FRANKLIN ASSET ALLOCATION FUND, 497J, 1999-05-05

FRANKLIN ASSET ALLOCATION FUND
497J, 1999-05-05

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                           FRANKLIN TEMPLETON GROUP
                         777 Mariners Island Boulevard
                              San Mateo, CA 94404


May 5, 1999


Filed Via EDGAR  (CIK #000014698)
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C.  20549-1004

      RE:  Franklin Asset Allocation Fund  ("Registrant")
           File Nos. (2-12647 and 811-730)

Ladies/Gentlemen:

Pursuant to Rule 497(j) under the  Securities  Act of 1933,  this is to certify
that the forms of  Prospectus  and  Statement of  Additional  Information  that
would have been filed under Rule 497(c) do not differ from those  contained  in
Post-Effective  Amendment  No. 61 to the  Registration  Statement on Form N-1A,
which was filed  electronically  with the Securities and Exchange Commission on
April 26, 1999.

Sincerely yours,

FRANKLIN ASSET ALLOCATION FUND


/s/ Leiann Nuzum
Leiann Nuzum
Associate General Counsel

LN:nk

cc:   Mark H. Plafker, Esq.