<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN ASSET ALLOCATION FUND JUNE 30, 2000 SEMI-ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 001
<NAME> FRANKLIN ASSET ALLOCATION FUND - CLASS A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-END> JUN-30-2000
<INVESTMENTS-AT-COST> 106,607,440
<INVESTMENTS-AT-VALUE> 139,701,147
<RECEIVABLES> 23,716,312
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 163,417,459
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 552,575
<TOTAL-LIABILITIES> 552,575
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 126,724,512
<SHARES-COMMON-STOCK> 13,929,680
<SHARES-COMMON-PRIOR> 12,950,136
<ACCUMULATED-NII-CURRENT> 92,683
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,953,982
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 33,093,707
<NET-ASSETS> 162,864,884
<DIVIDEND-INCOME> 845,752
<INTEREST-INCOME> 1,192,381
<OTHER-INCOME> 0
<EXPENSES-NET> (882,800)
<NET-INVESTMENT-INCOME> 1,155,333
<REALIZED-GAINS-CURRENT> 3,010,328
<APPREC-INCREASE-CURRENT> (4,928,822)
<NET-CHANGE-FROM-OPS> (763,161)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,088,118)
<DISTRIBUTIONS-OF-GAINS> (1,064,371)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,293,787
<NUMBER-OF-SHARES-REDEEMED> (2,486,588)
<SHARES-REINVESTED> 172,345
<NET-CHANGE-IN-ASSETS> 12,605,889
<ACCUMULATED-NII-PRIOR> 53,840
<ACCUMULATED-GAINS-PRIOR> 1,062,985
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (456,846)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (882,800)
<AVERAGE-NET-ASSETS> 156,900,284
<PER-SHARE-NAV-BEGIN> 11.330
<PER-SHARE-NII> .090<F1>
<PER-SHARE-GAIN-APPREC> (.140)
<PER-SHARE-DIVIDEND> (.080)
<PER-SHARE-DISTRIBUTIONS> (.080)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 11.120
<EXPENSE-RATIO> 1.100<F2>
<FN>
<F1>BASED ON AVERAGE SHARES OUTSTANDING.
<F2>ANNUALIZED
</FN>
</TABLE>
