<PAGE> PAGE 1
000 B000000 07/31/1999
000 C000000 0001022804
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 U
001 A000000 FRANKLIN TEMPLETON FUND ALLOCATOR SERIES
001 B000000 811-7851
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
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
007 C030300 N
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 FRANKLIN ADVISERS, INC.
008 B00AA01 A
008 C00AA01 801-26292
008 D01AA01 SAN MATEO
008 D02AA01 CA
008 D03AA01 94404
008 D04AA01 1585
010 A00AA01 FRANKLIN TEMPLETON SERVICES, INC.
010 C01AA01 SAN MATEO
010 C02AA01 CA
010 C03AA01 94404
010 C04AA01 1585
<PAGE> PAGE 2
011 A00AA01 FRANKLIN/TEMPLETON DISTRIBUTORS, INC.
011 B00AA01 8-5889
011 C01AA01 SAN MATEO
011 C02AA01 CA
011 C03AA01 94404
011 C04AA01 1585
012 A00AA01 FRANKLIN/TEMPLETON INVESTOR SERVICES, INC.
012 B00AA01 84-1036
012 C01AA01 SAN MATEO
012 C02AA01 CA
012 C03AA01 94404
012 C04AA01 1585
013 A00AA01 PRICEWATERHOUSECOOPERS LLP
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 FRANKLIN/TEMPLETON INVESTOR SERVICES, INC.
015 B00AA01 C
015 C01AA01 SAN MATEO
015 C02AA01 CA
015 C03AA01 94404
015 C04AA01 1585
015 E03AA01 X
015 A00AA02 BANK OF NEW YORK
015 B00AA02 C
015 C01AA02 NEW YORK
015 C02AA02 NY
015 C03AA02 10286
015 E01AA02 X
015 A00AA03 BANKBOSTON
015 B00AA03 S
015 C01AA03 BUENOS AIRES
015 D01AA03 ARGENTINA
015 E04AA03 X
015 A00AA04 NATIONAL AUSTRALIA BANK
015 B00AA04 S
015 C01AA04 MELBOURNE
015 D01AA04 AUSTRALIA
015 E04AA04 X
015 A00AA05 BANK AUSTRIA AG
015 B00AA05 S
015 C01AA05 VIENNA
015 D01AA05 AUSTRIA
015 E04AA05 X
015 A00AA06 BANQUE BRUXELLES LAMBERT
015 B00AA06 S
015 C01AA06 BRUSSELS
015 D01AA06 BELGIUM
<PAGE> PAGE 3
015 E04AA06 X
015 A00AA07 ROYAL BANK OF CANADA
015 B00AA07 S
015 C01AA07 MONTREAL
015 D01AA07 CANADA
015 E04AA07 X
015 A00AA08 DEN DANSKE BANK
015 B00AA08 S
015 C01AA08 COPENHAGEN
015 D01AA08 DENMARK
015 E04AA08 X
015 A00AA09 FIRST CHICAGO
015 B00AA09 S
015 C01AA09 LONDON
015 D01AA09 EURO CDS
015 E04AA09 X
015 A00AA10 CEDEL BANK, S.A.
015 B00AA10 S
015 C01AA10 LUXEMBOURG CITY
015 D01AA10 EUROBONDS
015 E04AA10 X
015 A00AA11 EUROCLEAR
015 B00AA11 S
015 C01AA11 BRUSSELS
015 D01AA11 EUROBONDS
015 E04AA11 X
015 A00AA12 MERITA BANK PLC
015 B00AA12 S
015 C01AA12 HELSINKI
015 D01AA12 FINLAND
015 E04AA12 X
015 A00AA13 BANQUE PARIBAS
015 B00AA13 S
015 C01AA13 PARIS
015 D01AA13 FRANCE
015 E04AA13 X
015 A00AA14 DRESDNER BANK AG
015 B00AA14 S
015 C01AA14 FRANKFURT
015 D01AA14 GERMANY
015 E04AA14 X
015 A00AA15 HONGKONG & SHANGHAI BANKING CORP.
015 B00AA15 S
015 C01AA15 HONG KONG
015 D01AA15 HONG KONG
015 E04AA15 X
015 A00AA16 HONGKONG & SHANGHAI BANKING CORP.
015 B00AA16 S
015 C01AA16 JAKARTA
015 D01AA16 INDONESIA
015 E04AA16 X
<PAGE> PAGE 4
015 A00AA17 ALLIED IRISH BANKS, PLC
015 B00AA17 S
015 C01AA17 DUBLIN
015 D01AA17 IRELAND
015 E04AA17 X
015 A00AA18 BANK OF TOKYO - MITSUBISHI LIMITED
015 B00AA18 S
015 C01AA18 TOKYO
015 D01AA18 JAPAN
015 E04AA18 X
015 A00AA19 BANQUE ET CAISSE D'EPARGNE DE L'ETAT
015 B00AA19 S
015 C01AA19 LUXEMBOURG CITY
015 D01AA19 LUXEMBOURG
015 E04AA19 X
015 A00AA20 HSBC BANK MALAYSIA BERHAD
015 B00AA20 S
015 C01AA20 KUALA LUMPUR
015 D01AA20 MALAYSIA
015 E04AA20 X
015 A00AA21 BANCO NACIONAL DE MEXICO, S.A.
015 B00AA21 S
015 C01AA21 MEXICO CITY
015 D01AA21 MEXICO
015 E04AA21 X
015 A00AA22 MEES PIERSON N.V.
015 B00AA22 S
015 C01AA22 AMSTERDAM
015 D01AA22 NETHERLANDS
015 E04AA22 X
015 A00AA23 AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD.
015 B00AA23 S
015 C01AA23 WELLINGTON
015 D01AA23 NEW ZEALAND
015 E04AA23 X
015 A00AA24 STANDARD CHARTERED BANK
015 B00AA24 S
015 C01AA24 KARACHI
015 D01AA24 PAKISTAN
015 E04AA24 X
015 A00AA25 HONGKONG & SHANGHAI BANKING CORP.
015 B00AA25 S
015 C01AA25 MANILA
015 D01AA25 PHILIPPINES
015 E04AA25 X
015 A00AA26 BANCO COMERCIAL PORTUGUES
015 B00AA26 S
015 C01AA26 LISBON
015 D01AA26 PORTUGAL
015 E04AA26 X
015 A00AA27 UNITED OVERSEAS BANK LTD.
<PAGE> PAGE 5
015 B00AA27 S
015 C01AA27 SINGAPORE
015 D01AA27 SINGAPORE
015 E04AA27 X
015 A00AA28 STANDARD BANK OF SOUTH AFRICA LTD
015 B00AA28 S
015 C01AA28 JOHANNESBURG
015 D01AA28 SOUTH AFRICA
015 E04AA28 X
015 A00AA29 BANCO BILBAO VIZCAYA
015 B00AA29 S
015 C01AA29 MADRID
015 D01AA29 SPAIN
015 E04AA29 X
015 A00AA30 SKANDINAVISKA ENKILDA BANKEN
015 B00AA30 S
015 C01AA30 STOCKHOLM
015 D01AA30 SWEDEN
015 E04AA30 X
015 A00AA31 UNION BANK OF SWITZERLAND
015 B00AA31 S
015 C01AA31 ZURICH
015 D01AA31 SWITZERLAND
015 E04AA31 X
015 A00AA32 STANDARD CHARTERED BANK
015 B00AA32 S
015 C01AA32 BANGKOK
015 D01AA32 THAILAND
015 E04AA32 X
015 A00AA33 OSMANLI BANKASI A.S.
015 B00AA33 S
015 C01AA33 ISTANBUL
015 D01AA33 TURKEY
015 E04AA33 X
015 A00AA34 BANK OF NEW YORK
015 B00AA34 S
015 C01AA34 LONDON
015 D01AA34 UNITED KINGDOM
015 E04AA34 X
015 A00AA35 STANBIC BANK ZAMBIA LTD.
015 B00AA35 S
015 C01AA35 LUSAKA
015 D01AA35 ZAMBIA
015 E04AA35 X
015 A00AA36 STANBIC BANK ZIMBABWE LTD.
015 B00AA36 S
015 C01AA36 HARARE
015 D01AA36 ZIMBABWE
015 E04AA36 X
018 00AA00 Y
019 A00AA00 Y
<PAGE> PAGE 6
019 B00AA00 234
019 C00AA00 FRNKTEMGRP
021 000000 0
022 A000001 DONALDSON LUFKIN & JENRETTE
022 B000001 13-2741729
022 C000001 120668
022 D000001 0
022 A000002 BARCLAYS CAPITAL INC
022 B000002 13-3551367
022 C000002 117508
022 D000002 0
022 A000003 CIBC WOOD GUNDY SEC CORP
022 B000003 13-3639028
022 C000003 115255
022 D000003 0
022 A000004 PARIBAS CAPITAL MARKETS
022 B000004 13-3235334
022 C000004 112717
022 D000004 0
022 A000005 WARBURG DILLON READ
022 B000005 13-2932996
022 C000005 109392
022 D000005 0
022 A000006 DRESDNER KLEINWORT BENSON
022 B000006 04-2442748
022 C000006 94875
022 D000006 707
022 A000007 BANCAMERICA ROBERTSON STEPHEN
022 B000007 94-1687665
022 C000007 90085
022 D000007 0
022 A000008 GREENWICH CAPITAL MARKETS INC
022 B000008 13-3122275
022 C000008 87337
022 D000008 0
022 A000009 PAINE WEBBER INC
022 B000009 13-2638166
022 C000009 82642
022 D000009 0
022 A000010 LEHMAN BROTHERS INC
022 B000010 13-2518466
022 C000010 59889
022 D000010 0
023 C000000 1194365
023 D000000 13498
024 00AA00 N
026 A000000 Y
026 B000000 N
026 C000000 N
026 D000000 N
026 E000000 N
<PAGE> PAGE 7
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
045 00AA00 Y
046 00AA00 N
047 00AA00 Y
048 00AA00 0.250
048 A01AA00 0
048 A02AA00 0.000
048 B01AA00 0
048 B02AA00 0.000
048 C01AA00 0
048 C02AA00 0.000
048 D01AA00 0
048 D02AA00 0.000
048 E01AA00 0
048 E02AA00 0.000
048 F01AA00 0
048 F02AA00 0.000
048 G01AA00 0
048 G02AA00 0.000
048 H01AA00 0
048 H02AA00 0.000
048 I01AA00 0
048 I02AA00 0.000
048 J01AA00 0
048 J02AA00 0.000
048 K01AA00 0
048 K02AA00 0.000
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 Y
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 Y
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 Y
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 Y
058 A00AA00 N
059 00AA00 Y
060 A00AA00 N
060 B00AA00 N
061 00AA00 1000
<PAGE> PAGE 8
062 A00AA00 N
062 B00AA00 0.0
062 C00AA00 0.0
062 D00AA00 0.0
062 E00AA00 0.0
062 F00AA00 0.0
062 G00AA00 0.0
062 H00AA00 0.0
062 I00AA00 0.0
062 J00AA00 0.0
062 K00AA00 0.0
062 L00AA00 0.0
062 M00AA00 0.0
062 N00AA00 0.0
062 O00AA00 0.0
062 P00AA00 0.0
062 Q00AA00 0.0
062 R00AA00 0.0
063 A00AA00 0
063 B00AA00 0.0
066 A00AA00 Y
066 B00AA00 N
066 C00AA00 N
066 D00AA00 N
066 E00AA00 N
066 F00AA00 N
066 G00AA00 Y
067 00AA00 N
068 A00AA00 N
068 B00AA00 N
069 00AA00 N
070 A01AA00 Y
070 A02AA00 Y
070 B01AA00 Y
070 B02AA00 N
070 C01AA00 Y
070 C02AA00 N
070 D01AA00 Y
070 D02AA00 N
070 E01AA00 Y
070 E02AA00 N
070 F01AA00 Y
070 F02AA00 Y
070 G01AA00 Y
070 G02AA00 N
070 H01AA00 Y
070 H02AA00 N
070 I01AA00 N
070 I02AA00 N
070 J01AA00 Y
070 J02AA00 N
<PAGE> PAGE 9
070 K01AA00 Y
070 K02AA00 Y
070 L01AA00 Y
070 L02AA00 N
070 M01AA00 Y
070 M02AA00 N
070 N01AA00 Y
070 N02AA00 N
070 O01AA00 Y
070 O02AA00 N
070 P01AA00 Y
070 P02AA00 N
070 Q01AA00 Y
070 Q02AA00 N
070 R01AA00 Y
070 R02AA00 N
077 A000000 Y
077 B000000 Y
077 Q010000 Y
078 000000 N
080 A00AA00 ICI MUTUAL INSURANCE CO.
080 B00AA00 NONE
080 C00AA00 175000
081 A00AA00 Y
081 B00AA00 231
082 A00AA00 N
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
028 A010100 931
028 A020100 0
028 A030100 0
028 A040100 661
028 B010100 1146
028 B020100 81
<PAGE> PAGE 10
028 B030100 0
028 B040100 753
028 C010100 757
028 C020100 0
028 C030100 0
028 C040100 3361
028 D010100 395
028 D020100 0
028 D030100 0
028 D040100 1792
028 E010100 619
028 E020100 142
028 E030100 0
028 E040100 1011
028 F010100 1280
028 F020100 0
028 F030100 0
028 F040100 828
028 G010100 5128
028 G020100 223
028 G030100 0
028 G040100 8406
028 H000100 786
029 000100 Y
030 A000100 61
030 B000100 5.75
030 C000100 0.00
031 A000100 0
031 B000100 26
032 000100 87
033 000100 0
034 000100 Y
035 000100 11
036 A000100 N
036 B000100 0
037 000100 N
038 000100 0
039 000100 N
040 000100 Y
041 000100 Y
042 A000100 0
042 B000100 0
042 C000100 100
042 D000100 0
042 E000100 0
042 F000100 0
042 G000100 0
042 H000100 0
043 000100 151
044 000100 61
049 000100 N
<PAGE> PAGE 11
050 000100 N
051 000100 N
052 000100 N
053 A000100 Y
053 B000100 Y
053 C000100 N
055 A000100 N
055 B000100 N
056 000100 N
057 000100 N
071 A000100 46102
071 B000100 45854
071 C000100 20950
071 D000100 219
072 A000100 12
072 B000100 159
072 C000100 1019
072 D000100 0
072 E000100 0
072 F000100 62
072 G000100 0
072 H000100 0
072 I000100 32
072 J000100 0
072 K000100 2
072 L000100 3
072 M000100 1
072 N000100 29
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 3
072 S000100 1
072 T000100 151
072 U000100 14
072 V000100 0
072 W000100 1
072 X000100 299
072 Y000100 20
072 Z000100 899
072AA000100 1635
072BB000100 1644
072CC010100 44
072CC020100 0
072DD010100 525
072DD020100 370
072EE000100 479
073 A010100 0.4100
073 A020100 0.3300
073 B000100 0.1900
073 C000100 0.0000
<PAGE> PAGE 12
074 A000100 0
074 B000100 0
074 C000100 0
074 D000100 0
074 E000100 0
074 F000100 25594
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 0
074 K000100 0
074 L000100 63
074 M000100 33
074 N000100 25690
074 O000100 0
074 P000100 84
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 145
074 S000100 0
074 T000100 25461
074 U010100 1384
074 U020100 997
074 V010100 10.73
074 V020100 10.65
074 W000100 0.0000
074 X000100 1615
074 Y000100 0
075 A000100 0
075 B000100 25592
076 000100 0.00
028 A010200 2977
028 A020200 0
028 A030200 0
028 A040200 2975
028 B010200 3489
028 B020200 0
028 B030200 0
028 B040200 2437
028 C010200 4202
028 C020200 0
028 C030200 0
028 C040200 3287
028 D010200 2155
028 D020200 0
028 D030200 0
028 D040200 4198
028 E010200 1988
028 E020200 0
<PAGE> PAGE 13
028 E030200 0
028 E040200 1732
028 F010200 2159
028 F020200 0
028 F030200 0
028 F040200 2002
028 G010200 16970
028 G020200 0
028 G030200 0
028 G040200 16631
028 H000200 3791
029 000200 Y
030 A000200 253
030 B000200 5.75
030 C000200 0.00
031 A000200 0
031 B000200 51
032 000200 304
033 000200 0
034 000200 Y
035 000200 23
036 A000200 N
036 B000200 0
037 000200 N
038 000200 0
039 000200 N
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 147
044 000200 106
049 000200 N
050 000200 N
051 000200 N
052 000200 N
053 A000200 Y
053 B000200 Y
053 C000200 N
055 A000200 Y
055 B000200 N
056 000200 N
057 000200 N
071 A000200 124996
071 B000200 114449
<PAGE> PAGE 14
071 C000200 55116
071 D000200 208
072 A000200 12
072 B000200 27
072 C000200 1911
072 D000200 0
072 E000200 0
072 F000200 141
072 G000200 0
072 H000200 0
072 I000200 132
072 J000200 0
072 K000200 5
072 L000200 8
072 M000200 2
072 N000200 37
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 8
072 S000200 0
072 T000200 306
072 U000200 14
072 V000200 0
072 W000200 1
072 X000200 654
072 Y000200 64
072 Z000200 1348
072AA000200 7146
072BB000200 6172
072CC010200 898
072CC020200 0
072DD010200 756
072DD020200 394
072EE000200 1575
073 A010200 0.2500
073 A020200 0.1800
073 B000200 0.2900
073 C000200 0.0000
074 A000200 0
074 B000200 0
074 C000200 0
074 D000200 0
074 E000200 0
074 F000200 62894
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 0
074 K000200 0
074 L000200 95
<PAGE> PAGE 15
074 M000200 33
074 N000200 63022
074 O000200 0
074 P000200 83
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 199
074 S000200 0
074 T000200 62740
074 U010200 3711
074 U020200 2005
074 V010200 11.01
074 V020200 10.92
074 W000200 0.0000
074 X000200 6483
074 Y000200 0
075 A000200 0
075 B000200 56784
076 000200 0.00
028 A010300 2501
028 A020300 0
028 A030300 0
028 A040300 1474
028 B010300 5601
028 B020300 89
028 B030300 0
028 B040300 5874
028 C010300 2192
028 C020300 0
028 C030300 0
028 C040300 2843
028 D010300 1384
028 D020300 0
028 D030300 0
028 D040300 2543
028 E010300 1481
028 E020300 214
028 E030300 0
028 E040300 1575
028 F010300 2936
028 F020300 0
028 F030300 0
028 F040300 3572
028 G010300 16095
028 G020300 303
028 G030300 0
028 G040300 17881
028 H000300 2739
029 000300 Y
<PAGE> PAGE 16
030 A000300 182
030 B000300 5.75
030 C000300 0.00
031 A000300 0
031 B000300 91
032 000300 273
033 000300 0
034 000300 Y
035 000300 19
036 A000300 N
036 B000300 0
037 000300 N
038 000300 0
039 000300 N
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 302
044 000300 113
049 000300 N
050 000300 N
051 000300 N
052 000300 N
053 A000300 N
055 A000300 Y
055 B000300 N
056 000300 N
057 000300 N
071 A000300 102411
071 B000300 95962
071 C000300 47324
071 D000300 203
072 A000300 12
072 B000300 48
072 C000300 1999
072 D000300 0
072 E000300 0
072 F000300 121
072 G000300 0
072 H000300 0
072 I000300 89
072 J000300 0
072 K000300 19
072 L000300 7
<PAGE> PAGE 17
072 M000300 2
072 N000300 38
072 O000300 0
072 P000300 0
072 Q000300 0
072 R000300 7
072 S000300 2
072 T000300 302
072 U000300 14
072 V000300 0
072 W000300 1
072 X000300 602
072 Y000300 0
072 Z000300 1445
072AA000300 4330
072BB000300 4871
072CC010300 432
072CC020300 0
072DD010300 800
072DD020300 563
072EE000300 887
073 A010300 0.3100
073 A020300 0.2400
073 B000300 0.1800
073 C000300 0.0000
074 A000300 0
074 B000300 0
074 C000300 0
074 D000300 0
074 E000300 0
074 F000300 53512
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 0
074 K000300 0
074 L000300 494
074 M000300 33
074 N000300 54039
074 O000300 0
074 P000300 94
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 832
074 S000300 0
074 T000300 53113
074 U010300 2748
074 U020300 2368
074 V010300 10.44
<PAGE> PAGE 18
074 V020300 10.31
074 W000300 0.0000
074 X000300 3770
074 Y000300 0
075 A000300 0
075 B000300 50006
076 000300 0.00
SIGNATURE KIMBERLEY MONASTERIO
TITLE ASSISTANT TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE FRANKLIN TEMPLETON FUND ALLOCATOR SERIES JULY 31, 1999 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> YEAR
<FISCAL-YEAR-END> JUL-31-1999
<PERIOD-END> JUL-31-1999
<INVESTMENTS-AT-COST> 25,766,148
<INVESTMENTS-AT-VALUE> 25,593,615
<RECEIVABLES> 63,146
<ASSETS-OTHER> 33,028
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 25,689,789
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 228,696
<TOTAL-LIABILITIES> 228,696
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 25,729,557
<SHARES-COMMON-STOCK> 1,384,244
<SHARES-COMMON-PRIOR> 1,057,811
<ACCUMULATED-NII-CURRENT> 136,308
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (232,239)
<ACCUM-APPREC-OR-DEPREC> (172,533)
<NET-ASSETS> 25,461,093
<DIVIDEND-INCOME> 1,018,804
<INTEREST-INCOME> 159,248
<OTHER-INCOME> 0
<EXPENSES-NET> (279,189)
<NET-INVESTMENT-INCOME> 898,863
<REALIZED-GAINS-CURRENT> (8,545)
<APPREC-INCREASE-CURRENT> 44,250
<NET-CHANGE-FROM-OPS> 934,568
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (525,036)
<DISTRIBUTIONS-OF-GAINS> (252,162)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 871,382
<NUMBER-OF-SHARES-REDEEMED> (618,028)
<SHARES-REINVESTED> 73,079
<NET-CHANGE-IN-ASSETS> 3,606,032
<ACCUMULATED-NII-PRIOR> 132,272
<ACCUMULATED-GAINS-PRIOR> 255,331
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (61,676)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (298,965)
<AVERAGE-NET-ASSETS> 25,592,361
<PER-SHARE-NAV-BEGIN> 11.000
<PER-SHARE-NII> .410
<PER-SHARE-GAIN-APPREC> (.080)
<PER-SHARE-DIVIDEND> (.410)
<PER-SHARE-DISTRIBUTIONS> (.190)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 10.730
<EXPENSE-RATIO> .750<F1>
<FN>
<F1>EXPENSE RATIO EXCLUDING WAIVER .83%
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE FRANKLIN TEMPLETON FUND ALLOCATOR SERIES JULY 31, 1999 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> YEAR
<FISCAL-YEAR-END> JUL-31-1999
<PERIOD-END> JUL-31-1999
<INVESTMENTS-AT-COST> 25,766,148
<INVESTMENTS-AT-VALUE> 25,593,615
<RECEIVABLES> 63,146
<ASSETS-OTHER> 33,028
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 25,689,789
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 228,696
<TOTAL-LIABILITIES> 228,696
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 25,729,557
<SHARES-COMMON-STOCK> 996,627
<SHARES-COMMON-PRIOR> 935,350
<ACCUMULATED-NII-CURRENT> 136,308
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (232,239)
<ACCUM-APPREC-OR-DEPREC> (172,533)
<NET-ASSETS> 25,461,093
<DIVIDEND-INCOME> 1,018,804
<INTEREST-INCOME> 159,248
<OTHER-INCOME> 0
<EXPENSES-NET> (279,189)
<NET-INVESTMENT-INCOME> 898,863
<REALIZED-GAINS-CURRENT> (8,545)
<APPREC-INCREASE-CURRENT> 44,250
<NET-CHANGE-FROM-OPS> 934,568
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (370,036)
<DISTRIBUTIONS-OF-GAINS> (226,618)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 494,936
<NUMBER-OF-SHARES-REDEEMED> (486,242)
<SHARES-REINVESTED> 52,583
<NET-CHANGE-IN-ASSETS> 3,606,032
<ACCUMULATED-NII-PRIOR> 132,272
<ACCUMULATED-GAINS-PRIOR> 255,331
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (61,676)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (298,965)
<AVERAGE-NET-ASSETS> 25,592,361
<PER-SHARE-NAV-BEGIN> 10.920
<PER-SHARE-NII> .330
<PER-SHARE-GAIN-APPREC> (.080)
<PER-SHARE-DIVIDEND> (.330)
<PER-SHARE-DISTRIBUTIONS> (.190)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 10.650
<EXPENSE-RATIO> 1.500<F1>
<FN>
<F1>EXPENSE RATIO EXCLUDING WAIVER 1.58%
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE FRANKLIN TEMPLETON FUND ALLOCATOR SERIES JULY 31, 1999 ANNUAL
REPORT AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIALSTATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 021
<NAME> FRANKLIN TEMPLETON GROWTH TARGET FUND - CLASS A
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUL-31-1999
<PERIOD-END> JUL-31-1999
<INVESTMENTS-AT-COST> 62,874,159
<INVESTMENTS-AT-VALUE> 62,894,008
<RECEIVABLES> 94,742
<ASSETS-OTHER> 33,028
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 63,021,778
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 281,381
<TOTAL-LIABILITIES> 281,381
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 62,284,964
<SHARES-COMMON-STOCK> 3,710,644
<SHARES-COMMON-PRIOR> 2,422,453
<ACCUMULATED-NII-CURRENT> 353,170
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 82,414
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 19,849
<NET-ASSETS> 62,740,397
<DIVIDEND-INCOME> 1,910,779
<INTEREST-INCOME> 27,425
<OTHER-INCOME> 0
<EXPENSES-NET> (589,779)
<NET-INVESTMENT-INCOME> 1,348,425
<REALIZED-GAINS-CURRENT> 973,605
<APPREC-INCREASE-CURRENT> 897,958
<NET-CHANGE-FROM-OPS> 3,219,988
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (755,529)
<DISTRIBUTIONS-OF-GAINS> (925,041)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,724,621
<NUMBER-OF-SHARES-REDEEMED> (1,599,968)
<SHARES-REINVESTED> 163,538
<NET-CHANGE-IN-ASSETS> 14,946,220
<ACCUMULATED-NII-PRIOR> 155,461
<ACCUMULATED-GAINS-PRIOR> 681,750
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (140,952)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (653,719)
<AVERAGE-NET-ASSETS> 56,783,707
<PER-SHARE-NAV-BEGIN> 11.160
<PER-SHARE-NII> .280
<PER-SHARE-GAIN-APPREC> .110
<PER-SHARE-DIVIDEND> (.250)
<PER-SHARE-DISTRIBUTIONS> (.290)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 11.010
<EXPENSE-RATIO> .750<F1>
<FN>
<F1>EXPENSE RATIO EXCLUDING WAIVER .86%
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE FRANKLIN TEMPLETON FUND ALLOCATOR SERIES JULY 31, 1999 ANNUAL
REPORT AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIALSTATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 022
<NAME> FRANKLIN TEMPLETON GROWTH TARGET FUND - CLASS C
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUL-31-1999
<PERIOD-END> JUL-31-1999
<INVESTMENTS-AT-COST> 62,874,159
<INVESTMENTS-AT-VALUE> 62,894,008
<RECEIVABLES> 94,742
<ASSETS-OTHER> 33,028
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 63,021,778
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 281,381
<TOTAL-LIABILITIES> 281,381
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 62,284,964
<SHARES-COMMON-STOCK> 2,004,985
<SHARES-COMMON-PRIOR> 1,872,304
<ACCUMULATED-NII-CURRENT> 353,170
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 82,414
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 19,849
<NET-ASSETS> 62,740,397
<DIVIDEND-INCOME> 1,910,779
<INTEREST-INCOME> 27,425
<OTHER-INCOME> 0
<EXPENSES-NET> (589,779)
<NET-INVESTMENT-INCOME> 1,348,425
<REALIZED-GAINS-CURRENT> 973,605
<APPREC-INCREASE-CURRENT> 897,958
<NET-CHANGE-FROM-OPS> 3,219,988
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (393,545)
<DISTRIBUTIONS-OF-GAINS> (649,542)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 999,720
<NUMBER-OF-SHARES-REDEEMED> (965,758)
<SHARES-REINVESTED> 98,719
<NET-CHANGE-IN-ASSETS> 14,946,220
<ACCUMULATED-NII-PRIOR> 155,461
<ACCUMULATED-GAINS-PRIOR> 681,750
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (140,952)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (653,719)
<AVERAGE-NET-ASSETS> 56,783,707
<PER-SHARE-NAV-BEGIN> 11.080
<PER-SHARE-NII> .210
<PER-SHARE-GAIN-APPREC> .100
<PER-SHARE-DIVIDEND> (.180)
<PER-SHARE-DISTRIBUTIONS> (.290)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 10.920
<EXPENSE-RATIO> 1.500<F1>
<FN>
<F1>EXPENSE RATIO EXCLUDING WAIVER 1.61%
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE FRANKLIN TEMPLETON FUND ALLOCATOR SERIES JULY 31, 1999 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> YEAR
<FISCAL-YEAR-END> JUL-31-1999
<PERIOD-END> JUL-31-1999
<INVESTMENTS-AT-COST> 53,528,276
<INVESTMENTS-AT-VALUE> 53,512,037
<RECEIVABLES> 493,986
<ASSETS-OTHER> 33,028
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 54,039,051
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 926,359
<TOTAL-LIABILITIES> 926,359
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 53,884,413
<SHARES-COMMON-STOCK> 2,747,918
<SHARES-COMMON-PRIOR> 2,137,514
<ACCUMULATED-NII-CURRENT> 267,562
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (1,023,044)
<ACCUM-APPREC-OR-DEPREC> (16,239)
<NET-ASSETS> 53,112,692
<DIVIDEND-INCOME> 1,999,223
<INTEREST-INCOME> 47,552
<OTHER-INCOME> 0
<EXPENSES-NET> (601,744)
<NET-INVESTMENT-INCOME> 1,445,031
<REALIZED-GAINS-CURRENT> (540,884)
<APPREC-INCREASE-CURRENT> 431,844
<NET-CHANGE-FROM-OPS> 1,335,991
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (799,593)
<DISTRIBUTIONS-OF-GAINS> (450,558)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,105,635
<NUMBER-OF-SHARES-REDEEMED> (1,619,191)
<SHARES-REINVESTED> 123,960
<NET-CHANGE-IN-ASSETS> 10,583,047
<ACCUMULATED-NII-PRIOR> 187,741
<ACCUMULATED-GAINS-PRIOR> 402,912
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (121,408)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (601,744)
<AVERAGE-NET-ASSETS> 50,005,674
<PER-SHARE-NAV-BEGIN> 10.770
<PER-SHARE-NII> .330
<PER-SHARE-GAIN-APPREC> (.170)
<PER-SHARE-DIVIDEND> (.310)
<PER-SHARE-DISTRIBUTIONS> (.180)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 10.440
<EXPENSE-RATIO> .850
<FN>
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE FRANKLIN TEMPLETON FUND ALLOCATOR SERIES JULY 31, 1999 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> YEAR
<FISCAL-YEAR-END> JUL-31-1999
<PERIOD-END> JUL-31-1999
<INVESTMENTS-AT-COST> 53,528,276
<INVESTMENTS-AT-VALUE> 53,512,037
<RECEIVABLES> 493,986
<ASSETS-OTHER> 33,028
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 54,039,051
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 926,359
<TOTAL-LIABILITIES> 926,359
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 53,884,413
<SHARES-COMMON-STOCK> 2,368,217
<SHARES-COMMON-PRIOR> 1,830,957
<ACCUMULATED-NII-CURRENT> 267,562
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (1,023,044)
<ACCUM-APPREC-OR-DEPREC> (16,239)
<NET-ASSETS> 53,112,692
<DIVIDEND-INCOME> 1,999,223
<INTEREST-INCOME> 47,552
<OTHER-INCOME> 0
<EXPENSES-NET> (601,744)
<NET-INVESTMENT-INCOME> 1,445,031
<REALIZED-GAINS-CURRENT> (540,884)
<APPREC-INCREASE-CURRENT> 431,844
<NET-CHANGE-FROM-OPS> 1,335,991
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (563,370)
<DISTRIBUTIONS-OF-GAINS> (436,761)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,271,888
<NUMBER-OF-SHARES-REDEEMED> (830,060)
<SHARES-REINVESTED> 95,432
<NET-CHANGE-IN-ASSETS> 10,583,047
<ACCUMULATED-NII-PRIOR> 187,741
<ACCUMULATED-GAINS-PRIOR> 402,912
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (121,408)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (601,744)
<AVERAGE-NET-ASSETS> 50,005,674
<PER-SHARE-NAV-BEGIN> 10.650
<PER-SHARE-NII> .250
<PER-SHARE-GAIN-APPREC> (.170)
<PER-SHARE-DIVIDEND> (.240)
<PER-SHARE-DISTRIBUTIONS> (.180)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 10.310
<EXPENSE-RATIO> 1.600
<FN>
</FN>
</TABLE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Shareholders and Board of Directors of
Franklin Templeton Fund Allocator Series
In planning and performing our audit of the financial
statements of Franklin Templeton Fund Allocator Series for
the year ended July 31, 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 Franklin Templeton Fund Allocator Series
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
July 31, 1999.
This report is intended solely for the information and use
of management and the Securities and Exchange Commission.
PricewaterhouseCoopers LLP
San Francisco, California
August 30, 1999
