<PAGE> PAGE 1
000 A000000 01/31/97
000 C000000 0001022804
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 U
001 A000000 FRANKLIN TEMPLETON FUND ALLOCATOR SERIES
001 B000000 811-7851
001 C000000 4153122000
002 A000000 777 MARINERS ISLAND BOULEVARD
002 B000000 SAN MATEO
002 C000000 CA
002 D010000 94404
002 D020000 1585
003 000000 Y
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 3
007 C010100 1
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 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
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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 SERICES, 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 BANK OF AMERICA NT & SA
015 B00AA02 C
015 C01AA02 SAN FRANCISCO
015 C02AA02 CA
015 C03AA02 94104
015 C04AA02 1502
015 E01AA02 X
015 A00AA03 CITIBANK DELAWARE
015 B00AA03 C
015 C01AA03 NEW CASTLE
015 C02AA03 DE
015 C03AA03 19720
015 C04AA03 2409
015 E01AA03 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
015 B00AA06 S
<PAGE> PAGE 3
015 C01AA06 VIENNA
015 D01AA06 AUSTRIA
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
<PAGE> PAGE 4
015 D01AA16 CZECH REPUBLIC
015 E04AA16 X
015 A00AA17 DEN DANKSE BANK
015 B00AA17 S
015 C01AA17 COPENHAGEN
015 D01AA17 DENMARK
015 E04AA17 X
015 A00AA18 MERITA BANK LTD. (MB)
015 B00AA18 S
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
015 B00AA22 S
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
015 B00AA24 S
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 BANK PLC (AIB)
015 B00AA26 S
015 C01AA26 DUBLIN
015 D01AA26 IRELAND
<PAGE> PAGE 5
015 E04AA26 X
015 A00AA27 BANK LEUMI LE-ISRAEL B.M.
015 B00AA27 S
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 (BMT)
015 B00AA29 S
015 C01AA29 TOKYO
015 D01AA29 JAPAN
015 E04AA29 X
015 A00AA30 CEDEL (DEPOSITORY)
015 B00AA30 S
015 C01AA30 LUXEMBOURG CITY
015 D01AA30 LUXEMBOURG
015 E04AA30 X
015 A00AA31 BANQUE INTERNATIONALE A LUXEMBOURG
015 B00AA31 S
015 C01AA31 LUXEMBOURG CITY
015 D01AA31 LUXEMBOURG
015 E04AA31 X
015 A00AA32 THE HONGKONG BANK OF MALAYSIA BERHAD (HBMB)
015 B00AA32 S
015 C01AA32 KUALA LUMPUR
015 D01AA32 MALAYSIA
015 E04AA32 X
015 A00AA33 BANCO NACIONAL DE MEXICO
015 B00AA33 S
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015 D01AA33 MEXICO
015 E04AA33 X
015 A00AA34 BANQUE COMMERCIALE DU MAROC (BCM)
015 B00AA34 S
015 C01AA34 CASABLANCA
015 D01AA34 MOROCCO
015 E04AA34 X
015 A00AA35 MEESPIERSON
015 B00AA35 S
015 C01AA35 AMSTERDAM
015 D01AA35 NETHERLANDS
015 E04AA35 X
015 A00AA36 AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD
015 B00AA36 S
015 C01AA36 WELLINGTON
015 D01AA36 NEW ZEALAND
015 E04AA36 X
<PAGE> PAGE 6
015 A00AA37 DEN NORSKE BANK
015 B00AA37 S
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.
015 B00AA39 S
015 C01AA39 LIMA
015 D01AA39 PERU
015 E04AA39 X
015 A00AA40 THE HONGKONG & SHANGHAI BANKING CORP. LTD
015 B00AA40 S
015 C01AA40 MANILA
015 D01AA40 PHILIPPINES
015 E04AA40 X
015 A00AA41 BANK HANDLOWY W WARSZAWIE S.A.
015 B00AA41 S
015 C01AA41 WARSAW
015 D01AA41 POLAND
015 E04AA41 X
015 A00AA42 BANCO COMERCIAL PORTUGUES
015 B00AA42 S
015 C01AA42 LISBON
015 D01AA42 PORTUGAL
015 E04AA42 X
015 A00AA43 UNITED OVERSEAS BANK LIMITED (UOB)
015 B00AA43 S
015 C01AA43 SINGAPORE
015 D01AA43 SINGAPORE
015 E04AA43 X
015 A00AA44 STANDARD CORPORATE AND MERCHANT BANK (SCMB)
015 B00AA44 S
015 C01AA44 JOHANNESBURG
015 D01AA44 SOUTH AFRICA
015 E04AA44 X
015 A00AA45 SEOULBANK (SB)
015 B00AA45 S
015 C01AA45 SEOUL
015 D01AA45 SOUTH KOREA
015 E04AA45 X
015 A00AA46 BANCO BILBAO VIZCAYA (BBV)
015 B00AA46 S
015 C01AA46 MADRID
015 D01AA46 SPAIN
015 E04AA46 X
015 A00AA47 STANDARD CHARTERED BANK (SCB)
<PAGE> PAGE 7
015 B00AA47 S
015 C01AA47 COLOMBO
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 (UBS)
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 COMMERICAL BANK PUBLIC COMPANY LTD
015 B00AA51 S
015 C01AA51 BANGKOK
015 D01AA51 THAILAND
015 E04AA51 X
015 A00AA52 CITIBANK, N.A. - ISTANBUL BRANCH
015 B00AA52 S
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015 D01AA52 TURKEY
015 E04AA52 X
015 A00AA53 THE BANK OF NEW YORK
015 B00AA53 S
015 C01AA53 LONDON
015 D01AA53 UNITED KINGDOM
015 E04AA53 X
015 A00AA54 THE FIRST NATIONAL BANK OF BOSTON
015 B00AA54 S
015 C01AA54 MONTEVIDEO
015 D01AA54 URUGUAY
015 E04AA54 X
015 A00AA55 CITIBANK, N.A.
015 B00AA55 S
015 C01AA55 CARACAS
015 D01AA55 VENEZUELA
015 E04AA55 X
015 A00AA56 STANBIC BANK ZAMBIA LIMITED (STANBIC)
015 B00AA56 S
015 C01AA56 LUSAKA
015 D01AA56 ZAMBIA
015 E04AA56 X
015 A00AA57 STANBIC BANK ZIMBABWE LIMITED (STANBIC)
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<PAGE> PAGE 8
015 C01AA57 HARARE
015 D01AA57 ZIMBABWE
015 E04AA57 X
015 A00AA58 BANQUE PARIBAS
015 B00AA58 S
015 C01AA58 MILAN
015 D01AA58 ITALY
015 E04AA58 X
015 A00AA59 JASDEC (DEPOSITORY)
015 B00AA59 S
015 C01AA59 TOKYO
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
015 E04AA60 X
015 A00AA61 STANBIC BANK KENYA LIMITED (STANBIC)
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015 C01AA61 NAIROBI
015 D01AA61 KENYA
015 E04AA61 X
015 A00AA62 STANBIC BANK NAMIBIA LIMITED (STANBIC)
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015 C01AA62 WINDHOEK
015 D01AA62 NAMIBIA
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015 C01AA64 LAGOS
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015 A00AA66 CESKOSLOVENSKA OBCHODNI BANKA A.S. (CSOB)
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<PAGE> PAGE 9
015 D01AA67 SWAZILAND
015 E04AA67 X
015 A00AA68 BANK LEU LTD.
015 B00AA68 S
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015 D01AA69 THAILAND
015 E04AA69 X
015 A00AA70 FIRST CHICAGO CLEARING CENTRE (FCCC)
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015 E04AA70 X
015 A00AA71 CITIBANK, N.A.
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015 C01AA71 QUITO
015 D01AA71 ECUADOR
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015 A00AA72 CITIBANK, N.A. - EGYPT BRANCH
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015 D01AA72 EYGPT
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<PAGE> PAGE 10
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022 B000004 94-1687665
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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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<PAGE> PAGE 18
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074 V010200 10.37
074 V020200 10.36
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076 000200 0.00
028 A010300 0
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<PAGE> PAGE 19
028 A030300 0
028 A040300 0
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028 B020300 0
028 B030300 0
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028 F030300 0
028 F040300 0
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029 000300 Y
030 A000300 0
030 B000300 4.50
030 C000300 0.00
031 A000300 0
031 B000300 0
032 000300 0
033 000300 0
034 000300 Y
035 000300 0
036 A000300 N
036 B000300 0
037 000300 N
038 000300 0
039 000300 Y
040 000300 Y
041 000300 Y
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<PAGE> PAGE 20
042 H000300 0
043 000300 0
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
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069 000300 N
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071 C000300 165
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072 A000300 1
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<PAGE> PAGE 21
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074 B000300 0
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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
FRANKLIN TEMPLETON FUND ALLOCATOR SERIES JANUARY 31, 1997 SEMI-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> 1-MO
<FISCAL-YEAR-END> JUL-31-1997
<PERIOD-START> DEC-31-1996
<PERIOD-END> JAN-31-1997
<INVESTMENTS-AT-COST> 152,475
<INVESTMENTS-AT-VALUE> 154,096
<RECEIVABLES> 0
<ASSETS-OTHER> 103,871
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 257,967
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 103,974
<TOTAL-LIABILITIES> 103,974
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 152,186
<SHARES-COMMON-STOCK> 10,156
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 186
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,621
<NET-ASSETS> 153,993
<DIVIDEND-INCOME> 277
<INTEREST-INCOME> 23
<OTHER-INCOME> 0
<EXPENSES-NET> (114)
<NET-INVESTMENT-INCOME> 186
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 1,621
<NET-CHANGE-FROM-OPS> 1,807
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10,156
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 113,993
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 27
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,394
<AVERAGE-NET-ASSETS> 123,010
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> 0.013
<PER-SHARE-GAIN-APPREC> 0.147
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.160
<EXPENSE-RATIO> 0.740
<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 JANUARY 31, 1997 SEMI-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> 1-MO
<FISCAL-YEAR-END> JUL-31-1997
<PERIOD-START> DEC-31-1996
<PERIOD-END> JAN-31-1997
<INVESTMENTS-AT-COST> 152,475
<INVESTMENTS-AT-VALUE> 154,096
<RECEIVABLES> 0
<ASSETS-OTHER> 103,871
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 257,967
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 103,974
<TOTAL-LIABILITIES> 103,974
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 152,186
<SHARES-COMMON-STOCK> 5,000
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 186
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,621
<NET-ASSETS> 153,993
<DIVIDEND-INCOME> 277
<INTEREST-INCOME> 23
<OTHER-INCOME> 0
<EXPENSES-NET> (114)
<NET-INVESTMENT-INCOME> 186
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 1,621
<NET-CHANGE-FROM-OPS> 1,807
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,000
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 113,993
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 27
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,394
<AVERAGE-NET-ASSETS> 123,010
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> 0.012
<PER-SHARE-GAIN-APPREC> 0.148
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.160
<EXPENSE-RATIO> 1.460
<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 JANUARY 31, 1997 SEMI-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> 1-MO
<FISCAL-YEAR-END> JUL-31-1997
<PERIOD-START> DEC-31-1996
<PERIOD-END> JAN-31-1997
<INVESTMENTS-AT-COST> 293,422
<INVESTMENTS-AT-VALUE> 298,292
<RECEIVABLES> 5,986
<ASSETS-OTHER> 105,921
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 424,193
<PAYABLE-FOR-SECURITIES> 13,985
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 104,010
<TOTAL-LIABILITIES> 117,995
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 301,366
<SHARES-COMMON-STOCK> 21,447
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> (38)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,870
<NET-ASSETS> 306,198
<DIVIDEND-INCOME> 61
<INTEREST-INCOME> 40
<OTHER-INCOME> 0
<EXPENSES-NET> (139)
<NET-INVESTMENT-INCOME> (38)
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 4,870
<NET-CHANGE-FROM-OPS> 4,832
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 21,447
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 266,198
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 34
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6,025
<AVERAGE-NET-ASSETS> 159,093
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> 0.000
<PER-SHARE-GAIN-APPREC> 0.370
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.370
<EXPENSE-RATIO> 0.700
<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 JANUARY 31, 1997 SEMI-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> 1-MO
<FISCAL-YEAR-END> JUL-31-1997
<PERIOD-START> DEC-31-1996
<PERIOD-END> JAN-31-1997
<INVESTMENTS-AT-COST> 293,422
<INVESTMENTS-AT-VALUE> 298,292
<RECEIVABLES> 5,986
<ASSETS-OTHER> 105,921
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 424,193
<PAYABLE-FOR-SECURITIES> 13,985
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 104,010
<TOTAL-LIABILITIES> 117,995
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 301,366
<SHARES-COMMON-STOCK> 8,088
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> (38)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,870
<NET-ASSETS> 306,198
<DIVIDEND-INCOME> 61
<INTEREST-INCOME> 40
<OTHER-INCOME> 0
<EXPENSES-NET> (139)
<NET-INVESTMENT-INCOME> (38)
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 4,870
<NET-CHANGE-FROM-OPS> 4,832
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8,088
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 266,198
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 34
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6,025
<AVERAGE-NET-ASSETS> 159,093
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> (0.004)
<PER-SHARE-GAIN-APPREC> 0.364
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.360
<EXPENSE-RATIO> 1.500
<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 JANUARY 31, 1997 SEMI-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> 1-MO
<FISCAL-YEAR-END> JUL-31-1997
<PERIOD-START> DEC-31-1996
<PERIOD-END> JAN-31-1997
<INVESTMENTS-AT-COST> 165,479
<INVESTMENTS-AT-VALUE> 168,515
<RECEIVABLES> 149
<ASSETS-OTHER> 103,871
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 272,535
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 103,982
<TOTAL-LIABILITIES> 103,982
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 165,404
<SHARES-COMMON-STOCK> 11,426
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 113
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,036
<NET-ASSETS> 168,553
<DIVIDEND-INCOME> 191
<INTEREST-INCOME> 42
<OTHER-INCOME> 0
<EXPENSES-NET> (120)
<NET-INVESTMENT-INCOME> 113
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 3,036
<NET-CHANGE-FROM-OPS> 3,149
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 11,426
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 128,553
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 29
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,447
<AVERAGE-NET-ASSETS> 133,162
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> 0.008
<PER-SHARE-GAIN-APPREC> 0.252
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.260
<EXPENSE-RATIO> 0.720
<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 JANUARY 31, 1997 SEMI-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> 1-MO
<FISCAL-YEAR-END> JUL-31-1997
<PERIOD-START> DEC-31-1996
<PERIOD-END> JAN-31-1997
<INVESTMENTS-AT-COST> 165,479
<INVESTMENTS-AT-VALUE> 168,515
<RECEIVABLES> 149
<ASSETS-OTHER> 103,871
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 272,535
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 103,982
<TOTAL-LIABILITIES> 103,982
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 165,404
<SHARES-COMMON-STOCK> 5,000
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 113
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,036
<NET-ASSETS> 168,553
<DIVIDEND-INCOME> 191
<INTEREST-INCOME> 42
<OTHER-INCOME> 0
<EXPENSES-NET> (120)
<NET-INVESTMENT-INCOME> 113
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 3,036
<NET-CHANGE-FROM-OPS> 3,149
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,000
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 128,553
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 29
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,447
<AVERAGE-NET-ASSETS> 133,162
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> 0.005
<PER-SHARE-GAIN-APPREC> 0.255
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.260
<EXPENSE-RATIO> 1.470
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
wpdoc2\nsar\1997\ftfa-77c.doc
NAME OF REGISTRANT:
Franklin Templeton Fund Allocator Series
File No. 811-7851
EXHIBIT ITEM No. 77C:
Submission of matters to a vote of security holders.
FRANKLIN RESOURCES, INC.
777 Mariners Island Blvd.
PO Box 777
San Mateo CA 94403-7777
415/312-2000
FRANKLIN TEMPLETON FUND ALLOCATOR SERIES
ACTION OF SOLE SHAREHOLDER BY WRITTEN CONSENT
The undersigned, being the sole shareholder of the Franklin
Templeton Conservative Target Fund, Franklin Templeton Moderate
Target Fund and Franklin Templeton Growth Target Fund (the
"Funds"), series of Franklin Templeton Fund Allocator Series (the
"Trust"), does hereby take the following actions and does hereby
consent to the following resolutions:
RESOLVED: That the terms and conditions of the Investment
Advisory and Asset Allocation Agreement dated November 19, 1996,
entered into between Franklin Advisers, Inc. and the Trust, be,
and it hereby is, approved for the Funds.
RESOLVED: That the Distribution Plan pursuant to Rule 12b-1
(under the Investment Company Act of 1940), as agreed to and
accepted by Franklin/Templeton Distributors, Inc. and the Trust,
to take effect at the time the Fund's Registration Statement
under the Securities Act of 1933 is declared effective by the
U.S. Securities and Exchange Commission, be, and it hereby is,
approved for the Funds.
By execution hereof, the undersigned shareholder waives prior
notice of the foregoing action by written consent.
FRANKLIN RESOURCES, INC.
Dated: December 19, 1996 By: /s/HE Burns
Harmon E. Burns
Executive Vice President
