UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-CSRS
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number
811-07851
Franklin Fund Allocator Series
(Exact name of registrant as specified in charter)
One Franklin Parkway, San Mateo, CA 94403-1906
(Address of principal executive offices) (Zip code)
Alison Baur,
One Franklin Parkway,
San Mateo, CA
94403-1906
(Name and address of agent for service)
Registrant’s telephone number, including area code:
(650) 312-2000
Date of fiscal year end: 12/31
Date of reporting period: 06/30/24
| Item 1. Reports to Stockholders. | |
| a.) | The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30e-1). |
| b.) | Include a copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule. |
| Not Applicable. |
Franklin Conservative Allocation Fund |  | |
| Class A [FTCIX] | ||
| Semi-Annual Shareholder Report | June 30, 2024 | ||
 | ||
This semi-annual shareholder report contains important information about Franklin Conservative Allocation Fund for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*,† |
Class A1 | $31 | 0.62% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
| 1 | Excludes the fees and expenses of the underlying Funds. |
KEY FUND STATISTICS (as of June 30, 2024)
Total Net Assets | $878,426,710 |
Total Number of Portfolio Holdings* | 24 |
Portfolio Turnover Rate | 11.65% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
 | WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: | |
| • prospectus • proxy voting information • financial information • holdings • tax information |
| Franklin Conservative Allocation Fund | PAGE 1 | 484-STSR-0824 |
52.932.29.63.71.00.6
Franklin Conservative Allocation Fund |  | |
| Class C [FTCCX] | ||
| Semi-Annual Shareholder Report | June 30, 2024 | ||
 | ||
This semi-annual shareholder report contains important information about Franklin Conservative Allocation Fund for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*,† |
Class C1 | $69 | 1.36% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
| 1 | Excludes the fees and expenses of the underlying Funds. |
KEY FUND STATISTICS (as of June 30, 2024)
Total Net Assets | $878,426,710 |
Total Number of Portfolio Holdings* | 24 |
Portfolio Turnover Rate | 11.65% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
 | WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: | |
| • prospectus • proxy voting information • financial information • holdings • tax information |
| Franklin Conservative Allocation Fund | PAGE 1 | 584-STSR-0824 |
52.932.29.63.71.00.6
Franklin Conservative Allocation Fund |  | |
| Class R [FTCRX] | ||
| Semi-Annual Shareholder Report | June 30, 2024 | ||
 | ||
This semi-annual shareholder report contains important information about Franklin Conservative Allocation Fund for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*,† |
Class R1 | $44 | 0.87% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
| 1 | Excludes the fees and expenses of the underlying Funds. |
KEY FUND STATISTICS (as of June 30, 2024)
Total Net Assets | $878,426,710 |
Total Number of Portfolio Holdings* | 24 |
Portfolio Turnover Rate | 11.65% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
 | WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: | |
| • prospectus • proxy voting information • financial information • holdings • tax information |
| Franklin Conservative Allocation Fund | PAGE 1 | 884-STSR-0824 |
52.932.29.63.71.00.6
Franklin Conservative Allocation Fund |  | |
| Class R6 [FTCMX] | ||
| Semi-Annual Shareholder Report | June 30, 2024 | ||
 | ||
This semi-annual shareholder report contains important information about Franklin Conservative Allocation Fund for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*,† |
Class R61 | $16 | 0.31% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
| 1 | Excludes the fees and expenses of the underlying Funds. |
KEY FUND STATISTICS (as of June 30, 2024)
Total Net Assets | $878,426,710 |
Total Number of Portfolio Holdings* | 24 |
Portfolio Turnover Rate | 11.65% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
 | WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: | |
| • prospectus • proxy voting information • financial information • holdings • tax information |
| Franklin Conservative Allocation Fund | PAGE 1 | 384-STSR-0824 |
52.932.29.63.71.00.6
Franklin Conservative Allocation Fund |  | |
| Advisor Class [FTCZX] | ||
| Semi-Annual Shareholder Report | June 30, 2024 | ||
 | ||
This semi-annual shareholder report contains important information about Franklin Conservative Allocation Fund for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*,† |
Advisor Class1 | $19 | 0.37% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
| 1 | Excludes the fees and expenses of the underlying Funds. |
KEY FUND STATISTICS (as of June 30, 2024)
Total Net Assets | $878,426,710 |
Total Number of Portfolio Holdings* | 24 |
Portfolio Turnover Rate | 11.65% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
 | WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: | |
| • prospectus • proxy voting information • financial information • holdings • tax information |
| Franklin Conservative Allocation Fund | PAGE 1 | 641-STSR-0824 |
52.932.29.63.71.00.6
Franklin Moderate Allocation Fund |  | |
| Class A [FMTIX] | ||
| Semi-Annual Shareholder Report | June 30, 2024 | ||
 | ||
This semi-annual shareholder report contains important information about Franklin Moderate Allocation Fund for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*,† |
Class A1 | $31 | 0.61% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
| 1 | Excludes the fees and expenses of the underlying Funds. |
KEY FUND STATISTICS (as of June 30, 2024)
Total Net Assets | $1,666,208,354 |
Total Number of Portfolio Holdings* | 24 |
Portfolio Turnover Rate | 11.87% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
 | WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: | |
| • prospectus • proxy voting information • financial information • holdings • tax information |
| Franklin Moderate Allocation Fund | PAGE 1 | 485-STSR-0824 |
47.534.214.22.41.00.7
Franklin Moderate Allocation Fund |  | |
| Class C [FTMTX] | ||
| Semi-Annual Shareholder Report | June 30, 2024 | ||
 | ||
This semi-annual shareholder report contains important information about Franklin Moderate Allocation Fund for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*,† |
Class C1 | $70 | 1.36% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
| 1 | Excludes the fees and expenses of the underlying Funds. |
KEY FUND STATISTICS (as of June 30, 2024)
Total Net Assets | $1,666,208,354 |
Total Number of Portfolio Holdings* | 24 |
Portfolio Turnover Rate | 11.87% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
 | WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: | |
| • prospectus • proxy voting information • financial information • holdings • tax information |
| Franklin Moderate Allocation Fund | PAGE 1 | 585-STSR-0824 |
47.534.214.22.41.00.7
Franklin Moderate Allocation Fund |  | |
| Class R [FTMRX] | ||
| Semi-Annual Shareholder Report | June 30, 2024 | ||
 | ||
This semi-annual shareholder report contains important information about Franklin Moderate Allocation Fund for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*,† |
Class R1 | $44 | 0.86% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
| 1 | Excludes the fees and expenses of the underlying Funds. |
KEY FUND STATISTICS (as of June 30, 2024)
Total Net Assets | $1,666,208,354 |
Total Number of Portfolio Holdings* | 24 |
Portfolio Turnover Rate | 11.87% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
 | WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: | |
| • prospectus • proxy voting information • financial information • holdings • tax information |
| Franklin Moderate Allocation Fund | PAGE 1 | 885-STSR-0824 |
47.534.214.22.41.00.7
Franklin Moderate Allocation Fund |  | |
| Class R6 [FTMLX] | ||
| Semi-Annual Shareholder Report | June 30, 2024 | ||
 | ||
This semi-annual shareholder report contains important information about Franklin Moderate Allocation Fund for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*,† |
Class R61 | $15 | 0.30% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
| 1 | Excludes the fees and expenses of the underlying Funds. |
KEY FUND STATISTICS (as of June 30, 2024)
Total Net Assets | $1,666,208,354 |
Total Number of Portfolio Holdings* | 24 |
Portfolio Turnover Rate | 11.87% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
 | WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: | |
| • prospectus • proxy voting information • financial information • holdings • tax information |
| Franklin Moderate Allocation Fund | PAGE 1 | 385-STSR-0824 |
47.534.214.22.41.00.7
Franklin Moderate Allocation Fund |  | |
| Advisor Class [FMTZX] | ||
| Semi-Annual Shareholder Report | June 30, 2024 | ||
 | ||
This semi-annual shareholder report contains important information about Franklin Moderate Allocation Fund for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*,† |
Advisor Class1 | $19 | 0.36% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
| 1 | Excludes the fees and expenses of the underlying Funds. |
KEY FUND STATISTICS (as of June 30, 2024)
Total Net Assets | $1,666,208,354 |
Total Number of Portfolio Holdings* | 24 |
Portfolio Turnover Rate | 11.87% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
 | WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: | |
| • prospectus • proxy voting information • financial information • holdings • tax information |
| Franklin Moderate Allocation Fund | PAGE 1 | 642-STSR-0824 |
47.534.214.22.41.00.7
Franklin Growth Allocation Fund |  | |
| Class A [FGTIX] | ||
| Semi-Annual Shareholder Report | June 30, 2024 | ||
 | ||
This semi-annual shareholder report contains important information about Franklin Growth Allocation Fund for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*,† |
Class A1 | $33 | 0.63% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
| 1 | Excludes the fees and expenses of the underlying Funds. |
KEY FUND STATISTICS (as of June 30, 2024)
Total Net Assets | $1,347,285,070 |
Total Number of Portfolio Holdings* | 25 |
Portfolio Turnover Rate | 10.22% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
 | WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: | |
| • prospectus • proxy voting information • financial information • holdings • tax information |
| Franklin Growth Allocation Fund | PAGE 1 | 486-STSR-0824 |
62.918.815.41.11.00.8
Franklin Growth Allocation Fund |  | |
| Class C [FTGTX] | ||
| Semi-Annual Shareholder Report | June 30, 2024 | ||
 | ||
This semi-annual shareholder report contains important information about Franklin Growth Allocation Fund for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*,† |
Class C1 | $72 | 1.38% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
| 1 | Excludes the fees and expenses of the underlying Funds. |
KEY FUND STATISTICS (as of June 30, 2024)
Total Net Assets | $1,347,285,070 |
Total Number of Portfolio Holdings* | 25 |
Portfolio Turnover Rate | 10.22% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
 | WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: | |
| • prospectus • proxy voting information • financial information • holdings • tax information |
| Franklin Growth Allocation Fund | PAGE 1 | 586-STSR-0824 |
62.918.815.41.11.00.8
Franklin Growth Allocation Fund |  | |
| Class R [FGTRX] | ||
| Semi-Annual Shareholder Report | June 30, 2024 | ||
 | ||
This semi-annual shareholder report contains important information about Franklin Growth Allocation Fund for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*,† |
Class R1 | $46 | 0.88% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
| 1 | Excludes the fees and expenses of the underlying Funds. |
KEY FUND STATISTICS (as of June 30, 2024)
Total Net Assets | $1,347,285,070 |
Total Number of Portfolio Holdings* | 25 |
Portfolio Turnover Rate | 10.22% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
 | WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: | |
| • prospectus • proxy voting information • financial information • holdings • tax information |
| Franklin Growth Allocation Fund | PAGE 1 | 886-STSR-0824 |
62.918.815.41.11.00.8
Franklin Growth Allocation Fund |  | |
| Class R6 [FTGMX] | ||
| Semi-Annual Shareholder Report | June 30, 2024 | ||
 | ||
This semi-annual shareholder report contains important information about Franklin Growth Allocation Fund for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*,† |
Class R61 | $16 | 0.30% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
| 1 | Excludes the fees and expenses of the underlying Funds. |
KEY FUND STATISTICS (as of June 30, 2024)
Total Net Assets | $1,347,285,070 |
Total Number of Portfolio Holdings* | 25 |
Portfolio Turnover Rate | 10.22% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
 | WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: | |
| • prospectus • proxy voting information • financial information • holdings • tax information |
| Franklin Growth Allocation Fund | PAGE 1 | 386-STSR-0824 |
62.918.815.41.11.00.8
Franklin Growth Allocation Fund |  | |
| Advisor Class [FGTZX] | ||
| Semi-Annual Shareholder Report | June 30, 2024 | ||
 | ||
This semi-annual shareholder report contains important information about Franklin Growth Allocation Fund for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*,† |
Advisor Class1 | $20 | 0.38% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
| 1 | Excludes the fees and expenses of the underlying Funds. |
KEY FUND STATISTICS (as of June 30, 2024)
Total Net Assets | $1,347,285,070 |
Total Number of Portfolio Holdings* | 25 |
Portfolio Turnover Rate | 10.22% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
 | WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: | |
| • prospectus • proxy voting information • financial information • holdings • tax information |
| Franklin Growth Allocation Fund | PAGE 1 | 643-STSR-0824 |
62.918.815.41.11.00.8
Franklin Corefolio Allocation Fund |  | |
| Class A [FTCOX] | ||
| Semi-Annual Shareholder Report | June 30, 2024 | ||
 | ||
This semi-annual shareholder report contains important information about Franklin Corefolio Allocation Fund for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*,† |
Class A1 | $20 | 0.38% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
| 1 | Excludes the fees and expenses of the underlying Funds. |
KEY FUND STATISTICS (as of June 30, 2024)
Total Net Assets | $988,247,534 |
Total Number of Portfolio Holdings* | 5 |
Portfolio Turnover Rate | 3.47% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
Portfolio Composition*,† (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
| † | Certain categories may represent less than 0.1%. |
 | WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: | |
| • prospectus • proxy voting information • financial information • holdings • tax information |
| Franklin Corefolio Allocation Fund | PAGE 1 | 470-STSR-0824 |
75.424.60.0
Franklin Corefolio Allocation Fund |  | |
| Class C [FTCLX] | ||
| Semi-Annual Shareholder Report | June 30, 2024 | ||
 | ||
This semi-annual shareholder report contains important information about Franklin Corefolio Allocation Fund for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*,† |
Class C1 | $59 | 1.13% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
| 1 | Excludes the fees and expenses of the underlying Funds. |
KEY FUND STATISTICS (as of June 30, 2024)
Total Net Assets | $988,247,534 |
Total Number of Portfolio Holdings* | 5 |
Portfolio Turnover Rate | 3.47% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
Portfolio Composition*,† (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
| † | Certain categories may represent less than 0.1%. |
 | WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: | |
| • prospectus • proxy voting information • financial information • holdings • tax information |
| Franklin Corefolio Allocation Fund | PAGE 1 | 570-STSR-0824 |
75.424.60.0
Franklin Corefolio Allocation Fund |  | |
| Class R [FFAYX] | ||
| Semi-Annual Shareholder Report | June 30, 2024 | ||
 | ||
This semi-annual shareholder report contains important information about Franklin Corefolio Allocation Fund for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*,† |
Class R1 | $33 | 0.63% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
| 1 | Excludes the fees and expenses of the underlying Funds. |
KEY FUND STATISTICS (as of June 30, 2024)
Total Net Assets | $988,247,534 |
Total Number of Portfolio Holdings* | 5 |
Portfolio Turnover Rate | 3.47% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
Portfolio Composition*,† (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
| † | Certain categories may represent less than 0.1%. |
 | WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: | |
| • prospectus • proxy voting information • financial information • holdings • tax information |
| Franklin Corefolio Allocation Fund | PAGE 1 | 870-STSR-0824 |
75.424.60.0
Franklin Corefolio Allocation Fund |  | |
| Class R6 [FTLQX] | ||
| Semi-Annual Shareholder Report | June 30, 2024 | ||
 | ||
This semi-annual shareholder report contains important information about Franklin Corefolio Allocation Fund for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*,† |
Class R61 | $4 | 0.08% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
| 1 | Excludes the fees and expenses of the underlying Funds. |
KEY FUND STATISTICS (as of June 30, 2024)
Total Net Assets | $988,247,534 |
Total Number of Portfolio Holdings* | 5 |
Portfolio Turnover Rate | 3.47% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
Portfolio Composition*,† (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
| † | Certain categories may represent less than 0.1%. |
 | WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: | |
| • prospectus • proxy voting information • financial information • holdings • tax information |
| Franklin Corefolio Allocation Fund | PAGE 1 | 8470-STSR-0824 |
75.424.60.0
Franklin Corefolio Allocation Fund |  | |
| Advisor Class [FCAZX] | ||
| Semi-Annual Shareholder Report | June 30, 2024 | ||
 | ||
This semi-annual shareholder report contains important information about Franklin Corefolio Allocation Fund for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*,† |
Advisor Class1 | $7 | 0.13% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
| 1 | Excludes the fees and expenses of the underlying Funds. |
KEY FUND STATISTICS (as of June 30, 2024)
Total Net Assets | $988,247,534 |
Total Number of Portfolio Holdings* | 5 |
Portfolio Turnover Rate | 3.47% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
Portfolio Composition*,† (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
| † | Certain categories may represent less than 0.1%. |
 | WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: | |
| • prospectus • proxy voting information • financial information • holdings • tax information |
| Franklin Corefolio Allocation Fund | PAGE 1 | 670-STSR-0824 |
75.424.60.0
Franklin Global Allocation Fund |  | |
| Class A [FFALX] | ||
| Semi-Annual Shareholder Report | June 30, 2024 | ||
 | ||
This semi-annual shareholder report contains important information about Franklin Global Allocation Fund for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*,† |
| Class A | $48 | 0.92% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
KEY FUND STATISTICS (as of June 30, 2024)
Total Net Assets | $2,749,438,874 |
Total Number of Portfolio Holdings* | 253 |
Portfolio Turnover Rate | 28.69% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
 | WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: | |
| • prospectus • proxy voting information • financial information • holdings • tax information |
| Franklin Global Allocation Fund | PAGE 1 | 481-STSR-0824 |
60.412.57.37.04.72.40.35.4
Franklin Global Allocation Fund |  | |
| Class C [FFACX] | ||
| Semi-Annual Shareholder Report | June 30, 2024 | ||
 | ||
This semi-annual shareholder report contains important information about Franklin Global Allocation Fund for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*,† |
| Class C | $87 | 1.67% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
KEY FUND STATISTICS (as of June 30, 2024)
Total Net Assets | $2,749,438,874 |
Total Number of Portfolio Holdings* | 253 |
Portfolio Turnover Rate | 28.69% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
 | WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: | |
| • prospectus • proxy voting information • financial information • holdings • tax information |
| Franklin Global Allocation Fund | PAGE 1 | 282-STSR-0824 |
60.412.57.37.04.72.40.35.4
Franklin Global Allocation Fund |  | |
| Class R [FFARX] | ||
| Semi-Annual Shareholder Report | June 30, 2024 | ||
 | ||
This semi-annual shareholder report contains important information about Franklin Global Allocation Fund for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*,† |
| Class R | $61 | 1.17% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
KEY FUND STATISTICS (as of June 30, 2024)
Total Net Assets | $2,749,438,874 |
Total Number of Portfolio Holdings* | 253 |
Portfolio Turnover Rate | 28.69% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
 | WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: | |
| • prospectus • proxy voting information • financial information • holdings • tax information |
| Franklin Global Allocation Fund | PAGE 1 | 871-STSR-0824 |
60.412.57.37.04.72.40.35.4
Franklin Global Allocation Fund |  | |
| Class R6 [FFAQX] | ||
| Semi-Annual Shareholder Report | June 30, 2024 | ||
 | ||
This semi-annual shareholder report contains important information about Franklin Global Allocation Fund for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*,† |
| Class R6 | $32 | 0.62% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
KEY FUND STATISTICS (as of June 30, 2024)
Total Net Assets | $2,749,438,874 |
Total Number of Portfolio Holdings* | 253 |
Portfolio Turnover Rate | 28.69% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
 | WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: | |
| • prospectus • proxy voting information • financial information • holdings • tax information |
| Franklin Global Allocation Fund | PAGE 1 | 8481-STSR-0824 |
60.412.57.37.04.72.40.35.4
Franklin Global Allocation Fund |  | |
| Advisor Class [FFAAX] | ||
| Semi-Annual Shareholder Report | June 30, 2024 | ||
 | ||
This semi-annual shareholder report contains important information about Franklin Global Allocation Fund for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*,† |
| Advisor Class | $35 | 0.68% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
KEY FUND STATISTICS (as of June 30, 2024)
Total Net Assets | $2,749,438,874 |
Total Number of Portfolio Holdings* | 253 |
Portfolio Turnover Rate | 28.69% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
 | WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: | |
| • prospectus • proxy voting information • financial information • holdings • tax information |
| Franklin Global Allocation Fund | PAGE 1 | 671-STSR-0824 |
60.412.57.37.04.72.40.35.4
Franklin LifeSmart Retirement Income Fund |  | |
| Class A [FTRAX] | ||
| Semi-Annual Shareholder Report | June 30, 2024 | ||
 | ||
This semi-annual shareholder report contains important information about Franklin LifeSmart Retirement Income Fund for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*,† |
Class A1 | $15 | 0.30% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
| 1 | Excludes the fees and expenses of the underlying Funds. |
KEY FUND STATISTICS (as of June 30, 2024)
Total Net Assets | $44,562,884 |
Total Number of Portfolio Holdings* | 16 |
Portfolio Turnover Rate | 7.14% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
 | WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: | |
| • prospectus • proxy voting information • financial information • holdings • tax information |
| Franklin LifeSmart Retirement Income Fund | PAGE 1 | 427-STSR-0824 |
51.730.66.05.04.32.4
Franklin LifeSmart Retirement Income Fund |  | |
| Class C [FRTCX] | ||
| Semi-Annual Shareholder Report | June 30, 2024 | ||
 | ||
This semi-annual shareholder report contains important information about Franklin LifeSmart Retirement Income Fund for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*,† |
Class C1 | $53 | 1.05% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
| 1 | Excludes the fees and expenses of the underlying Funds. |
KEY FUND STATISTICS (as of June 30, 2024)
Total Net Assets | $44,562,884 |
Total Number of Portfolio Holdings* | 16 |
Portfolio Turnover Rate | 7.14% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
 | WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: | |
| • prospectus • proxy voting information • financial information • holdings • tax information |
| Franklin LifeSmart Retirement Income Fund | PAGE 1 | 527-STSR-0824 |
51.730.66.05.04.32.4
Franklin LifeSmart Retirement Income Fund |  | |
| Class R [FBRLX] | ||
| Semi-Annual Shareholder Report | June 30, 2024 | ||
 | ||
This semi-annual shareholder report contains important information about Franklin LifeSmart Retirement Income Fund for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*,† |
Class R1 | $28 | 0.55% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
| 1 | Excludes the fees and expenses of the underlying Funds. |
KEY FUND STATISTICS (as of June 30, 2024)
Total Net Assets | $44,562,884 |
Total Number of Portfolio Holdings* | 16 |
Portfolio Turnover Rate | 7.14% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
 | WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: | |
| • prospectus • proxy voting information • financial information • holdings • tax information |
| Franklin LifeSmart Retirement Income Fund | PAGE 1 | 827-STSR-0824 |
51.730.66.05.04.32.4
Franklin LifeSmart Retirement Income Fund |  | |
| Class R6 [FLMTX] | ||
| Semi-Annual Shareholder Report | June 30, 2024 | ||
 | ||
This semi-annual shareholder report contains important information about Franklin LifeSmart Retirement Income Fund for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*,† |
Class R61 | $0 | 0.00% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
| 1 | Excludes the fees and expenses of the underlying Funds. |
KEY FUND STATISTICS (as of June 30, 2024)
Total Net Assets | $44,562,884 |
Total Number of Portfolio Holdings* | 16 |
Portfolio Turnover Rate | 7.14% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
 | WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: | |
| • prospectus • proxy voting information • financial information • holdings • tax information |
| Franklin LifeSmart Retirement Income Fund | PAGE 1 | 327-STSR-0824 |
51.730.66.05.04.32.4
Franklin LifeSmart Retirement Income Fund |  | |
| Advisor Class [FLRDX] | ||
| Semi-Annual Shareholder Report | June 30, 2024 | ||
 | ||
This semi-annual shareholder report contains important information about Franklin LifeSmart Retirement Income Fund for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*,† |
Advisor Class1 | $3 | 0.05% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
| 1 | Excludes the fees and expenses of the underlying Funds. |
KEY FUND STATISTICS (as of June 30, 2024)
Total Net Assets | $44,562,884 |
Total Number of Portfolio Holdings* | 16 |
Portfolio Turnover Rate | 7.14% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
 | WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: | |
| • prospectus • proxy voting information • financial information • holdings • tax information |
| Franklin LifeSmart Retirement Income Fund | PAGE 1 | 627-STSR-0824 |
51.730.66.05.04.32.4
Franklin LifeSmart 2020 Retirement Target Fund |  | |
| Class A [FLRMX] | ||
| Semi-Annual Shareholder Report | June 30, 2024 | ||
 | ||
This semi-annual shareholder report contains important information about Franklin LifeSmart 2020 Retirement Target Fund for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*,† |
Class A1 | $25 | 0.49% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
| 1 | Excludes the fees and expenses of the underlying Funds. |
KEY FUND STATISTICS (as of June 30, 2024)
Total Net Assets | $27,488,400 |
Total Number of Portfolio Holdings* | 24 |
Portfolio Turnover Rate | 12.96% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
 | WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: | |
| • prospectus • proxy voting information • financial information • holdings • tax information |
| Franklin LifeSmart 2020 Retirement Target Fund | PAGE 1 | 52-STSR-0824 |
48.629.716.43.51.00.8
Franklin LifeSmart 2020 Retirement Target Fund |  | |
| Class C [FLRQX] | ||
| Semi-Annual Shareholder Report | June 30, 2024 | ||
 | ||
This semi-annual shareholder report contains important information about Franklin LifeSmart 2020 Retirement Target Fund for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*,† |
Class C1 | $63 | 1.24% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
| 1 | Excludes the fees and expenses of the underlying Funds. |
KEY FUND STATISTICS (as of June 30, 2024)
Total Net Assets | $27,488,400 |
Total Number of Portfolio Holdings* | 24 |
Portfolio Turnover Rate | 12.96% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
 | WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: | |
| • prospectus • proxy voting information • financial information • holdings • tax information |
| Franklin LifeSmart 2020 Retirement Target Fund | PAGE 1 | 552-STSR-0824 |
48.629.716.43.51.00.8
Franklin LifeSmart 2020 Retirement Target Fund |  | |
| Class R [FLRVX] | ||
| Semi-Annual Shareholder Report | June 30, 2024 | ||
 | ||
This semi-annual shareholder report contains important information about Franklin LifeSmart 2020 Retirement Target Fund for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*,† |
Class R1 | $38 | 0.74% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
| 1 | Excludes the fees and expenses of the underlying Funds. |
KEY FUND STATISTICS (as of June 30, 2024)
Total Net Assets | $27,488,400 |
Total Number of Portfolio Holdings* | 24 |
Portfolio Turnover Rate | 12.96% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
 | WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: | |
| • prospectus • proxy voting information • financial information • holdings • tax information |
| Franklin LifeSmart 2020 Retirement Target Fund | PAGE 1 | 852-STSR-0824 |
48.629.716.43.51.00.8
Franklin LifeSmart 2020 Retirement Target Fund |  | |
| Class R6 [FRTSX] | ||
| Semi-Annual Shareholder Report | June 30, 2024 | ||
 | ||
This semi-annual shareholder report contains important information about Franklin LifeSmart 2020 Retirement Target Fund for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*,† |
Class R61 | $10 | 0.19% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
| 1 | Excludes the fees and expenses of the underlying Funds. |
KEY FUND STATISTICS (as of June 30, 2024)
Total Net Assets | $27,488,400 |
Total Number of Portfolio Holdings* | 24 |
Portfolio Turnover Rate | 12.96% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
 | WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: | |
| • prospectus • proxy voting information • financial information • holdings • tax information |
| Franklin LifeSmart 2020 Retirement Target Fund | PAGE 1 | 892-STSR-0824 |
48.629.716.43.51.00.8
Franklin LifeSmart 2020 Retirement Target Fund |  | |
| Advisor Class [FLROX] | ||
| Semi-Annual Shareholder Report | June 30, 2024 | ||
 | ||
This semi-annual shareholder report contains important information about Franklin LifeSmart 2020 Retirement Target Fund for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*,† |
Advisor Class1 | $12 | 0.24% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
| 1 | Excludes the fees and expenses of the underlying Funds. |
KEY FUND STATISTICS (as of June 30, 2024)
Total Net Assets | $27,488,400 |
Total Number of Portfolio Holdings* | 24 |
Portfolio Turnover Rate | 12.96% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
 | WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: | |
| • prospectus • proxy voting information • financial information • holdings • tax information |
| Franklin LifeSmart 2020 Retirement Target Fund | PAGE 1 | 82-STSR-0824 |
48.629.716.43.51.00.8
Franklin LifeSmart 2025 Retirement Target Fund |  | |
| Class A [FTRTX] | ||
| Semi-Annual Shareholder Report | June 30, 2024 | ||
 | ||
This semi-annual shareholder report contains important information about Franklin LifeSmart 2025 Retirement Target Fund for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*,† |
Class A1 | $25 | 0.50% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
| 1 | Excludes the fees and expenses of the underlying Funds. |
KEY FUND STATISTICS (as of June 30, 2024)
Total Net Assets | $112,922,227 |
Total Number of Portfolio Holdings* | 24 |
Portfolio Turnover Rate | 11.87% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
 | WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: | |
| • prospectus • proxy voting information • financial information • holdings • tax information |
| Franklin LifeSmart 2025 Retirement Target Fund | PAGE 1 | 445-STSR-0824 |
40.435.419.42.91.00.9
Franklin LifeSmart 2025 Retirement Target Fund |  | |
| Class C [FTTCX] | ||
| Semi-Annual Shareholder Report | June 30, 2024 | ||
 | ||
This semi-annual shareholder report contains important information about Franklin LifeSmart 2025 Retirement Target Fund for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*,† |
Class C1 | $64 | 1.25% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
| 1 | Excludes the fees and expenses of the underlying Funds. |
KEY FUND STATISTICS (as of June 30, 2024)
Total Net Assets | $112,922,227 |
Total Number of Portfolio Holdings* | 24 |
Portfolio Turnover Rate | 11.87% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
 | WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: | |
| • prospectus • proxy voting information • financial information • holdings • tax information |
| Franklin LifeSmart 2025 Retirement Target Fund | PAGE 1 | 545-STSR-0824 |
40.435.419.42.91.00.9
Franklin LifeSmart 2025 Retirement Target Fund |  | |
| Class R [FRELX] | ||
| Semi-Annual Shareholder Report | June 30, 2024 | ||
 | ||
This semi-annual shareholder report contains important information about Franklin LifeSmart 2025 Retirement Target Fund for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*,† |
Class R1 | $38 | 0.74% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
| 1 | Excludes the fees and expenses of the underlying Funds. |
KEY FUND STATISTICS (as of June 30, 2024)
Total Net Assets | $112,922,227 |
Total Number of Portfolio Holdings* | 24 |
Portfolio Turnover Rate | 11.87% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
 | WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: | |
| • prospectus • proxy voting information • financial information • holdings • tax information |
| Franklin LifeSmart 2025 Retirement Target Fund | PAGE 1 | 845-STSR-0824 |
40.435.419.42.91.00.9
Franklin LifeSmart 2025 Retirement Target Fund |  | |
| Class R6 [FTLMX] | ||
| Semi-Annual Shareholder Report | June 30, 2024 | ||
 | ||
This semi-annual shareholder report contains important information about Franklin LifeSmart 2025 Retirement Target Fund for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*,† |
Class R61 | $9 | 0.18% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
| 1 | Excludes the fees and expenses of the underlying Funds. |
KEY FUND STATISTICS (as of June 30, 2024)
Total Net Assets | $112,922,227 |
Total Number of Portfolio Holdings* | 24 |
Portfolio Turnover Rate | 11.87% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
 | WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: | |
| • prospectus • proxy voting information • financial information • holdings • tax information |
| Franklin LifeSmart 2025 Retirement Target Fund | PAGE 1 | 345-STSR-0824 |
40.435.419.42.91.00.9
Franklin LifeSmart 2025 Retirement Target Fund |  | |
| Advisor Class [FLRFX] | ||
| Semi-Annual Shareholder Report | June 30, 2024 | ||
 | ||
This semi-annual shareholder report contains important information about Franklin LifeSmart 2025 Retirement Target Fund for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*,† |
Advisor Class1 | $13 | 0.25% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
| 1 | Excludes the fees and expenses of the underlying Funds. |
KEY FUND STATISTICS (as of June 30, 2024)
Total Net Assets | $112,922,227 |
Total Number of Portfolio Holdings* | 24 |
Portfolio Turnover Rate | 11.87% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
 | WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: | |
| • prospectus • proxy voting information • financial information • holdings • tax information |
| Franklin LifeSmart 2025 Retirement Target Fund | PAGE 1 | 645-STSR-0824 |
40.435.419.42.91.00.9
Franklin LifeSmart 2030 Retirement Target Fund |  | |
| Class A [FLRSX] | ||
| Semi-Annual Shareholder Report | June 30, 2024 | ||
 | ||
This semi-annual shareholder report contains important information about Franklin LifeSmart 2030 Retirement Target Fund for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*,† |
Class A1 | $26 | 0.51% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
| 1 | Excludes the fees and expenses of the underlying Funds. |
KEY FUND STATISTICS (as of June 30, 2024)
Total Net Assets | $71,948,365 |
Total Number of Portfolio Holdings* | 25 |
Portfolio Turnover Rate | 13.11% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
 | WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: | |
| • prospectus • proxy voting information • financial information • holdings • tax information |
| Franklin LifeSmart 2030 Retirement Target Fund | PAGE 1 | 47-STSR-0824 |
41.032.022.62.21.01.2
Franklin LifeSmart 2030 Retirement Target Fund |  | |
| Class C [FLRTX] | ||
| Semi-Annual Shareholder Report | June 30, 2024 | ||
 | ||
This semi-annual shareholder report contains important information about Franklin LifeSmart 2030 Retirement Target Fund for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*,† |
Class C1 | $65 | 1.26% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
| 1 | Excludes the fees and expenses of the underlying Funds. |
KEY FUND STATISTICS (as of June 30, 2024)
Total Net Assets | $71,948,365 |
Total Number of Portfolio Holdings* | 25 |
Portfolio Turnover Rate | 13.11% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
 | WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: | |
| • prospectus • proxy voting information • financial information • holdings • tax information |
| Franklin LifeSmart 2030 Retirement Target Fund | PAGE 1 | 553-STSR-0824 |
41.032.022.62.21.01.2
Franklin LifeSmart 2030 Retirement Target Fund |  | |
| Class R [FLRWX] | ||
| Semi-Annual Shareholder Report | June 30, 2024 | ||
 | ||
This semi-annual shareholder report contains important information about Franklin LifeSmart 2030 Retirement Target Fund for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*,† |
Class R1 | $39 | 0.76% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
| 1 | Excludes the fees and expenses of the underlying Funds. |
KEY FUND STATISTICS (as of June 30, 2024)
Total Net Assets | $71,948,365 |
Total Number of Portfolio Holdings* | 25 |
Portfolio Turnover Rate | 13.11% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
 | WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: | |
| • prospectus • proxy voting information • financial information • holdings • tax information |
| Franklin LifeSmart 2030 Retirement Target Fund | PAGE 1 | 853-STSR-0824 |
41.032.022.62.21.01.2
Franklin LifeSmart 2030 Retirement Target Fund |  | |
| Class R6 [FLERX] | ||
| Semi-Annual Shareholder Report | June 30, 2024 | ||
 | ||
This semi-annual shareholder report contains important information about Franklin LifeSmart 2030 Retirement Target Fund for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*,† |
Class R61 | $11 | 0.21% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
| 1 | Excludes the fees and expenses of the underlying Funds. |
KEY FUND STATISTICS (as of June 30, 2024)
Total Net Assets | $71,948,365 |
Total Number of Portfolio Holdings* | 25 |
Portfolio Turnover Rate | 13.11% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
 | WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: | |
| • prospectus • proxy voting information • financial information • holdings • tax information |
| Franklin LifeSmart 2030 Retirement Target Fund | PAGE 1 | 833-STSR-0824 |
41.032.022.62.21.01.2
Franklin LifeSmart 2030 Retirement Target Fund |  | |
| Advisor Class [FLRZX] | ||
| Semi-Annual Shareholder Report | June 30, 2024 | ||
 | ||
This semi-annual shareholder report contains important information about Franklin LifeSmart 2030 Retirement Target Fund for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*,† |
Advisor Class1 | $13 | 0.26% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
| 1 | Excludes the fees and expenses of the underlying Funds. |
KEY FUND STATISTICS (as of June 30, 2024)
Total Net Assets | $71,948,365 |
Total Number of Portfolio Holdings* | 25 |
Portfolio Turnover Rate | 13.11% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
 | WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: | |
| • prospectus • proxy voting information • financial information • holdings • tax information |
| Franklin LifeSmart 2030 Retirement Target Fund | PAGE 1 | 83-STSR-0824 |
41.032.022.62.21.01.2
Franklin LifeSmart 2035 Retirement Target Fund |  | |
| Class A [FRTAX] | ||
| Semi-Annual Shareholder Report | June 30, 2024 | ||
 | ||
This semi-annual shareholder report contains important information about Franklin LifeSmart 2035 Retirement Target Fund for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*,† |
Class A1 | $26 | 0.51% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
| 1 | Excludes the fees and expenses of the underlying Funds. |
KEY FUND STATISTICS (as of June 30, 2024)
Total Net Assets | $138,173,354 |
Total Number of Portfolio Holdings* | 25 |
Portfolio Turnover Rate | 12.32% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
 | WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: | |
| • prospectus • proxy voting information • financial information • holdings • tax information |
| Franklin LifeSmart 2035 Retirement Target Fund | PAGE 1 | 446-STSR-0824 |
46.725.724.01.71.00.9
Franklin LifeSmart 2035 Retirement Target Fund |  | |
| Class C [FTRCX] | ||
| Semi-Annual Shareholder Report | June 30, 2024 | ||
 | ||
This semi-annual shareholder report contains important information about Franklin LifeSmart 2035 Retirement Target Fund for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*,† |
Class C1 | $65 | 1.26% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
| 1 | Excludes the fees and expenses of the underlying Funds. |
KEY FUND STATISTICS (as of June 30, 2024)
Total Net Assets | $138,173,354 |
Total Number of Portfolio Holdings* | 25 |
Portfolio Turnover Rate | 12.32% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
 | WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: | |
| • prospectus • proxy voting information • financial information • holdings • tax information |
| Franklin LifeSmart 2035 Retirement Target Fund | PAGE 1 | 546-STSR-0824 |
46.725.724.01.71.00.9
Franklin LifeSmart 2035 Retirement Target Fund |  | |
| Class R [FLRGX] | ||
| Semi-Annual Shareholder Report | June 30, 2024 | ||
 | ||
This semi-annual shareholder report contains important information about Franklin LifeSmart 2035 Retirement Target Fund for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*,† |
Class R1 | $39 | 0.76% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
| 1 | Excludes the fees and expenses of the underlying Funds. |
KEY FUND STATISTICS (as of June 30, 2024)
Total Net Assets | $138,173,354 |
Total Number of Portfolio Holdings* | 25 |
Portfolio Turnover Rate | 12.32% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
 | WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: | |
| • prospectus • proxy voting information • financial information • holdings • tax information |
| Franklin LifeSmart 2035 Retirement Target Fund | PAGE 1 | 846-STSR-0824 |
46.725.724.01.71.00.9
Franklin LifeSmart 2035 Retirement Target Fund |  | |
| Class R6 [FMTLX] | ||
| Semi-Annual Shareholder Report | June 30, 2024 | ||
 | ||
This semi-annual shareholder report contains important information about Franklin LifeSmart 2035 Retirement Target Fund for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*,† |
Class R61 | $10 | 0.18% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
| 1 | Excludes the fees and expenses of the underlying Funds. |
KEY FUND STATISTICS (as of June 30, 2024)
Total Net Assets | $138,173,354 |
Total Number of Portfolio Holdings* | 25 |
Portfolio Turnover Rate | 12.32% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
 | WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: | |
| • prospectus • proxy voting information • financial information • holdings • tax information |
| Franklin LifeSmart 2035 Retirement Target Fund | PAGE 1 | 346-STSR-0824 |
46.725.724.01.71.00.9
Franklin LifeSmart 2035 Retirement Target Fund |  | |
| Advisor Class [FLRHX] | ||
| Semi-Annual Shareholder Report | June 30, 2024 | ||
 | ||
This semi-annual shareholder report contains important information about Franklin LifeSmart 2035 Retirement Target Fund for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*,† |
Advisor Class1 | $13 | 0.26% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
| 1 | Excludes the fees and expenses of the underlying Funds. |
KEY FUND STATISTICS (as of June 30, 2024)
Total Net Assets | $138,173,354 |
Total Number of Portfolio Holdings* | 25 |
Portfolio Turnover Rate | 12.32% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
 | WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: | |
| • prospectus • proxy voting information • financial information • holdings • tax information |
| Franklin LifeSmart 2035 Retirement Target Fund | PAGE 1 | 646-STSR-0824 |
46.725.724.01.71.00.9
Franklin LifeSmart 2040 Retirement Target Fund |  | |
| Class A [FLADX] | ||
| Semi-Annual Shareholder Report | June 30, 2024 | ||
 | ||
This semi-annual shareholder report contains important information about Franklin LifeSmart 2040 Retirement Target Fund for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*,† |
Class A1 | $28 | 0.53% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
| 1 | Excludes the fees and expenses of the underlying Funds. |
KEY FUND STATISTICS (as of June 30, 2024)
Total Net Assets | $59,014,936 |
Total Number of Portfolio Holdings* | 23 |
Portfolio Turnover Rate | 11.43% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
 | WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: | |
| • prospectus • proxy voting information • financial information • holdings • tax information |
| Franklin LifeSmart 2040 Retirement Target Fund | PAGE 1 | 49-STSR-0824 |
51.928.616.81.00.71.0
Franklin LifeSmart 2040 Retirement Target Fund |  | |
| Class C [FLOLX] | ||
| Semi-Annual Shareholder Report | June 30, 2024 | ||
 | ||
This semi-annual shareholder report contains important information about Franklin LifeSmart 2040 Retirement Target Fund for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*,† |
Class C1 | $67 | 1.28% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
| 1 | Excludes the fees and expenses of the underlying Funds. |
KEY FUND STATISTICS (as of June 30, 2024)
Total Net Assets | $59,014,936 |
Total Number of Portfolio Holdings* | 23 |
Portfolio Turnover Rate | 11.43% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
 | WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: | |
| • prospectus • proxy voting information • financial information • holdings • tax information |
| Franklin LifeSmart 2040 Retirement Target Fund | PAGE 1 | 255-STSR-0824 |
51.928.616.81.00.71.0
Franklin LifeSmart 2040 Retirement Target Fund |  | |
| Class R [FLSGX] | ||
| Semi-Annual Shareholder Report | June 30, 2024 | ||
 | ||
This semi-annual shareholder report contains important information about Franklin LifeSmart 2040 Retirement Target Fund for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*,† |
Class R1 | $41 | 0.78% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
| 1 | Excludes the fees and expenses of the underlying Funds. |
KEY FUND STATISTICS (as of June 30, 2024)
Total Net Assets | $59,014,936 |
Total Number of Portfolio Holdings* | 23 |
Portfolio Turnover Rate | 11.43% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
 | WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: | |
| • prospectus • proxy voting information • financial information • holdings • tax information |
| Franklin LifeSmart 2040 Retirement Target Fund | PAGE 1 | 855-STSR-0824 |
51.928.616.81.00.71.0
Franklin LifeSmart 2040 Retirement Target Fund |  | |
| Class R6 [FLREX] | ||
| Semi-Annual Shareholder Report | June 30, 2024 | ||
 | ||
This semi-annual shareholder report contains important information about Franklin LifeSmart 2040 Retirement Target Fund for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*,† |
Class R61 | $12 | 0.23% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
| 1 | Excludes the fees and expenses of the underlying Funds. |
KEY FUND STATISTICS (as of June 30, 2024)
Total Net Assets | $59,014,936 |
Total Number of Portfolio Holdings* | 23 |
Portfolio Turnover Rate | 11.43% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
 | WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: | |
| • prospectus • proxy voting information • financial information • holdings • tax information |
| Franklin LifeSmart 2040 Retirement Target Fund | PAGE 1 | 895-STSR-0824 |
51.928.616.81.00.71.0
Franklin LifeSmart 2040 Retirement Target Fund |  | |
| Advisor Class [FLSHX] | ||
| Semi-Annual Shareholder Report | June 30, 2024 | ||
 | ||
This semi-annual shareholder report contains important information about Franklin LifeSmart 2040 Retirement Target Fund for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*,† |
Advisor Class1 | $15 | 0.28% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
| 1 | Excludes the fees and expenses of the underlying Funds. |
KEY FUND STATISTICS (as of June 30, 2024)
Total Net Assets | $59,014,936 |
Total Number of Portfolio Holdings* | 23 |
Portfolio Turnover Rate | 11.43% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
 | WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: | |
| • prospectus • proxy voting information • financial information • holdings • tax information |
| Franklin LifeSmart 2040 Retirement Target Fund | PAGE 1 | 81-STSR-0824 |
51.928.616.81.00.71.0
Franklin LifeSmart 2045 Retirement Target Fund |  | |
| Class A [FTTAX] | ||
| Semi-Annual Shareholder Report | June 30, 2024 | ||
 | ||
This semi-annual shareholder report contains important information about Franklin LifeSmart 2045 Retirement Target Fund for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*,† |
Class A1 | $28 | 0.53% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
| 1 | Excludes the fees and expenses of the underlying Funds. |
KEY FUND STATISTICS (as of June 30, 2024)
Total Net Assets | $100,266,550 |
Total Number of Portfolio Holdings* | 18 |
Portfolio Turnover Rate | 9.78% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
 | WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: | |
| • prospectus • proxy voting information • financial information • holdings • tax information |
| Franklin LifeSmart 2045 Retirement Target Fund | PAGE 1 | 451-STSR-0824 |
57.431.59.01.01.1
Franklin LifeSmart 2045 Retirement Target Fund |  | |
| Class C [FLRIX] | ||
| Semi-Annual Shareholder Report | June 30, 2024 | ||
 | ||
This semi-annual shareholder report contains important information about Franklin LifeSmart 2045 Retirement Target Fund for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*,† |
Class C1 | $67 | 1.28% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
| 1 | Excludes the fees and expenses of the underlying Funds. |
KEY FUND STATISTICS (as of June 30, 2024)
Total Net Assets | $100,266,550 |
Total Number of Portfolio Holdings* | 18 |
Portfolio Turnover Rate | 9.78% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
 | WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: | |
| • prospectus • proxy voting information • financial information • holdings • tax information |
| Franklin LifeSmart 2045 Retirement Target Fund | PAGE 1 | 551-STSR-0824 |
57.431.59.01.01.1
Franklin LifeSmart 2045 Retirement Target Fund |  | |
| Class R [FLRJX] | ||
| Semi-Annual Shareholder Report | June 30, 2024 | ||
 | ||
This semi-annual shareholder report contains important information about Franklin LifeSmart 2045 Retirement Target Fund for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*,† |
Class R1 | $41 | 0.78% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
| 1 | Excludes the fees and expenses of the underlying Funds. |
KEY FUND STATISTICS (as of June 30, 2024)
Total Net Assets | $100,266,550 |
Total Number of Portfolio Holdings* | 18 |
Portfolio Turnover Rate | 9.78% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
 | WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: | |
| • prospectus • proxy voting information • financial information • holdings • tax information |
| Franklin LifeSmart 2045 Retirement Target Fund | PAGE 1 | 851-STSR-0824 |
57.431.59.01.01.1
Franklin LifeSmart 2045 Retirement Target Fund |  | |
| Class R6 [FMLTX] | ||
| Semi-Annual Shareholder Report | June 30, 2024 | ||
 | ||
This semi-annual shareholder report contains important information about Franklin LifeSmart 2045 Retirement Target Fund for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*,† |
Class R61 | $12 | 0.23% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
| 1 | Excludes the fees and expenses of the underlying Funds. |
KEY FUND STATISTICS (as of June 30, 2024)
Total Net Assets | $100,266,550 |
Total Number of Portfolio Holdings* | 18 |
Portfolio Turnover Rate | 9.78% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
 | WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: | |
| • prospectus • proxy voting information • financial information • holdings • tax information |
| Franklin LifeSmart 2045 Retirement Target Fund | PAGE 1 | 351-STSR-0824 |
57.431.59.01.01.1
Franklin LifeSmart 2045 Retirement Target Fund |  | |
| Advisor Class [FLRLX] | ||
| Semi-Annual Shareholder Report | June 30, 2024 | ||
 | ||
This semi-annual shareholder report contains important information about Franklin LifeSmart 2045 Retirement Target Fund for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*,† |
Advisor Class1 | $14 | 0.28% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
| 1 | Excludes the fees and expenses of the underlying Funds. |
KEY FUND STATISTICS (as of June 30, 2024)
Total Net Assets | $100,266,550 |
Total Number of Portfolio Holdings* | 18 |
Portfolio Turnover Rate | 9.78% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
 | WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: | |
| • prospectus • proxy voting information • financial information • holdings • tax information |
| Franklin LifeSmart 2045 Retirement Target Fund | PAGE 1 | 651-STSR-0824 |
57.431.59.01.01.1
Franklin LifeSmart 2050 Retirement Target Fund |  | |
| Class A [FLSJX] | ||
| Semi-Annual Shareholder Report | June 30, 2024 | ||
 | ||
This semi-annual shareholder report contains important information about Franklin LifeSmart 2050 Retirement Target Fund for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*,† |
Class A1 | $27 | 0.52% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
| 1 | Excludes the fees and expenses of the underlying Funds. |
KEY FUND STATISTICS (as of June 30, 2024)
Total Net Assets | $53,154,047 |
Total Number of Portfolio Holdings* | 19 |
Portfolio Turnover Rate | 7.62% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
 | WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: | |
| • prospectus • proxy voting information • financial information • holdings • tax information |
| Franklin LifeSmart 2050 Retirement Target Fund | PAGE 1 | 59-STSR-0824 |
60.933.73.20.91.3
Franklin LifeSmart 2050 Retirement Target Fund |  | |
| Class C [FLSKX] | ||
| Semi-Annual Shareholder Report | June 30, 2024 | ||
 | ||
This semi-annual shareholder report contains important information about Franklin LifeSmart 2050 Retirement Target Fund for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*,† |
Class C1 | $67 | 1.27% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
| 1 | Excludes the fees and expenses of the underlying Funds. |
KEY FUND STATISTICS (as of June 30, 2024)
Total Net Assets | $53,154,047 |
Total Number of Portfolio Holdings* | 19 |
Portfolio Turnover Rate | 7.62% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
 | WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: | |
| • prospectus • proxy voting information • financial information • holdings • tax information |
| Franklin LifeSmart 2050 Retirement Target Fund | PAGE 1 | 259-STSR-0824 |
60.933.73.20.91.3
Franklin LifeSmart 2050 Retirement Target Fund |  | |
| Class R [FLSNX] | ||
| Semi-Annual Shareholder Report | June 30, 2024 | ||
 | ||
This semi-annual shareholder report contains important information about Franklin LifeSmart 2050 Retirement Target Fund for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*,† |
Class R1 | $40 | 0.77% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
| 1 | Excludes the fees and expenses of the underlying Funds. |
KEY FUND STATISTICS (as of June 30, 2024)
Total Net Assets | $53,154,047 |
Total Number of Portfolio Holdings* | 19 |
Portfolio Turnover Rate | 7.62% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
 | WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: | |
| • prospectus • proxy voting information • financial information • holdings • tax information |
| Franklin LifeSmart 2050 Retirement Target Fund | PAGE 1 | 859-STSR-0824 |
60.933.73.20.91.3
Franklin LifeSmart 2050 Retirement Target Fund |  | |
| Class R6 [FRLEX] | ||
| Semi-Annual Shareholder Report | June 30, 2024 | ||
 | ||
This semi-annual shareholder report contains important information about Franklin LifeSmart 2050 Retirement Target Fund for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*,† |
Class R61 | $12 | 0.22% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
| 1 | Excludes the fees and expenses of the underlying Funds. |
KEY FUND STATISTICS (as of June 30, 2024)
Total Net Assets | $53,154,047 |
Total Number of Portfolio Holdings* | 19 |
Portfolio Turnover Rate | 7.62% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
 | WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: | |
| • prospectus • proxy voting information • financial information • holdings • tax information |
| Franklin LifeSmart 2050 Retirement Target Fund | PAGE 1 | 899-STSR-0824 |
60.933.73.20.91.3
Franklin LifeSmart 2050 Retirement Target Fund |  | |
| Advisor Class [FLSOX] | ||
| Semi-Annual Shareholder Report | June 30, 2024 | ||
 | ||
This semi-annual shareholder report contains important information about Franklin LifeSmart 2050 Retirement Target Fund for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*,† |
Advisor Class1 | $14 | 0.27% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
| 1 | Excludes the fees and expenses of the underlying Funds. |
KEY FUND STATISTICS (as of June 30, 2024)
Total Net Assets | $53,154,047 |
Total Number of Portfolio Holdings* | 19 |
Portfolio Turnover Rate | 7.62% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
 | WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: | |
| • prospectus • proxy voting information • financial information • holdings • tax information |
| Franklin LifeSmart 2050 Retirement Target Fund | PAGE 1 | 98-STSR-0824 |
60.933.73.20.91.3
Franklin LifeSmart 2055 Retirement Target Fund |  | |
| Class A [FLTFX] | ||
| Semi-Annual Shareholder Report | June 30, 2024 | ||
 | ||
This semi-annual shareholder report contains important information about Franklin LifeSmart 2055 Retirement Target Fund for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*,† |
Class A1 | $27 | 0.52% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
| 1 | Excludes the fees and expenses of the underlying Funds. |
KEY FUND STATISTICS (as of June 30, 2024)
Total Net Assets | $38,483,168 |
Total Number of Portfolio Holdings* | 17 |
Portfolio Turnover Rate | 9.70% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
 | WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: | |
| • prospectus • proxy voting information • financial information • holdings • tax information |
| Franklin LifeSmart 2055 Retirement Target Fund | PAGE 1 | 959-STSR-0824 |
61.733.92.21.01.2
Franklin LifeSmart 2055 Retirement Target Fund |  | |
| Class C [FLTNX] | ||
| Semi-Annual Shareholder Report | June 30, 2024 | ||
 | ||
This semi-annual shareholder report contains important information about Franklin LifeSmart 2055 Retirement Target Fund for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*,† |
Class C1 | $67 | 1.27% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
| 1 | Excludes the fees and expenses of the underlying Funds. |
KEY FUND STATISTICS (as of June 30, 2024)
Total Net Assets | $38,483,168 |
Total Number of Portfolio Holdings* | 17 |
Portfolio Turnover Rate | 9.70% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
 | WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: | |
| • prospectus • proxy voting information • financial information • holdings • tax information |
| Franklin LifeSmart 2055 Retirement Target Fund | PAGE 1 | 289-STSR-0824 |
61.733.92.21.01.2
Franklin LifeSmart 2055 Retirement Target Fund |  | |
| Class R [FLSBX] | ||
| Semi-Annual Shareholder Report | June 30, 2024 | ||
 | ||
This semi-annual shareholder report contains important information about Franklin LifeSmart 2055 Retirement Target Fund for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*,† |
Class R1 | $40 | 0.77% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
| 1 | Excludes the fees and expenses of the underlying Funds. |
KEY FUND STATISTICS (as of June 30, 2024)
Total Net Assets | $38,483,168 |
Total Number of Portfolio Holdings* | 17 |
Portfolio Turnover Rate | 9.70% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
 | WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: | |
| • prospectus • proxy voting information • financial information • holdings • tax information |
| Franklin LifeSmart 2055 Retirement Target Fund | PAGE 1 | 869-STSR-0824 |
61.733.92.21.01.2
Franklin LifeSmart 2055 Retirement Target Fund |  | |
| Class R6 [FLSZX] | ||
| Semi-Annual Shareholder Report | June 30, 2024 | ||
 | ||
This semi-annual shareholder report contains important information about Franklin LifeSmart 2055 Retirement Target Fund for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*,† |
Class R61 | $12 | 0.22% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
| 1 | Excludes the fees and expenses of the underlying Funds. |
KEY FUND STATISTICS (as of June 30, 2024)
Total Net Assets | $38,483,168 |
Total Number of Portfolio Holdings* | 17 |
Portfolio Turnover Rate | 9.70% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
 | WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: | |
| • prospectus • proxy voting information • financial information • holdings • tax information |
| Franklin LifeSmart 2055 Retirement Target Fund | PAGE 1 | 879-STSR-0824 |
61.733.92.21.01.2
Franklin LifeSmart 2055 Retirement Target Fund |  | |
| Advisor Class [FLTKX] | ||
| Semi-Annual Shareholder Report | June 30, 2024 | ||
 | ||
This semi-annual shareholder report contains important information about Franklin LifeSmart 2055 Retirement Target Fund for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*,† |
Advisor Class1 | $14 | 0.27% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
| 1 | Excludes the fees and expenses of the underlying Funds. |
KEY FUND STATISTICS (as of June 30, 2024)
Total Net Assets | $38,483,168 |
Total Number of Portfolio Holdings* | 17 |
Portfolio Turnover Rate | 9.70% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
 | WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: | |
| • prospectus • proxy voting information • financial information • holdings • tax information |
| Franklin LifeSmart 2055 Retirement Target Fund | PAGE 1 | 999-STSR-0824 |
61.733.92.21.01.2
Franklin LifeSmart 2060 Retirement Target Fund |  | |
| Class A [FLASX] | ||
| Semi-Annual Shareholder Report | June 30, 2024 | ||
 | ||
This semi-annual shareholder report contains important information about Franklin LifeSmart 2060 Retirement Target Fund for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*,† |
Class A1 | $27 | 0.52% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
| 1 | Excludes the fees and expenses of the underlying Funds. |
KEY FUND STATISTICS (as of June 30, 2024)
Total Net Assets | $6,624,579 |
Total Number of Portfolio Holdings* | 17 |
Portfolio Turnover Rate | 9.83% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
 | WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: | |
| • prospectus • proxy voting information • financial information • holdings • tax information |
| Franklin LifeSmart 2060 Retirement Target Fund | PAGE 1 | 1899-STSR-0824 |
61.533.92.20.91.5
Franklin LifeSmart 2060 Retirement Target Fund |  | |
| Class C [FLBSX] | ||
| Semi-Annual Shareholder Report | June 30, 2024 | ||
 | ||
This semi-annual shareholder report contains important information about Franklin LifeSmart 2060 Retirement Target Fund for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*,† |
Class C1 | $67 | 1.27% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
| 1 | Excludes the fees and expenses of the underlying Funds. |
KEY FUND STATISTICS (as of June 30, 2024)
Total Net Assets | $6,624,579 |
Total Number of Portfolio Holdings* | 17 |
Portfolio Turnover Rate | 9.83% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
 | WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: | |
| • prospectus • proxy voting information • financial information • holdings • tax information |
| Franklin LifeSmart 2060 Retirement Target Fund | PAGE 1 | 2899-STSR-0824 |
61.533.92.20.91.5
Franklin LifeSmart 2060 Retirement Target Fund |  | |
| Class R [FLESX] | ||
| Semi-Annual Shareholder Report | June 30, 2024 | ||
 | ||
This semi-annual shareholder report contains important information about Franklin LifeSmart 2060 Retirement Target Fund for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*,† |
Class R1 | $41 | 0.77% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
| 1 | Excludes the fees and expenses of the underlying Funds. |
KEY FUND STATISTICS (as of June 30, 2024)
Total Net Assets | $6,624,579 |
Total Number of Portfolio Holdings* | 17 |
Portfolio Turnover Rate | 9.83% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
 | WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: | |
| • prospectus • proxy voting information • financial information • holdings • tax information |
| Franklin LifeSmart 2060 Retirement Target Fund | PAGE 1 | 8899-STSR-0824 |
61.533.92.20.91.5
Franklin LifeSmart 2060 Retirement Target Fund |  | |
| Class R6 [FLFSX] | ||
| Semi-Annual Shareholder Report | June 30, 2024 | ||
 | ||
This semi-annual shareholder report contains important information about Franklin LifeSmart 2060 Retirement Target Fund for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*,† |
Class R61 | $12 | 0.22% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
| 1 | Excludes the fees and expenses of the underlying Funds. |
KEY FUND STATISTICS (as of June 30, 2024)
Total Net Assets | $6,624,579 |
Total Number of Portfolio Holdings* | 17 |
Portfolio Turnover Rate | 9.83% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
 | WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: | |
| • prospectus • proxy voting information • financial information • holdings • tax information |
| Franklin LifeSmart 2060 Retirement Target Fund | PAGE 1 | 3899-STSR-0824 |
61.533.92.20.91.5
Franklin LifeSmart 2060 Retirement Target Fund |  | |
| Advisor Class [FLJSX] | ||
| Semi-Annual Shareholder Report | June 30, 2024 | ||
 | ||
This semi-annual shareholder report contains important information about Franklin LifeSmart 2060 Retirement Target Fund for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*,† |
Advisor Class1 | $14 | 0.27% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
| 1 | Excludes the fees and expenses of the underlying Funds. |
KEY FUND STATISTICS (as of June 30, 2024)
Total Net Assets | $6,624,579 |
Total Number of Portfolio Holdings* | 17 |
Portfolio Turnover Rate | 9.83% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of June 30, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
 | WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: | |
| • prospectus • proxy voting information • financial information • holdings • tax information |
| Franklin LifeSmart 2060 Retirement Target Fund | PAGE 1 | 6899-STSR-0824 |
61.533.92.20.91.5
Item 2. Code of Ethics.
N/A
Item 3. Audit Committee Financial Expert.
N/A
Item 4. Principal Accountant Fees and Services.
N/A
Item 5. Audit Committee of Listed Registrants.
N/A
Item 6. Schedule of Investments.
(a) Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSRS.
(b) N/A
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Franklin
Fund
Allocator
Series
Financial
Statements
and
Other
Important
Information
Semi-Annual
|
June
30,
2024
Franklin
Conservative
Allocation
Fund
Franklin
Moderate
Allocation
Fund
Franklin
Growth
Allocation
Fund
Table
of
Contents
franklintempleton.com
Financial
Statements
and
Other
Important
Information—Semiannual
1
Financial
Highlights
and
Schedules
of
Investments
2
Financial
Statements
23
Notes
to
Financial
Statements
28
Changes
In
and
Disagreements
with
Accountants
41
Results
of
Meeting(s)
of
Shareholders
41
Remuneration
Paid
to
Directors,
Officers
and
Others
41
Board
Approval
of
Management
and
Subadvisory
Agreements
41
Franklin
Fund
Allocator
Series
Financial
Highlights
Franklin
Conservative
Allocation
Fund
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
2
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$13.22
$12.17
$14.89
$14.95
$14.08
$13.33
Income
from
investment
operations
a
:
Net
investment
income
b
,c
............
0.13
0.29
0.27
0.23
0.22
0.32
Net
realized
and
unrealized
gains
(losses)
0.53
1.08
(2.53)
0.99
1.05
1.43
Total
from
investment
operations
........
0.66
1.37
(2.26)
1.22
1.27
1.75
Less
distributions
from:
Net
investment
income
and
short
term
gains
received
from
Underlying
funds
and
exchange
traded
funds
..............
(0.19)
(0.32)
(0.22)
(0.35)
(0.23)
(0.33)
Net
realized
gains
.................
—
—
(0.24)
(0.93)
(0.17)
(0.67)
Total
distributions
...................
(0.19)
(0.32)
(0.46)
(1.28)
(0.40)
(1.00)
Net
asset
value,
end
of
period
..........
$13.69
$13.22
$12.17
$14.89
$14.95
$14.08
Total
return
d
.......................
4.98%
11.37%
(15.22)%
8.18%
9.30%
13.25%
Ratios
to
average
net
assets
e
Expenses
f,g
........................
0.62%
0.61%
h
0.63%
h
0.62%
0.63%
h
0.63%
h
Net
investment
income
c
...............
1.95%
2.27%
2.08%
1.47%
1.54%
2.25%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$749,374
$768,040
$796,888
$1,081,071
$941,777
$839,134
Portfolio
turnover
rate
................
11.65%
19.49%
37.16%
61.92%
48.36%
86.76%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Recognition
of
net
investment
income
by
the
Fund
is
affected
by
the
timing
of
declaration
of
dividends
by
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Does
not
include
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
The
weighted
average
indirect
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
was
0.23%
for
the
period
ended
June
30,
2024.
g
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
h
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Fund
Allocator
Series
Financial
Highlights
Franklin
Conservative
Allocation
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
3
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$12.90
$11.87
$14.54
$14.62
$13.77
$13.06
Income
from
investment
operations
a
:
Net
investment
income
b
,c
............
0.08
0.18
0.16
0.09
0.10
0.20
Net
realized
and
unrealized
gains
(losses)
0.51
1.07
(2.47)
0.99
1.05
1.40
Total
from
investment
operations
........
0.59
1.25
(2.31)
1.08
1.15
1.60
Less
distributions
from:
Net
investment
income
and
short
term
gains
received
from
Underlying
funds
and
exchange
traded
funds
..............
(0.14)
(0.22)
(0.12)
(0.23)
(0.13)
(0.22)
Net
realized
gains
.................
—
—
(0.24)
(0.93)
(0.17)
(0.67)
Total
distributions
...................
(0.14)
(0.22)
(0.36)
(1.16)
(0.30)
(0.89)
Net
asset
value,
end
of
period
..........
$13.35
$12.90
$11.87
$14.54
$14.62
$13.77
Total
return
d
.......................
4.57%
10.62%
(15.90)%
7.40%
8.51%
12.35%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
f
..........................
1.37%
1.37%
1.38%
1.37%
1.38%
1.38%
Expenses
net
of
waiver
and
payments
by
affiliates
f
..........................
1.36%
1.36%
g
1.38%
g,h
1.37%
h
1.38%
h
1.38%
g,h
Net
investment
income
c
...............
1.18%
1.45%
1.24%
0.61%
0.76%
1.50%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$55,684
$63,436
$89,012
$152,244
$212,656
$252,407
Portfolio
turnover
rate
................
11.65%
19.49%
37.16%
61.92%
48.36%
86.76%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Recognition
of
net
investment
income
by
the
Fund
is
affected
by
the
timing
of
declaration
of
dividends
by
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Does
not
include
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
The
weighted
average
indirect
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
was
0.23%
for
the
period
ended
June
30,
2024.
g
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
h
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
Franklin
Fund
Allocator
Series
Financial
Highlights
Franklin
Conservative
Allocation
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
4
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Class
R
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$13.16
$12.11
$14.83
$14.88
$14.02
$13.28
Income
from
investment
operations
a
:
Net
investment
income
b
,c
............
0.11
0.25
0.24
0.18
0.18
0.28
Net
realized
and
unrealized
gains
(losses)
0.53
1.09
(2.53)
1.01
1.05
1.42
Total
from
investment
operations
........
0.64
1.34
(2.29)
1.19
1.23
1.70
Less
distributions
from:
Net
investment
income
and
short
term
gains
received
from
Underlying
funds
and
exchange
traded
funds
..............
(0.17)
(0.29)
(0.19)
(0.31)
(0.20)
(0.29)
Net
realized
gains
.................
—
—
(0.24)
(0.93)
(0.17)
(0.67)
Total
distributions
...................
(0.17)
(0.29)
(0.43)
(1.24)
(0.37)
(0.96)
Net
asset
value,
end
of
period
..........
$13.63
$13.16
$12.11
$14.83
$14.88
$14.02
Total
return
d
.......................
4.88%
11.15%
(15.48)%
7.99%
8.98%
12.93%
Ratios
to
average
net
assets
e
Expenses
f
,g
........................
0.87%
0.86%
h
0.88%
h
0.87%
0.88%
0.88%
h
Net
investment
income
c
...............
1.70%
2.01%
1.87%
1.14%
1.28%
2.00%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$40,086
$41,582
$45,036
$55,629
$66,208
$71,153
Portfolio
turnover
rate
................
11.65%
19.49%
37.16%
61.92%
48.36%
86.76%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Recognition
of
net
investment
income
by
the
Fund
is
affected
by
the
timing
of
declaration
of
dividends
by
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Does
not
include
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
The
weighted
average
indirect
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
was
0.23%
for
the
period
ended
June
30,
2024.
g
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
h
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Fund
Allocator
Series
Financial
Highlights
Franklin
Conservative
Allocation
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
5
0
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$13.20
$12.14
$14.87
$14.92
$14.06
$13.31
Income
from
investment
operations
a
:
Net
investment
income
b
,c
............
0.15
0.35
0.32
0.28
0.26
0.36
Net
realized
and
unrealized
gains
(losses)
0.53
1.07
(2.55)
1.00
1.05
1.44
Total
from
investment
operations
........
0.68
1.42
(2.23)
1.28
1.31
1.80
Less
distributions
from:
Net
investment
income
and
short
term
gains
received
from
Underlying
funds
and
exchange
traded
funds
..............
(0.21)
(0.36)
(0.26)
(0.40)
(0.28)
(0.38)
Net
realized
gains
.................
—
—
(0.24)
(0.93)
(0.17)
(0.67)
Total
distributions
...................
(0.21)
(0.36)
(0.50)
(1.33)
(0.45)
(1.05)
Net
asset
value,
end
of
period
..........
$13.67
$13.20
$12.14
$14.87
$14.92
$14.06
Total
return
d
.......................
5.13%
11.83%
(15.01)%
8.60%
9.61%
13.64%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
f
..........................
0.35%
0.38%
0.40%
0.39%
0.40%
0.42%
Expenses
net
of
waiver
and
payments
by
affiliates
f
..........................
0.31%
0.30%
g
0.29%
g
0.30%
0.30%
0.31%
g
Net
investment
income
c
...............
2.32%
2.78%
2.45%
1.78%
1.86%
2.57%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$6,451
$5,147
$2,274
$2,852
$2,537
$2,364
Portfolio
turnover
rate
................
11.65%
19.49%
37.16%
61.92%
48.36%
86.76%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Recognition
of
net
investment
income
by
the
Fund
is
affected
by
the
timing
of
declaration
of
dividends
by
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Does
not
include
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
The
weighted
average
indirect
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
was
0.23%
for
the
period
ended
June
30,
2024.
g
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Fund
Allocator
Series
Financial
Highlights
Franklin
Conservative
Allocation
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$13.22
$12.16
$14.89
$14.95
$14.08
$13.33
Income
from
investment
operations
a
:
Net
investment
income
b
,c
............
0.15
0.32
0.29
0.27
0.25
0.36
Net
realized
and
unrealized
gains
(losses)
0.52
1.09
(2.53)
0.99
1.06
1.43
Total
from
investment
operations
........
0.67
1.41
(2.24)
1.26
1.31
1.79
Less
distributions
from:
Net
investment
income
and
short
term
gains
received
from
Underlying
funds
and
exchange
traded
funds
..............
(0.20)
(0.35)
(0.25)
(0.39)
(0.27)
(0.37)
Net
realized
gains
.................
—
—
(0.24)
(0.93)
(0.17)
(0.67)
Total
distributions
...................
(0.20)
(0.35)
(0.49)
(1.32)
(0.44)
(1.04)
Net
asset
value,
end
of
period
..........
$13.69
$13.22
$12.16
$14.89
$14.95
$14.08
Total
return
d
.......................
5.10%
11.75%
(15.07)%
8.45%
9.58%
13.53%
Ratios
to
average
net
assets
e
Expenses
f,g
........................
0.37%
0.36%
h
0.38%
h
0.37%
0.38%
0.38%
h
Net
investment
income
c
...............
2.20%
2.51%
2.20%
1.72%
1.79%
2.50%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$26,832
$27,713
$30,231
$54,537
$48,041
$44,022
Portfolio
turnover
rate
................
11.65%
19.49%
37.16%
61.92%
48.36%
86.76%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Recognition
of
net
investment
income
by
the
Fund
is
affected
by
the
timing
of
declaration
of
dividends
by
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Does
not
include
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
The
weighted
average
indirect
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
was
0.23%
for
the
period
ended
June
30,
2024.
g
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
h
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited),
June
30,
2024
Franklin
Conservative
Allocation
Fund
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
7
s
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
99.2%
Alternative
Strategies
1.0%
a
Franklin
Systematic
Style
Premia
ETF
....................................
373,276
$
8,833,576
Domestic
Equity
32.1%
a
ClearBridge
Large
Cap
Value
Fund
,
Class
IS
...............................
607,169
25,434,300
a
Franklin
Growth
Fund
,
Class
R6
........................................
425,721
60,358,675
a
Franklin
U.S.
Core
Equity
(IU)
Fund
.....................................
7,947,319
135,581,254
a
Franklin
U.S.
Equity
Index
ETF
.........................................
289,325
13,786,799
a
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
.............................
565,778
31,445,941
iShares
MSCI
USA
Quality
Factor
ETF
...................................
24,625
4,204,965
iShares
MSCI
USA
Value
Factor
ETF
....................................
103,100
10,666,726
281,478,660
Domestic
Fixed
Income
52.8%
a
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund
,
Class
IS
...............
4,087,034
34,821,530
a
Franklin
Investment
Grade
Corporate
ETF
.................................
1,059,189
22,359,480
a
Franklin
U.S.
Core
Bond
ETF
..........................................
8,457,616
178,709,426
a
Franklin
U.S.
Treasury
Bond
ETF
.......................................
4,400,862
89,425,516
iShares
Floating
Rate
Bond
ETF
........................................
439,300
22,443,837
a
Western
Asset
Core
Plus
Bond
Fund
,
Class
IS
.............................
10,249,681
94,092,070
a
Western
Asset
Short-Term
Bond
Fund
,
Class
IS
............................
6,186,323
22,518,214
464,370,073
Foreign
Equity
9.6%
a
ClearBridge
International
Growth
Fund
,
Class
IS
............................
94,608
6,191,169
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
............................
1,262,264
13,127,545
a
Franklin
International
Core
Equity
(IU)
Fund
...............................
3,246,412
40,028,263
iShares
Core
MSCI
EAFE
ETF
.........................................
90,715
6,589,538
a
Templeton
Developing
Markets
Trust
,
Class
R6
.............................
467,952
8,867,682
a
Templeton
Foreign
Fund
,
Class
R6
......................................
1,164,148
9,313,184
84,117,381
Foreign
Fixed
Income
3.7%
a
Franklin
High
Yield
Corporate
ETF
......................................
756,483
17,936,212
a
Franklin
International
Aggregate
Bond
ETF
................................
741,641
14,951,482
32,887,694
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$
780,446,683
)
...............................................................
871,687,384
a
a
a
a
Short
Term
Investments
0.6%
a
Money
Market
Funds
0.6%
a,b
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.972
%
..................
5,166,947
5,166,947
Total
Money
Market
Funds
(Cost
$
5,166,947
)
...................................
5,166,947
Total
Short
Term
Investments
(Cost
$
5,166,947
)
.................................
5,166,947
a
Total
Investments
(Cost
$
785,613,630
)
99.8
%
...................................
$876,854,331
Other
Assets,
less
Liabilities
0.2
%
.............................................
1,572,379
Net
Assets
100.0%
...........................................................
$878,426,710
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
Conservative
Allocation
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
8
See
Abbreviations
on
page
40
.
a
See
Note
3(f)
regarding
investments
in
FT
Underlying
Funds.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Fund
Allocator
Series
Financial
Highlights
Franklin
Moderate
Allocation
Fund
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
9
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$14.39
$12.93
$16.08
$16.17
$15.08
$14.06
Income
from
investment
operations
a
:
Net
investment
income
b
,c
............
0.10
0.27
0.22
0.22
0.19
0.28
Net
realized
and
unrealized
gains
(losses)
1.05
1.56
(2.82)
1.77
1.60
2.15
Total
from
investment
operations
........
1.15
1.83
(2.60)
1.99
1.79
2.43
Less
distributions
from:
Net
investment
income
and
short
term
gains
received
from
Underlying
funds
and
exchange
traded
funds
..............
(0.16)
(0.28)
(0.17)
(0.41)
(0.22)
(0.28)
Net
realized
gains
.................
—
(0.09)
(0.38)
(1.67)
(0.48)
(1.13)
Total
distributions
...................
(0.16)
(0.37)
(0.55)
(2.08)
(0.70)
(1.41)
Net
asset
value,
end
of
period
..........
$15.38
$14.39
$12.93
$16.08
$16.17
$15.08
Total
return
d
.......................
7.99%
14.37%
(16.14)%
12.38%
12.37%
17.40%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
f
..........................
0.61%
0.62%
0.63%
0.63%
0.64%
0.63%
Expenses
net
of
waiver
and
payments
by
affiliates
f
..........................
0.61%
g
0.62%
g
0.63%
g,h
0.62%
0.64%
g,h
0.63%
g,h
Net
investment
income
c
...............
1.41%
2.02%
1.59%
1.29%
1.29%
1.78%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$1,444,030
$1,398,350
$1,349,466
$1,794,149
$1,573,566
$1,456,531
Portfolio
turnover
rate
................
11.87%
22.15%
33.29%
56.07%
44.49%
71.70%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Recognition
of
net
investment
income
by
the
Fund
is
affected
by
the
timing
of
declaration
of
dividends
by
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Does
not
include
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
The
weighted
average
indirect
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
was
0.21%
for
the
period
ended
June
30,
2024.
g
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
h
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Fund
Allocator
Series
Financial
Highlights
Franklin
Moderate
Allocation
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
10
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$13.81
$12.41
$15.49
$15.64
$14.60
$13.65
Income
from
investment
operations
a
:
Net
investment
income
b
,c
............
0.05
0.16
0.11
0.07
0.07
0.15
Net
realized
and
unrealized
gains
(losses)
0.99
1.51
(2.72)
1.73
1.56
2.09
Total
from
investment
operations
........
1.04
1.67
(2.61)
1.80
1.63
2.24
Less
distributions
from:
Net
investment
income
and
short
term
gains
received
from
Underlying
funds
and
exchange
traded
funds
..............
(0.11)
(0.18)
(0.09)
(0.28)
(0.11)
(0.16)
Net
realized
gains
.................
—
(0.09)
(0.38)
(1.67)
(0.48)
(1.13)
Total
distributions
...................
(0.11)
(0.27)
(0.47)
(1.95)
(0.59)
(1.29)
Net
asset
value,
end
of
period
..........
$14.74
$13.81
$12.41
$15.49
$15.64
$14.60
Total
return
d
.......................
7.52%
13.62%
(16.85)%
11.55%
11.57%
16.52%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
f
..........................
1.36%
1.37%
1.38%
1.37%
1.39%
1.38%
Expenses
net
of
waiver
and
payments
by
affiliates
f
..........................
1.36%
g
1.36%
1.38%
g,h
1.37%
g,h
1.39%
g,h
1.38%
g,h
Net
investment
income
c
...............
0.65%
1.22%
0.79%
0.43%
0.50%
1.03%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$106,464
$111,516
$130,268
$205,894
$289,283
$339,845
Portfolio
turnover
rate
................
11.87%
22.15%
33.29%
56.07%
44.49%
71.70%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Recognition
of
net
investment
income
by
the
Fund
is
affected
by
the
timing
of
declaration
of
dividends
by
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Does
not
include
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
The
weighted
average
indirect
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
was
0.21%
for
the
period
ended
June
30,
2024.
g
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
h
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Fund
Allocator
Series
Financial
Highlights
Franklin
Moderate
Allocation
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
11
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Class
R
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$14.36
$12.90
$16.05
$16.15
$15.05
$14.04
Income
from
investment
operations
a
:
Net
investment
income
b
,c
............
0.09
0.24
0.19
0.17
0.15
0.23
Net
realized
and
unrealized
gains
(losses)
1.03
1.56
(2.82)
1.77
1.61
2.15
Total
from
investment
operations
........
1.12
1.80
(2.63)
1.94
1.76
2.38
Less
distributions
from:
Net
investment
income
and
short
term
gains
received
from
Underlying
funds
and
exchange
traded
funds
..............
(0.14)
(0.25)
(0.14)
(0.37)
(0.18)
(0.24)
Net
realized
gains
.................
—
(0.09)
(0.38)
(1.67)
(0.48)
(1.13)
Total
distributions
...................
(0.14)
(0.34)
(0.52)
(2.04)
(0.66)
(1.37)
Net
asset
value,
end
of
period
..........
$15.34
$14.36
$12.90
$16.05
$16.15
$15.05
Total
return
d
.......................
7.82%
14.12%
(16.37)%
12.05%
12.17%
17.05%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
f
,g
.........................
0.86%
0.87%
0.88%
h
0.87%
0.89%
h
0.88%
h
Net
investment
income
c
...............
1.16%
1.77%
1.34%
1.01%
1.01%
1.53%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$55,436
$52,883
$52,069
$69,211
$68,789
$78,999
Portfolio
turnover
rate
................
11.87%
22.15%
33.29%
56.07%
44.49%
71.70%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Recognition
of
net
investment
income
by
the
Fund
is
affected
by
the
timing
of
declaration
of
dividends
by
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Does
not
include
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
The
weighted
average
indirect
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
was
0.21%
for
the
period
ended
June
30,
2024.
g
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
h
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Fund
Allocator
Series
Financial
Highlights
Franklin
Moderate
Allocation
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
12
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$14.39
$12.92
$16.08
$16.17
$15.08
$14.06
Income
from
investment
operations
a
:
Net
investment
income
b
,c
............
0.13
0.34
0.27
0.27
0.24
0.34
Net
realized
and
unrealized
gains
(losses)
1.04
1.55
(2.83)
1.78
1.60
2.15
Total
from
investment
operations
........
1.17
1.89
(2.56)
2.05
1.84
2.49
Less
distributions
from:
Net
investment
income
and
short
term
gains
received
from
Underlying
funds
and
exchange
traded
funds
..............
(0.18)
(0.33)
(0.22)
(0.47)
(0.27)
(0.34)
Net
realized
gains
.................
—
(0.09)
(0.38)
(1.67)
(0.48)
(1.13)
Total
distributions
...................
(0.18)
(0.42)
(0.60)
(2.14)
(0.75)
(1.47)
Net
asset
value,
end
of
period
..........
$15.38
$14.39
$12.92
$16.08
$16.17
$15.08
Total
return
d
.......................
8.15%
14.82%
(15.91)%
12.74%
12.76%
17.81%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
f
..........................
0.31%
0.32%
0.33%
0.33%
0.33%
0.34%
Expenses
net
of
waiver
and
payments
by
affiliates
f
..........................
0.30%
0.30%
0.28%
g
0.30%
0.30%
g
0.29%
g
Net
investment
income
c
...............
1.73%
2.48%
1.97%
1.60%
1.61%
2.12%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$13,194
$12,031
$6,065
$7,261
$6,767
$6,666
Portfolio
turnover
rate
................
11.87%
22.15%
33.29%
56.07%
44.49%
71.70%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Recognition
of
net
investment
income
by
the
Fund
is
affected
by
the
timing
of
declaration
of
dividends
by
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Does
not
include
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
The
weighted
average
indirect
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
was
0.21%
for
the
period
ended
June
30,
2024.
g
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Fund
Allocator
Series
Financial
Highlights
Franklin
Moderate
Allocation
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
13
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$14.41
$12.94
$16.10
$16.19
$15.09
$14.07
Income
from
investment
operations
a
:
Net
investment
income
b
,c
............
0.12
0.30
0.25
0.27
0.23
0.32
Net
realized
and
unrealized
gains
(losses)
1.05
1.58
(2.83)
1.76
1.61
2.15
Total
from
investment
operations
........
1.17
1.88
(2.58)
2.03
1.84
2.47
Less
distributions
from:
Net
investment
income
and
short
term
gains
received
from
Underlying
funds
and
exchange
traded
funds
..............
(0.18)
(0.32)
(0.20)
(0.45)
(0.26)
(0.32)
Net
realized
gains
.................
—
(0.09)
(0.38)
(1.67)
(0.48)
(1.13)
Total
distributions
...................
(0.18)
(0.41)
(0.58)
(2.12)
(0.74)
(1.45)
Net
asset
value,
end
of
period
..........
$15.40
$14.41
$12.94
$16.10
$16.19
$15.09
Total
return
d
.......................
8.10%
14.71%
(15.97)%
12.64%
12.72%
17.68%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
f
..........................
0.36%
0.37%
0.38%
0.38%
0.39%
0.38%
Expenses
net
of
waiver
and
payments
by
affiliates
f
..........................
0.36%
g
0.36%
0.38%
g,h
0.37%
0.39%
g,h
0.38%
g,h
Net
investment
income
c
...............
1.68%
2.24%
1.78%
1.55%
1.53%
2.03%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$47,085
$42,895
$48,288
$78,346
$66,421
$61,026
Portfolio
turnover
rate
................
11.87%
22.15%
33.29%
56.07%
44.49%
71.70%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Recognition
of
net
investment
income
by
the
Fund
is
affected
by
the
timing
of
declaration
of
dividends
by
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Does
not
include
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
The
weighted
average
indirect
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
was
0.21%
for
the
period
ended
June
30,
2024.
g
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
h
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited),
June
30,
2024
Franklin
Moderate
Allocation
Fund
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
14
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
99.1%
Alternative
Strategies
1.0%
a
Franklin
Systematic
Style
Premia
ETF
....................................
700,973
$
16,588,526
Domestic
Equity
47.4%
a
ClearBridge
Large
Cap
Value
Fund
,
Class
IS
...............................
1,698,363
71,144,435
a
Franklin
Growth
Fund
,
Class
R6
........................................
1,195,366
169,479,034
a
Franklin
U.S.
Core
Equity
(IU)
Fund
.....................................
22,314,793
380,690,370
a
Franklin
U.S.
Equity
Index
ETF
.........................................
812,400
38,712,160
a
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
.............................
1,588,617
88,295,333
iShares
MSCI
USA
Quality
Factor
ETF
...................................
69,175
11,812,323
iShares
MSCI
USA
Value
Factor
ETF
....................................
289,525
29,954,256
790,087,911
Domestic
Fixed
Income
34.2%
a
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund
,
Class
IS
...............
5,002,869
42,624,446
a
Franklin
Investment
Grade
Corporate
ETF
.................................
1,296,523
27,369,601
a
Franklin
U.S.
Core
Bond
ETF
..........................................
10,352,691
218,752,361
a
Franklin
U.S.
Treasury
Bond
ETF
.......................................
5,386,947
109,462,763
iShares
Floating
Rate
Bond
ETF
........................................
537,725
27,472,370
a
Western
Asset
Core
Plus
Bond
Fund
,
Class
IS
.............................
12,546,335
115,175,352
a
Western
Asset
Short-Term
Bond
Fund
,
Class
IS
............................
7,572,326
27,563,265
568,420,158
Foreign
Equity
14.1%
a
ClearBridge
International
Growth
Fund
,
Class
IS
............................
265,723
17,388,919
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
............................
3,544,322
36,860,945
a
Franklin
International
Core
Equity
(IU)
Fund
...............................
9,117,912
112,423,850
iShares
Core
MSCI
EAFE
ETF
.........................................
254,822
18,510,270
a
Templeton
Developing
Markets
Trust
,
Class
R6
.............................
1,313,997
24,900,238
a
Templeton
Foreign
Fund
,
Class
R6
......................................
3,269,651
26,157,204
236,241,426
Foreign
Fixed
Income
2.4%
a
Franklin
High
Yield
Corporate
ETF
......................................
925,995
21,955,341
a
Franklin
International
Aggregate
Bond
ETF
................................
907,838
18,302,014
40,257,355
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$
1,321,761,827
)
..............................................................
1,651,595,376
a
a
a
a
Short
Term
Investments
0.7%
a
Money
Market
Funds
0.7%
a,b
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.972
%
..................
11,073,512
11,073,512
Total
Money
Market
Funds
(Cost
$
11,073,512
)
..................................
11,073,512
Total
Short
Term
Investments
(Cost
$
11,073,512
)
................................
11,073,512
a
Total
Investments
(Cost
$
1,332,835,339
)
99.8
%
..................................
$1,662,668,888
Other
Assets,
less
Liabilities
0.2
%
.............................................
3,539,466
Net
Assets
100.0%
...........................................................
$1,666,208,354
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
Moderate
Allocation
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
15
See
Abbreviations
on
page
40
.
a
See
Note
3(f)
regarding
investments
in
FT
Underlying
Funds.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Fund
Allocator
Series
Financial
Highlights
Franklin
Growth
Allocation
Fund
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
16
4
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$17.92
$15.77
$19.99
$19.64
$18.13
$16.54
Income
from
investment
operations
a
:
Net
investment
income
b
,c
............
0.08
0.28
0.20
0.23
0.19
0.25
Net
realized
and
unrealized
gains
(losses)
1.82
2.45
(3.65)
2.97
2.32
3.36
Total
from
investment
operations
........
1.90
2.73
(3.45)
3.20
2.51
3.61
Less
distributions
from:
Net
investment
income
and
short
term
gains
received
from
Underlying
funds
and
exchange
traded
funds
..............
(0.14)
(0.22)
(0.18)
(0.48)
(0.22)
(0.25)
Net
realized
gains
.................
—
(0.36)
(0.59)
(2.37)
(0.78)
(1.77)
Total
distributions
...................
(0.14)
(0.58)
(0.77)
(2.85)
(1.00)
(2.02)
Net
asset
value,
end
of
period
..........
$19.68
$17.92
$15.77
$19.99
$19.64
$18.13
Total
return
d
.......................
10.61%
17.59%
(17.16)%
16.41%
14.58%
21.90%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
f
..........................
0.63%
0.64%
0.67%
0.66%
0.68%
0.68%
Expenses
net
of
waiver
and
payments
by
affiliates
f
..........................
0.63%
g
0.64%
g
0.66%
h
0.66%
g
0.67%
h
0.65%
h
Net
investment
income
c
...............
0.83%
1.65%
1.15%
1.07%
1.07%
1.32%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$1,152,831
$1,077,785
$977,212
$1,258,769
$1,074,822
$974,391
Portfolio
turnover
rate
................
10.22%
28.72%
29.59%
59.90%
39.22%
63.65%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Recognition
of
net
investment
income
by
the
Fund
is
affected
by
the
timing
of
declaration
of
dividends
by
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Does
not
include
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
The
weighted
average
indirect
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
was
0.20%
for
the
period
ended
June
30,
2024.
g
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
h
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Fund
Allocator
Series
Financial
Highlights
Franklin
Growth
Allocation
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
17
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$17.13
$15.12
$19.24
$19.03
$17.62
$16.12
Income
from
investment
operations
a
:
Net
investment
income
b
,c
............
0.01
0.14
0.06
0.04
0.05
0.10
Net
realized
and
unrealized
gains
(losses)
1.75
2.35
(3.50)
2.91
2.25
3.27
Total
from
investment
operations
........
1.76
2.49
(3.44)
2.95
2.30
3.37
Less
distributions
from:
Net
investment
income
and
short
term
gains
received
from
Underlying
funds
and
exchange
traded
funds
..............
(0.08)
(0.12)
(0.09)
(0.37)
(0.11)
(0.10)
Net
realized
gains
.................
—
(0.36)
(0.59)
(2.37)
(0.78)
(1.77)
Total
distributions
...................
(0.08)
(0.48)
(0.68)
(2.74)
(0.89)
(1.87)
Net
asset
value,
end
of
period
..........
$18.81
$17.13
$15.12
$19.24
$19.03
$17.62
Total
return
d
.......................
10.26%
16.66%
(17.82)%
15.59%
13.74%
20.95%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
f
..........................
1.38%
1.39%
1.42%
1.41%
1.42%
1.43%
Expenses
net
of
waiver
and
payments
by
affiliates
f
..........................
1.38%
g
1.39%
g
1.41%
h
1.41%
g
1.42%
g,h
1.40%
h
Net
investment
income
c
...............
0.07%
0.87%
0.36%
0.20%
0.28%
0.57%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$92,889
$92,540
$95,210
$141,604
$186,526
$202,689
Portfolio
turnover
rate
................
10.22%
28.72%
29.59%
59.90%
39.22%
63.65%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Recognition
of
net
investment
income
by
the
Fund
is
affected
by
the
timing
of
declaration
of
dividends
by
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Does
not
include
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
The
weighted
average
indirect
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
was
0.20%
for
the
period
ended
June
30,
2024.
g
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
h
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Fund
Allocator
Series
Financial
Highlights
Franklin
Growth
Allocation
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
18
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Class
R
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$17.60
$15.50
$19.68
$19.38
$17.89
$16.34
Income
from
investment
operations
a
:
Net
investment
income
b
,c
............
0.05
0.23
0.15
0.16
0.14
0.18
Net
realized
and
unrealized
gains
(losses)
1.80
2.41
(3.59)
2.93
2.30
3.33
Total
from
investment
operations
........
1.85
2.64
(3.44)
3.09
2.44
3.51
Less
distributions
from:
Net
investment
income
and
short
term
gains
received
from
Underlying
funds
and
exchange
traded
funds
..............
(0.12)
(0.18)
(0.15)
(0.42)
(0.17)
(0.19)
Net
realized
gains
.................
—
(0.36)
(0.59)
(2.37)
(0.78)
(1.77)
Total
distributions
...................
(0.12)
(0.54)
(0.74)
(2.79)
(0.95)
(1.96)
Net
asset
value,
end
of
period
..........
$19.33
$17.60
$15.50
$19.68
$19.38
$17.89
Total
return
d
.......................
10.51%
17.30%
(17.40)%
16.14%
14.30%
21.56%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
f
..........................
0.88%
0.89%
0.92%
0.91%
0.92%
0.93%
Expenses
net
of
waiver
and
payments
by
affiliates
f
..........................
0.88%
g
0.89%
g
0.91%
h
0.91%
g
0.92%
g,h
0.90%
h
Net
investment
income
c
...............
0.56%
1.39%
0.88%
0.77%
0.77%
1.07%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$40,119
$39,993
$37,341
$54,097
$54,297
$62,973
Portfolio
turnover
rate
................
10.22%
28.72%
29.59%
59.90%
39.22%
63.65%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Recognition
of
net
investment
income
by
the
Fund
is
affected
by
the
timing
of
declaration
of
dividends
by
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Does
not
include
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
The
weighted
average
indirect
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
was
0.20%
for
the
period
ended
June
30,
2024.
g
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
h
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Fund
Allocator
Series
Financial
Highlights
Franklin
Growth
Allocation
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
19
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$18.03
$15.86
$20.10
$19.73
$18.20
$16.60
Income
from
investment
operations
a
:
Net
investment
income
b
,c
............
0.11
0.36
0.26
0.29
0.26
0.32
Net
realized
and
unrealized
gains
(losses)
1.84
2.45
(3.68)
3.01
2.34
3.37
Total
from
investment
operations
........
1.95
2.81
(3.42)
3.30
2.60
3.69
Less
distributions
from:
Net
investment
income
and
short
term
gains
received
from
Underlying
funds
and
exchange
traded
funds
..............
(0.17)
(0.28)
(0.23)
(0.56)
(0.29)
(0.32)
Net
realized
gains
.................
—
(0.36)
(0.59)
(2.37)
(0.78)
(1.77)
Total
distributions
...................
(0.17)
(0.64)
(0.82)
(2.93)
(1.07)
(2.09)
Net
asset
value,
end
of
period
..........
$19.81
$18.03
$15.86
$20.10
$19.73
$18.20
Total
return
d
.......................
10.82%
18.01%
(16.92)%
16.85%
15.06%
22.30%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
f
..........................
0.33%
0.33%
0.34%
0.34%
0.35%
0.37%
Expenses
net
of
waiver
and
payments
by
affiliates
f
..........................
0.30%
0.30%
0.29%
g
0.30%
0.30%
g
0.27%
g
Net
investment
income
c
...............
1.18%
2.12%
1.51%
1.37%
1.44%
1.70%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$9,167
$7,793
$4,071
$5,434
$5,592
$4,806
Portfolio
turnover
rate
................
10.22%
28.72%
29.59%
59.90%
39.22%
63.65%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Recognition
of
net
investment
income
by
the
Fund
is
affected
by
the
timing
of
declaration
of
dividends
by
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Does
not
include
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
The
weighted
average
indirect
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
was
0.20%
for
the
period
ended
June
30,
2024.
g
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Fund
Allocator
Series
Financial
Highlights
Franklin
Growth
Allocation
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
20
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$18.05
$15.88
$20.12
$19.76
$18.22
$16.61
Income
from
investment
operations
a
:
Net
investment
income
b
,c
............
0.10
0.32
0.24
0.28
0.24
0.30
Net
realized
and
unrealized
gains
(losses)
1.84
2.48
(3.68)
2.98
2.34
3.38
Total
from
investment
operations
........
1.94
2.80
(3.44)
3.26
2.58
3.68
Less
distributions
from:
Net
investment
income
and
short
term
gains
received
from
Underlying
funds
and
exchange
traded
funds
..............
(0.16)
(0.27)
(0.21)
(0.53)
(0.26)
(0.30)
Net
realized
gains
.................
—
(0.36)
(0.59)
(2.37)
(0.78)
(1.77)
Total
distributions
...................
(0.16)
(0.63)
(0.80)
(2.90)
(1.04)
(2.07)
Net
asset
value,
end
of
period
..........
$19.83
$18.05
$15.88
$20.12
$19.76
$18.22
Total
return
d
.......................
10.77%
17.88%
(16.99)%
16.71%
14.90%
22.22%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
f
..........................
0.38%
0.39%
0.42%
0.41%
0.43%
0.43%
Expenses
net
of
waiver
and
payments
by
affiliates
f
..........................
0.38%
g
0.39%
g
0.41%
h
0.41%
g
0.42%
h
0.40%
h
Net
investment
income
c
...............
1.09%
1.89%
1.39%
1.32%
1.32%
1.57%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$52,278
$47,511
$43,957
$60,851
$51,693
$44,684
Portfolio
turnover
rate
................
10.22%
28.72%
29.59%
59.90%
39.22%
63.65%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Recognition
of
net
investment
income
by
the
Fund
is
affected
by
the
timing
of
declaration
of
dividends
by
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Does
not
include
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
The
weighted
average
indirect
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
was
0.20%
for
the
period
ended
June
30,
2024.
g
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
h
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited),
June
30,
2024
Franklin
Growth
Allocation
Fund
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
21
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
99.1%
Alternative
Strategies
1.0%
a
Franklin
Systematic
Style
Premia
ETF
....................................
562,582
$
13,313,503
Domestic
Equity
62.8%
a
ClearBridge
Large
Cap
Value
Fund
,
Class
IS
...............................
1,825,304
76,461,973
a
Franklin
Growth
Fund
,
Class
R6
........................................
1,279,901
181,464,297
a
Franklin
U.S.
Core
Equity
(IU)
Fund
.....................................
19,059,756
325,159,445
a
Franklin
U.S.
Equity
Index
ETF
.........................................
2,600,600
123,922,751
a
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
.............................
1,700,926
94,537,467
iShares
MSCI
USA
Quality
Factor
ETF
...................................
74,075
12,649,047
iShares
MSCI
USA
Value
Factor
ETF
....................................
310,000
32,072,600
846,267,580
Domestic
Fixed
Income
15.4%
a
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund
,
Class
IS
...............
1,827,303
15,568,621
a
Franklin
Investment
Grade
Corporate
ETF
.................................
473,547
9,996,577
a
Franklin
U.S.
Core
Bond
ETF
..........................................
3,781,263
79,898,087
a
Franklin
U.S.
Treasury
Bond
ETF
.......................................
1,967,543
39,980,474
iShares
Floating
Rate
Bond
ETF
........................................
196,400
10,034,076
a
Western
Asset
Core
Plus
Bond
Fund
,
Class
IS
.............................
4,582,529
42,067,617
a
Western
Asset
Short-Term
Bond
Fund
,
Class
IS
............................
2,765,711
10,067,188
207,612,640
Foreign
Equity
18.8%
a
ClearBridge
International
Growth
Fund
,
Class
IS
............................
284,557
18,621,378
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
............................
3,794,938
39,467,352
a
Franklin
International
Core
Equity
(IU)
Fund
...............................
9,763,981
120,389,880
iShares
Core
MSCI
EAFE
ETF
.........................................
272,872
19,821,422
a
Templeton
Developing
Markets
Trust
,
Class
R6
.............................
1,406,944
26,661,589
a
Templeton
Foreign
Fund
,
Class
R6
......................................
3,501,341
28,010,727
252,972,348
Foreign
Fixed
Income
1.1%
a
Franklin
High
Yield
Corporate
ETF
......................................
338,206
8,018,864
a
Franklin
International
Aggregate
Bond
ETF
................................
331,574
6,684,532
14,703,396
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$
956,235,343
)
...............................................................
1,334,869,467
a
a
a
a
Short
Term
Investments
0.8%
a
Money
Market
Funds
0.7%
a,b
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.972
%
..................
10,012,479
10,012,479
Total
Money
Market
Funds
(Cost
$
10,012,479
)
..................................
10,012,479
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
Growth
Allocation
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
22
s
Short
Term
Investments
(continued)
a
a
Principal
Amount
a
Value
Repurchase
Agreements
0.1%
c
Joint
Repurchase
Agreement
,
5.249
%
,
7/01/24
(Maturity
Value
$
616,921
)
BNP
Paribas
Securities
Corp.
(Maturity
Value
$190,629)
Deutsche
Bank
Securities,
Inc.
(Maturity
Value
$172,121)
HSBC
Securities
(USA),
Inc.
(Maturity
Value
$254,171)
Collateralized
by
U.S.
Government
Agency
Securities,
2%
-
7.5%,
7/20/41
-
6/20/54;
U.S.
Government
Agency
Strips,
11/15/24
-
1/15/38;
U.S.
Treasury
Bonds,
6.13%
-
6.75%,
8/15/26
-
11/15/27;
and
U.S.
Treasury
Notes,
0.25%
-
5%,
6/30/24
-
5/15/29
(valued
at
$
629,179
)
...............................................
$
616,651
$
616,651
Total
Repurchase
Agreements
(Cost
$
616,651
)
..................................
616,651
Total
Short
Term
Investments
(Cost
$
10,629,130
)
................................
10,629,130
a
Total
Investments
(Cost
$
966,864,473
)
99.9
%
...................................
$1,345,498,597
Other
Assets,
less
Liabilities
0.1
%
.............................................
1,786,473
Net
Assets
100.0%
...........................................................
$1,347,285,070
See
Abbreviations
on
page
40
.
a
See
Note
3(f)
regarding
investments
in
FT
Underlying
Funds.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
c
See
Note
1(b)
regarding
joint
repurchase
agreement.
Franklin
Fund
Allocator
Series
Financial
Statements
Statements
of
Assets
and
Liabilities
June
30,
2024
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
23
Franklin
Conservative
Allocation
Fund
Franklin
Moderate
Allocation
Fund
Franklin
Growth
Allocation
Fund
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
.................................
$40,710,750
$81,418,724
$68,467,634
Cost
-
Controlled
affiliates
(Note
3f)
..........................
—
35,136,877
37,543,366
Cost
-
Non-controlled
affiliates
(Note
3f)
......................
744,902,880
1,216,279,738
860,236,822
Cost
-
Unaffiliated
repurchase
agreements
....................
—
—
616,651
Value
-
Unaffiliated
issuers
................................
$43,905,066
$87,749,219
$74,577,145
Value
-
Controlled
affiliates
(Note
3f)
.........................
—
36,860,945
39,467,352
Value
-
Non-controlled
affiliates
(Note
3f)
......................
832,949,265
1,538,058,724
1,230,837,449
Value
-
Unaffiliated
repurchase
agreements
....................
—
—
616,651
Cash
..................................................
—
219,453
—
Receivables:
Investment
securities
sold
.................................
7,863,165
18,616,865
15,820,932
Capital
shares
sold
......................................
215,550
676,391
484,461
Dividends
and
interest
...................................
29,331
82,869
13,049
Total
assets
........................................
884,962,377
1,682,264,466
1,361,817,039
Liabilities:
Payables:
Investment
securities
purchased
............................
4,542,661
13,221,292
12,865,194
Capital
shares
redeemed
.................................
1,212,851
1,553,064
634,211
Asset
allocation
fees
.....................................
179,308
338,172
272,151
Distribution
fees
........................................
217,295
406,751
328,291
Transfer
agent
fees
......................................
163,303
265,127
244,140
Trustees'
fees
and
expenses
...............................
2,270
3,063
1,914
Distributions
to
shareholders
...............................
143,461
124,668
66,729
Funds
advanced
by
custodian
...............................
2
—
2
Accrued
expenses
and
other
liabilities
.........................
74,516
143,975
119,337
Total
liabilities
.......................................
6,535,667
16,056,112
14,531,969
Net
assets,
at
value
...............................
$878,426,710
$1,666,208,354
$1,347,285,070
Net
assets
consist
of:
Paid-in
capital
...........................................
$823,985,432
$1,368,129,040
$978,184,816
Total
distributable
earnings
(losses)
...........................
54,441,278
298,079,314
369,100,254
Net
assets,
at
value
...............................
$878,426,710
$1,666,208,354
$1,347,285,070
Franklin
Fund
Allocator
Series
Financial
Statements
Statements
of
Assets
and
Liabilities
(continued)
June
30,
2024
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
24
Franklin
Conservative
Allocation
Fund
Franklin
Moderate
Allocation
Fund
Franklin
Growth
Allocation
Fund
Class
A:
Net
assets,
at
value
.....................................
$749,373,533
$1,444,030,070
$1,152,831,107
Shares
outstanding
......................................
54,721,169
93,886,368
58,570,489
Net
asset
value
per
share
a,b
................................
$13.69
$15.38
$19.68
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
94.50%)
b
..............................................
$14.49
$16.28
$20.83
Class
C:
Net
assets,
at
value
.....................................
$55,683,525
$106,463,547
$92,889,128
Shares
outstanding
......................................
4,169,787
7,221,509
4,938,219
Net
asset
value
and
maximum
offering
price
per
share
a,b
..........
$13.35
$14.74
$18.81
Class
R:
Net
assets,
at
value
.....................................
$40,086,220
$55,435,946
$40,119,109
Shares
outstanding
......................................
2,941,803
3,613,245
2,075,502
Net
asset
value
and
maximum
offering
price
per
share
b
...........
$13.63
$15.34
$19.33
Class
R6:
Net
assets,
at
value
.....................................
$6,451,086
$13,193,645
$9,167,446
Shares
outstanding
......................................
471,858
858,017
462,749
Net
asset
value
and
maximum
offering
price
per
share
b
...........
$13.67
$15.38
$19.81
Advisor
Class:
Net
assets,
at
value
.....................................
$26,832,346
$47,085,146
$52,278,280
Shares
outstanding
......................................
1,959,402
3,057,644
2,636,230
Net
asset
value
and
maximum
offering
price
per
share
b
...........
$13.69
$15.40
$19.83
a
Redemption
price
is
equal
to
net
asset
value
less
contingent
deferred
sales
charges,
if
applicable.
b
Net
asset
value
per
share
may
not
recalculate
due
to
rounding.
Franklin
Fund
Allocator
Series
Financial
Statements
Statements
of
Operations
for
the
six
months
ended
June
30,
2024
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
25
Franklin
Conservative
Allocation
Fund
Franklin
Moderate
Allocation
Fund
Franklin
Growth
Allocation
Fund
Investment
income:
Dividends:
Unaffiliated
issuers
......................................
$752,477
$1,234,628
$853,561
Controlled
affiliates
(Note
3f)
...............................
—
131,510
137,248
Non-controlled
affiliates
(Note
3f)
...........................
10,576,223
15,119,797
8,466,766
Interest:
Unaffiliated
issuers
......................................
20,738
39,474
35,085
Total
investment
income
.................................
11,349,438
16,525,409
9,492,660
Expenses:
Asset
allocation
fees
(Note
3
a
)
...............................
1,106,511
2,045,155
1,625,936
Distribution
fees:
(Note
3c
)
Class
A
..............................................
941,497
1,770,736
1,388,663
Class
C
..............................................
293,288
540,946
461,861
Class
R
..............................................
100,977
134,232
98,425
Transfer
agent
fees:
(Note
3e
)
Class
A
..............................................
330,190
638,619
587,018
Class
C
..............................................
25,775
48,871
48,908
Class
R
..............................................
17,704
24,187
20,867
Class
R6
.............................................
2,079
2,298
2,200
Advisor
Class
..........................................
11,899
20,249
26,109
Custodian
fees
...........................................
1,550
1,969
1,169
Reports
to
shareholders
fees
................................
24,804
51,829
47,345
Registration
and
filing
fees
..................................
56,969
69,681
62,404
Professional
fees
.........................................
24,125
24,396
23,219
Trustees'
fees
and
expenses
................................
5,933
10,126
7,717
Other
..................................................
11,572
16,041
13,353
Total
expenses
.......................................
2,954,873
5,399,335
4,415,194
Expenses
waived/paid
by
affiliates
(Note
3f
and
3g)
............
(11,877)
(21,239)
(17,479)
Net
expenses
.......................................
2,942,996
5,378,096
4,397,715
Net
investment
income
..............................
8,406,442
11,147,313
5,094,945
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
Unaffiliated
issuers
....................................
(3,802,213)
(3,408,964)
(374,299)
Controlled
affiliates
(Note
3f)
.............................
—
(208,300)
(204,598)
Non-controlled
affiliates
(Note
3f)
..........................
7,532,704
12,718,436
7,273,977
Capital
gain
distributions
from
Underlying
Funds:
Non-controlled
affiliates
(Note
3
f
)
..........................
6,497
18,156
19,355
Net
realized
gain
(loss)
................................
3,736,988
9,119,328
6,714,435
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
....................................
4,740,827
5,879,425
2,987,858
Controlled
affiliates
(Note
3f)
.............................
—
3,498,223
3,669,715
Non-controlled
affiliates
(Note
3f)
..........................
26,203,456
95,960,632
113,385,436
Net
change
in
unrealized
appreciation
(depreciation)
..........
30,944,283
105,338,280
120,043,009
Net
realized
and
unrealized
gain
(loss)
..........................
34,681,271
114,457,608
126,757,444
Net
increase
(decrease)
in
net
assets
resulting
from
operations
........
$43,087,713
$125,604,921
$131,852,389
Franklin
Fund
Allocator
Series
Financial
Statements
Statements
of
Changes
in
Net
Assets
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
26
Franklin
Conservative
Allocation
Fund
Franklin
Moderate
Allocation
Fund
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
............
$8,406,442
$20,390,572
$11,147,313
$31,253,073
Net
realized
gain
(loss)
............
3,736,988
(21,420,110)
9,119,328
(18,238,351)
Net
change
in
unrealized
appreciation
(depreciation)
.................
30,944,283
99,860,109
105,338,280
200,711,846
Net
increase
(decrease)
in
net
assets
resulting
from
operations
.
43,087,713
98,830,571
125,604,921
213,726,568
Distributions
to
shareholders:
Class
A
........................
(10,318,952)
(19,352,191)
(14,985,300)
(37,543,461)
Class
C
........................
(597,835)
(1,315,832)
(804,144)
(2,506,233)
Class
R
........................
(505,543)
(983,534)
(506,789)
(1,277,855)
Class
R6
.......................
(94,191)
(79,254)
(153,566)
(223,289)
Advisor
Class
...................
(402,338)
(813,466)
(536,890)
(1,409,376)
Total
distributions
to
shareholders
.....
(11,918,859)
(22,544,277)
(16,986,689)
(42,960,214)
Capital
share
transactions:
(Note
2
)
Class
A
........................
(45,216,318)
(92,949,308)
(48,449,242)
(97,867,821)
Class
C
........................
(9,790,696)
(31,553,063)
(12,162,499)
(31,428,339)
Class
R
........................
(2,913,389)
(6,991,350)
(1,009,083)
(4,807,516)
Class
R6
.......................
1,100,133
2,509,676
318,869
4,928,088
Advisor
Class
...................
(1,839,703)
(4,825,102)
1,217,362
(10,072,426)
Total
capital
share
transactions
.......
(58,659,973)
(133,809,147)
(60,084,593)
(139,248,014)
Net
increase
(decrease)
in
net
assets
.....................
(27,491,119)
(57,522,853)
48,533,639
31,518,340
Net
assets:
Beginning
of
period
................
905,917,829
963,440,682
1,617,674,715
1,586,156,375
End
of
period
.....................
$878,426,710
$905,917,829
$1,666,208,354
$1,617,674,715
Franklin
Fund
Allocator
Series
Financial
Statements
Statements
of
Changes
in
Net
Assets
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
27
Franklin
Growth
Allocation
Fund
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$5,094,945
$19,187,688
Net
realized
gain
(loss)
.................................................
6,714,435
(7,253,316)
Net
change
in
unrealized
appreciation
(depreciation)
...........................
120,043,009
183,096,287
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
131,852,389
195,030,659
Distributions
to
shareholders:
Class
A
.............................................................
(8,186,349)
(35,611,823)
Class
C
.............................................................
(386,966)
(2,717,860)
Class
R
.............................................................
(243,392)
(1,267,002)
Class
R6
............................................................
(77,351)
(206,512)
Advisor
Class
........................................................
(422,585)
(1,730,319)
Total
distributions
to
shareholders
..........................................
(9,316,643)
(41,533,516)
Capital
share
transactions:
(Note
2
)
Class
A
.............................................................
(29,601,728)
(29,853,584)
Class
C
.............................................................
(8,321,635)
(14,238,915)
Class
R
.............................................................
(3,620,865)
(2,224,448)
Class
R6
............................................................
564,768
2,937,710
Advisor
Class
........................................................
106,710
(2,286,383)
Total
capital
share
transactions
............................................
(40,872,750)
(45,665,620)
Net
increase
(decrease)
in
net
assets
...................................
81,662,996
107,831,523
Net
assets:
Beginning
of
period
.....................................................
1,265,622,074
1,157,790,551
End
of
period
..........................................................
$1,347,285,070
$1,265,622,074
Franklin
Fund
Allocator
Series
Notes
to
Financial
Statements
(unaudited)
28
franklintempleton.com
Semiannual
Report
1.
Organization
and
Significant
Accounting
Policies
Franklin
Fund
Allocator
Series (Trust)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company,
consisting
of eighteen separate
funds, three
of
which
are
included
in
this
report
(Funds).
The
Funds
follow
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
apply
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
Certain
or
all
Funds
invest
primarily
in
mutual
funds
(Underlying
Funds)
and
exchange
traded
funds
(ETFs),
including
affiliated
funds
managed
by
Franklin
Templeton
(FT
Underlying
Funds).
The
Funds
offer five classes
of
shares:
Class
A,
Class
C,
Class
R,
Class
R6
and
Advisor
Class. Class
C
shares
automatically
convert
to
Class
A
shares
on
a
monthly
basis,
after
they
have
been
held
for
8
years.
Each
class
of
shares
may
differ
by
its
initial
sales
load,
contingent
deferred
sales
charges,
voting
rights
on
matters
affecting
a
single
class,
its
exchange
privilege
and
fees
due
to
differing
arrangements
for
distribution
and
transfer
agent
fees.
The
accounting
policies
of
the
Underlying
Funds
are
outlined
in
their
respective
shareholder
reports.
A
copy
of
the
Underlying
Funds’
shareholder
reports
is
available
on
the
U.S.
Securities
and
Exchange
Commission
(SEC)
website
at
sec.gov.
The
Underlying
Funds’
shareholder
reports
are
not
covered
by
this
report.
The
following
summarizes
the Funds'
significant
accounting
policies.
a.
Financial
Instrument
Valuation
The Funds'
investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The Funds calculate the
net
asset
value
(NAV)
per
share
each
business
day
as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier. Under
compliance
policies
and
procedures
approved
by
the
Trust’s
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Funds’
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Funds'
administrator
in
performing
this
responsibility,
including
leading
the
cross-
functional
Valuation
Committee
(VC).
The
Funds
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value.
Investments
in
the
Underlying
Funds
are
valued
at
their
closing
NAV
each
trading
day. ETFs
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price
of
the
day,
respectively.
Investments
in
repurchase
agreements are
valued
at
cost,
which
approximates
fair
value.
b.
Joint
Repurchase
Agreement
Certain
or
all
Funds
enter
into
a
joint
repurchase
agreement
whereby
their
uninvested
cash
balance
is
deposited
into
a
joint
cash
account
with
other
funds
managed
by
the
investment
manager
or
an
affiliate
of
the
investment
manager
and
is
used
to
invest
in
one
or
more
repurchase
agreements.
The
value
and
face
amount
of
the
joint
repurchase
agreement
are
allocated
to
the
funds
based
on
their
pro-rata
interest.
A
repurchase
agreement
is
accounted
for
as
a
loan
by
the
Fund
to
the
seller,
collateralized
by
securities
which
are
delivered
to
the
Funds'
custodian.
The
fair
value,
including
accrued
interest,
of
the
initial
collateralization
is
required
to
be
at
least
102%
of
the
dollar
amount
invested
by
the
funds,
with
the
value
of
the
underlying
securities
marked
to
market
daily
to
maintain
coverage
of
at
least
100%.
Repurchase
agreements
are
subject
to
the
terms
of
Master
Repurchase
Agreements
(MRAs)
with
approved
counterparties
(sellers).
The
MRAs
contain
various
provisions,
including
but
not
limited
to
events
of
default
and
maintenance
of
collateral
for
repurchase
agreements.
In
the
event
of
default
by
either
the
seller
or
the
Funds,
certain
MRAs
may
permit
the
non-defaulting
party
to
net
and
close-out
all
transactions,
if
any,
traded
under
such
agreements.
The
Funds
may
sell
securities
it
holds
as
collateral
and
apply
the
proceeds
towards
the
repurchase
price
and
any
other
amounts
owed
by
the
seller
to
the
Funds
in
the
event
of
default
by
the
seller.
This
could
involve
costs
or
delays
in
addition
to
a
loss
on
the
securities
if
their
value
falls
below
the
repurchase
price
owed
by
the
seller.
The
joint
repurchase
agreement
held
by
the
Funds
at
period
end,
as
indicated
in
the
Schedules
of
Investments,
had
been
entered
into
on June
28,
2024.
Franklin
Fund
Allocator
Series
Notes
to
Financial
Statements
(unaudited)
29
franklintempleton.com
Semiannual
Report
c.
Income
Taxes
It
is each
Fund's
policy
to
qualify
as
a
regulated
investment
company
under
the
Internal
Revenue
Code. Each
Fund
intends
to
distribute
to
shareholders
substantially
all
of
its
taxable
income
and
net
realized
gains
to
relieve
it
from
federal
income
and excise
taxes.
As
a
result,
no
provision
for
U.S.
federal
income
taxes
is
required.
Each
Fund
may
recognize
an
income
tax
liability
related
to
its
uncertain
tax
positions
under
U.S.
GAAP
when
the
uncertain
tax
position
has
a
less
than
50%
probability
that
it
will
be
sustained
upon
examination
by
the
tax
authorities
based
on
its
technical
merits.
As
of
June
30,
2024, each
Fund
has
determined
that
no
tax
liability
is
required
in
its
financial
statements
related
to
uncertain
tax
positions
for
any
open
tax
years
(or
expected
to
be
taken
in
future
tax
years).
Open
tax
years
are
those
that
remain
subject
to
examination
and
are
based
on
the
statute
of
limitations
in
each
jurisdiction
in
which
the
Fund
invests.
d.
Security
Transactions,
Investment
Income,
Expenses
and
Distributions
Security
transactions
are
accounted
for
on
trade
date.
Realized
gains
and
losses
on
security
transactions
are
determined
on
a
specific
identification
basis.
Interest
income (including
interest
income
from
payment-in-kind
securities,
if
any)
and
estimated
expenses
are
accrued
daily.
Dividend
income
and
realized capital
gain
distributions
by
Underlying
Funds
and
ETF's
are
recorded
on
the
ex-
dividend
date.
Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date.
Distributable
earnings
are
determined
according
to
income
tax
regulations
(tax
basis)
and
may
differ
from
earnings
recorded
in
accordance
with
U.S.
GAAP.
These
differences
may
be
permanent
or
temporary.
Permanent
differences
are
reclassified
among
capital
accounts
to
reflect
their
tax
character.
These
reclassifications
have
no
impact
on
net
assets
or
the
results
of
operations.
Temporary
differences
are
not
reclassified,
as
they
may
reverse
in
subsequent
periods.
Common
expenses
incurred
by
the
Trust
are
allocated
among
the
Funds
based
on
the
ratio
of
net
assets
of
each
Fund
to
the
combined
net
assets
of
the
Trust
or
based
on
the
ratio
of
number
of
shareholders
of
each
Fund
to
the
combined
number
of
shareholders
of
the
Trust.
Fund
specific
expenses
are
charged
directly
to
the
Fund
that
incurred
the
expense.
The
Funds
indirectly
bear
their
proportionate
share
of
expenses
from
the
Underlying
Funds
and
ETFs.
Since
the
Underlying
Funds
and
ETFs
have
varied
expense
levels
and
the
Funds
may
own
different
proportions
of
the
Underlying
Funds
and
ETFs
at
different
times,
the
amount
of
expenses
incurred
indirectly
by
the
Funds
will
vary.
Realized
and
unrealized
gains
and
losses
and
net
investment
income,
excluding
class
specific
expenses,
are
allocated
daily
to
each
class
of
shares
based
upon
the
relative
proportion
of
net
assets
of
each
class.
Differences
in
per
share
distributions
by
class
are
generally
due
to
differences
in
class
specific
expenses.
e.
Accounting
Estimates
The
preparation
of
financial
statements
in
accordance
with
U.S.
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
f.
Guarantees
and
Indemnifications
Under
the Trust's
organizational
documents,
its
officers
and trustees
are
indemnified
by
the Trust against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Trust.
Additionally,
in
the
normal
course
of
business,
the Trust,
on
behalf
of
the
Funds, enters
into
contracts
with
service
providers
that
contain
general
indemnification
clauses.
The Trust's
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the Trust
that
have
not
yet
occurred.
Currently,
the Trust
expects
the
risk
of
loss
to
be
remote.
1.
Organization
and
Significant
Accounting
Policies
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Financial
Statements
(unaudited)
30
franklintempleton.com
Semiannual
Report
2.
Shares
of
Beneficial
Interest
At
June
30,
2024,
there
were
an
unlimited
number
of
shares
authorized
(without
par value).
Transactions
in
the
Funds'
shares
were
as
follows:
Franklin
Conservative
Allocation
Fund
Franklin
Moderate
Allocation
Fund
Shares
Amount
Shares
Amount
Class
A
Class
A
Shares:
Six
Months
ended
June
30,
2024
Shares
sold
a
...................................
2,001,470
$26,911,672
3,838,356
$57,233,901
Shares
issued
in
reinvestment
of
distributions
..........
738,385
10,094,293
966,715
14,782,419
Shares
redeemed
...............................
(6,111,355)
(82,222,283)
(8,062,661)
(120,465,562)
Net
increase
(decrease)
..........................
(3,371,500)
$(45,216,318)
(3,257,590)
$(48,449,242)
Year
ended
December
31,
2023
Shares
sold
a
...................................
6,240,619
$78,434,577
11,923,837
$160,912,999
Shares
issued
in
reinvestment
of
distributions
..........
1,495,788
18,928,417
2,699,272
37,017,805
Shares
redeemed
...............................
(15,144,493)
(190,312,302)
(21,876,349)
(295,798,625)
Net
increase
(decrease)
..........................
(7,408,086)
$(92,949,308)
(7,253,240)
$(97,867,821)
Class
C
Class
C
Shares:
Six
Months
ended
June
30,
2024
Shares
sold
...................................
198,895
$2,609,659
505,160
$7,229,812
Shares
issued
in
reinvestment
of
distributions
..........
44,329
591,133
54,520
798,759
Shares
redeemed
a
..............................
(991,293)
(12,991,488)
(1,414,467)
(20,191,070)
Net
increase
(decrease)
..........................
(748,069)
$(9,790,696)
(854,787)
$(12,162,499)
Year
ended
December
31,
2023
Shares
sold
...................................
752,214
$9,185,011
2,295,944
$29,625,102
Shares
issued
in
reinvestment
of
distributions
..........
105,751
1,302,591
189,440
2,489,614
Shares
redeemed
a
..............................
(3,437,427)
(42,040,665)
(4,904,075)
(63,543,055)
Net
increase
(decrease)
..........................
(2,579,462)
$(31,553,063)
(2,418,691)
$(31,428,339)
Class
R
Class
R
Shares:
Six
Months
ended
June
30,
2024
Shares
sold
...................................
252,408
$3,384,189
406,638
$6,037,496
Shares
issued
in
reinvestment
of
distributions
..........
37,003
503,463
33,148
505,560
Shares
redeemed
...............................
(508,064)
(6,801,041)
(508,980)
(7,552,139)
Net
increase
(decrease)
..........................
(218,653)
$(2,913,389)
(69,194)
$(1,009,083)
Year
ended
December
31,
2023
Shares
sold
...................................
638,808
$7,994,361
719,603
$9,736,119
Shares
issued
in
reinvestment
of
distributions
..........
77,947
981,213
93,213
1,275,277
Shares
redeemed
...............................
(1,275,613)
(15,966,924)
(1,167,715)
(15,818,912)
Net
increase
(decrease)
..........................
(558,858)
$(6,991,350)
(354,899)
$(4,807,516)
Class
R6
Franklin
Fund
Allocator
Series
Notes
to
Financial
Statements
(unaudited)
31
franklintempleton.com
Semiannual
Report
)
Franklin
Conservative
Allocation
Fund
Franklin
Moderate
Allocation
Fund
Shares
Amount
Shares
Amount
Class
R6
Shares:
Six
Months
ended
June
30,
2024
Shares
sold
...................................
132,473
$1,777,557
78,917
$1,164,931
Shares
issued
in
reinvestment
of
distributions
..........
6,899
94,191
10,041
153,566
Shares
redeemed
...............................
(57,502)
(771,615)
(67,020)
(999,628)
Net
increase
(decrease)
..........................
81,870
$1,100,133
21,938
$318,869
Year
ended
December
31,
2023
Shares
sold
...................................
238,482
$2,954,035
430,991
$5,789,858
Shares
issued
in
reinvestment
of
distributions
..........
6,221
79,254
16,187
223,289
Shares
redeemed
...............................
(41,924)
(523,613)
(80,474)
(1,085,059)
Net
increase
(decrease)
..........................
202,779
$2,509,676
366,704
$4,928,088
Advisor
Class
Advisor
Class
Shares:
Six
Months
ended
June
30,
2024
Shares
sold
...................................
172,585
$2,327,204
466,873
$6,985,731
Shares
issued
in
reinvestment
of
distributions
..........
26,382
360,660
32,389
495,973
Shares
redeemed
...............................
(335,960)
(4,527,567)
(418,346)
(6,264,342)
Net
increase
(decrease)
..........................
(136,993)
$(1,839,703)
80,916
$1,217,362
Year
ended
December
31,
2023
Shares
sold
...................................
601,753
$7,577,365
987,687
$13,389,966
Shares
issued
in
reinvestment
of
distributions
..........
57,867
731,996
94,808
1,300,608
Shares
redeemed
...............................
(1,048,281)
(13,134,463)
(1,837,860)
(24,763,000)
Net
increase
(decrease)
..........................
(388,661)
$(4,825,102)
(755,365)
$(10,072,426)
Franklin
Growth
Allocation
Fund
Shares
Amount
Class
A
Class
A
Shares:
Six
Months
ended
June
30,
2024
Shares
sold
a
...................................
2,626,300
$49,475,925
Shares
issued
in
reinvestment
of
distributions
..........
415,407
8,095,760
Shares
redeemed
...............................
(4,628,653)
(87,173,413)
Net
increase
(decrease)
..........................
(1,586,946)
$(29,601,728)
Year
ended
December
31,
2023
Shares
sold
a
...................................
8,137,077
$135,503,916
Shares
issued
in
reinvestment
of
distributions
..........
2,068,298
35,219,331
Shares
redeemed
...............................
(12,018,807)
(200,576,831)
Net
increase
(decrease)
..........................
(1,813,432)
$(29,853,584)
Class
C
2.
Shares
of
Beneficial
Interest
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Financial
Statements
(unaudited)
32
franklintempleton.com
Semiannual
Report
Franklin
Growth
Allocation
Fund
Shares
Amount
Class
C
Shares:
Six
Months
ended
June
30,
2024
Shares
sold
...................................
427,023
$7,650,741
Shares
issued
in
reinvestment
of
distributions
..........
20,902
385,651
Shares
redeemed
a
..............................
(910,977)
(16,358,027)
Net
increase
(decrease)
..........................
(463,052)
$(8,321,635)
Year
ended
December
31,
2023
Shares
sold
...................................
1,560,622
$24,885,973
Shares
issued
in
reinvestment
of
distributions
..........
166,293
2,704,755
Shares
redeemed
a
..............................
(2,623,484)
(41,829,643)
Net
increase
(decrease)
..........................
(896,569)
$(14,238,915)
Class
R
Class
R
Shares:
Six
Months
ended
June
30,
2024
Shares
sold
...................................
113,486
$2,102,186
Shares
issued
in
reinvestment
of
distributions
..........
12,714
242,811
Shares
redeemed
...............................
(323,142)
(5,965,862)
Net
increase
(decrease)
..........................
(196,942)
$(3,620,865)
Year
ended
December
31,
2023
Shares
sold
...................................
284,849
$4,665,871
Shares
issued
in
reinvestment
of
distributions
..........
75,592
1,264,429
Shares
redeemed
...............................
(496,853)
(8,154,748)
Net
increase
(decrease)
..........................
(136,412)
$(2,224,448)
Class
R6
Class
R6
Shares:
Six
Months
ended
June
30,
2024
Shares
sold
...................................
98,314
$1,854,242
Shares
issued
in
reinvestment
of
distributions
..........
3,935
77,350
Shares
redeemed
...............................
(71,734)
(1,366,824)
Net
increase
(decrease)
..........................
30,515
$564,768
Year
ended
December
31,
2023
Shares
sold
...................................
209,376
$3,504,274
Shares
issued
in
reinvestment
of
distributions
..........
12,018
206,512
Shares
redeemed
...............................
(45,760)
(773,076)
Net
increase
(decrease)
..........................
175,634
$2,937,710
Advisor
Class
2.
Shares
of
Beneficial
Interest
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Financial
Statements
(unaudited)
33
franklintempleton.com
Semiannual
Report
3
.
Transactions
with
Affiliates
Franklin
Resources,
Inc.
is
the
holding
company
for
various
subsidiaries
that
together
are
referred
to
as
Franklin
Templeton.
Certain
officers
and
trustees
of
the Funds are
also
officers,
directors, and/or trustees
of
certain
of
the
FT
Underlying
Funds
and
of
the
following
subsidiaries:
a.
Asset
Allocation
Fees
The
Funds
pay
an asset
allocation
fee
to
Advisers of
0.25%
per
year
of
the
average
daily
net
assets
of
each
of
the
Funds
for
investment
advisory
services,
consisting
principally
of
determining
the
allocation
of
assets
of
the
Funds
among
the
Underlying
Funds
and
ETFs.
b.
Administrative
Fees
Under
an
agreement
with
Advisers,
FT
Services
provides
administrative
services
to
the
Funds
and
is
not
paid
by
the
Funds
for
the services.
c.
Distribution
Fees
The
Board
has
adopted
distribution
plans
for
each
share
class,
with
the
exception
of
Class
R6
and
Advisor
Class
shares,
pursuant
to
Rule
12b-1
under
the
1940
Act.
Under
the
Funds'
Class
A
reimbursement
distribution
plans,
the
Funds
reimburse
Distributors
for
costs
incurred
in
connection
with
the
servicing,
sale
and
distribution
of each
Fund's
shares
up
to
the
maximum
annual
plan
rate.
Under
the
Class
A
reimbursement
distribution
plans,
costs
exceeding
the
maximum
for
the
current
plan
year
cannot
be
reimbursed
in
subsequent
periods.
In
addition,
under
the
Funds'
Class
C
and
R compensation
distribution
plans,
the
Funds
pay
Distributors
for
costs
incurred
in
connection
with
the
servicing,
sale
and
distribution
of each
Fund's
shares
up
to
the
maximum
annual
plan
rate
for
each
class.
The
plan
year,
for
purposes
of
monitoring
compliance
with
the
maximum
annual
plan
rates,
is
February
1
through
January
31
for
each
Fund.
Franklin
Growth
Allocation
Fund
Shares
Amount
Advisor
Class
Shares:
Six
Months
ended
June
30,
2024
Shares
sold
...................................
278,017
$5,322,627
Shares
issued
in
reinvestment
of
distributions
..........
19,007
373,795
Shares
redeemed
...............................
(293,361)
(5,589,712)
Net
increase
(decrease)
..........................
3,663
$106,710
Year
ended
December
31,
2023
Shares
sold
...................................
671,356
$11,279,238
Shares
issued
in
reinvestment
of
distributions
..........
89,851
1,540,943
Shares
redeemed
...............................
(896,822)
(15,106,564)
Net
increase
(decrease)
..........................
(135,615)
$(2,286,383)
a
May
include
a
portion
of
Class
C
shares
that
were
automatically
converted
to
Class
A.
Subsidiary
Affiliation
Franklin
Advisers,
Inc.
(Advisers)
Investment
manager
Franklin
Templeton
Services,
LLC
(FT
Services)
Administrative
manager
Franklin
Distributors,
LLC
(
Distributors)
Principal
underwriter
Franklin
Templeton
Investor
Services,
LLC
(Investor
Services)
Transfer
agent
2.
Shares
of
Beneficial
Interest
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Financial
Statements
(unaudited)
34
franklintempleton.com
Semiannual
Report
The
maximum
annual
plan
rates,
based
on
the
average
daily
net
assets,
for
each
class,
are
as
follows:
d.
Sales
Charges/Underwriting
Agreements
Front-end
sales
charges
and
contingent
deferred
sales
charges
(CDSC)
do
not
represent
expenses
of
the
Funds.
These
charges
are
deducted
from
the
proceeds
of
sales
of
fund
shares
prior
to
investment
or
from
redemption
proceeds
prior
to
remittance,
as
applicable.
Distributors
has
advised
the
Funds
of
the
following
commission
transactions
related
to
the
sales
and
redemptions
of
the
Funds'
shares
for
the
period:
e.
Transfer
Agent
Fees
Each
class
of
shares pays
transfer
agent
fees,
calculated
monthly
and
paid
monthly, to
Investor
Services
for
its
performance
of
shareholder
servicing
obligations. The
fees
are based
on
a
fixed
margin
earned
by
Investor
Services
and
are allocated
to
the Funds
based
upon
relative
assets
and
relative
transactions. In
addition,
each
class reimburses
Investor
Services
for
out
of
pocket
expenses
incurred
and,
except
for
Class
R6, reimburses
shareholder
servicing
fees
paid
to
third
parties.
These
fees
paid
to
third
parties
are
accrued
and
allocated
daily
based
upon
their
relative
proportion
of
such
classes'
aggregate
net
assets.
Class
R6
pays
Investor
Services
transfer
agent
fees
allocated
specifically
to
that
class
based
upon
its
relative
assets
and
relative
transactions.
For
the
period
ended
June
30,
2024,
the Funds
paid
transfer
agent
fees
as
noted
in
the
Statements of
Operations
of
which
the
following
amounts
were
retained
by
Investor
Services:
f.
Investments
in
FT
Underlying
Funds
The
Funds
invest
in
FT
Underlying
Funds
which
are
managed
by
Advisers
(or
an
affiliate
of
Advisers).
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
Underlying
Fund’s
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
Underlying
Fund.
The
Funds
do
not
invest
in
FT
Underlying
Funds
for
the
purpose
of
exercising
a
controlling
influence
over
the
management
or
policies. Asset
allocation
fees
paid
by
the
Funds
are
waived
on
assets
invested
in
Institutional
Fiduciary
Trust
Money
Market
Portfolio
(Sweep
Money
Fund),
as
noted
in
the
Statements
of
Operations,
in
an
amount
not
to
exceed
the
asset
allocation
fees
paid
directly
or
indirectly
by
the
Sweep
Money
Fund.
Investments
in
FT
Underlying
Funds
for
the
period
ended
June
30,
2024,
were
as
follows:
Class
A
....................................................................................
0.25%
Class
C
....................................................................................
1.00%
Class
R
....................................................................................
0.50%
Franklin
Conservative
Allocation
Fund
Franklin
Moderate
Allocation
Fund
Franklin
Growth
Allocation
Fund
Sales
charges
retained
net
of
commissions
paid
to
unaffiliated
brokers/dealers
..................
$23,571
$66,386
$84,041
CDSC
retained
...........................
$2,072
$3,837
$5,267
Franklin
Conservative
Allocation
Fund
Franklin
Moderate
Allocation
Fund
Franklin
Growth
Allocation
Fund
Transfer
agent
fees
........................
$151,412
$300,019
$301,768
3
.
Transactions
with
Affiliates
(continued)
c.
Distribution
Fees
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Financial
Statements
(unaudited)
35
franklintempleton.com
Semiannual
Report
aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Dividend
Income
a
a
a
a
a
a
a
a
a
Franklin
Conservative
Allocation
Fund
Non-Controlled
Affiliates
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund,
Class
IS
$
35,532,536
$
4,622,424
$
(2,016,254)
$
(582,860)
$
(2,734,316)
$
34,821,530
4,087,034
$
724,591
ClearBridge
International
Growth
Fund,
Class
IS
............
6,472,793
207,688
(964,227)
66,423
408,492
6,191,169
94,608
—
ClearBridge
Large
Cap
Value
Fund,
Class
IS
.................
26,439,391
1,242,994
(3,119,027)
168,824
702,118
25,434,300
607,169
192,408
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
...........
13,340,652
1,007,466
(2,424,890)
(103,336)
1,307,653
13,127,545
1,262,264
48,567
Franklin
Growth
Fund,
Class
R6
.
63,091,507
902,431
(12,362,637)
3,144,929
5,582,445
60,358,675
425,721
—
Franklin
High
Yield
Corporate
ETF
18,243,540
1,188,488
(1,689,979)
(180,402)
374,565
17,936,212
756,483
489,571
Franklin
International
Aggregate
Bond
ETF
................
15,322,392
1,062,327
(1,256,180)
(333,086)
156,029
14,951,482
741,641
—
Franklin
International
Core
Equity
(IU)
Fund
................
42,320,816
1,967,584
(6,913,208)
859,791
1,793,280
40,028,263
3,246,412
350,839
Franklin
Investment
Grade
Corporate
ETF
............
22,880,435
1,670,940
(1,615,480)
(197,980)
(378,435)
22,359,480
1,059,189
446,909
Franklin
Systematic
Style
Premia
ETF
....................
8,696,285
285,945
(946,069)
46,152
751,263
8,833,576
373,276
—
Franklin
U.S.
Core
Bond
ETF
...
179,960,360
13,459,870
(10,598,912)
(2,034,528)
(2,077,364)
178,709,426
8,457,616
3,068,268
Franklin
U.S.
Core
Equity
(IU)
Fund
140,498,475
7,492,531
(37,865,260)
8,903,349
16,552,159
135,581,254
7,947,319
863,696
Franklin
U.S.
Equity
Index
ETF
.
14,968,633
3,266,088
(6,259,231)
480,937
1,330,372
13,786,799
289,325
83,271
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
...............
33,011,646
68,789
(6,684,164)
1,435,494
3,614,176
31,445,941
565,778
159,795
Franklin
U.S.
Treasury
Bond
ETF
59,583,178
37,531,842
(5,724,616)
(1,397,501)
(567,387)
89,425,516
4,400,862
1,358,713
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.972%
......
2,128,612
43,322,200
(40,283,865)
—
—
5,166,947
5,166,947
151,988
Templeton
Developing
Markets
Trust,
Class
R6
............
9,751,940
574,872
(2,062,019)
(175,409)
778,298
8,867,682
467,952
—
Templeton
Foreign
Fund,
Class
R6
9,717,617
1,165,794
(1,794,112)
333,392
(109,507)
9,313,184
1,164,148
—
Western
Asset
Core
Plus
Bond
Fund,
Class
IS
............
100,478,405
7,788,602
(10,116,124)
(2,815,639)
(1,243,174)
94,092,070
10,249,681
2,187,876
3
.
Transactions
with
Affiliates
(continued)
f.
Investments
in
FT
Underlying
Funds
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Financial
Statements
(unaudited)
36
franklintempleton.com
Semiannual
Report
aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Dividend
Income
a
a
a
a
a
a
a
a
a
Franklin
Conservative
Allocation
Fund
(continued)
Non-Controlled
Affiliates
(continued)
Western
Asset
Short-Term
Bond
Fund,
Class
IS
............
$
22,616,221
$
1,899,924
$
(1,874,874)
$
(85,846)
$
(37,211)
$
22,518,214
6,186,323
$
456,228
Total
Non-Controlled
Affiliates
$825,055,434
$130,728,799
$(156,571,128)
$7,532,704
$26,203,456
$832,949,265
$10,582,720
Total
Affiliated
Securities
....
$825,055,434
$130,728,799
$(156,571,128)
$7,532,704
$26,203,456
$832,949,265
$10,582,720
Franklin
Moderate
Allocation
Fund
Controlled
Affiliates
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
...........
35,295,411
2,639,608
(4,363,997)
(208,300)
3,498,223
36,860,945
3,544,322
131,510
Non-Controlled
Affiliates
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund,
Class
IS
40,799,789
6,973,245
(1,264,365)
(362,903)
(3,521,320)
42,624,446
5,002,869
874,737
ClearBridge
International
Growth
Fund,
Class
IS
............
17,065,760
503,302
(1,450,917)
97,802
1,172,972
17,388,919
265,723
—
ClearBridge
Large
Cap
Value
Fund,
Class
IS
.................
71,152,721
3,601,306
(5,902,449)
138,077
2,154,780
71,144,435
1,698,363
528,802
a
Franklin
Growth
Fund,
Class
R6
.
166,310,770
1,851,077
(22,217,156)
2,759,249
20,775,094
169,479,034
1,195,366
—
Franklin
High
Yield
Corporate
ETF
20,948,797
2,283,148
(1,505,148)
(147,006)
375,550
21,955,341
925,995
578,225
Franklin
International
Aggregate
Bond
ETF
................
17,594,286
1,985,677
(1,078,089)
(285,953)
86,093
18,302,014
907,838
—
Franklin
International
Core
Equity
(IU)
Fund
................
111,579,997
5,986,849
(12,194,742)
1,187,957
5,863,789
112,423,850
9,117,912
956,694
Franklin
Investment
Grade
Corporate
ETF
............
26,273,427
3,050,041
(1,289,179)
(155,885)
(508,803)
27,369,601
1,296,523
527,336
Franklin
Systematic
Style
Premia
ETF
....................
15,518,135
661,017
(1,029,053)
43,632
1,394,795
16,588,526
700,973
—
Franklin
U.S.
Core
Bond
ETF
...
206,644,306
23,765,614
(6,943,844)
(1,338,436)
(3,375,279)
218,752,361
10,352,691
3,628,413
Franklin
U.S.
Core
Equity
(IU)
Fund
370,356,559
18,897,737
(77,136,800)
11,028,132
57,544,742
380,690,370
22,314,793
2,355,180
Franklin
U.S.
Equity
Index
ETF
.
39,457,841
10,104,936
(15,762,392)
1,279,268
3,632,507
38,712,160
812,400
229,373
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
...............
87,019,424
95,541
(12,472,551)
2,277,750
11,375,169
88,295,333
1,588,617
439,572
Franklin
U.S.
Treasury
Bond
ETF
68,417,872
47,716,358
(4,420,478)
(1,068,174)
(1,182,815)
109,462,763
5,386,947
1,609,150
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.972%
......
6,534,089
71,836,751
(67,297,328)
—
—
11,073,512
11,073,512
295,951
Templeton
Developing
Markets
Trust,
Class
R6
............
25,614,321
1,997,897
(4,378,217)
(447,889)
2,114,126
24,900,238
1,313,997
—
Templeton
Foreign
Fund,
Class
R6
25,621,000
3,365,028
(3,438,946)
305,627
304,495
26,157,204
3,269,651
—
Western
Asset
Core
Plus
Bond
Fund,
Class
IS
............
115,377,631
13,708,515
(9,213,547)
(2,521,206)
(2,176,041)
115,175,352
12,546,335
2,576,873
3
.
Transactions
with
Affiliates
(continued)
f.
Investments
in
FT
Underlying
Funds
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Financial
Statements
(unaudited)
37
franklintempleton.com
Semiannual
Report
aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Dividend
Income
a
a
a
a
a
a
a
a
a
Franklin
Moderate
Allocation
Fund
(continued)
Non-Controlled
Affiliates
(continued)
Western
Asset
Short-Term
Bond
Fund,
Class
IS
............
$
25,970,221
$
3,336,703
$
(1,602,831)
$
(71,606)
$
(69,222)
$
27,563,265
7,572,326
$
537,647
Total
Non-Controlled
Affiliates
$1,458,256,946
$221,720,742
$(250,598,032)
$12,718,436
$95,960,632
$1,538,058,724
$15,137,953
Total
Affiliated
Securities
....
$1,493,552,357
$224,360,350
$(254,962,029)
$12,510,136
$99,458,855
$1,574,919,669
$15,269,463
Franklin
Growth
Allocation
Fund
Controlled
Affiliates
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
...........
36,237,958
3,208,449
(3,444,172)
(204,598)
3,669,715
39,467,352
3,794,938
137,248
Non-Controlled
Affiliates
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund,
Class
IS
14,223,395
3,306,916
(613,638)
(163,114)
(1,184,938)
15,568,621
1,827,303
312,829
ClearBridge
International
Growth
Fund,
Class
IS
............
17,656,450
623,092
(978,837)
56,177
1,264,496
18,621,378
284,557
—
ClearBridge
Large
Cap
Value
Fund,
Class
IS
.................
72,098,193
5,368,548
(3,362,830)
79,011
2,279,051
76,461,973
1,825,304
558,073
a
Franklin
Growth
Fund,
Class
R6
.
174,044,468
515,574
(17,666,237)
1,822,172
22,748,320
181,464,297
1,279,901
—
Franklin
High
Yield
Corporate
ETF
7,304,631
1,368,752
(732,803)
(42,583)
120,867
8,018,864
338,206
199,280
Franklin
International
Aggregate
Bond
ETF
................
6,135,331
1,148,667
(531,504)
(134,276)
66,314
6,684,532
331,574
—
Franklin
International
Core
Equity
(IU)
Fund
................
115,442,847
7,328,931
(9,668,406)
610,651
6,675,857
120,389,880
9,763,981
1,003,744
Franklin
Investment
Grade
Corporate
ETF
............
9,161,624
1,776,301
(716,100)
(67,534)
(157,714)
9,996,577
473,547
181,419
Franklin
Systematic
Style
Premia
ETF
....................
12,133,894
686,815
(636,801)
17,404
1,112,191
13,313,503
562,582
—
Franklin
U.S.
Core
Bond
ETF
...
72,059,201
13,586,633
(4,168,402)
(742,768)
(836,577)
79,898,087
3,781,263
1,250,804
Franklin
U.S.
Core
Equity
(IU)
Fund
305,126,935
5,314,520
(40,989,138)
4,262,015
51,445,113
325,159,445
19,059,756
1,928,916
Franklin
U.S.
Equity
Index
ETF
.
116,704,561
13,299,236
(23,216,701)
1,525,370
15,610,285
123,922,751
2,600,600
717,676
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
...............
90,020,249
372,188
(10,171,618)
1,708,072
12,608,576
94,537,467
1,700,926
464,408
Franklin
U.S.
Treasury
Bond
ETF
23,858,015
18,933,532
(2,063,031)
(357,557)
(390,485)
39,980,474
1,967,543
555,953
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.972%
......
6,207,441
55,161,433
(51,356,395)
—
—
10,012,479
10,012,479
240,010
Templeton
Developing
Markets
Trust,
Class
R6
............
26,787,077
2,148,097
(4,014,818)
(429,215)
2,170,448
26,661,589
1,406,944
—
Templeton
Foreign
Fund,
Class
R6
26,507,551
3,890,784
(3,017,167)
155,708
473,851
28,010,727
3,501,341
—
Western
Asset
Core
Plus
Bond
Fund,
Class
IS
............
40,233,942
7,563,236
(4,129,200)
(1,005,149)
(595,212)
42,067,617
4,582,529
887,672
3
.
Transactions
with
Affiliates
(continued)
f.
Investments
in
FT
Underlying
Funds
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Financial
Statements
(unaudited)
38
franklintempleton.com
Semiannual
Report
g.
Waiver
and
Expense
Reimbursements
Advisers
has contractually
agreed
in
advance
to
waive
or
limit
its fees
and
to
assume
as
its
own
expense
certain
expenses
otherwise
payable
by
the
Funds
so
that
the
operating expenses
(excluding
interest
expense,
distribution
fees,
acquired
fund
fees
and
expenses and
certain
non-routine
expenses
or
costs,
including
those
relating
to
litigation,
indemnification,
reorganizations,
and
liquidations)
for
each
class
of
the
Funds
do
not
exceed 0.45%
based
on
the
average
net
assets
of
each
class
until April
30,
2025.
Total
expenses
waived
or
paid
are
not
subject
to
recapture
subsequent
to
the
Funds'
fiscal
year
end.
Transfer
agent
fees
on
Class
R6
shares
of
the
Funds have
been
capped
so
that
transfer
agent
fees
for
that
class
do
not
exceed
0.03%
based
on
the
average
net
assets
of
the
class
until
April
30,
2025.
4.
Income
Taxes
For
tax
purposes,
capital
losses
may
be
carried
over
to
offset
future
capital
gains.
At
December
31,
2023,
the
capital
loss
carryforwards
were
as
follows:
At
June
30,
2024,
the
cost
of
investments
and
net
unrealized
appreciation
(depreciation) for
income
tax
purposes
were
as
follows:
aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Dividend
Income
a
a
a
a
a
a
a
a
a
Franklin
Growth
Allocation
Fund
(continued)
Non-Controlled
Affiliates
(continued)
Western
Asset
Short-Term
Bond
Fund,
Class
IS
............
$
9,057,382
$
1,871,958
$
(816,738)
$
(20,407)
$
(25,007)
$
10,067,188
2,765,711
$
185,337
Total
Non-Controlled
Affiliates
$1,144,763,187
$144,265,213
$(178,850,364)
$7,273,977
$113,385,436
$1,230,837,449
$8,486,121
Total
Affiliated
Securities
....
$1,181,001,145
$147,473,662
$(182,294,536)
$7,069,379
$117,055,151
$1,270,304,801
$8,623,369
a
Dividend
income
includes
capital
gain
distributions
received,
if
any,
from
underlying
funds,
and
are
presented
in
corresponding
line
item
in
the
Statements
of
Operations.
Franklin
Conservative
Allocation
Fund
Franklin
Moderate
Allocation
Fund
Franklin
Growth
Allocation
Fund
1
1
1
1
Capital
loss
carryforwards
not
subject
to
expiration:
Short
term
.............................
$
—
$
—
$
—
Long
term
.............................
10,417,498
3,786,247
3,316,233
3
.
Transactions
with
Affiliates
(continued)
f.
Investments
in
FT
Underlying
Funds
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Financial
Statements
(unaudited)
39
franklintempleton.com
Semiannual
Report
Differences
between
income
and/or
capital
gains
as
determined
on
a
book
basis
and
a
tax
basis
are
primarily
due
to
differing
treatments
of
wash
sales
and
regulated
investment
companies.
5.
Investment
Transactions
Purchases
and
sales
of Underlying
Funds and
ETFs
(excluding
short
term
securities)
for
the
period
ended
June
30,
2024,
were
as
follows:
6.
Credit
Facility
The
Funds,
together
with
other
U.S.
registered
and
foreign
investment
funds
(collectively,
Borrowers),
managed
by
Franklin
Templeton,
are
borrowers
in
a
joint
syndicated
senior
unsecured
credit
facility
totaling
$2.675
billion
(Global
Credit
Facility)
which
matures
on
January
31,
2025.
This
Global
Credit
Facility
provides
a
source
of
funds
to
the
Borrowers
for
temporary
and
emergency
purposes,
including
the
ability
to
meet
future
unanticipated
or
unusually
large
redemption
requests.
Under
the
terms
of
the
Global
Credit
Facility,
the
Funds
shall,
in
addition
to
interest
charged
on
any
borrowings
made
by
the
Funds
and
other
costs
incurred
by
the
Funds,
pay
their
share
of
fees
and
expenses
incurred
in
connection
with
the
implementation
and
maintenance
of
the
Global
Credit
Facility,
based
upon
their
relative
share
of
the
aggregate
net
assets
of
all
of
the
Borrowers,
including
an
annual
commitment
fee
of
0.15%
based
upon
the
unused
portion
of
the
Global
Credit
Facility.
These
fees
are
reflected
in
other
expenses
in
the
Statements
of
Operations.
During
the
period ended
June
30,
2024,
the
Funds
did
not
use
the
Global
Credit
Facility.
7.
Fair
Value
Measurements
The Funds
follow
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Funds'
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the Funds' financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Franklin
Conservative
Allocation
Fund
Franklin
Moderate
Allocation
Fund
Franklin
Growth
Allocation
Fund
a
a
a
a
Cost
of
investments
.......................
$815,846,785
$1,371,085,279
$980,780,532
Unrealized
appreciation
.....................
$143,106,782
$384,548,284
$390,768,460
Unrealized
depreciation
.....................
(82,099,236)
(92,964,675)
(26,050,395)
Net
unrealized
appreciation
(depreciation)
.......
$61,007,546
$291,583,609
$364,718,065
Franklin
Conservative
Allocation
Fund
Franklin
Moderate
Allocation
Fund
Franklin
Growth
Allocation
Fund
Purchases
..............................
$102,932,058
$193,491,504
$132,449,004
Sales
..................................
$165,373,007
$263,139,754
$179,656,659
4.
Income
Taxes
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Financial
Statements
(unaudited)
40
franklintempleton.com
Semiannual
Report
Level
3
–
significant
unobservable
inputs
(including
the Funds'
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
June
30,
2024,
in
valuing
the
Funds'
assets carried
at
fair
value,
is
as
follows:
8.
Subsequent
Events
The
Funds
have
evaluated
subsequent
events
through
the
issuance
of
the
financial
statements
and
determined
that
no
events
have
occurred
that
require
disclosure.
Abbreviations
Level
1
Level
2
Level
3
Total
Franklin
Conservative
Allocation
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
..........................
$
871,687,384
$
—
$
—
$
871,687,384
Short
Term
Investments
...................
5,166,947
—
—
5,166,947
Total
Investments
in
Securities
...........
$876,854,331
$—
$—
$876,854,331
Franklin
Moderate
Allocation
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
..........................
1,651,595,376
—
—
1,651,595,376
Short
Term
Investments
...................
11,073,512
—
—
11,073,512
Total
Investments
in
Securities
...........
$1,662,668,888
$—
$—
$1,662,668,888
Franklin
Growth
Allocation
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
..........................
1,334,869,467
—
—
1,334,869,467
Short
Term
Investments
...................
10,012,479
616,651
—
10,629,130
Total
Investments
in
Securities
...........
$1,344,881,946
$616,651
$—
$1,345,498,597
a
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
Selected
Portfolio
ETF
Exchange-Traded
Fund
7.
Fair
Value
Measurements
(continued)
Franklin
Fund
Allocator
Series
41
franklintempleton.com
Semiannual
Report
FRANKLIN
FUND
ALLOCATOR
SERIES
Franklin
Conservative
Allocation
Fund
Franklin
Growth
Allocation
Fund
Franklin
Moderate
Allocation
Fund
(each
a
Fund)
At
an
in-person
meeting
held
on
May
22,
2024
(Meeting),
the
Board
of
Trustees
(Board)
of
Franklin
Fund
Allocator
Series
(Trust),
including
a
majority
of
the
trustees
who
are
not
“interested
persons”
as
defined
in
the
Investment
Company
Act
of
1940
(Independent
Trustees),
reviewed
and
approved
the
continuance
of
the
investment
management
agreements
between
Franklin
Advisers,
Inc.
(Manager)
and
the
Trust,
on
behalf
of
each
Fund
(each
a
Management
Agreement)
for
an
additional
one-year
period.
The
Independent
Trustees
received
advice
from
and
met
separately
with
Independent
Trustee
counsel
in
considering
whether
to
approve
the
continuation
of
each
Management
Agreement.
Although
the
Management
Agreements
for
the
Funds
were
considered
at
the
same
Board
meeting,
the
Board
considered
the
information
provided
to
it
about
the
Funds
together
and
with
respect
to
each
Fund
separately
as
the
Board
deemed
appropriate.
In
considering
the
continuation
of
each
Management
Agreement,
the
Board
reviewed
and
considered
information
provided
by
the
Manager
at
the
Meeting
and
throughout
the
year
at
meetings
of
the
Board
and
its
committees.
The
Board
also
reviewed
and
considered
information
provided
in
response
to
a
detailed
set
of
requests
for
information
submitted
to
the
Manager
by
Independent
Trustee
counsel
on
behalf
of
the
Independent
Trustees
in
connection
with
the
annual
contract
renewal
process.
In
addition,
prior
to
the
Meeting,
the
Independent
Trustees
held
a
virtual
contract
renewal
meeting
at
which
the
Independent
Trustees
first
conferred
amongst
themselves
and
Independent
Trustee
counsel
about
contract
renewal
matters,
and
then
met
with
management
to
request
additional
information
that
the
Independent
Trustees
reviewed
and
considered
prior
to
and
at
the
Meeting.
The
Board
reviewed
and
considered
all
of
the
factors
it
deemed
relevant
in
approving
the
continuance
of
each
Management
Agreement,
including,
but
not
limited
to:
(i)
the
nature,
extent
and
quality
of
the
services
provided
by
the
Manager;
(ii)
the
investment
performance
of
each
Fund;
(iii)
the
costs
of
the
services
provided
and
profits
realized
by
the
Manager
and
its
affiliates
from
the
relationship
with
each
Fund;
(iv)
the
extent
to
which
economies
of
scale
are
realized
as
each
Fund
grows;
and
(v)
whether
fee
levels
reflect
these
economies
of
scale
for
the
benefit
of
Fund
investors.
Changes
In
and
Disagreements
with
Accountants
For
the
period
covered
by
this
report
Not
applicable.
Results
of
Meeting(s)
of
Shareholders
For
the
period
covered
by
this
report
Not
applicable.
Remuneration
Paid
to
Directors,
Officers
and
Others
For
the
period
covered
by
this
report
Refer
to
the
financial
statements
included
herein.
Board
Approval
of
Management
and
Subadvisory
Agreements
For
the
period
covered
by
this
report
Franklin
Fund
Allocator
Series
42
franklintempleton.com
Semiannual
Report
In
approving
the
continuance
of
each
Management
Agreement,
the
Board,
including
a
majority
of
the
Independent
Trustees,
determined,
through
the
exercise
of
its
business
judgment,
that
the
terms
of
the
Management
Agreement
are
fair
and
reasonable
and
that
the
continuance
of
the
Management
Agreement
is
in
the
best
interests
of
the
applicable
Fund
and
its
shareholders.
While
attention
was
given
to
all
information
furnished,
the
following
discusses
some
primary
factors
relevant
to
the
Board’s
determination.
Nature,
Extent
and
Quality
of
Services
The
Board
reviewed
and
considered
information
regarding
the
nature,
extent
and
quality
of
investment
management
services
provided
by
the
Manager
and
its
affiliates
to
the
Funds
and
their
shareholders.
This
information
included,
among
other
things,
the
qualifications,
background
and
experience
of
the
senior
management
and
investment
personnel
of
the
Manager,
as
well
as
information
on
succession
planning
where
appropriate;
the
structure
of
investment
personnel
compensation;
oversight
of
third-
party
service
providers;
investment
performance
reports
and
related
financial
information
for
each
Fund;
reports
on
expenses
and
shareholder
services;
legal
and
compliance
matters;
risk
controls;
pricing
and
other
services
provided
by
the
Manager
and
its
affiliates;
and
management
fees
charged
by
the
Manager
and
its
affiliates
to
US
funds
and
other
accounts,
including
management’s
explanation
of
differences
among
accounts
where
relevant.
The
Board
also
reviewed
and
considered
an
annual
report
on
payments
made
by
Franklin
Templeton
(FT)
or
the
Funds
to
financial
intermediaries,
as
well
as
a
memorandum
relating
to
third-party
servicing
arrangements.
The
Board
acknowledged
the
ongoing
integration
of
the
Putnam
family
of
funds
into
the
FT
family
of
funds
and
management’s
continued
development
of
strategies
to
address
areas
of
heightened
concern
in
the
mutual
fund
industry,
including
various
regulatory
initiatives
and
continuing
geopolitical
concerns.
The
Board
also
reviewed
and
considered
the
benefits
provided
to
Fund
shareholders
of
investing
in
a
fund
that
is
part
of
the
FT
family
of
funds.
The
Board
noted
the
financial
position
of
Franklin
Resources,
Inc.
(FRI),
the
Manager’s
parent,
and
its
commitment
to
the
mutual
fund
business
as
evidenced
by
its
continued
reassessment
of
the
fund
offerings
in
response
to
FT
acquisitions
and
the
market
environment,
as
well
as
project
initiatives
and
capital
investments
relating
to
the
services
provided
to
the
Funds
by
the
FT
organization.
The
Board
specifically
noted
FT’s
commitment
to
technological
innovation
and
advancement,
including
its
initiative
to
create
a
new
enterprise-wide
artificial
intelligence
platform.
Following
consideration
of
such
information,
the
Board
was
satisfied
with
the
nature,
extent
and
quality
of
services
provided
by
the
Manager
and
its
affiliates
to
the
Funds
and
their
shareholders.
Fund
Performance
The
Board
reviewed
and
considered
the
performance
results
of
each
Fund
over
various
time
periods
ended
December
31,
2023.
The
Board
considered
the
performance
returns
for
each
Fund
in
comparison
to
the
performance
returns
of
mutual
funds
deemed
comparable
to
the
Fund
included
in
a
universe
(Performance
Universe)
selected
by
Broadridge
Financial
Solutions,
Inc.
(Broadridge),
an
independent
provider
of
investment
company
data.
The
Board
received
a
description
of
the
methodology
used
by
Broadridge
to
select
the
mutual
funds
included
in
a
Performance
Universe.
The
Board
also
reviewed
and
considered
Fund
performance
reports
provided
and
discussions
that
occurred
with
portfolio
managers
at
Board
meetings
throughout
the
year.
A
summary
of
each
Fund’s
performance
results
is
below.
The
Performance
Universe
for
the
Franklin
Conservative
Allocation
Fund
included
the
Fund
and
all
retail
and
institutional
mixed-asset
target
allocation
conservative
funds.
The
Performance
Universe
for
the
Franklin
Moderate
Allocation
Fund
included
the
Fund
and
all
retail
and
institutional
mixed-asset
target
allocation
moderate
funds.
The
Performance
Universe
for
the
Franklin
Growth
Allocation
Fund
included
the
Fund
and
all
retail
and
institutional
mixed-asset
target
allocation
growth
funds.
The
Board
noted
that
each
Fund’s
annualized
total
return
for
the
one-,
three-,
five-
and
10-year
periods
were
above
the
medians
of
their
respective
Performance
Universes.
The
Board
concluded
that
each
Fund’s
performance
was
satisfactory.
Franklin
Fund
Allocator
Series
43
franklintempleton.com
Semiannual
Report
Comparative
Fees
and
Expenses
The
Board
reviewed
and
considered
information
regarding
each
Fund’s
actual
total
expense
ratio
and
its
various
components,
including,
as
applicable,
management
fees;
transfer
agent
expenses;
underlying
fund
expenses;
Rule
12b-1
and
non-Rule
12b-1
service
fees;
and
other
non-management
fees.
The
Board
also
noted
the
quarterly
and
annual
reports
it
receives
on
all
marketing
support
payments
made
by
FT
to
financial
intermediaries.
The
Board
considered
the
actual
total
expense
ratio
and,
separately,
the
contractual
management
fee
rate,
without
the
effect
of
fee
waivers,
if
any
(Management
Rate)
of
each
Fund
in
comparison
to
the
median
expense
ratio
and
median
Management
Rate,
respectively,
of
other
mutual
funds
deemed
comparable
to
and
with
a
similar
expense
structure
to
the
Fund
selected
by
Broadridge
(Expense
Group).
Broadridge
fee
and
expense
data
is
based
upon
information
taken
from
each
fund’s
most
recent
annual
or
semi-annual
report,
which
reflects
historical
asset
levels
that
may
be
quite
different
from
those
currently
existing,
particularly
in
a
period
of
market
volatility.
While
recognizing
such
inherent
limitation
and
the
fact
that
expense
ratios
and
Management
Rates
generally
increase
as
assets
decline
and
decrease
as
assets
grow,
the
Board
believed
the
independent
analysis
conducted
by
Broadridge
to
be
an
appropriate
measure
of
comparative
fees
and
expenses.
The
Broadridge
Management
Rate
includes
administrative
charges,
and
the
actual
total
expense
ratio,
for
comparative
consistency,
was
shown
for
Class
A
shares
for
each
Fund
and
for
Class
A
shares
and
Investor
Class
shares
for
the
other
funds
in
each
Fund’s
respective
Expense
Group.
The
Board
received
a
description
of
the
methodology
used
by
Broadridge
to
select
the
mutual
funds
included
in
an
Expense
Group.
Franklin
Conservative
Allocation
Fund
and
Franklin
Moderate
Allocation
Fund
-
The
Expense
Group
for
the
Franklin
Conservative
Allocation
Fund
included
the
Fund
and
eight
other
mixed-asset
target
allocation
conservative
funds.
The
Expense
Group
for
the
Franklin
Moderate
Allocation
Fund
included
the
Fund
and
10
other
mixed-asset
target
allocation
moderate
funds.
The
Board
noted
that
the
Management
Rates
and
the
actual
total
expense
ratios
for
the
Funds
were
above
the
medians
of
their
respective
Expense
Groups.
The
Board
discussed
these
expenses
with
management
and
management
explained
that
the
Management
Rate
paid
by
each
Fund
is
solely
for
asset
allocation
services
as
the
Fund
invests
primarily
in
underlying
funds.
Management
further
explained
that
each
Fund’s
total
expenses
(including
underlying
fund
expenses)
were
in
either
the
first
quintile
(least
expensive)
or
second
quintile
of
each
Fund’s
respective
Expense
Group.
The
Board
noted
that
each
Fund’s
actual
total
expense
ratio
reflected
an
expense
cap
on
operating
expenses.
After
consideration
of
the
above,
the
Board
concluded
that
the
Management
Rate
charged
to
each
Fund
is
reasonable.
Franklin
Growth
Allocation
Fund
-
The
Expense
Group
for
the
Fund
included
the
Fund
and
six
other
mixed-asset
target
allocation
growth
funds.
The
Board
noted
that
the
Management
Rate
for
the
Fund
was
below
the
median
of
its
Expense
Group,
but
the
actual
total
expense
ratio
for
the
Fund
was
above
the
median
of
its
Expense
Group.
The
Board
discussed
these
expenses
with
management
and
management
explained
that
the
Management
Rate
paid
by
the
Fund
is
solely
for
asset
allocation
services
as
the
Fund
invests
primarily
in
underlying
funds.
Management
further
explained
that
the
Fund’s
total
expenses
(including
underlying
fund
expenses)
were
in
the
first
quintile
(least
expensive)
of
the
Fund’s
Expense
Group.
The
Board
noted
that
the
Fund’s
actual
total
expense
ratio
reflected
an
expense
cap
on
operating
expenses.
The
Board
concluded
that
the
Management
Rate
charged
to
the
Fund
is
reasonable.
Profitability
The
Board
reviewed
and
considered
information
regarding
the
profits
realized
by
the
Manager
and
its
affiliates
in
connection
with
the
operation
of
each
Fund.
In
this
respect,
the
Board
considered
the
Fund
profitability
analysis
provided
by
the
Manager
that
addresses
the
overall
profitability
of
FT’s
US
fund
business,
as
well
as
its
profits
in
providing
investment
management
and
other
services
to
each
of
the
individual
funds
during
the
12-month
period
ended
September
30,
2023,
being
the
most
recent
fiscal
year-end
for
FRI.
The
Board
noted
that
although
management
continually
makes
refinements
to
its
methodologies
used
in
calculating
profitability
in
response
to
organizational
and
product-related
changes,
the
overall
methodology
has
remained
consistent
with
that
used
in
the
Funds’
profitability
report
presentations
from
prior
years.
The
Board
also
noted
that
an
independent
registered
public
accounting
firm
has
been
engaged
by
the
Manager
to
periodically
review
and
assess
the
allocation
methodologies
to
be
used
solely
by
the
Funds’
Board
with
respect
to
the
profitability
analysis.
Franklin
Fund
Allocator
Series
44
franklintempleton.com
Semiannual
Report
The
Board
noted
management’s
belief
that
costs
incurred
in
establishing
the
infrastructure
necessary
for
the
type
of
mutual
fund
operations
conducted
by
the
Manager
and
its
affiliates
may
not
be
fully
reflected
in
the
expenses
allocated
to
each
Fund
in
determining
its
profitability,
as
well
as
the
fact
that
the
level
of
profits,
to
a
certain
extent,
reflected
operational
cost
savings
and
efficiencies
initiated
by
management.
As
part
of
this
evaluation,
the
Board
considered
management’s
outsourcing
of
certain
operations,
which
effort
has
required
considerable
up-front
expenditures
by
the
Manager
but,
over
the
long
run
is
expected
to
result
in
greater
efficiencies.
The
Board
also
noted
management’s
expenditures
in
improving
shareholder
services
provided
to
the
Funds,
as
well
as
the
need
to
implement
systems
and
meet
additional
regulatory
and
compliance
requirements
resulting
from
recent
US
Securities
and
Exchange
Commission
and
other
regulatory
requirements.
The
Board
also
considered
the
extent
to
which
the
Manager
and
its
affiliates
might
derive
ancillary
benefits
from
fund
operations,
including
revenues
generated
from
transfer
agent
services,
potential
benefits
resulting
from
personnel
and
systems
enhancements
necessitated
by
fund
growth,
as
well
as
increased
leverage
with
service
providers
and
counterparties.
Based
upon
its
consideration
of
all
these
factors,
the
Board
concluded
that
the
level
of
profits
realized
by
the
Manager
and
its
affiliates
from
providing
services
to
each
Fund
was
not
excessive
in
view
of
the
nature,
extent
and
quality
of
services
provided
to
each
Fund.
Economies
of
Scale
The
Board
reviewed
and
considered
the
extent
to
which
the
Manager
may
realize
economies
of
scale,
if
any,
as
each
Fund
grows
larger
and
whether
each
Fund’s
management
fee
structure
reflects
any
economies
of
scale
for
the
benefit
of
shareholders.
The
Board
considered
the
Manager’s
view
that
any
analyses
of
potential
economies
of
scale
in
managing
a
particular
fund
are
inherently
limited
in
light
of
the
joint
and
common
costs
and
investments
the
Manager
incurs
across
the
FT
family
of
funds
as
a
whole.
The
Board
noted
that
the
Franklin
Conservative
Allocation
Fund
and
Franklin
Moderate
Allocation
Fund
had
each
experienced
a
significant
decrease
in
assets
and
would
not
be
expected
to
demonstrate
additional
economies
of
scale
in
the
near
term.
The
Board
further
noted
that,
due
to
the
use
of
the
Management
Rate
for
allocation
services,
the
Funds
would
not
likely
experience
economies
of
scale.
Conclusion
Based
on
its
review,
consideration
and
evaluation
of
all
factors
it
believed
relevant,
including
the
above-described
factors
and
conclusions,
the
Board
unanimously
approved
the
continuation
of
each
Management
Agreement
for
an
additional
one-year
period.
FAS-SFSOI
08/24
©
2024
Franklin
Templeton.
All
rights
reserved.
Franklin
Corefolio
Allocation
Fund
Financial
Statements
and
Other
Important
Information
Semi-Annual
|
June
30,
2024
Table
of
Contents
franklintempleton.com
Financial
Statements
and
Other
Important
Information—Semiannual
1
Financial
Highlights
and
Schedule
of
Investments
2
Financial
Statements
8
Notes
to
Financial
Statements
12
Changes
In
and
Disagreements
with
Accountants
18
Results
of
Meeting(s)
of
Shareholders
18
Remuneration
Paid
to
Directors,
Officers
and
Others
18
Board
Approval
of
Management
and
Subadvisory
Agreements
18
Franklin
Fund
Allocator
Series
Financial
Highlights
Franklin
Corefolio
Allocation
Fund
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
2
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$21.40
$17.85
$24.42
$21.92
$20.04
$17.32
Income
from
investment
operations
a
:
Net
investment
income
(loss)
b
,c
........
(0.04)
0.11
0.05
0.22
0.12
0.20
Net
realized
and
unrealized
gains
(losses)
2.40
4.35
(5.16)
3.21
3.32
4.17
Total
from
investment
operations
........
2.36
4.46
(5.11)
3.43
3.44
4.37
Less
distributions
from:
Net
investment
income
and
short
term
gains
received
from
Underlying
funds
...
(0.02)
(0.12)
(0.01)
(0.22)
(0.18)
(0.20)
Net
realized
gains
.................
(1.01)
(0.79)
(1.45)
(0.71)
(1.38)
(1.45)
Total
distributions
...................
(1.03)
(0.91)
(1.46)
(0.93)
(1.56)
(1.65)
Net
asset
value,
end
of
period
..........
$22.73
$21.40
$17.85
$24.42
$21.92
$20.04
Total
return
d
.......................
11.02%
25.36%
(20.84)%
15.76%
18.28%
25.79%
Ratios
to
average
net
assets
e
Expenses
f,g
........................
0.38%
0.40%
0.41%
0.42%
0.43%
0.44%
Net
investment
income
(loss)
c
..........
(0.38)%
0.55%
0.26%
0.91%
0.64%
1.02%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$870,928
$805,511
$690,297
$931,489
$812,250
$717,806
Portfolio
turnover
rate
................
3.47%
6.51%
9.00%
3.58%
9.29%
2.12%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Recognition
of
net
investment
income
by
the
Fund
is
affected
by
the
timing
of
declaration
of
dividends
by
the
Underlying
Funds
in
which
the
Fund
invests.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
g
Does
not
include
expenses
of
the
Underlying
Funds
in
which
the
Fund
invests.
The
weighted
average
indirect
expenses
of
the
Underlying
Funds
was
0.62%
for
the
period
ended
June
30,
2024.
Franklin
Fund
Allocator
Series
Financial
Highlights
Franklin
Corefolio
Allocation
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
3
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$20.68
$17.34
$23.94
$21.57
$19.76
$17.10
Income
from
investment
operations
a
:
Net
investment
income
(loss)
b
,c
........
(0.12)
(0.05)
(0.10)
(0.01)
(0.03)
0.04
Net
realized
and
unrealized
gains
(losses)
2.33
4.21
(5.05)
3.20
3.25
4.12
Total
from
investment
operations
........
2.21
4.16
(5.15)
3.19
3.22
4.16
Less
distributions
from:
Net
investment
income
and
short
term
gains
received
from
Underlying
funds
...
(0.02)
(0.03)
(—)
d
(0.11)
(0.03)
(0.05)
Net
realized
gains
.................
(1.01)
(0.79)
(1.45)
(0.71)
(1.38)
(1.45)
Total
distributions
...................
(1.03)
(0.82)
(1.45)
(0.82)
(1.41)
(1.50)
Net
asset
value,
end
of
period
..........
$21.86
$20.68
$17.34
$23.94
$21.57
$19.76
Total
return
e
.......................
10.67%
24.38%
(21.44)%
14.88%
17.41%
24.83%
Ratios
to
average
net
assets
f
Expenses
g,h
........................
1.13%
1.15%
1.16%
1.17%
1.18%
1.19%
Net
investment
income
(loss)
c
..........
(1.13)%
(0.26)%
(0.53)%
(0.05)%
(0.18)%
0.27%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$42,502
$41,410
$39,781
$61,517
$73,513
$75,745
Portfolio
turnover
rate
................
3.47%
6.51%
9.00%
3.58%
9.29%
2.12%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Recognition
of
net
investment
income
by
the
Fund
is
affected
by
the
timing
of
declaration
of
dividends
by
the
Underlying
Funds
in
which
the
Fund
invests.
d
Amount
rounds
to
less
than
$0.01
per
share.
e
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
f
Ratios
are
annualized
for
periods
less
than
one
year.
g
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
h
Does
not
include
expenses
of
the
Underlying
Funds
in
which
the
Fund
invests.
The
weighted
average
indirect
expenses
of
the
Underlying
Funds
was
0.62%
for
the
period
ended
June
30,
2024.
Franklin
Fund
Allocator
Series
Financial
Highlights
Franklin
Corefolio
Allocation
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
4
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Class
R
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$21.34
$17.81
$24.42
$21.95
$20.07
$17.34
Income
from
investment
operations
a
:
Net
investment
income
(loss)
b
,c
........
(0.07)
0.07
0.01
0.16
0.07
0.14
Net
realized
and
unrealized
gains
(losses)
2.40
4.32
(5.17)
3.21
3.32
4.19
Total
from
investment
operations
........
2.33
4.39
(5.16)
3.37
3.39
4.33
Less
distributions
from:
Net
investment
income
and
short
term
gains
received
from
Underlying
funds
...
(0.02)
(0.07)
(—)
d
(0.19)
(0.13)
(0.15)
Net
realized
gains
.................
(1.01)
(0.79)
(1.45)
(0.71)
(1.38)
(1.45)
Total
distributions
...................
(1.03)
(0.86)
(1.45)
(0.90)
(1.51)
(1.60)
Net
asset
value,
end
of
period
..........
$22.64
$21.34
$17.81
$24.42
$21.95
$20.07
Total
return
e
.......................
10.91%
25.05%
(21.04)%
15.46%
18.00%
25.51%
Ratios
to
average
net
assets
f
Expenses
g,h
........................
0.63%
0.65%
0.66%
0.66%
0.67%
0.67%
Net
investment
income
(loss)
c
..........
(0.63)%
0.35%
0.04%
0.68%
0.38%
0.79%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$2,124
$1,935
$1,488
$1,764
$1,498
$1,387
Portfolio
turnover
rate
................
3.47%
6.51%
9.00%
3.58%
9.29%
2.12%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Recognition
of
net
investment
income
by
the
Fund
is
affected
by
the
timing
of
declaration
of
dividends
by
the
Underlying
Funds
in
which
the
Fund
invests.
d
Amount
rounds
to
less
than
$0.01
per
share.
e
Total
return
is
not
annualized
for
periods
less
than
one
year.
f
Ratios
are
annualized
for
periods
less
than
one
year.
g
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
h
Does
not
include
expenses
of
the
Underlying
Funds
in
which
the
Fund
invests.
The
weighted
average
indirect
expenses
of
the
Underlying
Funds
was
0.62%
for
the
period
ended
June
30,
2024.
Franklin
Fund
Allocator
Series
Financial
Highlights
Franklin
Corefolio
Allocation
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
5
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$21.49
$17.92
$24.52
$21.97
$20.07
$17.34
Income
from
investment
operations
a
:
Net
investment
income
(loss)
b
,c
........
(0.01)
0.18
0.12
0.30
0.21
0.70
Net
realized
and
unrealized
gains
(losses)
2.43
4.36
(5.19)
3.23
3.31
3.75
Total
from
investment
operations
........
2.42
4.54
(5.07)
3.53
3.52
4.45
Less
distributions
from:
Net
investment
income
..............
(0.02)
(0.18)
(0.08)
(0.27)
(0.24)
(0.27)
Net
realized
gains
.................
(1.01)
(0.79)
(1.45)
(0.71)
(1.38)
(1.45)
Total
distributions
...................
(1.03)
(0.97)
(1.53)
(0.98)
(1.62)
(1.72)
Net
asset
value,
end
of
period
..........
$22.88
$21.49
$17.92
$24.52
$21.97
$20.07
Total
return
d
.......................
11.25%
25.74%
(20.60)%
16.16%
18.69%
26.24%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
f
..........................
0.12%
0.11%
0.13%
0.13%
0.13%
0.12%
Expenses
net
of
waiver
and
payments
by
affiliates
f
..........................
0.08%
0.09%
0.08%
0.09%
0.09%
0.09%
Net
investment
income
(loss)
c
..........
(0.08)%
0.92%
0.62%
1.26%
1.05%
1.37%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$5,628
$4,966
$4,379
$5,349
$4,393
$3,385
Portfolio
turnover
rate
................
3.47%
6.51%
9.00%
3.58%
9.29%
2.12%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Recognition
of
net
investment
income
by
the
Fund
is
affected
by
the
timing
of
declaration
of
dividends
by
the
Underlying
Funds
in
which
the
Fund
invests.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Does
not
include
expenses
of
the
Underlying
Funds
in
which
the
Fund
invests.
The
weighted
average
indirect
expenses
of
the
Underlying
Funds
was
0.62%
for
the
period
ended
June
30,
2024.
Franklin
Fund
Allocator
Series
Financial
Highlights
Franklin
Corefolio
Allocation
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$21.49
$17.93
$24.52
$21.98
$20.08
$17.35
Income
from
investment
operations
a
:
Net
investment
income
(loss)
b
,c
........
(0.01)
0.16
0.09
0.28
0.17
0.27
Net
realized
and
unrealized
gains
(losses)
2.42
4.36
(5.17)
3.22
3.34
4.16
Total
from
investment
operations
........
2.41
4.52
(5.08)
3.50
3.51
4.43
Less
distributions
from:
Net
investment
income
and
short
term
gains
received
from
Underlying
funds
...
(0.02)
(0.17)
(0.06)
(0.25)
(0.23)
(0.25)
Net
realized
gains
.................
(1.01)
(0.79)
(1.45)
(0.71)
(1.38)
(1.45)
Total
distributions
...................
(1.03)
(0.96)
(1.51)
(0.96)
(1.61)
(1.70)
Net
asset
value,
end
of
period
..........
$22.87
$21.49
$17.93
$24.52
$21.98
$20.08
Total
return
d
.......................
11.20%
25.58%
(20.63)%
16.05%
18.59%
26.10%
Ratios
to
average
net
assets
e
Expenses
f,g
........................
0.13%
0.15%
0.16%
0.17%
0.18%
0.19%
Net
investment
income
(loss)
c
..........
(0.13)%
0.83%
0.48%
1.16%
0.90%
1.27%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$67,065
$59,702
$48,963
$69,322
$61,166
$52,512
Portfolio
turnover
rate
................
3.47%
6.51%
9.00%
3.58%
9.29%
2.12%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Recognition
of
net
investment
income
by
the
Fund
is
affected
by
the
timing
of
declaration
of
dividends
by
the
Underlying
Funds
in
which
the
Fund
invests.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
g
Does
not
include
expenses
of
the
Underlying
Funds
in
which
the
Fund
invests.
The
weighted
average
indirect
expenses
of
the
Underlying
Funds
was
0.62%
for
the
period
ended
June
30,
2024.
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited),
June
30,
2024
Franklin
Corefolio
Allocation
Fund
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
7
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
100.0%
Domestic
Equity
75.4%
a
Franklin
Growth
Fund
,
Class
R6
........................................
1,777,414
$
252,001,733
a,b
Franklin
Growth
Opportunities
Fund
,
Class
R6
.............................
4,347,679
259,034,708
a
Franklin
Mutual
Shares
Fund
,
Class
R6
...................................
9,157,604
234,709,386
745,745,827
Foreign
Equity
24.6%
a
Templeton
Growth
Fund,
Inc.
,
Class
R6
...................................
8,894,649
242,823,909
Total
Investments
In
Underlying
Funds
(Cost
$
589,083,365
)
......................
988,569,736
a
a
a
a
Short
Term
Investments
0.0%
†
a
Money
Market
Funds
0.0%
†
a,c
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.972
%
..................
588
588
Total
Money
Market
Funds
(Cost
$
588
)
.........................................
588
Total
Short
Term
Investments
(Cost
$
588
)
......................................
588
a
Total
Investments
(Cost
$
589,083,953
)
100.0
%
..................................
$988,570,324
Other
Assets,
less
Liabilities
0.0
%
.............................................
(322,790)
Net
Assets
100.0%
...........................................................
$988,247,534
†
Rounds
to
less
than
0.1%
of
net
assets.
a
See
Note
3(e)
regarding
investments
in
FT
Underlying
Funds.
b
Non-income
producing.
c
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Fund
Allocator
Series
Financial
Statements
Statement
of
Assets
and
Liabilities
June
30,
2024
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
8
Franklin
Corefolio
Allocation
Fund
Assets:
Investments
in
securities:
Cost
-
Non-controlled
affiliates
(Note
3
e
)
........................................................
$589,083,953
Value
-
Non-controlled
affiliates
(Note
3
e
)
.......................................................
988,570,324
Cash
....................................................................................
171,725
Receivables:
Capital
shares
sold
........................................................................
607,506
Affiliates
................................................................................
45
Total
assets
..........................................................................
989,349,600
Liabilities:
Payables:
Capital
shares
redeemed
...................................................................
669,016
Administrative
fees
........................................................................
24,194
Distribution
fees
..........................................................................
213,302
Transfer
agent
fees
........................................................................
115,391
Trustees'
fees
and
expenses
.................................................................
1,134
Distributions
to
shareholders
.................................................................
23,106
Accrued
expenses
and
other
liabilities
...........................................................
55,923
Total
liabilities
.........................................................................
1,102,066
Net
assets,
at
value
.................................................................
$988,247,534
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$593,926,879
Total
distributable
earnings
(losses)
.............................................................
394,320,655
Net
assets,
at
value
.................................................................
$988,247,534
Franklin
Fund
Allocator
Series
Financial
Statements
Statement
of
Assets
and
Liabilities
(continued)
June
30,
2024
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
9
Franklin
Corefolio
Allocation
Fund
Class
A:
Net
assets,
at
value
.......................................................................
$870,928,129
Shares
outstanding
........................................................................
38,308,803
Net
asset
value
per
share
a,b
..................................................................
$22.73
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
94.50%
)
b
................................
$24.05
Class
C:
Net
assets,
at
value
.......................................................................
$42,502,475
Shares
outstanding
........................................................................
1,944,514
Net
asset
value
and
maximum
offering
price
per
share
a,b
............................................
$21.86
Class
R:
Net
assets,
at
value
.......................................................................
$2,124,495
Shares
outstanding
........................................................................
93,834
Net
asset
value
and
maximum
offering
price
per
share
b
.............................................
$22.64
Class
R6:
Net
assets,
at
value
.......................................................................
$5,627,709
Shares
outstanding
........................................................................
245,999
Net
asset
value
and
maximum
offering
price
per
share
b
.............................................
$22.88
Advisor
Class:
Net
assets,
at
value
.......................................................................
$67,064,726
Shares
outstanding
........................................................................
2,931,905
Net
asset
value
and
maximum
offering
price
per
share
b
.............................................
$22.87
a
Redemption
price
is
equal
to
net
asset
value
less
contingent
deferred
sales
charges,
if
applicable.
b
Net
asset
value
per
share
may
not
recalculate
due
to
rounding.
Franklin
Fund
Allocator
Series
Financial
Statements
Statement
of
Operations
for
the
six
months
ended
June
30,
2024
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
10
Franklin
Corefolio
Allocation
Fund
Investment
income:
Dividends:
Non-controlled
affiliates
(Note
3
e
)
.............................................................
$4,213
Expenses:
Administrative
fees
(Note
3
a
)
..................................................................
143,158
Distribution
fees:
(Note
3b
)
Class
A
................................................................................
1,049,849
Class
C
................................................................................
210,299
Class
R
................................................................................
5,002
Transfer
agent
fees:
(Note
3d
)
Class
A
................................................................................
332,161
Class
C
................................................................................
16,625
Class
R
................................................................................
792
Class
R6
...............................................................................
1,830
Advisor
Class
............................................................................
25,738
Reports
to
shareholders
fees
..................................................................
24,498
Registration
and
filing
fees
....................................................................
48,373
Professional
fees
...........................................................................
21,697
Trustees'
fees
and
expenses
..................................................................
5,465
Other
....................................................................................
1,541
Total
expenses
.........................................................................
1,887,028
Expenses
waived/paid
by
affiliates
(Note
3
e
and
3
f
)
..............................................
(1,318)
Net
expenses
.........................................................................
1,885,710
Net
investment
income
(loss)
............................................................
(1,881,497)
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
Non-controlled
affiliates
(Note
3
e
)
...........................................................
4,647,576
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Non-controlled
affiliates
(Note
3
e
)
...........................................................
97,241,318
Net
realized
and
unrealized
gain
(loss)
............................................................
101,888,894
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$100,007,397
Franklin
Fund
Allocator
Series
Financial
Statements
Statements
of
Changes
in
Net
Assets
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
11
Franklin
Corefolio
Allocation
Fund
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
(loss)
............................................
$(1,881,497)
$4,451,007
Net
realized
gain
(loss)
.................................................
4,647,576
45,150,803
Net
change
in
unrealized
appreciation
(depreciation)
...........................
97,241,318
141,234,240
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
100,007,397
190,836,050
Distributions
to
shareholders:
Class
A
.............................................................
(37,871,203)
(33,786,898)
Class
C
.............................................................
(1,927,274)
(1,730,998)
Class
R
.............................................................
(92,228)
(74,092)
Class
R6
............................................................
(248,796)
(223,016)
Advisor
Class
........................................................
(2,913,297)
(2,551,557)
Total
distributions
to
shareholders
..........................................
(43,052,798)
(38,366,561)
Capital
share
transactions:
(Note
2
)
Class
A
.............................................................
15,241,192
(19,272,974)
Class
C
.............................................................
(1,248,119)
(5,443,378)
Class
R
.............................................................
75,463
135,836
Class
R6
............................................................
345,386
(263,934)
Advisor
Class
........................................................
3,355,776
989,827
Total
capital
share
transactions
............................................
17,769,698
(23,854,623)
Net
increase
(decrease)
in
net
assets
...................................
74,724,297
128,614,866
Net
assets:
Beginning
of
period
.....................................................
913,523,237
784,908,371
End
of
period
..........................................................
$988,247,534
$913,523,237
Franklin
Fund
Allocator
Series
Notes
to
Financial
Statements
(unaudited)
Franklin
Corefolio
Allocation
Fund
12
franklintempleton.com
Semiannual
Report
1.
Organization
and
Significant
Accounting
Policies
Franklin
Fund
Allocator
Series (Trust)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company,
consisting
of eighteen
separate
funds.
The
Trust
follows
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
Franklin
Corefolio
Allocation
Fund
(Fund)
is
included
in
this
report.
The
Fund
invests
in
affiliated
mutual
funds
managed
by
Franklin
Templeton
(Underlying
Funds).
The
Fund
offers five
classes
of
shares:
Class
A,
Class
C,
Class
R,
Class
R6
and
Advisor
Class. Class
C
shares
automatically
convert
to
Class
A
shares
on
a
monthly
basis,
after
they
have
been
held
for
8
years.
Each
class
of
shares
may
differ
by
its
initial
sales
load,
contingent
deferred
sales
charges,
voting
rights
on
matters
affecting
a
single
class,
its
exchange
privilege
and
fees
due
to
differing
arrangements
for
distribution
and
transfer
agent
fees.
The
accounting
policies
of
the
Underlying
Funds
are
outlined
in
their
respective
shareholder
reports.
A
copy
of
the
Underlying
Funds’
shareholder
reports
is
available
on
the
U.S.
Securities
and
Exchange
Commission
(SEC)
website
at
sec.gov.
The
Underlying
Funds’
shareholder
reports
are
not
covered
by
this
report.
The
following
summarizes
the Fund's
significant
accounting
policies.
a.
Financial
Instrument
Valuation
The
Fund's
investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Fund
calculates
the
net
asset
value
(NAV)
per
share
each business
day as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the Trust's
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Fund’s
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Fund’s
administrator
in
performing
this
responsibility,
including
leading
the
cross-
functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value.
Investments
in open-end mutual
funds
are
valued
at
the
closing
NAV.
The
Fund
has
procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the Fund
primarily
employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed.
b.
Income
Taxes
It
is the Fund's
policy
to
qualify
as
a
regulated
investment
company
under
the
Internal
Revenue
Code. The Fund
intends
to
distribute
to
shareholders
substantially
all
of
its
taxable
income
and
net
realized
gains
to
relieve
it
from
federal
income
and
excise
taxes.
As
a
result,
no
provision
for
U.S.
federal
income
taxes
is
required.
The Fund
may
recognize
an
income
tax
liability
related
to
its
uncertain
tax
positions
under
U.S.
GAAP
when
the
uncertain
tax
position
has
a
less
than
50%
probability
that
it
will
be
sustained
upon
examination
by
the
tax
authorities
based
on
its
technical
merits.
As
of
June
30,
2024, the Fund
has
determined
that
no
tax
liability
is
required
in
its
financial
statements
related
to
uncertain
tax
positions
for
any
open
tax
years
(or
expected
to
be
taken
in
future
tax
years).
Open
tax
years
are
those
that
remain
subject
to
examination
and
are
based
on
the
statute
of
limitations
in
each
jurisdiction
in
which
the Fund
invests.
c.
Security
Transactions,
Investment
Income,
Expenses
and
Distributions
Security
transactions
are
accounted
for
on
trade
date.
Realized
gains
and
losses
on
security
transactions
are
determined
on
a
specific
identification
basis. Estimated
Franklin
Fund
Allocator
Series
Notes
to
Financial
Statements
(unaudited)
13
franklintempleton.com
Semiannual
Report
Franklin
Corefolio
Allocation
Fund
(continued)
expenses
are
accrued
daily.
Dividend
income
and
capital
gain
distributions
by
Underlying
Funds
are
recorded
on
the
ex-dividend
date.
Distributions
to
shareholders
are recorded
on
the
ex-dividend
date.
Distributable
earnings
are
determined
according
to
income
tax
regulations
(tax
basis)
and
may
differ
from
earnings
recorded
in
accordance
with
U.S.
GAAP.
These
differences
may
be
permanent
or
temporary.
Permanent
differences
are
reclassified
among
capital
accounts
to
reflect
their
tax
character.
These
reclassifications
have
no
impact
on
net
assets
or
the
results
of
operations.
Temporary
differences
are
not
reclassified,
as
they
may
reverse
in
subsequent
periods.
Common
expenses
incurred
by
the
Trust
are
allocated
among
the
Funds
based
on
the
ratio
of
net
assets
of
each
Fund
to
the
combined
net
assets
of
the
Trust
or
based
on
the
ratio
of
number
of
shareholders
of
each
Fund
to
the
combined
number
of
shareholders
of
the
Trust.
Fund
specific
expenses
are
charged
directly
to
the
Fund
that
incurred
the
expense.
The
Fund
indirectly
bears
its
proportionate
share
of
expenses
from
the
Underlying
Funds.
Since
the
Underlying
Funds
have
varied
expense
levels
and
the
Fund may
own
different
proportions
of
the
Underlying
Funds
at
different
times,
the
amount
of
expenses
incurred
indirectly
by
the Fund
will
vary.
Realized
and
unrealized
gains
and
losses
and
net
investment
income,
excluding
class
specific
expenses,
are
allocated
daily
to
each
class
of
shares
based
upon
the
relative
proportion
of
net
assets
of
each
class.
Differences
in
per
share
distributions
by
class
are
generally
due
to
differences
in
class
specific
expenses.
d.
Accounting
Estimates
The
preparation
of
financial
statements
in
accordance
with
U.S.
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
e.
Guarantees
and
Indemnifications
Under
the Trust's
organizational
documents,
its
officers
and trustees
are
indemnified
by
the Trust against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Trust.
Additionally,
in
the
normal
course
of
business,
the Trust,
on
behalf
of
the
Fund, enters
into
contracts
with
service
providers
that
contain
general
indemnification
clauses.
The Trust's
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the Trust
that
have
not
yet
occurred.
Currently,
the Trust
expects
the
risk
of
loss
to
be
remote.
2.
Shares
of
Beneficial
Interest
At
June
30,
2024,
there
were
an
unlimited
number
of
shares
authorized
(without
par
value).
Transactions
in
the
Fund's
shares
were
as
follows:
Six
Months
Ended
June
30,
2024
Year
Ended
December
31,
2023
Shares
Amount
Shares
Amount
Class
A
Shares:
Shares
sold
a
...................................
1,355,691
$30,682,745
3,830,947
$74,525,445
Shares
issued
in
reinvestment
of
distributions
..........
1,632,038
37,191,784
1,666,077
33,143,401
Shares
redeemed
...............................
(2,328,165)
(52,633,337)
(6,518,373)
(126,941,820)
Net
increase
(decrease)
..........................
659,564
$15,241,192
(1,021,349)
$(19,272,974)
1.
Organization
and
Significant
Accounting
Policies
(continued)
c.
Security
Transactions,
Investment
Income,
Expenses
and
Distributions
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Financial
Statements
(unaudited)
14
franklintempleton.com
Semiannual
Report
Franklin
Corefolio
Allocation
Fund
(continued)
3.
Transactions
with
Affiliates
Franklin
Resources,
Inc.
is
the
holding
company
for
various
subsidiaries
that
together
are
referred
to
as
Franklin
Templeton.
Certain
officers
and
trustees
of
the
Fund are
also
officers,
directors, and/or trustees
of
certain
of
the
Underlying
Funds
and
of
the
following
subsidiaries:
a.
Administrative
Fees
The
Fund
pays
an
administrative
fee
to
FT
Services
of
0.03%
per
year
of
the
average
daily
net
assets of
the
Fund for
administrative
services
including
monitoring
and
rebalancing
the
percentage
of the
Fund's
investment
in
the
Underlying
Funds.
Six
Months
Ended
June
30,
2024
Year
Ended
December
31,
2023
Shares
Amount
Shares
Amount
Class
C
Shares:
Shares
sold
...................................
141,543
$3,088,431
506,642
$9,501,220
Shares
issued
in
reinvestment
of
distributions
..........
87,344
1,914,451
90,386
1,724,635
Shares
redeemed
a
..............................
(286,580)
(6,251,001)
(888,929)
(16,669,233)
Net
increase
(decrease)
..........................
(57,693)
$(1,248,119)
(291,901)
$(5,443,378)
Class
R
Shares:
Shares
sold
...................................
3,227
$72,735
47,557
$928,639
Shares
issued
in
reinvestment
of
distributions
..........
4,063
92,228
3,751
74,092
Shares
redeemed
...............................
(4,139)
(89,500)
(44,144)
(866,895)
Net
increase
(decrease)
..........................
3,151
$75,463
7,164
$135,836
Class
R6
Shares:
Shares
sold
...................................
17,348
$401,385
73,257
$1,441,873
Shares
issued
in
reinvestment
of
distributions
..........
10,818
248,037
11,056
222,203
Shares
redeemed
...............................
(13,223)
(304,036)
(97,597)
(1,928,010)
Net
increase
(decrease)
..........................
14,943
$345,386
(13,284)
$(263,934)
Advisor
Class
Shares:
Shares
sold
...................................
314,534
$7,026,342
489,426
$9,622,126
Shares
issued
in
reinvestment
of
distributions
..........
115,455
2,647,223
114,135
2,292,689
Shares
redeemed
...............................
(275,696)
(6,317,789)
(557,442)
(10,924,988)
Net
increase
(decrease)
..........................
154,293
$3,355,776
46,119
$989,827
a
May
include
a
portion
of
Class
C
shares
that
were
automatically
converted
to
Class
A.
Subsidiary
Affiliation
Franklin
Advisers,
Inc.
(Advisers)
Investment
manager
Franklin
Templeton
Services,
LLC
(FT
Services)
Administrative
manager
Franklin
Distributors,
LLC
(Distributors)
Principal
underwriter
Franklin
Templeton
Investor
Services,
LLC
(Investor
Services)
Transfer
agent
2.
Shares
of
Beneficial
Interest
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Financial
Statements
(unaudited)
15
franklintempleton.com
Semiannual
Report
Franklin
Corefolio
Allocation
Fund
(continued)
b.
Distribution
Fees
The
Board
has
adopted
distribution
plans
for
each
share
class,
with
the
exception
of
Class
R6
and
Advisor
Class
shares,
pursuant
to
Rule
12b-1
under
the
1940
Act.
Under
the
Fund's
Class
A
reimbursement
distribution
plan,
the
Fund
reimburses
Distributors
for
costs
incurred
in
connection
with
the
servicing,
sale
and
distribution
of the
Fund's
shares
up
to
the
maximum
annual
plan
rate.
Under
the
Class
A
reimbursement
distribution
plan,
costs
exceeding
the
maximum
for
the
current
plan
year
cannot
be
reimbursed
in
subsequent
periods.
In
addition,
under
the
Fund's
Class
C
and
R compensation
distribution
plans,
the
Fund
pays
Distributors
for
costs
incurred
in
connection
with
the
servicing,
sale
and
distribution
of
the
Fund's
shares
up
to
the
maximum
annual
plan
rate
for
each
class.
The
plan
year,
for
purposes
of
monitoring
compliance
with
the
maximum
annual
plan
rates,
is
February
1
through
January
31.
The
maximum
annual
plan
rates,
based
on
the
average
daily
net
assets,
for
each
class,
are
as
follows:
The
Board
has
set
the
current
rate
at
0.25%
per
year
for
Class
A
shares
until
further
notice
and
approval
by
the
Board.
c.
Sales
Charges/Underwriting
Agreements
Front-end
sales
charges
and
contingent
deferred
sales
charges
(CDSC)
do
not
represent
expenses
of
the
Fund.
These
charges
are
deducted
from
the
proceeds
of
sales
of
fund
shares
prior
to
investment
or
from
redemption
proceeds
prior
to
remittance,
as
applicable.
Distributors
has
advised
the
Fund
of
the
following
commission
transactions
related
to
the
sales
and
redemptions
of
the
Fund's
shares
for
the
period:
d.
Transfer
Agent
Fees
Each
class
of
shares pays
transfer
agent
fees,
calculated
monthly
and
paid
monthly, to
Investor
Services
for
its
performance
of
shareholder
servicing
obligations. The
fees
are based
on
a
fixed
margin
earned
by
Investor
Services
and
are allocated
to
the Fund
based
upon
relative
assets
and
relative
transactions. In
addition,
each
class reimburses
Investor
Services
for
out
of
pocket
expenses
incurred
and,
except
for
Class
R6, reimburses
shareholder
servicing
fees
paid
to
third
parties.
These
fees
paid
to
third
parties
are
accrued
and
allocated
daily
based
upon
their
relative
proportion
of
such
classes'
aggregate
net
assets.
Class
R6
pays
Investor
Services
transfer
agent
fees
allocated
specifically
to
that
class
based
upon
its
relative
assets
and
relative
transactions.
For
the
period
ended
June
30,
2024,
the Fund
paid
transfer
agent
fees
as
noted
in
the
Statement of
Operations,
of
which
$176,110
was
retained
by
Investor
Services.
e.
Investments
in
FT
Underlying
Funds
The Fund
invests in
Underlying
Funds
which
are
managed
by
Advisers,
an
affiliate
of
FT
Services
or
by
an
affiliate
of
Advisers.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
Underlying
Fund’s
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
Underlying
Fund.
The
Fund
does
not
invest
in
Underlying
Funds
for
the
purpose
of
exercising
a
controlling
influence
over
the
management
or
policies.
Administrative
fees
paid
by
the Fund
are
waived
on
assets
invested
in
Institutional Fiduciary
Trust
Money
Market
Portfolio
(Sweep
Money
Fund),
as
noted
in
the
Statement of
Operations,
in
an
amount
not
to
exceed
the
management
and
administrative
fees
paid
directly
or
indirectly by
the
Sweep
Money Fund.
Class
A
....................................................................................
0.35%
Class
C
....................................................................................
1.00%
Class
R
....................................................................................
0.50%
Sales
charges
retained
net
of
commissions
paid
to
unaffiliated
brokers/dealers
..............................
$54,128
CDSC
retained
..............................................................................
$1,676
3.
Transactions
with
Affiliates
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Financial
Statements
(unaudited)
16
franklintempleton.com
Semiannual
Report
Franklin
Corefolio
Allocation
Fund
(continued)
Investments
in
Underlying
Funds
for
the
period
ended
June
30,
2024,
were
as
follows:
f.
Waiver
and
Expense
Reimbursements
Transfer
agent
fees
on
Class
R6
shares
of
the
Fund have
been
capped
so
that
transfer
agent
fees
for
that
class
do
not
exceed
0.03%
based
on
the
average
net
assets
of
the
class
until
April
30,
2025.
4.
Income
Taxes
At
June
30,
2024,
the
cost
of
investments
and
net
unrealized
appreciation
(depreciation) for
income
tax
purposes
were
as
follows:
Differences
between
income
and/or
capital
gains
as
determined
on
a
book
basis
and
a
tax
basis
are
primarily
due
to
differing
treatments
of
wash
sales.
5.
Investment
Transactions
Purchases
and
sales
of
investments (excluding
short
term
securities) for
the
period
ended
June
30,
2024,
aggregated
$33,179,107 and
$60,459,446,
respectively.
aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Dividend
Income
a
a
a
a
a
a
a
a
a
Franklin
Corefolio
Allocation
Fund
Non-Controlled
Affiliates
Franklin
Growth
Fund,
Class
R6
.
$
230,947,089
$
—
$
(11,907,613)
$
820,881
$
32,141,376
$
252,001,733
1,777,414
$
—
Franklin
Growth
Opportunities
Fund,
Class
R6
............
251,269,180
—
(35,403,631)
3,178,700
39,990,459
259,034,708
4,347,679
—
Franklin
Mutual
Shares
Fund,
Class
R6
.....................
209,518,825
21,149,585
(6,488,947)
254,832
10,275,091
234,709,386
9,157,604
—
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.972%
......
1,179
10,942,041
(10,942,632)
—
—
588
588
4,213
Templeton
Growth
Fund,
Inc.,
Class
R6
.....................
222,226,088
12,029,522
(6,659,256)
393,163
14,834,392
242,823,909
8,894,649
—
Total
Non-Controlled
Affiliates
$913,962,361
$44,121,148
$(71,402,079)
$4,647,576
$97,241,318
$988,570,324
$4,213
Total
Affiliated
Securities
....
$913,962,361
$44,121,148
$(71,402,079)
$4,647,576
$97,241,318
$988,570,324
$4,213
Cost
of
investments
..........................................................................
$597,012,946
Unrealized
appreciation
........................................................................
$399,486,371
Unrealized
depreciation
........................................................................
(7,928,993)
Net
unrealized
appreciation
(depreciation)
..........................................................
$391,557,378
3.
Transactions
with
Affiliates
(continued)
e.
Investments
in
FT
Underlying
Funds
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Financial
Statements
(unaudited)
17
franklintempleton.com
Semiannual
Report
Franklin
Corefolio
Allocation
Fund
(continued)
6.
Credit
Facility
The
Fund,
together
with
other
U.S.
registered
and
foreign
investment
funds
(collectively,
Borrowers),
managed
by
Franklin
Templeton,
are
borrowers
in
a
joint
syndicated
senior
unsecured
credit
facility
totaling
$2.675
billion
(Global
Credit
Facility)
which
matures
on
January
31,
2025.
This
Global
Credit
Facility
provides
a
source
of
funds
to
the
Borrowers
for
temporary
and
emergency
purposes,
including
the
ability
to
meet
future
unanticipated
or
unusually
large
redemption
requests.
Under
the
terms
of
the
Global
Credit
Facility,
the
Fund
shall,
in
addition
to
interest
charged
on
any
borrowings
made
by
the
Fund
and
other
costs
incurred
by
the
Fund,
pay
its
share
of
fees
and
expenses
incurred
in
connection
with
the
implementation
and
maintenance
of
the
Global
Credit
Facility,
based
upon
its
relative
share
of
the
aggregate
net
assets
of
all
of
the
Borrowers,
including
an
annual
commitment
fee
of
0.15%
based
upon
the
unused
portion
of
the
Global
Credit
Facility.
These
fees
are
reflected
in
other
expenses
in
the
Statement
of
Operations.
During
the
period
ended
June
30,
2024,
the Fund
did
not
use
the
Global
Credit
Facility.
7.
Fair
Value
Measurements
The
Fund
follows
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund's financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
–
significant
unobservable
inputs
(including
the
Fund's
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
At
June
30,
2024,
all
of
the Fund's
investments
in
financial
instruments
carried
at
fair
value
were
valued
using
Level 1
inputs.
8.
Subsequent
Events
The
Fund
has
evaluated
subsequent
events
through
the
issuance
of
the
financial
statements
and
determined
that
no
events
have
occurred
that
require
disclosure.
Franklin
Fund
Allocator
Series
18
franklintempleton.com
Semiannual
Report
Changes
In
and
Disagreements
with
Accountants
For
the
period
covered
by
this
report
Not
applicable.
Results
of
Meeting(s)
of
Shareholders
For
the
period
covered
by
this
report
Not
applicable.
Remuneration
Paid
to
Directors,
Officers
and
Others
For
the
period
covered
by
this
report
Refer
to
the
financial
statements
included
herein.
Board
Approval
of
Management
and
Subadvisory
Agreements
For
the
period
covered
by
this
report
Not
applicable.
4467-SFSOI
08/24
©
2024
Franklin
Templeton.
All
rights
reserved.
Franklin
Global
Allocation
Fund
Financial
Statements
and
Other
Important
Information
Semi-Annual
|
June
30,
2024
Table
of
Contents
franklintempleton.com
Financial
Statements
and
Other
Important
Information—Semiannual
1
Financial
Highlights
and
Schedule
of
Investments
2
Financial
Statements
17
Notes
to
Financial
Statements
21
Changes
In
and
Disagreements
with
Accountants
34
Results
of
Meeting(s)
of
Shareholders
34
Remuneration
Paid
to
Directors,
Officers
and
Others
34
Board
Approval
of
Management
and
Subadvisory
Agreements
34
Franklin
Fund
Allocator
Series
Financial
Highlights
Franklin
Global
Allocation
Fund
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
2
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$14.01
$12.62
$14.95
$13.49
$14.43
$12.63
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.12
0.23
0.18
0.19
c
0.34
c
0.42
c
Net
realized
and
unrealized
gains
(losses)
1.14
1.39
(1.95)
1.39
(0.27)
1.82
Total
from
investment
operations
........
1.26
1.62
(1.77)
1.58
0.07
2.24
Less
distributions
from:
Net
investment
income
..............
(0.11)
(0.23)
(0.56)
(0.12)
(0.47)
(0.44)
Net
realized
gains
.................
—
—
—
—
(0.54)
—
Total
distributions
...................
(0.11)
(0.23)
(0.56)
(0.12)
(1.01)
(0.44)
Net
asset
value,
end
of
period
..........
$15.16
$14.01
$12.62
$14.95
$13.49
$14.43
Total
return
d
.......................
9.00%
12.92%
(11.83)%
11.74%
1.55%
17.81%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.94%
0.95%
0.94%
0.94%
f
0.42%
f
0.40%
f
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
0.92%
0.92%
g
0.91%
g
0.88%
f,g
0.42%
f,h
0.40%
f,h
Net
investment
income
...............
1.65%
1.75%
1.31%
1.33%
c
2.73%
c
2.99%
c
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$2,559,261
$2,479,455
$2,417,274
$3,006,324
$2,952,287
$3,397,662
Portfolio
turnover
rate
................
28.69%
76.65%
15.46%
97.19%
i
4.07%
0.29%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Recognition
of
net
investment
income
by
the
Fund
is
affected
by
the
timing
of
declaration
of
dividends
by
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Does
not
include
expenses
of
the
Underlying
Funds
in
which
the
Fund
invests.
g
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
h
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
i
Excludes
the
value
of
portfolio
activity
as
a
result
of
in-kind
transactions.
Franklin
Fund
Allocator
Series
Financial
Highlights
Franklin
Global
Allocation
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
3
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$13.87
$12.50
$14.79
$13.40
$14.33
$12.54
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.06
0.13
0.07
0.08
c
0.23
c
0.29
c
Net
realized
and
unrealized
gains
(losses)
1.14
1.36
(1.91)
1.38
(0.26)
1.82
Total
from
investment
operations
........
1.20
1.49
(1.84)
1.46
(0.03)
2.11
Less
distributions
from:
Net
investment
income
..............
(0.06)
(0.12)
(0.45)
(0.07)
(0.36)
(0.32)
Net
realized
gains
.................
—
—
—
—
(0.54)
—
Total
distributions
...................
(0.06)
(0.12)
(0.45)
(0.07)
(0.90)
(0.32)
Net
asset
value,
end
of
period
..........
$15.01
$13.87
$12.50
$14.79
$13.40
$14.33
Total
return
d
.......................
8.66%
12.00%
(12.45)%
10.89%
0.79%
16.91%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.69%
1.70%
1.69%
1.68%
f
1.17%
f
1.15%
f
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
1.67%
1.67%
g
1.66%
g
1.62%
f,g
1.17%
f,h
1.15%
f,h
Net
investment
income
...............
0.89%
1.00%
0.56%
0.58%
c
1.85%
c
2.24%
c
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$67,327
$71,783
$84,086
$131,347
$201,506
$300,699
Portfolio
turnover
rate
................
28.69%
76.65%
15.46%
97.19%
i
4.07%
0.29%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Recognition
of
net
investment
income
by
the
Fund
is
affected
by
the
timing
of
declaration
of
dividends
by
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Does
not
include
expenses
of
the
Underlying
Funds
in
which
the
Fund
invests.
g
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
h
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
i
Excludes
the
value
of
portfolio
activity
as
a
result
of
in-kind
transactions.
Franklin
Fund
Allocator
Series
Financial
Highlights
Franklin
Global
Allocation
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
4
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Class
R
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$14.05
$12.66
$14.99
$13.54
$14.48
$12.68
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.10
0.20
0.14
0.15
c
0.31
c
0.37
c
Net
realized
and
unrealized
gains
(losses)
1.15
1.39
(1.95)
1.40
(0.28)
1.83
Total
from
investment
operations
........
1.25
1.59
(1.81)
1.55
0.03
2.20
Less
distributions
from:
Net
investment
income
..............
(0.10)
(0.20)
(0.52)
(0.10)
(0.43)
(0.40)
Net
realized
gains
.................
—
—
—
—
(0.54)
—
Total
distributions
...................
(0.10)
(0.20)
(0.52)
(0.10)
(0.97)
(0.40)
Net
asset
value,
end
of
period
..........
$15.20
$14.05
$12.66
$14.99
$13.54
$14.48
Total
return
d
.......................
8.87%
12.63%
(12.06)%
11.50%
1.28%
17.44%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.19%
1.20%
1.19%
1.19%
f
0.67%
f
0.65%
f
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
1.17%
1.17%
g
1.16%
g
1.13%
f,g
0.67%
f,h
0.65%
f,h
Net
investment
income
...............
1.40%
1.50%
1.06%
1.08%
c
2.47%
c
2.74%
c
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$4,501
$4,213
$3,906
$5,229
$4,975
$5,699
Portfolio
turnover
rate
................
28.69%
76.65%
15.46%
97.19%
i
4.07%
0.29%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Recognition
of
net
investment
income
by
the
Fund
is
affected
by
the
timing
of
declaration
of
dividends
by
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Does
not
include
expenses
of
the
Underlying
Funds
in
which
the
Fund
invests.
g
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
h
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
i
Excludes
the
value
of
portfolio
activity
as
a
result
of
in-kind
transactions.
Franklin
Fund
Allocator
Series
Financial
Highlights
Franklin
Global
Allocation
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
5
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$14.47
$13.03
$15.43
$13.89
$14.81
$12.95
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.15
0.28
0.22
0.25
c
0.96
c
0.46
c
Net
realized
and
unrealized
gains
(losses)
1.18
1.44
(2.02)
1.43
(0.83)
1.88
Total
from
investment
operations
........
1.33
1.72
(1.80)
1.68
0.13
2.34
Less
distributions
from:
Net
investment
income
..............
(0.13)
(0.28)
(0.60)
(0.14)
(0.51)
(0.48)
Net
realized
gains
.................
—
—
—
—
(0.54)
—
Total
distributions
...................
(0.13)
(0.28)
(0.60)
(0.14)
(1.05)
(0.48)
Net
asset
value,
end
of
period
..........
$15.67
$14.47
$13.03
$15.43
$13.89
$14.81
Total
return
d
.......................
9.20%
13.26%
(11.62)%
12.14%
1.94%
18.18%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.65%
0.65%
0.66%
0.67%
f
0.21%
f
3.23%
f
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
0.62%
0.60%
g
0.59%
g
0.54%
f,g
0.07%
f
0.07%
f
Net
investment
income
...............
1.99%
2.06%
1.61%
1.69%
c
7.33%
c
3.32%
c
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$4,851
$4,018
$1,087
$573
$631
$5
Portfolio
turnover
rate
................
28.69%
76.65%
15.46%
97.19%
h
4.07%
0.29%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Recognition
of
net
investment
income
by
the
Fund
is
affected
by
the
timing
of
declaration
of
dividends
by
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Does
not
include
expenses
of
the
Underlying
Funds
in
which
the
Fund
invests.
g
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
h
Excludes
the
value
of
portfolio
activity
as
a
result
of
in-kind
transactions.
Franklin
Fund
Allocator
Series
Financial
Highlights
Franklin
Global
Allocation
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$14.13
$12.72
$15.07
$13.58
$14.52
$12.71
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.14
0.27
0.21
0.23
c
0.37
c
0.45
c
Net
realized
and
unrealized
gains
(losses)
1.15
1.41
(1.97)
1.40
(0.27)
1.83
Total
from
investment
operations
........
1.29
1.68
(1.76)
1.63
0.10
2.28
Less
distributions
from:
Net
investment
income
..............
(0.13)
(0.27)
(0.59)
(0.14)
(0.50)
(0.47)
Net
realized
gains
.................
—
—
—
—
(0.54)
—
Total
distributions
...................
(0.13)
(0.27)
(0.59)
(0.14)
(1.04)
(0.47)
Net
asset
value,
end
of
period
..........
$15.29
$14.13
$12.72
$15.07
$13.58
$14.52
Total
return
d
.......................
9.18%
13.25%
(11.64)%
12.01%
1.79%
18.06%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.69%
0.70%
0.69%
0.69%
f
0.17%
f
0.15%
f
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
0.68%
0.67%
g
0.66%
g
0.63%
f,g
0.17%
f,h
0.15%
f,h
Net
investment
income
...............
1.91%
2.00%
1.56%
1.58%
c
2.89%
c
3.24%
c
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$113,499
$103,377
$98,974
$122,896
$123,049
$156,275
Portfolio
turnover
rate
................
28.69%
76.65%
15.46%
97.19%
i
4.07%
0.29%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Recognition
of
net
investment
income
by
the
Fund
is
affected
by
the
timing
of
declaration
of
dividends
by
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Does
not
include
expenses
of
the
Underlying
Funds
in
which
the
Fund
invests.
g
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
h
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
i
Excludes
the
value
of
portfolio
activity
as
a
result
of
in-kind
transactions.
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited),
June
30,
2024
Franklin
Global
Allocation
Fund
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
7
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
60.5%
Aerospace
&
Defense
0.5%
BAE
Systems
plc
.....................................
United
Kingdom
464,266
$
7,733,417
Safran
SA
...........................................
France
22,402
4,722,071
12,455,488
Air
Freight
&
Logistics
0.2%
Expeditors
International
of
Washington,
Inc.
.................
United
States
43,564
5,436,352
Automobile
Components
0.2%
Cie
Generale
des
Etablissements
Michelin
SCA
..............
France
102,304
3,954,717
Hankook
Tire
&
Technology
Co.
Ltd.
.......................
South
Korea
88,762
2,893,425
6,848,142
Automobiles
0.8%
General
Motors
Co.
....................................
United
States
377,852
17,555,004
a
Tesla,
Inc.
...........................................
United
States
18,780
3,716,186
21,271,190
Banks
2.8%
BNP
Paribas
SA
......................................
France
49,252
3,150,210
ING
Groep
NV
.......................................
Netherlands
1,407,299
24,184,527
Intesa
Sanpaolo
SpA
...................................
Italy
4,354,043
16,183,690
JPMorgan
Chase
&
Co.
.................................
United
States
24,472
4,949,707
Shinhan
Financial
Group
Co.
Ltd.
.........................
South
Korea
335,219
11,657,220
UniCredit
SpA
........................................
Italy
471,238
17,441,087
77,566,441
Beverages
0.2%
Coca-Cola
Europacific
Partners
plc
........................
United
Kingdom
62,660
4,566,034
Biotechnology
1.6%
AbbVie,
Inc.
.........................................
United
States
226,914
38,920,289
a
Regeneron
Pharmaceuticals,
Inc.
.........................
United
States
4,098
4,307,121
43,227,410
Broadline
Retail
2.5%
b
Alibaba
Group
Holding
Ltd.
,
ADR
.........................
China
135,724
9,772,128
a
Amazon.com,
Inc.
.....................................
United
States
205,446
39,702,439
a
MercadoLibre,
Inc.
....................................
Brazil
5,885
9,671,409
a,b
PDD
Holdings,
Inc.
,
ADR
................................
China
78,065
10,378,742
69,524,718
Building
Products
0.5%
Cie
de
Saint-Gobain
SA
................................
France
50,459
3,924,955
Owens
Corning
.......................................
United
States
28,943
5,027,978
a
Trex
Co.,
Inc.
........................................
United
States
37,465
2,776,906
UFP
Industries,
Inc.
....................................
United
States
28,947
3,242,064
14,971,903
Capital
Markets
1.3%
3i
Group
plc
.........................................
United
Kingdom
314,701
12,129,343
Deutsche
Bank
AG
....................................
Germany
356,564
5,699,603
Nomura
Holdings,
Inc.
..................................
Japan
951,800
5,498,768
Partners
Group
Holding
AG
..............................
Switzerland
6,603
8,455,984
SEI
Investments
Co.
...................................
United
States
51,698
3,344,344
35,128,042
Chemicals
0.7%
LyondellBasell
Industries
NV
,
A
...........................
United
States
45,856
4,386,585
Nitto
Denko
Corp.
.....................................
Japan
50,400
3,998,191
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
Global
Allocation
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
8
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Chemicals
(continued)
Shin-Etsu
Chemical
Co.
Ltd.
.............................
Japan
246,300
$
9,578,037
17,962,813
Commercial
Services
&
Supplies
0.2%
Cintas
Corp.
.........................................
United
States
8,873
6,213,407
Communications
Equipment
0.4%
a
Arista
Networks,
Inc.
...................................
United
States
23,325
8,174,946
Cisco
Systems,
Inc.
...................................
United
States
71,806
3,411,503
11,586,449
Construction
&
Engineering
0.1%
Stantec,
Inc.
.........................................
Canada
42,300
3,540,870
Construction
Materials
0.2%
CRH
plc
............................................
United
States
55,800
4,183,884
Consumer
Staples
Distribution
&
Retail
1.3%
Carrefour
SA
.........................................
France
426,704
6,047,352
Koninklijke
Ahold
Delhaize
NV
............................
Netherlands
175,585
5,167,680
Kroger
Co.
(The)
......................................
United
States
198,332
9,902,717
Loblaw
Cos.
Ltd.
......................................
Canada
63,200
7,330,683
Walmart,
Inc.
........................................
United
States
117,219
7,936,898
36,385,330
Distributors
0.1%
Pool
Corp.
..........................................
United
States
10,782
3,313,632
Diversified
Telecommunication
Services
0.4%
Deutsche
Telekom
AG
..................................
Germany
295,996
7,441,049
Telkom
Indonesia
Persero
Tbk.
PT
........................
Indonesia
13,349,900
2,536,309
9,977,358
Electric
Utilities
0.3%
Endesa
SA
..........................................
Spain
187,599
3,525,286
Iberdrola
SA
.........................................
Spain
375,036
4,866,745
8,392,031
Electrical
Equipment
1.1%
Eaton
Corp.
plc
.......................................
United
States
53,000
16,618,150
a
NEXTracker,
Inc.
,
A
....................................
United
States
55,917
2,621,389
Vertiv
Holdings
Co.
,
A
..................................
United
States
52,406
4,536,788
WEG
SA
............................................
Brazil
733,490
5,535,600
29,311,927
Electronic
Equipment,
Instruments
&
Components
0.3%
Hon
Hai
Precision
Industry
Co.
Ltd.
........................
Taiwan
1,301,000
8,548,426
Entertainment
1.2%
b
NetEase,
Inc.
........................................
China
708,800
13,535,191
a
Netflix,
Inc.
..........................................
United
States
25,088
16,931,389
Nintendo
Co.
Ltd.
.....................................
Japan
70,300
3,754,715
34,221,295
Financial
Services
2.1%
a
Berkshire
Hathaway,
Inc.
,
B
..............................
United
States
27,948
11,369,246
Equitable
Holdings,
Inc.
.................................
United
States
111,383
4,551,109
Investor
AB
,
B
........................................
Sweden
588,101
16,119,269
Mastercard,
Inc.
,
A
....................................
United
States
16,880
7,446,781
MGIC
Investment
Corp.
.................................
United
States
328,187
7,072,430
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
Global
Allocation
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
9
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Financial
Services
(continued)
Visa,
Inc.
,
A
..........................................
United
States
45,846
$
12,033,200
58,592,035
Food
Products
0.2%
Associated
British
Foods
plc
.............................
United
Kingdom
207,969
6,493,853
Ground
Transportation
0.6%
Old
Dominion
Freight
Line,
Inc.
...........................
United
States
52,844
9,332,250
a
Uber
Technologies,
Inc.
.................................
United
States
97,060
7,054,321
16,386,571
Health
Care
Equipment
&
Supplies
1.8%
Abbott
Laboratories
....................................
United
States
154,153
16,018,038
a
IDEXX
Laboratories,
Inc.
................................
United
States
23,390
11,395,608
a
Insulet
Corp.
.........................................
United
States
69,819
14,089,474
Sonova
Holding
AG
....................................
Switzerland
10,553
3,251,208
Stryker
Corp.
........................................
United
States
9,937
3,381,065
48,135,393
Health
Care
Providers
&
Services
1.6%
Cigna
Group
(The)
....................................
United
States
54,341
17,963,504
McKesson
Corp.
......................................
United
States
39,237
22,915,978
UnitedHealth
Group,
Inc.
................................
United
States
7,578
3,859,172
44,738,654
Hotels,
Restaurants
&
Leisure
1.4%
Booking
Holdings,
Inc.
.................................
United
States
9,396
37,222,254
Household
Durables
0.4%
a
NVR,
Inc.
...........................................
United
States
455
3,452,795
PulteGroup,
Inc.
......................................
United
States
61,365
6,756,286
10,209,081
Products
0.8%
Procter
&
Gamble
Co.
(The)
.............................
United
States
137,160
22,620,427
Industrial
Conglomerates
0.8%
Hitachi
Ltd.
..........................................
Japan
1,025,000
23,082,821
Insurance
1.1%
Erie
Indemnity
Co.
,
A
...................................
United
States
22,694
8,224,306
Medibank
Pvt
Ltd.
.....................................
Australia
1,837,323
4,553,469
Muenchener
Rueckversicherungs-Gesellschaft
AG
in
Muenchen
..
Germany
16,696
8,348,422
NN
Group
NV
........................................
Netherlands
84,660
3,935,418
Ping
An
Insurance
Group
Co.
of
China
Ltd.
,
H
................
China
1,359,000
6,157,054
31,218,669
Interactive
Media
&
Services
3.1%
Alphabet,
Inc.
,
A
......................................
United
States
261,519
47,635,686
a,b,c
Kuaishou
Technology
,
144A
,
Reg
S
........................
China
534,100
3,135,089
Meta
Platforms,
Inc.
,
A
.................................
United
States
50,147
25,285,121
a
Pinterest,
Inc.
,
A
......................................
United
States
181,803
8,012,058
84,067,954
IT
Services
1.0%
Infosys
Ltd.
,
ADR
.....................................
India
1,547,100
28,807,002
Life
Sciences
Tools
&
Services
0.3%
a
Mettler-Toledo
International,
Inc.
..........................
United
States
5,962
8,332,432
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
Global
Allocation
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
10
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Machinery
0.9%
Atlas
Copco
AB
,
B
.....................................
Sweden
498,831
$
8,056,521
Caterpillar,
Inc.
.......................................
United
States
39,416
13,129,470
PACCAR,
Inc.
........................................
United
States
32,382
3,333,403
24,519,394
Metals
&
Mining
0.6%
Fortescue
Ltd.
........................................
Australia
234,543
3,339,062
Reliance,
Inc.
........................................
United
States
19,628
5,605,757
Steel
Dynamics,
Inc.
...................................
United
States
59,001
7,640,629
16,585,448
Multi-Utilities
0.3%
Centrica
plc
.........................................
United
Kingdom
2,018,575
3,440,790
E.ON
SE
............................................
Germany
348,211
4,577,068
8,017,858
Oil,
Gas
&
Consumable
Fuels
2.5%
Exxon
Mobil
Corp.
.....................................
United
States
29,108
3,350,913
Inpex
Corp.
..........................................
Japan
338,400
4,970,340
Marathon
Petroleum
Corp.
..............................
United
States
107,124
18,583,871
Petroleo
Brasileiro
SA
..................................
Brazil
2,504,600
18,091,130
Suncor
Energy,
Inc.
....................................
Canada
251,800
9,597,552
Valero
Energy
Corp.
...................................
United
States
94,397
14,797,674
69,391,480
Personal
Care
Products
0.6%
a
BellRing
Brands,
Inc.
...................................
United
States
58,222
3,326,805
L'Oreal
SA
..........................................
France
9,921
4,367,494
a
Oddity
Tech
Ltd.
,
A
....................................
Israel
238,459
9,361,900
17,056,199
Pharmaceuticals
2.8%
Eli
Lilly
&
Co.
........................................
United
States
21,938
19,862,226
GSK
plc
............................................
United
States
409,205
7,871,050
Johnson
&
Johnson
...................................
United
States
130,899
19,132,198
Merck
&
Co.,
Inc.
.....................................
United
States
86,694
10,732,717
Novartis
AG
.........................................
Switzerland
71,866
7,652,119
Novo
Nordisk
A/S
,
B
...................................
Denmark
62,622
8,961,548
Shionogi
&
Co.
Ltd.
....................................
Japan
93,300
3,634,463
77,846,321
Professional
Services
0.9%
Recruit
Holdings
Co.
Ltd.
...............................
Japan
311,500
16,763,539
Verisk
Analytics,
Inc.
,
A
.................................
United
States
33,038
8,905,393
25,668,932
Retail
REITs
0.2%
Simon
Property
Group,
Inc.
..............................
United
States
42,219
6,408,844
Semiconductors
&
Semiconductor
Equipment
6.8%
Applied
Materials,
Inc.
..................................
United
States
18,287
4,315,549
BE
Semiconductor
Industries
NV
..........................
Netherlands
20,507
3,426,201
Broadcom,
Inc.
.......................................
United
States
4,346
6,977,634
KLA
Corp.
...........................................
United
States
33,633
27,730,745
Lam
Research
Corp.
...................................
United
States
3,719
3,960,177
MediaTek,
Inc.
.......................................
Taiwan
709,000
30,473,971
Novatek
Microelectronics
Corp.
...........................
Taiwan
466,000
8,673,295
NVIDIA
Corp.
........................................
United
States
622,650
76,922,181
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
,
ADR
...........
Taiwan
110,800
19,258,148
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
Global
Allocation
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
11
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Semiconductors
&
Semiconductor
Equipment
(continued)
Tokyo
Electron
Ltd.
....................................
Japan
19,200
$
4,203,541
185,941,442
Software
5.6%
a
Adobe,
Inc.
..........................................
United
States
15,879
8,821,420
a
Atlassian
Corp.
,
A
.....................................
United
States
22,990
4,066,471
a
Cadence
Design
Systems,
Inc.
...........................
United
States
11,322
3,484,346
a
Crowdstrike
Holdings,
Inc.
,
A
.............................
United
States
11,385
4,362,618
a
Dropbox,
Inc.
,
A
......................................
United
States
118,904
2,671,773
a
Fair
Isaac
Corp.
......................................
United
States
6,588
9,807,292
a
HubSpot,
Inc.
........................................
United
States
5,408
3,189,584
Microsoft
Corp.
.......................................
United
States
170,350
76,137,933
a
Monday.com
Ltd.
......................................
United
States
17,636
4,246,043
a
ServiceNow,
Inc.
......................................
United
States
7,935
6,242,226
a
Synopsys,
Inc.
.......................................
United
States
38,834
23,108,560
a
Xero
Ltd.
............................................
New
Zealand
71,627
6,477,695
152,615,961
Specialized
REITs
0.3%
Public
Storage
.......................................
United
States
24,032
6,912,805
Specialty
Retail
1.5%
a
AutoZone,
Inc.
.......................................
United
States
5,085
15,072,448
Dick's
Sporting
Goods,
Inc.
..............................
United
States
21,020
4,516,147
Industria
de
Diseno
Textil
SA
.............................
Spain
67,640
3,356,995
Ross
Stores,
Inc.
.....................................
United
States
95,893
13,935,171
Vibra
Energia
SA
......................................
Brazil
1,116,300
4,173,383
41,054,144
Technology
Hardware,
Storage
&
Peripherals
3.1%
Apple,
Inc.
..........................................
United
States
381,840
80,423,141
Samsung
Electronics
Co.
Ltd.
............................
South
Korea
91,900
5,395,163
85,818,304
Textiles,
Apparel
&
Luxury
Goods
1.2%
a
Deckers
Outdoor
Corp.
.................................
United
States
7,959
7,703,914
a
Lululemon
Athletica,
Inc.
................................
United
States
28,464
8,502,197
NIKE,
Inc.
,
B
.........................................
United
States
117,566
8,860,949
Pandora
A/S
.........................................
Denmark
21,415
3,223,699
Ralph
Lauren
Corp.
,
A
..................................
United
States
19,280
3,375,157
31,665,916
Tobacco
0.2%
Japan
Tobacco,
Inc.
...................................
Japan
245,000
6,635,495
Trading
Companies
&
Distributors
0.7%
Fastenal
Co.
.........................................
United
States
48,550
3,050,882
Toyota
Tsusho
Corp.
...................................
Japan
205,500
4,016,736
WW
Grainger,
Inc.
.....................................
United
States
12,558
11,330,330
18,397,948
Wireless
Telecommunication
Services
0.2%
Vodafone
Group
plc
...................................
United
Kingdom
5,939,151
5,255,401
Total
Common
Stocks
(Cost
$
1,413,740,731
)
....................................
1,664,332,180
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
Global
Allocation
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
12
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Management
Investment
Companies
4.7%
Capital
Markets
4.7%
d
Franklin
BSP
Private
Credit
Fund
,
Class
Advisor
..............
United
States
3,076,841
$
31,937,612
d
Franklin
Senior
Loan
ETF
...............................
United
States
210,000
5,126,100
d
Franklin
Systematic
Style
Premia
ETF
......................
United
States
2,225,000
52,654,625
a
iShares
MSCI
India
ETF
................................
United
States
118,437
6,606,416
VanEck
J.P.
Morgan
EM
Local
Currency
Bond
ETF
............
United
States
1,373,400
32,659,452
128,984,205
Total
Management
Investment
Companies
(Cost
$
135,295,255
)
...................
128,984,205
Preferred
Stocks
0.3%
Banks
0.3%
e
Itausa
SA
,
3.06
%
.....................................
Brazil
4,876,700
8,566,404
Total
Preferred
Stocks
(Cost
$
10,289,903
)
......................................
8,566,404
Principal
Amount
*
Corporate
Bonds
7.3%
Automobile
Components
0.1%
c
Dornoch
Debt
Merger
Sub,
Inc.
,
Senior
Note
,
144A,
6.625
%
,
10/15/29
..........................................
United
States
3,250,000
2,767,368
Banks
1.4%
c
Australia
&
New
Zealand
Banking
Group
Ltd.
,
Sub.
Bond
,
144A,
2.57%
to
11/24/30,
FRN
thereafter
,
11/25/35
................
Australia
7,780,000
6,392,042
Mitsubishi
UFJ
Financial
Group,
Inc.
,
Senior
Bond
,
3.287
%
,
7/25/27
Japan
1,690,000
1,603,523
c
Societe
Generale
SA
,
Senior
Non-Preferred
Note
,
144A,
2.625
%
,
1/22/25
...........................................
France
7,393,000
7,250,557
Sumitomo
Mitsui
Financial
Group,
Inc.
,
Sub.
Bond
,
2.142
%
,
9/23/30
Japan
5,500,000
4,588,112
c
UniCredit
SpA
,
Senior
Preferred
Bond
,
144A,
3.127%
to
6/02/31,
FRN
thereafter
,
6/03/32
...............................
Italy
9,889,000
8,383,338
f
US
Bancorp
,
Junior
Sub.
Bond
,
3.7%
to
1/14/27,
FRN
thereafter
,
Perpetual
..........................................
United
States
8,870,000
8,044,840
Westpac
Banking
Corp.
,
Sub.
Bond
,
2.894%
to
2/03/25,
FRN
thereafter
,
2/04/30
...................................
Australia
1,749,000
1,714,885
37,977,297
Beverages
0.2%
Anheuser-Busch
InBev
Worldwide,
Inc.
,
Senior
Bond
,
4
%
,
4/13/28
Belgium
4,654,000
4,526,203
Biotechnology
0.1%
c
Grifols
SA
,
Senior
Note
,
144A,
4.75
%
,
10/15/28
..............
Spain
1,862,000
1,608,646
Broadline
Retail
0.2%
b
Alibaba
Group
Holding
Ltd.
,
Senior
Bond
,
3.4
%
,
12/06/27
.......
China
6,300,000
5,955,375
Capital
Markets
0.5%
Deutsche
Bank
AG
,
Senior
Non-Preferred
Bond
,
3.547%
to
9/17/30,
FRN
thereafter
,
9/18/31
...........................................
Germany
5,817,000
5,123,245
Senior
Non-Preferred
Note
,
2.129%
to
11/23/25,
FRN
thereafter
,
11/24/26
..........................................
Germany
3,491,000
3,314,075
Nomura
Holdings,
Inc.
,
Senior
Bond
,
3.103
%
,
1/16/30
..........
Japan
6,225,000
5,505,578
13,942,898
Chemicals
0.3%
Nutrien
Ltd.
,
Senior
Bond
,
2.95
%
,
5/13/30
...................
Canada
9,075,000
8,037,164
Communications
Equipment
0.1%
c
CommScope,
Inc.
,
Senior
Secured
Note
,
144A,
4.75
%
,
9/01/29
...
United
States
4,800,000
3,335,088
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
Global
Allocation
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
13
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Consumer
Finance
0.4%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
,
Senior
Bond
,
3.4
%
,
10/29/33
...........................
Ireland
3,956,000
$
3,320,324
Senior
Note
,
2.45
%
,
10/29/26
..........................
Ireland
5,527,000
5,157,660
c,f
Volkswagen
International
Finance
NV
,
Senior
Bond
,
Reg
S,
3.5%
to
6/16/25,
FRN
thereafter
,
Perpetual
.......................
Germany
3,700,000
EUR
3,916,710
12,394,694
Financial
Services
0.4%
c
Siemens
Financieringsmaatschappij
NV
,
Senior
Bond
,
144A,
2.35
%
,
10/15/26
..........................................
Germany
6,748,000
6,356,705
c
Woodside
Finance
Ltd.
,
Senior
Bond
,
144A,
4.5
%
,
3/04/29
......
Australia
4,654,000
4,494,098
10,850,803
Food
Products
0.2%
JBS
USA
Holding
Lux
SARL
/
JBS
USA
Food
Co.
/
JBS
Lux
Co.
SARL
,
Senior
Note
,
3.75
%
,
12/01/31
..........................
United
States
4,800,000
4,206,533
Senior
Note
,
3
%
,
5/15/32
.............................
United
States
1,310,362
1,079,539
5,286,072
Ground
Transportation
0.2%
c
Ashtead
Capital,
Inc.
,
Senior
Bond
,
144A,
5.5
%
,
8/11/32
........
United
Kingdom
6,981,000
6,814,910
Health
Care
Providers
&
Services
0.3%
c
Fresenius
Medical
Care
US
Finance
III,
Inc.
,
Senior
Bond
,
144A,
2.375
%
,
2/16/31
.....................................
Germany
10,471,000
8,273,136
Household
Products
0.2%
c
Kimberly-Clark
de
Mexico
SAB
de
CV
,
Senior
Bond
,
144A,
2.431
%
,
7/01/31
...........................................
Mexico
7,190,000
6,111,227
Interactive
Media
&
Services
0.2%
b,c
Tencent
Holdings
Ltd.
,
Senior
Bond
,
144A,
2.39
%
,
6/03/30
......
China
6,290,000
5,406,207
Metals
&
Mining
0.5%
ArcelorMittal
SA
,
Senior
Bond
,
4.25
%
,
7/16/29
...............
Luxembourg
6,981,000
6,684,523
c
Glencore
Funding
LLC
,
Senior
Bond
,
144A,
2.5
%
,
9/01/30
......
Australia
8,144,000
6,890,664
13,575,187
Oil,
Gas
&
Consumable
Fuels
0.5%
c
Aker
BP
ASA
,
Senior
Bond
,
144A,
3.1
%
,
7/15/31
..............
Norway
9,191,000
7,830,192
Canadian
Natural
Resources
Ltd.
,
Senior
Bond
,
3.85
%
,
6/01/27
..
Canada
6,399,000
6,156,586
13,986,778
Paper
&
Forest
Products
0.2%
Suzano
Austria
GmbH
,
Senior
Bond
,
3.75
%
,
1/15/31
...........
Brazil
5,591,000
4,874,835
Pharmaceuticals
0.7%
AstraZeneca
plc
,
Senior
Bond
,
4
%
,
1/17/29
..................
United
Kingdom
4,654,000
4,487,541
c
Bayer
US
Finance
II
LLC
,
Senior
Note
,
144A,
4.25
%
,
12/15/25
...
Germany
8,144,000
7,971,181
Takeda
Pharmaceutical
Co.
Ltd.
,
Senior
Note
,
5
%
,
11/26/28
.....
Japan
6,500,000
6,453,488
18,912,210
Semiconductors
&
Semiconductor
Equipment
0.3%
c
SK
Hynix,
Inc.
,
Senior
Note
,
144A,
1.5
%
,
1/19/26
.............
South
Korea
9,308,000
8,740,717
Wireless
Telecommunication
Services
0.3%
Vodafone
Group
plc
,
Senior
Bond
,
6.15
%
,
2/27/37
.............
United
Kingdom
7,562,000
8,036,260
Total
Corporate
Bonds
(Cost
$
208,650,813
)
.....................................
201,413,075
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
Global
Allocation
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
14
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Foreign
Government
and
Agency
Securities
12.5%
c
Australia
Government
Bond
,
Reg
S,
1.5
%
,
6/21/31
............
Australia
14,160,000
AUD
$
7,928,342
c
Belgium
Government
Bond
,
Senior
Bond
,
Reg
S,
4
%
,
3/28/32
....
Belgium
3,665,000
EUR
4,196,468
Brazil
Notas
do
Tesouro
Nacional
,
F
,
10
%
,
1/01/29
............
Brazil
37,400,000
BRL
6,239,261
c
Bundesrepublik
Deutschland
,
Reg
S,
Zero
Cpn.,
8/15/30
.............................
Germany
12,215,000
EUR
11,333,259
Reg
S,
2.3
%
,
2/15/33
.................................
Germany
58,285,000
EUR
61,748,241
Reg
S,
1
%
,
5/15/38
..................................
Germany
8,609,000
EUR
7,477,973
Canada
Government
Bond
,
2.5
%
,
12/01/32
.....................................
Canada
20,942,000
CAD
14,195,162
2.75
%
,
6/01/33
.....................................
Canada
19,081,000
CAD
13,147,230
c
Canada
Housing
Trust
No.
1
,
Senior
Bond
,
144A,
2.65
%
,
12/15/28
Canada
21,060,000
CAD
14,723,067
China
Government
Bond
,
2.5
%
,
7/25/27
......................................
China
121,580,000
CNY
17,042,507
2.44
%
,
10/15/27
.....................................
China
47,210,000
CNY
6,605,757
Ecopetrol
SA
,
Senior
Bond
,
4.625
%
,
11/02/31
................
Colombia
1,920,000
1,572,760
European
Investment
Bank
,
Senior
Bond
,
2.125
%
,
4/13/26
......
Supranational
g
17,160,000
16,383,130
c
Export-Import
Bank
of
Korea
,
Senior
Note
,
Reg
S,
7.15
%
,
4/18/25
.
South
Korea
306,100,000
INR
3,665,714
c
Finland
Government
Bond
,
Senior
Bond
,
144A,
Reg
S,
0.75
%
,
4/15/31
................
Finland
2,202,000
EUR
2,047,212
Senior
Bond
,
144A,
Reg
S,
1.375
%
,
4/15/47
...............
Finland
1,825,000
EUR
1,377,078
c
France
Government
Bond
,
144A,
Reg
S,
2.5
%
,
5/25/30
............................
France
4,793,000
EUR
4,987,638
144A,
Reg
S,
Zero
Cpn.,
11/25/30
.......................
France
5,061,000
EUR
4,473,275
144A,
Reg
S,
1.5
%
,
5/25/31
............................
France
5,130,000
EUR
4,967,797
144A,
Reg
S,
2
%
,
11/25/32
............................
France
15,124,000
EUR
14,826,667
International
Bank
for
Reconstruction
&
Development
,
Senior
Note
,
6
%
,
1/16/25
........................................
Supranational
g
275,200,000
INR
3,287,096
Japan
Government
Bond
,
0.1
%
,
6/20/31
......................................
Japan
2,896,000,000
JPY
17,223,537
0.5
%
,
9/20/46
......................................
Japan
1,435,000,000
JPY
6,605,939
Mexican
Bonos
Desarr
Fixed
Rate
,
M
,
7.5
%
,
5/26/33
...........
Mexico
143,100,000
MXN
6,737,914
Mexico
Government
Bond
,
Senior
Bond
,
3.5
%
,
2/12/34
.........
Mexico
19,196,000
15,643,446
c
Netherlands
Government
Bond
,
144A,
Reg
S,
0.5
%
,
1/15/40
............................
Netherlands
1,640,000
EUR
1,232,819
144A,
Reg
S,
3.75
%
,
1/15/42
...........................
Netherlands
1,006,000
EUR
1,196,034
Petroleos
Mexicanos
,
Senior
Note
,
6.5
%
,
3/13/27
.............
Mexico
5,236,000
4,992,474
Spain
Bonos
Y
Obligaciones
del
Estado
,
c
Senior
Bond
,
144A,
Reg
S,
1.95
%
,
4/30/26
................
Spain
2,982,000
EUR
3,127,368
c
Senior
Bond
,
144A,
Reg
S,
2.9
%
,
10/31/46
................
Spain
1,874,000
EUR
1,722,972
6
%
,
1/31/29
........................................
Spain
4,374,000
EUR
5,278,685
c
United
Kingdom
Gilt
,
Reg
S,
3.25
%
,
1/31/33
................................
United
Kingdom
8,027,000
GBP
9,512,150
Reg
S,
4.625
%
,
1/31/34
...............................
United
Kingdom
11,924,000
GBP
15,599,270
Reg
S,
1.75
%
,
9/07/37
................................
United
Kingdom
10,121,000
GBP
9,485,814
Reg
S,
1.25
%
,
10/22/41
...............................
United
Kingdom
25,943,000
GBP
20,021,862
Reg
S,
1.5
%
,
7/22/47
.................................
United
Kingdom
5,945,000
GBP
4,201,093
Total
Foreign
Government
and
Agency
Securities
(Cost
$
391,006,038
)
............
344,807,011
U.S.
Government
and
Agency
Securities
7.0%
U.S.
Treasury
Bonds
,
4
%,
11/15/42
.......................................
United
States
19,500,000
17,975,801
3.875
%,
2/15/43
.....................................
United
States
25,500,000
23,057,578
3.875
%,
5/15/43
.....................................
United
States
16,200,000
14,621,449
U.S.
Treasury
Notes
,
0.375
%,
9/15/24
.....................................
United
States
32,000,000
31,675,324
1.75
%,
3/15/25
.....................................
United
States
16,700,000
16,299,678
4
%,
1/31/29
........................................
United
States
47,020,000
46,304,598
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
Global
Allocation
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
15
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
U.S.
Government
and
Agency
Securities
(continued)
U.S.
Treasury
Notes,
(continued)
0.875
%,
11/15/30
....................................
United
States
13,000,000
$
10,518,066
1.875
%,
2/15/32
.....................................
United
States
25,000,000
20,990,235
3.375
%,
5/15/33
.....................................
United
States
11,200,000
10,381,875
Total
U.S.
Government
and
Agency
Securities
(Cost
$
203,416,378
)
................
191,824,604
Mortgage-Backed
Securities
2.4%
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Fixed
Rate
0.3%
FHLMC
Pool,
30
Year
,
5
%,
7/01/53
........................
United
States
5,502,510
5,322,279
FHLMC
Pool,
30
Year
,
6
%,
3/01/54
........................
United
States
2,563,566
2,571,808
7,894,087
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
0.7%
FNMA,
30
Year
,
2
%,
4/01/52
.............................
United
States
3,370,909
2,641,060
FNMA,
30
Year
,
2.5
%,
12/01/51
...........................
United
States
4,829,778
3,959,732
FNMA,
30
Year
,
3
%,
4/01/52
.............................
United
States
4,596,905
3,917,761
FNMA,
30
Year
,
5.5
%,
3/01/54
...........................
United
States
7,962,328
7,855,911
18,374,464
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
1.4%
GNMA
II,
Single-family,
30
Year
,
3
%,
7/20/51
.................
United
States
26,691,566
23,309,555
GNMA
II,
Single-family,
30
Year
,
3
%,
8/20/51
.................
United
States
17,324,485
15,125,732
38,435,287
Total
Mortgage-Backed
Securities
(Cost
$
72,561,982
)
............................
64,703,838
Total
Long
Term
Investments
(Cost
$
2,434,961,100
)
.............................
2,604,631,317
a
Short
Term
Investments
5.4%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
0.9%
h
U.S.
Treasury
Bills
,
7/11/24
..............................
United
States
26,000,000
25,962,107
Total
U.S.
Government
and
Agency
Securities
(Cost
$
25,962,166
)
.................
25,962,107
Shares
Money
Market
Funds
4.5%
d,i
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.972
%
....
United
States
123,582,744
123,582,744
Total
Money
Market
Funds
(Cost
$
123,582,744
)
.................................
123,582,744
Total
Short
Term
Investments
(Cost
$
149,544,910
)
...............................
149,544,851
a
Total
Investments
(Cost
$
2,584,506,010
)
100.1
%
................................
$2,754,176,168
Other
Assets,
less
Liabilities
(
0.1
)
%
...........................................
(4,737,294)
Net
Assets
100.0%
...........................................................
$2,749,438,874
a
a
a
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
Global
Allocation
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
16
Forward
Exchange
Contracts
Currency
Counter-
party
a
Type
Quantity
Contract
Amount
*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
British
Pound
......
JPHQ
Sell
46,678,000
58,625,149
7/26/24
$
182,984
$
(
570,683
)
Canadian
Dollar
....
BZWS
Sell
56,766,000
41,566,656
7/26/24
54,773
—
Chinese
Yuan
......
BZWS
Sell
168,574,000
23,286,275
7/26/24
147,360
—
Euro
.............
BZWS
Buy
5,662,000
6,160,737
7/26/24
—
(
89,329
)
Euro
.............
BZWS
Sell
127,725,000
137,258,289
7/26/24
297,751
—
Japanese
Yen
......
JPHQ
Buy
5,087,046,000
32,783,690
7/26/24
—
(
1,042,700
)
Japanese
Yen
......
JPHQ
Sell
5,087,046,000
33,277,008
7/26/24
1,536,019
—
Total
Forward
Exchange
Contracts
...................................................
$2,218,887
$(1,702,712)
Net
unrealized
appreciation
(depreciation)
............................................
$516,175
*
In
U.S.
dollars
unless
otherwise
indicated.
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
At
June
30,
2024,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
See
Note
1(c).
See
Note
7
regarding
other
derivative
information.
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
a
Non-income
producing.
b
Variable
interest
entity
(VIE).
See
the
Fund’s
notes
to
financial
statements
regarding
investments
made
through
a
VIE
structure.
At
June
30,
2024,
the
aggregate
value
of
these
securities
was
$48,182,732,
representing
1.8%
of
net
assets.
c
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
June
30,
2024,
the
aggregate
value
of
these
securities
was
$315,529,988,
representing
11.5%
of
net
assets.
d
See
Note
3(f)
regarding
investments
in
affiliated
management
investment
companies.
e
Variable
rate
security.
The
rate
shown
represents
the
yield
at
period
end.
f
Perpetual
security
with
no
stated
maturity
date.
g
A
supranational
organization
is
an
entity
formed
by
two
or
more
central
governments
through
international
treaties.
h
The
security
was
issued
on
a
discount
basis
with
no
stated
coupon
rate.
i
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
See
Abbreviations
on
page
33
.
Franklin
Fund
Allocator
Series
Financial
Statements
Statement
of
Assets
and
Liabilities
June
30,
2024
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
17
Franklin
Global
Allocation
Fund
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$2,373,443,110
Cost
-
Controlled
affiliates
(Note
3f)
............................................................
82,463,445
Cost
-
Non-controlled
affiliates
(Note
3f)
........................................................
128,599,455
Value
-
Unaffiliated
issuers
..................................................................
$2,540,875,087
Value
-
Controlled
affiliates
(Note
3f)
...........................................................
84,592,237
Value
-
Non-controlled
affiliates
(Note
3f)
........................................................
128,708,844
Cash
....................................................................................
365,514
Restricted
cash
for
OTC
derivative
contracts
(Not
e
1d)
...............................................
510,350
Receivables:
Investment
securities
sold
...................................................................
23,781,172
Capital
shares
sold
........................................................................
99,096
Dividends
and
interest
.....................................................................
12,212,678
European
Union
tax
reclaims
(Note
1
e
)
.........................................................
233,636
Unrealized
appreciation
on
OTC
forward
exchange
contracts
..........................................
2,218,887
Total
assets
..........................................................................
2,793,597,501
Liabilities:
Payables:
Investment
securities
purchased
..............................................................
38,086,723
Capital
shares
redeemed
...................................................................
1,327,702
Management
fees
.........................................................................
1,254,996
Distribution
fees
..........................................................................
581,930
Transfer
agent
fees
........................................................................
462,711
Trustees'
fees
and
expenses
.................................................................
4,669
Deposits
from
brokers
for:
OTC
derivative
contracts
..................................................................
510,350
Unrealized
depreciation
on
OTC
forward
exchange
contracts
..........................................
1,702,712
Accrued
expenses
and
other
liabilities
...........................................................
226,834
Total
liabilities
.........................................................................
44,158,627
Net
assets,
at
value
.................................................................
$2,749,438,874
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$2,547,816,450
Total
distributable
earnings
(losses)
.............................................................
201,622,424
Net
assets,
at
value
.................................................................
$2,749,438,874
Franklin
Fund
Allocator
Series
Financial
Statements
Statement
of
Assets
and
Liabilities
(continued)
June
30,
2024
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
18
Franklin
Global
Allocation
Fund
Class
A:
Net
assets,
at
value
.......................................................................
$2,559,261,038
Shares
outstanding
........................................................................
168,818,548
Net
asset
value
per
share
a,b
..................................................................
$15.16
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
94.50%)
b
................................
$16.04
Class
C:
Net
assets,
at
value
.......................................................................
$67,326,533
Shares
outstanding
........................................................................
4,485,708
Net
asset
value
and
maximum
offering
price
per
share
a,b
............................................
$15.01
Class
R:
Net
assets,
at
value
.......................................................................
$4,501,093
Shares
outstanding
........................................................................
296,086
Net
asset
value
and
maximum
offering
price
per
share
b
.............................................
$15.20
Class
R6:
Net
assets,
at
value
.......................................................................
$4,851,348
Shares
outstanding
........................................................................
309,557
Net
asset
value
and
maximum
offering
price
per
share
b
.............................................
$15.67
Advisor
Class:
Net
assets,
at
value
.......................................................................
$113,498,862
Shares
outstanding
........................................................................
7,420,904
Net
asset
value
and
maximum
offering
price
per
share
b
.............................................
$15.29
a
Redemption
price
is
equal
to
net
asset
value
less
contingent
deferred
sales
charges,
if
applicable.
b
Net
asset
value
per
share
may
not
recalculate
due
to
rounding.
Franklin
Fund
Allocator
Series
Financial
Statements
Statement
of
Operations
for
the
six
months
ended
June
30,
2024
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
19
Franklin
Global
Allocation
Fund
Investment
income:
Dividends:
(net
of
foreign
taxes
of
$1,201,710)
Unaffiliated
issuers
........................................................................
$18,566,926
Controlled
affiliates
(Note
3f)
.................................................................
236,611
Non-controlled
affiliates
(Note
3f)
.............................................................
2,351,784
Interest:
Unaffiliated
issuers
........................................................................
13,503,788
Other
income
(Note
1
e
)
......................................................................
3,437
Total
investment
income
...................................................................
34,662,546
Expenses:
Management
fees
(Note
3
a
)
...................................................................
7,829,615
Distribution
fees:
(Note
3c
)
Class
A
................................................................................
3,135,027
Class
C
................................................................................
344,473
Class
R
................................................................................
10,777
Transfer
agent
fees:
(Note
3e
)
Class
A
................................................................................
1,109,820
Class
C
................................................................................
30,482
Class
R
................................................................................
1,908
Class
R6
...............................................................................
1,095
Advisor
Class
............................................................................
48,433
Custodian
fees
.............................................................................
52,244
Reports
to
shareholders
fees
..................................................................
81,974
Registration
and
filing
fees
....................................................................
55,816
Professional
fees
...........................................................................
26,911
Trustees'
fees
and
expenses
..................................................................
16,489
Other
....................................................................................
48,083
Total
expenses
.........................................................................
12,793,147
Expenses
waived/paid
by
affiliates
(Note
3f
and
3g)
..............................................
(217,242)
Net
expenses
.........................................................................
12,575,905
Net
investment
income
................................................................
22,086,641
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
Unaffiliated
issuers
......................................................................
74,490,329
Written
options
...........................................................................
588,310
Foreign
currency
transactions
................................................................
(366,300)
Forward
exchange
contracts
.................................................................
1,502,270
Net
realized
gain
(loss)
..................................................................
76,214,609
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
120,735,250
Controlled
affiliates
(Note
3f)
...............................................................
4,420,987
Non-controlled
affiliates
(Note
3f)
............................................................
25,200
Translation
of
other
assets
and
liabilities
denominated
in
foreign
currencies
..............................
(250,890)
Forward
exchange
contracts
.................................................................
10,585,627
Net
change
in
unrealized
appreciation
(depreciation)
............................................
135,516,174
Net
realized
and
unrealized
gain
(loss)
............................................................
211,730,783
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$233,817,424
Franklin
Fund
Allocator
Series
Financial
Statements
Statements
of
Changes
in
Net
Assets
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
20
Franklin
Global
Allocation
Fund
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$22,086,641
$45,397,693
Net
realized
gain
(loss)
.................................................
76,214,609
7,670,157
Net
change
in
unrealized
appreciation
(depreciation)
...........................
135,516,174
264,083,729
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
233,817,424
317,151,579
Distributions
to
shareholders:
Class
A
.............................................................
(18,832,739)
(41,927,115)
Class
C
.............................................................
(272,883)
(706,351)
Class
R
.............................................................
(28,447)
(60,410)
Class
R6
............................................................
(40,532)
(51,289)
Advisor
Class
........................................................
(950,549)
(1,992,170)
Total
distributions
to
shareholders
..........................................
(20,125,150)
(44,737,335)
Capital
share
transactions:
(Note
2
)
Class
A
.............................................................
(119,119,632)
(191,103,192)
Class
C
.............................................................
(9,906,989)
(20,274,572)
Class
R
.............................................................
(53,007)
(100,474)
Class
R6
............................................................
499,356
2,635,578
Advisor
Class
........................................................
1,481,077
(6,052,941)
Total
capital
share
transactions
............................................
(127,099,195)
(214,895,601)
Net
increase
(decrease)
in
net
assets
...................................
86,593,079
57,518,643
Net
assets:
Beginning
of
period
.....................................................
2,662,845,795
2,605,327,152
End
of
period
..........................................................
$2,749,438,874
$2,662,845,795
Franklin
Fund
Allocator
Series
21
franklintempleton.com
Semiannual
Report
Notes
to
Financial
Statements
(unaudited)
Franklin
Global
Allocation
Fund
1.
Organization
and
Significant
Accounting
Policies
Franklin
Fund
Allocator
Series
(Trust)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company,
consisting
of eighteen
separate
funds.
The
Trust
follows
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
Franklin
Global
Allocation
Fund
(Fund)
is
included
in
this
report.
The
Fund
offers five
classes
of
shares:
Class
A,
Class
C,
Class
R,
Class
R6
and
Advisor
Class. Class
C
shares
automatically
convert
to
Class
A
shares
on
a
monthly
basis,
after
they
have
been
held
for
8
years.
Each
class
of
shares
may
differ
by
its
initial
sales
load,
contingent
deferred
sales
charges,
voting
rights
on
matters
affecting
a
single
class,
its
exchange
privilege
and
fees
due
to
differing
arrangements
for
distribution
and
transfer
agent
fees.
The
following
summarizes
the Fund's
significant
accounting
policies.
a.
Financial
Instrument
Valuation
The
Fund's
investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Fund
calculates
the
net
asset
value
(NAV)
per
share
each business
day as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the Trust's
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Fund’s
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Fund’s
administrator
in
performing
this
responsibility,
including
leading
the
cross-
functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value.
Equity
securities,
exchange
traded
funds, and
derivative
financial instruments listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price of
the
day,
respectively.
Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded,
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-
counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities.
Debt
securities
generally
trade
in
the OTC
market
rather
than
on
a
securities
exchange.
The
Fund's
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
Securities
denominated
in
a
foreign
currency
are
converted
into
their
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
date
that
the
values
of
the
foreign
debt
securities
are
determined.
Investments
in open-end mutual
funds
are
valued
at
the
closing
NAV.
Certain
derivative
financial
instruments
trade
in
the
OTC
market.
The
Fund's
pricing
services
use
various
techniques
including
industry
standard
option
pricing
models
and
proprietary
discounted
cash
flow
models
to
determine
the
fair
value
of
those
instruments.
The
Fund's
net
benefit
or
obligation
under
the
derivative
contract,
as
measured
by
the
fair
value
of
the
contract,
is
included
in
net
assets.
The
Fund
has
procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the Fund
primarily
employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
Franklin
Fund
Allocator
Series
Notes
to
Financial
Statements
(unaudited)
22
franklintempleton.com
Semiannual
Report
Franklin
Global
Allocation
Fund
(continued)
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed.
Trading
in
securities
on
foreign
securities
stock
exchanges
and
OTC
markets
may
be
completed
before
4
p.m.
Eastern
time.
In
addition,
trading
in
certain
foreign
markets
may
not
take
place
on
every
Fund's
business
day. Events
can occur
between
the
time
at
which
trading
in
a
foreign
security
is
completed
and
4
p.m.
Eastern
time
that
might
call
into
question
the
reliability
of
the
value
of
a
portfolio
security
held
by
the
Fund.
As
a
result,
differences
may
arise
between
the
value
of
the
Fund's
portfolio
securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time. In
order
to
minimize
the
potential
for
these
differences,
an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the
Fund's
portfolio
securities
to
the
latest
indications
of
fair
value
at
4
p.m.
Eastern
time.
At
June
30,
2024,
certain
securities
may
have
been
fair
valued
using
these
procedures,
in
which
case
the
securities
were
categorized
as
Level
2
within
the
fair
value
hierarchy
(referred
to
as
“market
level
fair
value”).
See
the
Fair
Value
Measurements
note
for
more
information.
When
the
last
day
of
the
reporting
period
is
a
non-business
day,
certain
foreign
markets
may
be
open
on
those
days
that
the
Fund's
NAV
is
not
calculated,
which
could
result
in
differences
between
the
value
of
the
Fund's
portfolio
securities
on
the
last
business
day
and
the
last
calendar
day
of
the
reporting
period.
Any
security
valuation
changes
due
to
an
open
foreign
market
are
adjusted
and
reflected
by
the
Fund
for
financial
reporting
purposes.
b.
Foreign
Currency
Translation
Portfolio
securities
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
based
on
the
exchange
rate
of
such
currencies
against
U.S.
dollars
on
the
date
of
valuation.
The
Fund
may
enter
into
foreign
currency
exchange
contracts
to
facilitate
transactions
denominated
in
a
foreign
currency.
Purchases
and
sales
of
securities,
income
and
expense
items
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
exchange
rate
in
effect
on
the
transaction
date.
Portfolio
securities
and
assets
and
liabilities
denominated
in
foreign
currencies
contain
risks
that
those
currencies
will
decline
in
value
relative
to
the
U.S.
dollar.
Occasionally,
events
may
impact
the
availability
or
reliability
of
foreign
exchange
rates
used
to
convert
the
U.S.
dollar
equivalent
value.
If
such
an
event
occurs,
the
foreign
exchange
rate
will
be
valued
at
fair
value
using
procedures
established
and
approved
by
the
Board.
The
Fund
does
not
separately
report
the
effect
of
changes
in
foreign
exchange
rates
from
changes
in
market
prices
on
securities
held.
Such
changes
are
included
in
net
realized
and
unrealized
gain
or
loss
from
investments
in
the
Statement of
Operations.
Realized
foreign
exchange
gains
or
losses
arise
from
sales
of
foreign
currencies,
currency
gains
or
losses
realized
between
the
trade
and
settlement
dates
on
securities
transactions
and
the
difference
between
the
recorded
amounts
of
dividends,
interest,
and
foreign
withholding
taxes
and
the
U.S.
dollar
equivalent
of
the
amounts
actually
received
or
paid.
Net
unrealized
foreign
exchange
gains
and
losses
arise
from
changes
in
foreign
exchange
rates
on
foreign
denominated
assets
and
liabilities
other
than
investments
in
securities
held
at
the
end
of
the
reporting
period.
c.
Derivative
Financial
Instruments
The
Fund invested
in
derivative
financial
instruments
in
order
to
manage
risk
or
gain
exposure
to
various
other
investments
or
markets.
Derivatives
are
financial
contracts
based
on
an
underlying
or
notional
amount,
require
no
initial
investment
or
an
initial
net
investment
that
is
smaller
than
would
normally
be
required
to
have
a
similar
response
to
changes
in
market
factors,
and
require
or
permit
net
settlement.
Derivatives
contain
various
risks
including
the
potential
inability
of
the
counterparty
to
fulfill
their
obligations
under
the
terms
of
the
contract,
the
potential
for
an
illiquid
secondary
market,
and/or
the
potential
for
market
movements
which
expose
the
Fund
to
gains
or
losses
in
excess
of
the
amounts
shown
in
the
Statement
of
Assets
and
Liabilities.
Realized
gain
and
loss
and
unrealized
appreciation
and
depreciation
on
these
contracts
for
the
period
are
included
in
the
Statement
of
Operations.
1.
Organization
and
Significant
Accounting
Policies
(continued)
a.
Financial
Instrument
Valuation
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Financial
Statements
(unaudited)
23
franklintempleton.com
Semiannual
Report
Franklin
Global
Allocation
Fund
(continued)
Derivative
counterparty
credit
risk
is
managed
through
a
formal
evaluation
of
the
creditworthiness
of
all
potential
counterparties.
The
Fund
attempts
to
reduce
its
exposure
to
counterparty
credit
risk
on
OTC
derivatives,
whenever
possible,
by
entering
into
International
Swaps
and
Derivatives
Association
(ISDA)
master
agreements
with
certain
counterparties.
These
agreements
contain
various
provisions,
including
but
not
limited
to
collateral
requirements,
events
of
default,
or
early
termination.
Termination
events
applicable
to
the
counterparty
include
certain
deteriorations
in
the
credit
quality
of
the
counterparty.
Termination
events
applicable
to
the
Fund
include
failure
of
the
Fund
to
maintain
certain
net
asset
levels
and/or
limit
the
decline
in
net
assets
over
various
periods
of
time.
In
the
event
of
default
or
early
termination,
the
ISDA
master
agreement
gives
the
non-defaulting
party
the
right
to
net
and
close-out
all
transactions
traded,
whether
or
not
arising
under
the
ISDA
agreement,
to
one
net
amount
payable
by
one
counterparty
to
the
other.
However,
absent
an
event
of
default
or
early
termination,
OTC
derivative
assets
and
liabilities
are
presented
gross
and
not
offset
in
the
Statement
of
Assets
and
Liabilities.
Early
termination
by
the
counterparty
may
result
in
an
immediate
payment
by
the
Fund
of
any
net
liability
owed
to
that
counterparty
under
the
ISDA
agreement.
At
June
30,
2024,
the
Fund
had
no
OTC
derivatives
in
a
net
liability
position
for
such
contracts.
Collateral
requirements
differ
by
type
of
derivative.
Collateral
terms
are
contract
specific
for
OTC
derivatives.
For
OTC
derivatives
traded
under
an
ISDA
master
agreement,
posting
of
collateral
is
required
by
either
the
Fund
or
the
applicable
counterparty
if
the
total
net
exposure
of
all
OTC
derivatives
with
the
applicable
counterparty
exceeds
the
minimum
transfer
amount,
which
typically
ranges
from
$100,000
to
$250,000,
and
can
vary
depending
on
the
counterparty
and
the
type
of
agreement.
Generally,
collateral
is
determined
at
the
close
of
Fund
business
each
day
and
any
additional
collateral
required
due
to
changes
in
derivative
values
may
be
delivered
by
the
Fund
or
the
counterparty
the
next
business
day,
or
within
a
few
business
days.
Collateral
pledged
and/or
received
by
the
Fund,
if
any,
is
held
in
segregated
accounts
with
the
Fund’s
custodian/counterparty
broker
and
can
be
in
the
form
of
cash
and/or
securities.
Unrestricted
cash
may
be
invested
according
to
the
Fund's
investment
objectives.
To
the
extent
that
the
amounts
due
to
the
Fund
from
its
counterparties
are
not
subject
to
collateralization
or
are
not
fully
collateralized,
the
Fund
bears
the
risk
of
loss
from
counterparty
non-performance.
The
Fund entered
into
OTC
forward
exchange
contracts
primarily
to
manage
and/or
gain exposure
to
certain
foreign
currencies.
A
forward
exchange
contract
is
an
agreement
between
the
Fund
and
a
counterparty
to
buy
or
sell
a
foreign
currency at
a
specific
exchange
rate
on
a
future
date.
The
Fund
purchased
or
wrote
exchange
traded
option
contracts
primarily
to
manage
and/or
gain
exposure
to
equity
price/equity
volatility
risk.
An
option
is
a
contract
entitling
the
holder
to
purchase
or
sell
a
specific
amount
of
shares
or
units
of
an
asset
or
notional
amount
of
a
swap
(swaption),
at
a
specified
price.
When
an
option
is
purchased
or
written,
an
amount
equal
to
the
premium
paid
or
received
is
recorded
as
an
asset
or
liability,
respectively.
Upon
exercise
of
an
option,
the
acquisition
cost
or
sales
proceeds
of
the
underlying
investment
is
adjusted
by
any
premium
received
or
paid.
Upon
expiration
of
an
option,
any
premium
received
or
paid
is
recorded
as
a
realized
gain
or
loss.
Upon
closing
an
option
other
than
through
expiration
or
exercise,
the
difference
between
the
premium
received
or
paid
and
the
cost
to
close
the
position
is
recorded
as
a
realized
gain
or
loss.
At
June
30,
2024,
the
Fund
had
no
option
contracts.
See
Note
7 regarding
other
derivative
information.
d.
Restricted
Cash
At
June
30,
2024, the
Fund
held
restricted
cash
in
connection
with
investments
in
certain
derivative
securities.
Restricted
cash
is
held
in
a
segregated
account
with
the
Fund’s
custodian
and/or
counterparty
broker
and
is
reflected
in
the
Statement
of
Assets
and
Liabilities.
e.
Income
Taxes
It
is the Fund's
policy
to
qualify
as
a
regulated
investment
company
under
the
Internal
Revenue
Code. The Fund
intends
to
distribute
to
shareholders
substantially
all
of
its
taxable
income
and
net
realized
gains
to
relieve
it
from
federal
income
and
excise
taxes.
As
a
result,
no
provision
for
U.S.
federal
income
taxes
is
required.
The
Fund
may
be
subject
to
foreign
taxation
related
to
income
received,
capital
gains
on
the
sale
of
securities
and
certain
foreign
currency
transactions
in
the
foreign
jurisdictions
in
which it
invests.
Foreign
taxes,
if
any,
are
recorded
based
on
the
tax
regulations
and
rates
that
exist
1.
Organization
and
Significant
Accounting
Policies
(continued)
c.
Derivative
Financial
Instruments
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Financial
Statements
(unaudited)
24
franklintempleton.com
Semiannual
Report
Franklin
Global
Allocation
Fund
(continued)
in
the
foreign
markets
in
which
the
Fund
invests.
When
a
capital
gain
tax
is
determined
to
apply,
the
Fund
records
an
estimated
deferred
tax
liability
in
an
amount
that
would
be
payable
if
the
securities
were
disposed
of
on
the
valuation
date.
As
a
result
of
several
court
cases,
in
certain
countries
across
the
European
Union, the
Fund
filed
additional
tax
reclaims
for
previously
withheld
taxes
on
dividends
earned
in
those
countries
(EU
reclaims). Income
recognized,
if
any,
for
EU
reclaims
is
reflected
as
other
income
in
the
Statement
of
Operations
and
any
related
receivable,
if
any,
is
reflected
as
European
Union
tax
reclaims
in
the
Statement
of
Assets
and
Liabilities.
Any
fees
associated
with
these
filings
are
reflected
in
other
expenses
in
the
Statement
of
Operations.
When
uncertainty
exists
as
to
the
ultimate
resolution
of
these
proceedings,
the
likelihood
of
receipt
of
these
EU
reclaims,
and
the
potential
timing
of
payment,
no
amounts
are
reflected
in
the
financial
statements.
For
U.S.
income
tax
purposes,
EU
reclaims
received
by
the
Fund,
if
any,
reduce
the
amount
of
foreign
taxes
Fund
shareholders
can
use
as
tax
deductions
or credits
on
their
income
tax
returns.
In
the
event
that
EU
reclaims
received
by
the Fund
during a
fiscal
year
exceed
foreign
withholding
taxes
paid
by
the
Fund,
and
the
Fund previously
passed
through to
its
shareholders
foreign
taxes
incurred
by
the
Fund
to
be
used
as
a
credit
or
deduction
on
a
shareholder’s
income
tax
return,
the Fund
will enter
into
a
closing
agreement
with
the
Internal
Revenue
Service
(IRS)
in
order
to
pay
the
associated
tax
liability
on
behalf
of
the Fund's
shareholders.
The Fund
may
recognize
an
income
tax
liability
related
to
its
uncertain
tax
positions
under
U.S.
GAAP
when
the
uncertain
tax
position
has
a
less
than
50%
probability
that
it
will
be
sustained
upon
examination
by
the
tax
authorities
based
on
its
technical
merits.
As
of
June
30,
2024, the Fund
has
determined
that
no
tax
liability
is
required
in
its
financial
statements
related
to
uncertain
tax
positions
for
any
open
tax
years
(or
expected
to
be
taken
in
future
tax
years).
Open
tax
years
are
those
that
remain
subject
to
examination
and
are
based
on
the
statute
of
limitations
in
each
jurisdiction
in
which
the Fund
invests.
f.
Security
Transactions,
Investment
Income,
Expenses
and
Distributions
Security
transactions
are
accounted
for
on
trade
date.
Realized
gains
and
losses
on
security
transactions
are
determined
on
a
specific
identification
basis.
Interest
income
(including
interest
income
from
payment-in-kind
securities,
if
any)
and
estimated
expenses
are
accrued
daily.
Amortization
of
premium
and
accretion
of
discount
on
debt
securities
are
included
in
interest
income.
Paydown
gains
and
losses
are
recorded
as
an
adjustment
to
interest
income. Dividend
income
and
capital
gain
distributions
are
recorded
on
the
ex-dividend
date
except
for
certain
dividends
from
securities
where
the
dividend
rate
is
not
available.
In
such
cases,
the
dividend
is
recorded
as
soon
as
the
information
is
received
by
the
Fund.
Distributions
to
shareholders
are
recorded
on
the ex-dividend
date.
Distributable
earnings
are
determined
according
to
income
tax
regulations
(tax
basis)
and
may
differ
from
earnings
recorded
in
accordance
with
U.S.
GAAP.
These
differences
may
be
permanent
or
temporary.
Permanent
differences
are
reclassified
among
capital
accounts
to
reflect
their
tax
character.
These
reclassifications
have
no
impact
on
net
assets
or
the
results
of
operations.
Temporary
differences
are
not
reclassified,
as
they
may
reverse
in
subsequent
periods.
Common
expenses
incurred
by
the
Trust
are
allocated
among
the
Funds
based
on
the
ratio
of
net
assets
of
each
Fund
to
the
combined
net
assets
of
the
Trust
or
based
on
the
ratio
of
number
of
shareholders
of
each
Fund
to
the
combined
number
of
shareholders
of
the
Trust.
Fund
specific
expenses
are
charged
directly
to
the
Fund
that
incurred
the
expense.
Realized
and
unrealized
gains
and
losses
and
net
investment
income,
excluding
class
specific
expenses,
are
allocated
daily
to
each
class
of
shares
based
upon
the
relative
proportion
of
net
assets
of
each
class.
Differences
in
per
share
distributions
by
class
are
generally
due
to
differences
in
class
specific
expenses.
g.
Accounting
Estimates
The
preparation
of
financial
statements
in
accordance
with
U.S.
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
1.
Organization
and
Significant
Accounting
Policies
(continued)
e.
Income
Taxes
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Financial
Statements
(unaudited)
25
franklintempleton.com
Semiannual
Report
Franklin
Global
Allocation
Fund
(continued)
h.
Guarantees
and
Indemnifications
Under
the Trust's
organizational
documents,
its
officers
and trustees
are
indemnified
by
the Trust against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Trust.
Additionally,
in
the
normal
course
of
business,
the Trust,
on
behalf
of
the
Fund, enters
into
contracts
with
service
providers
that
contain
general
indemnification
clauses.
The Trust's
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the Trust
that
have
not
yet
occurred.
Currently,
the Trust
expects
the
risk
of
loss
to
be
remote.
2.
Shares
of
Beneficial
Interest
At
June
30,
2024,
there
were
an
unlimited
number
of
shares
authorized
(without
par
value).
Transactions
in
the
Fund's
shares
were
as
follows:
Six
Months
Ended
June
30,
2024
Year
Ended
December
31,
2023
Shares
Amount
Shares
Amount
Class
A
Shares:
Shares
sold
a
...................................
2,775,443
$40,666,667
11,612,764
$152,377,805
Shares
issued
in
reinvestment
of
distributions
..........
1,182,380
18,019,477
2,964,468
40,136,085
Shares
redeemed
...............................
(12,159,160)
(177,805,776)
(29,125,920)
(383,617,082)
Net
increase
(decrease)
..........................
(8,201,337)
$(119,119,632)
(14,548,688)
$(191,103,192)
Class
C
Shares:
Shares
sold
...................................
251,757
$3,631,287
1,327,495
$17,205,473
Shares
issued
in
reinvestment
of
distributions
..........
17,959
271,007
52,579
700,891
Shares
redeemed
a
..............................
(958,150)
(13,809,283)
(2,935,306)
(38,180,936)
Net
increase
(decrease)
..........................
(688,434)
$(9,906,989)
(1,555,232)
$(20,274,572)
Class
R
Shares:
Shares
sold
...................................
3,752
$55,149
62,918
$837,022
Shares
issued
in
reinvestment
of
distributions
..........
1,854
28,341
4,435
60,187
Shares
redeemed
...............................
(9,414)
(136,497)
(75,997)
(997,683)
Net
increase
(decrease)
..........................
(3,808)
$(53,007)
(8,644)
$(100,474)
Class
R6
Shares:
Shares
sold
...................................
87,435
$1,326,797
299,239
$4,056,936
Shares
issued
in
reinvestment
of
distributions
..........
2,470
38,926
3,403
48,083
Shares
redeemed
...............................
(57,998)
(866,367)
(108,425)
(1,469,441)
Net
increase
(decrease)
..........................
31,907
$499,356
194,217
$2,635,578
Advisor
Class
Shares:
Shares
sold
...................................
997,623
$14,673,178
1,444,396
$19,165,754
Shares
issued
in
reinvestment
of
distributions
..........
57,332
881,775
133,802
1,828,113
Shares
redeemed
...............................
(951,470)
(14,073,876)
(2,038,831)
(27,046,808)
Net
increase
(decrease)
..........................
103,485
$1,481,077
(460,633)
$(6,052,941)
a
May
include
a
portion
of
Class
C
shares
that
were
automatically
converted
to
Class
A.
1.
Organization
and
Significant
Accounting
Policies
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Financial
Statements
(unaudited)
26
franklintempleton.com
Semiannual
Report
Franklin
Global
Allocation
Fund
(continued)
3.
Transactions
with
Affiliates
Franklin
Resources,
Inc.
is
the
holding
company
for
various
subsidiaries
that
together
are
referred
to
as
Franklin
Templeton.
Certain
officers
and
trustees
of
the Fund are
also
officers,
directors, and/or trustees
of
the
following
subsidiaries:
a.
Management
Fees
The
Fund
pays
an
investment
management fee,
calculated daily and
paid
monthly,
to
Advisers based
on the
average
daily net
assets
of
the
Fund
as
follows:
For
the
period
ended
June
30,
2024,
the
annualized
gross
effective
investment
management
fee
rate
was 0.581%
of
the
Fund’s
average daily
net
assets.
Effective
June
3,
2024,
under
a
subadvisory
agreement,
FTIC,
an
affiliate
of
Advisers,
provides
subadvisory
services
to
the
Fund.
The
subadvisory
fee
is
paid
by
Advisers
based
on
the
Fund's
average
daily
net
assets,
and
is
not
an
additional
expense
of
the
Fund.
b.
Administrative
Fees
Under
an
agreement
with
Advisers,
FT
Services
provides
administrative
services
to
the
Fund.
The
fee
is
paid
by
Advisers
based
on
the
Fund's
average
daily
net
assets,
and
is
not
an
additional
expense
of
the
Fund.
c.
Distribution
Fees
The
Board
has
adopted
distribution
plans
for
each
share
class,
with
the
exception
of
Class
R6
and
Advisor
Class
shares,
pursuant
to
Rule
12b-1
under
the
1940
Act.
Under
the
Fund's
Class
A
reimbursement
distribution
plan,
the
Fund
reimburses
Distributors
for
costs
incurred
in
connection
with
the
servicing,
sale
and
distribution
of the
Fund's
shares
up
to
the
maximum
annual
plan
rate.
Under
the
Class
A
reimbursement
distribution
plan,
costs
exceeding
the
maximum
for
the
current
plan
year
cannot
be
reimbursed
in
subsequent
periods.
In
addition,
under
the
Fund's
Class
C
and
R compensation
distribution
plans,
the
Fund
pays
Distributors
for
costs
incurred
in
connection
with
the
servicing,
sale
and
distribution
of
the
Fund's
shares
up
to
the
maximum
annual
plan
rate
for
each
class.
The
plan
year,
for
purposes
of
monitoring
compliance
with
the
maximum
annual
plan
rates,
is
February
1
through
January
31.
The
maximum
annual
plan
rates,
based
on
the
average
daily
net
assets,
for
each
class,
are
as
follows:
The
Board
has
set
the
current
rate
at
0.25%
per
year
for
Class
A
shares
until
further
notice
and
approval
by
the
Board.
Subsidiary
Affiliation
Franklin
Advisers,
Inc.
(Advisers)
Investment
manager
Franklin
Templeton
Investment
Corp.
(FTIC)
Investment
manager
Franklin
Templeton
Services,
LLC
(FT
Services)
Administrative
manager
Franklin
Distributors,
LLC
(Distributors)
Principal
underwriter
Franklin
Templeton
Investor
Services,
LLC
(Investor
Services)
Transfer
agent
Annualized
Fee
Rate
Net
Assets
0.600%
Up
to
and
including
$1
billion
0.570%
Over
$1
billion,
up
to
and
including
$5
billion
0.550%
In
excess
of
$5
billion
Class
A
....................................................................................
0.35%
Class
C
....................................................................................
1.00%
Class
R
....................................................................................
0.50%
Franklin
Fund
Allocator
Series
Notes
to
Financial
Statements
(unaudited)
27
franklintempleton.com
Semiannual
Report
Franklin
Global
Allocation
Fund
(continued)
d.
Sales
Charges/Underwriting
Agreements
Front-end
sales
charges
and
contingent
deferred
sales
charges
(CDSC)
do
not
represent
expenses
of
the
Fund.
These
charges
are
deducted
from
the
proceeds
of
sales
of
fund
shares
prior
to
investment
or
from
redemption
proceeds
prior
to
remittance,
as
applicable.
Distributors
has
advised
the
Fund
of
the
following
commission
transactions
related
to
the
sales
and
redemptions
of
the
Fund's
shares
for
the
period:
e.
Transfer
Agent
Fees
Each
class
of
shares pays
transfer
agent
fees,
calculated
monthly
and
paid
monthly, to
Investor
Services
for
its
performance
of
shareholder
servicing
obligations. The
fees
are based
on
a
fixed
margin
earned
by
Investor
Services
and
are allocated
to
the Fund
based
upon
relative
assets
and
relative
transactions. In
addition,
each
class reimburses
Investor
Services
for
out
of
pocket
expenses
incurred
and,
except
for
Class
R6, reimburses
shareholder
servicing
fees
paid
to
third
parties.
These
fees
paid
to
third
parties
are
accrued
and
allocated
daily
based
upon
their
relative
proportion
of
such
classes'
aggregate
net
assets.
Class
R6
pays
Investor
Services
transfer
agent
fees
allocated
specifically
to
that
class
based
upon
its
relative
assets
and
relative
transactions.
For
the
period
ended
June
30,
2024,
the Fund
paid
transfer
agent
fees
as
noted
in
the
Statement of
Operations,
of
which
$419,472
was
retained
by
Investor
Services.
f.
Investments
in
Affiliated
Management
Investment
Companies
The
Fund
invests
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund’s
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Fund
does
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
Management
fees
paid
by
the
Fund
are
waived
on
assets
invested
in
the
affiliated
management
investment
companies,
as
noted
in
the
Statement
of
Operations,
in
an
amount
not
to
exceed
the
management
and
administrative
fees
paid
directly
or
indirectly
by
each
affiliate.
During
the
period
ended
June
30,
2024,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
Sales
charges
retained
net
of
commissions
paid
to
unaffiliated
brokers/dealers
..............................
$41,963
CDSC
retained
..............................................................................
$3,053
aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a
a
a
a
a
a
a
a
Franklin
Global
Allocation
Fund
Controlled
Affiliates
Dividends
Franklin
BSP
Private
Credit
Fund,
Class
Advisor
........
$
—
$
32,000,000
$
—
$
—
$
(62,388)
$
31,937,612
3,076,841
$
236,611
Franklin
Systematic
Style
Premia
ETF
...................
48,171,250
—
—
—
4,483,375
52,654,625
2,225,000
—
Total
Controlled
Affiliates
...
$48,171,250
$
32,000,000
$
—
$
—
$
4,420,987
$84,592,237
$
236,611
Non-Controlled
Affiliates
Dividends
Franklin
Senior
Loan
ETF
....
$
5,100,900
$
—
$
—
$
—
$
25,200
$
5,126,100
210,000
$
179,717
3.
Transactions
with
Affiliates
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Financial
Statements
(unaudited)
28
franklintempleton.com
Semiannual
Report
Franklin
Global
Allocation
Fund
(continued)
g.
Waiver
and
Expense
Reimbursements
Effective
May
1,
2024,
Advisers
has
contractually
agreed
in
advance
to
waive
or
limit
its fees
and
to
assume
as
its own
expense
certain
expenses
otherwise
payable
by
the
Fund
so
that
the
operating
expenses
(excluding
interest
expense,
distribution
fees,
acquired
fund
fees
and
expenses,
and certain
non-routine
expenses
or
costs,
including
those
relating
to
litigation,
indemnification,
reorganizations,
and
liquidations)
for
each
class of
the
Fund
do
not
exceed
0.70%
based
on
the
average
net
assets
of
each
class
until
April
30, 2025.
Total
expenses
waived
or
paid
are
not
subject
to
recapture
subsequent
to
the
Fund's
fiscal
year
end.
Prior
to May
1,
2024, expenses
(excluding
certain
fees
and
expenses
as
previously
disclosed)
and
acquired
fund
fees
and
expenses
for
each
class
of
the
Fund were
limited
to
0.73% based
on
the
average
net
assets
of
each class.
Transfer
agent
fees
on
Class
R6
shares
of
the
Fund have
been
capped
so
that
transfer
agent
fees
for
that
class
do
not
exceed
0.03%
based
on
the
average
net
assets
of
the
class
until
April
30,
2025.
4.
Income
Taxes
For
tax
purposes,
capital
losses
may
be
carried
over
to
offset
future
capital
gains.
At
December
31,
2023,
the
capital
loss
carryforwards
were
as
follows:
For
tax
purposes,
the
Fund
may
elect
to
defer
any
portion
of
a
post-October
capital
loss
or
late-year
ordinary
loss
to
the
first
day
of
the
following
fiscal
year.
At
December
31,
2023,
the
Fund
deferred
late-year
ordinary
losses
of
$7,750,106.
At
June
30,
2024,
the
cost
of
investments
and
net
unrealized
appreciation
(depreciation) for
income
tax
purposes
were
as
follows:
aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a
a
a
a
a
a
a
a
Franklin
Global
Allocation
Fund
(continued)
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.972%
$
73,636,327
$
331,127,283
$
(281,180,866)
$
—
$
—
$
123,582,744
123,582,744
$
2,172,067
Total
Non-Controlled
Affiliates
$78,737,227
$
331,127,283
$
(281,180,866)
$
—
$
25,200
$128,708,844
$
2,351,784
Total
Affiliated
Securities
...
$126,908,477
$363,127,283
$(281,180,866)
$—
$4,446,187
$213,301,081
$2,588,395
Capital
loss
carryforwards
not
subject
to
expiration:
Long
term
................................................................................
$41,001,604
Cost
of
investments
..........................................................................
$2,577,078,584
Unrealized
appreciation
........................................................................
$307,184,760
Unrealized
depreciation
........................................................................
(129,571,001)
Net
unrealized
appreciation
(depreciation)
..........................................................
$177,613,759
3.
Transactions
with
Affiliates
(continued)
f.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Financial
Statements
(unaudited)
29
franklintempleton.com
Semiannual
Report
Franklin
Global
Allocation
Fund
(continued)
Differences
between
income
and/or
capital
gains
as
determined
on
a
book
basis
and
a
tax
basis
are
primarily
due
to
differing
treatments
of
foreign
currency
transactions,
passive
foreign
investment
company
shares,
bond
discounts
and
premiums
and
corporate
actions.
5.
Investment
Transactions
Purchases
and
sales
of
investments (excluding
short
term
securities) for
the
period
ended
June
30,
2024,
aggregated
$742,381,517 and
$922,381,058,
respectively.
6.
Concentration
of
Risk
Certain
investments
in
Chinese
companies
are
made
through
a
special
structure
known
as
a
VIE.
In
a
VIE
structure,
foreign
investors,
such
as
the
Fund,
will
only
own
stock
in
a
shell
company
rather
than
directly
in
the
VIE,
which
must
be
owned
by
Chinese
nationals
(and/or
Chinese
companies)
to
obtain
the
licenses
and/or
assets
required
to
operate
in
a
restricted
or
prohibited
sector
in
China.
The
value
of
the
shell
company
is
derived
from
its
ability
to
consolidate
the
VIE
into
its
financials
pursuant
to
contractual
arrangements
that
allow
the
shell
company
to
exert
a
degree
of
control
over,
and
obtain
economic
benefits
arising
from,
the
VIE
without
formal
legal
ownership.
While
VIEs
are
a
longstanding
industry
practice
and
are
well
known
by
Chinese
officials
and
regulators,
the
structure
historically
has
not
been
formally
recognized
under
Chinese
law
and
it
is
uncertain
whether
Chinese
officials
or
regulators
will
withdraw
their
implicit
acceptance
of
the
structure.
It
is
also
uncertain
whether
the
contractual
arrangements,
which
may
be
subject
to
conflicts
of
interest
between
the
legal
owners
of
the
VIE
and
foreign
investors,
would
be
enforced
by
Chinese
courts
or
arbitration
bodies.
Prohibitions
of
these
structures
by
the
Chinese
government,
or
the
inability
to
enforce
such
contracts,
from
which
the
shell
company
derives
its
value,
would
likely
cause
the
VIE-structured
holding(s)
to
suffer
significant,
detrimental,
and
possibly
permanent
losses,
and
in
turn,
adversely
affect
the
Fund’s
returns
and
net
asset
value.
7.
Other
Derivative
Information
At
June
30,
2024,
investments
in
derivative
contracts
are
reflected
in
the Statement of
Assets
and
Liabilities
as
follows:
Asset
Derivatives
Liability
Derivatives
Derivative
Contracts
Not
Accounted
for
as
Hedging
Instruments
Statement
of
Assets
and
Liabilities
Location
Fair
Value
Statement
of
Assets
and
Liabilities
Location
Fair
Value
Franklin
Global
Allocation
Fund
Foreign
exchange
contracts
..
Unrealized
appreciation
on
OTC
forward
exchange
contracts
$
2,218,887
Unrealized
depreciation
on
OTC
forward
exchange
contracts
$
1,702,712
Total
....................
$2,218,887
$1,702,712
4.
Income
Taxes
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Financial
Statements
(unaudited)
30
franklintempleton.com
Semiannual
Report
Franklin
Global
Allocation
Fund
(continued)
For
the
period
ended
June
30,
2024,
the
effect
of
derivative
contracts
in
the Statement
of
Operations
was
as
follows:
a
Purchased
option
contracts
are
included
in
net
realized
gain
(loss)
from
investments
in
the
Statement
of
Operations.
For
the
period
ended
June
30,
2024,
the
average
month
end
notional
amount
of
options represented
$28,228,571. The
average
month
end
contract
value
of
forward
exchange
contracts
was
$300,283,626.
See
Note
1(c) regarding
derivative
financial
instruments.
8.
Credit
Facility
The
Fund,
together
with
other
U.S.
registered
and
foreign
investment
funds
(collectively,
Borrowers),
managed
by
Franklin
Templeton,
are
borrowers
in
a
joint
syndicated
senior
unsecured
credit
facility
totaling
$2.675
billion
(Global
Credit
Facility)
which
matures
on
January
31,
2025.
This
Global
Credit
Facility
provides
a
source
of
funds
to
the
Borrowers
for
temporary
and
emergency
purposes,
including
the
ability
to
meet
future
unanticipated
or
unusually
large
redemption
requests.
Under
the
terms
of
the
Global
Credit
Facility,
the
Fund
shall,
in
addition
to
interest
charged
on
any
borrowings
made
by
the
Fund
and
other
costs
incurred
by
the
Fund,
pay
its
share
of
fees
and
expenses
incurred
in
connection
with
the
implementation
and
maintenance
of
the
Global
Credit
Facility,
based
upon
its
relative
share
of
the
aggregate
net
assets
of
all
of
the
Borrowers,
including
an
annual
commitment
fee
of
0.15%
based
upon
the
unused
portion
of
the
Global
Credit
Facility.
These
fees
are
reflected
in
other
expenses
in
the
Statement
of
Operations.
During
the
period
ended
June
30,
2024,
the Fund
did
not
use
the
Global
Credit
Facility.
9.
Fair
Value
Measurements
The
Fund
follows
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund's financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Derivative
Contracts
Not
Accounted
for
as
Hedging
Instruments
Statement
of
Operations
Location
Net
Realized
Gain
(Loss)
for
the
Period
Statement
of
Operations
Location
Net
Change
in
Unrealized
Appreciation
(Depreciation)
for
the
Period
Franklin
Global
Allocation
Fund
Net
realized
gain
(loss)
from:
Net
change
in
unrealized
appreciation
(depreciation)
on:
Foreign
exchange
contracts
.....
Forward
exchange
contracts
$1,502,270
Forward
exchange
contracts
$10,585,627
Equity
Contracts
..............
Investments
(1,303,216)
a
Investments
—
Written
options
588,310
Written
options
—
Total
.......................
$787,364
$10,585,627
7.
Other
Derivative
Information
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Financial
Statements
(unaudited)
31
franklintempleton.com
Semiannual
Report
Franklin
Global
Allocation
Fund
(continued)
Level
3
–
significant
unobservable
inputs
(including
the
Fund's
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
June
30,
2024,
in
valuing
the
Fund's assets
and
liabilities carried
at
fair
value,
is
as
follows:
Level
1
Level
2
Level
3
Total
Franklin
Global
Allocation
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
$
—
$
12,455,488
$
—
$
12,455,488
Air
Freight
&
Logistics
...................
5,436,352
—
—
5,436,352
Automobile
Components
.................
—
6,848,142
—
6,848,142
Automobiles
..........................
21,271,190
—
—
21,271,190
Banks
...............................
4,949,707
72,616,734
—
77,566,441
Beverages
...........................
4,566,034
—
—
4,566,034
Biotechnology
.........................
43,227,410
—
—
43,227,410
Broadline
Retail
.......................
69,524,718
—
—
69,524,718
Building
Products
......................
11,046,948
3,924,955
—
14,971,903
Capital
Markets
........................
3,344,344
31,783,698
—
35,128,042
Chemicals
...........................
4,386,585
13,576,228
—
17,962,813
Commercial
Services
&
Supplies
...........
6,213,407
—
—
6,213,407
Communications
Equipment
..............
11,586,449
—
—
11,586,449
Construction
&
Engineering
...............
3,540,870
—
—
3,540,870
Construction
Materials
..................
4,183,884
—
—
4,183,884
Consumer
Staples
Distribution
&
Retail
......
25,170,298
11,215,032
—
36,385,330
Distributors
...........................
3,313,632
—
—
3,313,632
Diversified
Telecommunication
Services
.....
—
9,977,358
—
9,977,358
Electric
Utilities
........................
—
8,392,031
—
8,392,031
Electrical
Equipment
....................
29,311,927
—
—
29,311,927
Electronic
Equipment,
Instruments
&
Components
........................
—
8,548,426
—
8,548,426
Entertainment
.........................
16,931,389
17,289,906
—
34,221,295
Financial
Services
......................
42,472,766
16,119,269
—
58,592,035
Food
Products
........................
—
6,493,853
—
6,493,853
Ground
Transportation
..................
16,386,571
—
—
16,386,571
Health
Care
Equipment
&
Supplies
.........
44,884,185
3,251,208
—
48,135,393
Health
Care
Providers
&
Services
..........
44,738,654
—
—
44,738,654
Hotels,
Restaurants
&
Leisure
.............
37,222,254
—
—
37,222,254
Household
Durables
....................
10,209,081
—
—
10,209,081
Household
Products
....................
22,620,427
—
—
22,620,427
Industrial
Conglomerates
................
—
23,082,821
—
23,082,821
Insurance
............................
8,224,306
22,994,363
—
31,218,669
Interactive
Media
&
Services
..............
80,932,865
3,135,089
—
84,067,954
IT
Services
...........................
28,807,002
—
—
28,807,002
Life
Sciences
Tools
&
Services
............
8,332,432
—
—
8,332,432
Machinery
............................
16,462,873
8,056,521
—
24,519,394
Metals
&
Mining
.......................
13,246,386
3,339,062
—
16,585,448
Multi-Utilities
..........................
—
8,017,858
—
8,017,858
Oil,
Gas
&
Consumable
Fuels
.............
64,421,140
4,970,340
—
69,391,480
Personal
Care
Products
.................
12,688,705
4,367,494
—
17,056,199
Pharmaceuticals
.......................
49,727,141
28,119,180
—
77,846,321
Professional
Services
...................
8,905,393
16,763,539
—
25,668,932
Retail
REITs
..........................
6,408,844
—
—
6,408,844
Semiconductors
&
Semiconductor
Equipment
.
139,164,434
46,777,008
—
185,941,442
Software
.............................
146,138,266
6,477,695
—
152,615,961
9.
Fair
Value
Measurements
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Financial
Statements
(unaudited)
32
franklintempleton.com
Semiannual
Report
Franklin
Global
Allocation
Fund
(continued)
10.
Subsequent
Events
The
Fund
has
evaluated
subsequent
events
through
the
issuance
of
the
financial
statements
and
determined
that
no
events
have
occurred
that
require
disclosure.
Level
1
Level
2
Level
3
Total
Franklin
Global
Allocation
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
Specialized
REITs
......................
$
6,912,805
$
—
$
—
$
6,912,805
Specialty
Retail
........................
37,697,149
3,356,995
—
41,054,144
Technology
Hardware,
Storage
&
Peripherals
.
80,423,141
5,395,163
—
85,818,304
Textiles,
Apparel
&
Luxury
Goods
..........
28,442,217
3,223,699
—
31,665,916
Tobacco
.............................
—
6,635,495
—
6,635,495
Trading
Companies
&
Distributors
..........
14,381,212
4,016,736
—
18,397,948
Wireless
Telecommunication
Services
.......
—
5,255,401
—
5,255,401
Management
Investment
Companies
.........
128,984,205
—
—
128,984,205
Preferred
Stocks
.........................
8,566,404
—
—
8,566,404
Corporate
Bonds
........................
—
201,413,075
—
201,413,075
Foreign
Government
and
Agency
Securities
....
—
344,807,011
—
344,807,011
U.S.
Government
and
Agency
Securities
.......
—
191,824,604
—
191,824,604
Mortgage-Backed
Securities
................
—
64,703,838
—
64,703,838
Short
Term
Investments
...................
123,582,744
25,962,107
—
149,544,851
Total
Investments
in
Securities
...........
$1,498,988,746
$1,255,187,422
a
$—
$2,754,176,168
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
$—
$2,218,887
$—
$2,218,887
Total
Other
Financial
Instruments
.........
$—
$2,218,887
$—
$2,218,887
Liabilities:
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
$—
$1,702,712
$—
$1,702,712
Total
Other
Financial
Instruments
.........
$—
$1,702,712
$—
$1,702,712
a
Includes
foreign
securities
valued
at
$426,476,787,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
9.
Fair
Value
Measurements
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Financial
Statements
(unaudited)
33
franklintempleton.com
Semiannual
Report
Franklin
Global
Allocation
Fund
(continued)
Abbreviations
Counterparty
BZWS
Barclays
Bank
plc
JPHQ
JPMorgan
Chase
Bank
NA
Cu
r
rency
AUD
Australian
Dollar
BRL
Brazilian
Real
CAD
Canadian
Dollar
CNY
Chinese
Yuan
EUR
Euro
GBP
British
Pound
INR
Indian
Rupee
JPY
Japanese
Yen
MXN
Mexican
Peso
Selected
Portfolio
ADR
American
Depositary
Receipt
ETF
Exchange-Traded
Fund
FHLMC
Federal
Home
Loan
Mortgage
Corp.
FNMA
Federal
National
Mortgage
Association
FRN
Floating
Rate
Note
GNMA
Government
National
Mortgage
Association
REIT
Real
Estate
Investment
Trust
Franklin
Fund
Allocator
Series
34
franklintempleton.com
Semiannual
Report
FRANKLIN
FUND
ALLOCATOR
SERIES
Franklin
Global
Allocation
Fund
(Fund)
At
an
in-person
meeting
held
on
May
22,
2024
(Meeting),
the
Board
of
Trustees
(Board)
of
Franklin
Fund
Allocator
Series
(Trust),
including
a
majority
of
the
trustees
who
are
not
“interested
persons”
as
defined
in
the
Investment
Company
Act
of
1940
(Independent
Trustees),
(i)
reviewed
and
approved
the
continuance
of
the
investment
management
agreement
between
Franklin
Advisers,
Inc.
(Manager)
and
the
Trust,
on
behalf
of
the
Fund
(Management
Agreement)
for
an
additional
one-
year
period;
and
(ii)
reviewed
and
approved
a
new
investment
sub-advisory
agreement
between
the
Manager
and
Franklin
Templeton
Investments
Corp.
(Sub-Adviser),
an
affiliate
of
the
Manager,
on
behalf
of
the
Fund
(Sub-Advisory
Agreement),
for
an
initial
two-year
period.
The
Independent
Trustees
received
advice
from
and
met
separately
with
Independent
Trustee
counsel
in
considering
whether
to
approve
the
continuation
of
the
Management
Agreement
and
whether
to
approve
the
Sub-
Advisory
Agreement.
In
considering
the
continuation
of
the
Management
Agreement,
the
Board
reviewed
and
considered
information
provided
by
the
Manager
at
the
Meeting
and
throughout
the
year
at
meetings
of
the
Board
and
its
committees.
The
Board
also
reviewed
and
considered
information
provided
in
response
to
a
detailed
set
of
requests
for
information
submitted
to
the
Manager
by
Independent
Trustee
counsel
on
behalf
of
the
Independent
Trustees
in
connection
with
the
annual
contract
renewal
process.
In
addition,
prior
to
the
Meeting,
the
Independent
Trustees
held
a
virtual
contract
renewal
meeting
at
which
the
Independent
Trustees
first
conferred
amongst
themselves
and
Independent
Trustee
counsel
about
contract
renewal
matters,
and
then
met
with
management
to
request
additional
information
that
the
Independent
Trustees
reviewed
and
considered
prior
to
and
at
the
Meeting.
The
Board
reviewed
and
considered
all
of
the
factors
it
deemed
relevant
in
approving
the
continuance
of
the
Management
Agreement,
including,
but
not
limited
to:
(i)
the
nature,
extent
and
quality
of
the
services
provided
by
the
Manager;
(ii)
the
investment
performance
of
the
Fund;
(iii)
the
costs
of
the
services
provided
and
profits
realized
by
the
Manager
and
its
affiliates
from
the
relationship
with
the
Fund;
(iv)
the
extent
to
which
economies
of
scale
are
realized
as
the
Fund
grows;
and
(v)
whether
fee
levels
reflect
these
economies
of
scale
for
the
benefit
of
Fund
investors.
Changes
In
and
Disagreements
with
Accountants
For
the
period
covered
by
this
report
Not
applicable.
Results
of
Meeting(s)
of
Shareholders
For
the
period
covered
by
this
report
Not
applicable.
Remuneration
Paid
to
Directors,
Officers
and
Others
For
the
period
covered
by
this
report
Refer
to
the
financial
statements
included
herein.
Board
Approval
of
Management
and
Subadvisory
Agreements
For
the
period
covered
by
this
report
Franklin
Fund
Allocator
Series
35
franklintempleton.com
Semiannual
Report
With
respect
to
the
approval
of
the
Sub-Advisory
Agreement,
the
Board
also
reviewed
and
considered
the
factors
it
deemed
relevant
in
approving
the
Sub-Advisory
Agreement,
including,
but
not
limited
to:
(i)
the
nature,
extent,
and
quality
of
the
services
to
be
provided
by
the
Sub-Adviser;
and
(ii)
the
costs
of
the
services
to
be
provided
by
the
Sub-Adviser.
The
Board
further
reviewed
and
considered
information
provided
by
management
showing
the
expected
impact
of
hiring
the
Sub-Adviser
on
the
Manager’s
profitability
consistent
with
the
Order
(as
defined
below).
The
Board
also
considered
that
management
proposed
that
the
Board
approve
the
Sub-Advisory
Agreement
in
order
to
facilitate
the
addition
of
another
portfolio
manager
for
the
Fund,
effective
May
30,
2024.
The
Board
reviewed
and
further
considered
the
form
of
Sub-Advisory
Agreement
and
the
terms
of
the
Sub-Advisory
Agreement,
which
were
discussed
at
the
Meeting,
noting
that
the
terms
and
conditions
of
the
Sub-
Advisory
Agreement
were
identical
(except
with
respect
to
the
sub-advisory
fee)
to
the
terms
and
conditions
of
sub-advisory
agreements
for
other
Franklin
Templeton
(FT)
mutual
funds.
In
approving
the
continuance
of
the
Management
Agreement,
the
Board,
including
a
majority
of
the
Independent
Trustees,
determined,
through
the
exercise
of
its
business
judgment,
that
the
terms
of
the
Management
Agreement
are
fair
and
reasonable
and
that
the
continuance
of
the
Management
Agreement
is
in
the
best
interests
of
the
Fund
and
its
shareholders.
In
approving
the
Sub-Advisory
Agreement,
the
Board,
including
a
majority
of
the
Independent
Trustees,
determined,
through
the
exercise
of
its
business
judgment,
that
the
hiring
of
the
Sub-Adviser
is
in
the
best
interests
of
the
Fund
and
its
shareholders
and
does
not
involve
a
conflict
of
interest
from
which
the
Manager
or
Sub-Adviser
derives
an
inappropriate
advantage.
The
Board
also
determined
that
the
terms
of
the
Sub-Advisory
Agreement
are
fair
and
reasonable.
While
attention
was
given
to
all
information
furnished,
the
following
discusses
some
primary
factors
relevant
to
the
Board’s
determination.
Nature,
Extent
and
Quality
of
Services
The
Board
reviewed
and
considered
information
regarding
the
nature,
extent
and
quality
of
investment
management
services
to
be
provided
by
the
Sub-Adviser
and
currently
being
provided
by
the
Manager
and
their
affiliates
to
the
Fund
and
its
shareholders.
This
information
included,
among
other
things,
the
qualifications,
background
and
experience
of
the
senior
management
and
investment
personnel
of
the
Manager,
as
well
as
information
on
succession
planning
where
appropriate;
the
structure
of
investment
personnel
compensation;
oversight
of
third-party
service
providers;
investment
performance
reports
and
related
financial
information
for
the
Fund;
reports
on
expenses
and
shareholder
services;
legal
and
compliance
matters;
risk
controls;
pricing
and
other
services
provided
by
the
Manager
and
its
affiliates;
and
management
fees
charged
by
the
Manager
and
its
affiliates
to
US
funds
and
other
accounts,
including
management’s
explanation
of
differences
among
accounts
where
relevant.
The
Board
also
reviewed
and
considered
an
annual
report
on
payments
made
by
Franklin
Templeton
(FT)
or
the
Fund
to
financial
intermediaries,
as
well
as
a
memorandum
relating
to
third-party
servicing
arrangements.
The
Board
acknowledged
the
ongoing
integration
of
the
Putnam
family
of
funds
into
the
FT
family
of
funds
and
management’s
continued
development
of
strategies
to
address
areas
of
heightened
concern
in
the
mutual
fund
industry,
including
various
regulatory
initiatives
and
continuing
geopolitical
concerns.
The
Board
noted
that
the
Fund
employs
a
“manager
of
managers”
structure
pursuant
to
an
exemptive
order
(Order)
granted
to
the
Manager
by
the
U.S.
Securities
and
Exchange
Commission,
whereby
the
Manager
and
the
Fund
may,
without
shareholder
approval,
enter
into
sub-advisory
agreements
with
sub-advisers
that
are
indirect
or
direct
wholly
owned
subsidiaries
of
Franklin
Resources,
Inc.
(FRI).
In
particular,
with
respect
to
the
Sub-Adviser,
the
Board
took
into
account
that
the
new
portfolio
manager
proposed
to
serve
as
a
portfolio
manager
for
the
Fund
is
an
employee
of
Fiduciary
Trust
Company
of
Canada
which
has
entered
into
a
participating
affiliate
agreement
with
the
Sub-Adviser
that
would
permit
the
new
portfolio
manager
to
act
on
behalf
of
the
Sub-Adviser
for
purposes
of
providing
sub-advisory
services
to
the
Manager.
The
Board
reviewed
and
considered
information
regarding
the
nature,
quality
and
extent
of
investment
sub-advisory
services
to
be
provided
by
the
Sub-Adviser
to
the
Fund
and
its
shareholders
under
the
Sub-Advisory
Agreement;
the
Sub-Adviser’s
experience
as
a
manager
of
other
funds
and
accounts,
including
those
within
the
FT
organization;
the
personnel,
operations,
financial
condition,
and
investment
management
capabilities,
methodologies
and
resources
of
the
Sub-Adviser
and
the
Sub-Adviser’s
capabilities,
as
demonstrated
by,
among
other
things,
its
policies
and
procedures
reasonably
designed
to
prevent
violations
of
the
federal
securities
laws.
Franklin
Fund
Allocator
Series
36
franklintempleton.com
Semiannual
Report
The
Board
also
reviewed
and
considered
the
benefits
provided
to
Fund
shareholders
of
investing
in
a
fund
that
is
part
of
the
FT
family
of
funds.
The
Board
noted
the
financial
position
of
FRI,
the
parent
of
the
Manager
and
the
Sub-Adviser,
and
its
commitment
to
the
mutual
fund
business
as
evidenced
by
its
continued
reassessment
of
the
fund
offerings
in
response
to
FT
acquisitions
and
the
market
environment,
as
well
as
project
initiatives
and
capital
investments
relating
to
the
services
provided
to
the
Fund
by
the
FT
organization.
The
Board
specifically
noted
FT’s
commitment
to
technological
innovation
and
advancement,
including
its
initiative
to
create
a
new
enterprise-wide
artificial
intelligence
platform.
Following
consideration
of
such
information,
the
Board
was
satisfied
with
the
nature,
extent
and
quality
of
services
provided
by
the
Manager
and
its
affiliates
to
the
Fund
and
its
shareholders
and
to
be
provided
by
the
Sub-Adviser
to
the
Fund
and
its
shareholders.
Fund
Performance
The
Board
reviewed
and
considered
the
performance
results
of
the
Fund
over
various
time
periods
ended
December
31,
2023.
The
Board
considered
the
performance
returns
for
the
Fund
in
comparison
to
the
performance
returns
of
mutual
funds
deemed
comparable
to
the
Fund
included
in
a
universe
(Performance
Universe)
selected
by
Broadridge
Financial
Solutions,
Inc.
(Broadridge),
an
independent
provider
of
investment
company
data.
The
Board
received
a
description
of
the
methodology
used
by
Broadridge
to
select
the
mutual
funds
included
in
a
Performance
Universe.
The
Board
also
reviewed
and
considered
Fund
performance
reports
provided
and
discussions
that
occurred
with
portfolio
managers
at
Board
meetings
throughout
the
year.
A
summary
of
the
Fund’s
performance
results
is
below.
The
Performance
Universe
for
the
Fund
included
the
Fund
and
all
retail
and
institutional
flexible
portfolio
funds.
The
Board
noted
that
the
Fund’s
annualized
total
return
for
the
one-
and
three-year
periods
was
above
the
median
and
in
the
second
quintile
of
its
Performance
Universe,
but
for
the
five-
and
10-year
periods
was
below
the
median
of
its
Performance
Universe.
The
Board
further
noted
that,
effective
February
1,
2021,
the
Fund
was
repositioned
from
a
fund-of-funds
to
a
directly
managed
allocation
fund.
The
Board
also
noted
that
the
Fund’s
annualized
total
return
for
each
period
was
positive,
returning
12.92%
for
the
one-year
period.
The
Board
concluded
that
the
Fund’s
performance
was
satisfactory.
Comparative
Fees
and
Expenses
The
Board
reviewed
and
considered
information
regarding
the
Fund’s
actual
total
expense
ratio
and
its
various
components,
including,
as
applicable,
management
fees;
transfer
agent
expenses;
underlying
fund
expenses;
Rule
12b-1
and
non-Rule
12b-1
service
fees;
and
other
non-management
fees.
The
Board
also
noted
the
quarterly
and
annual
reports
it
receives
on
all
marketing
support
payments
made
by
FT
to
financial
intermediaries.
The
Board
considered
the
actual
total
expense
ratio
and,
separately,
the
contractual
management
fee
rate,
without
the
effect
of
fee
waivers,
if
any
(Management
Rate)
of
the
Fund
in
comparison
to
the
median
expense
ratio
and
median
Management
Rate,
respectively,
of
other
mutual
funds
deemed
comparable
to
and
with
a
similar
expense
structure
to
the
Fund
selected
by
Broadridge
(Expense
Group).
Broadridge
fee
and
expense
data
is
based
upon
information
taken
from
each
fund’s
most
recent
annual
or
semi-annual
report,
which
reflects
historical
asset
levels
that
may
be
quite
different
from
those
currently
existing,
particularly
in
a
period
of
market
volatility.
While
recognizing
such
inherent
limitation
and
the
fact
that
expense
ratios
and
Management
Rates
generally
increase
as
assets
decline
and
decrease
as
assets
grow,
the
Board
believed
the
independent
analysis
conducted
by
Broadridge
to
be
an
appropriate
measure
of
comparative
fees
and
expenses.
The
Broadridge
Management
Rate
includes
administrative
charges,
and
the
actual
total
expense
ratio,
for
comparative
consistency,
was
shown
for
Class
A
shares
for
the
Fund
and
for
Class
A
and
Class
M
shares
for
other
funds
in
the
Expense
Group.
The
Board
received
a
description
of
the
methodology
used
by
Broadridge
to
select
the
mutual
funds
included
in
an
Expense
Group.
The
Expense
Group
for
the
Fund
included
the
Fund
and
11
other
flexible
portfolio
funds.
The
Board
noted
that
the
Fund’s
Management
Rate
and
total
expense
ratio
were
below
the
medians
and
in
the
first
quintile
(least
expensive)
of
its
Expense
Group.
The
Board
also
noted
that
the
Fund’s
actual
total
expense
ratio
reflected
an
expense
cap
of
0.73%
on
operating
expenses
(including
acquired
fund
fees
and
expenses)
which
expired
on
April
30,
2024.
The
Board
further
noted
that,
effective
May
1,
2024,
management
implemented
a
new
expense
cap
of
0.70%
on
operating
expenses
(excluding
acquired
fund
fees
and
expenses).
The
Board
concluded
that
the
Management
Rate
charged
to
the
Fund
is
reasonable.
Franklin
Fund
Allocator
Series
37
franklintempleton.com
Semiannual
Report
The
Board
reviewed
and
considered
information
regarding
the
investment
sub-advisory
fee
to
be
charged
by
the
Sub-Adviser.
The
Board
noted
that
the
addition
of
the
Sub-Adviser
will
have
no
impact
on
the
amount
of
management
fees
that
are
currently
paid
by
the
Fund
as
the
Sub-Adviser
will
be
paid
by
the
Manager
out
of
the
management
fee
that
the
Manager
receives
from
the
Fund.
The
Board
further
noted
that
the
allocation
of
the
fee
between
the
Manager
and
the
Sub-Adviser
reflected
the
services
to
be
provided
by
the
Sub-Adviser.
The
Board
concluded
that
the
proposed
investment
sub-advisory
fee
to
be
paid
to
the
Sub-Adviser
is
reasonable.
Profitability
The
Board
reviewed
and
considered
information
regarding
the
profits
realized
by
the
Manager
and
its
affiliates
in
connection
with
the
operation
of
the
Fund.
In
this
respect,
the
Board
considered
the
Fund
profitability
analysis
provided
by
the
Manager
that
addresses
the
overall
profitability
of
FT’s
US
fund
business,
as
well
as
its
profits
in
providing
investment
management
and
other
services
to
each
of
the
individual
funds
during
the
12-month
period
ended
September
30,
2023,
being
the
most
recent
fiscal
year-end
for
FRI.
The
Board
noted
management’s
belief
that
the
Manager’s
profitability
is
not
expected
to
materially
change
as
a
result
of
the
addition
of
the
Sub-Adviser.
The
Board
noted
that
although
management
continually
makes
refinements
to
its
methodologies
used
in
calculating
profitability
in
response
to
organizational
and
product-related
changes,
the
overall
methodology
has
remained
consistent
with
that
used
in
the
Fund’s
profitability
report
presentations
from
prior
years.
The
Board
also
noted
that
an
independent
registered
public
accounting
firm
has
been
engaged
by
the
Manager
to
periodically
review
and
assess
the
allocation
methodologies
to
be
used
solely
by
the
Fund’s
Board
with
respect
to
the
profitability
analysis.
The
Board
noted
management’s
belief
that
costs
incurred
in
establishing
the
infrastructure
necessary
for
the
type
of
mutual
fund
operations
conducted
by
the
Manager
and
its
affiliates
may
not
be
fully
reflected
in
the
expenses
allocated
to
the
Fund
in
determining
its
profitability,
as
well
as
the
fact
that
the
level
of
profits,
to
a
certain
extent,
reflected
operational
cost
savings
and
efficiencies
initiated
by
management.
As
part
of
this
evaluation,
the
Board
considered
management’s
outsourcing
of
certain
operations,
which
effort
has
required
considerable
up-front
expenditures
by
the
Manager
but,
over
the
long
run
is
expected
to
result
in
greater
efficiencies.
The
Board
also
noted
management’s
expenditures
in
improving
shareholder
services
provided
to
the
Fund,
as
well
as
the
need
to
implement
systems
and
meet
additional
regulatory
and
compliance
requirements
resulting
from
recent
US
Securities
and
Exchange
Commission
and
other
regulatory
requirements.
The
Board
also
considered
the
extent
to
which
the
Manager
and
its
affiliates
might
derive
ancillary
benefits
from
fund
operations,
including
revenues
generated
from
transfer
agent
services,
potential
benefits
resulting
from
personnel
and
systems
enhancements
necessitated
by
fund
growth,
as
well
as
increased
leverage
with
service
providers
and
counterparties.
Based
upon
its
consideration
of
all
these
factors,
the
Board
concluded
that
the
level
of
profits
realized
by
the
Manager
and
its
affiliates
from
providing
services
to
the
Fund
was
not
excessive
in
view
of
the
nature,
extent
and
quality
of
services
provided
to
the
Fund.
Economies
of
Scale
The
Board
reviewed
and
considered
the
extent
to
which
the
Manager
may
realize
economies
of
scale,
if
any,
as
the
Fund
grows
larger
and
whether
the
Fund’s
management
fee
structure
reflects
any
economies
of
scale
for
the
benefit
of
shareholders.
With
respect
to
possible
economies
of
scale,
the
Board
noted
the
existence
of
management
fee
breakpoints,
which
operate
generally
to
share
any
economies
of
scale
with
the
Fund’s
shareholders
by
reducing
the
Fund’s
effective
management
fees
as
the
Fund
grows
in
size.
The
Board
considered
the
Manager’s
view
that
any
analyses
of
potential
economies
of
scale
in
managing
a
particular
fund
are
inherently
limited
in
light
of
the
joint
and
common
costs
and
investments
the
Manager
incurs
across
the
FT
family
of
funds
as
a
whole.
The
Board
noted
that
the
Fund
had
experienced
a
significant
decrease
in
assets
and
would
not
be
expected
to
demonstrate
additional
economies
of
scale
in
the
near
term,
but
concluded
that
to
the
extent
economies
of
scale
may
be
realized
by
the
Manager
and
its
affiliates,
the
Fund’s
management
fee
structure
provided
a
sharing
of
benefits
with
the
Fund
and
its
shareholders
as
the
Fund
grows.
Franklin
Fund
Allocator
Series
38
franklintempleton.com
Semiannual
Report
Conclusion
Based
on
its
review,
consideration
and
evaluation
of
all
factors
it
believed
relevant,
including
the
above-described
factors
and
conclusions,
the
Board
unanimously
approved
the
continuation
of
the
Management
Agreement
for
an
additional
one-year
period
and
the
Sub-Advisory
Agreement
for
an
initial
two-year
period.
4468-SFSOI
08/24
©
2024
Franklin
Templeton.
All
rights
reserved.
Franklin
Fund
Allocator
Series
Financial
Statements
and
Other
Important
Information
Semi-Annual
|
June
30,
2024
Franklin
LifeSmart
TM
Retirement
Income
Fund
Franklin
LifeSmart
TM
2020
Retirement
Target
Fund
Franklin
LifeSmart
TM
2025
Retirement
Target
Fund
Franklin
LifeSmart
TM
2030
Retirement
Target
Fund
Franklin
LifeSmart
TM
2035
Retirement
Target
Fund
Franklin
LifeSmart
TM
2040
Retirement
Target
Fund
Franklin
LifeSmart
TM
2045
Retirement
Target
Fund
Franklin
LifeSmart
TM
2050
Retirement
Target
Fund
Franklin
LifeSmart
TM
2055
Retirement
Target
Fund
Franklin
LifeSmart
TM
2060
Retirement
Target
Fund
Table
of
Contents
franklintempleton.com
Financial
Statements
and
Other
Important
Information—Semiannual
1
Financial
Highlights
and
Schedules
of
Investments
2
Financial
Statements
70
Notes
to
Financial
Statements
84
Changes
In
and
Disagreements
with
Accountants
112
Results
of
Meeting(s)
of
Shareholders
112
Remuneration
Paid
to
Directors,
Officers
and
Others
112
Board
Approval
of
Management
and
Subadvisory
Agreements
112
Franklin
Fund
Allocator
Series
Financial
Highlights
Franklin
LifeSmart™
Retirement
Income
Fund
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
2
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$10.15
$9.59
$11.50
$11.62
$11.15
$10.35
Income
from
investment
operations
a
:
Net
investment
income
b,
c
............
0.26
0.52
0.53
0.36
0.39
0.43
Net
realized
and
unrealized
gains
(losses)
0.14
0.57
(1.88)
0.25
0.52
0.79
Total
from
investment
operations
........
0.40
1.09
(1.35)
0.61
0.91
1.22
Less
distributions
from:
Net
investment
income
..............
(0.21)
(0.53)
(0.47)
(0.43)
(0.44)
(0.42)
Net
realized
gains
.................
—
—
(0.09)
(0.30)
—
—
Total
distributions
...................
(0.21)
(0.53)
(0.56)
(0.73)
(0.44)
(0.42)
Net
asset
value,
end
of
period
..........
$10.34
$10.15
$9.59
$11.50
$11.62
$11.15
Total
return
d
.......................
4.01%
11.61%
(11.83)%
5.41%
8.40%
11.93%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
f
..........................
0.96%
0.94%
0.98%
0.95%
0.94%
0.95%
Expenses
net
of
waiver
and
payments
by
affiliates
f
..........................
0.30%
0.30%
g
0.30%
g
0.30%
g
0.30%
g
0.30%
g
Net
investment
income
c
...............
5.02%
5.32%
5.20%
3.05%
3.56%
3.91%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$37,162
$38,172
$36,999
$46,058
$40,343
$34,363
Portfolio
turnover
rate
................
7.14%
26.44%
35.25%
121.26%
51.13%
82.72%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchas-
es
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Recognition
of
net
investment
income
by
the
Fund
is
affected
by
the
timing
of
declaration
of
dividends
by
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Does
not
include
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
The
weighted
average
indirect
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
was
0.46%
for
the
period
ended
June
30,
2024.
g
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Fund
Allocator
Series
Financial
Highlights
Franklin
LifeSmart™
Retirement
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
3
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$10.03
$9.48
$11.36
$11.48
$11.01
$10.23
Income
from
investment
operations
a
:
Net
investment
income
b,
c
............
0.21
0.44
0.44
0.25
0.30
0.34
Net
realized
and
unrealized
gains
(losses)
0.15
0.56
(1.86)
0.27
0.52
0.78
Total
from
investment
operations
........
0.36
1.00
(1.42)
0.52
0.82
1.12
Less
distributions
from:
Net
investment
income
..............
(0.17)
(0.45)
(0.37)
(0.34)
(0.35)
(0.34)
Net
realized
gains
.................
—
—
(0.09)
(0.30)
—
—
Total
distributions
...................
(0.17)
(0.45)
(0.46)
(0.64)
(0.35)
(0.34)
Net
asset
value,
end
of
period
..........
$10.22
$10.03
$9.48
$11.36
$11.48
$11.01
Total
return
d
.......................
3.65%
10.88%
(12.53)%
4.56%
7.62%
11.14%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
f
..........................
1.71%
1.69%
1.73%
1.70%
1.69%
1.69%
Expenses
net
of
waiver
and
payments
by
affiliates
f
..........................
1.05%
1.05%
g
1.05%
g
1.05%
g
1.05%
g
1.04%
g
Net
investment
income
c
...............
4.25%
4.52%
4.29%
2.20%
2.80%
3.17%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$3,097
$3,415
$4,145
$6,803
$9,355
$10,568
Portfolio
turnover
rate
................
7.14%
26.44%
35.25%
121.26%
51.13%
82.72%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchas-
es
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Recognition
of
net
investment
income
by
the
Fund
is
affected
by
the
timing
of
declaration
of
dividends
by
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Does
not
include
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
The
weighted
average
indirect
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
was
0.46%
for
the
period
ended
June
30,
2024.
g
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Fund
Allocator
Series
Financial
Highlights
Franklin
LifeSmart™
Retirement
Income
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
4
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Class
R
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$10.12
$9.56
$11.47
$11.59
$11.11
$10.31
Income
from
investment
operations
a
:
Net
investment
income
b,
c
............
0.24
0.50
0.50
0.33
0.37
0.40
Net
realized
and
unrealized
gains
(losses)
0.15
0.56
(1.88)
0.26
0.52
0.79
Total
from
investment
operations
........
0.39
1.06
(1.38)
0.59
0.89
1.19
Less
distributions
from:
Net
investment
income
..............
(0.20)
(0.50)
(0.44)
(0.41)
(0.41)
(0.39)
Net
realized
gains
.................
—
—
(0.09)
(0.30)
—
—
Total
distributions
...................
(0.20)
(0.50)
(0.53)
(0.71)
(0.41)
(0.39)
Net
asset
value,
end
of
period
..........
$10.31
$10.12
$9.56
$11.47
$11.59
$11.11
Total
return
d
.......................
3.89%
11.36%
(12.03)%
5.15%
8.22%
11.69%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
f
..........................
1.21%
1.19%
1.23%
1.19%
1.11%
1.16%
Expenses
net
of
waiver
and
payments
by
affiliates
f
..........................
0.55%
0.55%
g
0.55%
g
0.54%
g
0.47%
g
0.51%
g
Net
investment
income
c
...............
4.68%
5.06%
4.96%
2.80%
3.39%
3.70%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$1,391
$1,643
$1,748
$2,197
$2,108
$2,336
Portfolio
turnover
rate
................
7.14%
26.44%
35.25%
121.26%
51.13%
82.72%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchas-
es
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Recognition
of
net
investment
income
by
the
Fund
is
affected
by
the
timing
of
declaration
of
dividends
by
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Does
not
include
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
The
weighted
average
indirect
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
was
0.46%
for
the
period
ended
June
30,
2024.
g
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Fund
Allocator
Series
Financial
Highlights
Franklin
LifeSmart™
Retirement
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
5
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$10.21
$9.64
$11.55
$11.67
$11.20
$10.40
Income
from
investment
operations
a
:
Net
investment
income
b,
c
............
0.27
0.56
0.55
0.34
0.43
0.47
Net
realized
and
unrealized
gains
(losses)
0.15
0.57
(1.87)
0.31
0.52
0.78
Total
from
investment
operations
........
0.42
1.13
(1.32)
0.65
0.95
1.25
Less
distributions
from:
Net
investment
income
..............
(0.23)
(0.56)
(0.50)
(0.47)
(0.48)
(0.45)
Net
realized
gains
.................
—
—
(0.09)
(0.30)
—
—
Total
distributions
...................
(0.23)
(0.56)
(0.59)
(0.77)
(0.48)
(0.45)
Net
asset
value,
end
of
period
..........
$10.40
$10.21
$9.64
$11.55
$11.67
$11.20
Total
return
d
.......................
4.26%
12.00%
(11.56)%
5.63%
8.81%
12.20%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
f
..........................
0.80%
0.63%
0.64%
0.57%
0.58%
0.59%
Expenses
net
of
waiver
and
payments
by
affiliates
f
..........................
—%
—%
g
—%
g
—%
g
—%
g
—%
g
Net
investment
income
c
...............
5.31%
5.65%
5.43%
2.88%
3.84%
4.21%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$102
$104
$67
$56
$4,092
$2,043
Portfolio
turnover
rate
................
7.14%
26.44%
35.25%
121.26%
51.13%
82.72%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchas-
es
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Recognition
of
net
investment
income
by
the
Fund
is
affected
by
the
timing
of
declaration
of
dividends
by
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Does
not
include
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
The
weighted
average
indirect
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
was
0.46%
for
the
period
ended
June
30,
2024.
g
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Fund
Allocator
Series
Financial
Highlights
Franklin
LifeSmart™
Retirement
Income
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$10.19
$9.63
$11.55
$11.66
$11.19
$10.39
Income
from
investment
operations
a
:
Net
investment
income
b,
c
............
0.26
0.56
0.56
0.39
0.42
0.46
Net
realized
and
unrealized
gains
(losses)
0.16
0.55
(1.89)
0.26
0.52
0.79
Total
from
investment
operations
........
0.42
1.11
(1.33)
0.65
0.94
1.25
Less
distributions
from:
Net
investment
income
..............
(0.23)
(0.55)
(0.50)
(0.46)
(0.47)
(0.45)
Net
realized
gains
.................
—
—
(0.09)
(0.30)
—
—
Total
distributions
...................
(0.23)
(0.55)
(0.59)
(0.76)
(0.47)
(0.45)
Net
asset
value,
end
of
period
..........
$10.38
$10.19
$9.63
$11.55
$11.66
$11.19
Total
return
d
.......................
4.14%
11.96%
(11.62)%
5.58%
8.75%
12.16%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
f
..........................
0.70%
0.67%
0.73%
0.70%
0.69%
0.70%
Expenses
net
of
waiver
and
payments
by
affiliates
f
..........................
0.05%
0.05%
g
0.05%
g
0.05%
g
0.05%
g
0.05%
g
Net
investment
income
c
...............
5.16%
5.67%
5.45%
3.34%
3.83%
4.16%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$2,810
$3,638
$2,414
$2,837
$2,021
$1,875
Portfolio
turnover
rate
................
7.14%
26.44%
35.25%
121.26%
51.13%
82.72%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchas-
es
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Recognition
of
net
investment
income
by
the
Fund
is
affected
by
the
timing
of
declaration
of
dividends
by
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Does
not
include
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
The
weighted
average
indirect
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
was
0.46%
for
the
period
ended
June
30,
2024.
g
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited),
June
30,
2024
Franklin
LifeSmart™
Retirement
Income
Fund
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
7
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
92.6%
Domestic
Equity
30.7%
a
ClearBridge
Tactical
Dividend
Income
Fund,
Class
IS
........................
239,239
$
5,588,621
a
Franklin
U.S.
Core
Equity
(IU)
Fund
.....................................
70,124
1,196,309
JPMorgan
Equity
Premium
Income
ETF
..................................
80,350
4,554,238
JPMorgan
Nasdaq
Equity
Premium
Income
ETF
............................
41,775
2,318,513
13,657,681
Domestic
Fixed
Income
51.6%
a
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund,
Class
IS
...............
231,734
1,974,376
a
Franklin
Investment
Grade
Corporate
ETF
.................................
112,679
2,378,654
a
Franklin
U.S.
Core
Bond
ETF
..........................................
221,194
4,673,829
a
Franklin
U.S.
Government
Securities
Fund,
Class
R6
........................
568,391
2,853,323
a
Western
Asset
Income
Fund,
Class
IS
....................................
1,270,508
6,390,656
a
Western
Asset
Short
Duration
High
Income
Fund,
Class
I
.....................
999,686
4,778,499
23,049,337
Foreign
Equity
6.0%
a
Franklin
International
Core
Dividend
Tilt
Index
ETF
..........................
39,225
1,226,174
a
Templeton
Developing
Markets
Trust,
Class
R6
.............................
25,383
481,007
a
Templeton
Foreign
Fund,
Class
R6
......................................
117,956
943,649
2,650,830
Foreign
Fixed
Income
4.3%
a
Franklin
High
Yield
Corporate
ETF
......................................
80,480
1,908,181
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$42,292,465)
................................................................
41,266,029
Units
a
a
a
a
b
Index-Linked
Notes
5.0%
Capital
Markets
5.0%
c,d,e
UBS
AG
into
S&P
500
Index,
Senior
Note,
144A,
6.45%,
5/07/27
................
1,999
2,215,812
Total
Index-Linked
Notes
(Cost
$2,099,710)
.....................................
2,215,812
Total
Long
Term
Investments
(Cost
$44,392,175)
................................
43,481,841
a
a
a
a
a
Short
Term
Investments
2.4%
Shares
a
Money
Market
Funds
2.4%
a,f
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.972%
..................
1,065,775
1,065,775
Total
Money
Market
Funds
(Cost
$1,065,775)
...................................
1,065,775
Total
Short
Term
Investments
(Cost
$1,065,775)
.................................
1,065,775
a
Total
Investments
(Cost
$45,457,950)
100.0%
...................................
$44,547,616
Other
Assets,
less
Liabilities
0.0%
†
............................................
15,268
Net
Assets
100.0%
...........................................................
$44,562,884
See
Abbreviations
on
page
111
.
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
LifeSmart™
Retirement
Income
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
8
†
Rounds
to
less
than
0.1%
of
net
assets.
a
See
Note
3(f)
regarding
investments
in
FT
Underlying
Funds.
b
See
Note
1(c)
regarding
index-linked
notes.
c
Fair
valued
using
significant
unobservable
inputs.
See
Note
7
regarding
fair
value
measurements.
d
Security
pays
variable
interest
based
on
the
distributions
of
the
strategy
index
and
proceeds
earned
from
related
equity
derivatives.
The
coupon
rate
shown
represents
the
combined
rate
at
period
end.
Cash
payment
at
maturity
or
upon
early
redemption
is
based
on
the
performance
of
the
strategy
index.
e
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
June
30,
2024,
the
value
of
this
security
was
$2,215,812,
representing
5.0%
of
net
assets.
f
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
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Series
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Highlights
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LifeSmart™
2020
Retirement
Target
Fund
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The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
9
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$11.59
$10.58
$13.00
$12.99
$12.17
$11.00
Income
from
investment
operations
a
:
Net
investment
income
b,
c
............
0.11
0.27
0.25
0.22
0.19
0.29
Net
realized
and
unrealized
gains
(losses)
0.49
1.03
(2.27)
1.02
0.89
1.18
Total
from
investment
operations
........
0.60
1.30
(2.02)
1.24
1.08
1.47
Less
distributions
from:
Net
investment
income
..............
(0.20)
(0.29)
(0.16)
(0.34)
(0.26)
(0.30)
Net
realized
gains
.................
—
—
(0.24)
(0.89)
—
—
Total
distributions
...................
(0.20)
(0.29)
(0.40)
(1.23)
(0.26)
(0.30)
Net
asset
value,
end
of
period
..........
$11.99
$11.59
$10.58
$13.00
$12.99
$12.17
Total
return
d
.......................
5.20%
12.47%
(15.58)%
9.62%
9.06%
13.43%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
f
..........................
1.10%
0.99%
0.98%
0.98%
0.98%
0.97%
Expenses
net
of
waiver
and
payments
by
affiliates
f
..........................
0.49%
0.48%
0.47%
g
0.46%
0.47%
g
0.35%
Net
investment
income
c
...............
1.96%
2.42%
2.19%
1.63%
1.61%
2.47%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$24,019
$26,265
$27,491
$36,698
$30,265
$27,016
Portfolio
turnover
rate
................
12.96%
17.72%
35.46%
79.95%
68.93%
120.35%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchas-
es
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Recognition
of
net
investment
income
by
the
Fund
is
affected
by
the
timing
of
declaration
of
dividends
by
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Does
not
include
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
The
weighted
average
indirect
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
was
0.23%
for
the
period
ended
June
30,
2024.
The
weighted
average
indirect
expenses
is
calculated
based
on
the
Form
N1-A
method
which
may
not
correlate
to
the
underlying
fund
fee
waiver
on
the
Statement
of
Operations.
g
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Fund
Allocator
Series
Financial
Highlights
Franklin
LifeSmart™
2020
Retirement
Target
Fund
(continued)
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Semiannual
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The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
10
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$11.49
$10.50
$12.91
$12.91
$12.09
$10.93
Income
from
investment
operations
a
:
Net
investment
income
b,
c
............
0.07
0.13
0.15
0.11
0.10
0.20
Net
realized
and
unrealized
gains
(losses)
0.49
1.07
(2.24)
1.02
0.89
1.17
Total
from
investment
operations
........
0.56
1.20
(2.09)
1.13
0.99
1.37
Less
distributions
from:
Net
investment
income
..............
(0.16)
(0.21)
(0.08)
(0.24)
(0.17)
(0.21)
Net
realized
gains
.................
—
—
(0.24)
(0.89)
—
—
Total
distributions
...................
(0.16)
(0.21)
(0.32)
(1.13)
(0.17)
(0.21)
Net
asset
value,
end
of
period
..........
$11.89
$11.49
$10.50
$12.91
$12.91
$12.09
Total
return
d
.......................
4.85%
11.52%
(16.23)%
8.85%
8.29%
12.59%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
f
..........................
1.84%
1.74%
1.73%
1.72%
1.73%
1.72%
Expenses
net
of
waiver
and
payments
by
affiliates
f
..........................
1.24%
1.23%
1.22%
g
1.21%
1.22%
g
1.10%
Net
investment
income
c
...............
1.16%
1.20%
1.36%
0.79%
0.85%
1.72%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$2,541
$3,412
$3,796
$6,235
$7,118
$6,811
Portfolio
turnover
rate
................
12.96%
17.72%
35.46%
79.95%
68.93%
120.35%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchas-
es
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Recognition
of
net
investment
income
by
the
Fund
is
affected
by
the
timing
of
declaration
of
dividends
by
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Does
not
include
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
The
weighted
average
indirect
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
was
0.23%
for
the
period
ended
June
30,
2024.
The
weighted
average
indirect
expenses
is
calculated
based
on
the
Form
N1-A
method
which
may
not
correlate
to
the
underlying
fund
fee
waiver
on
the
Statement
of
Operations.
g
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Fund
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Series
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LifeSmart™
2020
Retirement
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part
of
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financial
statements.
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11
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Class
R
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$11.59
$10.57
$13.00
$12.98
$12.16
$10.99
Income
from
investment
operations
a
:
Net
investment
income
b,
c
............
0.10
0.19
0.23
0.17
0.16
0.26
Net
realized
and
unrealized
gains
(losses)
0.49
1.08
(2.29)
1.03
0.89
1.17
Total
from
investment
operations
........
0.59
1.27
(2.06)
1.20
1.05
1.43
Less
distributions
from:
Net
investment
income
..............
(0.19)
(0.25)
(0.13)
(0.29)
(0.23)
(0.26)
Net
realized
gains
.................
—
—
(0.24)
(0.89)
—
—
Total
distributions
...................
(0.19)
(0.25)
(0.37)
(1.18)
(0.23)
(0.26)
Net
asset
value,
end
of
period
..........
$11.99
$11.59
$10.57
$13.00
$12.98
$12.16
Total
return
d
.......................
5.07%
12.16%
(15.86)%
9.37%
8.79%
13.25%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
f
..........................
1.34%
1.24%
1.23%
1.22%
1.23%
1.22%
Expenses
net
of
waiver
and
payments
by
affiliates
f
..........................
0.74%
0.73%
0.72%
g
0.71%
0.72%
g
0.60%
Net
investment
income
c
...............
1.73%
1.72%
2.01%
1.23%
1.35%
2.22%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$338
$392
$650
$758
$786
$745
Portfolio
turnover
rate
................
12.96%
17.72%
35.46%
79.95%
68.93%
120.35%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchas-
es
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Recognition
of
net
investment
income
by
the
Fund
is
affected
by
the
timing
of
declaration
of
dividends
by
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Does
not
include
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
The
weighted
average
indirect
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
was
0.23%
for
the
period
ended
June
30,
2024.
The
weighted
average
indirect
expenses
is
calculated
based
on
the
Form
N1-A
method
which
may
not
correlate
to
the
underlying
fund
fee
waiver
on
the
Statement
of
Operations.
g
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Fund
Allocator
Series
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LifeSmart™
2020
Retirement
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Fund
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The
accompanying
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integral
part
of
these
financial
statements.
12
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$11.91
$10.86
$13.04
$13.03
$12.20
$11.02
Income
from
investment
operations
a
:
Net
investment
income
b,
c
............
0.12
0.16
0.29
0.19
0.22
0.32
Net
realized
and
unrealized
gains
(losses)
0.51
1.21
(2.29)
1.09
0.90
1.19
Total
from
investment
operations
........
0.63
1.37
(2.00)
1.28
1.12
1.51
Less
distributions
from:
Net
investment
income
..............
(0.22)
(0.32)
(0.19)
(0.38)
(0.29)
(0.33)
Net
realized
gains
.................
—
—
(0.24)
(0.89)
—
—
Total
distributions
...................
(0.22)
(0.32)
(0.43)
(1.27)
(0.29)
(0.33)
Capital
contributions
.................
—
—
0.25
—
—
—
Net
asset
value,
end
of
period
..........
$12.32
$11.91
$10.86
$13.04
$13.03
$12.20
Total
return
d
.......................
5.38%
12.75%
(13.38)%
e
9.93%
9.45%
13.83%
Ratios
to
average
net
assets
f
Expenses
before
waiver
and
payments
by
affiliates
g
..........................
1.63%
1.24%
1.31%
0.59%
0.62%
0.60%
Expenses
net
of
waiver
and
payments
by
affiliates
g
..........................
0.19%
0.18%
0.16%
h
0.16%
0.16%
h
0.05%
Net
investment
income
c
...............
1.96%
1.38%
2.54%
1.40%
1.83%
2.77%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$7
$18
$4
$5
$4,855
$7,429
Portfolio
turnover
rate
................
12.96%
17.72%
35.46%
79.95%
68.93%
120.35%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchas-
es
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Recognition
of
net
investment
income
by
the
Fund
is
affected
by
the
timing
of
declaration
of
dividends
by
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Includes
the
effect
of
a
capital
contribution.
Absent
the
capital
contribution,
the
total
return
would
have
been
(15.38)%.
f
Ratios
are
annualized
for
periods
less
than
one
year.
g
Does
not
include
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
The
weighted
average
indirect
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
was
0.23%
for
the
period
ended
June
30,
2024.
The
weighted
average
indirect
expenses
is
calculated
based
on
the
Form
N1-A
method
which
may
not
correlate
to
the
underlying
fund
fee
waiver
on
the
Statement
of
Operations.
h
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Fund
Allocator
Series
Financial
Highlights
Franklin
LifeSmart™
2020
Retirement
Target
Fund
(continued)
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accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
13
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$11.63
$10.62
$13.05
$13.03
$12.20
$11.03
Income
from
investment
operations
a
:
Net
investment
income
b,
c
............
0.13
0.30
0.28
0.26
0.22
0.32
Net
realized
and
unrealized
gains
(losses)
0.49
1.03
(2.28)
1.02
0.90
1.17
Total
from
investment
operations
........
0.62
1.33
(2.00)
1.28
1.12
1.49
Less
distributions
from:
Net
investment
income
..............
(0.22)
(0.32)
(0.19)
(0.37)
(0.29)
(0.32)
Net
realized
gains
.................
—
—
(0.24)
(0.89)
—
—
Total
distributions
...................
(0.22)
(0.32)
(0.43)
(1.26)
(0.29)
(0.32)
Net
asset
value,
end
of
period
..........
$12.03
$11.63
$10.62
$13.05
$13.03
$12.20
Total
return
d
.......................
5.30%
12.70%
(15.37)%
9.95%
9.39%
13.77%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
f
..........................
0.85%
0.74%
0.73%
0.73%
0.73%
0.72%
Expenses
net
of
waiver
and
payments
by
affiliates
f
..........................
0.24%
0.23%
0.22%
g
0.21%
0.21%
g
0.10%
Net
investment
income
c
...............
2.14%
2.73%
2.44%
1.88%
1.80%
2.72%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$583
$729
$620
$826
$685
$745
Portfolio
turnover
rate
................
12.96%
17.72%
35.46%
79.95%
68.93%
120.35%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchas-
es
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Recognition
of
net
investment
income
by
the
Fund
is
affected
by
the
timing
of
declaration
of
dividends
by
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Does
not
include
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
The
weighted
average
indirect
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
was
0.23%
for
the
period
ended
June
30,
2024.
The
weighted
average
indirect
expenses
is
calculated
based
on
the
Form
N1-A
method
which
may
not
correlate
to
the
underlying
fund
fee
waiver
on
the
Statement
of
Operations.
g
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited),
June
30,
2024
Franklin
LifeSmart™
2020
Retirement
Target
Fund
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Semiannual
Report
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accompanying
notes
are
an
integral
part
of
these
financial
statements.
14
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
99.1%
Alternative
Strategies
1.0%
a
Franklin
Systematic
Style
Premia
ETF
....................................
11,610
$
274,751
Domestic
Equity
29.7%
a
ClearBridge
Large
Cap
Value
Fund
,
Class
IS
...............................
17,636
738,793
a
Franklin
Growth
Fund
,
Class
R6
........................................
12,366
1,753,241
a
Franklin
U.S.
Core
Equity
(IU)
Fund
.....................................
230,847
3,938,255
a
Franklin
U.S.
Equity
Index
ETF
.........................................
8,400
400,273
a
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
.............................
16,428
913,068
iShares
MSCI
USA
Quality
Factor
ETF
...................................
700
119,532
iShares
MSCI
USA
Value
Factor
ETF
....................................
2,975
307,794
8,170,956
Domestic
Fixed
Income
48.5%
a
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund
,
Class
IS
...............
117,349
999,814
a
Franklin
Investment
Grade
Corporate
ETF
.................................
30,428
642,335
a
Franklin
U.S.
Core
Bond
ETF
..........................................
243,088
5,136,449
a
Franklin
U.S.
Treasury
Bond
ETF
.......................................
126,473
2,569,931
iShares
Floating
Rate
Bond
ETF
........................................
12,625
645,011
a
Western
Asset
Core
Plus
Bond
Fund
,
Class
IS
.............................
294,608
2,704,500
a
Western
Asset
Short-Term
Bond
Fund
,
Class
IS
............................
177,815
647,245
13,345,285
Foreign
Equity
16.4%
a
ClearBridge
International
Growth
Fund
,
Class
IS
............................
5,021
328,573
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
............................
69,403
721,791
a
Franklin
International
Core
Equity
(IU)
Fund
...............................
172,290
2,124,332
iShares
Core
MSCI
EAFE
ETF
.........................................
4,804
348,963
a
Templeton
Developing
Markets
Trust
,
Class
R6
.............................
25,729
487,570
a
Templeton
Foreign
Fund
,
Class
R6
......................................
61,783
494,261
4,505,490
Foreign
Fixed
Income
3.5%
a
Franklin
High
Yield
Corporate
ETF
......................................
21,738
515,408
a
Franklin
International
Aggregate
Bond
ETF
................................
21,271
428,823
944,231
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$
24,501,401
)
................................................................
27,240,713
a
a
a
a
Short
Term
Investments
0.8%
a
Money
Market
Funds
0.8%
a,b
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.972
%
..................
211,103
211,103
Total
Money
Market
Funds
(Cost
$
211,103
)
.....................................
211,103
Total
Short
Term
Investments
(Cost
$
211,103
)
..................................
211,103
a
Total
Investments
(Cost
$
24,712,504
)
99.9
%
....................................
$27,451,816
Other
Assets,
less
Liabilities
0.1
%
.............................................
36,584
Net
Assets
100.0%
...........................................................
$27,488,400
See
Abbreviations
on
page
111
.
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
LifeSmart™
2020
Retirement
Target
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
15
a
See
Note
3(f)
regarding
investments
in
FT
Underlying
Funds.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Fund
Allocator
Series
Financial
Highlights
Franklin
LifeSmart™
2025
Retirement
Target
Fund
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
16
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$12.21
$11.04
$13.67
$13.80
$12.98
$11.52
Income
from
investment
operations
a
:
Net
investment
income
b,
c
............
0.11
0.27
0.23
0.23
0.20
0.27
Net
realized
and
unrealized
gains
(losses)
0.67
1.23
(2.43)
1.31
1.08
1.66
Total
from
investment
operations
........
0.78
1.50
(2.20)
1.54
1.28
1.93
Less
distributions
from:
Net
investment
income
and
short
term
gains
received
from
Underlying
funds
and
exchange
traded
funds
..............
(0.15)
(0.32)
(0.14)
(0.37)
(0.21)
(0.28)
Net
realized
gains
.................
—
(0.01)
(0.29)
(1.30)
(0.25)
(0.19)
Total
distributions
...................
(0.15)
(0.33)
(0.43)
(1.67)
(0.46)
(0.47)
Net
asset
value,
end
of
period
..........
$12.84
$12.21
$11.04
$13.67
$13.80
$12.98
Total
return
d
.......................
6.43%
13.70%
(16.06)%
11.21%
10.26%
16.85%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
f
..........................
0.74%
0.75%
0.76%
0.76%
0.77%
0.80%
Expenses
net
of
waiver
and
payments
by
affiliates
f
..........................
0.50%
0.49%
0.48%
g
0.47%
0.45%
g
0.35%
Net
investment
income
c
...............
1.72%
2.32%
1.97%
1.57%
1.53%
2.15%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$96,221
$96,649
$97,043
$118,521
$96,973
$86,084
Portfolio
turnover
rate
................
11.87%
20.95%
33.70%
69.35%
66.87%
84.18%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchas-
es
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Recognition
of
net
investment
income
by
the
Fund
is
affected
by
the
timing
of
declaration
of
dividends
by
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Does
not
include
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
The
weighted
average
indirect
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
was
0.22%
for
the
period
ended
June
30,
2024.
The
weighted
average
indirect
expenses
is
calculated
based
on
the
Form
N1-A
method
which
may
not
correlate
to
the
underlying
fund
fee
waiver
on
the
Statement
of
Operations.
g
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Fund
Allocator
Series
Financial
Highlights
Franklin
LifeSmart™
2025
Retirement
Target
Fund
(continued)
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The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
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a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$11.94
$10.81
$13.40
$13.56
$12.76
$11.34
Income
from
investment
operations
a
:
Net
investment
income
b,c
............
0.06
0.18
0.13
0.10
0.09
0.17
Net
realized
and
unrealized
gains
(losses)
0.66
1.19
(2.36)
1.30
1.08
1.62
Total
from
investment
operations
........
0.72
1.37
(2.23)
1.40
1.17
1.79
Less
distributions
from:
Net
investment
income
and
short
term
gains
received
from
Underlying
funds
and
exchange
traded
funds
..............
(0.11)
(0.23)
(0.07)
(0.26)
(0.12)
(0.18)
Net
realized
gains
.................
—
(0.01)
(0.29)
(1.30)
(0.25)
(0.19)
Total
distributions
...................
(0.11)
(0.24)
(0.36)
(1.56)
(0.37)
(0.37)
Net
asset
value,
end
of
period
..........
$12.55
$11.94
$10.81
$13.40
$13.56
$12.76
Total
return
d
.......................
6.04%
12.79%
(16.66)%
10.40%
9.44%
15.90%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
f
..........................
1.49%
1.50%
1.51%
1.50%
1.51%
1.55%
Expenses
net
of
waiver
and
payments
by
affiliates
f
..........................
1.25%
1.24%
1.23%
g
1.21%
1.20%
g
1.10%
Net
investment
income
c
...............
0.97%
1.56%
1.16%
0.70%
0.76%
1.40%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$11,608
$11,928
$12,140
$17,778
$21,991
$23,450
Portfolio
turnover
rate
................
11.87%
20.95%
33.70%
69.35%
66.87%
84.18%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchas-
es
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Recognition
of
net
investment
income
by
the
Fund
is
affected
by
the
timing
of
declaration
of
dividends
by
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Does
not
include
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
The
weighted
average
indirect
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
was
0.22%
for
the
period
ended
June
30,
2024.
The
weighted
average
indirect
expenses
is
calculated
based
on
the
Form
N1-A
method
which
may
not
correlate
to
the
underlying
fund
fee
waiver
on
the
Statement
of
Operations.
g
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Fund
Allocator
Series
Financial
Highlights
Franklin
LifeSmart™
2025
Retirement
Target
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
18
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Class
R
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$12.16
$11.00
$13.61
$13.75
$12.93
$11.48
Income
from
investment
operations
a
:
Net
investment
income
b,c
............
0.09
0.24
0.19
0.18
0.16
0.23
Net
realized
and
unrealized
gains
(losses)
0.67
1.22
(2.40)
1.31
1.09
1.65
Total
from
investment
operations
........
0.76
1.46
(2.21)
1.49
1.25
1.88
Less
distributions
from:
Net
investment
income
and
short
term
gains
received
from
Underlying
funds
and
exchange
traded
funds
..............
(0.14)
(0.29)
(0.11)
(0.33)
(0.18)
(0.24)
Net
realized
gains
.................
—
(0.01)
(0.29)
(1.30)
(0.25)
(0.19)
Total
distributions
...................
(0.14)
(0.30)
(0.40)
(1.63)
(0.43)
(0.43)
Net
asset
value,
end
of
period
..........
$12.78
$12.16
$11.00
$13.61
$13.75
$12.93
Total
return
d
.......................
6.25%
13.37%
(16.21)%
10.89%
10.00%
16.52%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
f
..........................
0.99%
1.00%
1.01%
1.01%
1.02%
1.05%
Expenses
net
of
waiver
and
payments
by
affiliates
f
..........................
0.74%
0.74%
0.73%
g
0.72%
0.70%
g
0.60%
Net
investment
income
c
...............
1.49%
2.06%
1.61%
1.26%
1.24%
1.90%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$1,691
$1,778
$1,954
$3,069
$3,117
$3,930
Portfolio
turnover
rate
................
11.87%
20.95%
33.70%
69.35%
66.87%
84.18%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchas-
es
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Recognition
of
net
investment
income
by
the
Fund
is
affected
by
the
timing
of
declaration
of
dividends
by
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Does
not
include
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
The
weighted
average
indirect
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
was
0.22%
for
the
period
ended
June
30,
2024.
The
weighted
average
indirect
expenses
is
calculated
based
on
the
Form
N1-A
method
which
may
not
correlate
to
the
underlying
fund
fee
waiver
on
the
Statement
of
Operations.
g
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Fund
Allocator
Series
Financial
Highlights
Franklin
LifeSmart™
2025
Retirement
Target
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
19
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$12.26
$11.09
$13.72
$13.85
$13.02
$11.56
Income
from
investment
operations
a
:
Net
investment
income
b,c
............
0.13
0.30
0.29
0.19
0.23
0.31
Net
realized
and
unrealized
gains
(losses)
0.67
1.23
(2.45)
1.39
1.10
1.65
Total
from
investment
operations
........
0.80
1.53
(2.16)
1.58
1.33
1.96
Less
distributions
from:
Net
investment
income
and
short
term
gains
received
from
Underlying
funds
and
exchange
traded
funds
..............
(0.17)
(0.35)
(0.18)
(0.41)
(0.25)
(0.31)
Net
realized
gains
.................
—
(0.01)
(0.29)
(1.30)
(0.25)
(0.19)
Total
distributions
...................
(0.17)
(0.36)
(0.47)
(1.71)
(0.50)
(0.50)
Net
asset
value,
end
of
period
..........
$12.89
$12.26
$11.09
$13.72
$13.85
$13.02
Total
return
d
.......................
6.55%
13.99%
(15.71)%
11.49%
10.64%
17.14%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
f
..........................
0.44%
0.41%
0.38%
0.39%
0.39%
0.41%
Expenses
net
of
waiver
and
payments
by
affiliates
f
..........................
0.18%
0.17%
0.14%
g
0.15%
0.15%
g
0.05%
Net
investment
income
c
...............
2.05%
2.61%
2.48%
1.34%
1.83%
2.45%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$603
$566
$670
$544
$16,094
$14,717
Portfolio
turnover
rate
................
11.87%
20.95%
33.70%
69.35%
66.87%
84.18%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchas-
es
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Recognition
of
net
investment
income
by
the
Fund
is
affected
by
the
timing
of
declaration
of
dividends
by
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Does
not
include
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
The
weighted
average
indirect
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
was
0.22%
for
the
period
ended
June
30,
2024.
The
weighted
average
indirect
expenses
is
calculated
based
on
the
Form
N1-A
method
which
may
not
correlate
to
the
underlying
fund
fee
waiver
on
the
Statement
of
Operations.
g
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Fund
Allocator
Series
Financial
Highlights
Franklin
LifeSmart™
2025
Retirement
Target
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
20
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$12.25
$11.08
$13.71
$13.83
$13.01
$11.55
Income
from
investment
operations
a
:
Net
investment
income
b,c
............
0.12
0.30
0.27
0.26
0.24
0.30
Net
realized
and
unrealized
gains
(losses)
0.68
1.23
(2.44)
1.32
1.07
1.66
Total
from
investment
operations
........
0.80
1.53
(2.17)
1.58
1.31
1.96
Less
distributions
from:
Net
investment
income
and
short
term
gains
received
from
Underlying
funds
and
exchange
traded
funds
..............
(0.17)
(0.35)
(0.17)
(0.40)
(0.24)
(0.31)
Net
realized
gains
.................
—
(0.01)
(0.29)
(1.30)
(0.25)
(0.19)
Total
distributions
...................
(0.17)
(0.36)
(0.46)
(1.70)
(0.49)
(0.50)
Net
asset
value,
end
of
period
..........
$12.88
$12.25
$11.08
$13.71
$13.83
$13.01
Total
return
d
.......................
6.53%
13.94%
(15.79)%
11.53%
10.51%
17.09%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
f
..........................
0.49%
0.50%
0.51%
0.51%
0.52%
0.55%
Expenses
net
of
waiver
and
payments
by
affiliates
f
..........................
0.25%
0.24%
0.23%
g
0.22%
0.20%
g
0.10%
Net
investment
income
c
...............
1.98%
2.61%
2.25%
1.80%
1.90%
2.40%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$2,799
$2,910
$2,572
$3,055
$2,872
$1,532
Portfolio
turnover
rate
................
11.87%
20.95%
33.70%
69.35%
66.87%
84.18%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchas-
es
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Recognition
of
net
investment
income
by
the
Fund
is
affected
by
the
timing
of
declaration
of
dividends
by
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Does
not
include
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
The
weighted
average
indirect
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
was
0.22%
for
the
period
ended
June
30,
2024.
The
weighted
average
indirect
expenses
is
calculated
based
on
the
Form
N1-A
method
which
may
not
correlate
to
the
underlying
fund
fee
waiver
on
the
Statement
of
Operations.
g
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited),
June
30,
2024
Franklin
LifeSmart™
2025
Retirement
Target
Fund
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
21
See
Abbreviations
on
page
111
.
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
99.1%
Alternative
Strategies
1.0%
a
Franklin
Systematic
Style
Premia
ETF
....................................
47,783
$
1,130,785
Domestic
Equity
35.4%
a
ClearBridge
Large
Cap
Value
Fund,
Class
IS
...............................
86,278
3,614,177
a
Franklin
Growth
Fund,
Class
R6
........................................
60,495
8,577,011
a
Franklin
U.S.
Core
Equity
(IU)
Fund
.....................................
1,129,322
19,266,226
a
Franklin
U.S.
Equity
Index
ETF
.........................................
41,100
1,958,481
a
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
.............................
80,386
4,467,854
iShares
MSCI
USA
Quality
Factor
ETF
...................................
3,500
597,660
iShares
MSCI
USA
Value
Factor
ETF
....................................
14,650
1,515,689
39,997,098
Domestic
Fixed
Income
40.4%
a
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund,
Class
IS
...............
400,203
3,409,732
a
Franklin
Investment
Grade
Corporate
ETF
.................................
103,840
2,192,062
a
Franklin
U.S.
Core
Bond
ETF
..........................................
829,233
17,521,693
a
Franklin
U.S.
Treasury
Bond
ETF
.......................................
431,463
8,767,328
iShares
Floating
Rate
Bond
ETF
........................................
43,050
2,199,424
a
Western
Asset
Core
Plus
Bond
Fund,
Class
IS
.............................
1,004,949
9,225,431
a
Western
Asset
Short-Term
Bond
Fund,
Class
IS
............................
606,541
2,207,808
45,523,478
Foreign
Equity
19.4%
a
ClearBridge
International
Growth
Fund,
Class
IS
............................
24,565
1,607,502
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
............................
339,021
3,525,814
a
Franklin
International
Core
Equity
(IU)
Fund
...............................
842,897
10,392,916
iShares
Core
MSCI
EAFE
ETF
.........................................
23,542
1,710,091
a
Templeton
Developing
Markets
Trust,
Class
R6
.............................
125,685
2,381,725
a
Templeton
Foreign
Fund,
Class
R6
......................................
302,261
2,418,087
22,036,135
Foreign
Fixed
Income
2.9%
a
Franklin
High
Yield
Corporate
ETF
......................................
74,153
1,758,168
a
Franklin
International
Aggregate
Bond
ETF
................................
72,608
1,463,777
3,221,945
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$95,337,481)
................................................................
111,909,441
a
a
a
a
Short
Term
Investments
0.9%
a
Money
Market
Funds
0.9%
a,b
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.972%
..................
1,040,507
1,040,507
Total
Money
Market
Funds
(Cost
$1,040,507)
...................................
1,040,507
Total
Short
Term
Investments
(Cost
$1,040,507)
.................................
1,040,507
a
Total
Investments
(Cost
$96,377,988)
100.0%
...................................
$112,949,948
Other
Assets,
less
Liabilities
(0.0)%
†
...........................................
(27,721)
Net
Assets
100.0%
...........................................................
$112,922,227
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
LifeSmart™
2025
Retirement
Target
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
22
†
Rounds
to
less
than
0.1%
of
net
assets.
a
See
Note
3(f)
regarding
investments
in
FT
Underlying
Funds.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Fund
Allocator
Series
Financial
Highlights
Franklin
LifeSmart™
2030
Retirement
Target
Fund
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
23
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$12.85
$11.42
$14.21
$14.40
$13.28
$11.50
Income
from
investment
operations
a
:
Net
investment
income
b,
c
............
0.10
0.27
0.22
0.24
0.19
0.25
Net
realized
and
unrealized
gains
(losses)
0.88
1.42
(2.58)
1.61
1.29
1.90
Total
from
investment
operations
........
0.98
1.69
(2.36)
1.85
1.48
2.15
Less
distributions
from:
Net
investment
income
and
short
term
gains
received
from
Underlying
funds
and
exchange
traded
funds
..............
(0.18)
(0.26)
(0.13)
(0.41)
(0.22)
(0.23)
Net
realized
gains
.................
—
—
(0.30)
(1.63)
(0.14)
(0.14)
Total
distributions
...................
(0.18)
(0.26)
(0.43)
(2.04)
(0.36)
(0.37)
Net
asset
value,
end
of
period
..........
$13.65
$12.85
$11.42
$14.21
$14.40
$13.28
Total
return
d
.......................
7.64%
14.97%
(16.57)%
12.91%
11.52%
18.80%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
f
..........................
0.84%
0.87%
0.94%
0.93%
0.95%
1.02%
Expenses
net
of
waiver
and
payments
by
affiliates
f
..........................
0.51%
0.50%
0.48%
g
0.46%
0.44%
g
0.34%
g
Net
investment
income
c
...............
1.49%
2.25%
1.78%
1.57%
1.46%
1.96%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$55,643
$51,566
$44,099
$49,835
$34,019
$27,248
Portfolio
turnover
rate
................
13.11%
22.74%
48.44%
82.69%
67.25%
93.46%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Recognition
of
net
investment
income
by
the
Fund
is
affected
by
the
timing
of
declaration
of
dividends
by
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Does
not
include
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
The
weighted
average
indirect
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
was
0.22%
for
the
period
ended
June
30,
2024.
The
weighted
average
indirect
expenses
is
calculated
based
on
the
Form
N1-A
method
which
may
not
correlate
to
the
underlying
fund
fee
waiver
on
the
Statement
of
Operations.
g
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Fund
Allocator
Series
Financial
Highlights
Franklin
LifeSmart™
2030
Retirement
Target
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
24
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$12.63
$11.23
$14.00
$14.22
$13.13
$11.37
Income
from
investment
operations
a
:
Net
investment
income
b,
c
............
0.05
0.17
0.12
0.11
0.09
0.15
Net
realized
and
unrealized
gains
(losses)
0.86
1.40
(2.53)
1.61
1.27
1.89
Total
from
investment
operations
........
0.91
1.57
(2.41)
1.72
1.36
2.04
Less
distributions
from:
Net
investment
income
and
short
term
gains
received
from
Underlying
funds
and
exchange
traded
funds
..............
(0.14)
(0.17)
(0.06)
(0.31)
(0.13)
(0.14)
Net
realized
gains
.................
—
—
(0.30)
(1.63)
(0.14)
(0.14)
Total
distributions
...................
(0.14)
(0.17)
(0.36)
(1.94)
(0.27)
(0.28)
Net
asset
value,
end
of
period
..........
$13.40
$12.63
$11.23
$14.00
$14.22
$13.13
Total
return
d
.......................
7.18%
14.11%
(17.18)%
12.13%
10.60%
17.98%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
f
..........................
1.59%
1.62%
1.69%
1.68%
1.70%
1.77%
Expenses
net
of
waiver
and
payments
by
affiliates
f
..........................
1.26%
1.25%
1.23%
g
1.21%
1.19%
g
1.09%
g
Net
investment
income
c
...............
0.75%
1.47%
0.99%
0.74%
0.71%
1.21%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$11,500
$10,343
$9,642
$12,281
$10,937
$9,146
Portfolio
turnover
rate
................
13.11%
22.74%
48.44%
82.69%
67.25%
93.46%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Recognition
of
net
investment
income
by
the
Fund
is
affected
by
the
timing
of
declaration
of
dividends
by
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Does
not
include
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
The
weighted
average
indirect
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
was
0.22%
for
the
period
ended
June
30,
2024.
The
weighted
average
indirect
expenses
is
calculated
based
on
the
Form
N1-A
method
which
may
not
correlate
to
the
underlying
fund
fee
waiver
on
the
Statement
of
Operations.
g
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Fund
Allocator
Series
Financial
Highlights
Franklin
LifeSmart™
2030
Retirement
Target
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
25
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Class
R
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$12.82
$11.39
$14.19
$14.38
$13.27
$11.48
Income
from
investment
operations
a
:
Net
investment
income
b,
c
............
0.08
0.24
0.18
0.20
0.15
0.22
Net
realized
and
unrealized
gains
(losses)
0.88
1.42
(2.58)
1.61
1.29
1.91
Total
from
investment
operations
........
0.96
1.66
(2.40)
1.81
1.44
2.13
Less
distributions
from:
Net
investment
income
and
short
term
gains
received
from
Underlying
funds
and
exchange
traded
funds
..............
(0.17)
(0.23)
(0.10)
(0.37)
(0.19)
(0.20)
Net
realized
gains
.................
—
—
(0.30)
(1.63)
(0.14)
(0.14)
Total
distributions
...................
(0.17)
(0.23)
(0.40)
(2.00)
(0.33)
(0.34)
Net
asset
value,
end
of
period
..........
$13.61
$12.82
$11.39
$14.19
$14.38
$13.27
Total
return
d
.......................
7.48%
14.73%
(16.84)%
12.65%
11.17%
18.64%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
f
..........................
1.09%
1.11%
1.19%
1.18%
1.20%
1.27%
Expenses
net
of
waiver
and
payments
by
affiliates
f
..........................
0.76%
0.75%
0.74%
g
0.71%
0.69%
g
0.59%
g
Net
investment
income
c
...............
1.28%
2.00%
1.51%
1.29%
1.19%
1.71%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$2,282
$1,613
$1,295
$1,512
$1,186
$1,058
Portfolio
turnover
rate
................
13.11%
22.74%
48.44%
82.69%
67.25%
93.46%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Recognition
of
net
investment
income
by
the
Fund
is
affected
by
the
timing
of
declaration
of
dividends
by
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Does
not
include
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
The
weighted
average
indirect
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
was
0.22%
for
the
period
ended
June
30,
2024.
The
weighted
average
indirect
expenses
is
calculated
based
on
the
Form
N1-A
method
which
may
not
correlate
to
the
underlying
fund
fee
waiver
on
the
Statement
of
Operations.
g
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Fund
Allocator
Series
Financial
Highlights
Franklin
LifeSmart™
2030
Retirement
Target
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
26
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$13.03
$11.57
$14.28
$14.46
$13.34
$11.54
Income
from
investment
operations
a
:
Net
investment
income
b,
c
............
0.12
0.38
0.36
0.18
0.23
0.29
Net
realized
and
unrealized
gains
(losses)
0.89
1.38
(2.67)
1.72
1.29
1.92
Total
from
investment
operations
........
1.01
1.76
(2.31)
1.90
1.52
2.21
Less
distributions
from:
Net
investment
income
and
short
term
gains
received
from
Underlying
funds
and
exchange
traded
funds
..............
(0.20)
(0.30)
(0.16)
(0.45)
(0.26)
(0.27)
Net
realized
gains
.................
—
—
(0.30)
(1.63)
(0.14)
(0.14)
Total
distributions
...................
(0.20)
(0.30)
(0.46)
(2.08)
(0.40)
(0.41)
Capital
contributions
.................
—
—
0.06
—
—
—
Net
asset
value,
end
of
period
..........
$13.84
$13.03
$11.57
$14.28
$14.46
$13.34
Total
return
d
.......................
7.76%
15.37%
(15.68)%
e
13.24%
11.80%
19.26%
Ratios
to
average
net
assets
f
Expenses
before
waiver
and
payments
by
affiliates
g
..........................
0.62%
0.61%
1.18%
0.45%
0.50%
0.53%
Expenses
net
of
waiver
and
payments
by
affiliates
g
..........................
0.21%
0.20%
0.15%
h
0.15%
0.15%
h
0.04%
h
Net
investment
income
c
...............
1.82%
3.08%
3.02%
1.20%
1.72%
2.26%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$289
$245
$51
$40
$23,717
$22,064
Portfolio
turnover
rate
................
13.11%
22.74%
48.44%
82.69%
67.25%
93.46%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Recognition
of
net
investment
income
by
the
Fund
is
affected
by
the
timing
of
declaration
of
dividends
by
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Includes
the
effect
of
a
capital
contribution.
Absent
the
capital
contribution,
the
total
return
would
have
been
(16.08)%.
f
Ratios
are
annualized
for
periods
less
than
one
year.
g
Does
not
include
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
The
weighted
average
indirect
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
was
0.22%
for
the
period
ended
June
30,
2024.
The
weighted
average
indirect
expenses
is
calculated
based
on
the
Form
N1-A
method
which
may
not
correlate
to
the
underlying
fund
fee
waiver
on
the
Statement
of
Operations.
h
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Fund
Allocator
Series
Financial
Highlights
Franklin
LifeSmart™
2030
Retirement
Target
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
27
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$12.92
$11.48
$14.27
$14.44
$13.33
$11.53
Income
from
investment
operations
a
:
Net
investment
income
b,
c
............
0.12
0.30
0.25
0.28
0.23
0.28
Net
realized
and
unrealized
gains
(losses)
0.88
1.43
(2.59)
1.62
1.28
1.92
Total
from
investment
operations
........
1.00
1.73
(2.34)
1.90
1.51
2.20
Less
distributions
from:
Net
investment
income
and
short
term
gains
received
from
Underlying
funds
and
exchange
traded
funds
..............
(0.20)
(0.29)
(0.15)
(0.44)
(0.26)
(0.26)
Net
realized
gains
.................
—
—
(0.30)
(1.63)
(0.14)
(0.14)
Total
distributions
...................
(0.20)
(0.29)
(0.45)
(2.07)
(0.40)
(0.40)
Net
asset
value,
end
of
period
..........
$13.72
$12.92
$11.48
$14.27
$14.44
$13.33
Total
return
d
.......................
7.72%
15.26%
(16.34)%
13.28%
11.68%
19.22%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
f
..........................
0.59%
0.61%
0.69%
0.68%
0.70%
0.77%
Expenses
net
of
waiver
and
payments
by
affiliates
f
..........................
0.26%
0.25%
0.23%
g
0.21%
0.19%
g
0.09%
g
Net
investment
income
c
...............
1.74%
2.47%
2.05%
1.81%
1.74%
2.21%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$2,236
$1,936
$1,770
$1,937
$1,546
$997
Portfolio
turnover
rate
................
13.11%
22.74%
48.44%
82.69%
67.25%
93.46%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Recognition
of
net
investment
income
by
the
Fund
is
affected
by
the
timing
of
declaration
of
dividends
by
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Total
return
is
not
annualized
for
periods
less
than
one
year.
f
Does
not
include
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
The
weighted
average
indirect
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
was
0.22%
for
the
period
ended
June
30,
2024.
The
weighted
average
indirect
expenses
is
calculated
based
on
the
Form
N1-A
method
which
may
not
correlate
to
the
underlying
fund
fee
waiver
on
the
Statement
of
Operations.
g
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited),
June
30,
2024
Franklin
LifeSmart™
2030
Retirement
Target
Fund
franklintempleton.com
Semiannual
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The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
28
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
99.0%
Alternative
Strategies
1.0%
a
Franklin
Systematic
Style
Premia
ETF
....................................
30,186
$
714,352
Domestic
Equity
41.1%
a
ClearBridge
Large
Cap
Value
Fund
,
Class
IS
...............................
63,743
2,670,190
a
Franklin
Growth
Fund
,
Class
R6
........................................
44,696
6,336,940
a
Franklin
U.S.
Core
Equity
(IU)
Fund
.....................................
834,368
14,234,310
a
Franklin
U.S.
Equity
Index
ETF
.........................................
30,375
1,447,417
a
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
.............................
59,376
3,300,118
iShares
MSCI
USA
Quality
Factor
ETF
...................................
2,575
439,707
iShares
MSCI
USA
Value
Factor
ETF
....................................
10,825
1,119,955
29,548,637
Domestic
Fixed
Income
32.0%
a
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund
,
Class
IS
...............
202,806
1,727,909
a
Franklin
Investment
Grade
Corporate
ETF
.................................
52,642
1,111,273
a
Franklin
U.S.
Core
Bond
ETF
..........................................
420,354
8,882,080
a
Franklin
U.S.
Treasury
Bond
ETF
.......................................
218,711
4,444,208
iShares
Floating
Rate
Bond
ETF
........................................
21,825
1,115,039
a
Western
Asset
Core
Plus
Bond
Fund
,
Class
IS
.............................
509,425
4,676,519
a
Western
Asset
Short-Term
Bond
Fund
,
Class
IS
............................
307,461
1,119,157
23,076,185
Foreign
Equity
22.7%
a
ClearBridge
International
Growth
Fund
,
Class
IS
............................
18,154
1,188,004
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
............................
250,680
2,607,071
a
Franklin
International
Core
Equity
(IU)
Fund
...............................
622,924
7,680,657
iShares
Core
MSCI
EAFE
ETF
.........................................
17,403
1,264,154
a
Templeton
Developing
Markets
Trust
,
Class
R6
.............................
92,936
1,761,137
a
Templeton
Foreign
Fund
,
Class
R6
......................................
223,380
1,787,039
16,288,062
Foreign
Fixed
Income
2.2%
a
Franklin
High
Yield
Corporate
ETF
......................................
37,583
891,093
a
Franklin
International
Aggregate
Bond
ETF
................................
36,800
741,888
1,632,981
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$
59,204,421
)
................................................................
71,260,217
a
a
a
a
Short
Term
Investments
1.2%
a
Money
Market
Funds
1.2%
a,b
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.972
%
..................
817,161
817,161
Total
Money
Market
Funds
(Cost
$
817,161
)
.....................................
817,161
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
LifeSmart™
2030
Retirement
Target
Fund
(continued)
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accompanying
notes
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an
integral
part
of
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financial
statements.
Semiannual
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29
Short
Term
Investments
(continued)
a
a
Principal
Amount
a
Value
Repurchase
Agreements
0.0%
†
c
Joint
Repurchase
Agreement
,
5.249
%
,
7/01/24
(Maturity
Value
$
18,113
)
BNP
Paribas
Securities
Corp.
(Maturity
Value
$5,596)
Deutsche
Bank
Securities,
Inc.
(Maturity
Value
$5,054)
HSBC
Securities
(USA),
Inc.
(Maturity
Value
$7,463)
Collateralized
by
U.S.
Government
Agency
Securities,
2%
-
7.5%,
7/20/41
-
6/20/54;
U.S.
Government
Agency
Strips,
11/15/24
-
1/15/38;
U.S.
Treasury
Bonds,
6.13%
-
6.75%,
8/15/26
-
11/15/27;
and
U.S.
Treasury
Notes,
0.25%
-
5%,
6/30/24
-
5/15/29
(valued
at
$
18,473
)
................................................
$
18,105
$
18,105
Total
Repurchase
Agreements
(Cost
$
18,105
)
...................................
18,105
Total
Short
Term
Investments
(Cost
$
835,266
)
..................................
835,266
a
Total
Investments
(Cost
$
60,039,687
)
100.2
%
...................................
$72,095,483
Other
Assets,
less
Liabilities
(
0.2
)
%
...........................................
(147,118)
Net
Assets
100.0%
...........................................................
$71,948,365
See
Abbreviations
on
page
111
.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
See
Note
3(f)
regarding
investments
in
FT
Underlying
Funds.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
c
See
Note
1(b)
regarding
joint
repurchase
agreement.
Franklin
Fund
Allocator
Series
Financial
Highlights
Franklin
LifeSmart™
2035
Retirement
Target
Fund
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The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
30
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$13.28
$11.75
$14.67
$15.18
$13.94
$12.03
Income
from
investment
operations
a
:
Net
investment
income
b,
c
............
0.09
0.26
0.20
0.24
0.19
0.24
Net
realized
and
unrealized
gains
(losses)
1.08
1.62
(2.66)
1.90
1.61
2.19
Total
from
investment
operations
........
1.17
1.88
(2.46)
2.14
1.80
2.43
Less
distributions
from:
Net
investment
income
and
short
term
gains
received
from
Underlying
funds
and
exchange
traded
funds
..............
(0.11)
(0.31)
(0.11)
(0.42)
(0.20)
(0.24)
Net
realized
gains
.................
(0.01)
(0.04)
(0.35)
(2.23)
(0.36)
(0.28)
Total
distributions
...................
(0.12)
(0.35)
(0.46)
(2.65)
(0.56)
(0.52)
Net
asset
value,
end
of
period
..........
$14.33
$13.28
$11.75
$14.67
$15.18
$13.94
Total
return
d
.......................
8.80%
16.17%
(16.69)%
14.20%
13.44%
20.36%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
f
..........................
0.74%
0.79%
0.77%
0.81%
0.81%
0.86%
Expenses
net
of
waiver
and
payments
by
affiliates
f
..........................
0.51%
0.50%
0.49%
g
0.47%
0.43%
g
0.34%
Net
investment
income
c
...............
1.25%
2.12%
1.60%
1.45%
1.38%
1.81%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$112,115
$102,932
$91,064
$104,174
$84,029
$72,425
Portfolio
turnover
rate
................
12.32%
23.54%
29.56%
69.46%
47.82%
79.04%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Recognition
of
net
investment
income
by
the
Fund
is
affected
by
the
timing
of
declaration
of
dividends
by
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Does
not
include
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
The
weighted
average
indirect
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
was
0.21%
for
the
period
ended
June
30,
2024.
The
weighted
average
indirect
expenses
is
calculated
based
on
the
Form
N1-A
method
which
may
not
correlate
to
the
underlying
fund
fee
waiver
on
the
Statement
of
Operations.
g
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
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LifeSmart™
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Retirement
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part
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financial
statements.
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31
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$12.83
$11.36
$14.23
$14.79
$13.60
$11.75
Income
from
investment
operations
a
:
Net
investment
income
b,
c
............
0.03
0.16
0.10
0.09
0.08
0.14
Net
realized
and
unrealized
gains
(losses)
1.04
1.57
(2.57)
1.88
1.58
2.13
Total
from
investment
operations
........
1.07
1.73
(2.47)
1.97
1.66
2.27
Less
distributions
from:
Net
investment
income
and
short
term
gains
received
from
Underlying
funds
and
exchange
traded
funds
..............
(0.06)
(0.22)
(0.05)
(0.30)
(0.11)
(0.14)
Net
realized
gains
.................
(0.01)
(0.04)
(0.35)
(2.23)
(0.36)
(0.28)
Total
distributions
...................
(0.07)
(0.26)
(0.40)
(2.53)
(0.47)
(0.42)
Net
asset
value,
end
of
period
..........
$13.83
$12.83
$11.36
$14.23
$14.79
$13.60
Total
return
d
.......................
8.34%
15.36%
(17.36)%
13.36%
12.62%
19.46%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
f
..........................
1.49%
1.54%
1.53%
1.55%
1.56%
1.61%
Expenses
net
of
waiver
and
payments
by
affiliates
f
..........................
1.26%
1.25%
1.24%
g
1.21%
1.18%
g
1.09%
Net
investment
income
c
...............
0.47%
1.36%
0.81%
0.60%
0.60%
1.06%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$16,297
$16,352
$14,549
$18,502
$21,329
$21,115
Portfolio
turnover
rate
................
12.32%
23.54%
29.56%
69.46%
47.82%
79.04%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Recognition
of
net
investment
income
by
the
Fund
is
affected
by
the
timing
of
declaration
of
dividends
by
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Does
not
include
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
The
weighted
average
indirect
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
was
0.21%
for
the
period
ended
June
30,
2024.
The
weighted
average
indirect
expenses
is
calculated
based
on
the
Form
N1-A
method
which
may
not
correlate
to
the
underlying
fund
fee
waiver
on
the
Statement
of
Operations.
g
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
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Financial
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LifeSmart™
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Retirement
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part
of
these
financial
statements.
32
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Class
R
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$13.26
$11.73
$14.66
$15.17
$13.92
$12.01
Income
from
investment
operations
a
:
Net
investment
income
b,
c
............
0.07
0.23
0.17
0.18
0.15
0.20
Net
realized
and
unrealized
gains
(losses)
1.09
1.62
(2.66)
1.91
1.63
2.20
Total
from
investment
operations
........
1.16
1.85
(2.49)
2.09
1.78
2.40
Less
distributions
from:
Net
investment
income
and
short
term
gains
received
from
Underlying
funds
and
exchange
traded
funds
..............
(0.10)
(0.28)
(0.09)
(0.37)
(0.17)
(0.21)
Net
realized
gains
.................
(0.01)
(0.04)
(0.35)
(2.23)
(0.36)
(0.28)
Total
distributions
...................
(0.11)
(0.32)
(0.44)
(2.60)
(0.53)
(0.49)
Net
asset
value,
end
of
period
..........
$14.31
$13.26
$11.73
$14.66
$15.17
$13.92
Total
return
d
.......................
8.70%
15.90%
(16.93)%
13.87%
13.23%
20.10%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
f
..........................
0.99%
1.04%
1.02%
1.05%
1.05%
1.10%
Expenses
net
of
waiver
and
payments
by
affiliates
f
..........................
0.76%
0.75%
0.74%
g
0.71%
0.68%
g
0.58%
Net
investment
income
c
...............
1.02%
1.85%
1.38%
1.08%
1.07%
1.57%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$5,262
$4,150
$3,881
$4,113
$4,530
$4,966
Portfolio
turnover
rate
................
12.32%
23.54%
29.56%
69.46%
47.82%
79.04%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Recognition
of
net
investment
income
by
the
Fund
is
affected
by
the
timing
of
declaration
of
dividends
by
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Does
not
include
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
The
weighted
average
indirect
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
was
0.21%
for
the
period
ended
June
30,
2024.
The
weighted
average
indirect
expenses
is
calculated
based
on
the
Form
N1-A
method
which
may
not
correlate
to
the
underlying
fund
fee
waiver
on
the
Statement
of
Operations.
g
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Fund
Allocator
Series
Financial
Highlights
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LifeSmart™
2035
Retirement
Target
Fund
(continued)
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accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
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a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$13.43
$11.88
$14.81
$15.31
$14.05
$12.12
Income
from
investment
operations
a
:
Net
investment
income
b,
c
............
0.11
0.32
0.25
0.18
0.23
0.29
Net
realized
and
unrealized
gains
(losses)
1.10
1.62
(2.68)
2.02
1.63
2.20
Total
from
investment
operations
........
1.21
1.94
(2.43)
2.20
1.86
2.49
Less
distributions
from:
Net
investment
income
and
short
term
gains
received
from
Underlying
funds
and
exchange
traded
funds
..............
(0.13)
(0.35)
(0.15)
(0.47)
(0.24)
(0.28)
Net
realized
gains
.................
(0.01)
(0.04)
(0.35)
(2.23)
(0.36)
(0.28)
Total
distributions
...................
(0.14)
(0.39)
(0.50)
(2.70)
(0.60)
(0.56)
Net
asset
value,
end
of
period
..........
$14.50
$13.43
$11.88
$14.81
$15.31
$14.05
Total
return
d
.......................
9.01%
16.50%
(16.38)%
14.46%
13.82%
20.73%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
f
..........................
0.61%
0.73%
0.79%
0.38%
0.40%
0.41%
Expenses
net
of
waiver
and
payments
by
affiliates
f
..........................
0.18%
0.19%
0.15%
g
0.14%
0.13%
g
0.04%
Net
investment
income
c
...............
1.59%
2.54%
1.98%
1.10%
1.66%
2.11%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$184
$160
$91
$93
$30,069
$28,513
Portfolio
turnover
rate
................
12.32%
23.54%
29.56%
69.46%
47.82%
79.04%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Recognition
of
net
investment
income
by
the
Fund
is
affected
by
the
timing
of
declaration
of
dividends
by
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Does
not
include
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
The
weighted
average
indirect
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
was
0.21%
for
the
period
ended
June
30,
2024.
The
weighted
average
indirect
expenses
is
calculated
based
on
the
Form
N1-A
method
which
may
not
correlate
to
the
underlying
fund
fee
waiver
on
the
Statement
of
Operations.
g
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Fund
Allocator
Series
Financial
Highlights
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LifeSmart™
2035
Retirement
Target
Fund
(continued)
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accompanying
notes
are
an
integral
part
of
these
financial
statements.
34
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$13.45
$11.89
$14.84
$15.33
$14.07
$12.13
Income
from
investment
operations
a
:
Net
investment
income
b,
c
............
0.10
0.30
0.23
0.27
0.23
0.28
Net
realized
and
unrealized
gains
(losses)
1.11
1.64
(2.69)
1.93
1.63
2.21
Total
from
investment
operations
........
1.21
1.94
(2.46)
2.20
1.86
2.49
Less
distributions
from:
Net
investment
income
and
short
term
gains
received
from
Underlying
funds
and
exchange
traded
funds
..............
(0.13)
(0.34)
(0.14)
(0.46)
(0.24)
(0.27)
Net
realized
gains
.................
(0.01)
(0.04)
(0.35)
(2.23)
(0.36)
(0.28)
Total
distributions
...................
(0.14)
(0.38)
(0.49)
(2.69)
(0.60)
(0.55)
Net
asset
value,
end
of
period
..........
$14.52
$13.45
$11.89
$14.84
$15.33
$14.07
Total
return
d
.......................
8.95%
16.51%
(16.54)%
14.46%
13.75%
20.73%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
f
..........................
0.49%
0.54%
0.52%
0.56%
0.56%
0.61%
Expenses
net
of
waiver
and
payments
by
affiliates
f
..........................
0.26%
0.25%
0.24%
g
0.21%
0.18%
g
0.09%
Net
investment
income
c
...............
1.49%
2.36%
1.85%
1.67%
1.67%
2.06%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$4,315
$3,932
$3,496
$3,911
$3,438
$2,145
Portfolio
turnover
rate
................
12.32%
23.54%
29.56%
69.46%
47.82%
79.04%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Recognition
of
net
investment
income
by
the
Fund
is
affected
by
the
timing
of
declaration
of
dividends
by
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Does
not
include
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
The
weighted
average
indirect
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
was
0.21%
for
the
period
ended
June
30,
2024.
The
weighted
average
indirect
expenses
is
calculated
based
on
the
Form
N1-A
method
which
may
not
correlate
to
the
underlying
fund
fee
waiver
on
the
Statement
of
Operations.
g
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited),
June
30,
2024
Franklin
LifeSmart™
2035
Retirement
Target
Fund
franklintempleton.com
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accompanying
notes
are
an
integral
part
of
these
financial
statements.
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35
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
99.0%
Alternative
Strategies
1.0%
a
Franklin
Systematic
Style
Premia
ETF
....................................
57,800
$
1,367,837
Domestic
Equity
46.7%
a
ClearBridge
Large
Cap
Value
Fund
,
Class
IS
...............................
139,144
5,828,730
a
Franklin
Growth
Fund
,
Class
R6
........................................
97,564
13,832,688
a
Franklin
U.S.
Core
Equity
(IU)
Fund
.....................................
1,821,320
31,071,715
a
Franklin
U.S.
Equity
Index
ETF
.........................................
66,300
3,159,301
a
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
.............................
129,651
7,206,003
iShares
MSCI
USA
Quality
Factor
ETF
...................................
5,625
960,525
iShares
MSCI
USA
Value
Factor
ETF
....................................
23,625
2,444,243
64,503,205
Domestic
Fixed
Income
23.9%
a
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund
,
Class
IS
...............
290,624
2,476,117
a
Franklin
Investment
Grade
Corporate
ETF
.................................
75,471
1,593,193
a
Franklin
U.S.
Core
Bond
ETF
..........................................
602,690
12,734,840
a
Franklin
U.S.
Treasury
Bond
ETF
.......................................
313,612
6,372,596
iShares
Floating
Rate
Bond
ETF
........................................
31,300
1,599,117
a
Western
Asset
Core
Plus
Bond
Fund
,
Class
IS
.............................
730,413
6,705,188
a
Western
Asset
Short-Term
Bond
Fund
,
Class
IS
............................
440,840
1,604,657
33,085,708
Foreign
Equity
25.7%
a
ClearBridge
International
Growth
Fund
,
Class
IS
............................
39,616
2,592,456
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
............................
546,549
5,684,106
a
Franklin
International
Core
Equity
(IU)
Fund
...............................
1,359,349
16,760,778
iShares
Core
MSCI
EAFE
ETF
.........................................
37,985
2,759,231
a
Templeton
Developing
Markets
Trust
,
Class
R6
.............................
202,623
3,839,714
a
Templeton
Foreign
Fund
,
Class
R6
......................................
487,460
3,899,682
35,535,967
Foreign
Fixed
Income
1.7%
a
Franklin
High
Yield
Corporate
ETF
......................................
53,895
1,277,850
a
Franklin
International
Aggregate
Bond
ETF
................................
52,737
1,063,178
2,341,028
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$
108,402,396
)
...............................................................
136,833,745
a
a
a
a
Short
Term
Investments
0.9%
a
Money
Market
Funds
0.8%
a,b
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.972
%
..................
1,164,697
1,164,697
Total
Money
Market
Funds
(Cost
$
1,164,697
)
...................................
1,164,697
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
LifeSmart™
2035
Retirement
Target
Fund
(continued)
franklintempleton.com
Semiannual
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The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
36
Short
Term
Investments
(continued)
a
a
Principal
Amount
a
Value
Repurchase
Agreements
0.1%
c
Joint
Repurchase
Agreement
,
5.249
%
,
7/01/24
(Maturity
Value
$
73,631
)
BNP
Paribas
Securities
Corp.
(Maturity
Value
$22,752)
Deutsche
Bank
Securities,
Inc.
(Maturity
Value
$20,543)
HSBC
Securities
(USA),
Inc.
(Maturity
Value
$30,336)
Collateralized
by
U.S.
Government
Agency
Securities,
2%
-
7.5%,
7/20/41
-
6/20/54;
U.S.
Government
Agency
Strips,
11/15/24
-
1/15/38;
U.S.
Treasury
Bonds,
6.13%
-
6.75%,
8/15/26
-
11/15/27;
and
U.S.
Treasury
Notes,
0.25%
-
5%,
6/30/24
-
5/15/29
(valued
at
$
75,094
)
................................................
$
73,599
$
73,599
Total
Repurchase
Agreements
(Cost
$
73,599
)
...................................
73,599
Total
Short
Term
Investments
(Cost
$
1,238,296
)
.................................
1,238,296
a
Total
Investments
(Cost
$
109,640,692
)
99.9
%
...................................
$138,072,041
Other
Assets,
less
Liabilities
0.1
%
.............................................
101,313
Net
Assets
100.0%
...........................................................
$138,173,354
See
Abbreviations
on
page
111
.
a
See
Note
3(f)
regarding
investments
in
FT
Underlying
Funds.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
c
See
Note
1(b)
regarding
joint
repurchase
agreement.
Franklin
Fund
Allocator
Series
Financial
Highlights
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LifeSmart™
2040
Retirement
Target
Fund
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accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
37
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$13.15
$11.50
$14.42
$15.30
$13.76
$11.61
Income
from
investment
operations
a
:
Net
investment
income
b,c
............
0.07
0.26
0.16
0.24
0.18
0.22
Net
realized
and
unrealized
gains
(losses)
1.22
1.71
(2.63)
2.19
1.82
2.25
Total
from
investment
operations
........
1.29
1.97
(2.47)
2.43
2.00
2.47
Less
distributions
from:
Net
investment
income
and
short
term
gains
received
from
Underlying
funds
and
exchange
traded
funds
..............
(0.09)
(0.28)
(0.10)
(0.43)
(0.23)
(0.18)
Net
realized
gains
.................
(0.06)
(0.04)
(0.35)
(2.88)
(0.23)
(0.14)
Total
distributions
...................
(0.15)
(0.32)
(0.45)
(3.31)
(0.46)
(0.32)
Net
asset
value,
end
of
period
..........
$14.29
$13.15
$11.50
$14.42
$15.30
$13.76
Total
return
d
.......................
9.78%
17.32%
(17.06)%
15.99%
15.04%
21.50%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
f
..........................
0.91%
0.99%
1.10%
1.11%
1.11%
1.18%
Expenses
net
of
waiver
and
payments
by
affiliates
f
..........................
0.53%
0.52%
0.50%
g
0.46%
0.43%
g
0.34%
g
Net
investment
income
c
...............
1.01%
2.09%
1.31%
1.43%
1.30%
1.67%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$47,808
$43,076
$32,112
$35,193
$24,809
$19,322
Portfolio
turnover
rate
................
11.43%
26.09%
30.11%
86.92%
37.54%
90.08%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Recognition
of
net
investment
income
by
the
Fund
is
affected
by
the
timing
of
declaration
of
dividends
by
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Does
not
include
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
The
weighted
average
indirect
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
was
0.21%
for
the
period
ended
June
30,
2024.
The
weighted
average
indirect
expenses
is
calculated
based
on
the
Form
N1-A
method
which
may
not
correlate
to
the
underlying
fund
fee
waiver
on
the
Statement
of
Operations.
g
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Fund
Allocator
Series
Financial
Highlights
Franklin
LifeSmart™
2040
Retirement
Target
Fund
(continued)
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Semiannual
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The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
38
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$12.83
$11.23
$14.10
$15.02
$13.52
$11.42
Income
from
investment
operations
a
:
Net
investment
income
b,c
............
0.02
0.15
0.06
0.10
0.07
0.12
Net
realized
and
unrealized
gains
(losses)
1.19
1.68
(2.56)
2.18
1.79
2.21
Total
from
investment
operations
........
1.21
1.83
(2.50)
2.28
1.86
2.33
Less
distributions
from:
Net
investment
income
and
short
term
gains
received
from
Underlying
funds
and
exchange
traded
funds
..............
(0.04)
(0.19)
(0.02)
(0.32)
(0.13)
(0.09)
Net
realized
gains
.................
(0.06)
(0.04)
(0.35)
(2.88)
(0.23)
(0.14)
Total
distributions
...................
(0.10)
(0.23)
(0.37)
(3.20)
(0.36)
(0.23)
Net
asset
value,
end
of
period
..........
$13.94
$12.83
$11.23
$14.10
$15.02
$13.52
Total
return
d
.......................
9.42%
16.44%
(17.70)%
15.25%
14.15%
20.56%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
f
..........................
1.66%
1.75%
1.85%
1.85%
1.86%
1.93%
Expenses
net
of
waiver
and
payments
by
affiliates
f
..........................
1.28%
1.27%
1.25%
g
1.21%
1.18%
g
1.09%
g
Net
investment
income
c
...............
0.24%
1.29%
0.53%
0.62%
0.55%
0.92%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$8,034
$7,737
$6,697
$7,989
$6,867
$5,630
Portfolio
turnover
rate
................
11.43%
26.09%
30.11%
86.92%
37.54%
90.08%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Recognition
of
net
investment
income
by
the
Fund
is
affected
by
the
timing
of
declaration
of
dividends
by
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Does
not
include
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
The
weighted
average
indirect
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
was
0.21%
for
the
period
ended
June
30,
2024.
The
weighted
average
indirect
expenses
is
calculated
based
on
the
Form
N1-A
method
which
may
not
correlate
to
the
underlying
fund
fee
waiver
on
the
Statement
of
Operations.
g
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Fund
Allocator
Series
Financial
Highlights
Franklin
LifeSmart™
2040
Retirement
Target
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
39
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Class
R
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$13.15
$11.50
$14.41
$15.28
$13.74
$11.60
Income
from
investment
operations
a
:
Net
investment
income
b,c
............
0.05
0.21
0.12
0.18
0.14
0.18
Net
realized
and
unrealized
gains
(losses)
1.22
1.73
(2.62)
2.21
1.82
2.25
Total
from
investment
operations
........
1.27
1.94
(2.50)
2.39
1.96
2.43
Less
distributions
from:
Net
investment
income
and
short
term
gains
received
from
Underlying
funds
and
exchange
traded
funds
..............
(0.07)
(0.25)
(0.06)
(0.38)
(0.19)
(0.15)
Net
realized
gains
.................
(0.06)
(0.04)
(0.35)
(2.88)
(0.23)
(0.14)
Total
distributions
...................
(0.13)
(0.29)
(0.41)
(3.26)
(0.42)
(0.29)
Net
asset
value,
end
of
period
..........
$14.29
$13.15
$11.50
$14.41
$15.28
$13.74
Total
return
d
.......................
9.66%
17.00%
(17.29)%
15.78%
14.74%
21.13%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
f
..........................
1.16%
1.24%
1.35%
1.35%
1.36%
1.43%
Expenses
net
of
waiver
and
payments
by
affiliates
f
..........................
0.78%
0.77%
0.75%
g
0.71%
0.68%
g
0.59%
g
Net
investment
income
c
...............
0.77%
1.75%
0.96%
1.09%
1.02%
1.42%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$1,253
$1,121
$1,114
$1,806
$1,540
$1,528
Portfolio
turnover
rate
................
11.43%
26.09%
30.11%
86.92%
37.54%
90.08%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Recognition
of
net
investment
income
by
the
Fund
is
affected
by
the
timing
of
declaration
of
dividends
by
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Does
not
include
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
The
weighted
average
indirect
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
was
0.21%
for
the
period
ended
June
30,
2024.
The
weighted
average
indirect
expenses
is
calculated
based
on
the
Form
N1-A
method
which
may
not
correlate
to
the
underlying
fund
fee
waiver
on
the
Statement
of
Operations.
g
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Fund
Allocator
Series
Financial
Highlights
Franklin
LifeSmart™
2040
Retirement
Target
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
40
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$13.28
$11.60
$14.54
$15.40
$13.85
$11.69
Income
from
investment
operations
a
:
Net
investment
income
b,c
............
0.09
0.30
0.19
0.17
0.21
0.25
Net
realized
and
unrealized
gains
(losses)
1.23
1.74
(2.64)
2.33
1.84
2.27
Total
from
investment
operations
........
1.32
2.04
(2.45)
2.50
2.05
2.52
Less
distributions
from:
Net
investment
income
and
short
term
gains
received
from
Underlying
funds
and
exchange
traded
funds
..............
(0.11)
(0.32)
(0.14)
(0.48)
(0.27)
(0.22)
Net
realized
gains
.................
(0.06)
(0.04)
(0.35)
(2.88)
(0.23)
(0.14)
Total
distributions
...................
(0.17)
(0.36)
(0.49)
(3.36)
(0.50)
(0.36)
Net
asset
value,
end
of
period
..........
$14.43
$13.28
$11.60
$14.54
$15.40
$13.85
Total
return
d
.......................
9.91%
17.76%
(16.86)%
16.42%
15.35%
21.89%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
f
..........................
0.57%
0.59%
0.57%
0.49%
0.55%
0.58%
Expenses
net
of
waiver
and
payments
by
affiliates
f
..........................
0.23%
0.22%
0.20%
g
0.14%
0.13%
g
0.04%
g
Net
investment
income
c
...............
1.31%
2.40%
1.54%
1.01%
1.58%
1.97%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$299
$272
$213
$310
$25,450
$22,250
Portfolio
turnover
rate
................
11.43%
26.09%
30.11%
86.92%
37.54%
90.08%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Recognition
of
net
investment
income
by
the
Fund
is
affected
by
the
timing
of
declaration
of
dividends
by
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Does
not
include
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
The
weighted
average
indirect
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
was
0.21%
for
the
period
ended
June
30,
2024.
The
weighted
average
indirect
expenses
is
calculated
based
on
the
Form
N1-A
method
which
may
not
correlate
to
the
underlying
fund
fee
waiver
on
the
Statement
of
Operations.
g
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Fund
Allocator
Series
Financial
Highlights
Franklin
LifeSmart™
2040
Retirement
Target
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
41
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$13.25
$11.58
$14.52
$15.37
$13.82
$11.67
Income
from
investment
operations
a
:
Net
investment
income
b,c
............
0.09
0.29
0.19
0.29
0.22
0.33
Net
realized
and
unrealized
gains
(losses)
1.22
1.73
(2.65)
2.21
1.82
2.18
Total
from
investment
operations
........
1.31
2.02
(2.46)
2.50
2.04
2.51
Less
distributions
from:
Net
investment
income
and
short
term
gains
received
from
Underlying
funds
and
exchange
traded
funds
..............
(0.10)
(0.31)
(0.13)
(0.47)
(0.26)
(0.22)
Net
realized
gains
.................
(0.06)
(0.04)
(0.35)
(2.88)
(0.23)
(0.14)
Total
distributions
...................
(0.16)
(0.35)
(0.48)
(3.35)
(0.49)
(0.36)
Net
asset
value,
end
of
period
..........
$14.40
$13.25
$11.58
$14.52
$15.37
$13.82
Total
return
d
.......................
9.90%
17.65%
(16.87)%
16.40%
15.33%
21.68%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
f
..........................
0.66%
0.74%
0.85%
0.86%
0.86%
0.93%
Expenses
net
of
waiver
and
payments
by
affiliates
f
..........................
0.28%
0.27%
0.25%
g
0.22%
0.18%
g
0.09%
g
Net
investment
income
c
...............
1.28%
2.35%
1.54%
1.75%
1.60%
1.92%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$1,621
$1,430
$1,156
$937
$506
$146
Portfolio
turnover
rate
................
11.43%
26.09%
30.11%
86.92%
37.54%
90.08%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Recognition
of
net
investment
income
by
the
Fund
is
affected
by
the
timing
of
declaration
of
dividends
by
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Does
not
include
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
The
weighted
average
indirect
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
was
0.21%
for
the
period
ended
June
30,
2024.
The
weighted
average
indirect
expenses
is
calculated
based
on
the
Form
N1-A
method
which
may
not
correlate
to
the
underlying
fund
fee
waiver
on
the
Statement
of
Operations.
g
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited),
June
30,
2024
Franklin
LifeSmart™
2040
Retirement
Target
Fund
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
42
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
99.0%
Alternative
Strategies
1.0%
a
Franklin
Systematic
Style
Premia
ETF
....................................
24,687
$
584,218
Domestic
Equity
51.9%
a
ClearBridge
Large
Cap
Value
Fund
,
Class
IS
...............................
66,143
2,770,734
a
Franklin
Growth
Fund
,
Class
R6
........................................
46,379
6,575,563
a
Franklin
U.S.
Core
Equity
(IU)
Fund
.....................................
690,657
11,782,610
a
Franklin
U.S.
Equity
Index
ETF
.........................................
94,225
4,489,972
a
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
.............................
61,617
3,424,673
iShares
MSCI
USA
Quality
Factor
ETF
...................................
2,675
456,783
iShares
MSCI
USA
Value
Factor
ETF
....................................
11,225
1,161,338
30,661,673
Domestic
Fixed
Income
16.8%
a
Franklin
Investment
Grade
Corporate
ETF
.................................
24,353
514,092
a
Franklin
U.S.
Core
Bond
ETF
..........................................
194,502
4,109,827
a
Franklin
U.S.
Treasury
Bond
ETF
.......................................
101,196
2,056,303
iShares
Floating
Rate
Bond
ETF
........................................
10,100
516,009
a
Western
Asset
Core
Plus
Bond
Fund
,
Class
IS
.............................
235,731
2,164,012
a
Western
Asset
Short-Term
Bond
Fund
,
Class
IS
............................
142,274
517,877
9,878,120
Foreign
Equity
28.6%
a
ClearBridge
International
Growth
Fund
,
Class
IS
............................
18,834
1,232,474
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
............................
260,239
2,706,489
a
Franklin
International
Core
Equity
(IU)
Fund
...............................
646,241
7,968,152
iShares
Core
MSCI
EAFE
ETF
.........................................
18,059
1,311,806
a
Templeton
Developing
Markets
Trust
,
Class
R6
.............................
96,480
1,828,299
a
Templeton
Foreign
Fund
,
Class
R6
......................................
231,741
1,853,930
16,901,150
Foreign
Fixed
Income
0.7%
a
Franklin
High
Yield
Corporate
ETF
......................................
17,398
412,506
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$
45,554,479
)
................................................................
58,437,667
a
a
a
a
Short
Term
Investments
1.0%
a
Money
Market
Funds
0.9%
a,b
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.972
%
..................
502,276
502,276
Total
Money
Market
Funds
(Cost
$
502,276
)
.....................................
502,276
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
LifeSmart™
2040
Retirement
Target
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
43
Short
Term
Investments
(continued)
a
a
Principal
Amount
a
Value
Repurchase
Agreements
0.1%
c
Joint
Repurchase
Agreement
,
5.249
%
,
7/01/24
(Maturity
Value
$
73,782
)
BNP
Paribas
Securities
Corp.
(Maturity
Value
$22,799)
Deutsche
Bank
Securities,
Inc.
(Maturity
Value
$20,585)
HSBC
Securities
(USA),
Inc.
(Maturity
Value
$30,398)
Collateralized
by
U.S.
Government
Agency
Securities,
2%
-
7.5%,
7/20/41
-
6/20/54;
U.S.
Government
Agency
Strips,
11/15/24
-
1/15/38;
U.S.
Treasury
Bonds,
6.13%
-
6.75%,
8/15/26
-
11/15/27;
and
U.S.
Treasury
Notes,
0.25%
-
5%,
6/30/24
-
5/15/29
(valued
at
$
75,248
)
................................................
$
73,750
$
73,750
Total
Repurchase
Agreements
(Cost
$
73,750
)
...................................
73,750
Total
Short
Term
Investments
(Cost
$
576,026
)
..................................
576,026
a
Total
Investments
(Cost
$
46,130,505
)
100.0
%
...................................
$59,013,693
Other
Assets,
less
Liabilities
0.0
%
†
............................................
1,243
Net
Assets
100.0%
...........................................................
$59,014,936
See
Abbreviations
on
page
111
.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
See
Note
3(f)
regarding
investments
in
FT
Underlying
Funds.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
c
See
Note
1(b)
regarding
joint
repurchase
agreement.
Franklin
Fund
Allocator
Series
Financial
Highlights
Franklin
LifeSmart™
2045
Retirement
Target
Fund
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Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
44
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$13.90
$12.00
$15.19
$15.80
$14.27
$12.04
Income
from
investment
operations
a
:
Net
investment
income
b,c
............
0.06
0.25
0.14
0.23
0.17
0.21
Net
realized
and
unrealized
gains
(losses)
1.44
1.97
(2.84)
2.45
1.98
2.45
Total
from
investment
operations
........
1.50
2.22
(2.70)
2.68
2.15
2.66
Less
distributions
from:
Net
investment
income
and
short
term
gains
received
from
Underlying
funds
and
exchange
traded
funds
..............
(0.11)
(0.25)
(0.08)
(0.45)
(0.19)
(0.21)
Net
realized
gains
.................
(—)
d
(0.07)
(0.41)
(2.84)
(0.43)
(0.22)
Total
distributions
...................
(0.11)
(0.32)
(0.49)
(3.29)
(0.62)
(0.43)
Net
asset
value,
end
of
period
..........
$15.29
$13.90
$12.00
$15.19
$15.80
$14.27
Total
return
e
.......................
10.78%
18.65%
(17.67)%
17.06%
15.76%
22.33%
Ratios
to
average
net
assets
f
Expenses
before
waiver
and
payments
by
affiliates
g
..........................
0.82%
0.89%
0.91%
0.91%
0.94%
0.98%
Expenses
net
of
waiver
and
payments
by
affiliates
g
..........................
0.53%
0.51%
0.50%
h
0.46%
0.43%
h
0.34%
h
Net
investment
income
c
...............
0.79%
1.93%
1.13%
1.32%
1.22%
1.57%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$83,683
$75,190
$62,061
$72,764
$59,801
$51,412
Portfolio
turnover
rate
................
9.78%
28.98%
26.96%
70.40%
36.61%
86.25%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchas-
es
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Recognition
of
net
investment
income
by
the
Fund
is
affected
by
the
timing
of
declaration
of
dividends
by
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
d
Amount
rounds
to
less
than
$0.01
per
share.
e
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
f
Ratios
are
annualized
for
periods
less
than
one
year.
g
Does
not
include
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
The
weighted
average
indirect
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
was
0.21%
for
the
period
ended
June
30,
2024.
The
weighted
average
indirect
expenses
is
calculated
based
on
the
Form
N1-A
method
which
may
not
correlate
to
the
underlying
fund
fee
waiver
on
the
Statement
of
Operations.
h
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Fund
Allocator
Series
Financial
Highlights
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LifeSmart™
2045
Retirement
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an
integral
part
of
these
financial
statements.
Semiannual
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45
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$13.31
$11.51
$14.61
$15.33
$13.88
$11.72
Income
from
investment
operations
a
:
Net
investment
income
b,c
............
—
d
0.14
0.04
0.08
0.06
0.11
Net
realized
and
unrealized
gains
(losses)
1.39
1.89
(2.71)
2.38
1.94
2.38
Total
from
investment
operations
........
1.39
2.03
(2.67)
2.46
2.00
2.49
Less
distributions
from:
Net
investment
income
and
short
term
gains
received
from
Underlying
funds
and
exchange
traded
funds
..............
(0.06)
(0.16)
(0.02)
(0.34)
(0.12)
(0.11)
Net
realized
gains
.................
(—)
d
(0.07)
(0.41)
(2.84)
(0.43)
(0.22)
Total
distributions
...................
(0.06)
(0.23)
(0.43)
(3.18)
(0.55)
(0.33)
Net
asset
value,
end
of
period
..........
$14.64
$13.31
$11.51
$14.61
$15.33
$13.88
Total
return
e
.......................
10.45%
17.71%
(18.25)%
16.10%
15.00%
21.35%
Ratios
to
average
net
assets
f
Expenses
before
waiver
and
payments
by
affiliates
g
..........................
1.57%
1.64%
1.66%
1.66%
1.68%
1.73%
Expenses
net
of
waiver
and
payments
by
affiliates
g
..........................
1.28%
1.26%
1.25%
h
1.21%
1.17%
h
1.09%
h
Net
investment
income
c
...............
0.04%
1.14%
0.36%
0.48%
0.46%
0.82%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$12,388
$11,414
$10,537
$13,509
$14,502
$13,333
Portfolio
turnover
rate
................
9.78%
28.98%
26.96%
70.40%
36.61%
86.25%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchas-
es
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Recognition
of
net
investment
income
by
the
Fund
is
affected
by
the
timing
of
declaration
of
dividends
by
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
d
Amount
rounds
to
less
than
$0.01
per
share.
e
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
f
Ratios
are
annualized
for
periods
less
than
one
year.
g
Does
not
include
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
The
weighted
average
indirect
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
was
0.21%
for
the
period
ended
June
30,
2024.
The
weighted
average
indirect
expenses
is
calculated
based
on
the
Form
N1-A
method
which
may
not
correlate
to
the
underlying
fund
fee
waiver
on
the
Statement
of
Operations.
h
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Fund
Allocator
Series
Financial
Highlights
Franklin
LifeSmart™
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Retirement
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(continued)
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The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
46
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Class
R
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$13.82
$11.93
$15.11
$15.74
$14.20
$11.98
Income
from
investment
operations
a
:
Net
investment
income
b,c
............
0.04
0.21
0.10
0.19
0.11
0.17
Net
realized
and
unrealized
gains
(losses)
1.43
1.97
(2.81)
2.43
2.01
2.45
Total
from
investment
operations
........
1.47
2.18
(2.71)
2.62
2.12
2.62
Less
distributions
from:
Net
investment
income
and
short
term
gains
received
from
Underlying
funds
and
exchange
traded
funds
..............
(0.09)
(0.22)
(0.06)
(0.41)
(0.15)
(0.18)
Net
realized
gains
.................
(—)
d
(0.07)
(0.41)
(2.84)
(0.43)
(0.22)
Total
distributions
...................
(0.09)
(0.29)
(0.47)
(3.25)
(0.58)
(0.40)
Net
asset
value,
end
of
period
..........
$15.20
$13.82
$11.93
$15.11
$15.74
$14.20
Total
return
e
.......................
10.66%
18.39%
(17.87)%
16.73%
15.55%
21.95%
Ratios
to
average
net
assets
f
Expenses
before
waiver
and
payments
by
affiliates
g
..........................
1.07%
1.14%
1.16%
1.16%
1.18%
1.22%
Expenses
net
of
waiver
and
payments
by
affiliates
g
..........................
0.78%
0.76%
0.75%
h
0.71%
0.67%
h
0.58%
h
Net
investment
income
c
...............
0.54%
1.63%
0.81%
1.08%
0.80%
1.33%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$1,708
$2,009
$2,178
$3,348
$2,620
$4,838
Portfolio
turnover
rate
................
9.78%
28.98%
26.96%
70.40%
36.61%
86.25%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchas-
es
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Recognition
of
net
investment
income
by
the
Fund
is
affected
by
the
timing
of
declaration
of
dividends
by
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
d
Amount
rounds
to
less
than
$0.01
per
share.
e
Total
return
is
not
annualized
for
periods
less
than
one
year.
f
Ratios
are
annualized
for
periods
less
than
one
year.
g
Does
not
include
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
The
weighted
average
indirect
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
was
0.21%
for
the
period
ended
June
30,
2024.
The
weighted
average
indirect
expenses
is
calculated
based
on
the
Form
N1-A
method
which
may
not
correlate
to
the
underlying
fund
fee
waiver
on
the
Statement
of
Operations.
h
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Fund
Allocator
Series
Financial
Highlights
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LifeSmart™
2045
Retirement
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The
accompanying
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are
an
integral
part
of
these
financial
statements.
Semiannual
Report
47
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$14.54
$12.55
$15.34
$15.93
$14.38
$12.12
Income
from
investment
operations
a
:
Net
investment
income
b,c
............
0.10
0.34
0.24
0.15
0.21
0.27
Net
realized
and
unrealized
gains
(losses)
1.49
2.01
(2.81)
2.60
2.01
2.46
Total
from
investment
operations
........
1.59
2.35
(2.57)
2.75
2.22
2.73
Less
distributions
from:
Net
investment
income
and
short
term
gains
received
from
Underlying
funds
and
exchange
traded
funds
..............
(0.13)
(0.29)
(0.11)
(0.50)
(0.24)
(0.25)
Net
realized
gains
.................
(—)
d
(0.07)
(0.41)
(2.84)
(0.43)
(0.22)
Total
distributions
...................
(0.13)
(0.36)
(0.52)
(3.34)
(0.67)
(0.47)
Capital
contributions
.................
—
—
0.30
—
—
—
Net
asset
value,
end
of
period
..........
$16.00
$14.54
$12.55
$15.34
$15.93
$14.38
Total
return
e
.......................
10.93%
18.88%
(14.60)%
f
17.37%
16.11%
22.69%
Ratios
to
average
net
assets
g
Expenses
before
waiver
and
payments
by
affiliates
h
..........................
0.49%
0.67%
1.25%
0.41%
0.44%
0.46%
Expenses
net
of
waiver
and
payments
by
affiliates
h
..........................
0.23%
0.21%
0.19%
0.14%
0.13%
i
0.04%
i
Net
investment
income
c
...............
1.25%
2.50%
1.85%
0.87%
1.52%
1.87%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$763
$140
$15
$4
$23,504
$20,022
Portfolio
turnover
rate
................
9.78%
28.98%
26.96%
70.40%
36.61%
86.25%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchas-
es
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Recognition
of
net
investment
income
by
the
Fund
is
affected
by
the
timing
of
declaration
of
dividends
by
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
d
Amount
rounds
to
less
than
$0.01
per
share.
e
Total
return
is
not
annualized
for
periods
less
than
one
year.
f
Includes
the
effect
of
a
capital
contribution.
Absent
the
capital
contribution,
the
total
return
would
have
been
(16.64)%.
g
Ratios
are
annualized
for
periods
less
than
one
year.
h
Does
not
include
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
The
weighted
average
indirect
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
was
0.21%
for
the
period
ended
June
30,
2024.
The
weighted
average
indirect
expenses
is
calculated
based
on
the
Form
N1-A
method
which
may
not
correlate
to
the
underlying
fund
fee
waiver
on
the
Statement
of
Operations.
i
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Fund
Allocator
Series
Financial
Highlights
Franklin
LifeSmart™
2045
Retirement
Target
Fund
(continued)
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Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
48
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$14.06
$12.14
$15.34
$15.93
$14.38
$12.13
Income
from
investment
operations
a
:
Net
investment
income
b,c
............
0.08
0.28
0.18
0.28
0.21
0.25
Net
realized
and
unrealized
gains
(losses)
1.45
1.99
(2.86)
2.46
2.00
2.46
Total
from
investment
operations
........
1.53
2.27
(2.68)
2.74
2.21
2.71
Less
distributions
from:
Net
investment
income
and
short
term
gains
received
from
Underlying
funds
and
exchange
traded
funds
..............
(0.12)
(0.28)
(0.11)
(0.49)
(0.23)
(0.24)
Net
realized
gains
.................
(—)
d
(0.07)
(0.41)
(2.84)
(0.43)
(0.22)
Total
distributions
...................
(0.12)
(0.35)
(0.52)
(3.33)
(0.66)
(0.46)
Net
asset
value,
end
of
period
..........
$15.47
$14.06
$12.14
$15.34
$15.93
$14.38
Total
return
e
.......................
10.92%
18.88%
(17.40)%
17.32%
16.06%
22.53%
Ratios
to
average
net
assets
f
Expenses
before
waiver
and
payments
by
affiliates
g
..........................
0.57%
0.64%
0.66%
0.67%
0.69%
0.73%
Expenses
net
of
waiver
and
payments
by
affiliates
g
..........................
0.28%
0.26%
0.25%
h
0.22%
0.18%
h
0.09%
h
Net
investment
income
c
...............
1.03%
2.17%
1.37%
1.63%
1.49%
1.82%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$1,725
$1,574
$1,279
$1,584
$1,089
$819
Portfolio
turnover
rate
................
9.78%
28.98%
26.96%
70.40%
36.61%
86.25%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchas-
es
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Recognition
of
net
investment
income
by
the
Fund
is
affected
by
the
timing
of
declaration
of
dividends
by
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
d
Amount
rounds
to
less
than
$0.01
per
share.
e
Total
return
is
not
annualized
for
periods
less
than
one
year.
f
Ratios
are
annualized
for
periods
less
than
one
year.
g
Does
not
include
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
The
weighted
average
indirect
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
was
0.21%
for
the
period
ended
June
30,
2024.
The
weighted
average
indirect
expenses
is
calculated
based
on
the
Form
N1-A
method
which
may
not
correlate
to
the
underlying
fund
fee
waiver
on
the
Statement
of
Operations.
h
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited),
June
30,
2024
Franklin
LifeSmart™
2045
Retirement
Target
Fund
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
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49
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
99.0%
Alternative
Strategies
1.0%
a
Franklin
Systematic
Style
Premia
ETF
....................................
41,634
$
985,269
Domestic
Equity
57.4%
a
ClearBridge
Large
Cap
Value
Fund
,
Class
IS
...............................
124,123
5,199,509
a
Franklin
Growth
Fund
,
Class
R6
........................................
87,035
12,339,777
a
Franklin
U.S.
Core
Equity
(IU)
Fund
.....................................
1,296,089
22,111,271
a
Franklin
U.S.
Equity
Index
ETF
.........................................
176,825
8,425,994
a
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
.............................
115,642
6,427,383
iShares
MSCI
USA
Quality
Factor
ETF
...................................
5,025
858,069
iShares
MSCI
USA
Value
Factor
ETF
....................................
21,075
2,180,420
57,542,423
Domestic
Fixed
Income
9.0%
a
Franklin
U.S.
Core
Bond
ETF
..........................................
214,261
4,527,335
a
Western
Asset
Core
Plus
Bond
Fund
,
Class
IS
.............................
494,639
4,540,790
9,068,125
Foreign
Equity
31.6%
a
ClearBridge
International
Growth
Fund
,
Class
IS
............................
35,352
2,313,406
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
............................
487,829
5,073,424
a
Franklin
International
Core
Equity
(IU)
Fund
...............................
1,213,012
14,956,434
iShares
Core
MSCI
EAFE
ETF
.........................................
33,877
2,460,825
a
Templeton
Developing
Markets
Trust
,
Class
R6
.............................
180,858
3,427,267
a
Templeton
Foreign
Fund
,
Class
R6
......................................
434,985
3,479,881
31,711,237
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$
73,183,249
)
................................................................
99,307,054
a
a
a
a
Short
Term
Investments
1.1%
a
Money
Market
Funds
1.0%
a,b
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.972
%
..................
1,029,235
1,029,235
Total
Money
Market
Funds
(Cost
$
1,029,235
)
...................................
1,029,235
Principal
Amount
Repurchase
Agreements
0.1%
c
Joint
Repurchase
Agreement
,
5.249
%
,
7/01/24
(Maturity
Value
$
66,204
)
BNP
Paribas
Securities
Corp.
(Maturity
Value
$20,457)
Deutsche
Bank
Securities,
Inc.
(Maturity
Value
$18,471)
HSBC
Securities
(USA),
Inc.
(Maturity
Value
$27,276)
Collateralized
by
U.S.
Government
Agency
Securities,
2%
-
7.5%,
7/20/41
-
6/20/54;
U.S.
Government
Agency
Strips,
11/15/24
-
1/15/38;
U.S.
Treasury
Bonds,
6.13%
-
6.75%,
8/15/26
-
11/15/27;
and
U.S.
Treasury
Notes,
0.25%
-
5%,
6/30/24
-
5/15/29
(valued
at
$
67,520
)
................................................
$
66,175
66,175
Total
Repurchase
Agreements
(Cost
$
66,175
)
...................................
66,175
Total
Short
Term
Investments
(Cost
$
1,095,410
)
.................................
1,095,410
a
Total
Investments
(Cost
$
74,278,659
)
100.1
%
...................................
$100,402,464
Other
Assets,
less
Liabilities
(
0.1
)
%
...........................................
(135,914)
Net
Assets
100.0%
...........................................................
$100,266,550
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
LifeSmart™
2045
Retirement
Target
Fund
(continued)
franklintempleton.com
Semiannual
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The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
50
See
Abbreviations
on
page
111
.
a
See
Note
3(f)
regarding
investments
in
FT
Underlying
Funds.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
c
See
Note
1(b)
regarding
joint
repurchase
agreement.
Franklin
Fund
Allocator
Series
Financial
Highlights
Franklin
LifeSmart™
2050
Retirement
Target
Fund
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accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
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51
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$13.52
$11.55
$14.60
$15.76
$14.01
$11.74
Income
from
investment
operations
a
:
Net
investment
income
b,c
............
0.05
0.23
0.14
0.24
0.17
0.19
Net
realized
and
unrealized
gains
(losses)
1.51
1.97
(2.71)
2.51
2.03
2.37
Total
from
investment
operations
........
1.56
2.20
(2.57)
2.75
2.20
2.56
Less
distributions
from:
Net
investment
income
and
short
term
gains
received
from
Underlying
funds
and
exchange
traded
funds
..............
(0.12)
(0.19)
(0.08)
(0.43)
(0.22)
(0.16)
Net
realized
gains
.................
—
(0.04)
(0.40)
(3.48)
(0.23)
(0.13)
Total
distributions
...................
(0.12)
(0.23)
(0.48)
(3.91)
(0.45)
(0.29)
Net
asset
value,
end
of
period
..........
$14.96
$13.52
$11.55
$14.60
$15.76
$14.01
Total
return
d
.......................
11.58%
19.28%
(17.52)%
17.58%
16.22%
22.00%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
f
..........................
1.05%
1.16%
1.31%
1.28%
1.28%
1.35%
Expenses
net
of
waiver
and
payments
by
affiliates
f
..........................
0.52%
0.50%
0.49%
g
0.45%
0.42%
g
0.34%
g
Net
investment
income
c
...............
0.66%
1.89%
1.11%
1.42%
1.23%
1.55%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$40,771
$31,778
$24,594
$30,413
$20,709
$16,729
Portfolio
turnover
rate
................
7.62%
27.46%
43.95%
85.61%
35.30%
94.67%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Recognition
of
net
investment
income
by
the
Fund
is
affected
by
the
timing
of
declaration
of
dividends
by
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Does
not
include
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
The
weighted
average
indirect
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
was
0.21%
for
the
period
ended
June
30,
2024.
The
weighted
average
indirect
expenses
is
calculated
based
on
the
Form
N1-A
method
which
may
not
correlate
to
the
underlying
fund
fee
waiver
on
the
Statement
of
Operations.
g
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Fund
Allocator
Series
Financial
Highlights
Franklin
LifeSmart™
2050
Retirement
Target
Fund
(continued)
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Semiannual
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The
accompanying
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are
an
integral
part
of
these
financial
statements.
52
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$13.30
$11.37
$14.40
$15.61
$13.91
$11.66
Income
from
investment
operations
a
:
Net
investment
income
(loss)
b,c
........
(0.01)
0.13
0.04
0.10
0.07
0.11
Net
realized
and
unrealized
gains
(losses)
1.49
1.94
(2.66)
2.49
2.00
2.34
Total
from
investment
operations
........
1.48
2.07
(2.62)
2.59
2.07
2.45
Less
distributions
from:
Net
investment
income
and
short
term
gains
received
from
Underlying
funds
and
exchange
traded
funds
..............
(0.09)
(0.10)
(0.01)
(0.32)
(0.14)
(0.07)
Net
realized
gains
.................
—
(0.04)
(0.40)
(3.48)
(0.23)
(0.13)
Total
distributions
...................
(0.09)
(0.14)
(0.41)
(3.80)
(0.37)
(0.20)
Net
asset
value,
end
of
period
..........
$14.69
$13.30
$11.37
$14.40
$15.61
$13.91
Total
return
d
.......................
11.16%
18.38%
(18.13)%
16.66%
15.35%
21.13%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
f
..........................
1.80%
1.91%
2.06%
2.02%
2.03%
2.10%
Expenses
net
of
waiver
and
payments
by
affiliates
f
..........................
1.27%
1.25%
1.24%
g
1.20%
1.17%
g
1.09%
g
Net
investment
income
(loss)
b
..........
(0.12)%
1.10%
0.36%
0.57%
0.48%
0.80%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$8,560
$7,947
$6,564
$8,038
$7,014
$5,658
Portfolio
turnover
rate
................
7.62%
27.46%
43.95%
85.61%
35.30%
94.67%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Recognition
of
net
investment
income
by
the
Fund
is
affected
by
the
timing
of
declaration
of
dividends
by
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Does
not
include
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
The
weighted
average
indirect
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
was
0.21%
for
the
period
ended
June
30,
2024.
The
weighted
average
indirect
expenses
is
calculated
based
on
the
Form
N1-A
method
which
may
not
correlate
to
the
underlying
fund
fee
waiver
on
the
Statement
of
Operations.
g
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Fund
Allocator
Series
Financial
Highlights
Franklin
LifeSmart™
2050
Retirement
Target
Fund
(continued)
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accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
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a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Class
R
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$13.54
$11.57
$14.61
$15.76
$14.01
$11.74
Income
from
investment
operations
a
:
Net
investment
income
b,c
............
0.03
0.20
0.10
0.17
0.13
0.17
Net
realized
and
unrealized
gains
(losses)
1.52
1.97
(2.68)
2.54
2.03
2.36
Total
from
investment
operations
........
1.55
2.17
(2.58)
2.71
2.16
2.53
Less
distributions
from:
Net
investment
income
and
short
term
gains
received
from
Underlying
funds
and
exchange
traded
funds
..............
(0.11)
(0.16)
(0.06)
(0.38)
(0.18)
(0.13)
Net
realized
gains
.................
—
(0.04)
(0.40)
(3.48)
(0.23)
(0.13)
Total
distributions
...................
(0.11)
(0.20)
(0.46)
(3.86)
(0.41)
(0.26)
Net
asset
value,
end
of
period
..........
$14.98
$13.54
$11.57
$14.61
$15.76
$14.01
Total
return
d
.......................
11.43%
18.96%
(17.64)%
17.23%
15.92%
21.72%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
f
..........................
1.30%
1.41%
1.56%
1.51%
1.53%
1.60%
Expenses
net
of
waiver
and
payments
by
affiliates
f
..........................
0.77%
0.75%
0.74%
g
0.70%
0.67%
g
0.59%
g
Net
investment
income
c
...............
0.41%
1.60%
0.84%
0.97%
0.91%
1.30%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$2,157
$1,868
$1,608
$1,857
$2,468
$2,364
Portfolio
turnover
rate
................
7.62%
27.46%
43.95%
85.61%
35.30%
94.67%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Recognition
of
net
investment
income
by
the
Fund
is
affected
by
the
timing
of
declaration
of
dividends
by
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Does
not
include
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
The
weighted
average
indirect
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
was
0.21%
for
the
period
ended
June
30,
2024.
The
weighted
average
indirect
expenses
is
calculated
based
on
the
Form
N1-A
method
which
may
not
correlate
to
the
underlying
fund
fee
waiver
on
the
Statement
of
Operations.
g
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Fund
Allocator
Series
Financial
Highlights
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LifeSmart™
2050
Retirement
Target
Fund
(continued)
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accompanying
notes
are
an
integral
part
of
these
financial
statements.
54
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$13.65
$11.66
$14.72
$15.87
$14.10
$11.80
Income
from
investment
operations
a
:
Net
investment
income
b,c
............
0.07
0.34
0.20
0.14
0.21
0.26
Net
realized
and
unrealized
gains
(losses)
1.53
1.92
(2.76)
2.68
2.05
2.37
Total
from
investment
operations
........
1.60
2.26
(2.56)
2.82
2.26
2.63
Less
distributions
from:
Net
investment
income
and
short
term
gains
received
from
Underlying
funds
and
exchange
traded
funds
..............
(0.14)
(0.23)
(0.12)
(0.49)
(0.26)
(0.20)
Net
realized
gains
.................
—
(0.04)
(0.40)
(3.48)
(0.23)
(0.13)
Total
distributions
...................
(0.14)
(0.27)
(0.52)
(3.97)
(0.49)
(0.33)
Capital
contributions
.................
—
—
0.02
—
—
—
Net
asset
value,
end
of
period
..........
$15.11
$13.65
$11.66
$14.72
$15.87
$14.10
Total
return
d
.......................
11.75%
19.60%
(17.18)%
e
17.84%
16.59%
22.50%
Ratios
to
average
net
assets
f
Expenses
before
waiver
and
payments
by
affiliates
g
..........................
0.95%
0.78%
0.43%
0.51%
0.59%
0.62%
Expenses
net
of
waiver
and
payments
by
affiliates
g
..........................
0.22%
0.21%
0.19%
h
0.14%
0.12%
h
0.04%
h
Net
investment
income
c
...............
0.94%
2.69%
1.66%
0.85%
1.54%
1.85%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$99
$91
$5
$2
$22,839
$17,560
Portfolio
turnover
rate
................
7.62%
27.46%
43.95%
85.61%
35.30%
94.67%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Recognition
of
net
investment
income
by
the
Fund
is
affected
by
the
timing
of
declaration
of
dividends
by
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Includes
the
effect
of
a
capital
contribution.
Absent
the
capital
contribution,
the
total
return
would
have
been
(17.32)%.
f
Ratios
are
annualized
for
periods
less
than
one
year.
g
Does
not
include
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
The
weighted
average
indirect
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
was
0.21%
for
the
period
ended
June
30,
2024.
The
weighted
average
indirect
expenses
is
calculated
based
on
the
Form
N1-A
method
which
may
not
correlate
to
the
underlying
fund
fee
waiver
on
the
Statement
of
Operations.
h
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Fund
Allocator
Series
Financial
Highlights
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LifeSmart™
2050
Retirement
Target
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integral
part
of
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financial
statements.
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a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$13.64
$11.65
$14.72
$15.87
$14.10
$11.80
Income
from
investment
operations
a
:
Net
investment
income
b,c
............
0.06
0.27
0.17
0.28
0.20
0.24
Net
realized
and
unrealized
gains
(losses)
1.54
1.98
(2.73)
2.53
2.05
2.38
Total
from
investment
operations
........
1.60
2.25
(2.56)
2.81
2.25
2.62
Less
distributions
from:
Net
investment
income
and
short
term
gains
received
from
Underlying
funds
and
exchange
traded
funds
..............
(0.14)
(0.22)
(0.11)
(0.48)
(0.25)
(0.19)
Net
realized
gains
.................
—
(0.04)
(0.40)
(3.48)
(0.23)
(0.13)
Total
distributions
...................
(0.14)
(0.26)
(0.51)
(3.96)
(0.48)
(0.32)
Net
asset
value,
end
of
period
..........
$15.10
$13.64
$11.65
$14.72
$15.87
$14.10
Total
return
d
.......................
11.73%
19.56%
(17.30)%
17.77%
16.54%
22.44%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
f
..........................
0.80%
0.91%
1.06%
1.03%
1.03%
1.10%
Expenses
net
of
waiver
and
payments
by
affiliates
f
..........................
0.27%
0.25%
0.25%
g
0.20%
0.18%
g
0.09%
g
Net
investment
income
c
...............
0.90%
2.16%
1.41%
1.62%
1.45%
1.80%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$1,567
$1,330
$978
$942
$720
$617
Portfolio
turnover
rate
................
7.62%
27.46%
43.95%
85.61%
35.30%
94.67%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Recognition
of
net
investment
income
by
the
Fund
is
affected
by
the
timing
of
declaration
of
dividends
by
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Does
not
include
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
The
weighted
average
indirect
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
was
0.21%
for
the
period
ended
June
30,
2024.
The
weighted
average
indirect
expenses
is
calculated
based
on
the
Form
N1-A
method
which
may
not
correlate
to
the
underlying
fund
fee
waiver
on
the
Statement
of
Operations.
g
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited),
June
30,
2024
Franklin
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2050
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Target
Fund
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of
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statements.
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a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
98.8%
Alternative
Strategies
0.9%
a
Franklin
Systematic
Style
Premia
ETF
....................................
20,888
$
494,314
Domestic
Equity
61.0%
a
ClearBridge
Large
Cap
Value
Fund
,
Class
IS
...............................
69,926
2,929,189
a
Franklin
Growth
Fund
,
Class
R6
........................................
49,032
6,951,804
a
Franklin
U.S.
Core
Equity
(IU)
Fund
.....................................
730,168
12,456,668
a
Franklin
U.S.
Equity
Index
ETF
.........................................
99,625
4,747,291
a
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
.............................
65,147
3,620,870
iShares
MSCI
USA
Quality
Factor
ETF
...................................
2,825
482,397
iShares
MSCI
USA
Value
Factor
ETF
....................................
11,875
1,228,587
32,416,806
Domestic
Fixed
Income
3.2%
a
Franklin
U.S.
Core
Bond
ETF
..........................................
40,675
859,463
a
Western
Asset
Core
Plus
Bond
Fund
,
Class
IS
.............................
93,938
862,355
a
Western
Asset
Short-Term
Bond
Fund
,
Class
IS
............................
2
6
1,721,824
Foreign
Equity
33.7%
a
ClearBridge
International
Growth
Fund
,
Class
IS
............................
19,918
1,303,406
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
............................
274,796
2,857,876
a
Franklin
International
Core
Equity
(IU)
Fund
...............................
683,423
8,426,603
iShares
Core
MSCI
EAFE
ETF
.........................................
19,084
1,386,262
a
Templeton
Developing
Markets
Trust
,
Class
R6
.............................
101,879
1,930,603
a
Templeton
Foreign
Fund
,
Class
R6
......................................
245,075
1,960,599
17,865,349
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$
39,524,096
)
................................................................
52,498,293
a
a
a
a
Short
Term
Investments
1.3%
a
Money
Market
Funds
1.2%
a,b
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.972
%
..................
658,129
658,129
Total
Money
Market
Funds
(Cost
$
658,129
)
.....................................
658,129
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
LifeSmart™
2050
Retirement
Target
Fund
(continued)
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part
of
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financial
statements.
Semiannual
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57
Short
Term
Investments
(continued)
a
a
Principal
Amount
a
Value
Repurchase
Agreements
0.1%
c
Joint
Repurchase
Agreement
,
5.249
%
,
7/01/24
(Maturity
Value
$
24,184
)
BNP
Paribas
Securities
Corp.
(Maturity
Value
$7,473)
Deutsche
Bank
Securities,
Inc.
(Maturity
Value
$6,747)
HSBC
Securities
(USA),
Inc.
(Maturity
Value
$9,964)
Collateralized
by
U.S.
Government
Agency
Securities,
2%
-
7.5%,
7/20/41
-
6/20/54;
U.S.
Government
Agency
Strips,
11/15/24
-
1/15/38;
U.S.
Treasury
Bonds,
6.13%
-
6.75%,
8/15/26
-
11/15/27;
and
U.S.
Treasury
Notes,
0.25%
-
5%,
6/30/24
-
5/15/29
(valued
at
$
24,665
)
................................................
$
24,174
$
24,174
Total
Repurchase
Agreements
(Cost
$
24,174
)
...................................
24,174
Total
Short
Term
Investments
(Cost
$
682,303
)
..................................
682,303
a
Total
Investments
(Cost
$
40,206,399
)
100.1
%
...................................
$53,180,596
Other
Assets,
less
Liabilities
(
0.1
)
%
...........................................
(26,549)
Net
Assets
100.0%
...........................................................
$53,154,047
See
Abbreviations
on
page
111
.
a
See
Note
3(f)
regarding
investments
in
FT
Underlying
Funds.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
c
See
Note
1(b)
regarding
joint
repurchase
agreement.
Franklin
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Allocator
Series
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LifeSmart™
2055
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of
these
financial
statements.
58
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$12.23
$10.48
$13.21
$13.41
$11.86
$9.88
Income
from
investment
operations
a
:
Net
investment
income
b,c
............
0.04
0.21
0.13
0.20
0.15
0.18
Net
realized
and
unrealized
gains
(losses)
1.39
1.79
(2.46)
2.12
1.69
2.02
Total
from
investment
operations
........
1.43
2.00
(2.33)
2.32
1.84
2.20
Less
distributions
from:
Net
investment
income
and
short
term
gains
received
from
Underlying
funds
and
exchange
traded
funds
..............
(0.11)
(0.17)
(0.07)
(0.40)
(0.19)
(0.12)
Net
realized
gains
.................
—
(0.08)
(0.33)
(2.12)
(0.10)
(0.10)
Total
distributions
...................
(0.11)
(0.25)
(0.40)
(2.52)
(0.29)
(0.22)
Net
asset
value,
end
of
period
..........
$13.55
$12.23
$10.48
$13.21
$13.41
$11.86
Total
return
d
.......................
11.71%
19.32%
(17.54)%
17.34%
15.95%
22.39%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
f
..........................
1.36%
1.43%
1.65%
1.79%
2.03%
2.50%
Expenses
net
of
waiver
and
payments
by
affiliates
f
..........................
0.52%
0.50%
g
0.49%
g
0.46%
g
0.43%
g
0.34%
Net
investment
income
c
...............
0.61%
1.90%
1.16%
1.38%
1.27%
1.65%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$28,396
$24,201
$17,210
$17,727
$12,408
$8,254
Portfolio
turnover
rate
................
9.70%
29.62%
28.43%
87.74%
32.75%
90.64%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Recognition
of
net
investment
income
by
the
Fund
is
affected
by
the
timing
of
declaration
of
dividends
by
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Does
not
include
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
The
weighted
average
indirect
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
was
0.21%
for
the
period
ended
June
30,
2024.
The
weighted
average
indirect
expenses
is
calculated
based
on
the
Form
N1-A
method
which
may
not
correlate
to
the
underlying
fund
fee
waiver
on
the
Statement
of
Operations.
g
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Fund
Allocator
Series
Financial
Highlights
Franklin
LifeSmart™
2055
Retirement
Target
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
59
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$11.92
$10.22
$12.92
$13.18
$11.69
$9.75
Income
from
investment
operations
a
:
Net
investment
income
(loss)
b,c
........
(0.01)
0.12
0.05
0.09
0.06
0.09
Net
realized
and
unrealized
gains
(losses)
1.35
1.75
(2.41)
2.08
1.66
1.99
Total
from
investment
operations
........
1.34
1.87
(2.36)
2.17
1.72
2.08
Less
distributions
from:
Net
investment
income
and
short
term
gains
received
from
Underlying
funds
and
exchange
traded
funds
..............
(0.08)
(0.09)
(0.01)
(0.31)
(0.13)
(0.04)
Net
realized
gains
.................
—
(0.08)
(0.33)
(2.12)
(0.10)
(0.10)
Total
distributions
...................
(0.08)
(0.17)
(0.34)
(2.43)
(0.23)
(0.14)
Net
asset
value,
end
of
period
..........
$13.18
$11.92
$10.22
$12.92
$13.18
$11.69
Total
return
d
.......................
11.28%
18.48%
(18.19)%
16.49%
15.07%
21.45%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
f
..........................
2.11%
2.19%
2.40%
2.54%
2.78%
3.25%
Expenses
net
of
waiver
and
payments
by
affiliates
f
..........................
1.27%
1.25%
g
1.24%
g
1.21%
g
1.18%
g
1.09%
Net
investment
income
(loss)
c
..........
(0.15)%
1.12%
0.42%
0.60%
0.51%
0.90%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$7,748
$7,243
$5,880
$6,236
$5,083
$3,563
Portfolio
turnover
rate
................
9.70%
29.62%
28.43%
87.74%
32.75%
90.64%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Recognition
of
net
investment
income
by
the
Fund
is
affected
by
the
timing
of
declaration
of
dividends
by
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Does
not
include
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
The
weighted
average
indirect
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
was
0.21%
for
the
period
ended
June
30,
2024.
The
weighted
average
indirect
expenses
is
calculated
based
on
the
Form
N1-A
method
which
may
not
correlate
to
the
underlying
fund
fee
waiver
on
the
Statement
of
Operations.
g
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Fund
Allocator
Series
Financial
Highlights
Franklin
LifeSmart™
2055
Retirement
Target
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
60
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Class
R
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$12.16
$10.42
$13.15
$13.36
$11.82
$9.85
Income
from
investment
operations
a
:
Net
investment
income
b,c
............
0.02
0.18
0.10
0.17
0.11
0.15
Net
realized
and
unrealized
gains
(losses)
1.39
1.79
(2.45)
2.10
1.69
2.01
Total
from
investment
operations
........
1.41
1.97
(2.35)
2.27
1.80
2.16
Less
distributions
from:
Net
investment
income
and
short
term
gains
received
from
Underlying
funds
and
exchange
traded
funds
..............
(0.10)
(0.15)
(0.05)
(0.36)
(0.16)
(0.09)
Net
realized
gains
.................
—
(0.08)
(0.33)
(2.12)
(0.10)
(0.10)
Total
distributions
...................
(0.10)
(0.23)
(0.38)
(2.48)
(0.26)
(0.19)
Net
asset
value,
end
of
period
..........
$13.47
$12.16
$10.42
$13.15
$13.36
$11.82
Total
return
d
.......................
11.58%
19.07%
(17.79)%
17.07%
15.61%
22.08%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
f
..........................
1.62%
1.68%
1.89%
2.04%
2.29%
2.75%
Expenses
net
of
waiver
and
payments
by
affiliates
f
..........................
0.77%
0.75%
g
0.74%
g
0.71%
g
0.67%
g
0.59%
Net
investment
income
c
...............
0.38%
1.64%
0.94%
1.16%
0.95%
1.40%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$1,608
$1,321
$996
$936
$580
$539
Portfolio
turnover
rate
................
9.70%
29.62%
28.43%
87.74%
32.75%
90.64%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Recognition
of
net
investment
income
by
the
Fund
is
affected
by
the
timing
of
declaration
of
dividends
by
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Does
not
include
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
The
weighted
average
indirect
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
was
0.21%
for
the
period
ended
June
30,
2024.
The
weighted
average
indirect
expenses
is
calculated
based
on
the
Form
N1-A
method
which
may
not
correlate
to
the
underlying
fund
fee
waiver
on
the
Statement
of
Operations.
g
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Fund
Allocator
Series
Financial
Highlights
Franklin
LifeSmart™
2055
Retirement
Target
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
61
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$12.49
$10.69
$13.24
$13.43
$11.87
$9.89
Income
from
investment
operations
a
:
Net
investment
income
b,c
............
0.06
0.31
0.15
0.13
0.18
0.22
Net
realized
and
unrealized
gains
(losses)
1.42
1.77
(2.44)
2.24
1.70
2.01
Total
from
investment
operations
........
1.48
2.08
(2.29)
2.37
1.88
2.23
Less
distributions
from:
Net
investment
income
and
short
term
gains
received
from
Underlying
funds
and
exchange
traded
funds
..............
(0.13)
(0.20)
(0.09)
(0.44)
(0.22)
(0.15)
Net
realized
gains
.................
—
(0.08)
(0.33)
(2.12)
(0.10)
(0.10)
Total
distributions
...................
(0.13)
(0.28)
(0.42)
(2.56)
(0.32)
(0.25)
Capital
contributions
.................
—
—
0.16
—
—
—
Net
asset
value,
end
of
period
..........
$13.84
$12.49
$10.69
$13.24
$13.43
$11.87
Total
return
d
.......................
11.85%
19.74%
(15.90)%
e
17.72%
16.34%
22.72%
Ratios
to
average
net
assets
f
Expenses
before
waiver
and
payments
by
affiliates
g
..........................
2.68%
2.37%
0.59%
0.67%
0.87%
1.18%
Expenses
net
of
waiver
and
payments
by
affiliates
g
..........................
0.22%
0.20%
h
0.15%
h
0.12%
h
0.13%
h
0.04%
Net
investment
income
c
...............
0.94%
2.64%
1.29%
0.87%
1.57%
1.95%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$42
$27
$4
$8
$12,017
$7,296
Portfolio
turnover
rate
................
9.70%
29.62%
28.43%
87.74%
32.75%
90.64%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Recognition
of
net
investment
income
by
the
Fund
is
affected
by
the
timing
of
declaration
of
dividends
by
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Includes
the
effect
of
a
capital
contribution.
Absent
the
capital
contribution,
the
total
return
would
have
been
(17.14)%.
f
Ratios
are
annualized
for
periods
less
than
one
year.
g
Does
not
include
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
The
weighted
average
indirect
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
was
0.21%
for
the
period
ended
June
30,
2024.
The
weighted
average
indirect
expenses
is
calculated
based
on
the
Form
N1-A
method
which
may
not
correlate
to
the
underlying
fund
fee
waiver
on
the
Statement
of
Operations.
h
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Fund
Allocator
Series
Financial
Highlights
Franklin
LifeSmart™
2055
Retirement
Target
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
62
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$12.25
$10.50
$13.22
$13.42
$11.87
$9.90
Income
from
investment
operations
a
:
Net
investment
income
b,c
............
0.06
0.23
0.16
0.24
0.21
0.23
Net
realized
and
unrealized
gains
(losses)
1.39
1.80
(2.46)
2.11
1.66
1.99
Total
from
investment
operations
........
1.45
2.03
(2.30)
2.35
1.87
2.22
Less
distributions
from:
Net
investment
income
and
short
term
gains
received
from
Underlying
funds
and
exchange
traded
funds
..............
(0.12)
(0.20)
(0.09)
(0.43)
(0.22)
(0.15)
Net
realized
gains
.................
—
(0.08)
(0.33)
(2.12)
(0.10)
(0.10)
Total
distributions
...................
(0.12)
(0.28)
(0.42)
(2.55)
(0.32)
(0.25)
Net
asset
value,
end
of
period
..........
$13.58
$12.25
$10.50
$13.22
$13.42
$11.87
Total
return
d
.......................
11.89%
19.56%
(17.30)%
17.60%
16.19%
22.67%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
f
..........................
1.11%
1.21%
1.39%
1.54%
1.77%
2.25%
Expenses
net
of
waiver
and
payments
by
affiliates
f
..........................
0.27%
0.25%
g
0.24%
g
0.21%
g
0.19%
g
0.09%
Net
investment
income
c
...............
0.86%
2.05%
1.43%
1.61%
1.74%
1.90%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$689
$579
$519
$505
$378
$134
Portfolio
turnover
rate
................
9.70%
29.62%
28.43%
87.74%
32.75%
90.64%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Recognition
of
net
investment
income
by
the
Fund
is
affected
by
the
timing
of
declaration
of
dividends
by
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Does
not
include
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
The
weighted
average
indirect
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
was
0.21%
for
the
period
ended
June
30,
2024.
The
weighted
average
indirect
expenses
is
calculated
based
on
the
Form
N1-A
method
which
may
not
correlate
to
the
underlying
fund
fee
waiver
on
the
Statement
of
Operations.
g
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited),
June
30,
2024
Franklin
LifeSmart™
2055
Retirement
Target
Fund
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
63
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
98.9%
Alternative
Strategies
1.0%
a
Franklin
Systematic
Style
Premia
ETF
....................................
15,963
$
377,764
Domestic
Equity
61.7%
a
ClearBridge
Large
Cap
Value
Fund
,
Class
IS
...............................
51,229
2,146,003
a
Franklin
Growth
Fund
,
Class
R6
........................................
35,923
5,093,099
a
Franklin
U.S.
Core
Equity
(IU)
Fund
.....................................
534,943
9,126,125
a
Franklin
U.S.
Equity
Index
ETF
.........................................
72,975
3,477,375
a
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
.............................
47,724
2,652,500
iShares
MSCI
USA
Quality
Factor
ETF
...................................
2,075
354,327
iShares
MSCI
USA
Value
Factor
ETF
....................................
8,700
900,102
23,749,531
Domestic
Fixed
Income
2.2%
a
Franklin
U.S.
Core
Bond
ETF
..........................................
20,421
431,496
a
Western
Asset
Core
Plus
Bond
Fund
,
Class
IS
.............................
47,150
432,833
864,329
Foreign
Equity
34.0%
a
ClearBridge
International
Growth
Fund
,
Class
IS
............................
14,585
954,451
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
............................
201,417
2,094,740
a
Franklin
International
Core
Equity
(IU)
Fund
...............................
500,453
6,170,580
iShares
Core
MSCI
EAFE
ETF
.........................................
13,980
1,015,507
a
Templeton
Developing
Markets
Trust
,
Class
R6
.............................
74,675
1,415,084
a
Templeton
Foreign
Fund
,
Class
R6
......................................
179,462
1,435,696
13,086,058
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$
28,862,505
)
................................................................
38,077,682
a
a
a
a
Short
Term
Investments
1.2%
a
Money
Market
Funds
1.2%
a,b
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.972
%
..................
472,149
472,149
Total
Money
Market
Funds
(Cost
$
472,149
)
.....................................
472,149
Total
Short
Term
Investments
(Cost
$
472,149
)
..................................
472,149
a
Total
Investments
(Cost
$
29,334,654
)
100.1
%
...................................
$38,549,831
Other
Assets,
less
Liabilities
(
0.1
)
%
...........................................
(66,663)
Net
Assets
100.0%
...........................................................
$38,483,168
See
Abbreviations
on
page
111
.
a
See
Note
3(f)
regarding
investments
in
FT
Underlying
Funds.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
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part
of
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64
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
Year
Ended
December
31,
2021
a
2023
2022
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
..............................
$10.48
$9.00
$11.26
$10.00
Income
from
investment
operations
b
:
Net
investment
income
c,d
.....................................
0.04
0.19
0.14
0.27
Net
realized
and
unrealized
gains
(losses)
........................
1.18
1.49
(2.15)
1.58
Total
from
investment
operations
.................................
1.22
1.68
(2.01)
1.85
Less
distributions
from:
Net
investment
income
and
short
term
gains
received
from
Underlying
funds
and
exchange
traded
funds
...............................
(0.07)
(0.17)
(0.07)
(0.32)
Net
realized
gains
..........................................
(—)
e
(0.03)
(0.18)
(0.27)
Total
distributions
............................................
(0.07)
(0.20)
(0.25)
(0.59)
Net
asset
value,
end
of
period
...................................
$11.63
$10.48
$9.00
$11.26
Total
return
f
.................................................
11.63%
18.80%
(17.81)%
18.52%
Ratios
to
average
net
assets
g
Expenses
before
waiver
and
payments
by
affiliates
h
..................
3.59%
4.63%
7.64%
13.83%
Expenses
net
of
waiver
and
payments
by
affiliates
h
...................
0.52%
0.51%
i
0.44%
i
0.21%
Net
investment
income
d
........................................
0.64%
1.93%
1.47%
2.34%
Supplemental
data
Net
assets,
end
of
period
(000’s)
.................................
$4,766
$3,364
$1,631
$325
Portfolio
turnover
rate
.........................................
9.83%
31.87%
34.77%
77.89%
a
For
the
period
January
29,
2021
(commencement
of
operations)
to
December
31,
2021.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Recognition
of
net
investment
income
by
the
Fund
is
affected
by
the
timing
of
declaration
of
dividends
by
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
e
Amount
rounds
to
less
than
$0.01
per
share.
f
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
g
Ratios
are
annualized
for
periods
less
than
one
year,
except
for
non-recurring
expenses,
if
any.
h
Does
not
include
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
The
weighted
average
indirect
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
was
0.21%
for
the
period
ended
June
30,
2024.
The
weighted
average
indirect
expenses
is
calculated
based
on
the
Form
N1-A
method
which
may
not
correlate
to
the
underlying
fund
fee
waiver
on
the
Statement
of
Operations.
i
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
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part
of
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a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
Year
Ended
December
31,
2021
a
2023
2022
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
..............................
$10.45
$8.99
$11.25
$10.00
Income
from
investment
operations
b
:
Net
investment
income
(loss)
c,d
.................................
(0.01)
0.13
0.07
0.28
Net
realized
and
unrealized
gains
(losses)
........................
1.18
1.47
(2.13)
1.56
Total
from
investment
operations
.................................
1.17
1.60
(2.06)
1.84
Less
distributions
from:
Net
investment
income
and
short
term
gains
received
from
Underlying
funds
and
exchange
traded
funds
...............................
(0.04)
(0.11)
(0.02)
(0.32)
Net
realized
gains
..........................................
(—)
e
(0.03)
(0.18)
(0.27)
Total
distributions
............................................
(0.04)
(0.14)
(0.20)
(0.59)
Net
asset
value,
end
of
period
...................................
$11.58
$10.45
$8.99
$11.25
Total
return
f
.................................................
11.23%
17.90%
(18.23)%
18.43%
Ratios
to
average
net
assets
g
Expenses
before
waiver
and
payments
by
affiliates
h
..................
4.33%
5.05%
8.76%
14.00%
Expenses
net
of
waiver
and
payments
by
affiliates
h
...................
1.27%
1.27%
i
1.10%
i
0.21%
Net
investment
income
(loss)
d
...................................
(0.12)%
1.32%
0.80%
2.49%
Supplemental
data
Net
assets,
end
of
period
(000’s)
.................................
$597
$475
$176
$68
Portfolio
turnover
rate
.........................................
9.83%
31.87%
34.77%
77.89%
a
For
the
period
January
29,
2021
(commencement
of
operations)
to
December
31,
2021.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Recognition
of
net
investment
income
by
the
Fund
is
affected
by
the
timing
of
declaration
of
dividends
by
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
e
Amount
rounds
to
less
than
$0.01
per
share.
f
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
g
Ratios
are
annualized
for
periods
less
than
one
year,
except
for
non-recurring
expenses,
if
any.
h
Does
not
include
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
The
weighted
average
indirect
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
was
0.21%
for
the
period
ended
June
30,
2024.
The
weighted
average
indirect
expenses
is
calculated
based
on
the
Form
N1-A
method
which
may
not
correlate
to
the
underlying
fund
fee
waiver
on
the
Statement
of
Operations.
i
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
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part
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statements.
66
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
Year
Ended
December
31,
2021
a
2023
2022
Class
R
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
..............................
$10.48
$9.00
$11.25
$10.00
Income
from
investment
operations
b
:
Net
investment
income
c,d
.....................................
0.02
0.16
0.09
0.23
Net
realized
and
unrealized
gains
(losses)
........................
1.18
1.49
(2.11)
1.61
Total
from
investment
operations
.................................
1.20
1.65
(2.02)
1.84
Less
distributions
from:
Net
investment
income
and
short
term
gains
received
from
Underlying
funds
and
exchange
traded
funds
...............................
(0.06)
(0.14)
(0.05)
(0.32)
Net
realized
gains
..........................................
(—)
e
(0.03)
(0.18)
(0.27)
Total
distributions
............................................
(0.06)
(0.17)
(0.23)
(0.59)
Net
asset
value,
end
of
period
...................................
$11.62
$10.48
$9.00
$11.25
Total
return
f
.................................................
11.43%
18.54%
(17.91)%
18.42%
Ratios
to
average
net
assets
g
Expenses
before
waiver
and
payments
by
affiliates
h
..................
3.84%
4.79%
7.79%
12.86%
Expenses
net
of
waiver
and
payments
by
affiliates
h
...................
0.77%
0.76%
i
0.61%
i
0.21%
Net
investment
income
d
........................................
0.39%
1.68%
1.00%
2.02%
Supplemental
data
Net
assets,
end
of
period
(000’s)
.................................
$70
$54
$32
$37
Portfolio
turnover
rate
.........................................
9.83%
31.87%
34.77%
77.89%
a
For
the
period
January
29,
2021
(commencement
of
operations)
to
December
31,
2021.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Recognition
of
net
investment
income
by
the
Fund
is
affected
by
the
timing
of
declaration
of
dividends
by
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
e
Amount
rounds
to
less
than
$0.01
per
share.
f
Total
return
is
not
annualized
for
periods
less
than
one
year.
g
Ratios
are
annualized
for
periods
less
than
one
year,
except
for
non-recurring
expenses,
if
any.
h
Does
not
include
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
The
weighted
average
indirect
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
was
0.21%
for
the
period
ended
June
30,
2024.
The
weighted
average
indirect
expenses
is
calculated
based
on
the
Form
N1-A
method
which
may
not
correlate
to
the
underlying
fund
fee
waiver
on
the
Statement
of
Operations.
i
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
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part
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financial
statements.
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a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
Year
Ended
December
31,
2021
a
2023
2022
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
..............................
$10.50
$9.02
$11.26
$10.00
Income
from
investment
operations
b
:
Net
investment
income
c
,d
.....................................
0.05
0.20
0.13
0.16
Net
realized
and
unrealized
gains
(losses)
........................
1.19
1.50
(2.13)
1.69
Total
from
investment
operations
.................................
1.24
1.70
(2.00)
1.85
Less
distributions
from:
Net
investment
income
and
short
term
gains
received
from
Underlying
funds
and
exchange
traded
funds
...............................
(0.08)
(0.19)
(0.08)
(0.32)
Net
realized
gains
..........................................
(—)
e
(0.03)
(0.18)
(0.27)
Total
distributions
............................................
(0.08)
(0.22)
(0.26)
(0.59)
Capital
contributions
..........................................
—
—
0.02
—
Net
asset
value,
end
of
period
...................................
$11.66
$10.50
$9.02
$11.26
Total
return
f
.................................................
11.83%
19.08%
(17.45)%
g
18.56%
Ratios
to
average
net
assets
h
Expenses
before
waiver
and
payments
by
affiliates
i
...................
2.84%
4.35%
6.87%
13.90%
Expenses
net
of
waiver
and
payments
by
affiliates
i
...................
0.22%
0.21%
0.20%
j
0.15%
Net
investment
income
d
........................................
0.91%
2.10%
1.39%
1.38%
Supplemental
data
Net
assets,
end
of
period
(000’s)
.................................
$12
$11
$9
$11
Portfolio
turnover
rate
.........................................
9.83%
31.87%
34.77%
77.89%
a
For
the
period
January
29,
2021
(commencement
of
operations)
to
December
31,
2021.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Recognition
of
net
investment
income
by
the
Fund
is
affected
by
the
timing
of
declaration
of
dividends
by
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
e
Amount
rounds
to
less
than
$0.01
per
share.
f
Total
return
is
not
annualized
for
periods
less
than
one
year.
g
Includes
the
effect
of
a
capital
contribution.
Absent
the
capital
contribution,
the
total
return
would
have
been
(17.62)%.
h
Ratios
are
annualized
for
periods
less
than
one
year,
except
for
non-recurring
expenses,
if
any.
i
Does
not
include
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
The
weighted
average
indirect
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
was
0.21%
for
the
period
ended
June
30,
2024.
The
weighted
average
indirect
expenses
is
calculated
based
on
the
Form
N1-A
method
which
may
not
correlate
to
the
underlying
fund
fee
waiver
on
the
Statement
of
Operations.
j
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
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LifeSmart™
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The
accompanying
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are
an
integral
part
of
these
financial
statements.
68
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
Year
Ended
December
31,
2021
a
2023
2022
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
..............................
$10.48
$9.00
$11.25
$10.00
Income
from
investment
operations
b
:
Net
investment
income
c,d
.....................................
0.05
0.20
0.13
0.20
Net
realized
and
unrealized
gains
(losses)
........................
1.18
1.50
(2.12)
1.64
Total
from
investment
operations
.................................
1.23
1.70
(1.99)
1.84
Less
distributions
from:
Net
investment
income
and
short
term
gains
received
from
Underlying
funds
and
exchange
traded
funds
...............................
(0.08)
(0.19)
(0.08)
(0.32)
Net
realized
gains
..........................................
(—)
e
(0.03)
(0.18)
(0.27)
Total
distributions
............................................
(0.08)
(0.22)
(0.26)
(0.59)
Net
asset
value,
end
of
period
...................................
$11.63
$10.48
$9.00
$11.25
Total
return
f
.................................................
11.73%
19.07%
(17.59)%
18.41%
Ratios
to
average
net
assets
g
Expenses
before
waiver
and
payments
by
affiliates
h
..................
3.33%
4.51%
7.40%
14.59%
Expenses
net
of
waiver
and
payments
by
affiliates
h
...................
0.27%
0.25%
i
0.25%
i
0.20%
Net
investment
income
d
........................................
0.86%
2.06%
1.35%
1.75%
Supplemental
data
Net
assets,
end
of
period
(000’s)
.................................
$1,180
$1,054
$888
$1,096
Portfolio
turnover
rate
.........................................
9.83%
31.87%
34.77%
77.89%
a
For
the
period
January
29,
2021
(commencement
of
operations)
to
December
31,
2021.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Recognition
of
net
investment
income
by
the
Fund
is
affected
by
the
timing
of
declaration
of
dividends
by
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
e
Amount
rounds
to
less
than
$0.01
per
share.
f
Total
return
is
not
annualized
for
periods
less
than
one
year.
g
Ratios
are
annualized
for
periods
less
than
one
year,
except
for
non-recurring
expenses,
if
any.
h
Does
not
include
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
in
which
the
Fund
invests.
The
weighted
average
indirect
expenses
of
the
Underlying
Funds
and
exchange
traded
funds
was
0.21%
for
the
period
ended
June
30,
2024.
The
weighted
average
indirect
expenses
is
calculated
based
on
the
Form
N1-A
method
which
may
not
correlate
to
the
underlying
fund
fee
waiver
on
the
Statement
of
Operations.
i
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited),
June
30,
2024
Franklin
LifeSmart™
2060
Retirement
Target
Fund
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
69
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
98.4%
Alternative
Strategies
0.9%
a
Franklin
Systematic
Style
Premia
ETF
....................................
2,669
$
63,162
Domestic
Equity
61.4%
a
ClearBridge
Large
Cap
Value
Fund
,
Class
IS
...............................
8,775
367,599
a
Franklin
Growth
Fund
,
Class
R6
........................................
6,153
872,431
a
Franklin
U.S.
Core
Equity
(IU)
Fund
.....................................
91,634
1,563,269
a
Franklin
U.S.
Equity
Index
ETF
.........................................
12,500
595,645
a
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
.............................
8,155
453,255
iShares
MSCI
USA
Quality
Factor
ETF
...................................
375
64,035
iShares
MSCI
USA
Value
Factor
ETF
....................................
1,475
152,604
4,068,838
Domestic
Fixed
Income
2.2%
a
Franklin
U.S.
Core
Bond
ETF
..........................................
3,500
73,955
a
Western
Asset
Core
Plus
Bond
Fund
,
Class
IS
.............................
8,076
74,137
148,092
Foreign
Equity
33.9%
a
ClearBridge
International
Growth
Fund
,
Class
IS
............................
2,498
163,494
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
............................
34,502
358,818
a
Franklin
International
Core
Equity
(IU)
Fund
...............................
85,725
1,056,994
iShares
Core
MSCI
EAFE
ETF
.........................................
2,389
173,537
a
Templeton
Developing
Markets
Trust
,
Class
R6
.............................
12,791
242,399
a
Templeton
Foreign
Fund
,
Class
R6
......................................
30,741
245,927
2,241,169
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$
5,538,307
)
.................................................................
6,521,261
a
a
a
a
Short
Term
Investments
1.5%
a
Money
Market
Funds
1.5%
a,b
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.972
%
..................
96,918
96,918
Total
Money
Market
Funds
(Cost
$
96,918
)
......................................
96,918
Total
Short
Term
Investments
(Cost
$
96,918
)
...................................
96,918
a
Total
Investments
(Cost
$
5,635,225
)
99.9
%
.....................................
$6,618,179
Other
Assets,
less
Liabilities
0.1
%
.............................................
6,400
Net
Assets
100.0%
...........................................................
$6,624,579
See
Abbreviations
on
page
111
.
a
See
Note
3(f)
regarding
investments
in
FT
Underlying
Funds.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Fund
Allocator
Series
Financial
Statements
Statements
of
Assets
and
Liabilities
June
30,
2024
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
70
Franklin
LifeSmart™
Retirement
Income
Fund
Franklin
LifeSmart™
2020
Retirement
Target
Fund
Franklin
LifeSmart™
2025
Retirement
Target
Fund
Franklin
LifeSmart™
2030
Retirement
Target
Fund
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
................
$8,217,565
$1,322,137
$5,571,840
$3,590,274
Cost
-
Non-controlled
affiliates
(Note
3f)
.....
37,240,385
23,390,367
90,806,148
56,431,308
Cost
-
Unaffiliated
repurchase
agreements
...
—
—
—
18,105
Value
-
Unaffiliated
issuers
...............
$9,088,563
$1,421,300
$6,022,864
$3,938,855
Value
-
Non-controlled
affiliates
(Note
3f)
.....
35,459,053
26,030,516
106,927,084
68,138,523
Value
-
Unaffiliated
repurchase
agreements
...
—
—
—
18,105
Receivables:
Investment
securities
sold
................
—
228,288
1,003,463
639,757
Capital
shares
sold
.....................
44,548
4,173
10,501
12,355
Dividends
and
interest
..................
13,754
841
2,878
1,453
Affiliates
.............................
19,863
13,842
2,757
8,705
Total
assets
.......................
44,625,781
27,698,960
113,969,547
72,757,753
Liabilities:
Payables:
Investment
securities
purchased
...........
—
169,255
940,176
762,070
Capital
shares
redeemed
................
20,469
17,113
37,713
4,730
Distribution
fees
.......................
10,709
7,163
30,145
21,735
Transfer
agent
fees
.....................
6,429
3,512
9,756
6,595
Reports
to
shareholders
fees
.............
3,148
3,183
5,379
4,061
Registration
and
filing
fees
...............
7,403
1,583
11,659
289
Professional
fees
......................
12,366
8,135
8,584
9,199
Trustees'
fees
and
expenses
..............
200
193
334
185
Distributions
to
shareholders
..............
—
298
3,119
314
Funds
advanced
by
custodian
..............
2
2
2
2
Accrued
expenses
and
other
liabilities
........
2,171
123
453
208
Total
liabilities
......................
62,897
210,560
1,047,320
809,388
Net
assets,
at
value
..............
$44,562,884
$27,488,400
$112,922,227
$71,948,365
Net
assets
consist
of:
Paid-in
capital
..........................
$49,093,094
$25,876,683
$98,409,087
$62,177,743
Total
distributable
earnings
(losses)
..........
(4,530,210)
1,611,717
14,513,140
9,770,622
Net
assets,
at
value
..............
$44,562,884
$27,488,400
$112,922,227
$71,948,365
Franklin
Fund
Allocator
Series
Financial
Statements
Statements
of
Assets
and
Liabilities
(continued)
June
30,
2024
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
71
Franklin
LifeSmart™
Retirement
Income
Fund
Franklin
LifeSmart™
2020
Retirement
Target
Fund
Franklin
LifeSmart™
2025
Retirement
Target
Fund
Franklin
LifeSmart™
2030
Retirement
Target
Fund
Class
A:
Net
assets,
at
value
....................
$37,162,433
$24,019,229
$96,221,498
$55,642,675
Shares
outstanding
.....................
3,592,382
2,003,701
7,494,879
4,076,612
Net
asset
value
per
share
a,b
...............
$10.34
$11.99
$12.84
$13.65
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
94.50%)
b
...............
$10.94
$12.69
$13.59
$14.44
Class
C:
Net
assets,
at
value
....................
$3,097,140
$2,541,089
$11,607,616
$11,499,504
Shares
outstanding
.....................
303,049
213,708
924,785
858,129
Net
asset
value
and
maximum
offering
price
per
share
a,b
..............................
$10.22
$11.89
$12.55
$13.40
Class
R:
Net
assets,
at
value
....................
$1,391,316
$337,900
$1,690,678
$2,281,620
Shares
outstanding
.....................
134,968
28,172
132,251
167,699
Net
asset
value
and
maximum
offering
price
per
share
b
...............................
$10.31
$11.99
$12.78
$13.61
Class
R6:
Net
assets,
at
value
....................
$101,502
$7,455
$603,299
$288,575
Shares
outstanding
.....................
9,760
605
46,786
20,854
Net
asset
value
and
maximum
offering
price
per
share
b
...............................
$10.40
$12.32
$12.89
$13.84
Advisor
Class:
Net
assets,
at
value
....................
$2,810,493
$582,727
$2,799,136
$2,235,991
Shares
outstanding
.....................
270,658
48,422
217,380
162,971
Net
asset
value
and
maximum
offering
price
per
share
b
...............................
$10.38
$12.03
$12.88
$13.72
a
Redemption
price
is
equal
to
net
asset
value
less
contingent
deferred
sales
charges,
if
applicable.
b
Net
asset
value
per
share
may
not
recalculate
due
to
rounding.
Franklin
Fund
Allocator
Series
Financial
Statements
Statements
of
Assets
and
Liabilities
(continued)
June
30,
2024
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
72
Franklin
LifeSmart™
2035
Retirement
Target
Fund
Franklin
LifeSmart™
2040
Retirement
Target
Fund
Franklin
LifeSmart™
2045
Retirement
Target
Fund
Franklin
LifeSmart™
2050
Retirement
Target
Fund
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
................
$7,063,386
$3,136,498
$4,965,656
$2,806,916
Cost
-
Non-controlled
affiliates
(Note
3f)
.....
102,503,707
42,920,257
69,246,828
37,375,309
Cost
-
Unaffiliated
repurchase
agreements
...
73,599
73,750
66,175
24,174
Value
-
Unaffiliated
issuers
...............
$7,763,116
$3,445,936
$5,499,314
$3,097,246
Value
-
Non-controlled
affiliates
(Note
3f)
.....
130,235,326
55,494,007
94,836,975
50,059,176
Value
-
Unaffiliated
repurchase
agreements
...
73,599
73,750
66,175
24,174
Receivables:
Investment
securities
sold
................
1,492,282
644,168
1,072,325
538,765
Capital
shares
sold
.....................
108,426
17,452
26,698
126,959
Dividends
and
interest
..................
2,076
669
1,160
214
Affiliates
.............................
—
9,988
4,885
13,663
Total
assets
.......................
139,674,825
59,685,970
101,507,532
53,860,197
Liabilities:
Payables:
Investment
securities
purchased
...........
1,348,066
628,106
1,152,181
654,164
Capital
shares
redeemed
................
60,478
1,623
8,801
2,336
Management
&
Asset
allocation
fees
........
437
—
—
—
Distribution
fees
.......................
38,375
16,825
27,844
15,845
Transfer
agent
fees
.....................
9,296
11,284
21,910
20,392
Trustees'
fees
and
expenses
..............
271
139
200
139
Distributions
to
shareholders
..............
6,454
—
2,530
11
Funds
advanced
by
custodian
..............
2
2
2
3
Accrued
expenses
and
other
liabilities
........
38,092
13,055
27,514
13,260
Total
liabilities
......................
1,501,471
671,034
1,240,982
706,150
Net
assets,
at
value
..............
$138,173,354
$59,014,936
$100,266,550
$53,154,047
Net
assets
consist
of:
Paid-in
capital
..........................
$110,990,345
$46,437,891
$74,436,977
$40,586,710
Total
distributable
earnings
(losses)
..........
27,183,009
12,577,045
25,829,573
12,567,337
Net
assets,
at
value
..............
$138,173,354
$59,014,936
$100,266,550
$53,154,047
Franklin
Fund
Allocator
Series
Financial
Statements
Statements
of
Assets
and
Liabilities
(continued)
June
30,
2024
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
73
Franklin
LifeSmart™
2035
Retirement
Target
Fund
Franklin
LifeSmart™
2040
Retirement
Target
Fund
Franklin
LifeSmart™
2045
Retirement
Target
Fund
Franklin
LifeSmart™
2050
Retirement
Target
Fund
Class
A:
Net
assets,
at
value
....................
$112,114,932
$47,807,668
$83,682,665
$40,770,710
Shares
outstanding
.....................
7,824,294
3,344,515
5,472,653
2,726,048
Net
asset
value
per
share
a,b
...............
$14.33
$14.29
$15.29
$14.96
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
94.50%)
b
...............
$15.16
$15.12
$16.18
$15.83
Class
C:
Net
assets,
at
value
....................
$16,296,735
$8,033,571
$12,387,504
$8,559,908
Shares
outstanding
.....................
1,177,958
576,478
846,399
582,585
Net
asset
value
and
maximum
offering
price
per
share
a,b
..............................
$13.83
$13.94
$14.64
$14.69
Class
R:
Net
assets,
at
value
....................
$5,262,477
$1,253,271
$1,708,383
$2,157,218
Shares
outstanding
.....................
367,801
87,698
112,422
143,976
Net
asset
value
and
maximum
offering
price
per
share
b
...............................
$14.31
$14.29
$15.20
$14.98
Class
R6:
Net
assets,
at
value
....................
$183,743
$299,217
$762,698
$99,199
Shares
outstanding
.....................
12,674
20,734
47,654
6,565
Net
asset
value
and
maximum
offering
price
per
share
b
...............................
$14.50
$14.43
$16.00
$15.11
Advisor
Class:
Net
assets,
at
value
....................
$4,315,467
$1,621,209
$1,725,300
$1,567,012
Shares
outstanding
.....................
297,295
112,594
111,515
103,782
Net
asset
value
and
maximum
offering
price
per
share
b
...............................
$14.52
$14.40
$15.47
$15.10
a
Redemption
price
is
equal
to
net
asset
value
less
contingent
deferred
sales
charges,
if
applicable.
b
Net
asset
value
per
share
may
not
recalculate
due
to
rounding.
Franklin
Fund
Allocator
Series
Financial
Statements
Statements
of
Assets
and
Liabilities
(continued)
June
30,
2024
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
74
Franklin
LifeSmart™
2055
Retirement
Target
Fund
Franklin
LifeSmart™
2060
Retirement
Target
Fund
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
..................................................
$2,043,514
$359,987
Cost
-
Non-controlled
affiliates
(Note
3f)
.......................................
27,291,140
5,275,238
Value
-
Unaffiliated
issuers
.................................................
$2,269,936
$390,176
Value
-
Non-controlled
affiliates
(Note
3f)
.......................................
36,279,895
6,228,003
Cash
...................................................................
15,809
—
Receivables:
Investment
securities
sold
..................................................
384,548
54,845
Capital
shares
sold
.......................................................
22,869
9,397
Dividends
and
interest
....................................................
111
18
Affiliates
...............................................................
40,320
109,925
Total
assets
.........................................................
39,013,488
6,792,364
Liabilities:
Payables:
Investment
securities
purchased
.............................................
482,552
84,899
Capital
shares
redeemed
..................................................
1,120
1,563
Distribution
fees
.........................................................
12,745
1,461
Transfer
agent
fees
.......................................................
21,716
3,832
Reports
to
shareholders
fees
...............................................
3,757
8,214
Registration
and
filing
fees
.................................................
9
52,578
Professional
fees
........................................................
8,203
11,594
Trustees'
fees
and
expenses
................................................
129
114
Distributions
to
shareholders
................................................
17
3,446
Funds
advanced
by
custodian
................................................
—
2
Accrued
expenses
and
other
liabilities
..........................................
72
82
Total
liabilities
........................................................
530,320
167,785
Net
assets,
at
value
................................................
$38,483,168
$6,624,579
Net
assets
consist
of:
Paid-in
capital
............................................................
$29,665,924
$5,768,700
Total
distributable
earnings
(losses)
............................................
8,817,244
855,879
Net
assets,
at
value
................................................
$38,483,168
$6,624,579
Franklin
Fund
Allocator
Series
Financial
Statements
Statements
of
Assets
and
Liabilities
(continued)
June
30,
2024
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
75
Franklin
LifeSmart™
2055
Retirement
Target
Fund
Franklin
LifeSmart™
2060
Retirement
Target
Fund
Class
A:
Net
assets,
at
value
......................................................
$28,395,827
$4,765,779
Shares
outstanding
.......................................................
2,095,743
409,692
Net
asset
value
per
share
a,b
.................................................
$13.55
$11.63
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
94.50%)
b
...............
$14.34
$12.31
Class
C:
Net
assets,
at
value
......................................................
$7,748,424
$596,739
Shares
outstanding
.......................................................
587,914
51,529
Net
asset
value
and
maximum
offering
price
per
share
a,b
...........................
$13.18
$11.58
Class
R:
Net
assets,
at
value
......................................................
$1,608,104
$69,760
Shares
outstanding
.......................................................
119,389
6,003
Net
asset
value
and
maximum
offering
price
per
share
b
............................
$13.47
$11.62
Class
R6:
Net
assets,
at
value
......................................................
$42,273
$11,874
Shares
outstanding
.......................................................
3,054
1,018
Net
asset
value
and
maximum
offering
price
per
share
b
............................
$13.84
$11.66
Advisor
Class:
Net
assets,
at
value
......................................................
$688,540
$1,180,427
Shares
outstanding
.......................................................
50,704
101,482
Net
asset
value
and
maximum
offering
price
per
share
b
............................
$13.58
$11.63
a
Redemption
price
is
equal
to
net
asset
value
less
contingent
deferred
sales
charges,
if
applicable.
b
Net
asset
value
per
share
may
not
recalculate
due
to
rounding.
Franklin
Fund
Allocator
Series
Financial
Statements
Statements
of
Operations
for
the
six
months
ended
June
30,
2024
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
76
Franklin
LifeSmart™
Retirement
Income
Fund
Franklin
LifeSmart™
2020
Retirement
Target
Fund
Franklin
LifeSmart™
2025
Retirement
Target
Fund
Franklin
LifeSmart™
2030
Retirement
Target
Fund
Investment
income:
Dividends:
Unaffiliated
issuers
.....................
$220,783
$24,092
$95,043
$56,519
Non-controlled
affiliates
(Note
3f)
..........
886,974
322,504
1,151,846
623,545
Interest:
Unaffiliated
issuers
.....................
83,412
1,457
4,030
2,769
Total
investment
income
................
1,191,169
348,053
1,250,919
682,833
Expenses:
Management
&
Asset
allocation
fees
(Note
3
a
)
..
56,052
35,650
141,076
85,302
Distribution
fees:
(Note
3c
)
Class
A
.............................
46,614
30,848
120,068
66,594
Class
C
.............................
15,741
14,247
58,352
54,433
Class
R
.............................
3,270
946
4,351
4,707
Transfer
agent
fees:
(Note
3e
)
Class
A
.............................
21,913
11,930
48,053
32,627
Class
C
.............................
1,849
1,386
5,833
6,658
Class
R
.............................
768
184
872
1,138
Class
R6
............................
105
45
136
203
Advisor
Class
.........................
1,756
293
1,410
1,177
Custodian
fees
..........................
27
50
143
65
Reports
to
shareholders
fees
...............
4,434
2,993
6,132
5,238
Registration
and
filing
fees
.................
37,471
38,126
41,023
37,663
Professional
fees
........................
21,945
18,527
18,669
18,802
Trustees'
fees
and
expenses
...............
394
311
819
489
Other
.................................
11,535
11,099
11,236
11,370
Total
expenses
......................
223,874
166,635
458,173
326,466
Expenses
waived/paid
by
affiliates
(Note
3f
and
3g)
...........................
(147,064)
(86,322)
(137,184)
(113,565)
Net
expenses
......................
76,810
80,313
320,989
212,901
Net
investment
income
.............
1,114,359
267,740
929,930
469,932
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
Unaffiliated
issuers
...................
252,113
(111,723)
(315,906)
(124,091)
Non-controlled
affiliates
(Note
3f)
.........
(435,200)
392,615
1,445,716
379,400
Capital
gain
distributions
from
Underlying
Funds:
Non-controlled
affiliates
(Note
3
f
)
.........
—
189
921
678
Net
realized
gain
(loss)
...............
(183,087)
281,081
1,130,731
255,987
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
...................
311,750
143,022
464,858
226,272
Non-controlled
affiliates
(Note
3f)
.........
508,861
735,713
4,453,193
4,032,096
Net
change
in
unrealized
appreciation
(depreciation)
......................
820,611
878,735
4,918,051
4,258,368
Net
realized
and
unrealized
gain
(loss)
.........
637,524
1,159,816
6,048,782
4,514,355
Net
increase
(decrease)
in
net
assets
resulting
from
operations
...............................
$1,751,883
$1,427,556
$6,978,712
$4,984,287
Franklin
Fund
Allocator
Series
Financial
Statements
Statements
of
Operations
(continued)
for
the
six
months
ended
June
30,
2024
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
77
Franklin
LifeSmart™
2035
Retirement
Target
Fund
Franklin
LifeSmart™
2040
Retirement
Target
Fund
Franklin
LifeSmart™
2045
Retirement
Target
Fund
Franklin
LifeSmart™
2050
Retirement
Target
Fund
Investment
income:
Dividends:
Unaffiliated
issuers
.....................
$104,138
$43,531
$60,057
$32,300
Non-controlled
affiliates
(Note
3f)
..........
1,050,102
384,334
562,632
238,659
Interest:
Unaffiliated
issuers
.....................
4,535
2,285
2,958
2,673
Total
investment
income
................
1,158,775
430,150
625,647
273,632
Expenses:
Management
&
Asset
allocation
fees
(Note
3
a
)
..
164,994
69,913
118,530
58,423
Distribution
fees:
(Note
3c
)
Class
A
.............................
133,688
56,490
98,882
43,570
Class
C
.............................
80,972
38,801
59,314
41,528
Class
R
.............................
11,599
2,968
3,990
5,083
Transfer
agent
fees:
(Note
3e
)
Class
A
.............................
59,871
33,872
61,418
41,446
Class
C
.............................
9,115
5,848
9,217
9,954
Class
R
.............................
2,577
890
1,237
2,425
Class
R6
............................
203
77
242
185
Advisor
Class
.........................
2,259
1,125
1,266
1,726
Custodian
fees
..........................
110
44
60
25
Reports
to
shareholders
fees
...............
6,538
5,295
6,363
5,394
Registration
and
filing
fees
.................
43,825
37,689
39,265
37,685
Professional
fees
........................
18,730
18,566
19,763
18,501
Trustees'
fees
and
expenses
...............
870
397
632
350
Other
.................................
11,289
11,284
10,700
10,730
Total
expenses
......................
546,640
283,259
430,879
277,025
Expenses
waived/paid
by
affiliates
(Note
3f
and
3g)
...........................
(149,504)
(107,172)
(137,950)
(123,645)
Net
expenses
......................
397,136
176,087
292,929
153,380
Net
investment
income
.............
761,639
254,063
332,718
120,252
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
Unaffiliated
issuers
...................
(165,366)
(26,341)
35,704
16,248
Non-controlled
affiliates
(Note
3f)
.........
769,871
241,412
633,700
48,145
Capital
gain
distributions
from
Underlying
Funds:
Non-controlled
affiliates
(Note
3
f
)
.........
1,482
703
1,317
741
Net
realized
gain
(loss)
...............
605,987
215,774
670,721
65,134
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
...................
388,779
133,236
162,896
86,252
Non-controlled
affiliates
(Note
3f)
.........
9,348,355
4,593,979
8,513,518
4,790,914
Net
change
in
unrealized
appreciation
(depreciation)
......................
9,737,134
4,727,215
8,676,414
4,877,166
Net
realized
and
unrealized
gain
(loss)
.........
10,343,121
4,942,989
9,347,135
4,942,300
Net
increase
(decrease)
in
net
assets
resulting
from
operations
...............................
$11,104,760
$5,197,052
$9,679,853
$5,062,552
Franklin
Fund
Allocator
Series
Financial
Statements
Statements
of
Operations
(continued)
for
the
six
months
ended
June
30,
2024
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
78
Franklin
LifeSmart™
2055
Retirement
Target
Fund
Franklin
LifeSmart™
2060
Retirement
Target
Fund
Investment
income:
Dividends:
Unaffiliated
issuers
.......................................................
$26,161
$4,180
Non-controlled
affiliates
(Note
3
f
)
............................................
175,768
28,681
Total
investment
income
..................................................
201,929
32,861
Expenses:
Management
fees
(Note
3
a
)
..................................................
44,782
7,116
Distribution
fees:
(Note
3c
)
Class
A
...............................................................
32,828
4,966
Class
C
...............................................................
37,171
2,672
Class
R
...............................................................
3,651
144
Transfer
agent
fees:
(Note
3e
)
Class
A
...............................................................
42,165
11,819
Class
C
...............................................................
11,987
1,600
Class
R
...............................................................
2,337
171
Class
R6
..............................................................
354
6
Advisor
Class
...........................................................
1,011
3,366
Custodian
fees
............................................................
25
4
Reports
to
shareholders
fees
.................................................
5,454
6,851
Registration
and
filing
fees
...................................................
61,945
34,147
Professional
fees
..........................................................
18,452
18,270
Trustees'
fees
and
expenses
.................................................
294
135
Pricing
fees
..............................................................
5,740
5,814
Other
...................................................................
5,016
5,588
Total
expenses
........................................................
273,212
102,669
Expenses
waived/paid
by
affiliates
(Note
3
f
and
3
g
)
.............................
(151,294)
(87,203)
Net
expenses
........................................................
121,918
15,466
Net
investment
income
...............................................
80,011
17,395
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
Unaffiliated
issuers
.....................................................
14,234
2,017
Non-controlled
affiliates
(Note
3
f
)
...........................................
45,181
(11,031)
Capital
gain
distributions
from
Underlying
Funds:
Non-controlled
affiliates
(Note
3
f
)
...........................................
542
93
Net
realized
gain
(loss)
.................................................
59,957
(8,921)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
.....................................................
66,102
10,113
Non-controlled
affiliates
(Note
3
f
)
...........................................
3,729,608
601,855
Net
change
in
unrealized
appreciation
(depreciation)
...........................
3,795,710
611,968
Net
realized
and
unrealized
gain
(loss)
...........................................
3,855,667
603,047
Net
increase
(decrease)
in
net
assets
resulting
from
operations
.........................
$3,935,678
$620,442
Franklin
Fund
Allocator
Series
Financial
Statements
Statements
of
Changes
in
Net
Assets
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
79
Franklin
LifeSmart™
Retirement
Income
Fund
Franklin
LifeSmart™
2020
Retirement
Target
Fund
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
............
$1,114,359
$2,393,575
$267,740
$725,986
Net
realized
gain
(loss)
............
(183,087)
(1,416,333)
281,081
(530,393)
Net
change
in
unrealized
appreciation
(depreciation)
.................
820,611
4,061,374
878,735
3,462,550
Net
increase
(decrease)
in
net
assets
resulting
from
operations
.
1,751,883
5,038,616
1,427,556
3,658,143
Distributions
to
shareholders:
Class
A
........................
(777,102)
(1,988,182)
(413,074)
(707,742)
Class
C
........................
(53,700)
(158,840)
(36,257)
(69,368)
Class
R
........................
(25,166)
(82,164)
(5,824)
(14,856)
Class
R6
.......................
(2,256)
(4,787)
(134)
(898)
Advisor
Class
...................
(64,598)
(164,258)
(10,353)
(20,685)
Total
distributions
to
shareholders
.....
(922,822)
(2,398,231)
(465,642)
(813,549)
Capital
share
transactions:
(Note
2
)
Class
A
........................
(1,701,559)
(931,858)
(3,080,767)
(3,626,232)
Class
C
........................
(376,792)
(948,086)
(965,649)
(704,393)
Class
R
........................
(272,461)
(198,695)
(64,574)
(318,937)
Class
R6
.......................
(4,197)
28,046
(11,135)
12,913
Advisor
Class
...................
(883,170)
1,009,444
(167,064)
46,187
Total
capital
share
transactions
.......
(3,238,179)
(1,041,149)
(4,289,189)
(4,590,462)
Net
increase
(decrease)
in
net
assets
.....................
(2,409,118)
1,599,236
(3,327,275)
(1,745,868)
Net
assets:
Beginning
of
period
................
46,972,002
45,372,766
30,815,675
32,561,543
End
of
period
.....................
$44,562,884
$46,972,002
$27,488,400
$30,815,675
Franklin
Fund
Allocator
Series
Financial
Statements
Statements
of
Changes
in
Net
Assets
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
80
Franklin
LifeSmart™
2025
Retirement
Target
Fund
Franklin
LifeSmart™
2030
Retirement
Target
Fund
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
............
$929,930
$2,562,803
$469,932
$1,286,367
Net
realized
gain
(loss)
............
1,130,731
(1,504,490)
255,987
(184,615)
Net
change
in
unrealized
appreciation
(depreciation)
.................
4,918,051
13,438,095
4,258,368
7,326,846
Net
increase
(decrease)
in
net
assets
resulting
from
operations
.
6,978,712
14,496,408
4,984,287
8,428,598
Distributions
to
shareholders:
Class
A
........................
(1,159,691)
(2,684,010)
(723,620)
(1,026,209)
Class
C
........................
(103,640)
(246,946)
(114,206)
(143,083)
Class
R
........................
(19,342)
(47,499)
(25,257)
(25,059)
Class
R6
.......................
(7,957)
(19,284)
(4,045)
(2,507)
Advisor
Class
...................
(36,807)
(83,704)
(29,049)
(41,720)
Total
distributions
to
shareholders
.....
(1,327,437)
(3,081,443)
(896,177)
(1,238,578)
Capital
share
transactions:
(Note
2
)
Class
A
........................
(5,248,347)
(10,100,474)
876,367
1,846,679
Class
C
........................
(900,063)
(1,388,211)
505,703
(465,290)
Class
R
........................
(169,227)
(365,719)
559,391
137,586
Class
R6
.......................
7,788
(172,542)
27,723
179,091
Advisor
Class
...................
(250,620)
64,371
188,443
(42,837)
Total
capital
share
transactions
.......
(6,560,469)
(11,962,575)
2,157,627
1,655,229
Net
increase
(decrease)
in
net
assets
.....................
(909,194)
(547,610)
6,245,737
8,845,249
Net
assets:
Beginning
of
period
................
113,831,421
114,379,031
65,702,628
56,857,379
End
of
period
.....................
$112,922,227
$113,831,421
$71,948,365
$65,702,628
Franklin
Fund
Allocator
Series
Financial
Statements
Statements
of
Changes
in
Net
Assets
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
81
Franklin
LifeSmart™
2035
Retirement
Target
Fund
Franklin
LifeSmart™
2040
Retirement
Target
Fund
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
............
$761,639
$2,444,096
$254,063
$900,463
Net
realized
gain
(loss)
............
605,987
(375,415)
215,774
184,581
Net
change
in
unrealized
appreciation
(depreciation)
.................
9,737,134
15,824,328
4,727,215
6,436,848
Net
increase
(decrease)
in
net
assets
resulting
from
operations
.
11,104,760
17,893,009
5,197,052
7,521,892
Distributions
to
shareholders:
Class
A
........................
(910,339)
(2,737,263)
(482,540)
(970,541)
Class
C
........................
(83,379)
(327,711)
(56,551)
(141,391)
Class
R
........................
(36,526)
(100,870)
(11,289)
(22,949)
Class
R6
.......................
(1,717)
(3,575)
(3,390)
(7,338)
Advisor
Class
...................
(38,697)
(112,245)
(17,979)
(35,694)
Total
distributions
to
shareholders
.....
(1,070,658)
(3,281,664)
(571,749)
(1,177,913)
Capital
share
transactions:
(Note
2
)
Class
A
........................
1,046,531
65,682
990,036
5,908,266
Class
C
........................
(1,281,553)
(48,205)
(342,400)
88,937
Class
R
........................
762,721
(233,093)
34,679
(131,516)
Class
R6
.......................
10,781
52,951
3,196
25,828
Advisor
Class
...................
74,306
(3,770)
67,844
108,972
Total
capital
share
transactions
.......
612,786
(166,435)
753,355
6,000,487
Net
increase
(decrease)
in
net
assets
.....................
10,646,888
14,444,910
5,378,658
12,344,466
Net
assets:
Beginning
of
period
................
127,526,466
113,081,556
53,636,278
41,291,812
End
of
period
.....................
$138,173,354
$127,526,466
$59,014,936
$53,636,278
Franklin
Fund
Allocator
Series
Financial
Statements
Statements
of
Changes
in
Net
Assets
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
82
Franklin
LifeSmart™
2045
Retirement
Target
Fund
Franklin
LifeSmart™
2050
Retirement
Target
Fund
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
............
$332,718
$1,507,756
$120,252
$658,693
Net
realized
gain
(loss)
............
670,721
(231,759)
65,134
54,402
Net
change
in
unrealized
appreciation
(depreciation)
.................
8,676,414
12,807,423
4,877,166
5,996,501
Net
increase
(decrease)
in
net
assets
resulting
from
operations
.
9,679,853
14,083,420
5,062,552
6,709,596
Distributions
to
shareholders:
Class
A
........................
(583,229)
(1,690,040)
(307,856)
(535,517)
Class
C
........................
(50,370)
(193,731)
(54,573)
(85,725)
Class
R
........................
(10,138)
(41,916)
(15,214)
(27,380)
Class
R6
.......................
(6,032)
(1,930)
(909)
(1,927)
Advisor
Class
...................
(13,596)
(39,398)
(14,030)
(24,644)
Total
distributions
to
shareholders
.....
(663,365)
(1,967,015)
(392,582)
(675,193)
Capital
share
transactions:
(Note
2
)
Class
A
........................
956,555
3,077,971
5,505,392
2,741,585
Class
C
........................
(148,573)
(685,727)
(211,322)
247,400
Class
R
........................
(442,362)
(456,233)
85,462
(4,202)
Class
R6
.......................
563,828
118,645
(787)
74,527
Advisor
Class
...................
(6,175)
86,089
91,677
171,195
Total
capital
share
transactions
.......
923,273
2,140,745
5,470,422
3,230,505
Net
increase
(decrease)
in
net
assets
.....................
9,939,761
14,257,150
10,140,392
9,264,908
Net
assets:
Beginning
of
period
................
90,326,789
76,069,639
43,013,655
33,748,747
End
of
period
.....................
$100,266,550
$90,326,789
$53,154,047
$43,013,655
Franklin
Fund
Allocator
Series
Financial
Statements
Statements
of
Changes
in
Net
Assets
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
83
Franklin
LifeSmart™
2055
Retirement
Target
Fund
Franklin
LifeSmart™
2060
Retirement
Target
Fund
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
............
$80,011
$496,944
$17,395
$75,155
Net
realized
gain
(loss)
............
59,957
(110,244)
(8,921)
(61,061)
Net
change
in
unrealized
appreciation
(depreciation)
.................
3,795,710
4,723,501
611,968
663,878
Net
increase
(decrease)
in
net
assets
resulting
from
operations
.
3,935,678
5,110,201
620,442
677,972
Distributions
to
shareholders:
Class
A
........................
(224,396)
(473,348)
(25,159)
(56,383)
Class
C
........................
(48,987)
(103,640)
(2,065)
(4,549)
Class
R
........................
(10,860)
(21,663)
(298)
(764)
Class
R6
.......................
(378)
(261)
(82)
(227)
Advisor
Class
...................
(6,109)
(14,390)
(7,931)
(22,018)
Total
distributions
to
shareholders
.....
(290,730)
(613,302)
(35,535)
(83,941)
Capital
share
transactions:
(Note
2
)
Class
A
........................
1,512,747
3,767,353
995,202
1,343,244
Class
C
........................
(239,955)
347,507
66,646
251,048
Class
R
........................
138,745
153,371
9,821
15,875
Class
R6
.......................
11,739
19,976
209
—
Advisor
Class
...................
44,813
(24,944)
10,316
17,602
Total
capital
share
transactions
.......
1,468,089
4,263,263
1,082,194
1,627,769
Net
increase
(decrease)
in
net
assets
.....................
5,113,037
8,760,162
1,667,101
2,221,800
Net
assets:
Beginning
of
period
................
33,370,131
24,609,969
4,957,478
2,735,678
End
of
period
.....................
$38,483,168
$33,370,131
$6,624,579
$4,957,478
Franklin
Fund
Allocator
Series
Notes
to
Financial
Statements
(unaudited)
84
franklintempleton.com
Semiannual
Report
1.
Organization
and
Significant
Accounting
Policies
Franklin
Fund
Allocator
Series (Trust)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company,
consisting
of eighteen separate
funds, ten
of
which
are
included
in
this
report
(Funds).
The
Funds
follow
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
apply
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
Certain
or
all
Funds
invest
primarily
in
mutual
funds
(Underlying
Funds)
and
exchange
traded
funds
(ETFs),
including
affiliated
funds
managed
by
Franklin
Templeton
(FT
Underlying
Funds).
The
Funds
offer five classes
of
shares:
Class
A,
Class
C,
Class
R,
Class
R6
and
Advisor
Class. Class
C
shares
automatically
convert
to
Class
A
shares
on
a
monthly
basis,
after
they
have
been
held
for
8
years.
Each
class
of
shares
may
differ
by
its
initial
sales
load,
contingent
deferred
sales
charges,
voting
rights
on
matters
affecting
a
single
class,
its
exchange
privilege
and
fees
due
to
differing
arrangements
for
distribution
and
transfer
agent
fees.
The
accounting
policies
of
the
Underlying
Funds
are
outlined
in
their
respective
shareholder
reports.
A
copy
of
the
Underlying
Funds’
shareholder
reports
is
available
on
the
U.S.
Securities
and
Exchange
Commission
(SEC)
website
at
sec.gov.
The
Underlying
Funds’
shareholder
reports
are
not
covered
by
this
report.
The
following
summarizes
the Funds'
significant
accounting
policies.
a.
Financial
Instrument
Valuation
The Funds'
investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The Funds calculate the
net
asset
value
(NAV)
per
share
each
business
day
as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier. Under
compliance
policies
and
procedures
approved
by
the
Trust’s
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Funds’
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Funds'
administrator
in
performing
this
responsibility,
including
leading
the
cross-
functional
Valuation
Committee
(VC).
The
Funds
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value.
Investments
in
the
Underlying
Funds
are
valued
at
their
closing
NAV
each
trading
day. ETFs
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price
of
the
day,
respectively.
Debt
securities
generally
trade
in
the over-the-counter
(OTC)
market
rather
than
on
a
securities
exchange.
The
Funds'
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
Investments
in
repurchase
agreements are
valued
at
cost,
which
approximates
fair
value.
The
Funds
have
procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the
Funds
primarily
employ
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed.
Franklin
Fund
Allocator
Series
Notes
to
Financial
Statements
(unaudited)
85
franklintempleton.com
Semiannual
Report
b.
Joint
Repurchase
Agreement
Certain
or
all
Funds
enter
into
a
joint
repurchase
agreement
whereby
their
uninvested
cash
balance
is
deposited
into
a
joint
cash
account
with
other
funds
managed
by
the
investment
manager
or
an
affiliate
of
the
investment
manager
and
is
used
to
invest
in
one
or
more
repurchase
agreements.
The
value
and
face
amount
of
the
joint
repurchase
agreement
are
allocated
to
the
funds
based
on
their
pro-rata
interest.
A
repurchase
agreement
is
accounted
for
as
a
loan
by
the
Fund
to
the
seller,
collateralized
by
securities
which
are
delivered
to
the
Funds'
custodian.
The
fair
value,
including
accrued
interest,
of
the
initial
collateralization
is
required
to
be
at
least
102%
of
the
dollar
amount
invested
by
the
funds,
with
the
value
of
the
underlying
securities
marked
to
market
daily
to
maintain
coverage
of
at
least
100%.
Repurchase
agreements
are
subject
to
the
terms
of
Master
Repurchase
Agreements
(MRAs)
with
approved
counterparties
(sellers).
The
MRAs
contain
various
provisions,
including
but
not
limited
to
events
of
default
and
maintenance
of
collateral
for
repurchase
agreements.
In
the
event
of
default
by
either
the
seller
or
the
Funds,
certain
MRAs
may
permit
the
non-defaulting
party
to
net
and
close-out
all
transactions,
if
any,
traded
under
such
agreements.
The
Funds
may
sell
securities
it
holds
as
collateral
and
apply
the
proceeds
towards
the
repurchase
price
and
any
other
amounts
owed
by
the
seller
to
the
Funds
in
the
event
of
default
by
the
seller.
This
could
involve
costs
or
delays
in
addition
to
a
loss
on
the
securities
if
their
value
falls
below
the
repurchase
price
owed
by
the
seller.
The
joint
repurchase
agreement
held
by
the
Funds
at
period
end,
as
indicated
in
the
Schedules
of
Investments,
had
been
entered
into
on June
28,
2024.
c.
Index-Linked
Notes
Certain
or
all
Funds
invest
in
index-linked
notes.
Index-linked
notes
are
senior,
unsecured,
subordinated
debt
securities
issued
by
a
financial
institution,
and
the
value
is
based
on
the
price
movements
of
the
underlying
index.
Index-linked
notes
are
designed
to
provide
investors
access
to
the
returns
of
various
market
benchmarks
and
intended
to
replicate
the
economic
effects
that
would
apply
had
the
Fund
directly
purchased
the
underlying
referenced
asset
or
basket
of
assets.
The
risks
of
investing
in
index-linked
notes
include
unfavorable
price
movements
in
the
underlying
index
and
the
credit
risk
of
the
issuing
financial
institution.
There
may
be
no
guarantee
of
a
return
of
principal
with
index-linked
notes
and
the
appreciation
potential
may
be
limited.
Index-linked
notes
may
be
more
volatile
and
less
liquid
than
other
investments
held
by
the
Funds.
d.
Income
Taxes
It
is each
Fund's
policy
to
qualify
as
a
regulated
investment
company
under
the
Internal
Revenue
Code. Each
Fund
intends
to
distribute
to
shareholders
substantially
all
of
its
taxable
income
and
net
realized
gains
to
relieve
it
from
federal
income
and excise
taxes.
As
a
result,
no
provision
for
U.S.
federal
income
taxes
is
required.
Each
Fund
may
recognize
an
income
tax
liability
related
to
its
uncertain
tax
positions
under
U.S.
GAAP
when
the
uncertain
tax
position
has
a
less
than
50%
probability
that
it
will
be
sustained
upon
examination
by
the
tax
authorities
based
on
its
technical
merits.
As
of
June
30,
2024, each
Fund
has
determined
that
no
tax
liability
is
required
in
its
financial
statements
related
to
uncertain
tax
positions
for
any
open
tax
years
(or
expected
to
be
taken
in
future
tax
years).
Open
tax
years
are
those
that
remain
subject
to
examination
and
are
based
on
the
statute
of
limitations
in
each
jurisdiction
in
which
the
Fund
invests.
e.
Security
Transactions,
Investment
Income,
Expenses
and
Distributions
Security
transactions
are
accounted
for
on
trade
date.
Realized
gains
and
losses
on
security
transactions
are
determined
on
a
specific
identification
basis.
Interest
income
(including
interest
income
from
payment-in-kind
securities,
if
any)
and
estimated
expenses
are
accrued
daily.
Dividend
income
and
realized
capital
gain
distributions
are
recorded
on
the
ex-dividend
date.
Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date.
The
Franklin
LifeSmart
TM
Retirement
Income
Fund
employs
a
managed
distribution
policy.
Under
this
policy,
the
Fund
will
distribute
level
monthly
distributions
in
any
given
year
regardless
of
the
performance
of
the
Fund;
however,
the
twelfth
monthly
payment
may
be
greater
than
the
initially
anticipated
amount
if
additional
income
or
capital
gains
are
required
to
be
distributed.
These
distributions
may
include
income
and
capital
gains
generated
by
the
Underlying
Funds,
as
well
as
a
possible
return
of
capital
component,
if
necessary,
to
meet
the
annual
distribution
rate.
The
annual
payout
rate
may
be
adjusted
higher
or
lower
from
year
to
year
in
response
to
market
conditions.
Distributable
earnings
are
determined
according
to
income
tax
regulations
(tax
basis)
and
may
differ
from
1.
Organization
and
Significant
Accounting
Policies
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Financial
Statements
(unaudited)
86
franklintempleton.com
Semiannual
Report
earnings
recorded
in
accordance
with
U.S.
GAAP.
These
differences
may
be
permanent
or
temporary.
Permanent
differences
are
reclassified
among
capital
accounts
to
reflect
their
tax
character.
These
reclassifications
have
no
impact
on
net
assets
or
the
results
of
operations.
Temporary
differences
are
not
reclassified,
as
they
may
reverse
in
subsequent
periods.
Common
expenses
incurred
by
the
Trust
are
allocated
among
the
Funds
based
on
the
ratio
of
net
assets
of
each
Fund
to
the
combined
net
assets
of
the
Trust
or
based
on
the
ratio
of
number
of
shareholders
of
each
Fund
to
the
combined
number
of
shareholders
of
the
Trust.
Fund
specific
expenses
are
charged
directly
to
the
Fund
that
incurred
the
expense.
The
Funds
indirectly
bear
their
proportionate
share
of
expenses
from
the
Underlying
Funds
and
ETFs.
Since
the
Underlying
Funds
and
ETFs
have
varied
expense
levels
and
the
Funds
may
own
different
proportions
of
the
Underlying
Funds
and
ETFs
at
different
times,
the
amount
of
expenses
incurred
indirectly
by
the
Funds
will
vary.
Realized
and
unrealized
gains
and
losses
and
net
investment
income,
excluding
class
specific
expenses,
are
allocated
daily
to
each
class
of
shares
based
upon
the
relative
proportion
of
net
assets
of
each
class.
Differences
in
per
share
distributions
by
class
are
generally
due
to
differences
in
class
specific
expenses.
f.
Accounting
Estimates
The
preparation
of
financial
statements
in
accordance
with
U.S.
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
g.
Guarantees
and
Indemnifications
Under
the Trust's
organizational
documents,
its
officers
and trustees
are
indemnified
by
the Trust against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Trust.
Additionally,
in
the
normal
course
of
business,
the Trust,
on
behalf
of
the
Funds, enters
into
contracts
with
service
providers
that
contain
general
indemnification
clauses.
The Trust's
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the Trust
that
have
not
yet
occurred.
Currently,
the Trust
expects
the
risk
of
loss
to
be
remote.
2.
Shares
of
Beneficial
Interest
At
June
30,
2024,
there
were
an
unlimited
number
of
shares
authorized
(without
par value).
Transactions
in
the
Funds'
shares
were
as
follows:
Franklin
LifeSmart™
Retirement
Income
Fund
Franklin
LifeSmart™
2020
Retirement
Target
Fund
Shares
Amount
Shares
Amount
Class
A
Class
A
Shares:
Six
Months
ended
June
30,
2024
Shares
sold
a
...................................
168,001
$1,722,117
181,005
$2,147,171
Shares
issued
in
reinvestment
of
distributions
..........
74,406
760,311
34,447
412,184
Shares
redeemed
...............................
(409,603)
(4,183,987)
(478,521)
(5,640,122)
Net
increase
(decrease)
..........................
(167,196)
$(1,701,559)
(263,069)
$(3,080,767)
Year
ended
December
31,
2023
Shares
sold
a
...................................
835,256
$8,203,333
339,543
$3,701,430
Shares
issued
in
reinvestment
of
distributions
..........
196,562
1,947,041
63,897
702,720
Shares
redeemed
...............................
(1,129,020)
(11,082,232)
(735,451)
(8,030,382)
Net
increase
(decrease)
..........................
(97,202)
$(931,858)
(332,011)
$(3,626,232)
Class
C
1.
Organization
and
Significant
Accounting
Policies
(continued)
e.
Security
Transactions,
Investment
Income,
Expenses
and
Distributions
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Financial
Statements
(unaudited)
87
franklintempleton.com
Semiannual
Report
Franklin
LifeSmart™
Retirement
Income
Fund
Franklin
LifeSmart™
2020
Retirement
Target
Fund
Shares
Amount
Shares
Amount
Class
C
Shares:
Six
Months
ended
June
30,
2024
Shares
sold
...................................
28,175
$286,164
10,118
$117,257
Shares
issued
in
reinvestment
of
distributions
..........
5,301
53,515
3,056
36,257
Shares
redeemed
a
..............................
(70,926)
(716,471)
(96,272)
(1,119,163)
Net
increase
(decrease)
..........................
(37,450)
$(376,792)
(83,098)
$(965,649)
Year
ended
December
31,
2023
Shares
sold
...................................
88,261
$855,031
102,146
$1,099,927
Shares
issued
in
reinvestment
of
distributions
..........
16,025
157,043
6,356
69,110
Shares
redeemed
a
..............................
(201,025)
(1,960,160)
(173,286)
(1,873,430)
Net
increase
(decrease)
..........................
(96,739)
$(948,086)
(64,784)
$(704,393)
Class
R
Class
R
Shares:
Six
Months
ended
June
30,
2024
Shares
sold
...................................
25,061
$257,301
10,217
$118,543
Shares
issued
in
reinvestment
of
distributions
..........
2,471
25,166
487
5,824
Shares
redeemed
...............................
(54,888)
(554,928)
(16,339)
(188,941)
Net
increase
(decrease)
..........................
(27,356)
$(272,461)
(5,635)
$(64,574)
Year
ended
December
31,
2023
Shares
sold
...................................
18,280
$178,833
50,086
$543,698
Shares
issued
in
reinvestment
of
distributions
..........
8,287
81,853
1,358
14,856
Shares
redeemed
...............................
(47,060)
(459,381)
(79,085)
(877,491)
Net
increase
(decrease)
..........................
(20,493)
$(198,695)
(27,641)
$(318,937)
Class
R6
Class
R6
Shares:
Six
Months
ended
June
30,
2024
Shares
sold
...................................
—
$—
179
$2,200
Shares
issued
in
reinvestment
of
distributions
..........
218
2,239
11
134
Shares
redeemed
...............................
(631)
(6,436)
(1,122)
(13,469)
Net
increase
(decrease)
..........................
(413)
$(4,197)
(932)
$(11,135)
Year
ended
December
31,
2023
Shares
sold
...................................
9,983
$97,654
3,257
$36,533
Shares
issued
in
reinvestment
of
distributions
..........
188
1,907
69
782
Shares
redeemed
...............................
(6,959)
(71,515)
(2,147)
(24,402)
Net
increase
(decrease)
..........................
3,212
$28,046
1,179
$12,913
Advisor
Class
2.
Shares
of
Beneficial
Interest
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Financial
Statements
(unaudited)
88
franklintempleton.com
Semiannual
Report
Franklin
LifeSmart™
Retirement
Income
Fund
Franklin
LifeSmart™
2020
Retirement
Target
Fund
Shares
Amount
Shares
Amount
Advisor
Class
Shares:
Six
Months
ended
June
30,
2024
Shares
sold
...................................
7,373
$75,332
3,536
$41,721
Shares
issued
in
reinvestment
of
distributions
..........
6,092
62,470
862
10,353
Shares
redeemed
...............................
(99,784)
(1,020,972)
(18,618)
(219,138)
Net
increase
(decrease)
..........................
(86,319)
$(883,170)
(14,220)
$(167,064)
Year
ended
December
31,
2023
Shares
sold
...................................
184,774
$1,790,123
19,484
$215,206
Shares
issued
in
reinvestment
of
distributions
..........
15,963
158,996
1,872
20,685
Shares
redeemed
...............................
(94,479)
(939,675)
(17,144)
(189,704)
Net
increase
(decrease)
..........................
106,258
$1,009,444
4,212
$46,187
Franklin
LifeSmart™
2025
Retirement
Target
Fund
Franklin
LifeSmart™
2030
Retirement
Target
Fund
Shares
Amount
Shares
Amount
Class
A
Class
A
Shares:
Six
Months
ended
June
30,
2024
Shares
sold
a
...................................
466,022
$5,836,829
394,273
$5,238,204
Shares
issued
in
reinvestment
of
distributions
..........
90,395
1,156,532
53,272
722,974
Shares
redeemed
...............................
(977,065)
(12,241,708)
(383,162)
(5,084,811)
Net
increase
(decrease)
..........................
(420,648)
$(5,248,347)
64,383
$876,367
Year
ended
December
31,
2023
Shares
sold
a
...................................
2,400,842
$27,476,419
1,369,146
$16,363,899
Shares
issued
in
reinvestment
of
distributions
..........
228,586
2,664,079
84,183
1,018,795
Shares
redeemed
...............................
(3,500,664)
(40,240,972)
(1,301,358)
(15,536,015)
Net
increase
(decrease)
..........................
(871,236)
$(10,100,474)
151,971
$1,846,679
Class
C
Class
C
Shares:
Six
Months
ended
June
30,
2024
Shares
sold
...................................
72,981
$893,284
90,753
$1,181,881
Shares
issued
in
reinvestment
of
distributions
..........
8,279
103,551
8,577
114,206
Shares
redeemed
a
..............................
(155,123)
(1,896,898)
(60,349)
(790,384)
Net
increase
(decrease)
..........................
(73,863)
$(900,063)
38,981
$505,703
Year
ended
December
31,
2023
Shares
sold
...................................
439,839
$4,914,549
329,021
$3,849,922
Shares
issued
in
reinvestment
of
distributions
..........
21,672
246,938
12,102
143,083
Shares
redeemed
a
..............................
(585,722)
(6,549,698)
(380,644)
(4,458,295)
Net
increase
(decrease)
..........................
(124,211)
$(1,388,211)
(39,521)
$(465,290)
Class
R
2.
Shares
of
Beneficial
Interest
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Financial
Statements
(unaudited)
89
franklintempleton.com
Semiannual
Report
Franklin
LifeSmart™
2025
Retirement
Target
Fund
Franklin
LifeSmart™
2030
Retirement
Target
Fund
Shares
Amount
Shares
Amount
Class
R
Shares:
Six
Months
ended
June
30,
2024
Shares
sold
...................................
12,429
$155,044
45,384
$606,384
Shares
issued
in
reinvestment
of
distributions
..........
1,519
19,342
1,866
25,257
Shares
redeemed
...............................
(27,949)
(343,613)
(5,420)
(72,250)
Net
increase
(decrease)
..........................
(14,001)
$(169,227)
41,830
$559,391
Year
ended
December
31,
2023
Shares
sold
...................................
78,928
$898,012
89,893
$1,057,456
Shares
issued
in
reinvestment
of
distributions
..........
4,092
47,499
2,076
25,058
Shares
redeemed
...............................
(114,389)
(1,311,230)
(79,731)
(944,928)
Net
increase
(decrease)
..........................
(31,369)
$(365,719)
12,238
$137,586
Class
R6
Class
R6
Shares:
Six
Months
ended
June
30,
2024
Shares
sold
...................................
297
$3,802
1,813
$24,226
Shares
issued
in
reinvestment
of
distributions
..........
619
7,957
294
4,045
Shares
redeemed
...............................
(323)
(3,971)
(40)
(548)
Net
increase
(decrease)
..........................
593
$7,788
2,067
$27,723
Year
ended
December
31,
2023
Shares
sold
...................................
2,227
$25,525
14,266
$177,241
Shares
issued
in
reinvestment
of
distributions
..........
1,647
19,284
202
2,507
Shares
redeemed
...............................
(18,151)
(217,351)
(55)
(657)
Net
increase
(decrease)
..........................
(14,277)
$(172,542)
14,413
$179,091
Advisor
Class
Advisor
Class
Shares:
Six
Months
ended
June
30,
2024
Shares
sold
...................................
8,829
$110,881
30,208
$411,559
Shares
issued
in
reinvestment
of
distributions
..........
2,649
33,993
2,118
28,912
Shares
redeemed
...............................
(31,700)
(395,494)
(19,237)
(252,028)
Net
increase
(decrease)
..........................
(20,222)
$(250,620)
13,089
$188,443
Year
ended
December
31,
2023
Shares
sold
...................................
79,358
$917,994
33,773
$420,460
Shares
issued
in
reinvestment
of
distributions
..........
6,635
77,568
3,392
41,310
Shares
redeemed
...............................
(80,609)
(931,191)
(41,510)
(504,607)
Net
increase
(decrease)
..........................
5,384
$64,371
(4,345)
$(42,837)
2.
Shares
of
Beneficial
Interest
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Financial
Statements
(unaudited)
90
franklintempleton.com
Semiannual
Report
Franklin
LifeSmart™
2035
Retirement
Target
Fund
Franklin
LifeSmart™
2040
Retirement
Target
Fund
Shares
Amount
Shares
Amount
Class
A
Class
A
Shares:
Six
Months
ended
June
30,
2024
Shares
sold
a
...................................
573,778
$7,978,300
293,380
$4,051,416
Shares
issued
in
reinvestment
of
distributions
..........
63,229
902,301
33,784
482,540
Shares
redeemed
...............................
(564,202)
(7,834,070)
(257,331)
(3,543,920)
Net
increase
(decrease)
..........................
72,805
$1,046,531
69,833
$990,036
Year
ended
December
31,
2023
Shares
sold
a
...................................
2,616,276
$32,169,187
1,184,077
$14,408,801
Shares
issued
in
reinvestment
of
distributions
..........
213,559
2,707,534
76,617
964,593
Shares
redeemed
...............................
(2,829,631)
(34,811,039)
(778,828)
(9,465,128)
Net
increase
(decrease)
..........................
204
$65,682
481,866
$5,908,266
Class
C
Class
C
Shares:
Six
Months
ended
June
30,
2024
Shares
sold
...................................
131,864
$1,756,693
45,282
$608,898
Shares
issued
in
reinvestment
of
distributions
..........
6,047
83,359
4,055
56,551
Shares
redeemed
a
..............................
(234,598)
(3,121,605)
(75,841)
(1,007,849)
Net
increase
(decrease)
..........................
(96,687)
$(1,281,553)
(26,504)
$(342,400)
Year
ended
December
31,
2023
Shares
sold
...................................
628,803
$7,497,562
310,298
$3,674,205
Shares
issued
in
reinvestment
of
distributions
..........
26,703
327,647
11,488
141,115
Shares
redeemed
a
..............................
(661,114)
(7,873,414)
(315,357)
(3,726,383)
Net
increase
(decrease)
..........................
(5,608)
$(48,205)
6,429
$88,937
Class
R
Class
R
Shares:
Six
Months
ended
June
30,
2024
Shares
sold
...................................
64,274
$894,317
10,586
$146,177
Shares
issued
in
reinvestment
of
distributions
..........
2,562
36,526
790
11,289
Shares
redeemed
...............................
(11,971)
(168,122)
(8,887)
(122,787)
Net
increase
(decrease)
..........................
54,865
$762,721
2,489
$34,679
Year
ended
December
31,
2023
Shares
sold
...................................
96,198
$1,184,524
56,519
$685,734
Shares
issued
in
reinvestment
of
distributions
..........
7,966
100,869
1,821
22,949
Shares
redeemed
...............................
(121,972)
(1,518,486)
(70,003)
(840,199)
Net
increase
(decrease)
..........................
(17,808)
$(233,093)
(11,663)
$(131,516)
Class
R6
2.
Shares
of
Beneficial
Interest
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Financial
Statements
(unaudited)
91
franklintempleton.com
Semiannual
Report
Franklin
LifeSmart™
2035
Retirement
Target
Fund
Franklin
LifeSmart™
2040
Retirement
Target
Fund
Shares
Amount
Shares
Amount
Class
R6
Shares:
Six
Months
ended
June
30,
2024
Shares
sold
...................................
708
$10,008
—
$—
Shares
issued
in
reinvestment
of
distributions
..........
119
1,717
235
3,390
Shares
redeemed
...............................
(69)
(944)
(14)
(194)
Net
increase
(decrease)
..........................
758
$10,781
221
$3,196
Year
ended
December
31,
2023
Shares
sold
...................................
5,516
$68,918
2,371
$28,646
Shares
issued
in
reinvestment
of
distributions
..........
277
3,575
579
7,338
Shares
redeemed
...............................
(1,577)
(19,542)
(812)
(10,156)
Net
increase
(decrease)
..........................
4,216
$52,951
2,138
$25,828
Advisor
Class
Advisor
Class
Shares:
Six
Months
ended
June
30,
2024
Shares
sold
...................................
19,692
$276,578
9,033
$123,430
Shares
issued
in
reinvestment
of
distributions
..........
2,615
37,810
1,250
17,979
Shares
redeemed
...............................
(17,338)
(240,082)
(5,637)
(73,565)
Net
increase
(decrease)
..........................
4,969
$74,306
4,646
$67,844
Year
ended
December
31,
2023
Shares
sold
...................................
98,969
$1,244,920
30,118
$375,081
Shares
issued
in
reinvestment
of
distributions
..........
8,502
109,069
2,810
35,598
Shares
redeemed
...............................
(109,109)
(1,357,759)
(24,879)
(301,707)
Net
increase
(decrease)
..........................
(1,638)
$(3,770)
8,049
$108,972
Franklin
LifeSmart™
2045
Retirement
Target
Fund
Franklin
LifeSmart™
2050
Retirement
Target
Fund
Shares
Amount
Shares
Amount
Class
A
Class
A
Shares:
Six
Months
ended
June
30,
2024
Shares
sold
a
...................................
421,934
$6,215,730
484,704
$7,056,694
Shares
issued
in
reinvestment
of
distributions
..........
38,148
577,711
20,898
307,919
Shares
redeemed
...............................
(396,632)
(5,836,886)
(130,000)
(1,859,221)
Net
increase
(decrease)
..........................
63,450
$956,555
375,602
$5,505,392
Year
ended
December
31,
2023
Shares
sold
a
...................................
1,610,491
$20,528,901
728,260
$8,988,442
Shares
issued
in
reinvestment
of
distributions
..........
126,180
1,663,537
42,196
533,827
Shares
redeemed
...............................
(1,497,714)
(19,114,467)
(549,618)
(6,780,684)
Net
increase
(decrease)
..........................
238,957
$3,077,971
220,838
$2,741,585
Class
C
2.
Shares
of
Beneficial
Interest
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Financial
Statements
(unaudited)
92
franklintempleton.com
Semiannual
Report
Franklin
LifeSmart™
2045
Retirement
Target
Fund
Franklin
LifeSmart™
2050
Retirement
Target
Fund
Shares
Amount
Shares
Amount
Class
C
Shares:
Six
Months
ended
June
30,
2024
Shares
sold
...................................
77,822
$1,086,770
53,110
$741,683
Shares
issued
in
reinvestment
of
distributions
..........
3,504
50,334
3,792
54,573
Shares
redeemed
a
..............................
(92,168)
(1,285,677)
(71,681)
(1,007,578)
Net
increase
(decrease)
..........................
(10,842)
$(148,573)
(14,779)
$(211,322)
Year
ended
December
31,
2023
Shares
sold
...................................
394,408
$4,817,157
217,561
$2,642,161
Shares
issued
in
reinvestment
of
distributions
..........
15,378
193,580
6,959
85,688
Shares
redeemed
a
..............................
(467,844)
(5,696,464)
(204,403)
(2,480,449)
Net
increase
(decrease)
..........................
(58,058)
$(685,727)
20,117
$247,400
Class
R
Class
R
Shares:
Six
Months
ended
June
30,
2024
Shares
sold
...................................
13,019
$189,617
13,861
$197,571
Shares
issued
in
reinvestment
of
distributions
..........
675
10,138
1,035
15,214
Shares
redeemed
...............................
(46,696)
(642,117)
(8,868)
(127,323)
Net
increase
(decrease)
..........................
(33,002)
$(442,362)
6,028
$85,462
Year
ended
December
31,
2023
Shares
sold
...................................
41,752
$530,779
51,131
$631,433
Shares
issued
in
reinvestment
of
distributions
..........
3,201
41,916
2,162
27,328
Shares
redeemed
...............................
(82,085)
(1,028,928)
(54,363)
(662,963)
Net
increase
(decrease)
..........................
(37,132)
$(456,233)
(1,070)
$(4,202)
Class
R6
Class
R6
Shares:
Six
Months
ended
June
30,
2024
Shares
sold
...................................
38,493
$570,051
307
$4,410
Shares
issued
in
reinvestment
of
distributions
..........
380
6,032
61
909
Shares
redeemed
...............................
(818)
(12,255)
(440)
(6,106)
Net
increase
(decrease)
..........................
38,055
$563,828
(72)
$(787)
Year
ended
December
31,
2023
Shares
sold
...................................
65,518
$878,626
7,107
$85,663
Shares
issued
in
reinvestment
of
distributions
..........
131
1,830
142
1,820
Shares
redeemed
...............................
(57,230)
(761,811)
(1,001)
(12,956)
Net
increase
(decrease)
..........................
8,419
$118,645
6,248
$74,527
Advisor
Class
2.
Shares
of
Beneficial
Interest
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Financial
Statements
(unaudited)
93
franklintempleton.com
Semiannual
Report
Franklin
LifeSmart™
2045
Retirement
Target
Fund
Franklin
LifeSmart™
2050
Retirement
Target
Fund
Shares
Amount
Shares
Amount
Advisor
Class
Shares:
Six
Months
ended
June
30,
2024
Shares
sold
...................................
10,486
$156,176
5,425
$78,235
Shares
issued
in
reinvestment
of
distributions
..........
886
13,596
942
14,030
Shares
redeemed
...............................
(11,795)
(175,947)
(40)
(588)
Net
increase
(decrease)
..........................
(423)
$(6,175)
6,327
$91,677
Year
ended
December
31,
2023
Shares
sold
...................................
21,444
$279,870
13,879
$175,508
Shares
issued
in
reinvestment
of
distributions
..........
2,953
39,398
1,926
24,644
Shares
redeemed
...............................
(17,806)
(233,179)
(2,333)
(28,957)
Net
increase
(decrease)
..........................
6,591
$86,089
13,472
$171,195
Franklin
LifeSmart™
2055
Retirement
Target
Fund
Franklin
LifeSmart™
2060
Retirement
Target
Fund
Shares
Amount
Shares
Amount
Class
A
Class
A
Shares:
Six
Months
ended
June
30,
2024
Shares
sold
a
...................................
310,552
$4,005,296
111,672
$1,246,719
Shares
issued
in
reinvestment
of
distributions
..........
16,821
224,396
2,188
25,159
Shares
redeemed
...............................
(210,474)
(2,716,945)
(25,104)
(276,676)
Net
increase
(decrease)
..........................
116,899
$1,512,747
88,756
$995,202
Year
ended
December
31,
2023
Shares
sold
a
...................................
684,806
$7,653,011
174,331
$1,674,861
Shares
issued
in
reinvestment
of
distributions
..........
41,241
473,386
5,649
56,184
Shares
redeemed
...............................
(389,876)
(4,359,044)
(40,237)
(387,801)
Net
increase
(decrease)
..........................
336,171
$3,767,353
139,743
$1,343,244
Class
C
Class
C
Shares:
Six
Months
ended
June
30,
2024
Shares
sold
...................................
63,323
$788,838
12,868
$142,304
Shares
issued
in
reinvestment
of
distributions
..........
3,795
48,987
182
2,065
Shares
redeemed
a
..............................
(86,881)
(1,077,780)
(6,987)
(77,723)
Net
increase
(decrease)
..........................
(19,763)
$(239,955)
6,063
$66,646
Year
ended
December
31,
2023
Shares
sold
...................................
191,868
$2,085,563
28,613
$276,288
Shares
issued
in
reinvestment
of
distributions
..........
9,322
103,557
444
4,409
Shares
redeemed
a
..............................
(168,843)
(1,841,613)
(3,124)
(29,649)
Net
increase
(decrease)
..........................
32,347
$347,507
25,933
$251,048
Class
R
2.
Shares
of
Beneficial
Interest
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Financial
Statements
(unaudited)
94
franklintempleton.com
Semiannual
Report
Franklin
LifeSmart™
2055
Retirement
Target
Fund
Franklin
LifeSmart™
2060
Retirement
Target
Fund
Shares
Amount
Shares
Amount
Class
R
Shares:
Six
Months
ended
June
30,
2024
Shares
sold
...................................
27,557
$356,414
1,806
$20,133
Shares
issued
in
reinvestment
of
distributions
..........
821
10,860
26
298
Shares
redeemed
...............................
(17,607)
(228,529)
(1,000)
(10,610)
Net
increase
(decrease)
..........................
10,771
$138,745
832
$9,821
Year
ended
December
31,
2023
Shares
sold
...................................
66,587
$738,504
4,514
$43,167
Shares
issued
in
reinvestment
of
distributions
..........
1,899
21,663
59
587
Shares
redeemed
...............................
(55,471)
(606,796)
(2,945)
(27,879)
Net
increase
(decrease)
..........................
13,015
$153,371
1,628
$15,875
Class
R6
Class
R6
Shares:
Six
Months
ended
June
30,
2024
Shares
sold
...................................
1,070
$13,720
18
$209
Shares
issued
in
reinvestment
of
distributions
..........
24
327
—
—
Shares
redeemed
...............................
(173)
(2,308)
—
—
Net
increase
(decrease)
..........................
921
$11,739
18
$209
Year
ended
December
31,
2023
Shares
sold
...................................
1,739
$20,080
—
$—
Shares
issued
in
reinvestment
of
distributions
..........
12
145
—
—
Shares
redeemed
...............................
(22)
(249)
—
—
Net
increase
(decrease)
..........................
1,729
$19,976
—
$—
Advisor
Class
Advisor
Class
Shares:
Six
Months
ended
June
30,
2024
Shares
sold
...................................
3,019
$39,245
965
$10,774
Shares
issued
in
reinvestment
of
distributions
..........
456
6,109
35
404
Shares
redeemed
...............................
(42)
(541)
(75)
(862)
Net
increase
(decrease)
..........................
3,433
$44,813
925
$10,316
Year
ended
December
31,
2023
Shares
sold
...................................
16,363
$183,253
1,840
$17,555
Shares
issued
in
reinvestment
of
distributions
..........
1,250
14,390
77
773
Shares
redeemed
...............................
(19,791)
(222,587)
(74)
(726)
Net
increase
(decrease)
..........................
(2,178)
$(24,944)
1,843
$17,602
a
May
include
a
portion
of
Class
C
shares
that
were
automatically
converted
to
Class
A.
2.
Shares
of
Beneficial
Interest
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Financial
Statements
(unaudited)
95
franklintempleton.com
Semiannual
Report
3.
Transactions
with
Affiliates
Franklin
Resources,
Inc.
is
the
holding
company
for
various
subsidiaries
that
together
are
referred
to
as
Franklin
Templeton.
Certain
officers
and
trustees
of
the Funds are
also
officers,
directors, and/or trustees
of
certain
of
the
FT
Underlying
Funds
and
of
the
following
subsidiaries:
a.
Management
and
Asset
Allocation
Fees
The
Funds,
except
Franklin
LifeSmart
TM
Retirement
Income
Fund,
pay
an
asset
allocation
fee,
calculated
daily
and
paid
monthly,
to
Advisers
of
0.25%
per
year
of
the
average
daily
net
assets
of
each
of
the
Funds
for
investment
advisory
services,
consisting
principally
of
determining
the
allocation
of
assets
of
the
Funds
among
the
Underlying
Funds
and
ETFs.
Franklin
LifeSmart
TM
Retirement
Income
Fund
pays
an
investment
management
fee,
calculated
daily
and
paid
monthly,
to
Advisers
of
0.25%
per
year
of
the
average
daily
net
assets
of
the
Fund.
b.
Administrative
Fees
Under
an
agreement
with
Advisers,
FT
Services
provides
administrative
services
to
the
Funds
and
is
not
paid
by
the
Funds
for
the services.
c.
Distribution
Fees
The
Board
has
adopted
distribution
plans
for
each
share
class,
with
the
exception
of
Class
R6
and
Advisor
Class
shares,
pursuant
to
Rule
12b-1
under
the
1940
Act.
Under
the
Funds'
Class
A
reimbursement
distribution
plans,
the
Funds
reimburse
Distributors
for
costs
incurred
in
connection
with
the
servicing,
sale
and
distribution
of each
Fund's
shares
up
to
the
maximum
annual
plan
rate.
Under
the
Class
A
reimbursement
distribution
plans,
costs
exceeding
the
maximum
for
the
current
plan
year
cannot
be
reimbursed
in
subsequent
periods.
In
addition,
under
the
Funds'
Class
C
and
R compensation
distribution
plans,
the
Funds
pay
Distributors
for
costs
incurred
in
connection
with
the
servicing,
sale
and
distribution
of each
Fund's
shares
up
to
the
maximum
annual
plan
rate
for
each
class.
The
plan
year,
for
purposes
of
monitoring
compliance
with
the
maximum
annual
plan
rates,
is
February
1
through
January
31
for
each
Fund.
The
maximum
annual
plan
rates,
based
on
the
average
daily
net
assets,
for
each
class,
are
as
follows:
The
Board
has
set
the
current
rate
at
0.25%
per
year
for
Class
A
shares
until
further
notice
and
approval
by
the
Board.
d.
Sales
Charges/Underwriting
Agreements
Front-end
sales
charges
and
contingent
deferred
sales
charges
(CDSC)
do
not
represent
expenses
of
the
Funds.
These
charges
are
deducted
from
the
proceeds
of
sales
of
fund
shares
prior
to
investment
or
from
redemption
proceeds
prior
to
remittance,
as
applicable.
Distributors
has
advised
the
Funds
of
the
following
commission
transactions
related
to
the
sales
and
redemptions
of
the
Funds'
shares
for
the
period:
Subsidiary
Affiliation
Franklin
Advisers,
Inc.
(Advisers)
Investment
manager
Franklin
Templeton
Services,
LLC
(FT
Services)
Administrative
manager
Franklin
Distributors,
LLC
(Distributors)
Principal
underwriter
Franklin
Templeton
Investor
Services,
LLC
(Investor
Services)
Transfer
agent
Class
A
....................................................................................
0.35%
Class
C
....................................................................................
1.00%
Class
R
....................................................................................
0.50%
Franklin
Fund
Allocator
Series
Notes
to
Financial
Statements
(unaudited)
96
franklintempleton.com
Semiannual
Report
e.
Transfer
Agent
Fees
Each
class
of
shares pays
transfer
agent
fees,
calculated
monthly
and
paid
monthly, to
Investor
Services
for
its
performance
of
shareholder
servicing
obligations. The
fees
are based
on
a
fixed
margin
earned
by
Investor
Services
and
are allocated
to
the Funds
based
upon
relative
assets
and
relative
transactions. In
addition,
each
class reimburses
Investor
Services
for
out
of
pocket
expenses
incurred
and,
except
for
Class
R6, reimburses
shareholder
servicing
fees
paid
to
third
parties.
These
fees
paid
to
third
parties
are
accrued
and
allocated
daily
based
upon
their
relative
proportion
of
such
classes'
aggregate
net
assets.
Class
R6
pays
Investor
Services
transfer
agent
fees
allocated
specifically
to
that
class
based
upon
its
relative
assets
and
relative
transactions.
For
the
period
ended
June
30,
2024,
the Funds
paid
transfer
agent
fees
as
noted
in
the
Statements of
Operations
of
which
the
following
amounts
were
retained
by
Investor
Services:
Franklin
LifeSmart™
Retirement
Income
Fund
Franklin
LifeSmart™
2020
Retirement
Target
Fund
Franklin
LifeSmart™
2025
Retirement
Target
Fund
Franklin
LifeSmart™
2030
Retirement
Target
Fund
Sales
charges
retained
net
of
commissions
paid
to
unaffiliated
brokers/dealers
..................
$2,227
$298
$3,878
$8,169
CDSC
retained
...........................
$13
$131
$198
$1,585
Franklin
LifeSmart™
2035
Retirement
Target
Fund
Franklin
LifeSmart™
2040
Retirement
Target
Fund
Franklin
LifeSmart™
2045
Retirement
Target
Fund
Franklin
LifeSmart™
2050
Retirement
Target
Fund
Sales
charges
retained
net
of
commissions
paid
to
unaffiliated
brokers/dealers
..................
$10,534
$7,010
$11,631
$12,170
CDSC
retained
...........................
$1,335
$474
$589
$643
Franklin
LifeSmart™
2055
Retirement
Target
Fund
Franklin
LifeSmart™
2060
Retirement
Target
Fund
Sales
charges
retained
net
of
commissions
paid
to
unaffiliated
brokers/dealers
.............
$10,117
$3,775
CDSC
retained
.............................................................
$982
$77
Franklin
LifeSmart™
Retirement
Income
Fund
Franklin
LifeSmart™
2020
Retirement
Target
Fund
Franklin
LifeSmart™
2025
Retirement
Target
Fund
Franklin
LifeSmart™
2030
Retirement
Target
Fund
Transfer
agent
fees
........................
$15,901
$9,299
$34,109
$28,726
3.
Transactions
with
Affiliates
(continued)
d.
Sales
Charges/Underwriting
Agreements
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Financial
Statements
(unaudited)
97
franklintempleton.com
Semiannual
Report
f.
Investments
in
FT
Underlying
Funds
The
Funds
invest
in
FT
Underlying
Funds
which
are
managed
by
Advisers
(or
an
affiliate
of
Advisers).
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
Underlying
Fund’s
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
Underlying
Fund.
The
Funds
do
not
invest
in
FT
Underlying
Funds
for
the
purpose
of
exercising
a
controlling
influence
over
the
management
or
policies.
Management
fees
and
asset
allocation
fees
paid
by
the
Funds
are
waived
on
assets
invested
in
Institutional
Fiduciary
Trust
Money
Market
Portfolio
(Sweep
Money
Fund),
as
noted
in
the
Statements
of
Operations,
in
an
amount
not
to
exceed
the
management
and
administrative
fees
paid
directly
or
indirectly
by
the
Sweep
Money
Fund.
Investments
in
FT
Underlying
Funds
for
the
period
ended
June
30,
2024,
were
as
follows:
Franklin
LifeSmart™
2035
Retirement
Target
Fund
Franklin
LifeSmart™
2040
Retirement
Target
Fund
Franklin
LifeSmart™
2045
Retirement
Target
Fund
Franklin
LifeSmart™
2050
Retirement
Target
Fund
Transfer
agent
fees
........................
$48,148
$31,245
$49,895
$40,287
Franklin
LifeSmart™
2055
Retirement
Target
Fund
Franklin
LifeSmart™
2060
Retirement
Target
Fund
Transfer
agent
fees
..........................................................
$42,391
$15,072
aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Dividend
Income
a
a
a
a
a
a
a
a
a
Franklin
LifeSmart™
Retirement
Income
Fund
Non-Controlled
Affiliates
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund,
Class
IS
$
2,313,314
$
62,877
$
(195,868)
$
(49,592)
$
(156,355)
$
1,974,376
231,734
$
42,286
ClearBridge
Tactical
Dividend
Income
Fund,
Class
IS
.......
5,526,588
154,925
(511,406)
2,565
415,949
5,588,621
239,239
99,839
Franklin
High
Yield
Corporate
ETF
2,055,805
18,939
(187,890)
(24,030)
45,357
1,908,181
80,480
53,869
Franklin
International
Core
Dividend
Tilt
Index
ETF
.............
1,316,440
12,257
(122,924)
6,785
13,616
1,226,174
39,225
34,014
Franklin
Investment
Grade
Corporate
ETF
............
2,661,486
24,300
(240,189)
(67,818)
875
2,378,654
112,679
49,405
Franklin
U.S.
Core
Bond
ETF
...
5,208,669
47,485
(463,733)
(89,763)
(28,829)
4,673,829
221,194
82,872
Franklin
U.S.
Core
Equity
(IU)
Fund
1,084,545
19,151
(105,223)
26,922
170,914
1,196,309
70,124
6,935
Franklin
U.S.
Government
Securities
Fund,
Class
R6
.....
3,133,651
80,507
(276,834)
(48,612)
(35,389)
2,853,323
568,391
51,273
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.972%
......
1,101,739
4,000,105
(4,036,069)
—
—
1,065,775
1,065,775
25,852
3.
Transactions
with
Affiliates
(continued)
e.
Transfer
Agent
Fees
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Financial
Statements
(unaudited)
98
franklintempleton.com
Semiannual
Report
aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Dividend
Income
a
a
a
a
a
a
a
a
a
Franklin
LifeSmart™
Retirement
Income
Fund
(continued)
Non-Controlled
Affiliates
(continued)
Templeton
Developing
Markets
Trust,
Class
R6
............
$
487,991
$
5,817
$
(42,919)
$
(10,703)
$
40,821
$
481,007
25,383
$
—
Templeton
Foreign
Fund,
Class
R6
1,008,454
10,387
(89,543)
8,989
5,362
943,649
117,956
—
Western
Asset
Income
Fund,
Class
IS
.....................
6,817,371
316,289
(611,495)
(133,848)
2,339
6,390,656
1,270,508
255,876
Western
Asset
Short
Duration
High
Income
Fund,
Class
I
........
5,025,310
230,099
(455,016)
(56,095)
34,201
4,778,499
999,686
184,753
Total
Non-Controlled
Affiliates
$37,741,363
$4,983,138
$(7,339,109)
$(435,200)
$508,861
$35,459,053
$886,974
Total
Affiliated
Securities
....
$37,741,363
$4,983,138
$(7,339,109)
$(435,200)
$508,861
$35,459,053
$886,974
Franklin
LifeSmart™
2020
Retirement
Target
Fund
Non-Controlled
Affiliates
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund,
Class
IS
1,087,048
177,965
(166,887)
(46,975)
(51,337)
999,814
117,349
20,962
ClearBridge
International
Growth
Fund,
Class
IS
............
381,221
5,779
(84,028)
4,796
20,805
328,573
5,021
—
ClearBridge
Large
Cap
Value
Fund,
Class
IS
.................
852,285
47,550
(186,697)
23,795
1,860
738,793
17,636
5,684
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
...........
824,345
36,942
(205,240)
(14,192)
79,936
721,791
69,403
2,753
Franklin
Growth
Fund,
Class
R6
.
2,033,799
31,164
(572,160)
224,881
35,557
1,753,241
12,366
—
Franklin
High
Yield
Corporate
ETF
558,177
41,379
(89,862)
(9,151)
14,865
515,408
21,738
14,446
Franklin
International
Aggregate
Bond
ETF
................
468,379
41,760
(75,779)
(19,162)
13,625
428,823
21,271
—
Franklin
International
Core
Equity
(IU)
Fund
................
2,492,364
94,975
(606,132)
56,983
86,142
2,124,332
172,290
19,001
Franklin
Investment
Grade
Corporate
ETF
............
700,604
71,458
(112,473)
(16,488)
(766)
642,335
30,428
13,180
Franklin
Systematic
Style
Premia
ETF
....................
295,198
5,536
(52,284)
2,456
23,845
274,751
11,610
—
Franklin
U.S.
Core
Bond
ETF
...
5,511,219
615,763
(865,917)
(161,170)
36,554
5,136,449
243,088
90,719
Franklin
U.S.
Core
Equity
(IU)
Fund
4,528,984
202,035
(1,550,066)
462,555
294,747
3,938,255
230,847
25,985
Franklin
U.S.
Equity
Index
ETF
.
481,751
106,248
(241,533)
30,355
23,452
400,273
8,400
2,434
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
...............
1,063,106
15,459
(315,887)
88,164
62,226
913,068
16,428
4,696
Franklin
U.S.
Treasury
Bond
ETF
1,824,228
1,197,389
(392,337)
(72,068)
12,719
2,569,931
126,473
40,074
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.972%
......
164,927
3,150,707
(3,104,531)
—
—
211,103
211,103
4,666
Templeton
Developing
Markets
Trust,
Class
R6
............
582,832
68,821
(197,377)
(18,217)
51,511
487,570
25,729
—
3.
Transactions
with
Affiliates
(continued)
f.
Investments
in
FT
Underlying
Funds
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Financial
Statements
(unaudited)
99
franklintempleton.com
Semiannual
Report
aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Dividend
Income
a
a
a
a
a
a
a
a
a
Franklin
LifeSmart™
2020
Retirement
Target
Fund
(continued)
Non-Controlled
Affiliates
(continued)
Templeton
Foreign
Fund,
Class
R6
$
572,338
$
62,324
$
(151,131)
$
23,923
$
(13,193)
$
494,261
61,783
$
—
Western
Asset
Core
Plus
Bond
Fund,
Class
IS
............
3,077,238
314,703
(566,286)
(159,168)
38,013
2,704,500
294,608
64,622
Western
Asset
Short-Term
Bond
Fund,
Class
IS
............
692,612
67,711
(109,528)
(8,702)
5,152
647,245
177,815
13,471
Total
Non-Controlled
Affiliates
$28,192,655
$6,355,668
$(9,646,135)
$392,615
$735,713
$26,030,516
$322,693
Total
Affiliated
Securities
....
$28,192,655
$6,355,668
$(9,646,135)
$392,615
$735,713
$26,030,516
$322,693
Franklin
LifeSmart™
2025
Retirement
Target
Fund
Non-Controlled
Affiliates
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund,
Class
IS
3,319,712
597,822
(192,360)
(55,098)
(260,344)
3,409,732
400,203
70,469
ClearBridge
International
Growth
Fund,
Class
IS
............
1,671,512
9,003
(192,029)
12,754
106,262
1,607,502
24,565
—
ClearBridge
Large
Cap
Value
Fund,
Class
IS
.................
3,735,880
215,825
(455,941)
34,639
83,774
3,614,177
86,278
27,115
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
...........
3,609,671
210,870
(609,683)
(32,082)
347,038
3,525,814
339,021
12,938
Franklin
Growth
Fund,
Class
R6
.
8,914,864
34,066
(1,584,520)
512,124
700,477
8,577,011
60,495
—
Franklin
High
Yield
Corporate
ETF
1,706,502
135,533
(102,745)
(9,638)
28,516
1,758,168
74,153
47,432
Franklin
International
Aggregate
Bond
ETF
................
1,431,031
135,999
(86,964)
(22,793)
6,504
1,463,777
72,608
—
Franklin
International
Core
Equity
(IU)
Fund
................
10,928,089
534,155
(1,735,076)
160,839
504,909
10,392,916
842,897
89,229
Franklin
Investment
Grade
Corporate
ETF
............
2,140,380
234,697
(128,570)
(28,569)
(25,876)
2,192,062
103,840
43,282
Franklin
Systematic
Style
Premia
ETF
....................
1,092,957
39,885
(102,650)
4,798
95,795
1,130,785
47,783
—
Franklin
U.S.
Core
Bond
ETF
...
16,834,046
2,070,731
(995,459)
(193,259)
(194,366)
17,521,693
829,233
297,802
Franklin
U.S.
Core
Equity
(IU)
Fund
19,852,245
666,333
(4,783,998)
1,102,670
2,428,976
19,266,226
1,129,322
121,994
Franklin
U.S.
Equity
Index
ETF
.
2,114,296
483,001
(892,906)
102,774
151,316
1,958,481
41,100
11,720
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
...............
4,663,962
17,106
(916,347)
200,672
502,461
4,467,854
80,386
22,538
Franklin
U.S.
Treasury
Bond
ETF
5,573,561
3,848,626
(469,753)
(85,745)
(99,361)
8,767,328
431,463
131,896
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.972%
......
404,403
9,094,210
(8,458,106)
—
—
1,040,507
1,040,507
21,081
Templeton
Developing
Markets
Trust,
Class
R6
............
2,565,806
302,248
(646,985)
(70,324)
230,980
2,381,725
125,685
—
Templeton
Foreign
Fund,
Class
R6
2,509,499
279,269
(423,848)
65,985
(12,818)
2,418,087
302,261
—
3.
Transactions
with
Affiliates
(continued)
f.
Investments
in
FT
Underlying
Funds
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Financial
Statements
(unaudited)
100
franklintempleton.com
Semiannual
Report
aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Dividend
Income
a
a
a
a
a
a
a
a
a
Franklin
LifeSmart™
2025
Retirement
Target
Fund
(continued)
Non-Controlled
Affiliates
(continued)
Western
Asset
Core
Plus
Bond
Fund,
Class
IS
............
$
9,399,396
$
1,073,547
$
(864,087)
$
(242,821)
$
(140,604)
$
9,225,431
1,004,949
$
211,214
Western
Asset
Short-Term
Bond
Fund,
Class
IS
............
2,115,581
241,139
(137,256)
(11,210)
(446)
2,207,808
606,541
44,057
Total
Non-Controlled
Affiliates
$104,583,393
$20,224,065
$(23,779,283)
$1,445,716
$4,453,193
$106,927,084
$1,152,767
Total
Affiliated
Securities
....
$104,583,393
$20,224,065
$(23,779,283)
$1,445,716
$4,453,193
$106,927,084
$1,152,767
Franklin
LifeSmart™
2030
Retirement
Target
Fund
Non-Controlled
Affiliates
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund,
Class
IS
1,511,702
396,331
(31,442)
(9,045)
(139,637)
1,727,909
202,806
34,991
ClearBridge
International
Growth
Fund,
Class
IS
............
1,111,715
54,341
(60,344)
2,063
80,229
1,188,004
18,154
—
ClearBridge
Large
Cap
Value
Fund,
Class
IS
.................
2,486,207
248,586
(143,823)
1,587
77,633
2,670,190
63,743
19,351
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
...........
2,392,445
269,029
(276,652)
8,412
213,837
2,607,071
250,680
9,103
Franklin
Growth
Fund,
Class
R6
.
5,932,774
249,113
(690,527)
45,267
800,313
6,336,940
44,696
—
Franklin
High
Yield
Corporate
ETF
774,294
126,406
(18,818)
(1,792)
11,003
891,093
37,583
22,700
Franklin
International
Aggregate
Bond
ETF
................
651,460
111,724
(14,044)
(3,531)
(3,721)
741,888
36,800
—
Franklin
International
Core
Equity
(IU)
Fund
................
7,268,271
571,634
(612,160)
28,631
424,281
7,680,657
622,924
62,853
Franklin
Investment
Grade
Corporate
ETF
............
971,595
185,596
(21,202)
(4,662)
(20,054)
1,111,273
52,642
20,655
Franklin
Systematic
Style
Premia
ETF
....................
628,629
56,509
(29,597)
850
57,961
714,352
30,186
—
Franklin
U.S.
Core
Bond
ETF
...
7,642,216
1,577,979
(163,609)
(31,039)
(143,467)
8,882,080
420,354
142,953
Franklin
U.S.
Core
Equity
(IU)
Fund
13,211,611
978,805
(2,416,211)
300,236
2,159,869
14,234,310
834,368
85,928
Franklin
U.S.
Equity
Index
ETF
.
1,406,756
391,248
(528,958)
54,991
123,380
1,447,417
30,375
8,398
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
...............
3,103,041
92,187
(387,098)
48,669
443,319
3,300,118
59,376
16,117
Franklin
U.S.
Treasury
Bond
ETF
2,529,946
2,071,253
(73,786)
(13,690)
(69,515)
4,444,208
218,711
63,418
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.972%
......
712,937
6,136,069
(6,031,845)
—
—
817,161
817,161
15,842
Templeton
Developing
Markets
Trust,
Class
R6
............
1,719,622
259,943
(332,393)
1,160
112,805
1,761,137
92,936
—
Templeton
Foreign
Fund,
Class
R6
1,669,040
276,016
(194,395)
5,079
31,299
1,787,039
223,380
—
Western
Asset
Core
Plus
Bond
Fund,
Class
IS
............
4,267,097
776,969
(191,558)
(52,548)
(123,441)
4,676,519
509,425
100,856
3.
Transactions
with
Affiliates
(continued)
f.
Investments
in
FT
Underlying
Funds
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Financial
Statements
(unaudited)
101
franklintempleton.com
Semiannual
Report
aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Dividend
Income
a
a
a
a
a
a
a
a
a
Franklin
LifeSmart™
2030
Retirement
Target
Fund
(continued)
Non-Controlled
Affiliates
(continued)
Western
Asset
Short-Term
Bond
Fund,
Class
IS
............
$
960,425
$
184,134
$
(20,166)
$
(1,238)
$
(3,998)
$
1,119,157
307,461
$
21,058
Total
Non-Controlled
Affiliates
$60,951,783
$15,013,872
$(12,238,628)
$379,400
$4,032,096
$68,138,523
$624,223
Total
Affiliated
Securities
....
$60,951,783
$15,013,872
$(12,238,628)
$379,400
$4,032,096
$68,138,523
$624,223
Franklin
LifeSmart™
2035
Retirement
Target
Fund
Non-Controlled
Affiliates
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund,
Class
IS
2,160,214
546,774
(18,422)
(5,339)
(207,110)
2,476,117
290,624
50,180
ClearBridge
International
Growth
Fund,
Class
IS
............
2,443,406
63,051
(94,263)
4,074
176,188
2,592,456
39,616
—
ClearBridge
Large
Cap
Value
Fund,
Class
IS
.................
5,462,294
450,524
(258,135)
4,214
169,833
5,828,730
139,144
42,402
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
...........
5,255,477
443,921
(503,870)
(24,188)
512,766
5,684,106
546,549
19,903
Franklin
Growth
Fund,
Class
R6
.
13,034,561
251,362
(1,304,753)
124,074
1,727,444
13,832,688
97,564
—
Franklin
High
Yield
Corporate
ETF
1,111,525
173,221
(20,037)
(1,797)
14,938
1,277,850
53,895
32,471
Franklin
International
Aggregate
Bond
ETF
................
931,048
150,906
(8,549)
(2,236)
(7,991)
1,063,178
52,737
—
Franklin
International
Core
Equity
(IU)
Fund
................
15,974,688
866,852
(1,073,816)
67,433
925,621
16,760,778
1,359,349
137,317
Franklin
Investment
Grade
Corporate
ETF
............
1,393,954
251,518
(17,012)
(3,681)
(31,586)
1,593,193
75,471
29,539
Franklin
Systematic
Style
Premia
ETF
....................
1,220,519
94,201
(60,696)
1,195
112,618
1,367,837
57,800
—
Franklin
U.S.
Core
Bond
ETF
...
10,965,448
2,115,322
(97,384)
(18,835)
(229,711)
12,734,840
602,690
204,448
Franklin
U.S.
Core
Equity
(IU)
Fund
29,026,351
1,415,287
(4,757,060)
499,016
4,888,121
31,071,715
1,821,320
187,808
Franklin
U.S.
Equity
Index
ETF
.
3,092,366
819,991
(1,144,115)
137,096
253,963
3,159,301
66,300
18,395
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
...............
6,819,236
80,365
(772,074)
125,172
953,304
7,206,003
129,651
35,302
Franklin
U.S.
Treasury
Bond
ETF
3,630,568
2,909,436
(48,817)
(8,897)
(109,694)
6,372,596
313,612
90,704
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.972%
......
167,891
8,177,579
(7,180,773)
—
—
1,164,697
1,164,697
28,821
Templeton
Developing
Markets
Trust,
Class
R6
............
3,784,328
501,898
(697,075)
(77,829)
328,392
3,839,714
202,623
—
Templeton
Foreign
Fund,
Class
R6
3,668,343
503,157
(352,609)
14,733
66,058
3,899,682
487,460
—
Western
Asset
Core
Plus
Bond
Fund,
Class
IS
............
6,122,530
1,067,400
(233,055)
(63,737)
(187,950)
6,705,188
730,413
144,191
3.
Transactions
with
Affiliates
(continued)
f.
Investments
in
FT
Underlying
Funds
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Financial
Statements
(unaudited)
102
franklintempleton.com
Semiannual
Report
aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Dividend
Income
a
a
a
a
a
a
a
a
a
Franklin
LifeSmart™
2035
Retirement
Target
Fund
(continued)
Non-Controlled
Affiliates
(continued)
Western
Asset
Short-Term
Bond
Fund,
Class
IS
............
$
1,378,083
$
248,292
$
(14,272)
$
(597)
$
(6,849)
$
1,604,657
440,840
$
30,103
Total
Non-Controlled
Affiliates
$117,642,830
$21,131,057
$(18,656,787)
$769,871
$9,348,355
$130,235,326
$1,051,584
Total
Affiliated
Securities
....
$117,642,830
$21,131,057
$(18,656,787)
$769,871
$9,348,355
$130,235,326
$1,051,584
Franklin
LifeSmart™
2040
Retirement
Target
Fund
Non-Controlled
Affiliates
ClearBridge
International
Growth
Fund,
Class
IS
............
1,143,148
47,138
(42,582)
1,390
83,380
1,232,474
18,834
—
ClearBridge
Large
Cap
Value
Fund,
Class
IS
.................
2,555,586
248,227
(114,845)
711
81,055
2,770,734
66,143
20,011
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
...........
2,441,885
270,904
(237,432)
(15,284)
246,416
2,706,489
260,239
9,422
Franklin
Growth
Fund,
Class
R6
.
6,169,181
167,972
(632,075)
34,565
835,920
6,575,563
46,379
—
Franklin
High
Yield
Corporate
ETF
342,177
75,589
(9,395)
(868)
5,003
412,506
17,398
10,162
Franklin
International
Core
Equity
(IU)
Fund
................
7,473,832
549,989
(522,101)
14,703
451,729
7,968,152
646,241
64,994
Franklin
Investment
Grade
Corporate
ETF
............
428,834
105,416
(9,522)
(2,068)
(8,568)
514,092
24,353
9,223
Franklin
Systematic
Style
Premia
ETF
....................
512,824
42,985
(19,421)
(36)
47,866
584,218
24,687
—
Franklin
U.S.
Core
Bond
ETF
...
3,375,466
870,855
(62,282)
(11,844)
(62,368)
4,109,827
194,502
64,108
Franklin
U.S.
Core
Equity
(IU)
Fund
10,815,466
292,691
(1,297,107)
210,919
1,760,641
11,782,610
690,657
69,429
Franklin
U.S.
Equity
Index
ETF
.
4,135,988
322,767
(579,219)
40,784
569,652
4,489,972
94,225
25,718
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
...............
3,189,700
80,961
(354,647)
35,840
472,819
3,424,673
61,617
16,652
Franklin
U.S.
Treasury
Bond
ETF
1,117,178
1,005,363
(30,932)
(5,741)
(29,565)
2,056,303
101,196
28,459
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.972%
......
308,445
3,507,941
(3,314,110)
—
—
502,276
502,276
12,447
Templeton
Developing
Markets
Trust,
Class
R6
............
1,781,865
263,073
(334,904)
(38,882)
157,147
1,828,299
96,480
—
Templeton
Foreign
Fund,
Class
R6
1,716,215
267,812
(168,711)
4,918
33,696
1,853,930
231,741
—
Western
Asset
Core
Plus
Bond
Fund,
Class
IS
............
1,884,719
451,395
(95,762)
(27,364)
(48,976)
2,164,012
235,731
45,010
3.
Transactions
with
Affiliates
(continued)
f.
Investments
in
FT
Underlying
Funds
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Financial
Statements
(unaudited)
103
franklintempleton.com
Semiannual
Report
aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Dividend
Income
a
a
a
a
a
a
a
a
a
Franklin
LifeSmart™
2040
Retirement
Target
Fund
(continued)
Non-Controlled
Affiliates
(continued)
Western
Asset
Short-Term
Bond
Fund,
Class
IS
............
$
424,242
$
103,470
$
(7,636)
$
(331)
$
(1,868)
$
517,877
142,274
$
9,402
Total
Non-Controlled
Affiliates
$49,816,751
$8,674,548
$(7,832,683)
$241,412
$4,593,979
$55,494,007
$385,037
Total
Affiliated
Securities
....
$49,816,751
$8,674,548
$(7,832,683)
$241,412
$4,593,979
$55,494,007
$385,037
Franklin
LifeSmart™
2045
Retirement
Target
Fund
Non-Controlled
Affiliates
ClearBridge
International
Growth
Fund,
Class
IS
............
2,116,749
103,324
(64,437)
1,470
156,300
2,313,406
35,352
—
ClearBridge
Large
Cap
Value
Fund,
Class
IS
.................
4,733,010
476,767
(161,855)
1,024
150,563
5,199,509
124,123
37,451
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
...........
4,514,017
509,509
(384,264)
(21,975)
456,137
5,073,424
487,829
17,585
Franklin
Growth
Fund,
Class
R6
.
11,425,471
304,218
(1,010,940)
49,124
1,571,904
12,339,777
87,035
—
Franklin
International
Core
Equity
(IU)
Fund
................
13,839,193
963,367
(716,316)
26,432
843,758
14,956,434
1,213,012
121,334
Franklin
Systematic
Style
Premia
ETF
....................
864,571
64,837
(24,957)
100
80,718
985,269
41,634
—
Franklin
U.S.
Core
Bond
ETF
...
3,590,239
1,121,489
(109,291)
(18,860)
(56,242)
4,527,335
214,261
67,619
Franklin
U.S.
Core
Equity
(IU)
Fund
20,030,536
372,260
(1,965,110)
539,231
3,134,354
22,111,271
1,296,089
129,585
Franklin
U.S.
Equity
Index
ETF
.
7,661,202
619,965
(991,970)
67,480
1,069,317
8,425,994
176,825
48,130
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
...............
5,908,547
175,276
(603,269)
67,949
878,880
6,427,383
115,642
31,169
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.972%
......
349,503
5,421,011
(4,741,279)
—
—
1,029,235
1,029,235
21,309
Templeton
Developing
Markets
Trust,
Class
R6
............
3,318,948
466,637
(580,373)
(69,036)
291,091
3,427,267
180,858
—
Templeton
Foreign
Fund,
Class
R6
3,177,885
509,939
(281,881)
11,536
62,402
3,479,881
434,985
—
Western
Asset
Core
Plus
Bond
Fund,
Class
IS
............
3,600,983
1,171,585
(85,339)
(20,775)
(125,664)
4,540,790
494,639
89,767
Total
Non-Controlled
Affiliates
$85,130,854
$12,280,184
$(11,721,281)
$633,700
$8,513,518
$94,836,975
$563,949
Total
Affiliated
Securities
....
$85,130,854
$12,280,184
$(11,721,281)
$633,700
$8,513,518
$94,836,975
$563,949
Franklin
LifeSmart™
2050
Retirement
Target
Fund
Non-Controlled
Affiliates
ClearBridge
International
Growth
Fund,
Class
IS
............
1,064,121
163,356
(5,651)
45
81,535
1,303,406
19,918
—
ClearBridge
Large
Cap
Value
Fund,
Class
IS
.................
2,378,783
511,497
(37,687)
163
76,433
2,929,189
69,926
20,265
a
3.
Transactions
with
Affiliates
(continued)
f.
Investments
in
FT
Underlying
Funds
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Financial
Statements
(unaudited)
104
franklintempleton.com
Semiannual
Report
aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Dividend
Income
a
a
a
a
a
a
a
a
a
Franklin
LifeSmart™
2050
Retirement
Target
Fund
(continued)
Non-Controlled
Affiliates
(continued)
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
...........
$
2,263,490
$
493,030
$
(127,739)
$
(4,782)
$
233,877
$
2,857,876
274,796
$
9,159
Franklin
Growth
Fund,
Class
R6
.
5,742,365
684,151
(320,779)
5,239
840,828
6,951,804
49,032
—
Franklin
International
Core
Equity
(IU)
Fund
................
6,957,196
1,207,472
(181,860)
1,418
442,377
8,426,603
683,423
63,217
Franklin
Systematic
Style
Premia
ETF
....................
410,549
50,562
(5,629)
67
38,765
494,314
20,888
—
Franklin
U.S.
Core
Bond
ETF
...
589,686
330,072
(48,461)
(1,785)
(10,049)
859,463
40,675
10,809
Franklin
U.S.
Core
Equity
(IU)
Fund
10,067,241
1,202,984
(728,478)
73,490
1,841,431
12,456,668
730,168
67,521
Franklin
U.S.
Equity
Index
ETF
.
3,849,850
679,005
(375,407)
1,042
592,801
4,747,291
99,625
25,945
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
...............
2,969,234
376,525
(220,084)
3,086
492,109
3,620,870
65,147
16,789
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.972%
......
313,460
2,955,691
(2,611,022)
—
—
658,129
658,129
11,115
Templeton
Developing
Markets
Trust,
Class
R6
............
1,666,680
402,618
(256,509)
(31,122)
148,936
1,930,603
101,879
—
Templeton
Foreign
Fund,
Class
R6
1,597,562
415,552
(89,867)
1,968
35,384
1,960,599
245,075
—
Western
Asset
Core
Plus
Bond
Fund,
Class
IS
............
591,854
339,728
(45,030)
(684)
(23,513)
862,355
93,938
14,580
Western
Asset
Short-Term
Bond
Fund,
Class
IS
............
6
—
—
—
—
6
2
—
Total
Non-Controlled
Affiliates
$40,462,077
$9,812,243
$(5,054,203)
$48,145
$4,790,914
$50,059,176
$239,400
Total
Affiliated
Securities
....
$40,462,077
$9,812,243
$(5,054,203)
$48,145
$4,790,914
$50,059,176
$239,400
Franklin
LifeSmart™
2055
Retirement
Target
Fund
Non-Controlled
Affiliates
ClearBridge
International
Growth
Fund,
Class
IS
............
837,457
70,148
(17,002)
157
63,691
954,451
14,585
—
ClearBridge
Large
Cap
Value
Fund,
Class
IS
.................
1,871,945
280,513
(67,217)
64
60,698
2,146,003
51,229
15,277
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
...........
1,783,287
266,097
(131,715)
(12,137)
189,208
2,094,740
201,417
7,113
Franklin
Growth
Fund,
Class
R6
.
4,518,859
256,253
(338,656)
7,461
649,182
5,093,099
35,923
—
Franklin
International
Core
Equity
(IU)
Fund
................
5,475,307
608,814
(263,510)
3,119
346,850
6,170,580
500,453
49,055
Franklin
Systematic
Style
Premia
ETF
....................
319,619
31,464
(3,377)
23
30,035
377,764
15,963
—
Franklin
U.S.
Core
Bond
ETF
...
292,324
193,126
(48,920)
(462)
(4,572)
431,496
20,421
5,171
Franklin
U.S.
Core
Equity
(IU)
Fund
7,922,253
492,806
(775,168)
43,914
1,442,320
9,126,125
534,943
52,391
Franklin
U.S.
Equity
Index
ETF
.
3,029,936
319,351
(332,748)
19,533
441,303
3,477,375
72,975
19,662
3.
Transactions
with
Affiliates
(continued)
f.
Investments
in
FT
Underlying
Funds
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Financial
Statements
(unaudited)
105
franklintempleton.com
Semiannual
Report
aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Dividend
Income
a
a
a
a
a
a
a
a
a
Franklin
LifeSmart™
2055
Retirement
Target
Fund
(continued)
Non-Controlled
Affiliates
(continued)
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
...............
$
2,337,039
$
140,873
$
(209,171)
$
8,508
$
375,251
$
2,652,500
47,724
$
12,723
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.972%
......
236,168
3,018,555
(2,782,574)
—
—
472,149
472,149
7,943
Templeton
Developing
Markets
Trust,
Class
R6
............
1,311,487
236,171
(223,844)
(26,399)
117,669
1,415,084
74,675
—
Templeton
Foreign
Fund,
Class
R6
1,257,276
250,517
(102,525)
2,039
28,389
1,435,696
179,462
—
Western
Asset
Core
Plus
Bond
Fund,
Class
IS
............
293,346
196,744
(46,202)
(639)
(10,416)
432,833
47,150
6,975
Total
Non-Controlled
Affiliates
$31,486,303
$6,361,432
$(5,342,629)
$45,181
$3,729,608
$36,279,895
$176,310
Total
Affiliated
Securities
....
$31,486,303
$6,361,432
$(5,342,629)
$45,181
$3,729,608
$36,279,895
$176,310
Franklin
LifeSmart™
2060
Retirement
Target
Fund
Non-Controlled
Affiliates
ClearBridge
International
Growth
Fund,
Class
IS
............
121,671
35,593
(3,628)
(31)
9,889
163,494
2,498
—
ClearBridge
Large
Cap
Value
Fund,
Class
IS
.................
271,967
97,381
(10,568)
(131)
8,950
367,599
8,775
2,502
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
...........
258,560
94,672
(22,632)
(4,988)
33,206
358,818
34,502
1,139
Franklin
Growth
Fund,
Class
R6
.
656,526
165,728
(53,079)
(1,683)
104,939
872,431
6,153
—
Franklin
International
Core
Equity
(IU)
Fund
................
795,474
254,323
(45,728)
(1,069)
53,994
1,056,994
85,725
7,839
Franklin
Systematic
Style
Premia
ETF
....................
46,418
12,878
(563)
(3)
4,432
63,162
2,669
—
Franklin
U.S.
Core
Bond
ETF
...
42,159
44,244
(11,707)
(58)
(683)
73,955
3,500
822
Franklin
U.S.
Core
Equity
(IU)
Fund
1,150,996
298,982
(120,357)
767
232,881
1,563,269
91,634
8,369
Franklin
U.S.
Equity
Index
ETF
.
440,132
131,535
(48,486)
380
72,084
595,645
12,500
3,203
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
...............
339,051
85,400
(31,524)
519
59,809
453,255
8,155
2,073
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.972%
......
94,853
674,526
(672,461)
—
—
96,918
96,918
1,704
Templeton
Developing
Markets
Trust,
Class
R6
............
191,056
70,457
(33,776)
(4,388)
19,050
242,399
12,791
—
Templeton
Foreign
Fund,
Class
R6
182,664
78,910
(20,300)
(251)
4,904
245,927
30,741
—
Western
Asset
Core
Plus
Bond
Fund,
Class
IS
............
42,616
42,455
(9,239)
(95)
(1,600)
74,137
8,076
1,123
Total
Non-Controlled
Affiliates
$4,634,143
$2,087,084
$(1,084,048)
$(11,031)
$601,855
$6,228,003
$28,774
Total
Affiliated
Securities
....
$4,634,143
$2,087,084
$(1,084,048)
$(11,031)
$601,855
$6,228,003
$28,774
3.
Transactions
with
Affiliates
(continued)
f.
Investments
in
FT
Underlying
Funds
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Financial
Statements
(unaudited)
106
franklintempleton.com
Semiannual
Report
g.
Waiver
and
Expense
Reimbursements
Advisers
has
contractually
agreed
in
advance
to
waive
or
limit
its
fees
and
to
assume
as
its
own
expense
certain
expenses
otherwise
payable
by
Franklin
LifeSmart
TM
Retirement
Income
Fund
so
that
the
operating
expenses
(excluding
interest
expense,
distribution
fees,
acquired
fund
fees
and
expenses
and
certain
non-routine
expenses
or
costs,
including
those
relating
to
litigation,
indemnification,
reorganizations,
and
liquidations)
for
each
class
of
the
Fund do
not
exceed
0.05%
and
for
Class
R6
do
not
exceed
0.00%
based
on
the
average
net
assets
of
each
class
until
April
30,
2025.
Total
expenses
waived
or
paid
are
not
subject
to
recapture
subsequent
to
the
Fund's
fiscal
year
end.
Advisers
has
contractually
agreed
in
advance
to
waive
or
limit
its
fees
and
to
assume
as
its
own
expense
certain
expenses
otherwise
payable
by
the
Funds,
except
Franklin
LifeSmart
TM
Retirement
Income
Fund
so
that
the
operating
expenses
(excluding
interest
expense,
distribution
fees
and
certain
non-routine
expenses
or
costs,
including
those
relating
to
litigation,
indemnification,
reorganizations,
and
liquidations)
for
each
class
of
the
Funds do
not
exceed
0.45%
and
for
Class
R6
do
not
exceed
0.40%
based
on
the
average
net
assets
of
each
class
until
April
30,
2025.
Total
expenses
waived
or
paid
are
not
subject
to
recapture
subsequent
to
the
Funds'
fiscal
year
end.
Transfer
agent
fees
on
Class
R6
shares
of
the
Funds have
been
capped
so
that
transfer
agent
fees
for
that
class
do
not
exceed
0.00%
based
on
the
average
net
assets
of
the
class
until
April
30,
2025.
h.
Other
Affiliated
Transactions
At
June
30,
2024, Templeton
International
Inc.
owned
17.0%
of
Franklin
LifeSmart
TM
2060
Retirement
Target
Fund’s
outstanding
shares.
4.
Income
Taxes
For
tax
purposes,
capital
losses
may
be
carried
over
to
offset
future
capital
gains.
At
December
31,
2023,
the
capital
loss
carryforwards
were
as
follows:
a
Dividend
income
includes
capital
gain
distributions
received,
if
any,
from
underlying
funds,
and
are
presented
in
corresponding
line
item
in
the
Statements
of
Operations.
Franklin
LifeSmart™
Retirement
Income
Fund
Franklin
LifeSmart™
2020
Retirement
Target
Fund
Franklin
LifeSmart™
2025
Retirement
Target
Fund
Franklin
LifeSmart™
2030
Retirement
Target
Fund
1
1
1
1
1
Capital
loss
carryforwards
not
subject
to
expiration:
Short
term
.............................
$
642,753
$
98,824
$
—
$
1,051,478
Long
term
.............................
2,444,533
342,746
431,506
256,154
Total
capital
loss
carryforwards
............
$3,087,286
$441,570
$431,506
$1,307,632
3.
Transactions
with
Affiliates
(continued)
f.
Investments
in
FT
Underlying
Funds
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Financial
Statements
(unaudited)
107
franklintempleton.com
Semiannual
Report
At
June
30,
2024,
the
cost
of
investments
and
net
unrealized
appreciation
(depreciation) for
income
tax
purposes
were
as
follows:
Differences
between
income
and/or
capital
gains
as
determined
on
a
book
basis
and
a
tax
basis
are
primarily
due
to
differing
treatments
of
wash
sales
and
regulated
investment
companies.
Franklin
LifeSmart™
2045
Retirement
Target
Fund
Franklin
LifeSmart™
2050
Retirement
Target
Fund
Franklin
LifeSmart™
2055
Retirement
Target
Fund
Franklin
LifeSmart™
2060
Retirement
Target
Fund
1
1
1
1
1
Capital
loss
carryforwards
not
subject
to
expiration:
Short
term
.............................
$
—
$
50,996
$
28,758
$
198
Long
term
.............................
2,820
18,874
—
—
Total
capital
loss
carryforwards
............
$2,820
$69,870
$28,758
$198
Franklin
LifeSmart™
Retirement
Income
Fund
Franklin
LifeSmart™
2020
Retirement
Target
Fund
Franklin
LifeSmart™
2025
Retirement
Target
Fund
Franklin
LifeSmart™
2030
Retirement
Target
Fund
a
a
a
a
a
Cost
of
investments
.......................
$46,376,676
$25,681,144
$99,217,252
$61,318,909
Unrealized
appreciation
.....................
$2,302,600
$4,078,387
$21,294,550
$14,020,703
Unrealized
depreciation
.....................
(4,131,660)
(2,307,715)
(7,561,854)
(3,244,129)
Net
unrealized
appreciation
(depreciation)
.......
$(1,829,060)
$1,770,672
$13,732,696
$10,776,574
Franklin
LifeSmart™
2035
Retirement
Target
Fund
Franklin
LifeSmart™
2040
Retirement
Target
Fund
Franklin
LifeSmart™
2045
Retirement
Target
Fund
Franklin
LifeSmart™
2050
Retirement
Target
Fund
a
a
a
a
a
Cost
of
investments
.......................
$111,559,367
$46,669,124
$75,288,871
$40,635,777
Unrealized
appreciation
.....................
$31,404,384
$13,403,678
$26,524,573
$12,979,836
Unrealized
depreciation
.....................
(4,891,710)
(1,059,109)
(1,410,980)
(435,017)
Net
unrealized
appreciation
(depreciation)
.......
$26,512,674
$12,344,569
$25,113,593
$12,544,819
Franklin
LifeSmart™
2055
Retirement
Target
Fund
Franklin
LifeSmart™
2060
Retirement
Target
Fund
a
a
a
Cost
of
investments
.........................................................
$29,782,822
$5,756,106
Unrealized
appreciation
.......................................................
$9,215,178
$982,954
Unrealized
depreciation
.......................................................
(448,169)
(120,881)
Net
unrealized
appreciation
(depreciation)
.........................................
$8,767,009
$862,073
4.
Income
Taxes
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Financial
Statements
(unaudited)
108
franklintempleton.com
Semiannual
Report
5.
Investment
Transactions
Purchases
and
sales
of
investments
(excluding
short
term
securities)
for
the
period
ended
June
30,
2024,
were
as
follows:
6.
Credit
Facility
The
Funds,
together
with
other
U.S.
registered
and
foreign
investment
funds
(collectively,
Borrowers),
managed
by
Franklin
Templeton,
are
borrowers
in
a
joint
syndicated
senior
unsecured
credit
facility
totaling
$2.675
billion
(Global
Credit
Facility)
which
matures
on
January
31,
2025.
This
Global
Credit
Facility
provides
a
source
of
funds
to
the
Borrowers
for
temporary
and
emergency
purposes,
including
the
ability
to
meet
future
unanticipated
or
unusually
large
redemption
requests.
Under
the
terms
of
the
Global
Credit
Facility,
the
Funds
shall,
in
addition
to
interest
charged
on
any
borrowings
made
by
the
Funds
and
other
costs
incurred
by
the
Funds,
pay
their
share
of
fees
and
expenses
incurred
in
connection
with
the
implementation
and
maintenance
of
the
Global
Credit
Facility,
based
upon
their
relative
share
of
the
aggregate
net
assets
of
all
of
the
Borrowers,
including
an
annual
commitment
fee
of
0.15%
based
upon
the
unused
portion
of
the
Global
Credit
Facility.
These
fees
are
reflected
in
other
expenses
in
the
Statements
of
Operations.
During
the
period ended
June
30,
2024,
the
Funds
did
not
use
the
Global
Credit
Facility.
7.
Fair
Value
Measurements
The Funds
follow
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Funds'
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the Funds' financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Franklin
LifeSmart™
Retirement
Income
Fund
Franklin
LifeSmart™
2020
Retirement
Target
Fund
Franklin
LifeSmart™
2025
Retirement
Target
Fund
Franklin
LifeSmart™
2030
Retirement
Target
Fund
Purchases
..............................
$3,148,378
$3,691,141
$13,342,753
$10,572,413
Sales
..................................
$6,265,360
$8,178,103
$20,566,533
$8,901,375
Franklin
LifeSmart™
2035
Retirement
Target
Fund
Franklin
LifeSmart™
2040
Retirement
Target
Fund
Franklin
LifeSmart™
2045
Retirement
Target
Fund
Franklin
LifeSmart™
2050
Retirement
Target
Fund
Purchases
..............................
$16,347,975
$6,743,412
$9,655,850
$8,569,740
Sales
..................................
$16,176,319
$6,358,574
$9,233,370
$3,549,632
Franklin
LifeSmart™
2055
Retirement
Target
Fund
Franklin
LifeSmart™
2060
Retirement
Target
Fund
Purchases
................................................................
$4,548,413
$1,660,241
Sales
....................................................................
$3,455,301
$552,818
Franklin
Fund
Allocator
Series
Notes
to
Financial
Statements
(unaudited)
109
franklintempleton.com
Semiannual
Report
Level
3
–
significant
unobservable
inputs
(including
the Funds'
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
June
30,
2024,
in
valuing
the
Funds'
assets carried
at
fair
value,
is
as
follows:
Level
1
Level
2
Level
3
Total
Franklin
LifeSmart™
Retirement
Income
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
...........................
$
41,266,029
$
—
$
—
$
41,266,029
Index-Linked
Notes
Capital
Markets
........................
—
—
2,215,812
2,215,812
Short
Term
Investments
...................
1,065,775
—
—
1,065,775
Total
Investments
in
Securities
...........
$42,331,804
$—
$2,215,812
$44,547,616
Franklin
LifeSmart™
2020
Retirement
Target
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
...........................
27,240,713
—
—
27,240,713
Short
Term
Investments
...................
211,103
—
—
211,103
Total
Investments
in
Securities
...........
$27,451,816
$—
$—
$27,451,816
Franklin
LifeSmart™
2025
Retirement
Target
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
...........................
111,909,441
—
—
111,909,441
Short
Term
Investments
...................
1,040,507
—
—
1,040,507
Total
Investments
in
Securities
...........
$112,949,948
$—
$—
$112,949,948
Franklin
LifeSmart™
2030
Retirement
Target
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
...........................
71,260,217
—
—
71,260,217
Short
Term
Investments
...................
817,161
18,105
—
835,266
Total
Investments
in
Securities
...........
$72,077,378
$18,105
$—
$72,095,483
Franklin
LifeSmart™
2035
Retirement
Target
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
...........................
136,833,745
—
—
136,833,745
Short
Term
Investments
...................
1,164,697
73,599
—
1,238,296
Total
Investments
in
Securities
...........
$137,998,442
$73,599
$—
$138,072,041
Franklin
LifeSmart™
2040
Retirement
Target
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
...........................
58,437,667
—
—
58,437,667
Short
Term
Investments
...................
502,276
73,750
—
576,026
Total
Investments
in
Securities
...........
$58,939,943
$73,750
$—
$59,013,693
7.
Fair
Value
Measurements
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Financial
Statements
(unaudited)
110
franklintempleton.com
Semiannual
Report
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the
period.
At
June
30,
2024,
the
reconciliation
is
as
follows:
Level
1
Level
2
Level
3
Total
Franklin
LifeSmart™
2045
Retirement
Target
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
...........................
$
99,307,054
$
—
$
—
$
99,307,054
Short
Term
Investments
...................
1,029,235
66,175
—
1,095,410
Total
Investments
in
Securities
...........
$100,336,289
$66,175
$—
$100,402,464
Franklin
LifeSmart™
2050
Retirement
Target
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
...........................
52,498,293
—
—
52,498,293
Short
Term
Investments
...................
658,129
24,174
—
682,303
Total
Investments
in
Securities
...........
$53,156,422
$24,174
$—
$53,180,596
Franklin
LifeSmart™
2055
Retirement
Target
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
...........................
38,077,682
—
—
38,077,682
Short
Term
Investments
...................
472,149
—
—
472,149
Total
Investments
in
Securities
...........
$38,549,831
$—
$—
$38,549,831
Franklin
LifeSmart™
2060
Retirement
Target
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
...........................
6,521,261
—
—
6,521,261
Short
Term
Investments
...................
96,918
—
—
96,918
Total
Investments
in
Securities
...........
$6,618,179
$—
$—
$6,618,179
a
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
Balance
at
Beginning
of
Period
Purchases
a
Sales
b
Transfer
Into
Level
3
Transfer
Out
of
Level
3
Net
Accretion
(Amortiza-
tion)
Net
Realized
Gain
(Loss)
Net
Unr
ealized
Appreciatio
n
(
Depreciation
)
Balance
at
End
of
Period
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Assets
Held
at
Period
End
a
a
a
a
a
a
a
a
a
a
a
Franklin
LifeSmart™
Retirement
Income
Fund
Assets:
Investments
in
Securities:
Index-Linked
Notes
:
Capital
Markets
.....
$
2,270,512
$
2,099,710
$
(2,335,175)
$
—
$
—
$
—
$
235,262
$
(54,497)
$
2,215,812
$
116,103
Total
Investments
in
Securities
............
$2,270,512
$2,099,710
$(2,335,175)
$—
$—
$—
$235,262
$(54,497)
$2,215,812
$116,103
a
Purchases
include
all
purchases
of
securities
and
securities
received
in
corporate
actions.
b
Sales
include
all
sales
of
securities,
maturities,
paydowns
and
securities
tendered
in
corporate
actions.
7.
Fair
Value
Measurements
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Financial
Statements
(unaudited)
111
franklintempleton.com
Semiannual
Report
The
Level
3
financial
instruments
for
Franklin
LifeSmart
TM
Retirement
Income
Fund,
include
fair
value
of
immaterial
assets
and/or
liabilities
developed
using
various
valuation
techniques
and
unobservable
inputs.
May
also
include
values
derived
using
recent
transactions,
private
transaction
prices
or
non-public
third-party
pricing
information
which
is
unobservable.
8.
Subsequent
Events
The
Funds
have
evaluated
subsequent
events
through
the
issuance
of
the
financial
statements
and
determined
that
no
events
have
occurred
that
require
disclosure.
Abbreviations
Selected
Portfolio
ETF
Exchange-Traded
Fund
7.
Fair
Value
Measurements
(continued)
Franklin
Fund
Allocator
Series
112
franklintempleton.com
Semiannual
Report
FRANKLIN
FUND
ALLOCATOR
SERIES
Franklin
LifeSmart
Retirement
Income
Fund
Franklin
LifeSmart
2020
Retirement
Target
Fund
Franklin
LifeSmart
2025
Retirement
Target
Fund
Franklin
LifeSmart
2030
Retirement
Target
Fund
Franklin
LifeSmart
2035
Retirement
Target
Fund
Franklin
LifeSmart
2040
Retirement
Target
Fund
Franklin
LifeSmart
2045
Retirement
Target
Fund
Franklin
LifeSmart
2050
Retirement
Target
Fund
Franklin
LifeSmart
2055
Retirement
Target
Fund
Franklin
LifeSmart
2060
Retirement
Target
Fund
(each
a
Fund)
At
an
in-person
meeting
held
on
May
22,
2024
(Meeting),
the
Board
of
Trustees
(Board)
of
Franklin
Fund
Allocator
Series
(Trust),
including
a
majority
of
the
trustees
who
are
not
“interested
persons”
(Independent
Trustees)
as
defined
in
the
Investment
Company
Act
of
1940
(1940
Act),
reviewed
and
approved
the
continuance
of
the
investment
management
agreements
between
Franklin
Advisers,
Inc.
(Manager)
and
the
Trust,
on
behalf
of
each
Fund
(each
a
Management
Agreement)
for
an
additional
one-year
period.
The
Independent
Trustees
received
advice
from
and
met
separately
with
Independent
Trustee
counsel
in
considering
whether
to
approve
the
continuation
of
each
Management
Agreement.
Although
the
Management
Agreements
for
the
Funds
were
considered
at
the
same
Board
meeting,
the
Board
considered
the
information
provided
to
it
about
the
Funds
together
and
with
respect
to
each
Fund
separately
as
the
Board
deemed
appropriate.
In
considering
the
continuation
of
each
Management
Agreement,
the
Board
reviewed
and
considered
information
provided
by
the
Manager
at
the
Meeting
and
throughout
the
year
at
meetings
of
the
Board
and
its
committees.
The
Board
also
reviewed
and
considered
information
provided
in
response
to
a
detailed
set
of
requests
for
information
submitted
to
the
Manager
by
Independent
Trustee
counsel
on
behalf
of
the
Independent
Trustees
in
connection
with
the
annual
contract
renewal
process.
In
addition,
prior
to
the
Meeting,
the
Independent
Trustees
held
a
virtual
contract
renewal
meeting
at
which
the
Independent
Trustees
first
conferred
amongst
themselves
and
Independent
Trustee
counsel
about
contract
renewal
matters,
and
then
Changes
In
and
Disagreements
with
Accountants
For
the
period
covered
by
this
report
Not
applicable.
Results
of
Meeting(s)
of
Shareholders
For
the
period
covered
by
this
report
Not
applicable.
Remuneration
Paid
to
Directors,
Officers
and
Others
For
the
period
covered
by
this
report
Refer
to
the
financial
statements
included
herein.
Board
Approval
of
Management
and
Subadvisory
Agreements
For
the
period
covered
by
this
report
Franklin
Fund
Allocator
Series
113
franklintempleton.com
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Report
met
with
management
to
request
additional
information
that
the
Independent
Trustees
reviewed
and
considered
prior
to
and
at
the
Meeting.
The
Board
reviewed
and
considered
all
of
the
factors
it
deemed
relevant
in
approving
the
continuance
of
each
Management
Agreement,
including,
but
not
limited
to:
(i)
the
nature,
extent
and
quality
of
the
services
provided
by
the
Manager;
(ii)
the
investment
performance
of
each
Fund;
(iii)
the
costs
of
the
services
provided
and
profits
realized
by
the
Manager
and
its
affiliates
from
the
relationship
with
each
Fund;
(iv)
the
extent
to
which
economies
of
scale
are
realized
as
each
Fund
grows;
and
(v)
whether
fee
levels
reflect
these
economies
of
scale
for
the
benefit
of
Fund
investors.
In
approving
the
continuance
of
each
Management
Agreement,
the
Board,
including
a
majority
of
the
Independent
Trustees,
determined,
through
the
exercise
of
its
business
judgment,
that
the
terms
of
each
Management
Agreement
are
fair
and
reasonable
and
that
the
continuance
of
the
Management
Agreement
is
in
the
best
interests
of
the
applicable
Fund
and
its
shareholders.
While
attention
was
given
to
all
information
furnished,
the
following
discusses
some
primary
factors
relevant
to
the
Board’s
determination.
Nature,
Extent
and
Quality
of
Services
The
Board
reviewed
and
considered
information
regarding
the
nature,
extent
and
quality
of
investment
management
services
provided
by
the
Manager
and
its
affiliates
to
the
Funds
and
their
shareholders.
This
information
included,
among
other
things,
the
qualifications,
background
and
experience
of
the
senior
management
and
investment
personnel
of
the
Manager,
as
well
as
information
on
succession
planning
where
appropriate;
the
structure
of
investment
personnel
compensation;
oversight
of
third-
party
service
providers;
investment
performance
reports
and
related
financial
information
for
each
Fund;
reports
on
expenses
and
shareholder
services;
legal
and
compliance
matters;
risk
controls;
pricing
and
other
services
provided
by
the
Manager
and
its
affiliates;
and
management
fees
charged
by
the
Manager
and
its
affiliates
to
US
funds
and
other
accounts,
including
management’s
explanation
of
differences
among
accounts
where
relevant.
The
Board
also
reviewed
and
considered
an
annual
report
on
payments
made
by
Franklin
Templeton
(FT)
or
the
Funds
to
financial
intermediaries,
as
well
as
a
memorandum
relating
to
third-party
servicing
arrangements.
The
Board
acknowledged
the
ongoing
integration
of
the
Putnam
family
of
funds
into
the
FT
family
of
funds
and
management’s
continued
development
of
strategies
to
address
areas
of
heightened
concern
in
the
mutual
fund
industry,
including
various
regulatory
initiatives
and
continuing
geopolitical
concerns.
The
Board
also
reviewed
and
considered
the
benefits
provided
to
Fund
shareholders
of
investing
in
a
fund
that
is
part
of
the
FT
family
of
funds.
The
Board
noted
the
financial
position
of
Franklin
Resources,
Inc.
(FRI),
the
Manager’s
parent,
and
its
commitment
to
the
mutual
fund
business
as
evidenced
by
its
continued
reassessment
of
the
fund
offerings
in
response
to
FT
acquisitions
and
the
market
environment,
as
well
as
project
initiatives
and
capital
investments
relating
to
the
services
provided
to
the
Funds
by
the
FT
organization.
The
Board
specifically
noted
FT’s
commitment
to
technological
innovation
and
advancement,
including
its
initiative
to
create
a
new
enterprise-wide
artificial
intelligence
platform.
Following
consideration
of
such
information,
the
Board
was
satisfied
with
the
nature,
extent
and
quality
of
services
provided
by
the
Manager
and
its
affiliates
to
the
Funds
and
their
shareholders.
Fund
Performance
The
Board
reviewed
and
considered
the
performance
results
of
each
Fund
over
various
time
periods
ended
December
31,
2023.
The
Board
considered
the
performance
returns
for
each
Fund
in
comparison
to
the
performance
returns
of
mutual
funds
deemed
comparable
to
the
Fund
included
in
a
universe
(Performance
Universe)
selected
by
Broadridge
Financial
Solutions,
Inc.
(Broadridge),
an
independent
provider
of
investment
company
data.
The
Board
received
a
description
of
the
methodology
used
by
Broadridge
to
select
the
mutual
funds
included
in
a
Performance
Universe.
The
Board
also
reviewed
and
considered
Fund
performance
reports
provided
and
discussions
that
occurred
with
portfolio
managers
at
Board
meetings
throughout
the
year.
A
summary
of
each
Fund’s
performance
results
is
below.
Franklin
LifeSmart
Retirement
Income
Fund
-
The
Performance
Universe
for
the
Fund
included
the
Fund
and
all
retail
and
institutional
retirement
income
funds.
The
Board
noted
that
the
Fund’s
annualized
income
return
for
the
one-,
three-,
five-
and
10-year
periods
was
above
the
median
of
its
Performance
Universe.
The
Board
also
noted
that
the
Fund’s
annualized
total
return
for
the
one-
and
three-year
periods
was
above
the
median
of
its
Performance
Universe,
but
for
the
five-
and
10-year
Franklin
Fund
Allocator
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periods
was
below
the
median
of
its
Performance
Universe.
The
Board
further
noted
management’s
view
regarding
the
income-related
attributes
of
the
Fund
(e.g.,
a
fund’s
investment
objective)
as
set
forth
in
the
Fund’s
registration
statement
and
that
the
evaluation
of
the
Fund’s
performance
relative
to
its
peers
on
an
income
return
basis
was
appropriate
given
these
attributes.
The
Board
concluded
that
the
Fund’s
performance
was
satisfactory.
Franklin
LifeSmart
2020
Retirement
Target
Fund
-
The
Performance
Universe
for
the
Fund
included
the
Fund
and
all
retail
and
institutional
mixed-asset
target
2020
funds.
The
Board
noted
that
the
Fund’s
annualized
total
return
for
the
one-year
period
was
above
the
median
of
its
Performance
Universe,
but
for
the
three-,
five-
and
10-year
periods
was
below
the
median
of
its
Performance
Universe.
The
Board
discussed
this
performance
with
management
and
management
explained
that
prior
to
May
1,
2019,
the
Fund’s
glide
path
was
one
of
the
most
conservative
amongst
its
peers
but
since
the
adoption
of
the
new
glide
path
performance
relative
to
peers
has
improved.
Management
further
explained
that
investment
selection
had
been
a
main
detractor
of
Fund
performance
over
the
longer
period,
primarily
in
the
growth
equity
portion
of
the
Fund’s
portfolio,
and
that
the
Fund
had
a
higher
allocation
to
non-US
securities
relative
to
peers
which
have
underperformed
US
securities
over
the
last
several
years.
Management
discussed
with
the
Board
the
actions
that
are
being
taken/have
been
taken
in
an
effort
to
improve
the
overall
performance
of
the
Fund,
including
enhancements
the
portfolio
management
team
has
made
and
continues
to
make
to
the
Fund’s
portfolio
construction
and
the
continual
review
of
the
Fund’s
glide
path
to
ensure
consistency
with
peer
averages.
The
Board
noted
that,
although
below
median
for
certain
periods,
the
Fund’s
annualized
total
return
was
positive
for
all
periods.
The
Board
concluded
that
the
Fund’s
Management
Agreement
should
be
continued
for
an
additional
one-year
period,
while
management’s
efforts
continue
to
be
closely
monitored.
Franklin
LifeSmart
2025
Retirement
Target
Fund
and
Franklin
LifeSmart
2030
Retirement
Target
Fund
-
The
Performance
Universe
for
each
of
the
Franklin
LifeSmart
2025
Retirement
Target
Fund
and
Franklin
LifeSmart
2030
Retirement
Target
Fund
included
the
Fund
and
all
retail
and
institutional
mixed-asset
target
2025
funds
or
2030
funds,
respectively.
The
Board
noted
that
each
Fund’s
annualized
total
return
for
the
one-
and
three-year
periods
was
above
the
median
of
its
respective
Performance
Universe,
but
for
the
five-
and
10-year
periods
was
below
the
median
of
its
respective
Performance
Universe.
The
Board
concluded
that
the
Funds’
performance
was
satisfactory.
Franklin
LifeSmart
2035
Retirement
Target
Fund,
Franklin
LifeSmart
2040
Retirement
Target
Fund
and
Franklin
LifeSmart
2050
Retirement
Target
Fund
-
The
Performance
Universe
for
each
of
the
Franklin
LifeSmart
2035
Retirement
Target
Fund,
the
Franklin
LifeSmart
2040
Retirement
Target
Fund
and
Franklin
LifeSmart
2050
Retirement
Target
Fund
included
the
Fund
and
all
retail
and
institutional
mixed-asset
target
2035
funds,
2040
funds
or
2050
funds,
respectively.
The
Board
noted
that
each
Fund’s
annualized
total
return
for
the
three-year
period
was
above
the
median
of
its
respective
Performance
Universe,
but
for
the
one-,
five-
and
10-year
periods
was
below
the
median
of
its
respective
Performance
Universe.
The
Board
discussed
this
performance
with
management
and
management
explained
that
prior
to
May
1,
2019,
each
Fund’s
glide
path
was
one
of
the
most
conservative
amongst
its
peers
but
since
the
adoption
of
the
new
glide
path
performance
relative
to
peers
has
improved,
until
the
current
year
with
respect
to
the
Franklin
LifeSmart
2040
Retirement
Target
Fund
and
Franklin
LifeSmart
2050
Retirement
Targe
Fund
when
the
impact
of
the
underperformance
of
the
equity
sleeve
negatively
impacted
performance.
Management
further
explained
that
investment
selection
had
been
a
main
detractor
of
Fund
performance
over
the
longer
period,
primarily
in
the
growth
equity
portion
of
each
Fund’s
portfolio,
and
that
the
Fund
had
a
higher
allocation
to
non-US
securities
relative
to
peers
which
have
underperformed
US
securities
over
the
last
several
years.
Management
discussed
with
the
Board
the
actions
that
are
being
taken/have
been
taken
in
an
effort
to
improve
the
overall
performance
of
each
Fund,
including
enhancements
the
portfolio
management
team
has
made
and
continues
to
make
to
the
Fund’s
portfolio
construction
and
the
continual
review
of
the
Fund’s
glide
path
to
ensure
consistency
with
peer
averages.
The
Board
also
noted
that,
although
below
the
median,
each
Fund’s
annualized
total
return
for
the
one-year
period
was
above
16.00%.
The
Board
concluded
that
each
Fund’s
Management
Agreement
should
be
continued
for
an
additional
one-year
period,
while
management’s
efforts
continue
to
be
closely
monitored.
Franklin
LifeSmart
2045
Retirement
Target
Fund
-
The
Performance
Universe
for
the
Fund
included
the
Fund
and
all
retail
and
institutional
mixed-asset
target
2045
funds.
The
Board
noted
that
the
Fund’s
annualized
total
return
for
the
one-,
three-,
five-
and
10-year
periods
was
below
the
median
of
its
Performance
Universe.
The
Board
discussed
this
performance
with
management
and
management
explained
that
prior
to
May
1,
2019,
the
Fund’s
glide
path
was
one
of
the
most
conservative
Franklin
Fund
Allocator
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Report
amongst
its
peers,
and
that
the
Fund
had
a
higher
allocation
to
non-US
securities
relative
to
peers
which
have
underperformed
US
securities
over
the
last
several
years.
Management
further
explained
that
investment
selection
had
been
a
main
detractor
of
Fund
performance
over
the
longer
period,
primarily
in
the
growth
equity
portion
of
the
Fund’s
portfolio.
Management
discussed
with
the
Board
the
actions
that
are
being
taken/have
been
taken
in
an
effort
to
improve
the
overall
performance
of
the
Fund,
including
enhancements
the
portfolio
management
team
has
made
and
continues
to
make
to
the
Fund’s
portfolio
construction
and
the
continual
review
of
the
Fund’s
glide
path
to
ensure
consistency
with
peer
averages.
The
Board
noted
that,
although
below
median,
the
Fund’s
annualized
total
return
for
the
one-,
three-,
five-
and
10-year
reporting
periods
were
18.65%,
4.57%,
10.12%
and
6.56%,
respectively.
The
Board
concluded
that
the
Fund’s
Management
Agreement
should
be
continued
for
an
additional
one-year
period,
while
management’s
efforts
continue
to
be
closely
monitored.
Franklin
LifeSmart
2055
Retirement
Target
Fund
-
The
Performance
Universe
for
the
Fund
included
the
Fund
and
all
retail
and
institutional
mixed-asset
target
2055
funds.
The
Fund
commenced
operations
on
May
1,
2015,
thus
the
Fund
has
been
in
operation
for
less
than
ten
years.
The
Board
noted
that
the
Fund’s
annualized
total
return
for
the
three-year
period
was
above
the
median
of
its
Performance
Universe,
but
for
the
one-
and
five-year
periods
was
below
the
median
of
its
Performance
Universe,
although
the
returns
were
19.32%
and
10.38%,
respectively.
The
Board
discussed
this
performance
with
management
and
management
explained
that
prior
to
May
1,
2019,
the
Fund’s
glide
path
was
one
of
the
most
conservative
amongst
its
peers
but
since
the
adoption
of
the
new
glide
path
performance
relative
to
peers
had
improved
until
the
current
year
when
the
impact
of
the
underperformance
of
the
equity
sleeve
negatively
impacted
performance.
Management
further
explained
that
investment
selection
had
been
a
main
detractor
of
Fund
performance
over
the
longer
period,
primarily
in
the
growth
equity
portion
of
the
Fund’s
portfolio,
and
that
the
Fund
had
a
higher
allocation
to
non-US
securities
relative
to
peers
which
have
underperformed
US
securities
over
the
last
several
years.
Management
discussed
with
the
Board
the
actions
that
are
being
taken/have
been
taken
in
an
effort
to
improve
the
overall
performance
of
the
Fund,
including
enhancements
the
portfolio
management
team
has
made
and
continues
to
make
to
the
Fund’s
portfolio
construction
and
the
continual
review
of
the
Fund’s
glide
path
to
ensure
consistency
with
peer
averages.
The
Board
concluded
that
the
Fund’s
Management
Agreement
should
be
continued
for
an
additional
one-year
period,
while
management’s
efforts
continue
to
be
closely
monitored.
Franklin
LifeSmart
2060
Retirement
Target
Fund
-
The
Performance
Universe
for
the
Fund
included
the
Fund
and
all
retail
and
institutional
mixed-asset
target
2060
funds.
The
Fund
commenced
operations
on
January
29,
2021,
thus
the
Fund
has
been
in
operation
for
less
than
three
years.
The
Board
noted
that
the
Fund’s
annualized
total
return
for
the
one-year
period
was
below
the
median
of
its
Performance
Universe.
The
Board
further
noted
the
Fund’s
short
operating
history,
that
the
Fund’s
return
for
the
one-year
period
was
18.80%
and
that
the
Fund’s
total
return
for
2022
was
in
the
second
quintile
of
its
Performance
Universe.
The
Board
concluded
that
the
Fund’s
performance
was
acceptable.
Comparative
Fees
and
Expenses
The
Board
reviewed
and
considered
information
regarding
each
Fund’s
actual
total
expense
ratio
and
its
various
components,
including,
as
applicable,
management
fees;
transfer
agent
expenses;
underlying
fund
expenses;
Rule
12b-1
and
non-Rule
12b-1
service
fees;
and
other
non-management
fees.
The
Board
also
noted
the
quarterly
and
annual
reports
it
receives
on
all
marketing
support
payments
made
by
FT
to
financial
intermediaries.
The
Board
considered
the
actual
total
expense
ratio
and,
separately,
the
contractual
management
fee
rate,
without
the
effect
of
fee
waivers,
if
any
(Management
Rate)
of
each
Fund
in
comparison
to
the
median
expense
ratio
and
median
Management
Rate,
respectively,
of
other
mutual
funds
deemed
comparable
to
and
with
a
similar
expense
structure
to
the
Fund
selected
by
Broadridge
(Expense
Group).
Broadridge
fee
and
expense
data
is
based
upon
information
taken
from
each
fund’s
most
recent
annual
or
semi-annual
report,
which
reflects
historical
asset
levels
that
may
be
quite
different
from
those
currently
existing,
particularly
in
a
period
of
market
volatility.
While
recognizing
such
inherent
limitation
and
the
fact
that
expense
ratios
and
Management
Rates
generally
increase
as
assets
decline
and
decrease
as
assets
grow,
the
Board
believed
the
independent
analysis
conducted
by
Broadridge
to
be
an
appropriate
measure
of
comparative
fees
and
expenses.
The
Broadridge
Management
Rate
includes
administrative
charges,
and
the
actual
total
expense
ratio,
for
comparative
consistency,
was
shown
for
Class
A
shares
of
each
Fund
and
for
each
other
fund
in
the
applicable
Expense
Group.
The
Board
received
a
description
of
the
methodology
used
by
Broadridge
to
select
the
mutual
funds
included
in
an
Expense
Group.
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Fund
Allocator
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116
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Report
Franklin
LifeSmart
Retirement
Income
Fund,
Franklin
LifeSmart
2020
Retirement
Target
Fund,
Franklin
LifeSmart
2025
Retirement
Target
Fund,
Franklin
LifeSmart
2035
Retirement
Target
Fund,
Franklin
LifeSmart
2045
Retirement
Target
Fund,
Franklin
LifeSmart
2055
Retirement
Target
Fund
and
Franklin
LifeSmart
2060
Retirement
Target
Fund
-
The
Expense
Group
for
the
Franklin
LifeSmart
Retirement
Income
Fund
included
the
Fund
and
10
mixed-asset
target
today
funds.
The
Expense
Group
for
the
Franklin
LifeSmart
2020
Retirement
Target
Fund
included
the
Fund
and
seven
other
mixed-asset
target
2020
funds.
The
Expense
Group
for
each
of
the
Franklin
LifeSmart
2025
Retirement
Target
Fund,
Franklin
LifeSmart
2035
Retirement
Target
Fund,
Franklin
LifeSmart
2045
Retirement
Target
Fund,
Franklin
LifeSmart
2055
Retirement
Target
Fund
and
Franklin
LifeSmart
2060
Retirement
Target
Fund
included
the
Fund
and
11
other
mixed-asset
target
2025
funds,
2035
funds,
2045
funds,
2055
funds
or
2060
funds,
respectively.
The
Board
noted
that
the
Management
Rates
and
actual
total
expense
ratios
for
these
Funds
were
below
the
medians
of
their
respective
Expense
Groups.
The
Board
also
noted
that
each
Fund’s
actual
total
expense
ratio
reflected
an
expense
cap
on
operating
expenses.
The
Board
further
noted
that
the
Management
Rate
paid
by
each
Fund
(other
than
the
Franklin
LifeSmart
Retirement
Income
Fund)
is
solely
for
asset
allocation
services
as
each
Fund
invests
primarily
in
underlying
funds.
The
Board
further
noted:
Franklin
LifeSmart
Retirement
Income
Fund
-
that
the
Fund
invests
in
third-party
mutual
funds
or
exchange-traded
funds
in
excess
of
the
statutory
limitations
under
the
1940
Act
in
reliance
on
Rule
12d1-4
under
the
1940
Act.
The
Board,
including
a
majority
of
the
Independent
Trustees,
determined
that
the
Management
Rate
paid
by
the
Fund
is
based
on
services
provided
that
are
in
addition
to,
rather
than
duplicative
of,
the
services
provided
under
the
investment
management
agreements
of
the
underlying
funds
in
which
the
Fund
invests.
Franklin
LifeSmart
2020
Retirement
Target
Fund
-
the
small
size
of
the
Fund’s
Expense
Group
for
the
Management
Rate
and
that
no
quintile
information
was
provided
for
the
Fund.
After
consideration
of
the
above,
the
Board
concluded
that
the
Management
Rate
charged
to
each
Fund
is
reasonable.
Franklin
LifeSmart
2030
Retirement
Target
Fund,
Franklin
LifeSmart
2040
Retirement
Target
Fund
and
Franklin
LifeSmart
2050
Retirement
Target
Fund
-
The
Expense
Group
for
each
of
the
Franklin
LifeSmart
2030
Retirement
Target
Fund,
Franklin
LifeSmart
2040
Retirement
Target
Fund
and
Franklin
LifeSmart
2050
Retirement
Target
Fund
included
the
Fund
and
12
other
mixed-asset
target
2030,
2040
or
2050
funds,
respectively.
The
Board
noted
that
the
Management
Rates
for
these
Funds
were
below
the
medians
of
their
respective
Expense
Groups,
and
the
actual
total
expense
ratios
for
these
Funds
were
equal
to
the
medians
of
their
respective
Expense
Groups.
The
Board
also
noted
that
each
Fund’s
actual
total
expense
ratio
reflected
an
expense
cap
on
operating
expenses.
The
Board
further
noted
that
the
Management
Rate
paid
by
each
Fund
is
solely
for
asset
allocation
services
as
each
Fund
invests
primarily
in
underlying
funds.
The
Board
concluded
that
the
Management
Rate
charged
to
each
Fund
is
reasonable.
Profitability
The
Board
reviewed
and
considered
information
regarding
the
profits
realized
by
the
Manager
and
its
affiliates
in
connection
with
the
operation
of
each
Fund.
In
this
respect,
the
Board
considered
the
Fund
profitability
analysis
provided
by
the
Manager
that
addresses
the
overall
profitability
of
FT’s
US
fund
business,
as
well
as
its
profits
in
providing
investment
management
and
other
services
to
each
of
the
individual
funds
during
the
12-month
period
ended
September
30,
2023,
being
the
most
recent
fiscal
year-end
for
FRI.
The
Board
noted
that
although
management
continually
makes
refinements
to
its
methodologies
used
in
calculating
profitability
in
response
to
organizational
and
product-related
changes,
the
overall
methodology
has
remained
consistent
with
that
used
in
the
Funds’
profitability
report
presentations
from
prior
years.
The
Board
also
noted
that
an
independent
registered
public
accounting
firm
has
been
engaged
by
the
Manager
to
periodically
review
and
assess
the
allocation
methodologies
to
be
used
solely
by
the
Funds’
Board
with
respect
to
the
profitability
analysis.
The
Board
noted
management’s
belief
that
costs
incurred
in
establishing
the
infrastructure
necessary
for
the
type
of
mutual
fund
operations
conducted
by
the
Manager
and
its
affiliates
may
not
be
fully
reflected
in
the
expenses
allocated
to
each
Fund
in
determining
its
profitability,
as
well
as
the
fact
that
the
level
of
profits,
to
a
certain
extent,
reflected
operational
cost
savings
and
efficiencies
initiated
by
management.
As
part
of
this
evaluation,
the
Board
considered
management’s
outsourcing
Franklin
Fund
Allocator
Series
117
franklintempleton.com
Semiannual
Report
of
certain
operations,
which
effort
has
required
considerable
up-front
expenditures
by
the
Manager
but,
over
the
long
run
is
expected
to
result
in
greater
efficiencies.
The
Board
also
noted
management’s
expenditures
in
improving
shareholder
services
provided
to
the
Funds,
as
well
as
the
need
to
implement
systems
and
meet
additional
regulatory
and
compliance
requirements
resulting
from
recent
US
Securities
and
Exchange
Commission
and
other
regulatory
requirements.
The
Board
also
considered
the
extent
to
which
the
Manager
and
its
affiliates
might
derive
ancillary
benefits
from
fund
operations,
including
revenues
generated
from
transfer
agent
services,
potential
benefits
resulting
from
personnel
and
systems
enhancements
necessitated
by
fund
growth,
as
well
as
increased
leverage
with
service
providers
and
counterparties.
Based
upon
its
consideration
of
all
these
factors,
the
Board
concluded
that
the
level
of
profits
realized
by
the
Manager
and
its
affiliates
from
providing
services
to
each
Fund
was
not
excessive
in
view
of
the
nature,
extent
and
quality
of
services
provided
to
each
Fund.
Economies
of
Scale
The
Board
reviewed
and
considered
the
extent
to
which
the
Manager
may
realize
economies
of
scale,
if
any,
as
each
Fund
grows
larger
and
whether
each
Fund’s
management
fee
structure
reflects
any
economies
of
scale
for
the
benefit
of
shareholders.
The
Board
considered
the
Manager’s
view
that
any
analyses
of
potential
economies
of
scale
in
managing
a
particular
fund
are
inherently
limited
in
light
of
the
joint
and
common
costs
and
investments
the
Manager
incurs
across
the
FT
family
of
funds
as
a
whole.
The
Board
noted
that
the
Funds
do
not
currently
have
an
asset
size
that
would
likely
enable
the
Funds
to
achieve
economies
of
scale
and
that
the
asset
allocation
services
covered
by
the
current
Management
Rate
may
be
less
likely
to
experience
economies
of
scale
as
assets
grow.
Conclusion
Based
on
its
review,
consideration
and
evaluation
of
all
factors
it
believed
relevant,
including
the
above-described
factors
and
conclusions,
the
Board
unanimously
approved
the
continuation
of
each
Management
Agreement
for
an
additional
one-year
period.
RTF-SFSOI
08/24
©
2024
Franklin
Templeton.
All
rights
reserved.
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSRS.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSRS.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSRS.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSRS.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
N/A
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
N/A
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
N/A
Item 15. Submission of Matters to a Vote of Security Holders.
There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees that would require disclosure herein.
Item 16. Controls and Procedures.
(a) Evaluation of Disclosure Controls and Procedures. The Registrant maintains disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in the Registrant’s filings under the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940 is recorded, processed, summarized and reported within the periods specified in the rules and forms of the Securities and Exchange Commission. Such information is accumulated and communicated to the Registrant’s management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. The Registrant’s management, including the principal executive officer and the principal financial officer, recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.
Within 90 days prior to the filing date of this Shareholder Report on Form N-CSR, the Registrant had carried out an evaluation, under the supervision and with the participation of the Registrant’s management, including the Registrant’s principal executive officer and the Registrant’s principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on such evaluation, the Registrant’s principal executive officer and principal financial officer concluded that the Registrant’s disclosure controls and procedures are effective.
(b) Changes in Internal Controls. There have been no changes in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected or is reasonably likely to materially affect the internal control over financial reporting.
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Company.
N/A
Item 18. Recovery of Erroneously Awarded Compensation.
(a) N/A
(b) N/A
Item 19. Exhibits.
(a)(1) N/A
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
FRANKLIN FUND ALLOCATOR SERIES
| By | /s/ CHRISTOPHER KINGS | |
| Christopher Kings | ||
| Chief Executive Officer - Finance and Administration | ||
| Date | August 29, 2024 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By | /s/ CHRISTOPHER KINGS | |
| Christopher Kings | ||
| Chief Executive Officer - Finance and Administration | ||
| Date | August 29, 2024 |
| By | /s/ JEFFREY WHITE | |
| Jeffrey White | ||
| Chief Financial Officer, Chief Accounting Officer and Treasurer | ||
| Date | August 29, 2024 |