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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 7
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<PAGE> PAGE 9
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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 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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SIGNATURE KIMBERLEY MONASTERIO
TITLE ASSISTANT TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM
THE FRANKLIN TEMPLETON FUND ALLOCATOR SERIES JANUARY 31, 1999
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 A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUL-31-1999
<PERIOD-END> JAN-31-1999
<INVESTMENTS-AT-COST> 23,893,167
<INVESTMENTS-AT-VALUE> 24,246,580
<RECEIVABLES> 4,071,789
<ASSETS-OTHER> 39,861
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 28,358,230
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 323,193
<TOTAL-LIABILITIES> 323,193
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 28,784,836
<SHARES-COMMON-STOCK> 1,418,377
<SHARES-COMMON-PRIOR> 1,057,811
<ACCUMULATED-NII-CURRENT> 46,237
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (1,149,449)
<ACCUM-APPREC-OR-DEPREC> 353,413
<NET-ASSETS> 28,035,037
<DIVIDEND-INCOME> 619,324
<INTEREST-INCOME> 92,333
<OTHER-INCOME> 0
<EXPENSES-NET> (135,845)
<NET-INVESTMENT-INCOME> 575,812
<REALIZED-GAINS-CURRENT> (926,000)
<APPREC-INCREASE-CURRENT> 570,196
<NET-CHANGE-FROM-OPS> 220,008
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (372,853)
<DISTRIBUTIONS-OF-GAINS> (252,162)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 491,136
<NUMBER-OF-SHARES-REDEEMED> (189,597)
<SHARES-REINVESTED> 59,027
<NET-CHANGE-IN-ASSETS> 6,179,976
<ACCUMULATED-NII-PRIOR> 132,272
<ACCUMULATED-GAINS-PRIOR> 255,331
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (30,741)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (149,564)
AVERAGE-NET-ASSETS> 24,401,921
<PER-SHARE-NAV-BEGIN> 11.000
<PER-SHARE-NII> 0.250
<PER-SHARE-GAIN-APPREC> (0.210)
<PER-SHARE-DIVIDEND> (0.300)
<PER-SHARE-DISTRIBUTIONS> (0.190)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.550
<EXPENSE-RATIO> 0.750<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
<FN>
<F1>ANNUALIZED; EXPENSE RATIO EXCLUDING WAIVER 0.87%
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM
THE FRANKLIN TEMPLETON FUND ALLOCATOR SERIES JANUARY 31, 1999
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 C
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUL-31-1999
<PERIOD-END> JAN-31-1999
<INVESTMENTS-AT-COST> 23,893,167
<INVESTMENTS-AT-VALUE> 24,246,580
<RECEIVABLES> 4,071,789
<ASSETS-OTHER> 39,861
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 28,358,230
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 323,193
<TOTAL-LIABILITIES> 323,193
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 28,784,836
<SHARES-COMMON-STOCK> 1,247,961
<SHARES-COMMON-PRIOR> 935,350
<ACCUMULATED-NII-CURRENT> 46,237
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (1,149,449)
<ACCUM-APPREC-OR-DEPREC> 353,413
<NET-ASSETS> 28,035,037
<DIVIDEND-INCOME> 619,324
<INTEREST-INCOME> 92,333
<OTHER-INCOME> 0
<EXPENSES-NET> (135,845)
<NET-INVESTMENT-INCOME> 575,812
<REALIZED-GAINS-CURRENT> (926,000)
<APPREC-INCREASE-CURRENT> 570,196
<NET-CHANGE-FROM-OPS> 220,008
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (288,994)
<DISTRIBUTIONS-OF-GAINS> (226,618)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 393,981
<NUMBER-OF-SHARES-REDEEMED> (126,957)
<SHARES-REINVESTED> 45,587
<NET-CHANGE-IN-ASSETS> 6,179,976
<ACCUMULATED-NII-PRIOR> 132,272
<ACCUMULATED-GAINS-PRIOR> 255,331
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (30,741)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (149,564)
<AVERAGE-NET-ASSETS> 24,401,921
<PER-SHARE-NAV-BEGIN> 10.920
<PER-SHARE-NII> 0.200
<PER-SHARE-GAIN-APPREC> (0.210)
<PER-SHARE-DIVIDEND> (0.250)
<PER-SHARE-DISTRIBUTIONS> (0.190)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.470
<EXPENSE-RATIO> 1.500<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
<FN>
<F1>ANNUALIZED; EXPENSE RATIO EXCLUDING WAIVER 1.62%
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM
THE FRANKLIN TEMPLETON FUND ALLOCATOR SERIES JANUARY 31, 1999
SEMI-ANNUAL REPORT AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE
TO
SUCH FINANCIAL STATEMENT.
</LEGEND>
<SERIES>
<NUMBER> 021
<NAME> FRANKLIN TEMPLETON GROWTH TARGET FUND - CLASS A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUL-31-1999
<PERIOD-END> JAN-31-1999
<INVESTMENTS-AT-COST> 58,801,723
<INVESTMENTS-AT-VALUE> 60,276,813
<RECEIVABLES> 111,109
<ASSETS-OTHER> 39,861
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 60,427,783
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,130,261
<TOTAL-LIABILITIES> 1,130,261
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 61,946,402
<SHARES-COMMON-STOCK> 3,424,021
<SHARES-COMMON-PRIOR> 2,422,453
<ACCUMULATED-NII-CURRENT> 30,627
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (4,154,597)
<ACCUM-APPREC-OR-DEPREC> 1,475,090
<NET-ASSETS> 59,297,522
<DIVIDEND-INCOME> 1,289,186
<INTEREST-INCOME> 12,948
<OTHER-INCOME> 0
<EXPENSES-NET> (277,929)
<NET-INVESTMENT-INCOME> 1,024,205
<REALIZED-GAINS-CURRENT> (3,261,764)
<APPREC-INCREASE-CURRENT> 2,353,199
<NET-CHANGE-FROM-OPS> 115,640
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (755,498)
<DISTRIBUTIONS-OF-GAINS> (925,041)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,450,189
<NUMBER-OF-SHARES-REDEEMED> (612,156)
<SHARES-REINVESTED> 163,535
<NET-CHANGE-IN-ASSETS> 11,503,345
<ACCUMULATED-NII-PRIOR> 155,461
<ACCUMULATED-GAINS-PRIOR> 681,750
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (65,591)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (316,494)
<AVERAGE-NET-ASSETS> 52,080,489
<PER-SHARE-NAV-BEGIN> 11.160
<PER-SHARE-NII> 0.200
<PER-SHARE-GAIN-APPREC> (0.370)
<PER-SHARE-DIVIDEND> (0.250)
<PER-SHARE-DISTRIBUTIONS> (0.290)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.450
<EXPENSE-RATIO> 0.750<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
<FN>
<F1>ANNUALIZED; EXPENSE RATIO EXCLUDING WAIVER .90%
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM
THE FRANKLIN TEMPLETON FUND ALLOCATOR SERIES JANUARY 31, 1999
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 C
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUL-31-1999
<PERIOD-END> JAN-31-1999
<INVESTMENTS-AT-COST> 58,801,723
<INVESTMENTS-AT-VALUE> 60,276,813
<RECEIVABLES> 111,109
<ASSETS-OTHER> 39,861
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 60,427,783
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,130,261
<TOTAL-LIABILITIES> 1,130,261
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 61,946,402
<SHARES-COMMON-STOCK> 2,256,499
<SHARES-COMMON-PRIOR> 1,872,304
<ACCUMULATED-NII-CURRENT> 30,627
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (4,154,597)
<ACCUM-APPREC-OR-DEPREC> 1,475,090
<NET-ASSETS> 59,297,522
<DIVIDEND-INCOME> 1,289,186
<INTEREST-INCOME> 12,948
<OTHER-INCOME> 0
<EXPENSES-NET> (277,929)
<NET-INVESTMENT-INCOME> 1,024,205
<REALIZED-GAINS-CURRENT> (3,261,764)
<APPREC-INCREASE-CURRENT> 2,353,199
<NET-CHANGE-FROM-OPS> 115,640
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (393,541)
<DISTRIBUTIONS-OF-GAINS> (649,542)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 692,410
<NUMBER-OF-SHARES-REDEEMED> (406,932)
<SHARES-REINVESTED> 98,717
<NET-CHANGE-IN-ASSETS> 11,503,345
<ACCUMULATED-NII-PRIOR> 155,461
<ACCUMULATED-GAINS-PRIOR> 681,750
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (65,591)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (316,494)
<AVERAGE-NET-ASSETS> 52,080,489
<PER-SHARE-NAV-BEGIN> 11.080
<PER-SHARE-NII> 0.170
<PER-SHARE-GAIN-APPREC> (0.370)
<PER-SHARE-DIVIDEND> (0.180)
<PER-SHARE-DISTRIBUTIONS> (0.290)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.410
<EXPENSE-RATIO> 1.500<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
<FN>
<F1>ANNUALIZED; EXPENSE RATIO EXCLUDING WAIVER 1.66%
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM
THE FRANKLIN TEMPLETON FUND ALLOCATOR SERIES JANUARY 31, 1999
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 A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUL-31-1999
<PERIOD-END> JAN-31-1999
<INVESTMENTS-AT-COST> 52,031,773
<INVESTMENTS-AT-VALUE> 53,061,041
<RECEIVABLES> 370,560
<ASSETS-OTHER> 39,861
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 53,471,462
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 259,734
<TOTAL-LIABILITIES> 259,734
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 55,367,302
<SHARES-COMMON-STOCK> 2,668,722
<SHARES-COMMON-PRIOR> 2,137,514
<ACCUMULATED-NII-CURRENT> 56,571
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (3,241,413)
<ACCUM-APPREC-OR-DEPREC> 1,029,268
<NET-ASSETS> 53,211,728
<DIVIDEND-INCOME> 1,182,839
<INTEREST-INCOME> 34,256
<OTHER-INCOME> 0
<EXPENSES-NET> (297,098)
<NET-INVESTMENT-INCOME> 919,997
<REALIZED-GAINS-CURRENT> (2,756,996)
<APPREC-INCREASE-CURRENT> 1,477,351
<NET-CHANGE-FROM-OPS> (359,648)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (591,415)
<DISTRIBUTIONS-OF-GAINS> (450,571)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 839,826
<NUMBER-OF-SHARES-REDEEMED> (412,571)
<SHARES-REINVESTED> 103,953
<NET-CHANGE-IN-ASSETS> 10,682,083
<ACCUMULATED-NII-PRIOR> 187,741
<ACCUMULATED-GAINS-PRIOR> 402,912
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (58,104)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (297,098)
<AVERAGE-NET-ASSETS> 46,121,917
<PER-SHARE-NAV-BEGIN> 10.770
<PER-SHARE-NII> 0.200
<PER-SHARE-GAIN-APPREC> (0.370)
<PER-SHARE-DIVIDEND> (0.240)
<PER-SHARE-DISTRIBUTIONS> (0.180)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.180
<EXPENSE-RATIO> 0.930<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
<FN>
<F1>ANNUALIZED
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM
THE FRANKLIN TEMPLETON FUND ALLOCATOR SERIES JANUARY 31, 1999
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 C
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUL-31-1999
<PERIOD-END> JAN-31-1999
<INVESTMENTS-AT-COST> 52,031,773
<INVESTMENTS-AT-VALUE> 53,061,041
<RECEIVABLES> 370,560
<ASSETS-OTHER> 39,861
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 53,471,462
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 259,734
<TOTAL-LIABILITIES> 259,734
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 55,367,302
<SHARES-COMMON-STOCK> 2,589,609
<SHARES-COMMON-PRIOR> 1,830,957
<ACCUMULATED-NII-CURRENT> 56,571
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (3,241,413)
<ACCUM-APPREC-OR-DEPREC> 1,029,268
<NET-ASSETS> 53,211,728
<DIVIDEND-INCOME> 1,182,839
<INTEREST-INCOME> 34,256
<OTHER-INCOME> 0
<EXPENSES-NET> (297,098)
<NET-INVESTMENT-INCOME> 919,997
<REALIZED-GAINS-CURRENT> (2,756,996)
<APPREC-INCREASE-CURRENT> 1,477,351
<NET-CHANGE-FROM-OPS> (359,648)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (459,752)
<DISTRIBUTIONS-OF-GAINS> (436,758)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 972,506
<NUMBER-OF-SHARES-REDEEMED> (299,748)
<SHARES-REINVESTED> 85,894
<NET-CHANGE-IN-ASSETS> 10,682,083
<ACCUMULATED-NII-PRIOR> 187,741
<ACCUMULATED-GAINS-PRIOR> 402,912
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (58,104)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (297,098)
<AVERAGE-NET-ASSETS> 46,121,917
<PER-SHARE-NAV-BEGIN> 10.650
<PER-SHARE-NII> 0.150
<PER-SHARE-GAIN-APPREC> (0.370)
<PER-SHARE-DIVIDEND> (0.190)
<PER-SHARE-DISTRIBUTIONS> (0.180)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.060
<EXPENSE-RATIO> 1.690<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
<FN>
<F1>ANNUALIZED
</FN>
</TABLE>
