-FROM-OPS> 815,182
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 426,731
<NUMBER-OF-SHARES-REDEEMED> (7,838)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 14,330,424
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5,826
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 57,477
<AVERAGE-NET-ASSETS> 3,991,350
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> 0.040
<PER-SHARE-GAIN-APPREC> 1.260
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 11.300
<EXPENSE-RATIO> 1.490
<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
FRANKLIN TEMPLETON FUND ALLOCATOR SERIES JULY 31, 1997 ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 031
<NAME> FRANKLIN TEMPLETON MODERATE TARGET FUND - CLASS I
<S> <C>
<PERIOD-TYPE> 7-MOS
<FISCAL-YEAR-END> JUL-31-1997
<PERIOD-START> DEC-31-1996
<PERIOD-END> JUL-31-1997
<INVESTMENTS-AT-COST> 10,459,620
<INVESTMENTS-AT-VALUE> 11,105,030
<RECEIVABLES> 76,023
<ASSETS-OTHER> 146,850
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 11,327,903
<PAYABLE-FOR-SECURITIES> 15,998
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 118,951
<TOTAL-LIABILITIES> 134,949
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 9,846,944
<SHARES-COMMON-STOCK> 577,198
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 92,415
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 608,185
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 645,410
<NET-ASSETS> 11,192,954
<DIVIDEND-INCOME> 173,723
<INTEREST-INCOME> 11,424
<OTHER-INCOME> 0
<EXPENSES-NET> (44,336)
<NET-INVESTMENT-INCOME> 140,811
<REALIZED-GAINS-CURRENT> 608,185
<APPREC-INCREASE-CURRENT> 645,410
<NET-CHANGE-FROM-OPS> 1,394,406
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (44,458)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,287,701
<NUMBER-OF-SHARES-REDEEMED> (1,714,714)
<SHARES-REINVESTED> 4,211
<NET-CHANGE-IN-ASSETS> 11,152,954
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 13,870
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 76,930
<AVERAGE-NET-ASSETS> 9,432,500
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> .170
<PER-SHARE-GAIN-APPREC> 1.130
<PER-SHARE-DIVIDEND> (.040)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 11.260
<EXPENSE-RATIO> 0.670
<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
FRANKLIN TEMPLETON FUND ALLOCATOR SERIES JULY 31, 1997 ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 032
<NAME> FRANKLIN TEMPLETON MODERATE TARGET FUND - CLASS II
<S> <C>
<PERIOD-TYPE> 7-MOS
<FISCAL-YEAR-END> JUL-31-1997
<PERIOD-START> DEC-31-1996
<PERIOD-END> JUL-31-1997
<INVESTMENTS-AT-COST> 10,459,620
<INVESTMENTS-AT-VALUE> 11,105,030
<RECEIVABLES> 76,023
<ASSETS-OTHER> 146,850
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 11,327,903
<PAYABLE-FOR-SECURITIES> 15,998
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 118,951
<TOTAL-LIABILITIES> 134,949
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 9,846,944
<SHARES-COMMON-STOCK> 420,721
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 92,415
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 608,185
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 645,410
<NET-ASSETS> 11,192,954
<DIVIDEND-INCOME> 173,723
<INTEREST-INCOME> 11,424
<OTHER-INCOME> 0
<EXPENSES-NET> (44,336)
<NET-INVESTMENT-INCOME> 140,811
<REALIZED-GAINS-CURRENT> 608,185
<APPREC-INCREASE-CURRENT> 645,410
<NET-CHANGE-FROM-OPS> 1,394,406
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,938)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 447,681
<NUMBER-OF-SHARES-REDEEMED> (27,329)
<SHARES-REINVESTED> 369
<NET-CHANGE-IN-ASSETS> 11,152,954
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 13,870
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 76,930
<AVERAGE-NET-ASSETS> 9,432,500
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> .070
<PER-SHARE-GAIN-APPREC> 1.110
<PER-SHARE-DIVIDEND> (.020)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 11.160
<EXPENSE-RATIO> 1.500
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
REPORT OF INDEPENDENT AUDITORS
To the Shareholders and Board of Trustees
of the Franklin Templeton Fund Allocator Series:
In planning and performing our audit of the financial
statements and financial highlights of the funds comprising
the Franklin Templeton Fund Allocator Series for the year
ended July 31, 1997, we considered their internal control
structures, 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 Franklin Templeton Fund Allocator
Series 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
July 31, 1997.
This report is intended solely for the information and use
of management of the Franklin Templeton Fund Allocator
Series and the Securities and Exchange Commission.
S\COOPERS & LYBRAND L.L.P.
Coopers & Lybrand L.L.P.
San Francisco, California
September 11, 1997
