UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-CSR
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: 7/31
Date of reporting period: 7/31/24
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 Emerging Market Core Equity (IU) Fund |  | |
Class A true | ||
| Annual Shareholder Report | July 31, 2024 | ||
 | ||
This annual shareholder report contains important information about Franklin Emerging Market Core Equity (IU) Fund for the period August 1, 2023, to July 31, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-internalusefunds-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-internalusefunds-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (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 | $0 | 0.00% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended July 31, 2024, Class A shares of Franklin Emerging Market Core Equity (IU) Fund returned 10.67%. The Fund compares its performance to the MSCI Emerging Markets Index, which returned 6.68% for the same period.
PERFORMANCE HIGHLIGHTS
Top contributors to performance: | |
| Stock selection within: | |
| ↑ | The financials sector and overweight positions in banking companies, including Shinhan Financials Group, Hana Financial Group and KB Financials Group |
| ↑ | The industrials sector and underweight positions in electrical equipment companies, including Ecopro, LG Energy Solutions and POSCO Future M |
| ↑ | The materials sector including an underweight position in chemicals company LG Chem |
Top detractors from performance: | |
| Stock selection within: | |
| ↓ | The consumer discretionary sector, notably overweight positions in automobile companies Li Auto and Yadea Group |
| ↓ | The health care sector and overweight positions in pharmaceuticals companies, including CSPC Pharmaceutical Group |
| ↓ | The information technology sector, notably underweight positions in semiconductor companies MediaTek and SK Hynix |
| Franklin Emerging Market Core Equity (IU) Fund | PAGE 1 | 0924 |
HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT – Class A 9/30/2019 — 7/31/2024
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2024
1 Year | Since Inception (9/30/2019) | |
Class A | 10.67 | 4.39 |
MSCI All Country World ex-US Index-NR | 9.75 | 6.64 |
MSCI Emerging Markets Index | 6.68 | 4.59 |
Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of July 31, 2024)
Total Net Assets | $139,280,741 |
Total Number of Portfolio Holdings* | 221 |
Total Management Fee Paid | $0 |
Portfolio Turnover Rate | 69.43% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of July 31, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
| Franklin Emerging Market Core Equity (IU) Fund | PAGE 2 | 0924 |
HOW HAS THE FUND CHANGED?
Todd Brighton was removed as a portfolio manager of the Fund effective December 1, 2023, and Christopher W. Floyd was added as a portfolio manager of the Fund effective June 3, 2024.
This is a summary of certain changes to the Fund since August 1, 2023.
 | WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-internalusefunds-documents, including its: | |
| • proxy voting information • financial information • holdings • tax information |
| Franklin Emerging Market Core Equity (IU) Fund | PAGE 3 | 0924 |
10796124771008811121123081012612940109651243513647110231333810702116461242480.07.56.25.40.9
Franklin International Core Equity (IU) Fund |  | |
Class A true | ||
| Annual Shareholder Report | July 31, 2024 | ||
 | ||
This annual shareholder report contains important information about Franklin International Core Equity (IU) Fund for the period August 1, 2023, to July 31, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-internalusefunds-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-internalusefunds-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (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 | $0 | 0.00% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended July 31, 2024, Class A shares of Franklin International Core Equity (IU) Fund returned 14.79%. The Fund compares its performance to the MSCI EAFE Index, which returned 11.76% for the same period.
PERFORMANCE HIGHLIGHTS
Top contributors to performance: | |
| Stock selection and overweight positions in: | |
| ↑ | Banking stocks, including UniCredit, Sumitomo Mitsui Financial Group and Banco Bilbao Vizcaya Argentaria within the financials sector |
| ↑ | Electrical, machinery and industrial stocks, including Hitachi, Wartsila Oyj and Atlas Copco within the industrials sector |
| ↑ | Pharmaceuticals stocks Novo Nordisk and Otsuka Holdings within the health care sector |
Top detractors from performance: | |
| Stock selection in: | |
| ↓ | Information technology, notably overweight positions in semiconductor stocks STMicroelectronics and SCREEN Holdings |
| ↓ | Materials, notably overweight positions in metals & mining stocks, including Pilbara Minerals, ArcelorMittal and Fortescue |
| ↓ | Underweight allocation to stocks within the financials sector |
| Franklin International Core Equity (IU) Fund | PAGE 1 | 0924 |
HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT – Class A 8/19/2019 — 7/31/2024
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2024
1 Year | Since Inception (8/19/2019) | |
Class A | 14.79 | 9.22 |
MSCI All Country World ex-US Index-NR | 9.75 | 7.21 |
MSCI EAFE Index | 11.76 | 8.71 |
Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of July 31, 2024)
Total Net Assets | $941,318,260 |
Total Number of Portfolio Holdings* | 201 |
Total Management Fee Paid | $0 |
Portfolio Turnover Rate | 59.10% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of July 31, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
| Franklin International Core Equity (IU) Fund | PAGE 2 | 0924 |
HOW HAS THE FUND CHANGED?
Todd Brighton was removed as a portfolio manager of the Fund effective December 1, 2023, and Christopher W. Floyd was added as a portfolio manager of the Fund effective June 3, 2024.
This is a summary of certain changes to the Fund since August 1, 2023.
 | WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-internalusefunds-documents, including its: | |
| • proxy voting information • financial information • holdings • tax information |
| Franklin International Core Equity (IU) Fund | PAGE 3 | 0924 |
1055813831116801348315477100661286310899123611356698761292311132130711460958.426.76.86.60.90.6
Franklin U.S. Core Equity (IU) Fund |  | |
Class A true | ||
| Annual Shareholder Report | July 31, 2024 | ||
 | ||
This annual shareholder report contains important information about Franklin U.S. Core Equity (IU) Fund for the period August 1, 2023, to July 31, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-internalusefunds-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-internalusefunds-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (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 | $0 | 0.00% |
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended July 31, 2024, Class A shares of Franklin U.S. Core Equity (IU) Fund returned 26.88%. The Fund compares its performance to the S&P 500 Index, which returned 22.15% for the same period.
PERFORMANCE HIGHLIGHTS
Top contributors to performance: | |
| Stock selection within: | |
| ↑ | Information technology sector, notably semiconductor companies NVIDA, Applied Materials and KLA |
| ↑ | Consumer discretionary sector, notably an underweight allocation to select companies within the hospitality sector, including McDonald’s and Starbucks as well as an underweight position in Nike, a sporting goods retailer |
| ↑ | Health care sector, notably underweight positions in certain pharmaceutical companies, including Johnson & Johnson, Pfizer and Bristol-Myers Squibb |
Top detractors from performance: | |
| Stock selection within: | |
| ↓ | Financials sector, notably underweight positions in banking companies, including Citigroup, Goldman Sachs and Wells Fargo |
| ↓ | Materials sector, notably overweight positions in chemicals companies, including CF Industries |
| ↓ | An overweight allocation to cash |
| Franklin U.S. Core Equity (IU) Fund | PAGE 1 | 0924 |
HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT – Class A 8/19/2019 — 7/31/2024
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2024
1 Year | Since Inception (8/19/2019) | |
Class A | 26.88 | 15.78 |
Russell 3000 Index | 21.07 | 14.87 |
S&P 500 Index | 22.15 | 15.57 |
Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of July 31, 2024)
Total Net Assets | $2,022,210,724 |
Total Number of Portfolio Holdings* | 182 |
Total Management Fee Paid | $0 |
Portfolio Turnover Rate | 76.33% |
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of July 31, 2024)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
| Franklin U.S. Core Equity (IU) Fund | PAGE 2 | 0924 |
HOW HAS THE FUND CHANGED?
Todd Brighton was removed as a portfolio manager of the Fund effective December 1, 2023, and Christopher W. Floyd was added as a portfolio manager of the Fund effective June 3, 2024.
This is a summary of certain changes to the Fund since August 1, 2023.
 | WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
Additional information is available on https://www.franklintempleton.com/regulatory-internalusefunds-documents, including its: | |
| • proxy voting information • financial information • holdings • tax information |
| Franklin U.S. Core Equity (IU) Fund | PAGE 3 | 0924 |
11509155821489416281206581109315389142571606119446111961527614567164632011033.211.110.810.810.27.06.44.31.91.81.80.7
Item 2. Code of Ethics.
(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer.
(c) N/A
(d) N/A
(f) Pursuant to Item 19(a)(1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.
Item 3. Audit Committee Financial Expert.
(a)(1) The Registrant has an audit committee financial expert serving on its audit committee.
(2) The audit committee financial expert is Mary C. Choksi, and she is "independent" as defined under the relevant Securities and Exchange Commission Rules and Releases.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Audit Fees
The aggregate fees paid to the principal accountant for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or for services that are normally provided by the principal accountant in connection with statutory and regulatory filings or engagements were $122,429 for the fiscal year ended July 31, 2024, and $113,572 for the fiscal year ended July 31, 2023.
(b) Audit-Related Fees
There were no fees paid to the principal accountant for assurance and related services rendered by the principal accountant to the registrant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of Item 4.
There were no fees paid to the principal accountant for assurance and related services rendered by the principal accountant to the registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant that are reasonably related to the performance of the audit of their financial statements.
(c) Tax Fees
There were no fees paid to the principal accountant for professional services rendered by the principal accountant to the registrant for tax compliance, tax advice and tax planning.
The aggregate fees paid to the principal accountant for professional services rendered by the principal accountant to the registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant for tax compliance, tax advice and tax planning were $140,000 for the fiscal year ended July 31, 2024, and $70,000 for the fiscal year ended July 31, 2023. The services for which these fees were paid included global access to tax platform International Tax View.
(d) All Other Fees
The aggregate fees paid to the principal accountant for products and services rendered by the principal accountant to the registrant not reported in paragraphs (a)-(c) of Item 4 were $0 for the fiscal year ended July 31, 2024, and $1,399 for the fiscal year ended July 31, 2023. The services for which these fees were paid included review of materials provided to the fund Board in connection with the investment management contract renewal process.
The aggregate fees paid to the principal accountant for products and services rendered by the principal accountant to the registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant not reported in paragraphs (a)-(c) of Item 4 were $163,638 for the fiscal year ended July 31, 2024 and $94,715 for the fiscal year ended July 31, 2023. The services for which these fees were paid included professional fees in connection with SOC 1 Reports,
professional services relating to the readiness assessment over Greenhouse Gas Emissions and Energy, professional fees relating to security counts and fees in connection with license for accounting and business knowledge platform Viewpoint.
(e) (1) The registrant’s audit committee is directly responsible for approving the services to be provided by the auditors, including:
| (i) | pre-approval of all audit and audit related services; |
| (ii) | pre-approval of all non-audit related services to be provided to the Fund by the auditors; |
(iii) pre-approval of all non-audit related services to be provided to the registrant by the auditors to the registrant’s investment adviser or to any entity that controls, is controlled by or is under common control with the registrant’s investment adviser and that provides ongoing services to the registrant where the non-audit services relate directly to the operations or financial reporting of the registrant; and
(iv) establishment by the audit committee, if deemed necessary or appropriate, as an alternative to committee pre-approval of services to be provided by the auditors, as required by paragraphs (ii) and (iii) above, of policies and procedures to permit such services to be pre-approved by other means, such as through establishment of guidelines or by action of a designated member or members of the committee; provided the policies and procedures are detailed as to the particular service and the committee is informed of each service and such policies and procedures do not include delegation of audit committee responsibilities, as contemplated under the Securities Exchange Act of 1934, to management; subject, in the case of (ii) through (iv), to any waivers, exceptions or exemptions that may be available under applicable law or rules.
(e) (2) None of the services provided to the registrant described in paragraphs (b)-(d) of Item 4 were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of regulation S-X.
(f) No disclosures are required by this Item 4(f).
(g) The aggregate non-audit fees paid to the principal accountant for services rendered by the principal accountant to the registrant and the registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant were $303,638 for the fiscal year ended July 31, 2024, and $166,114 for the fiscal year ended July 31, 2023.
(h) The registrant’s audit committee of the board has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
(i) N/A
(j) 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-CSR.
(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
Annual
|
July 31, 2024
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
Franklin
International
Core
Equity
(IU)
Fund
Franklin
U.S.
Core
Equity
(IU)
Fund
Table
of
Contents
franklintempleton.com
Financial
Statements
and
Other
Important
Information—Annual
1
Financial
Highlights
and
Schedules
of
Investments
2
Financial
Statements
27
Notes
to
Financial
Statements
31
Report
of
Independent
Registered
Public
Accounting
Firm
43
Tax
Information
44
Changes
In
and
Disagreements
with
Accountants
45
Results
of
Meeting(s)
of
Shareholders
45
Remuneration
Paid
to
Directors,
Officers
and
Others
45
Board
Approval
of
Management
and
Subadvisory
Agreements
45
Franklin
Fund
Allocator
Series
Financial
Highlights
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
2
a
Year
Ended
July
31,
Year
Ended
July
31,
2020
a
2024
2023
2022
2021
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$9.77
$9.23
$11.83
$10.57
$10.00
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.31
0.36
0.35
0.28
0.33
Net
realized
and
unrealized
gains
(losses)
...........
0.68
0.55
(2.58)
1.34
0.45
Total
from
investment
operations
....................
0.99
0.91
(2.23)
1.62
0.78
Less
distributions
from:
Net
investment
income
..........................
(0.39)
(0.37)
(0.37)
(0.36)
(0.21)
Net
realized
gains
.............................
—
—
—
—
(—)
d
Total
distributions
...............................
(0.39)
(0.37)
(0.37)
(0.36)
(0.21)
Net
asset
value,
end
of
year
.......................
$10.37
$9.77
$9.23
$11.83
$10.57
Total
return
e
...................................
10.67%
10.24%
(19.15)%
15.57%
7.96%
Ratios
to
average
net
assets
f
Expenses
before
waiver
and
payments
by
affiliates
and
expense
reduction
...............................
0.17%
0.15%
0.17%
0.14%
0.17%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
—%
—%
—%
—%
0.01%
Expenses
net
of
waiver
and
payments
by
affiliates
and
expense
reduction
...............................
—%
—%
—%
g
—%
g
—%
Net
investment
income
...........................
3.25%
3.92%
3.27%
2.41%
3.44%
Supplemental
data
Net
assets,
end
of
year
(000’s)
.....................
$139,281
$126,226
$109,129
$116,643
$138,590
Portfolio
turnover
rate
............................
69.43%
108.11%
125.41%
108.13%
102.39%
a
For
the
period
August
19,
2019
(effective
date)
to
July
31,
2020.
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
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,
except
for
non-recurring
expenses,
if
any.
g
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Fund
Allocator
Series
Schedule
of
Investments,
July
31,
2024
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
3
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
97.3%
Aerospace
&
Defense
0.5%
Hanwha
Aerospace
Co.
Ltd.
...........................
South
Korea
3,283
$
692,373
Air
Freight
&
Logistics
0.2%
a,b,c
JD
Logistics,
Inc.
,
144A
,
Reg
S
.........................
China
243,300
250,239
Automobile
Components
0.7%
Fuyao
Glass
Industry
Group
Co.
Ltd.
,
A
...................
China
23,800
148,376
Hankook
Tire
&
Technology
Co.
Ltd.
.....................
South
Korea
10,387
340,926
Hyundai
Mobis
Co.
Ltd.
...............................
South
Korea
2,716
441,665
930,967
Automobiles
3.5%
BYD
Co.
Ltd.
,
A
.....................................
China
16,300
557,849
BYD
Co.
Ltd.
,
H
....................................
China
39,000
1,154,594
Geely
Automobile
Holdings
Ltd.
.........................
China
1,098,000
1,115,638
a,c
Li
Auto,
Inc.
,
A
......................................
China
104,500
1,022,248
a
Seres
Group
Co.
Ltd.
,
A
..............................
China
17,000
187,900
Tata
Motors
Ltd.
,
A
..................................
India
51,468
489,181
b
Yadea
Group
Holdings
Ltd.
,
144A
,
Reg
S
.................
China
242,000
326,144
4,853,554
Banks
14.4%
Abu
Dhabi
Islamic
Bank
PJSC
.........................
United
Arab
Emirates
152,534
509,146
Akbank
TAS
.......................................
Turkiye
472,656
883,285
Arab
National
Bank
..................................
Saudi
Arabia
32,530
186,063
Axis
Bank
Ltd.
......................................
India
32,622
455,735
Banco
de
Chile
.....................................
Chile
4,304,046
512,606
b
Banco
del
Bajio
SA
,
144A
,
Reg
S
.......................
Mexico
130,474
388,834
Bancolombia
SA
....................................
Colombia
19,273
173,747
Bank
Central
Asia
Tbk.
PT
............................
Indonesia
1,696,500
1,072,050
Bank
of
Beijing
Co.
Ltd.
,
A
.............................
China
230,795
170,371
Bank
of
Shanghai
Co.
Ltd.
,
A
...........................
China
161,100
162,649
Bank
Polska
Kasa
Opieki
SA
...........................
Poland
23,016
932,463
BDO
Unibank,
Inc.
..................................
Philippines
58,152
136,886
China
Construction
Bank
Corp.
,
H
.......................
China
1,696,000
1,184,301
China
Merchants
Bank
Co.
Ltd.
,
H
.......................
China
212,000
878,709
Commercial
International
Bank
-
Egypt
(CIB)
...............
Egypt
71,691
122,964
Emirates
NBD
Bank
PJSC
............................
United
Arab
Emirates
48,552
252,479
Haci
Omer
Sabanci
Holding
A/S
........................
Turkiye
107,452
322,290
Hana
Financial
Group,
Inc.
............................
South
Korea
32,681
1,556,264
ICICI
Bank
Ltd.
.....................................
India
53,591
781,217
KB
Financial
Group,
Inc.
..............................
South
Korea
16,246
1,055,600
Komercni
Banka
A/S
.................................
Czech
Republic
14,116
487,704
Metropolitan
Bank
&
Trust
Co.
..........................
Philippines
153,170
180,362
b
Moneta
Money
Bank
A/S
,
144A
,
Reg
S
...................
Czech
Republic
33,303
152,570
Nedbank
Group
Ltd.
.................................
South
Africa
49,530
758,593
OTP
Bank
Nyrt.
.....................................
Hungary
33,112
1,697,292
Ping
An
Bank
Co.
Ltd.
,
A
..............................
China
97,200
138,396
Santander
Bank
Polska
SA
............................
Poland
4,945
651,685
SCB
X
PCL
........................................
Thailand
139,500
404,327
Shinhan
Financial
Group
Co.
Ltd.
.......................
South
Korea
44,529
1,968,421
TMBThanachart
Bank
PCL
............................
Thailand
5,006,700
238,190
Woori
Financial
Group,
Inc.
............................
South
Korea
98,169
1,135,713
Yapi
ve
Kredi
Bankasi
A/S
.............................
Turkiye
518,550
472,784
20,023,696
Franklin
Fund
Allocator
Series
Schedule
of
Investments
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
4
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Beverages
1.8%
Arca
Continental
SAB
de
CV
...........................
Mexico
82,400
$
810,915
b
Nongfu
Spring
Co.
Ltd.
,
H
,
144A
,
Reg
S
..................
China
206,000
800,245
United
Spirits
Ltd.
...................................
India
40,324
682,139
Varun
Beverages
Ltd.
................................
India
13,712
258,716
2,552,015
Biotechnology
0.3%
a,b
Akeso,
Inc.
,
144A
,
Reg
S
.............................
China
82,000
444,089
Broadline
Retail
3.5%
c
Alibaba
Group
Holding
Ltd.
............................
China
218,800
2,153,055
a,c
PDD
Holdings,
Inc.
,
ADR
..............................
China
9,900
1,276,011
c
Vipshop
Holdings
Ltd.
,
ADR
...........................
China
65,467
892,970
Woolworths
Holdings
Ltd.
.............................
South
Africa
163,689
541,103
4,863,139
Capital
Markets
0.8%
b
HDFC
Asset
Management
Co.
Ltd.
,
144A
,
Reg
S
...........
India
14,709
723,876
Korea
Investment
Holdings
Co.
Ltd.
.....................
South
Korea
8,068
435,676
1,159,552
Chemicals
2.9%
Asian
Paints
Ltd.
....................................
India
27,546
1,016,727
Kumho
Petrochemical
Co.
Ltd.
.........................
South
Korea
1,586
161,692
a,b,d,e
PhosAgro
PJSC
,
GDR
,
Reg
S
..........................
Russia
32,310
—
PI
Industries
Ltd.
....................................
India
12,146
643,726
Pidilite
Industries
Ltd.
................................
India
5,586
212,728
Sahara
International
Petrochemical
Co.
...................
Saudi
Arabia
60,016
456,700
Saudi
Aramco
Base
Oil
Co.
............................
Saudi
Arabia
3,243
112,455
Solar
Industries
India
Ltd.
.............................
India
5,080
656,884
Supreme
Industries
Ltd.
..............................
India
11,846
759,199
4,020,111
Communications
Equipment
0.1%
ZTE
Corp.
,
A
.......................................
China
46,900
178,772
Construction
&
Engineering
0.1%
Larsen
&
Toubro
Ltd.
.................................
India
3,902
178,205
Construction
Materials
0.3%
Cemex
SAB
de
CV
..................................
Mexico
161,800
104,567
Shree
Cement
Ltd.
..................................
India
972
322,537
427,104
Consumer
Finance
0.4%
Krungthai
Card
PCL
.................................
Thailand
100,600
110,535
Muthoot
Finance
Ltd.
................................
India
21,232
466,835
577,370
Consumer
Staples
Distribution
&
Retail
1.3%
Bid
Corp.
Ltd.
......................................
South
Africa
18,381
457,539
Nahdi
Medical
Co.
...................................
Saudi
Arabia
6,305
223,238
President
Chain
Store
Corp.
...........................
Taiwan
18,000
153,135
Sumber
Alfaria
Trijaya
Tbk.
PT
.........................
Indonesia
2,816,200
491,882
Wal-Mart
de
Mexico
SAB
de
CV
........................
Mexico
132,400
440,342
1,766,136
Diversified
Consumer
Services
0.2%
a,c
TAL
Education
Group
,
ADR
............................
China
24,500
245,490
Franklin
Fund
Allocator
Series
Schedule
of
Investments
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
5
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Diversified
REITs
0.1%
Fibra
Uno
Administracion
SA
de
CV
.....................
Mexico
92,200
$
117,193
Diversified
Telecommunication
Services
1.0%
a
Indus
Towers
Ltd.
...................................
India
153,728
796,948
LG
Uplus
Corp.
.....................................
South
Korea
38,424
282,470
Telekom
Malaysia
Bhd.
...............................
Malaysia
215,000
326,512
1,405,930
Electric
Utilities
0.6%
d,e
Inter
RAO
UES
PJSC
................................
Russia
8,656,700
—
Public
Power
Corp.
SA
...............................
Greece
29,167
371,568
Tata
Power
Co.
Ltd.
(The)
.............................
India
42,014
228,173
Tenaga
Nasional
Bhd.
................................
Malaysia
76,800
235,356
835,097
Electrical
Equipment
3.3%
ABB
India
Ltd.
......................................
India
5,120
483,900
CG
Power
&
Industrial
Solutions
Ltd.
.....................
India
105,423
929,147
Fortune
Electric
Co.
Ltd.
..............................
Taiwan
11,000
235,784
Havells
India
Ltd.
...................................
India
34,457
762,113
HD
Hyundai
Electric
Co.
Ltd.
...........................
South
Korea
3,638
827,451
NARI
Technology
Co.
Ltd.
,
A
...........................
China
39,760
132,236
Polycab
India
Ltd.
...................................
India
7,367
605,293
Voltronic
Power
Technology
Corp.
.......................
Taiwan
10,000
571,656
4,547,580
Electronic
Equipment,
Instruments
&
Components
3.4%
AAC
Technologies
Holdings,
Inc.
........................
China
134,500
492,340
Delta
Electronics,
Inc.
................................
Taiwan
42,000
541,814
a
Foxconn
Industrial
Internet
Co.
Ltd.
,
A
....................
China
111,400
374,623
Hon
Hai
Precision
Industry
Co.
Ltd.
......................
Taiwan
326,000
2,008,784
Largan
Precision
Co.
Ltd.
.............................
Taiwan
10,000
871,421
WPG
Holdings
Ltd.
..................................
Taiwan
4,000
10,587
Zhen
Ding
Technology
Holding
Ltd.
......................
Taiwan
119,000
504,083
4,803,652
Energy
Equipment
&
Services
0.1%
China
Oilfield
Services
Ltd.
,
H
..........................
China
236,000
207,892
Entertainment
1.4%
c
NetEase,
Inc.
......................................
China
81,700
1,506,850
c
Tencent
Music
Entertainment
Group
,
ADR
.................
China
28,400
402,712
1,909,562
Financial
Services
1.3%
Bajaj
Holdings
&
Investment
Ltd.
........................
India
1,730
199,077
Meritz
Financial
Group,
Inc.
............................
South
Korea
15,542
962,832
Power
Finance
Corp.
Ltd.
.............................
India
97,394
650,159
1,812,068
Food
Products
1.6%
a
Britannia
Industries
Ltd.
...............................
India
17,802
1,231,037
Nestle
India
Ltd.
....................................
India
11,871
348,863
Orion
Corp.
........................................
South
Korea
4,201
270,581
QL
Resources
Bhd.
..................................
Malaysia
205,700
299,339
a
Savola
Group
(The)
.................................
Saudi
Arabia
11,763
143,087
2,292,907
Franklin
Fund
Allocator
Series
Schedule
of
Investments
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Gas
Utilities
0.1%
Kunlun
Energy
Co.
Ltd.
...............................
China
168,000
$
162,859
Ground
Transportation
0.1%
Container
Corp.
of
India
Ltd.
...........................
India
10,241
127,657
Health
Care
Equipment
&
Supplies
0.2%
Shandong
Weigao
Group
Medical
Polymer
Co.
Ltd.
,
H
.......
China
223,600
113,462
Shenzhen
Mindray
Bio-Medical
Electronics
Co.
Ltd.
,
A
........
China
3,500
124,758
238,220
Health
Care
Providers
&
Services
0.6%
Bumrungrad
Hospital
PCL
.............................
Thailand
56,800
393,221
Dr.
Sulaiman
Al
Habib
Medical
Services
Group
Co.
..........
Saudi
Arabia
1,787
137,172
Sinopharm
Group
Co.
Ltd.
,
H
..........................
China
124,800
292,726
823,119
Hotels,
Restaurants
&
Leisure
2.0%
Indian
Hotels
Co.
Ltd.
(The)
,
A
..........................
India
120,597
926,808
a,b
Meituan
Dianping
,
B
,
144A
,
Reg
S
......................
China
67,710
937,564
OPAP
SA
.........................................
Greece
11,068
192,971
a
Zomato
Ltd.
.......................................
India
287,029
789,381
2,846,724
Household
Durables
0.3%
Gree
Electric
Appliances,
Inc.
of
Zhuhai
,
A
.................
China
29,200
161,881
Haier
Smart
Home
Co.
Ltd.
,
A
..........................
China
56,200
212,477
374,358
Household
Products
0.1%
Kimberly-Clark
de
Mexico
SAB
de
CV
,
A
..................
Mexico
67,200
119,540
Independent
Power
and
Renewable
Electricity
Producers
0.7%
a
Adani
Power
Ltd.
...................................
India
85,582
753,069
NTPC
Ltd.
.........................................
India
57,212
284,918
1,037,987
Industrial
Conglomerates
1.0%
Alfa
SAB
de
CV
,
A
...................................
Mexico
603,400
346,885
KOC
Holding
A/S
...................................
Turkiye
131,128
851,532
a
SK
Square
Co.
Ltd.
..................................
South
Korea
2,140
136,431
1,334,848
Insurance
3.0%
Caixa
Seguridade
Participacoes
SA
.....................
Brazil
112,600
287,105
Cathay
Financial
Holding
Co.
Ltd.
.......................
Taiwan
99,000
190,402
DB
Insurance
Co.
Ltd.
................................
South
Korea
9,034
733,646
OUTsurance
Group
Ltd.
..............................
South
Africa
153,310
406,613
Ping
An
Insurance
Group
Co.
of
China
Ltd.
,
H
..............
China
224,500
974,925
Samsung
Fire
&
Marine
Insurance
Co.
Ltd.
................
South
Korea
2,129
581,892
Samsung
Life
Insurance
Co.
Ltd.
........................
South
Korea
13,361
947,772
4,122,355
Interactive
Media
&
Services
4.5%
c
Autohome,
Inc.
,
ADR
.................................
China
12,200
304,268
a,c
Baidu,
Inc.
,
A
.......................................
China
13,050
144,694
c
Kanzhun
Ltd.
,
ADR
..................................
China
8,400
114,072
a,b,c
Kuaishou
Technology
,
144A
,
Reg
S
......................
China
112,000
627,282
c
Tencent
Holdings
Ltd.
................................
China
110,200
5,085,372
6,275,688
Franklin
Fund
Allocator
Series
Schedule
of
Investments
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
7
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
IT
Services
2.8%
Elm
Co.
..........................................
Saudi
Arabia
1,864
$
454,583
HCL
Technologies
Ltd.
...............................
India
11,674
229,723
Infosys
Ltd.
........................................
India
31,503
698,617
Samsung
SDS
Co.
Ltd.
...............................
South
Korea
2,973
323,353
Tata
Consultancy
Services
Ltd.
.........................
India
43,172
2,267,134
3,973,410
Life
Sciences
Tools
&
Services
0.4%
Divi's
Laboratories
Ltd.
...............................
India
2,754
162,130
WuXi
AppTec
Co.
Ltd.
,
A
..............................
China
24,700
145,380
b
WuXi
AppTec
Co.
Ltd.
,
H
,
144A
,
Reg
S
...................
China
53,840
220,245
527,755
Machinery
0.8%
a
China
CSSC
Holdings
Ltd.
,
A
..........................
China
49,900
283,525
Doosan
Bobcat,
Inc.
.................................
South
Korea
10,575
321,677
Sinotruk
Hong
Kong
Ltd.
..............................
China
127,000
334,048
Weichai
Power
Co.
Ltd.
,
A
.............................
China
78,300
149,939
1,089,189
Metals
&
Mining
3.8%
China
Hongqiao
Group
Ltd.
............................
China
268,000
333,824
Cia
de
Minas
Buenaventura
SAA
,
ADR
...................
Peru
20,400
316,200
CMOC
Group
Ltd.
,
H
.................................
China
177,000
141,169
d,e
GMK
Norilskiy
Nickel
PAO
.............................
Russia
316,400
—
Gold
Fields
Ltd.
.....................................
South
Africa
1,269
22,095
Harmony
Gold
Mining
Co.
Ltd.
.........................
South
Africa
97,835
959,405
Hindalco
Industries
Ltd.
...............................
India
63,460
509,078
Kumba
Iron
Ore
Ltd.
.................................
South
Africa
11,735
256,009
NMDC
Ltd.
........................................
India
186,588
540,281
d,e
Novolipetsk
Steel
PJSC
..............................
Russia
347,890
—
d,e
Severstal
PAO
.....................................
Russia
48,409
—
Vale
SA
...........................................
Brazil
94,200
1,026,549
Vedanta
Ltd.
.......................................
India
213,330
1,150,876
5,255,486
Multi-Utilities
0.7%
YTL
Corp.
Bhd.
.....................................
Malaysia
623,700
463,882
YTL
Power
International
Bhd.
..........................
Malaysia
453,200
460,809
924,691
Oil,
Gas
&
Consumable
Fuels
3.9%
Adaro
Energy
Indonesia
Tbk.
PT
........................
Indonesia
2,543,900
503,773
China
Petroleum
&
Chemical
Corp.
,
A
....................
China
260,900
234,414
Empresas
Copec
SA
.................................
Chile
46,162
321,413
Exxaro
Resources
Ltd.
...............................
South
Africa
21,010
225,121
Inner
Mongolia
Yitai
Coal
Co.
Ltd.
,
B
.....................
China
212,451
385,174
PetroChina
Co.
Ltd.
,
H
...............................
China
270,000
234,463
Petroleo
Brasileiro
SA
................................
Brazil
121,200
870,092
Reliance
Industries
Ltd.
...............................
India
49,402
1,781,174
b
Saudi
Arabian
Oil
Co.
,
144A
,
Reg
S
.....................
Saudi
Arabia
13,573
99,854
Turkiye
Petrol
Rafinerileri
A/S
..........................
Turkiye
45,237
223,021
Ultrapar
Participacoes
SA
.............................
Brazil
136,900
537,636
5,416,135
Passenger
Airlines
0.4%
a,b
InterGlobe
Aviation
Ltd.
,
144A
,
Reg
S
....................
India
10,385
555,383
Franklin
Fund
Allocator
Series
Schedule
of
Investments
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
(continued)
franklintempleton.com
Annual
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)
Personal
Care
Products
0.9%
Colgate-Palmolive
India
Ltd.
...........................
India
24,804
$
1,012,322
b
Giant
Biogene
Holding
Co.
Ltd.
,
144A
,
Reg
S
..............
China
49,000
254,004
1,266,326
Pharmaceuticals
2.0%
Aurobindo
Pharma
Ltd.
...............................
India
21,694
372,297
CSPC
Pharmaceutical
Group
Ltd.
.......................
China
1,291,600
960,757
Dr
Reddy's
Laboratories
Ltd.
...........................
India
5,561
449,076
Lupin
Ltd.
.........................................
India
42,623
975,420
2,757,550
Real
Estate
Management
&
Development
1.2%
Barwa
Real
Estate
Co.
...............................
Qatar
181,387
138,177
Emaar
Properties
PJSC
..............................
United
Arab
Emirates
544,789
1,280,042
NEPI
Rockcastle
NV
.................................
Romania
39,733
300,477
1,718,696
Semiconductors
&
Semiconductor
Equipment
12.8%
eMemory
Technology,
Inc.
.............................
Taiwan
5,000
356,739
Global
Unichip
Corp.
.................................
Taiwan
5,000
180,767
MediaTek,
Inc.
.....................................
Taiwan
28,000
1,071,076
Novatek
Microelectronics
Corp.
.........................
Taiwan
82,000
1,328,279
SK
Hynix,
Inc.
......................................
South
Korea
6,115
881,511
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
.............
Taiwan
438,000
12,833,256
United
Microelectronics
Corp.
..........................
Taiwan
772,000
1,235,279
17,886,907
Software
0.1%
Tata
Elxsi
Ltd.
......................................
India
1,706
142,614
Specialty
Retail
1.9%
b
Pop
Mart
International
Group
Ltd.
,
144A
,
Reg
S
............
China
87,600
464,768
b
Topsports
International
Holdings
Ltd.
,
144A
,
Reg
S
..........
China
338,000
150,553
Trent
Ltd.
.........................................
India
25,237
1,763,887
Vibra
Energia
SA
....................................
Brazil
61,900
253,493
2,632,701
Technology
Hardware,
Storage
&
Peripherals
5.8%
Asustek
Computer,
Inc.
...............................
Taiwan
37,000
521,159
Pegatron
Corp.
.....................................
Taiwan
363,000
1,126,286
Samsung
Electronics
Co.
Ltd.
..........................
South
Korea
90,195
5,590,010
Wistron
Corp.
......................................
Taiwan
301,000
909,648
8,147,103
Textiles,
Apparel
&
Luxury
Goods
1.2%
ANTA
Sports
Products
Ltd.
............................
China
88,600
793,050
Bosideng
International
Holdings
Ltd.
.....................
China
686,000
343,316
Pou
Chen
Corp.
....................................
Taiwan
425,000
471,190
1,607,556
Transportation
Infrastructure
1.0%
International
Container
Terminal
Services,
Inc.
..............
Philippines
135,780
828,622
Malaysia
Airports
Holdings
Bhd.
........................
Malaysia
168,900
376,612
Promotora
y
Operadora
de
Infraestructura
SAB
de
CV
.......
Mexico
18,075
169,769
1,375,003
Wireless
Telecommunication
Services
1.2%
Bharti
Airtel
Ltd.
....................................
India
11,475
205,001
Franklin
Fund
Allocator
Series
Schedule
of
Investments
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
9
See
Abbreviations
on
page
42
.
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Wireless
Telecommunication
Services
(continued)
Etihad
Etisalat
Co.
..................................
Saudi
Arabia
64,426
$
894,901
SK
Telecom
Co.
Ltd.
.................................
South
Korea
5,718
227,410
TIM
SA
...........................................
Brazil
106,700
329,983
1,657,295
Total
Common
Stocks
(Cost
$
113,486,444
)
...................................
135,491,848
Preferred
Stocks
2.5%
Banks
1.6%
f
Itau
Unibanco
Holding
SA
,
6.92
%
.......................
Brazil
144,700
866,859
f
Itausa
SA
,
2.95
%
...................................
Brazil
772,666
1,389,471
2,256,330
Electric
Utilities
0.4%
f
Cia
Energetica
de
Minas
Gerais
,
9.94
%
...................
Brazil
274,190
526,524
Metals
&
Mining
0.5%
f
Gerdau
SA
,
6.1
%
...................................
Brazil
209,734
677,184
Total
Preferred
Stocks
(Cost
$
3,101,788
)
.....................................
3,460,038
Total
Long
Term
Investments
(Cost
$
116,588,232
)
.............................
138,951,886
a
Short
Term
Investments
0.9%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
0.9%
g,h
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
5.002
%
..
United
States
1,306,790
1,306,790
Total
Money
Market
Funds
(Cost
$
1,306,790
)
.................................
1,306,790
Total
Short
Term
Investments
(Cost
$
1,306,790
)
...............................
1,306,790
a
Total
Investments
(Cost
$
117,895,022
)
100.7
%
................................
$140,258,676
Other
Assets,
less
Liabilities
(
0.7
)
%
.........................................
(977,935)
Net
Assets
100.0%
.........................................................
$139,280,741
a
a
a
a
Non-income
producing.
b
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
July
31,
2024,
the
aggregate
value
of
these
securities
was
$6,395,650,
representing
4.6%
of
net
assets.
c
Variable
interest
entity
(VIE).
See
Note
6
regarding
investments
made
through
a
VIE
structure.
At
July
31,
2024,
the
aggregate
value
of
these
securities
was
$14,025,263,
representing
10.1%
of
net
assets.
d
Fair
valued
using
significant
unobservable
inputs.
See
Note
7
regarding
fair
value
measurements.
e
See
Note
6
regarding
investments
in
Russian
securities.
f
Variable
rate
security.
The
rate
shown
represents
the
yield
at
period
end.
Franklin
Fund
Allocator
Series
Schedule
of
Investments
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
10
g
See
Note
3(d)
regarding
investments
in
affiliated
management
investment
companies.
h
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Fund
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Series
Financial
Highlights
Franklin
International
Core
Equity
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Fund
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
11
a
Year
Ended
July
31,
Year
Ended
July
31,
2020
a
2024
2023
2022
2021
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$11.33
$10.18
$13.09
$10.31
$10.00
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.34
0.37
0.34
0.35
0.25
Net
realized
and
unrealized
gains
(losses)
...........
1.28
1.16
(2.26)
2.80
0.30
Total
from
investment
operations
....................
1.62
1.53
(1.92)
3.15
0.55
Less
distributions
from:
Net
investment
income
..........................
(0.45)
(0.38)
(0.42)
(0.37)
(0.24)
Net
realized
gains
.............................
—
—
(0.57)
—
—
Total
distributions
...............................
(0.45)
(0.38)
(0.99)
(0.37)
(0.24)
Net
asset
value,
end
of
year
.......................
$12.50
$11.33
$10.18
$13.09
$10.31
Total
return
d
...................................
14.79%
15.44%
(15.56)%
31.00%
5.58%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
and
expense
reduction
...............................
0.02%
0.03%
0.04%
0.04%
0.08%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
—%
—%
—%
—%
0.01%
Expenses
net
of
waiver
and
payments
by
affiliates
and
expense
reduction
...............................
—%
—%
f
—%
—%
f
—%
Net
investment
income
...........................
2.91%
3.62%
2.94%
2.93%
2.57%
Supplemental
data
Net
assets,
end
of
year
(000’s)
.....................
$941,318
$944,165
$800,757
$360,375
$281,150
Portfolio
turnover
rate
............................
59.10%
101.79%
125.21%
103.80%
94.98%
a
For
the
period
August
19,
2019
(effective
date)
to
July
31,
2020.
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
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year,
except
for
non-recurring
expenses,
if
any.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Fund
Allocator
Series
Schedule
of
Investments,
July
31,
2024
Franklin
International
Core
Equity
(IU)
Fund
franklintempleton.com
Annual
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
Common
Stocks
98.3%
Aerospace
&
Defense
1.7%
BAE
Systems
plc
...................................
United
Kingdom
678,020
$
11,306,335
Kongsberg
Gruppen
ASA
.............................
Norway
27,911
2,806,942
Leonardo
SpA
......................................
Italy
36,687
874,082
Saab
AB
,
B
........................................
Sweden
22,472
519,071
Safran
SA
.........................................
France
4,130
907,331
16,413,761
Air
Freight
&
Logistics
0.5%
DSV
A/S
..........................................
Denmark
10,438
1,914,810
a
InPost
SA
.........................................
Poland
52,278
905,745
Nippon
Express
Holdings,
Inc.
..........................
Japan
38,200
1,890,170
4,710,725
Automobile
Components
0.5%
Cie
Generale
des
Etablissements
Michelin
SCA
............
France
84,928
3,362,204
Continental
AG
.....................................
Germany
20,707
1,269,419
4,631,623
Automobiles
3.2%
Bayerische
Motoren
Werke
AG
.........................
Germany
45,590
4,228,434
Mazda
Motor
Corp.
..................................
Japan
295,100
2,545,360
a
Polestar
Automotive
Holding
UK
plc
,
SDR
.................
Hong
Kong
75,517
55,528
Stellantis
NV
.......................................
United
States
409,014
6,815,840
Subaru
Corp.
......................................
Japan
340,700
6,550,468
Toyota
Motor
Corp.
..................................
Japan
443,600
8,521,893
a
Volvo
Car
AB
,
B
....................................
Sweden
352,413
1,000,243
29,717,766
Banks
9.8%
b
ABN
AMRO
Bank
NV
,
CVA
,
144A
,
Reg
S
.................
Netherlands
387,575
6,765,840
AIB
Group
plc
......................................
Ireland
945,969
5,426,159
Banco
Bilbao
Vizcaya
Argentaria
SA
.....................
Spain
1,014,025
10,628,216
Commonwealth
Bank
of
Australia
.......................
Australia
111,359
10,033,043
DBS
Group
Holdings
Ltd.
.............................
Singapore
41,300
1,131,804
Erste
Group
Bank
AG
................................
Austria
93,585
4,867,943
ING
Groep
NV
.....................................
Netherlands
296,122
5,374,895
Intesa
Sanpaolo
SpA
.................................
Italy
1,274,763
5,176,601
Mitsubishi
UFJ
Financial
Group,
Inc.
.....................
Japan
97,400
1,125,004
NatWest
Group
plc
..................................
United
Kingdom
1,575,737
7,474,903
Standard
Chartered
plc
...............................
United
Kingdom
843,263
8,328,696
Sumitomo
Mitsui
Financial
Group,
Inc.
....................
Japan
183,700
13,265,515
UniCredit
SpA
......................................
Italy
299,561
12,304,379
91,902,998
Beverages
1.3%
Asahi
Group
Holdings
Ltd.
.............................
Japan
212,900
7,837,531
Coca-Cola
HBC
AG
.................................
Italy
119,576
4,362,639
12,200,170
Biotechnology
0.7%
CSL
Ltd.
..........................................
United
States
29,457
5,977,772
a
Genmab
A/S
.......................................
Denmark
3,349
946,005
6,923,777
Broadline
Retail
0.9%
Next
plc
..........................................
United
Kingdom
57,729
6,746,300
Wesfarmers
Ltd.
....................................
Australia
34,524
1,665,951
8,412,251
Franklin
Fund
Allocator
Series
Schedule
of
Investments
Franklin
International
Core
Equity
(IU)
Fund
(continued)
franklintempleton.com
The
accompanying
notes
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an
integral
part
of
these
financial
statements.
Annual
Report
13
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Building
Products
1.7%
Cie
de
Saint-Gobain
SA
..............................
France
123,839
$
10,623,623
Kingspan
Group
plc
.................................
Ireland
57,075
5,340,180
15,963,803
Capital
Markets
4.0%
3i
Group
plc
.......................................
United
Kingdom
270,749
10,890,736
Deutsche
Bank
AG
..................................
Germany
205,141
3,193,118
a,c
Futu
Holdings
Ltd.
,
ADR
..............................
Hong
Kong
19,700
1,246,616
Hargreaves
Lansdown
plc
.............................
United
Kingdom
197,022
2,798,477
Macquarie
Group
Ltd.
................................
Australia
40,974
5,638,213
Partners
Group
Holding
AG
............................
Switzerland
4,574
6,157,507
Singapore
Exchange
Ltd.
.............................
Singapore
136,000
1,002,752
UBS
Group
AG
.....................................
Switzerland
212,380
6,435,990
37,363,409
Chemicals
3.2%
Air
Liquide
SA
......................................
France
25,037
4,568,215
BASF
SE
.........................................
Germany
30,539
1,421,810
Givaudan
SA
.......................................
Switzerland
1,425
6,991,926
ICL
Group
Ltd.
.....................................
Israel
288,873
1,212,323
Nitto
Denko
Corp.
...................................
Japan
75,000
6,512,515
Shin-Etsu
Chemical
Co.
Ltd.
...........................
Japan
206,100
9,157,165
29,863,954
Commercial
Services
&
Supplies
0.2%
Brambles
Ltd.
......................................
Australia
93,397
952,006
Dai
Nippon
Printing
Co.
Ltd.
...........................
Japan
30,200
993,526
1,945,532
Communications
Equipment
0.2%
Telefonaktiebolaget
LM
Ericsson
,
B
......................
Sweden
306,687
2,109,427
Construction
&
Engineering
0.7%
ACS
Actividades
de
Construccion
y
Servicios
SA
............
Spain
107,419
4,799,126
Eiffage
SA
.........................................
France
15,502
1,542,786
6,341,912
Construction
Materials
0.4%
a
Holcim
AG
........................................
United
States
36,803
3,439,647
Consumer
Staples
Distribution
&
Retail
1.7%
Carrefour
SA
.......................................
France
76,540
1,141,766
Jeronimo
Martins
SGPS
SA
...........................
Portugal
64,701
1,130,866
Koninklijke
Ahold
Delhaize
NV
..........................
Netherlands
128,573
4,142,006
Tesco
plc
.........................................
United
Kingdom
2,283,130
9,734,831
16,149,469
Diversified
Consumer
Services
0.1%
Pearson
plc
.......................................
United
Kingdom
70,808
960,572
Diversified
REITs
0.3%
Stockland
.........................................
Australia
852,371
2,574,119
Diversified
Telecommunication
Services
1.6%
Deutsche
Telekom
AG
................................
Germany
413,299
10,810,866
Telenor
ASA
.......................................
Norway
333,680
3,976,313
14,787,179
Electric
Utilities
1.6%
BKW
AG
..........................................
Switzerland
11,226
2,030,920
Franklin
Fund
Allocator
Series
Schedule
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Investments
Franklin
International
Core
Equity
(IU)
Fund
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Annual
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The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
14
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Electric
Utilities
(continued)
Chubu
Electric
Power
Co.,
Inc.
.........................
Japan
354,700
$
4,472,242
Endesa
SA
........................................
Spain
75,266
1,460,477
Kansai
Electric
Power
Co.,
Inc.
(The)
....................
Japan
397,800
6,808,664
14,772,303
Electrical
Equipment
1.9%
ABB
Ltd.
..........................................
Switzerland
117,869
6,543,257
Mitsubishi
Electric
Corp.
..............................
Japan
229,200
3,818,879
Prysmian
SpA
......................................
Italy
110,363
7,586,856
17,948,992
Electronic
Equipment,
Instruments
&
Components
1.2%
Keyence
Corp.
.....................................
Japan
3,800
1,661,589
TDK
Corp.
........................................
Japan
91,500
6,383,253
Yokogawa
Electric
Corp.
..............................
Japan
117,600
2,976,721
11,021,563
Entertainment
0.7%
Capcom
Co.
Ltd.
....................................
Japan
188,400
4,024,965
CTS
Eventim
AG
&
Co.
KGaA
..........................
Germany
15,288
1,346,626
Nintendo
Co.
Ltd.
...................................
Japan
26,500
1,464,348
6,835,939
Financial
Services
1.8%
Eurazeo
SE
.......................................
France
23,405
1,841,394
EXOR
NV
.........................................
Netherlands
50,051
5,130,853
Industrivarden
AB
,
A
.................................
Sweden
68,743
2,358,943
Investor
AB
,
B
......................................
Sweden
284,145
8,069,551
17,400,741
Food
Products
2.9%
Associated
British
Foods
plc
...........................
United
Kingdom
188,732
6,024,382
Chocoladefabriken
Lindt
&
Spruengli
AG
..................
Switzerland
392
4,913,735
MEIJI
Holdings
Co.
Ltd.
...............................
Japan
89,500
2,260,266
Nestle
SA
.........................................
United
States
98,541
9,982,617
Salmar
ASA
.......................................
Norway
16,522
950,713
b
WH
Group
Ltd.
,
144A
,
Reg
S
..........................
Hong
Kong
4,596,000
2,987,622
27,119,335
Gas
Utilities
0.4%
Tokyo
Gas
Co.
Ltd.
..................................
Japan
167,900
3,678,626
Ground
Transportation
0.1%
Aurizon
Holdings
Ltd.
................................
Australia
381,854
930,922
Health
Care
Equipment
&
Supplies
2.0%
Cochlear
Ltd.
......................................
Australia
29,617
6,691,109
a
Demant
A/S
.......................................
Denmark
54,665
2,095,841
Hoya
Corp.
........................................
Japan
75,600
9,472,741
Straumann
Holding
AG
...............................
Switzerland
5,499
709,187
18,968,878
Health
Care
Providers
&
Services
0.1%
Fresenius
Medical
Care
AG
............................
Germany
31,381
1,210,926
Health
Care
Technology
0.1%
Pro
Medicus
Ltd.
....................................
Australia
10,828
1,021,457
Hotels,
Restaurants
&
Leisure
1.9%
Aristocrat
Leisure
Ltd.
................................
Australia
96,472
3,435,239
Franklin
Fund
Allocator
Series
Schedule
of
Investments
Franklin
International
Core
Equity
(IU)
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
15
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Hotels,
Restaurants
&
Leisure
(continued)
InterContinental
Hotels
Group
plc
.......................
United
Kingdom
86,715
$
8,734,802
b
La
Francaise
des
Jeux
SAEM
,
144A
,
Reg
S
...............
France
53,663
2,082,056
Sodexo
SA
........................................
France
17,807
1,686,454
Zensho
Holdings
Co.
Ltd.
.............................
Japan
51,100
2,079,964
18,018,515
Household
Durables
0.6%
Panasonic
Holdings
Corp.
.............................
Japan
241,900
1,981,448
Sekisui
House
Ltd.
..................................
Japan
57,700
1,445,751
Taylor
Wimpey
plc
...................................
United
Kingdom
882,309
1,808,607
5,235,806
Independent
Power
and
Renewable
Electricity
Producers
0.1%
RWE
AG
..........................................
Germany
27,942
1,042,821
Industrial
Conglomerates
2.1%
Hitachi
Ltd.
........................................
Japan
636,300
13,748,332
Siemens
AG
.......................................
Germany
31,576
5,781,474
19,529,806
Industrial
REITs
0.7%
Goodman
Group
....................................
Australia
277,500
6,405,415
Insurance
4.3%
Aegon
Ltd.
........................................
Netherlands
695,631
4,501,605
Ageas
SA/NV
......................................
Belgium
90,615
4,326,075
AIA
Group
Ltd.
.....................................
Hong
Kong
325,400
2,176,569
Allianz
SE
.........................................
Germany
3,972
1,118,775
AXA
SA
...........................................
France
28,723
1,008,460
Japan
Post
Insurance
Co.
Ltd.
.........................
Japan
93,500
1,924,936
Medibank
Pvt
Ltd.
...................................
Australia
487,938
1,270,077
MS&AD
Insurance
Group
Holdings,
Inc.
..................
Japan
54,600
1,287,171
Muenchener
Rueckversicherungs-Gesellschaft
AG
in
Muenchen
Germany
21,734
10,704,535
NN
Group
NV
......................................
Netherlands
133,379
6,693,516
Sompo
Holdings,
Inc.
................................
Japan
256,600
5,850,972
40,862,691
Interactive
Media
&
Services
0.5%
b
Auto
Trader
Group
plc
,
144A
,
Reg
S
.....................
United
Kingdom
489,899
5,130,826
IT
Services
0.7%
NEC
Corp.
........................................
Japan
53,200
4,604,709
Otsuka
Corp.
......................................
Japan
97,200
2,154,708
6,759,417
Leisure
Products
0.2%
Bandai
Namco
Holdings,
Inc.
..........................
Japan
82,300
1,748,938
Machinery
3.7%
Atlas
Copco
AB
,
A
...................................
Sweden
529,172
9,421,102
Komatsu
Ltd.
......................................
Japan
232,700
6,615,097
Makita
Corp.
.......................................
Japan
121,700
4,011,530
Rational
AG
.......................................
Germany
2,741
2,399,410
Schindler
Holding
AG
................................
Switzerland
12,721
3,340,147
Trelleborg
AB
,
B
....................................
Sweden
122,407
4,550,447
Wartsila
OYJ
Abp
...................................
Finland
229,652
4,745,722
35,083,455
Marine
Transportation
0.5%
Kawasaki
Kisen
Kaisha
Ltd.
...........................
Japan
35,700
548,536
Franklin
Fund
Allocator
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Investments
Franklin
International
Core
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Fund
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The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
16
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Marine
Transportation
(continued)
Nippon
Yusen
KK
...................................
Japan
118,000
$
3,802,421
4,350,957
Media
0.5%
Publicis
Groupe
SA
..................................
France
49,067
5,122,422
Metals
&
Mining
3.1%
ArcelorMittal
SA
....................................
Luxembourg
264,333
6,019,044
BHP
Group
Ltd.
....................................
Australia
185,402
5,148,743
BlueScope
Steel
Ltd.
.................................
Australia
247,800
3,597,793
Fortescue
Ltd.
......................................
Australia
507,909
6,318,863
JFE
Holdings,
Inc.
...................................
Japan
263,800
3,864,239
Pilbara
Minerals
Ltd.
.................................
Australia
1,479,425
2,859,090
voestalpine
AG
.....................................
Austria
57,331
1,470,360
29,278,132
Multi-Utilities
0.6%
Centrica
plc
.......................................
United
Kingdom
2,699,323
4,601,565
Engie
SA
.........................................
France
56,391
886,476
5,488,041
Oil,
Gas
&
Consumable
Fuels
4.5%
BP
plc
............................................
United
States
1,421,200
8,399,566
ENEOS
Holdings,
Inc.
................................
Japan
928,000
4,862,294
Idemitsu
Kosan
Co.
Ltd.
..............................
Japan
252,800
1,665,022
Inpex
Corp.
........................................
Japan
237,600
3,668,899
Repsol
SA
.........................................
Spain
513,996
7,331,089
Shell
plc
..........................................
United
States
206,022
7,511,194
TotalEnergies
SE
...................................
France
128,856
8,693,443
42,131,507
Paper
&
Forest
Products
0.2%
Mondi
plc
.........................................
Austria
106,626
2,084,390
Passenger
Airlines
0.1%
Singapore
Airlines
Ltd.
...............................
Singapore
100,400
524,701
Personal
Care
Products
1.8%
Beiersdorf
AG
......................................
Germany
46,126
6,695,058
L'Oreal
SA
........................................
France
24,165
10,450,103
17,145,161
Pharmaceuticals
9.7%
AstraZeneca
plc
....................................
United
Kingdom
52,557
8,348,478
GSK
plc
..........................................
United
States
670,775
13,023,610
Hikma
Pharmaceuticals
plc
............................
Jordan
56,516
1,381,593
Ipsen
SA
..........................................
France
20,473
2,298,714
Novartis
AG
.......................................
Switzerland
184,657
20,615,212
Novo
Nordisk
A/S
,
B
.................................
Denmark
184,646
24,464,461
Otsuka
Holdings
Co.
Ltd.
.............................
Japan
173,100
8,822,614
Roche
Holding
AG
..................................
United
States
21,909
7,094,057
Shionogi
&
Co.
Ltd.
..................................
Japan
123,600
5,437,051
91,485,790
Professional
Services
1.6%
Adecco
Group
AG
...................................
Switzerland
47,251
1,608,528
Randstad
NV
......................................
Netherlands
57,953
2,822,600
Recruit
Holdings
Co.
Ltd.
.............................
Japan
59,600
3,417,660
RELX
plc
.........................................
United
Kingdom
64,359
3,037,112
Franklin
Fund
Allocator
Series
Schedule
of
Investments
Franklin
International
Core
Equity
(IU)
Fund
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franklintempleton.com
The
accompanying
notes
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an
integral
part
of
these
financial
statements.
Annual
Report
17
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Professional
Services
(continued)
Wolters
Kluwer
NV
..................................
Netherlands
22,456
$
3,759,345
14,645,245
Real
Estate
Management
&
Development
0.5%
CK
Asset
Holdings
Ltd.
...............................
Hong
Kong
225,000
859,746
Hulic
Co.
Ltd.
......................................
Japan
178,900
1,746,262
Swire
Pacific
Ltd.
,
A
.................................
Hong
Kong
230,500
1,988,485
4,594,493
Retail
REITs
0.3%
Klepierre
SA
.......................................
France
88,180
2,524,997
Semiconductors
&
Semiconductor
Equipment
3.9%
ASM
International
NV
................................
Netherlands
1,895
1,303,800
ASML
Holding
NV
...................................
Netherlands
16,899
15,735,865
BE
Semiconductor
Industries
NV
........................
Netherlands
30,281
3,900,942
Disco
Corp.
........................................
Japan
19,200
6,420,419
SCREEN
Holdings
Co.
Ltd.
............................
Japan
38,700
3,279,430
STMicroelectronics
NV
...............................
Singapore
192,673
6,370,321
37,010,777
Software
2.9%
a
Check
Point
Software
Technologies
Ltd.
..................
Israel
30,850
5,659,432
Sage
Group
plc
(The)
................................
United
Kingdom
480,758
6,719,261
SAP
SE
..........................................
Germany
45,980
9,721,106
a
Xero
Ltd.
..........................................
New
Zealand
59,610
5,430,667
27,530,466
Specialty
Retail
1.1%
Industria
de
Diseno
Textil
SA
...........................
Spain
212,398
10,320,180
Technology
Hardware,
Storage
&
Peripherals
0.4%
Logitech
International
SA
.............................
Switzerland
14,378
1,295,263
Seiko
Epson
Corp.
..................................
Japan
123,900
2,144,761
3,440,024
Textiles,
Apparel
&
Luxury
Goods
3.2%
adidas
AG
.........................................
Germany
17,365
4,351,624
Asics
Corp.
........................................
Japan
364,700
5,952,028
Burberry
Group
plc
..................................
United
Kingdom
157,120
1,572,184
Hermes
International
SCA
.............................
France
1,850
4,042,870
LVMH
Moet
Hennessy
Louis
Vuitton
SE
..................
France
9,344
6,590,906
Pandora
A/S
.......................................
Denmark
44,186
6,926,352
Swatch
Group
AG
(The)
,
N
............................
Switzerland
26,826
1,087,853
30,523,817
Tobacco
0.6%
Japan
Tobacco,
Inc.
.................................
Japan
191,100
5,623,152
Trading
Companies
&
Distributors
2.1%
AerCap
Holdings
NV
.................................
Ireland
28,179
2,647,417
Mitsubishi
Corp.
....................................
Japan
513,400
10,602,764
Toyota
Tsusho
Corp.
.................................
Japan
337,800
6,753,643
20,003,824
Transportation
Infrastructure
0.3%
b
Aena
SME
SA
,
144A
,
Reg
S
...........................
Spain
9,210
1,749,888
Getlink
SE
........................................
France
52,372
933,262
2,683,150
Franklin
Fund
Allocator
Series
Schedule
of
Investments
Franklin
International
Core
Equity
(IU)
Fund
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Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
18
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Wireless
Telecommunication
Services
0.1%
Vodafone
Group
plc
.................................
United
Kingdom
1,510,204
$
1,412,954
Total
Common
Stocks
(Cost
$
730,339,986
)
...................................
925,063,646
Preferred
Stocks
0.6%
Household
Products
0.6%
d
Henkel
AG
&
Co.
KGaA
,
2.34
%
.........................
Germany
70,782
6,054,822
Total
Preferred
Stocks
(Cost
$
5,375,403
)
.....................................
6,054,822
Total
Long
Term
Investments
(Cost
$
735,715,389
)
.............................
931,118,468
a
Short
Term
Investments
0.6%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
0.6%
e,f
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
5.002
%
..
United
States
5,677,294
5,677,294
Total
Money
Market
Funds
(Cost
$
5,677,294
)
.................................
5,677,294
Total
Short
Term
Investments
(Cost
$
5,677,294
)
...............................
5,677,294
a
Total
Investments
(Cost
$
741,392,683
)
99.5
%
.................................
$936,795,762
Other
Assets,
less
Liabilities
0.5
%
...........................................
4,522,498
Net
Assets
100.0%
.........................................................
$941,318,260
a
a
a
See
Abbreviations
on
page
42
.
a
Non-income
producing.
b
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
July
31,
2024,
the
aggregate
value
of
these
securities
was
$18,716,232,
representing
2.0%
of
net
assets.
c
Variable
interest
entity
(VIE).
See
Note
6
regarding
investments
made
through
a
VIE
structure.
At
July
31,
2024,
the
value
of
this
security
was
$1,246,616,
representing
0.1%
of
net
assets.
d
Variable
rate
security.
The
rate
shown
represents
the
yield
at
period
end.
e
See
Note
3(d)
regarding
investments
in
affiliated
management
investment
companies.
f
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
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Annual
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19
a
Year
Ended
July
31,
Year
Ended
July
31,
2020
a
2024
2023
2022
2021
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$13.64
$13.12
$14.99
$11.31
$10.00
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.19
0.20
0.24
0.21
0.21
Net
realized
and
unrealized
gains
(losses)
...........
3.45
0.94
(0.81)
3.74
1.27
Total
from
investment
operations
....................
3.64
1.14
(0.57)
3.95
1.48
Less
distributions
from:
Net
investment
income
..........................
(0.18)
(0.21)
(0.20)
(0.20)
(0.17)
Net
realized
gains
.............................
—
(0.41)
(1.10)
(0.07)
—
Total
distributions
...............................
(0.18)
(0.62)
(1.30)
(0.27)
(0.17)
Net
asset
value,
end
of
year
.......................
$17.10
$13.64
$13.12
$14.99
$11.31
Total
return
d
...................................
26.88%
9.31%
(4.42)%
35.39%
15.09%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
......
0.01%
0.01%
0.01%
0.01%
0.03%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
—%
—%
f
—%
f
—%
f
—%
f
Net
investment
income
...........................
1.31%
1.59%
1.73%
1.60%
2.12%
Supplemental
data
Net
assets,
end
of
year
(000’s)
.....................
$2,022,211
$1,802,029
$2,053,864
$1,316,677
$722,523
Portfolio
turnover
rate
............................
76.33%
95.10%
128.24%
98.39%
60.94%
a
For
the
period
August
19,
2019
(effective
date)
to
July
31,
2020.
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
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year,
except
for
non-recurring
expenses,
if
any.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
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Series
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July
31,
2024
Franklin
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Core
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Report
The
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integral
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statements.
20
a
a
Shares
a
Value
a
Common
Stocks
99.2%
Aerospace
&
Defense
1.9%
Curtiss-Wright
Corp.
.................................................
15,677
$
4,620,012
General
Electric
Co.
.................................................
169,876
28,912,895
Lockheed
Martin
Corp.
...............................................
10,729
5,814,260
39,347,167
Automobile
Components
0.1%
BorgWarner,
Inc.
....................................................
66,189
2,337,134
Automobiles
2.0%
General
Motors
Co.
..................................................
480,796
21,308,879
a
Tesla,
Inc.
.........................................................
79,947
18,553,300
39,862,179
Banks
2.2%
Citigroup,
Inc.
......................................................
16,747
1,086,545
JPMorgan
Chase
&
Co.
...............................................
128,936
27,437,581
Wells
Fargo
&
Co.
...................................................
279,375
16,578,113
45,102,239
Beverages
1.0%
Molson
Coors
Beverage
Co.,
B
.........................................
76,652
4,051,058
PepsiCo,
Inc.
......................................................
90,617
15,646,838
19,697,896
Biotechnology
4.9%
AbbVie,
Inc.
.......................................................
191,603
35,507,868
a
Exelixis,
Inc.
.......................................................
132,999
3,118,827
Gilead
Sciences,
Inc.
................................................
125,940
9,578,996
a
Incyte
Corp.
.......................................................
36,160
2,352,931
a
Neurocrine
Biosciences,
Inc.
...........................................
14,905
2,110,101
a
Regeneron
Pharmaceuticals,
Inc.
.......................................
23,813
25,698,751
a
United
Therapeutics
Corp.
.............................................
17,354
5,436,835
a
Vertex
Pharmaceuticals,
Inc.
...........................................
32,218
15,971,107
99,775,416
Broadline
Retail
3.4%
a
Amazon.com,
Inc.
...................................................
356,149
66,592,740
Macy's,
Inc.
........................................................
105,551
1,823,921
68,416,661
Building
Products
0.6%
Lennox
International,
Inc.
.............................................
4,509
2,631,002
Masco
Corp.
.......................................................
26,200
2,039,670
Owens
Corning
.....................................................
35,951
6,700,547
11,371,219
Capital
Markets
1.9%
Bank
of
New
York
Mellon
Corp.
(The)
....................................
79,316
5,161,092
Evercore,
Inc.,
A
....................................................
14,442
3,616,133
Morgan
Stanley
.....................................................
20,816
2,148,419
MSCI,
Inc.,
A
.......................................................
3,413
1,845,614
SEI
Investments
Co.
.................................................
41,633
2,824,383
State
Street
Corp.
...................................................
129,966
11,043,211
T
Rowe
Price
Group,
Inc.
.............................................
96,934
11,070,832
37,709,684
Franklin
Fund
Allocator
Series
Schedule
of
Investments
Franklin
U.S.
Core
Equity
(IU)
Fund
(continued)
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The
accompanying
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are
an
integral
part
of
these
financial
statements.
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Report
21
a
a
Shares
a
Value
a
Common
Stocks
99.2%
(continued)
Chemicals
0.3%
CF
Industries
Holdings,
Inc.
...........................................
26,569
$
2,029,606
LyondellBasell
Industries
NV,
A
.........................................
18,711
1,860,996
RPM
International,
Inc.
...............................................
18,662
2,266,686
6,157,288
Commercial
Services
&
Supplies
0.2%
Cintas
Corp.
.......................................................
3,360
2,566,838
MSA
Safety,
Inc.
....................................................
11,204
2,113,635
4,680,473
Communications
Equipment
2.7%
a
Arista
Networks,
Inc.
.................................................
58,752
20,360,506
Cisco
Systems,
Inc.
.................................................
465,978
22,576,634
a
F5,
Inc.
...........................................................
26,382
5,372,430
Motorola
Solutions,
Inc.
...............................................
13,930
5,556,956
53,866,526
Construction
&
Engineering
0.3%
EMCOR
Group,
Inc.
.................................................
18,637
6,997,075
Construction
Materials
0.1%
CRH
plc
..........................................................
28,139
2,411,512
Consumer
Finance
0.4%
Synchrony
Financial
.................................................
165,172
8,389,086
Consumer
Staples
Distribution
&
Retail
2.4%
Costco
Wholesale
Corp.
..............................................
2,764
2,272,008
Kroger
Co.
(The)
....................................................
273,025
14,879,862
Walmart,
Inc.
......................................................
443,817
30,463,599
47,615,469
Diversified
Consumer
Services
0.2%
H&R
Block,
Inc.
.....................................................
63,168
3,659,954
Diversified
Telecommunication
Services
1.3%
AT&T,
Inc.
.........................................................
1,346,106
25,912,541
Electric
Utilities
1.0%
American
Electric
Power
Co.,
Inc.
.......................................
23,595
2,315,141
Edison
International
.................................................
46,679
3,734,787
Entergy
Corp.
......................................................
18,473
2,142,314
NRG
Energy,
Inc.
...................................................
98,448
7,400,336
PPL
Corp.
.........................................................
76,745
2,280,862
Southern
Co.
(The)
..................................................
29,268
2,444,463
20,317,903
Electrical
Equipment
1.5%
Acuity
Brands,
Inc.
..................................................
12,978
3,262,020
Eaton
Corp.
plc
.....................................................
34,344
10,467,708
Emerson
Electric
Co.
................................................
18,467
2,162,670
nVent
Electric
plc
...................................................
63,838
4,636,554
Vertiv
Holdings
Co.,
A
................................................
128,622
10,122,552
30,651,504
Electronic
Equipment,
Instruments
&
Components
0.4%
Jabil,
Inc.
.........................................................
23,591
2,657,998
TD
SYNNEX
Corp.
..................................................
27,975
3,333,781
Franklin
Fund
Allocator
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U.S.
Core
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The
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statements.
22
a
a
Shares
a
Value
a
Common
Stocks
99.2%
(continued)
Electronic
Equipment,
Instruments
&
Components
(continued)
Vontier
Corp.
.......................................................
56,503
$
2,216,612
8,208,391
Energy
Equipment
&
Services
0.2%
TechnipFMC
plc
....................................................
91,730
2,706,035
a
Weatherford
International
plc
...........................................
17,023
2,006,331
4,712,366
Entertainment
2.1%
Electronic
Arts,
Inc.
..................................................
100,633
15,189,545
a
Netflix,
Inc.
........................................................
15,249
9,581,709
a
Spotify
Technology
SA
................................................
54,017
18,578,607
43,349,861
Financial
Services
5.1%
a
Berkshire
Hathaway,
Inc.,
B
............................................
93,010
40,784,885
Equitable
Holdings,
Inc.
...............................................
129,829
5,661,843
Mastercard,
Inc.,
A
..................................................
54,247
25,154,876
MGIC
Investment
Corp.
...............................................
120,388
2,990,438
Visa,
Inc.,
A
........................................................
106,451
28,280,837
102,872,879
Food
Products
0.6%
Archer-Daniels-Midland
Co.
...........................................
37,336
2,315,205
Bunge
Global
SA
...................................................
63,973
6,731,879
Ingredion,
Inc.
......................................................
27,259
3,390,202
12,437,286
Ground
Transportation
0.9%
CSX
Corp.
........................................................
117,965
4,140,572
Landstar
System,
Inc.
................................................
14,969
2,847,852
Ryder
System,
Inc.
..................................................
18,679
2,618,049
a
Uber
Technologies,
Inc.
...............................................
49,158
3,169,216
Union
Pacific
Corp.
..................................................
8,977
2,214,895
a
XPO,
Inc.
.........................................................
26,610
3,057,223
18,047,807
Health
Care
Equipment
&
Supplies
1.1%
Abbott
Laboratories
..................................................
17,959
1,902,576
a
Boston
Scientific
Corp.
...............................................
107,954
7,975,642
a
Hologic,
Inc.
.......................................................
27,495
2,243,867
a
IDEXX
Laboratories,
Inc.
..............................................
8,296
3,949,892
Stryker
Corp.
......................................................
20,456
6,698,317
22,770,294
Health
Care
Providers
&
Services
1.7%
a
Centene
Corp.
.....................................................
31,234
2,402,519
Cigna
Group
(The)
..................................................
6,496
2,264,960
McKesson
Corp.
....................................................
37,095
22,888,357
a
Tenet
Healthcare
Corp.
...............................................
35,871
5,369,889
UnitedHealth
Group,
Inc.
..............................................
4,248
2,447,528
35,373,253
Health
Care
Technology
0.1%
a
Veeva
Systems,
Inc.,
A
...............................................
8,748
1,679,004
a
Franklin
Fund
Allocator
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23
a
a
Shares
a
Value
a
Common
Stocks
99.2%
(continued)
Hotels,
Restaurants
&
Leisure
1.3%
Aramark
..........................................................
32,398
$
1,110,279
Booking
Holdings,
Inc.
...............................................
6,083
22,598,406
Domino's
Pizza,
Inc.
.................................................
4,561
1,955,301
25,663,986
Household
Durables
1.2%
a
NVR,
Inc.
.........................................................
802
6,903,199
PulteGroup,
Inc.
....................................................
90,837
11,990,484
Toll
Brothers,
Inc.
...................................................
42,013
5,995,675
24,889,358
Household
Products
1.2%
Colgate-Palmolive
Co.
...............................................
211,165
20,945,456
Kimberly-Clark
Corp.
.................................................
14,919
2,014,811
Procter
&
Gamble
Co.
(The)
...........................................
12,247
1,968,828
24,929,095
Independent
Power
and
Renewable
Electricity
Producers
0.5%
Vistra
Corp.
........................................................
138,326
10,958,186
Industrial
REITs
0.1%
Prologis,
Inc.
.......................................................
16,297
2,054,237
Insurance
1.2%
American
International
Group,
Inc.
......................................
28,017
2,219,787
Axis
Capital
Holdings
Ltd.
.............................................
30,335
2,297,876
Hartford
Financial
Services
Group,
Inc.
(The)
..............................
127,537
14,146,404
Loews
Corp.
.......................................................
28,105
2,246,995
Old
Republic
International
Corp.
........................................
112,555
3,896,654
24,807,716
Interactive
Media
&
Services
6.3%
Alphabet,
Inc.,
A
....................................................
214,593
36,811,283
Alphabet,
Inc.,
C
....................................................
194,491
33,676,117
Meta
Platforms,
Inc.,
A
...............................................
118,179
56,114,934
126,602,334
IT
Services
0.4%
a
GoDaddy,
Inc.,
A
....................................................
56,549
8,225,052
a
Life
Sciences
Tools
&
Services
0.9%
a
Medpace
Holdings,
Inc.
...............................................
9,760
3,733,395
a
Mettler-Toledo
International,
Inc.
........................................
9,351
14,223,152
17,956,547
Machinery
0.2%
Allison
Transmission
Holdings,
Inc.
......................................
37,675
3,337,628
Media
1.1%
Comcast
Corp.,
A
...................................................
500,372
20,650,353
New
York
Times
Co.
(The),
A
...........................................
42,143
2,258,443
22,908,796
Metals
&
Mining
1.4%
Nucor
Corp.
.......................................................
75,749
12,342,542
Reliance,
Inc.
......................................................
23,389
7,123,354
Steel
Dynamics,
Inc.
.................................................
65,678
8,749,623
28,215,519
Franklin
Fund
Allocator
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of
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Franklin
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Core
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24
a
a
Shares
a
Value
a
Common
Stocks
99.2%
(continued)
Multi-Utilities
0.3%
Public
Service
Enterprise
Group,
Inc.
....................................
67,237
$
5,363,495
Oil,
Gas
&
Consumable
Fuels
4.1%
Cheniere
Energy,
Inc.
................................................
73,097
13,350,436
Diamondback
Energy,
Inc.
.............................................
10,791
2,183,127
Exxon
Mobil
Corp.
...................................................
108,859
12,909,589
HF
Sinclair
Corp.
...................................................
57,118
2,939,864
Marathon
Oil
Corp.
..................................................
205,085
5,752,634
Marathon
Petroleum
Corp.
............................................
132,654
23,482,411
Valero
Energy
Corp.
.................................................
139,181
22,508,351
83,126,412
Passenger
Airlines
0.1%
Delta
Air
Lines,
Inc.
..................................................
40,172
1,728,199
Personal
Care
Products
0.1%
a
BellRing
Brands,
Inc.
.................................................
34,203
1,753,930
Pharmaceuticals
2.3%
Eli
Lilly
&
Co.
......................................................
31,764
25,546,832
a
Jazz
Pharmaceuticals
plc
.............................................
18,892
2,082,843
Johnson
&
Johnson
.................................................
13,986
2,207,690
Merck
&
Co.,
Inc.
...................................................
122,105
13,813,739
Organon
&
Co.
.....................................................
104,670
2,288,086
45,939,190
Professional
Services
0.8%
Leidos
Holdings,
Inc.
.................................................
58,572
8,457,797
Robert
Half,
Inc.
....................................................
48,445
3,109,685
Verisk
Analytics,
Inc.,
A
...............................................
17,643
4,618,055
16,185,537
Real
Estate
Management
&
Development
0.2%
a
Jones
Lang
LaSalle,
Inc.
..............................................
16,640
4,174,976
Residential
REITs
0.1%
Camden
Property
Trust
...............................................
19,582
2,168,706
Retail
REITs
1.2%
NNN
REIT,
Inc.
.....................................................
48,732
2,187,579
Simon
Property
Group,
Inc.
............................................
141,192
21,664,501
23,852,080
Semiconductors
&
Semiconductor
Equipment
11.5%
Applied
Materials,
Inc.
................................................
112,121
23,792,076
Broadcom,
Inc.
.....................................................
137,550
22,101,534
a
Cirrus
Logic,
Inc.
....................................................
21,047
2,746,213
KLA
Corp.
.........................................................
20,268
16,681,983
Lam
Research
Corp.
.................................................
20,352
18,749,076
NVIDIA
Corp.
......................................................
1,131,864
132,450,726
QUALCOMM,
Inc.
...................................................
94,369
17,076,071
233,597,679
Software
10.8%
a
Adobe,
Inc.
........................................................
41,740
23,025,871
a
AppLovin
Corp.,
A
...................................................
104,236
8,036,596
a
Cadence
Design
Systems,
Inc.
.........................................
65,174
17,444,473
a
Crowdstrike
Holdings,
Inc.,
A
...........................................
6,181
1,433,745
a
DocuSign,
Inc.,
A
...................................................
82,778
4,592,523
Franklin
Fund
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Franklin
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25
a
a
Shares
a
Value
a
Common
Stocks
99.2%
(continued)
Software
(continued)
a
Dropbox,
Inc.,
A
....................................................
107,236
$
2,565,085
a
Fair
Isaac
Corp.
....................................................
10,050
16,080,000
Gen
Digital,
Inc.
....................................................
84,133
2,186,617
Intuit,
Inc.
.........................................................
11,332
7,335,770
a
Manhattan
Associates,
Inc.
............................................
23,365
5,966,954
Microsoft
Corp.
.....................................................
300,311
125,635,107
a
Synopsys,
Inc.
.....................................................
3,433
1,916,712
a
Zoom
Video
Communications,
Inc.,
A
....................................
32,105
1,939,142
218,158,595
Specialized
REITs
0.3%
Public
Storage
.....................................................
7,157
2,117,899
VICI
Properties,
Inc.,
A
...............................................
114,464
3,578,145
5,696,044
Specialty
Retail
1.3%
a
AutoZone,
Inc.
.....................................................
722
2,262,524
Bath
&
Body
Works,
Inc.
..............................................
87,342
3,209,818
Best
Buy
Co.,
Inc.
...................................................
54,526
4,717,589
Dick's
Sporting
Goods,
Inc.
............................................
23,156
5,009,801
TJX
Cos.,
Inc.
(The)
.................................................
20,833
2,354,546
a
Ulta
Beauty,
Inc.
....................................................
4,308
1,571,946
Williams-Sonoma,
Inc.
...............................................
49,854
7,711,417
26,837,641
Technology
Hardware,
Storage
&
Peripherals
7.3%
Apple,
Inc.
........................................................
579,740
128,748,659
HP,
Inc.
...........................................................
241,323
8,709,347
NetApp,
Inc.
.......................................................
77,142
9,795,491
147,253,497
Textiles,
Apparel
&
Luxury
Goods
0.7%
a
Deckers
Outdoor
Corp.
...............................................
9,893
9,127,579
PVH
Corp.
........................................................
16,596
1,692,626
Ralph
Lauren
Corp.,
A
................................................
14,509
2,547,635
13,367,840
Tobacco
1.2%
Altria
Group,
Inc.
....................................................
484,806
23,760,342
Trading
Companies
&
Distributors
0.5%
Fastenal
Co.
.......................................................
27,281
1,930,130
WESCO
International,
Inc.
............................................
17,743
3,104,138
WW
Grainger,
Inc.
...................................................
4,469
4,365,364
9,399,632
Total
Common
Stocks
(Cost
$1,331,458,836)
....................................
2,006,642,316
a
a
a
a
Franklin
Fund
Allocator
Series
Schedule
of
Investments
Franklin
U.S.
Core
Equity
(IU)
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26
Short
Term
Investments
0.7%
a
a
Shares
a
Value
a
Money
Market
Funds
0.7%
b,c
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.002%
..................
13,432,528
$
13,432,528
Total
Money
Market
Funds
(Cost
$13,432,528)
..................................
13,432,528
Total
Short
Term
Investments
(Cost
$13,432,528)
................................
13,432,528
a
Total
Investments
(Cost
$1,344,891,364)
99.9%
..................................
$2,020,074,844
Other
Assets,
less
Liabilities
0.1%
.............................................
2,135,880
Net
Assets
100.0%
...........................................................
$2,022,210,724
See
Abbreviations
on
page
42
.
a
Non-income
producing.
b
See
Note
3(d)
regarding
investments
in
affiliated
management
investment
companies.
c
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
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Statements
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and
Liabilities
July
31,
2024
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an
integral
part
of
these
financial
statements.
Annual
Report
27
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
Franklin
International
Core
Equity
(IU)
Fund
Franklin
U.S.
Core
Equity
(IU)
Fund
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
.................................
$116,588,232
$735,715,389
$1,331,458,836
Cost
-
Non-controlled
affiliates
(Note
3
d
)
......................
1,306,790
5,677,294
13,432,528
Value
-
Unaffiliated
issuers
................................
$138,951,886
$931,118,468
$2,006,642,316
Value
-
Non-controlled
affiliates
(Note
3
d
)
.....................
1,306,790
5,677,294
13,432,528
Cash
..................................................
—
—
96,372
Foreign
currency,
at
value
(cost
$263,
$3
and
$–,
respectively)
.......
277
7
—
Receivables:
Capital
shares
sold
......................................
137,152
293,988
1,246,359
Dividends
.............................................
418,354
3,394,347
1,154,888
European
Union
tax
reclaims
(Note
1
c
)
.......................
—
1,072,564
—
Affiliates
..............................................
32,619
25,637
16,131
Total
assets
........................................
140,847,078
941,582,305
2,022,588,594
Liabilities:
Payables:
Capital
shares
redeemed
.................................
26,177
159,699
301,946
Custodian
fees
.........................................
56,727
40,907
10,511
Professional
fees
.......................................
65,612
51,461
55,059
Trustees'
fees
and
expenses
...............................
11
45
61
Deferred
tax
.............................................
1,405,542
—
—
Accrued
expenses
and
other
liabilities
.........................
12,268
11,933
10,293
Total
liabilities
.......................................
1,566,337
264,045
377,870
Net
assets,
at
value
...............................
$139,280,741
$941,318,260
$2,022,210,724
Net
assets
consist
of:
Paid-in
capital
...........................................
$133,705,543
$761,188,434
$1,290,157,617
Total
distributable
earnings
(losses)
...........................
5,575,198
180,129,826
732,053,107
Net
assets,
at
value
...............................
$139,280,741
$941,318,260
$2,022,210,724
Shares
outstanding
.......................................
13,425,909
75,334,445
118,241,771
Net
asset
value
per
share
a
..................................
$10.37
$12.50
$17.10
a
Net
asset
value
per
share
may
not
recalculate
due
to
rounding.
Franklin
Fund
Allocator
Series
Financial
Statements
Statements
of
Operations
for
the
year
ended
July
31,
2024
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
28
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
Franklin
International
Core
Equity
(IU)
Fund
Franklin
U.S.
Core
Equity
(IU)
Fund
Investment
income:
Dividends:
(net
of
foreign
taxes
of
$497,754,
$2,662,620
and
$1,617,
respectively)
Unaffiliated
issuers
......................................
$4,240,329
$24,734,594
$24,633,890
Non-controlled
affiliates
(Not
e
3d)
...........................
56,068
462,144
862,951
Other
income
a
...........................................
4,024
864,038
b
63,917
Total
investment
income
.................................
4,300,421
26,060,776
25,560,758
Expenses:
Custodian
fees
...........................................
61,714
39,747
11,882
Reports
to
shareholders
fees
................................
1,184
1,181
1,181
Registration
and
filing
fees
..................................
21,855
27,324
29,027
Professional
fees
.........................................
107,269
71,570
105,013
Trustees'
fees
and
expenses
................................
1,733
10,604
22,365
Pricing
fees
.............................................
8,484
12,776
3,492
Interest
expense
.........................................
1,106
634
—
European
Union
tax
reclaims
filing
fees
(Note
1c)
.................
—
10,764
—
Insurance
fees
...........................................
813
6,042
12,428
Other
..................................................
23,371
9,912
9,738
Total
expenses
.......................................
227,529
190,554
195,126
Expenses
waived/paid
by
affiliates
(Not
e
3d
and
3e)
............
(227,529)
(190,554)
(195,126)
Net
expenses
.......................................
—
—
—
Net
investment
income
..............................
4,300,421
26,060,776
25,560,758
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
(net
of
foreign
taxes
of
$354,081,
$–
and
$–,
respectively)
Unaffiliated
issuers
....................................
1,552,115
30,508,611
155,742,659
Foreign
currency
transactions
..............................
(92,367)
(386,451)
—
Net
realized
gain
(loss)
................................
1,459,748
30,122,160
155,742,659
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
....................................
10,262,878
63,860,401
308,524,791
Translation
of
other
assets
and
liabilities
denominated
in
foreign
currencies
...........................................
11,903
60,101
—
Change
in
deferred
taxes
on
unrealized
appreciation
.............
(1,200,740)
—
—
Net
change
in
unrealized
appreciation
(depreciation)
..........
9,074,041
63,920,502
308,524,791
Net
realized
and
unrealized
gain
(loss)
..........................
10,533,789
94,042,662
464,267,450
Net
increase
(decrease)
in
net
assets
resulting
from
operations
........
$14,834,210
$120,103,438
$489,828,208
a
Other
income
includes
payments
by
Advisers
for
acquired
fund
fees
and
expenses
(See
Note
3e)
.
b
Other
income
includes
income
from
EU
reclaims
(See
Note
1c)
.
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.
Annual
Report
29
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
Franklin
International
Core
Equity
(IU)
Fund
Year
Ended
July
31,
2024
Year
Ended
July
31,
2023
Year
Ended
July
31,
2024
Year
Ended
July
31,
2023
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
............
$4,300,421
$4,372,569
$26,060,776
$29,986,194
Net
realized
gain
(loss)
............
1,459,748
(8,600,365)
30,122,160
(5,445,444)
Net
change
in
unrealized
appreciation
(depreciation)
.................
9,074,041
15,877,054
63,920,502
97,742,063
Net
increase
(decrease)
in
net
assets
resulting
from
operations
.
14,834,210
11,649,258
120,103,438
122,282,813
Distributions
to
shareholders
.........
(5,285,388)
(4,506,203)
(34,081,313)
(30,622,815)
Capital
share
transactions
(Note
2
)
.....
3,505,792
9,954,236
(88,868,776)
51,747,446
Net
increase
(decrease)
in
net
assets
.....................
13,054,614
17,097,291
(2,846,651)
143,407,444
Net
assets:
Beginning
of
year
..................
126,226,127
109,128,836
944,164,911
800,757,467
End
of
year
......................
$139,280,741
$126,226,127
$941,318,260
$944,164,911
Franklin
Fund
Allocator
Series
Financial
Statements
Statements
of
Changes
in
Net
Assets
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
30
Franklin
U.S.
Core
Equity
(IU)
Fund
Year
Ended
July
31,
2024
Year
Ended
July
31,
2023
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$25,560,758
$29,578,197
Net
realized
gain
(loss)
.................................................
155,742,659
(62,038,682)
Net
change
in
unrealized
appreciation
(depreciation)
...........................
308,524,791
186,885,919
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
489,828,208
154,425,434
Distributions
to
shareholders
..............................................
(23,392,721)
(91,270,972)
Capital
share
transactions
(Note
2
)
..........................................
(246,253,393)
(314,989,416)
Net
increase
(decrease)
in
net
assets
...................................
220,182,094
(251,834,954)
Net
assets:
Beginning
of
year
.......................................................
1,802,028,630
2,053,863,584
End
of
year
...........................................................
$2,022,210,724
$1,802,028,630
Franklin
Fund
Allocator
Series
31
franklintempleton.com
Annual
Report
Notes
to
Financial
Statements
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.
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.
Equity
securities
and
exchange
traded
funds 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.
Investments
in open-end mutual
funds
are
valued
at
the
closing
NAV.
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.
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
Funds'
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
Funds'
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
Funds'
portfolio
securities
to
the
latest
indications
of
fair
value
at
4
p.m.
Eastern
time.
At
July
31,
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
Funds'
NAV
is
not
calculated,
which
could
result
in
differences
between
the
value
of
the
Funds'
portfolio
securities
on
the
last
business
day
and
the
last
calendar
day
Franklin
Fund
Allocator
Series
Notes
to
Financial
Statements
32
franklintempleton.com
Annual
Report
of
the
reporting
period.
Any
security
valuation
changes
due
to
an
open
foreign
market
are
adjusted
and
reflected
by
the
Funds
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
Funds
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
Funds
do
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
Statements
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.
Income
and
Deferred
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.
The
Funds
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
the
Funds
invest.
Foreign
taxes,
if
any,
are
recorded
based
on
the
tax
regulations
and
rates
that
exist
in
the
foreign
markets
in
which
the
Funds
invest.
When
a
capital
gain
tax
is
determined
to
apply,
certain
or
all
Funds
record
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,
certain
or
all
Funds
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
Statements of
Operations
and
any
related
receivable,
if
any,
is
reflected
as
European
Union
tax
reclaims
in
the
Statements
of
Assets
and
Liabilities.
Any
fees
associated
with
these
filings
are
reflected
as
European
Union
tax
reclaim
filing
fees
in
the
Statements
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
Funds,
if
any,
reduce
the
amount
of
foreign
taxes
Fund
shareholders
can
use
as
tax
deductions
or credits
on
their income
tax
returns.
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
July
31,
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).
1.
Organization
and
Significant
Accounting
Policies
(continued)
a.
Financial
Instrument
Valuation
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Financial
Statements
33
franklintempleton.com
Annual
Report
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.
Dividend
income
is
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
Funds.
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.
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.
2.
Shares
of
Beneficial
Interest
At
July
31,
2024,
there
were
an
unlimited
number
of
shares
authorized
(without
par value).
Transactions
in
the
Funds'
shares
were
as
follows:
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
Franklin
International
Core
Equity
(IU)
Fund
Shares
Amount
Shares
Amount
Class
A
Year
ended
July
31,
2024
Shares
sold
...................................
2,259,080
$21,095,354
11,312,870
$132,320,031
Shares
issued
in
reinvestment
of
distributions
..........
566,286
5,285,388
3,037,845
34,081,313
Shares
redeemed
...............................
(2,317,479)
(22,874,950)
(22,329,864)
(255,270,120)
Net
increase
(decrease)
..........................
507,887
$3,505,792
(7,979,149)
$(88,868,776)
Year
ended
July
31,
2023
Shares
sold
...................................
1,550,202
$13,989,446
15,474,480
$163,181,228
Shares
issued
in
reinvestment
of
distributions
..........
502,987
4,506,203
2,946,671
30,622,815
Shares
redeemed
...............................
(957,954)
(8,541,413)
(13,775,976)
(142,056,597)
Net
increase
(decrease)
..........................
1,095,235
$9,954,236
4,645,175
$51,747,446
1.
Organization
and
Significant
Accounting
Policies
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Financial
Statements
34
franklintempleton.com
Annual
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
and/or
trustees of
the
following
subsidiaries:
a.
Management
Fees
Advisers provides
investment
management
services
to
the
Funds.
The
Funds
do
not
pay
a
fee
for
these
services.
Advisers
and
its
affiliates,
receive
compensation
from
the
investment
companies
that
invest
in
the
Funds.
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.
Transfer
Agent
Fees
Investor
Services
provides
shareholder
services
to
the
Funds.
The
Funds
do
not
pay
a
fee
for
these
services.
d.
Investments
in
Affiliated
Management
Investment
Companies
Certain
or
all
Funds
invest
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
Funds
do
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies. Advisers
has
contractually
agreed
to
reimburse
expenses
of
the
Funds
in
an
amount
equal
to
fees
indirectly
borne
by
the
Funds
on
assets
invested
in
the
affiliated
management
investment
companies,
as
noted
in
the
Statements
of
Operations.
During
the year
ended
July
31,
2024,
investments
in
affiliated
management
investment
companies
were
as
follows:
Franklin
U.S.
Core
Equity
(IU)
Fund
Shares
Amount
Class
A
Year
ended
July
31,
2024
Shares
sold
...................................
19,732,545
$276,163,670
Shares
issued
in
reinvestment
of
distributions
..........
1,528,194
23,392,721
Shares
redeemed
...............................
(35,134,938)
(545,809,784)
Net
increase
(decrease)
..........................
(13,874,199)
$(246,253,393)
Year
ended
July
31,
2023
Shares
sold
...................................
6,260,327
$78,691,449
Shares
issued
in
reinvestment
of
distributions
..........
7,452,212
91,270,972
Shares
redeemed
...............................
(38,143,023)
(484,951,837)
Net
increase
(decrease)
..........................
(24,430,484)
$(314,989,416)
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
35
franklintempleton.com
Annual
Report
e.
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
certain
non-routine
expenses
or
costs,
including
those
relating
to
litigation,
indemnification,
reorganizations,
and
liquidations), interest expense
and
acquired
fund
fees
and
expenses
of
the
Funds do
not
exceed
0.00%
based
on
the
average
net
assets
of
each
class
until
November
30,
2024.
Total
expenses
waived
or
paid
are
not
subject
to
recapture
subsequent
to
the
Funds'
fiscal
year
end.
Acquired
fund
fees
and
expenses
are
indirect
expenses,
and
therefore
Advisers
may
make
payments,
if
necessary,
to
the
Funds
to
offset
these
estimated
indirect
expenses.
Payments
by
Advisers for
the year
ended
July
31,
2024,
are
reflected
as
other
income
in
the
Statements
of
Operations.
aa
Value
at
Beginning
of
Year
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Year
Number
of
Shares
Held
at
End
of
Year
Investment
Income
a
a
a
a
a
a
a
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.002%
$1,411,873
$41,731,937
$(41,837,020)
$—
$—
$1,306,790
1,306,790
$56,068
Total
Affiliated
Securities
...
$1,411,873
$41,731,937
$(41,837,020)
$—
$—
$1,306,790
$56,068
Franklin
International
Core
Equity
(IU)
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.002%
$7,035,498
$179,952,808
$(181,311,012)
$—
$—
$5,677,294
5,677,294
$462,144
Total
Affiliated
Securities
...
$7,035,498
$179,952,808
$(181,311,012)
$—
$—
$5,677,294
$462,144
Franklin
U.S.
Core
Equity
(IU)
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.002%
$15,977,991
$214,464,083
$(217,009,546)
$—
$—
$13,432,528
13,432,528
$862,951
Total
Affiliated
Securities
...
$15,977,991
$214,464,083
$(217,009,546)
$—
$—
$13,432,528
$862,951
3
.
Transactions
with
Affiliates
(continued)
d.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Financial
Statements
36
franklintempleton.com
Annual
Report
f.
Other
Affiliated
Transactions
At
July
31,
2024,
the
shares
of
the Funds
were
owned
by
the
following
entities:
a
Investment
activities
of
significant
shareholders
could
have
a
material
impact
on
the
Fund.
b
Comprised
of
affiliated
shareholders
whose
individual
ownership
is
less
than
5%
and
would
not
have
a
material
impact
on
the
Fund.
4.
Income
Taxes
For
tax
purposes,
capital
losses
may
be
carried
over
to
offset
future
capital
gains.
At
July
31,
2024,
the
capital
loss
carryforwards
were
as
follows:
Shares
Percentage
of
Outstanding
Shares
~
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
Franklin
Growth
Allocation
Fund
3,742,199
27.9%
Franklin
Moderate
Allocation
Fund
3,463,049
25.8%
Franklin
Conservative
Allocation
Fund
1,214,989
9.0%
Superior
Officer
Council
Balanced
Fund
1,316,607
9.8%
Other
affiliates
~
b
3,689,065
27.5%
Total
13,425,909
100.0%
Franklin
International
Core
Equity
(IU)
Fund
Franklin
Growth
Allocation
Fund
9,623,226
12.8%
Franklin
Moderate
Allocation
Fund
8,888,744
11.8%
Superior
Officer
Council
Balanced
Fund
4,398,955
5.8%
Franklin
Growth
Allocation
529
Portfolio
4,333,503
5.8%
Franklin
Aggressive
Growth
Allocation
529
Portfolio
4,031,965
5.4%
Other
affiliates
~
b
44,058,052
58.4%
Total
75,334,445
100.0%
Franklin
U.S.
Core
Equity
(IU)
Fund
Franklin
Moderate
Allocation
Fund
21,758,087
18.4%
Franklin
Growth
Allocation
Fund
18,805,522
15.9%
Franklin
Conservative
Allocation
Fund
7,624,441
6.4%
Franklin
Growth
Allocation
529
Portfolio
6,018,301
5.1%
Other
affiliates
~
b
64,035,420
54.2%
Total
118,241,771
100.0%
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
Franklin
International
Core
Equity
(IU)
Fund
1
1
1
Capital
loss
carryforwards
not
subject
to
expiration:
Short
term
.............................
$
9,350,287
$
6,178,715
Long
term
.............................
3,002,783
—
Total
capital
loss
carryforwards
............
$12,353,070
$6,178,715
3
.
Transactions
with
Affiliates
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Financial
Statements
37
franklintempleton.com
Annual
Report
During
the
year
ended
July
31,
2024,
the
utilized
capital
loss
carryforwards
were
as
follows:
The
tax
character
of
distributions
paid
during
the
years
ended
July
31,
2024
and
2023
,
was
as
follows:
At
July
31,
2024,
the
cost
of
investments,
net
unrealized
appreciation
(depreciation),
undistributed
ordinary
income
and
undistributed
long
term
capital
gains 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
foreign
currency
transactions,
wash
sales,
EU
reclaims,
passive
foreign
investment
company
shares,
foreign
capital
gains
tax
and
corporate
actions.
The
Funds
utilized
a
tax
accounting
practice
to
treat
a
portion
of
the
proceeds
from
capital
shares
redeemed
as
a
distribution
from
net
investment
income
and
realized
capital
gains.
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
Franklin
International
Core
Equity
(IU)
Fund
Franklin
U.S.
Core
Equity
(IU)
Fund
Capital
loss
utilized
carryforwards
....
$500,273
$23,723,867
$85,670,073
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
Franklin
International
Core
Equity
(IU)
Fund
2024
2023
2024
2023
Distributions
paid
from:
Ordinary
income
........................
$5,285,388
$4,506,203
$34,081,313
$30,622,815
Franklin
U.S.
Core
Equity
(IU)
Fund
2024
2023
Distributions
paid
from:
Ordinary
income
........................
$23,392,721
$30,279,451
Long
term
capital
gain
....................
—
60,991,521
$23,392,721
$91,270,972
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
Franklin
International
Core
Equity
(IU)
Fund
Franklin
U.S.
Core
Equity
(IU)
Fund
a
a
a
a
Cost
of
investments
.......................
$122,974,927
$760,066,859
$1,352,538,296
Unrealized
appreciation
.....................
$32,821,552
$211,248,743
$680,245,834
Unrealized
depreciation
.....................
(15,537,803)
(34,519,840)
(12,709,286)
Net
unrealized
appreciation
(depreciation)
.......
$17,283,749
$176,728,903
$667,536,548
Distributable
earnings:
Undistributed
ordinary
income
................
$2,361,946
$8,436,710
$1,368,376
Undistributed
long
term
capital
gains
...........
—
—
63,148,183
Total
distributable
earnings
..................
$2,361,946
$8,436,710
$64,516,559
4.
Income
Taxes
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Financial
Statements
38
franklintempleton.com
Annual
Report
5.
Investment
Transactions
Purchases
and
sales
of
investments
(excluding
short
term
securities)
for
the
year
ended
July
31,
2024,
were
as
follows:
6.
Concentration
of
Risk
Investing
in
foreign
securities
may
include
certain
risks
and
considerations
not
typically
associated
with
investing
in
U.S.
securities,
such
as
fluctuating
currency
values
and
changing
local,
regional
and
global
economic,
political
and
social
conditions,
which
may
result
in
greater
market
volatility.
Political
and
financial
uncertainty
in
many
foreign
regions
may
increase
market
volatility
and
the
economic
risk
of
investing
in
foreign
securities.
In
addition,
certain
foreign
securities
may
not
be
as
liquid
as
U.S.
securities.
Russia’s
military
invasion
of
Ukraine
in
February
2022,
the
resulting
responses
by
the
United
States
and
other
countries,
and
the
potential
for
wider
conflict
could
increase
volatility
and
uncertainty
in
the
financial
markets
and
adversely
affect
regional
and
global
economies.
The
United
States
and
other
countries
have
imposed
broad-ranging
economic
sanctions
on
Russia
and
certain
Russian
individuals,
banking
entities
and
corporations
as
a
response
to
its
invasion
of
Ukraine.
The
United
States
and
other
countries
have
also
imposed
economic
sanctions
on
Belarus
and
may
impose
sanctions
on
other
countries
that
support
Russia’s
military
invasion.
These
sanctions,
as
well
as
any
other
economic
consequences
related
to
the
invasion,
such
as
additional
sanctions,
boycotts
or
changes
in
consumer
or
purchaser
preferences
or
cyberattacks
on
governments,
companies
or
individuals,
may
further
decrease
the
value
and
liquidity
of
certain
Russian
securities
and
securities
of
issuers
in
other
countries
that
are
subject
to
economic
sanctions
related
to
the
invasion.
To
the
extent
that
the
Funds
have
exposure
to
Russian
investments
or
investments
in
countries
affected
by
the
invasion,
the
Funds’
ability
to
price,
buy,
sell,
receive
or
deliver
such
investments
was
impaired.
The
Funds
could
determine
at
any
time
that
certain
of
the
most
affected
securities
have
little
or
no
value.
In
addition,
any
exposure
that
the
Funds
may
have
to
counterparties
in
Russia
or
in
countries
affected
by
the
invasion
could
negatively
impact
the
Funds’
portfolio.
The
extent
and
duration
of
Russia’s
military
actions
and
the
repercussions
of
such
actions
(including
any
retaliatory
actions
or
countermeasures
that
may
be
taken
by
those
subject
to
sanctions)
are
impossible
to
predict,
but
could
result
in
significant
market
disruptions,
including
in
the
oil
and
natural
gas
markets,
and
may
negatively
affect
global
supply
chains,
inflation
and
global
growth.
These
and
any
related
events
could
significantly
impact
the
Funds’
performance
and
the
value
of
an
investment
in
the
Funds,
even
beyond
any
direct
exposure
the
Funds
may
have
to
Russian
issuers
or
issuers
in
other
countries
affected
by
the
invasion.
The
Valuation
Committee
determined
that
based
on
their
analysis
of
the
market
and
access
to
market
participants,
the
Russian
financial
instruments
held
by
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
had
little
or
no
value
at
July
31,
2024.
Certain
investments
in
Chinese
companies
are
made
through
a
special
structure
known
as
a
VIE.
In
a
VIE
structure,
foreign
investors,
such
as
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
and
Franklin
International
Core
Equity
(IU)
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
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
Franklin
International
Core
Equity
(IU)
Fund
Franklin
U.S.
Core
Equity
(IU)
Fund
Purchases
..............................
$92,451,910
$521,191,278
$1,470,273,236
Sales
..................................
$90,836,618
$617,079,294
$1,713,336,553
Franklin
Fund
Allocator
Series
Notes
to
Financial
Statements
39
franklintempleton.com
Annual
Report
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 Funds'
returns
and
net
asset
value.
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.)
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
July
31,
2024,
in
valuing
the
Funds'
assets carried
at
fair
value,
is
as
follows:
Level
1
Level
2
Level
3
Total
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
$
—
$
692,373
$
—
$
692,373
Air
Freight
&
Logistics
...................
—
250,239
—
250,239
Automobile
Components
.................
148,376
782,591
—
930,967
Automobiles
..........................
—
4,853,554
—
4,853,554
Banks
...............................
4,862,755
15,160,941
—
20,023,696
Beverages
...........................
810,915
1,741,100
—
2,552,015
Biotechnology
.........................
—
444,089
—
444,089
Broadline
Retail
.......................
2,710,084
2,153,055
—
4,863,139
Capital
Markets
........................
—
1,159,552
—
1,159,552
Chemicals
...........................
—
4,020,111
—
a
4,020,111
Communications
Equipment
..............
—
178,772
—
178,772
Construction
&
Engineering
...............
—
178,205
—
178,205
Construction
Materials
..................
104,567
322,537
—
427,104
Consumer
Finance
.....................
—
577,370
—
577,370
Consumer
Staples
Distribution
&
Retail
......
1,389,763
376,373
—
1,766,136
Diversified
Consumer
Services
............
245,490
—
—
245,490
Diversified
REITs
......................
117,193
—
—
117,193
Diversified
Telecommunication
Services
.....
—
1,405,930
—
1,405,930
Electric
Utilities
........................
235,356
599,741
—
a
835,097
Electrical
Equipment
....................
—
4,547,580
—
4,547,580
Electronic
Equipment,
Instruments
&
Components
........................
—
4,803,652
—
4,803,652
Energy
Equipment
&
Services
.............
—
207,892
—
207,892
Entertainment
.........................
402,712
1,506,850
—
1,909,562
Financial
Services
......................
—
1,812,068
—
1,812,068
Food
Products
........................
—
2,292,907
—
2,292,907
Gas
Utilities
..........................
—
162,859
—
162,859
Ground
Transportation
..................
—
127,657
—
127,657
6.
Concentration
of
Risk
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Financial
Statements
40
franklintempleton.com
Annual
Report
Level
1
Level
2
Level
3
Total
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
Health
Care
Equipment
&
Supplies
.........
$
—
$
238,220
$
—
$
238,220
Health
Care
Providers
&
Services
..........
137,172
685,947
—
823,119
Hotels,
Restaurants
&
Leisure
.............
192,971
2,653,753
—
2,846,724
Household
Durables
....................
—
374,358
—
374,358
Household
Products
....................
119,540
—
—
119,540
Independent
Power
and
Renewable
Electricity
Producers
..........................
—
1,037,987
—
1,037,987
Industrial
Conglomerates
................
1,198,417
136,431
—
1,334,848
Insurance
............................
693,718
3,428,637
—
4,122,355
Interactive
Media
&
Services
..............
418,340
5,857,348
—
6,275,688
IT
Services
...........................
—
3,973,410
—
3,973,410
Life
Sciences
Tools
&
Services
............
—
527,755
—
527,755
Machinery
............................
334,048
755,141
—
1,089,189
Metals
&
Mining
.......................
1,598,758
3,656,728
—
a
5,255,486
Multi-Utilities
..........................
—
924,691
—
924,691
Oil,
Gas
&
Consumable
Fuels
.............
2,841,109
2,575,026
—
5,416,135
Passenger
Airlines
.....................
—
555,383
—
555,383
Personal
Care
Products
.................
—
1,266,326
—
1,266,326
Pharmaceuticals
.......................
—
2,757,550
—
2,757,550
Real
Estate
Management
&
Development
....
1,580,519
138,177
—
1,718,696
Semiconductors
&
Semiconductor
Equipment
.
—
17,886,907
—
17,886,907
Software
.............................
—
142,614
—
142,614
Specialty
Retail
........................
253,493
2,379,208
—
2,632,701
Technology
Hardware,
Storage
&
Peripherals
.
—
8,147,103
—
8,147,103
Textiles,
Apparel
&
Luxury
Goods
..........
343,316
1,264,240
—
1,607,556
Transportation
Infrastructure
..............
998,391
376,612
—
1,375,003
Wireless
Telecommunication
Services
.......
329,983
1,327,312
—
1,657,295
Preferred
Stocks
.........................
3,460,038
—
—
3,460,038
Short
Term
Investments
...................
1,306,790
—
—
1,306,790
Total
Investments
in
Securities
...........
$26,833,814
$113,424,862
b
$—
$140,258,676
Franklin
International
Core
Equity
(IU)
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
—
16,413,761
—
16,413,761
Air
Freight
&
Logistics
...................
—
4,710,725
—
4,710,725
Automobile
Components
.................
—
4,631,623
—
4,631,623
Automobiles
..........................
—
29,717,766
—
29,717,766
Banks
...............................
—
91,902,998
—
91,902,998
Beverages
...........................
—
12,200,170
—
12,200,170
Biotechnology
.........................
—
6,923,777
—
6,923,777
Broadline
Retail
.......................
—
8,412,251
—
8,412,251
Building
Products
......................
—
15,963,803
—
15,963,803
Capital
Markets
........................
1,246,616
36,116,793
—
37,363,409
Chemicals
...........................
—
29,863,954
—
29,863,954
Commercial
Services
&
Supplies
...........
—
1,945,532
—
1,945,532
Communications
Equipment
..............
—
2,109,427
—
2,109,427
Construction
&
Engineering
...............
—
6,341,912
—
6,341,912
Construction
Materials
..................
—
3,439,647
—
3,439,647
Consumer
Staples
Distribution
&
Retail
......
1,130,866
15,018,603
—
16,149,469
Diversified
Consumer
Services
............
—
960,572
—
960,572
Diversified
REITs
......................
—
2,574,119
—
2,574,119
Diversified
Telecommunication
Services
.....
3,976,313
10,810,866
—
14,787,179
7.
Fair
Value
Measurements
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Financial
Statements
41
franklintempleton.com
Annual
Report
Level
1
Level
2
Level
3
Total
Franklin
International
Core
Equity
(IU)
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
Electric
Utilities
........................
$
—
$
14,772,303
$
—
$
14,772,303
Electrical
Equipment
....................
—
17,948,992
—
17,948,992
Electronic
Equipment,
Instruments
&
Components
........................
—
11,021,563
—
11,021,563
Entertainment
.........................
—
6,835,939
—
6,835,939
Financial
Services
......................
—
17,400,741
—
17,400,741
Food
Products
........................
—
27,119,335
—
27,119,335
Gas
Utilities
..........................
—
3,678,626
—
3,678,626
Ground
Transportation
..................
—
930,922
—
930,922
Health
Care
Equipment
&
Supplies
.........
—
18,968,878
—
18,968,878
Health
Care
Providers
&
Services
..........
—
1,210,926
—
1,210,926
Health
Care
Technology
.................
—
1,021,457
—
1,021,457
Hotels,
Restaurants
&
Leisure
.............
—
18,018,515
—
18,018,515
Household
Durables
....................
—
5,235,806
—
5,235,806
Independent
Power
and
Renewable
Electricity
Producers
..........................
—
1,042,821
—
1,042,821
Industrial
Conglomerates
................
—
19,529,806
—
19,529,806
Industrial
REITs
.......................
—
6,405,415
—
6,405,415
Insurance
............................
—
40,862,691
—
40,862,691
Interactive
Media
&
Services
..............
—
5,130,826
—
5,130,826
IT
Services
...........................
—
6,759,417
—
6,759,417
Leisure
Products
.......................
—
1,748,938
—
1,748,938
Machinery
............................
—
35,083,455
—
35,083,455
Marine
Transportation
...................
—
4,350,957
—
4,350,957
Media
...............................
—
5,122,422
—
5,122,422
Metals
&
Mining
.......................
—
29,278,132
—
29,278,132
Multi-Utilities
..........................
—
5,488,041
—
5,488,041
Oil,
Gas
&
Consumable
Fuels
.............
—
42,131,507
—
42,131,507
Paper
&
Forest
Products
.................
—
2,084,390
—
2,084,390
Passenger
Airlines
.....................
—
524,701
—
524,701
Personal
Care
Products
.................
—
17,145,161
—
17,145,161
Pharmaceuticals
.......................
—
91,485,790
—
91,485,790
Professional
Services
...................
—
14,645,245
—
14,645,245
Real
Estate
Management
&
Development
....
—
4,594,493
—
4,594,493
Retail
REITs
..........................
—
2,524,997
—
2,524,997
Semiconductors
&
Semiconductor
Equipment
.
—
37,010,777
—
37,010,777
Software
.............................
5,659,432
21,871,034
—
27,530,466
Specialty
Retail
........................
—
10,320,180
—
10,320,180
Technology
Hardware,
Storage
&
Peripherals
.
—
3,440,024
—
3,440,024
Textiles,
Apparel
&
Luxury
Goods
..........
—
30,523,817
—
30,523,817
Tobacco
.............................
—
5,623,152
—
5,623,152
Trading
Companies
&
Distributors
..........
2,647,417
17,356,407
—
20,003,824
Transportation
Infrastructure
..............
—
2,683,150
—
2,683,150
Wireless
Telecommunication
Services
.......
—
1,412,954
—
1,412,954
Preferred
Stocks
.........................
—
6,054,822
—
6,054,822
Short
Term
Investments
...................
5,677,294
—
—
5,677,294
Total
Investments
in
Securities
...........
$20,337,938
$916,457,824
c
$—
$936,795,762
Franklin
U.S.
Core
Equity
(IU)
Fund
Assets:
Investments
in
Securities:
d
Common
Stocks
.........................
2,006,642,316
—
—
2,006,642,316
Short
Term
Investments
...................
13,432,528
—
—
13,432,528
Total
Investments
in
Securities
...........
$2,020,074,844
$—
$—
$2,020,074,844
7.
Fair
Value
Measurements
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Financial
Statements
42
franklintempleton.com
Annual
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 year.
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
a
Includes
financial
instruments
determined
to
have
no
value.
b
Includes
foreign
securities
valued
at
$113,424,862,
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.
c
Includes
foreign
securities
valued
at
$916,402,296,
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.
d
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
Selected
Portfolio
ADR
American
Depositary
Receipt
GDR
Global
Depositary
Receipt
REIT
Real
Estate
Investment
Trust
SDR
Swedish
Depositary
Receipt
7.
Fair
Value
Measurements
(continued)
Franklin
Fund
Allocator
Series
Report
of
Independent
Registered
Public
Accounting
Firm
43
franklintempleton.com
Annual
Report
To
the
Board
of
Trustees
of
Franklin
Fund
Allocator
Series
and
Shareholders
of
Franklin
Emerging
Market
Core
Equity
(IU)
Fund,
Franklin
International
Core
Equity
(IU)
Fund
and
Franklin
U.S.
Core
Equity
(IU)
Fund
Opinions
on
the
Financial
Statements
We
have
audited
the
accompanying
statements
of
assets
and
liabilities,
including
the
schedules
of
investments,
of
Franklin
Emerging
Market
Core
Equity
(IU)
Fund,
Franklin
International
Core
Equity
(IU)
Fund
and
Franklin
U.S.
Core
Equity
(IU)
Fund
(three
of
the
funds
constituting
Franklin
Fund
Allocator
Series,
hereafter
collectively
referred
to
as
the
"Funds")
as
of
July
31,
2024,
the
related
statements
of
operations
for
the
year
ended
July
31,
2024,
the
statements
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
July
31,
2024,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
four
years
in
the
period
ended
July
31,
2024
and
the
period
August
19,
2019
(effective
date)
to
July
31,
2020
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
each
of
the
Funds
as
of
July
31,
2024,
the
results
of
each
of
their
operations
for
the
year
then
ended,
the
changes
in
each
of
their
net
assets
for
each
of
the
two
years
in
the
period
ended
July
31,
2024
and
each
of
the
financial
highlights
for
each
of
the
four
years
in
the
period
ended
July
31,
2024
and
the
period
August
19,
2019
(effective
date)
to
July
31,
2020
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinions
These
financial
statements
are
the
responsibility
of
the
Funds’
management.
Our
responsibility
is
to
express
an
opinion
on
the
Funds’
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Funds
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
July
31,
2024
by
correspondence
with
the
custodian
and
transfer
agent.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinions.
/s/PricewaterhouseCoopers
LLP
San
Francisco,
California
September
19,
2024
We
have
served
as
the
auditor
of
one
or
more
investment
companies
in
the
Franklin
Templeton
Group
of
Funds
since
1948.
Franklin
Fund
Allocator
Series
Tax
Information
(unaudited)
44
franklintempleton.com
Annual
Report
By
mid-February,
tax
information
related
to
a
shareholder's
proportionate
share
of
distributions
paid
during
the
preceding
calendar
year
will
be
received,
if
applicable.
Please
also
refer
to
www.franklintempleton.com
for
per
share
tax
information
related
to
any
distributions
paid
during
the
preceding
calendar
year.
Shareholders
are
advised
to
consult
with
their
tax
advisors
for
further
information
on
the
treatment
of
these
amounts
on
their
tax
returns.
The
following
tax
information
for
the
Funds
is
required
to
be
furnished
to
shareholders
with
respect
to
income
earned
and
distributions
paid
during their
fiscal
year.
The
Funds
hereby
report
the
following
amounts,
or
if
subsequently
determined
to
be
different,
the
maximum
allowable
amounts,
for
the
fiscal
year
ended
July
31,
2024:
Under
Section
853
of
the
Internal
Revenue
Code,
the
Funds
below intend
to
elect
to
pass
through
to
their
shareholders
the
following
amounts,
or
amounts
as
finally
determined,
of
foreign
taxes
paid
and
foreign
source
income
earned
by
the
Funds
during
the
fiscal
year
ended
July
31,
2024
:
Pursuant
to:
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
Franklin
International
Core
Equity
(IU)
Fund
Franklin
U.S.
Core
Equity
(IU)
Fund
Long-Term
Capital
Gain
Dividends
Distributed
§852(b)(3)(C)
—
—
$898,796
Income
Eligible
for
Dividends
Received
Deduction
(DRD)
§854(b)(1)(A)
$17,192
$120,734
$21,681,667
Qualified
Dividend
Income
Earned
(QDI)
§854(b)(1)(B)
$2,120,085
$24,717,686
$21,968,764
Short-Term
Capital
Gain
Dividends
Distributed
§871(k)(2)(C)
—
—
$904,295
Section
163(j)
Interest
Dividends
Earned
§163(j)
$55,813
$456,981
$862,951
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
Franklin
International
Core
Equity
(IU)
Fund
Franklin
U.S.
Core
Equity
(IU)
Fund
Foreign
Taxes
Paid
$555,306
$2,257,922
—
Foreign
Source
Income
Earned
$4,810,143
$26,418,764
—
Franklin
Fund
Allocator
Series
45
franklintempleton.com
Annual
Report
FRANKLIN
FUND
ALLOCATOR
SERIES
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
Franklin
International
Core
Equity
(IU)
Fund
Franklin
U.S.
Core
Equity
(IU)
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
agreement
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
46
franklintempleton.com
Annual
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
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
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
Emerging
Market
Core
Equity
(IU)
Fund
and
Franklin
International
Core
Equity
(IU)
Fund
-
The
Performance
Universe
for
the
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
included
the
Fund
and
all
retail
and
institutional
emerging
markets
funds.
The
Performance
Universe
for
the
Franklin
International
Core
Equity
(IU)
Fund
included
the
Fund
and
all
retail
and
institutional
international
large-cap
core
funds.
The
Funds
commenced
operations
on
September
30,
2019,
and
thus
have
been
in
operation
for
less
than
five
years.
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
and,
for
the
Franklin
International
Core
Equity
(IU)
Fund,
in
the
first
(best)
quintile.
The
Board
concluded
that
each
Fund’s
performance
was
satisfactory.
Franklin
Fund
Allocator
Series
47
franklintempleton.com
Annual
Report
Franklin
U.S.
Core
Equity
(IU)
Fund
-
The
Performance
Universe
for
the
Fund
included
the
Fund
and
all
retail
and
institutional
large-cap
core
funds.
The
Fund
commenced
operations
on
September
30,
2019,
and
thus
has
been
in
operation
for
less
than
five
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-year
period
was
below
the
median
of
its
Performance
Universe.
The
Board
further
noted
that,
although
below
the
median,
the
Fund’s
annualized
total
return
for
the
one-year
period
was
22.30%.
The
Board
concluded
that
the
Fund’s
performance
was
satisfactory.
Comparative
Fees
and
Expenses
The
Board
noted
that,
to
each
Management
Agreement,
the
Manager
provides
general
investment
management
and
administrative
services
to
each
Fund
for
a
zero
management
fee.
The
Board
also
noted
that
the
Manager
assumes
all
expenses
incurred
by
each
Fund
(including
acquired
fund
fees
and
expenses),
excluding
certain
non-routine
expenses,
such
as
those
relating
to
litigation,
indemnification,
reorganizations
and
liquidations,
incurred
by
each
Fund.
The
Board
further
noted
that
comparative
fee
data
for
the
Funds
customarily
prepared
by
Broadridge
was
not
provided
because
the
Funds
have
a
zero
management
fee.
After
consideration
of
the
above,
the
Board
concluded
that
the
management
fee
for
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
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.
In
connection
with
this
review,
the
Board
noted
that
because
each
Fund
pays
a
zero
management
fee,
the
consideration
of
possible
economies
of
scale
in
the
future
was
not
relevant.
Franklin
Fund
Allocator
Series
48
franklintempleton.com
Annual
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
each
Management
Agreement
for
an
additional
one-year
period.
FAS6-AFSOI
09/24
©
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-CSR.
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-CSR.
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-CSR.
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-CSR.
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) Code of Ethics
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 | September 27, 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 | September 27, 2024 |
| By | /s/ JEFFREY WHITE | |
| Jeffrey White | ||
| Chief Financial Officer, Chief Accounting Officer and Treasurer | ||
| Date | September 27, 2024 |