Franklin Corefolio Allocation Fund Class C (FTCLX) N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORMN-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number811-07851

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)

Craig S. Tyle, 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: 07/31

Date of reporting period: 01/31/20

Item 1. Reports to Stockholders.

Franklin Emerging Market Core Equity (IU) Fund

Your Fund’s Expenses

Shareholders of mutual funds incur ongoing costs, such as management fees (if any), custodian fees and other Fund expenses, which are sometimes referred to as operating expenses. The table below shows the ongoing costs of investing in the Fund and can help you understand these costs and compare them with those of other mutual funds. The table assumes a $1,000 investment held for the six months indicated.

Please note that the expenses shown in the table are meant to highlight your ongoing Fund costs only and do not reflect any program fees that you may pay. Therefore, the table is useful in comparing ongoing costs of investing in the Fund only, and will not help you determine the relative total costs of participating in any one investment program.

Actual Fund Expenses

The table below provides information about actual account values and actual expenses in the columns under the heading “Actual.” In these columns the Fund’s actual return, which includes the effect of Fund expenses, is used to calculate the “Ending Account Value.” You can estimate the expenses you paid during the period by following these steps (of course, your account value and expenses will differ from those in this illustration): Divide your account value by $1,000 (if your account had an $8,600 value, then $8,600 ÷ $1,000 = 8.6). Then multiply the result by the number in the row under the headings “Actual” and “Expenses Paid During Period” (if Actual Expenses Paid During Period were $7.50, then 8.6 x $7.50 = $64.50). In this illustration, the actual expenses paid this period are $64.50.

Hypothetical Example for Comparison with Other Funds

Under the heading “Hypothetical” in the table, information is provided about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. This information may not be used to estimate the actual ending account balance or expenses you paid for the period, but it can help you compare ongoing costs of investing in the Fund with those of other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that expenses shown in the table are meant to highlight ongoing costs and do not reflect any transactional costs. Therefore, information under the heading “Hypothetical” is useful in comparing ongoing costs only, and will not help you compare total costs of owning different funds. In addition, if transactional costs were included, your total costs would have been higher.

	Actual (actual return after expenses)		Hypothetical (5% annual return before expenses)
Beginning Account Value1	Ending Account Value 1/31/20	Expenses Paid During Period 8/19/19–1/31/202, 3	Ending Account Value 1/31/20	Expenses Paid During Period 8/1/19–1/31/202, 3	Net Annualized Expense Ratio3
$1,000	$1,034.50	$0.00	$1,025.14	$0.00	0.00%

1. August 19, 2019 for Actual; August 1, 2019 for Hypothetical.

2. Expenses are equal to the annualized expense ratio for thesix-month period as indicated above—in the far right column—multiplied by the simple average account value over the period indicated, and then multiplied by 184/366 to reflect theone-half year period for Hypothetical expenses.Non-recurring expenses are not annualized. For Actual expenses, the multiplier is 166/366 to reflect the number of days since effective date.

3. Reflects expenses after fee waivers and expense reimbursements. Does not include acquired fund fees and expenses.

franklintempleton.com Semiannual Report         0

Franklin International Core Equity (IU) Fund

Your Fund’s Expenses

Shareholders of mutual funds incur ongoing costs, such as management fees (if any), custodian fees and other Fund expenses, which are sometimes referred to as operating expenses. The table below shows the ongoing costs of investing in the Fund and can help you understand these costs and compare them with those of other mutual funds. The table assumes a $1,000 investment held for the six months indicated.

Please note that the expenses shown in the table are meant to highlight your ongoing Fund costs only and do not reflect any program fees that you may pay. Therefore, the table is useful in comparing ongoing costs of investing in the Fund only, and will not help you determine the relative total costs of participating in any one investment program.

Actual Fund Expenses

The table below provides information about actual account values and actual expenses in the columns under the heading “Actual.” In these columns the Fund’s actual return, which includes the effect of Fund expenses, is used to calculate the “Ending Account Value.” You can estimate the expenses you paid during the period by following these steps (of course, your account value and expenses will differ from those in this illustration): Divide your account value by $1,000 (if your account had an $8,600 value, then $8,600 ÷ $1,000 = 8.6). Then multiply the result by the number in the row under the headings “Actual” and “Expenses Paid During Period” (if Actual Expenses Paid During Period were $7.50, then 8.6 x $7.50 = $64.50). In this illustration, the actual expenses paid this period are $64.50.

Hypothetical Example for Comparison with Other Funds

Under the heading “Hypothetical” in the table, information is provided about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. This information may not be used to estimate the actual ending account balance or expenses you paid for the period, but it can help you compare ongoing costs of investing in the Fund with those of other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that expenses shown in the table are meant to highlight ongoing costs and do not reflect any transactional costs. Therefore, information under the heading “Hypothetical” is useful in comparing ongoing costs only, and will not help you compare total costs of owning different funds. In addition, if transactional costs were included, your total costs would have been higher.

	Actual (actual return after expenses)		Hypothetical (5% annual return before expenses)
Beginning Account Value1	Ending Account Value 1/31/20	Expenses Paid During Period 8/19/19–1/31/202, 3	Ending Account Value 1/31/20	Expenses Paid During Period 8/1/19–1/31/202, 3	Net Annualized Expense Ratio3
$1,000	$1,114.30	$0.00	$1,025.14	$0.00	0.00%

1. August 19, 2019 for Actual; August 1, 2019 for Hypothetical.

2. Expenses are equal to the annualized expense ratio for thesix-month period as indicated above—in the far right column—multiplied by the simple average account value over the period indicated, and then multiplied by 184/366 to reflect theone-half year period for Hypothetical expenses.Non-recurring expenses are not annualized. For Actual expenses, the multiplier is 166/366 to reflect the number of days since effective date.

3. Reflects expenses after fee waivers and expense reimbursements.

1         Semiannual Report franklintempleton.com

Franklin U.S. Core Equity (IU) Fund

Your Fund’s Expenses

Shareholders of mutual funds incur ongoing costs, such as management fees (if any), custodian fees and other Fund expenses, which are sometimes referred to as operating expenses. The table below shows the ongoing costs of investing in the Fund and can help you understand these costs and compare them with those of other mutual funds. The table assumes a $1,000 investment held for the six months indicated.

Please note that the expenses shown in the table are meant to highlight your ongoing Fund costs only and do not reflect any program fees that you may pay. Therefore, the table is useful in comparing ongoing costs of investing in the Fund only, and will not help you determine the relative total costs of participating in any one investment program.

Actual Fund Expenses

The table below provides information about actual account values and actual expenses in the columns under the heading “Actual.” In these columns the Fund’s actual return, which includes the effect of Fund expenses, is used to calculate the “Ending Account Value.” You can estimate the expenses you paid during the period by following these steps (of course, your account value and expenses will differ from those in this illustration): Divide your account value by $1,000 (if your account had an $8,600 value, then $8,600 ÷ $1,000 = 8.6). Then multiply the result by the number in the row under the headings “Actual” and “Expenses Paid During Period” (if Actual Expenses Paid During Period were $7.50, then 8.6 x $7.50 = $64.50). In this illustration, the actual expenses paid this period are $64.50.

Hypothetical Example for Comparison with Other Funds

Under the heading “Hypothetical” in the table, information is provided about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. This information may not be used to estimate the actual ending account balance or expenses you paid for the period, but it can help you compare ongoing costs of investing in the Fund with those of other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that expenses shown in the table are meant to highlight ongoing costs and do not reflect any transactional costs. Therefore, information under the heading “Hypothetical” is useful in comparing ongoing costs only, and will not help you compare total costs of owning different funds. In addition, if transactional costs were included, your total costs would have been higher.

	Actual (actual return after expenses)		Hypothetical (5% annual return before expenses)
Beginning Account Value1	Ending Account Value 1/31/20	Expenses Paid During Period 8/19/19–1/31/202, 3	Ending Account Value 1/31/20	Expenses Paid During Period 8/1/19–1/31/202, 3	Net Annualized Expense Ratio3
$1,000	$1,099.10	$0.00	$1,025.14	$0.00	0.00%

1. August 19, 2019 for Actual; August 1, 2019 for Hypothetical.

2. Expenses are equal to the annualized expense ratio for thesix-month period as indicated above—in the far right column—multiplied by the simple average account value over the period indicated, and then multiplied by 184/366 to reflect theone-half year period.Non-recurring expenses are not annualized. For Actual expenses, the multiplier is 166/366 to reflect the number of days since effective date.

3. Reflects expenses after fee waivers and expense reimbursements.

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FRANKLIN FUND ALLOCATOR SERIES

Financial Highlights

Franklin Emerging Market Core Equity (IU) Fund

	Six Months Ended January 31, 2020 (unaudited)a
Per share operating performance (for a share outstanding throughout the period)
Net asset value, beginning of period		$10.00
Income from investment operationsb:
Net investment incomec		0.15
Net realized and unrealized gains (losses)		0.19
Total from investment operations		0.34
Less distributions from:
Net investment income		(0.04)
Net realized gains		(—)	d
Total distributions		(0.04)
Net asset value, end of period		$10.30
Total returne		3.45%
Ratios to average net assetsf
Expenses before waiver and payments by affiliates		0.14%
Expenses net of waiver and payments by affiliates		—%
Net investment income		2.77%
Supplemental data
Net assets, end of period (000’s)		$159,831
Portfolio turnover rate		48.88%

^aFor the period August 19, 2019 (effective date) to January 31, 2020.

^bThe 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.

^cBased on average daily shares outstanding.

^dAmount rounds to less than $0.01 per share.

^eTotal return is not annualized for periods less than one year.

^fRatios are annualized for periods less than one year, except fornon-recurring expenses, if any.

3         Semiannual Report  |    The accompanying notes are an integral part of these financial statements. franklintempleton.com

FRANKLIN FUND ALLOCATOR SERIES

Statement of Investments, January 31, 2020 (unaudited)

Franklin Emerging Market Core Equity (IU) Fund

	Country		Shares/ Units		Value
Common Stocks and Other Equity Interests 87.2%
Communication Services 11.7%
Advanced Info Service PCL, fgn		Thailand		350,900	$	2,290,675
CD Projekt SA		Poland		10,207		740,726
China Mobile Ltd.		China		590,000		4,878,137
China Telecom Corp. Ltd., H		China		2,708,000		1,060,203
Cyfrowy Polsat SA		Poland		104,754		734,277
Globe Telecom Inc.		Philippines		8,985		332,778
LG Uplus Corp.		South Korea		29,795		330,037
NetEase Inc., ADR		China		4,400		1,411,344
PLDT Inc.		Philippines		22,840		445,790
Tencent Holdings Ltd.		China		135,100		6,489,797
						18,713,764
Consumer Discretionary 16.1%
aAlibaba Group Holding Ltd., ADR		China		42,300		8,738,757
Anta Sports Products Ltd.		China		110,000		965,440
BAIC Motor Corp. Ltd., H		China		442,000		220,293
Bosideng International Holdings Ltd.		China		858,000		285,085
a,b,cChina East Education Holdings Ltd., 144A, Reg S		China		113,500		212,533
Eclat Textile Co. Ltd.		Taiwan		50,000		634,319
Feng Tay Enterprise Co. Ltd.		Taiwan		88,000		523,920
Gree Electric Appliances Inc. of Zhuhai, A		China		49,500		441,552
Haier Electronics Group Co. Ltd.		China		169,000		512,560
Hotai Motor Co. Ltd.		Taiwan		48,000		973,888
Huayu Automotive Systems Co. Ltd.		China		49,002		184,947
JUMBO SA		Greece		25,652		522,662
Kia Motors Corp.		South Korea		79,742		2,726,553
Li Ning Co. Ltd.		China		517,000		1,534,717
Mr. Price Group Ltd.		South Africa		71,443		810,078
aNew Oriental Education & Technology Group Inc., ADR		China		14,700		1,786,785
Nien Made Enterprise Co. Ltd.		Taiwan		43,000		346,411
OPAP SA		Greece		12,931		161,352
Pou Chen Corp.		Taiwan		593,000		681,284
Truworths International Ltd.		South Africa		56,566		166,267
aVipshop Holdings Ltd., ADR		China		107,800		1,372,294
Woongjin Coway Co. Ltd.		South Korea		13,785		1,011,823
Yum China Holdings Inc.		China		16,900		727,883
Zhongsheng Group Holdings Ltd.		China		50,000		185,451
						25,726,854
Consumer Staples 5.1%
BGF Retail Co. Ltd.		South Korea		2,109		290,914
British American Tobacco Malaysia Bhd		Malaysia		82,900		238,418
Dali Foods Group Co. Ltd.		China		402,000		284,227
Eastern Co. SAE		Egypt		245,291		232,871
Foshan Haitian Flavouring & Food Co. Ltd.		China		37,439		568,625
Henan Shuanghui Investment & Development Co. Ltd.		China		45,034		184,514
JBS SA		United States		157,000		1,011,212
Kimberly-Clark de Mexico SAB de CV, A		Mexico		401,800		831,715

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FRANKLIN FUND ALLOCATOR SERIES

STATEMENT OF INVESTMENTS (UNAUDITED)

Franklin Emerging Market Core Equity (IU) Fund(continued)

	Country		Shares/ Units		Value
Common Stocks and Other Equity Interests(continued)
Consumer Staples(continued)
Kweichow Moutai Co. Ltd., A		China		6,800	$	998,732
Nestle (Malaysia) Bhd		Malaysia		18,800		662,314
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., A		China		14,300		185,911
Standard Foods Corp.		Taiwan		109,000		247,192
Unilever Indonesia Tbk PT		Indonesia		2,054,100		1,195,906
Uni-President China Holdings Ltd.		China		306,000		313,691
Wuliangye Yibin Co. Ltd.		China		45,900		801,934
a,cX5 Retail Group NV, GDR, Reg S		Russia		4,909		179,393
						8,227,569
Energy 3.8%
Adaro Energy Tbk PT		Indonesia		3,919,700		351,639
Bukit Asam Tbk PT		Indonesia		888,500		143,800
China Shenhua Energy Co. Ltd., H		China		494,000		874,139
CNOOC Ltd.		China		1,067,000		1,629,731
Qatar Fuel QSC		Qatar		162,344		975,260
Shaanxi Coal Industry Co. Ltd.		China		130,200		154,769
Tatneft PAO		Russia		133,946		1,595,288
Yanzhou Coal Mining Co. Ltd., H		China		460,000		342,415
						6,067,041
Financials 16.1%
aBanco Macro SA, ADR		Argentina		7,000		214,690
Bank of Beijing Co. Ltd., A		China		339,800		261,436
Bank of China Ltd., A		China		566,200		290,783
Bank of China Ltd., H		China		10,532,000		4,109,797
Bank of Communications Co. Ltd., A		China		629,800		489,358
Bank of Communications Co. Ltd., H		China		1,291,000		831,310
Bank of Jiangsu Co. Ltd., A		China		187,400		184,643
Bank of Nanjing Co. Ltd., A		China		137,000		159,669
BDO Unibank Inc.		Philippines		227,460		659,692
Chailease Holding Co. Ltd.		Taiwan		259,000		1,068,331
China Cinda Asset Management Co. Ltd., H		China		1,644,000		332,406
China CITIC Bank Corp. Ltd., H		China		2,408,000		1,265,271
China Construction Bank Corp., H		China		3,637,000		2,786,937
China Everbright Bank Co. Ltd., A		China		649,600		368,424
China Everbright Bank Co. Ltd., H		China		863,000		347,874
aChina Life Insurance Co. Ltd.		Taiwan		717,000		579,109
China Minsheng Banking Corp. Ltd., A		China		572,400		494,018
China Minsheng Banking Corp. Ltd., H		China		1,917,000		1,347,975
Chongqing Rural Commercial Bank Co. Ltd., H		China		625,000		288,158
Dubai Islamic Bank PJSC		United Arab Emirates		1,366,390		2,124,144
Huaxia Bank Co. Ltd., A		China		206,000		216,703
Industrial Bank Co. Ltd., A		China		337,100		881,759
IRB Brasil Resseguros SA		Brazil		209,300		2,191,221
Meritz Securities Co. Ltd.		South Korea		85,237		260,803
People’s Insurance Co. Group of China Ltd., H		China		1,082,000		390,169
RMB Holdings Ltd.		South Africa		215,348		1,058,271

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FRANKLIN FUND ALLOCATOR SERIES

STATEMENT OF INVESTMENTS (UNAUDITED)

Franklin Emerging Market Core Equity (IU) Fund(continued)

	Country		Shares/ Units		Value
Common Stocks and Other Equity Interests(continued)
Financials(continued)
Shanghai Pudong Development Bank Co. Ltd., A		China		469,700	$	749,869
aSrisawad Power 1979 PCL, fgn		Thailand		196,800		472,320
Sul America SA, units consisting of common stock and preferred stock		Brazil		53,900		793,008
aTurkiye Is Bankasi AS, C		Turkey		444,878		538,917
						25,757,065
Health Care 2.0%
China Medical System Holdings Ltd.		China		385,000		517,640
CSPC Pharmaceutical Group Ltd.		China		456,000		1,015,963
Luye Pharma Group Ltd.		China		313,500		203,486
Richter Gedeon Nyrt		Hungary		35,077		754,146
Shandong Weigao Group Medical Polymer Co. Ltd., H		China		548,000		655,637
						3,146,872
Industrials 2.9%
A-Living Services Co. Ltd., H		China		45,801		153,656
aChina Lesso Group Holdings Ltd.		China		288,000		373,869
Country Garden Services Holdings Co. Ltd.		China		281,000		919,194
Daqin Railway Co. Ltd., A		China		240,624		265,036
Haitian International Holdings Ltd.		China		171,000		373,499
International Container Terminal Services Inc.		Philippines		63,700		162,277
Posco International Corp.		South Korea		12,642		178,082
S-1 Corp.		South Korea		4,669		355,587
Sinotruk Hong Kong Ltd.		China		185,500		322,511
SM Investments Corp.		Philippines		13,890		264,299
TAV Havalimanlari Holding AS		Turkey		50,475		229,735
Weichai Power Co. Ltd., A		China		93,600		176,960
Weichai Power Co. Ltd., H		China		333,000		591,821
Westports Holdings Bhd		Malaysia		232,000		223,730
						4,590,256
Information Technology 19.5%
Accton Technology Corp.		Taiwan		118,000		623,866
Advantech Co. Ltd.		Taiwan		92,000		872,861
Chicony Electronics Co. Ltd.		Taiwan		161,000		450,926
Foxconn Technology Co. Ltd.		Taiwan		248,000		489,593
Globalwafers Co. Ltd.		Taiwan		60,000		769,845
aGlobant SA		Argentina		3,100		380,370
Hon Hai Precision Industry Co. Ltd.		Taiwan		915,000		2,474,701
Infosys Ltd., ADR		India		230,800		2,529,568
Novatek Microelectronics Corp. Ltd.		Taiwan		162,000		1,136,233
Pegatron Corp.		Taiwan		532,000		1,097,177
Realtek Semiconductor Corp.		Taiwan		130,000		1,038,949
Samsung Electronics Co. Ltd.		South Korea		145,192		6,845,817
Shenzhen Goodix Technology Co. Ltd., A		China		6,100		289,359
SK Hynix Inc.		South Korea		16,079		1,256,823
Taiwan Semiconductor Manufacturing Co. Ltd.		Taiwan		899,000		9,223,313
Walsin Technology Corp.		Taiwan		74,000		502,526

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FRANKLIN FUND ALLOCATOR SERIES

STATEMENT OF INVESTMENTS (UNAUDITED)

Franklin Emerging Market Core Equity (IU) Fund(continued)

	Country		Shares/ Units		Value
Common Stocks and Other Equity Interests(continued)
Information Technology(continued)
Wistron Corp.		Taiwan		765,000	$	678,155
Zhen Ding Technology Holding Ltd.		Taiwan		148,000		569,376
						31,229,458
Materials 4.9%
Anglo American Platinum Ltd.		South Africa		12,168		972,817
Anhui Conch Cement Co. Ltd., A		China		64,400		436,292
Anhui Conch Cement Co. Ltd., H		China		226,000		1,458,187
China Resources Cement Holdings Ltd.		China		382,000		432,433
Kumba Iron Ore Ltd.		South Africa		17,899		417,001
MMC Norilsk Nickel PJSC		Russia		12,735		4,145,596
						7,862,326
Real Estate 2.9%
China Aoyuan Group Ltd.		China		306,000		414,576
China Fortune Land Development Co. Ltd., A		China		49,300		182,099
China Overseas Land & Investment Ltd.		China		416,000		1,352,763
Emaar Properties PJSC		United Arab Emirates		252,477		277,700
Fibra Uno Administracion SA de CV		Mexico		831,800		1,367,665
KWG Group Holdings Ltd.		China		348,500		456,896
Logan Property Holdings Co. Ltd.		China		246,000		376,373
Ruentex Development Co. Ltd.		Taiwan		148,000		205,651
						4,633,723
Utilities 2.2%
Aguas Andinas SA, A		Chile		686,787		257,447
China Resources Gas Group Ltd.		China		134,000		709,273
Companhia de Saneamento Basico do Estado de Sao Paulo		Brazil		55,300		787,777
Enel Americas SA		Chile		4,390,380		865,124
Enel Chile SA		Chile		1,748,408		165,817
Manila Electric Co.		Philippines		61,380		307,922
Perusahaan Gas Negara (Persero) Tbk PT		Indonesia		2,897,500		361,790
						3,455,150
Total Common Stocks and Other Equity Interests (Cost $141,072,530)						139,410,078
Management Investment Companies 8.8%
Financials 8.8%
iShares MSCI India ETF		India		219,112		7,557,173
iShares MSCI Russia ETF		Russia		77,249		3,211,241
iShares MSCI Saudi Arabia ETF		Saudi Arabia		111,107		3,318,766
Total Management Investment Companies (Cost $14,117,639)						14,087,180

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FRANKLIN FUND ALLOCATOR SERIES

STATEMENT OF INVESTMENTS (UNAUDITED)

Franklin Emerging Market Core Equity (IU) Fund(continued)

	Country		Shares		Value
Preferred Stocks 2.4%
Financials 2.4%
dGrupo de Inversiones Surameric SA, 1.971%, pfd		Colombia		36,595	$	298,538
dItausa-Investimentos Itau SA, 9.259%, pfd		Brazil		1,163,200		3,493,362
Total Preferred Stocks (Cost $4,284,720)						3,791,900
Total Investments (Cost $159,474,889) 98.4%						157,289,158
Other Assets, less Liabilities 1.6%						2,541,463
Net Assets 100.0%					$	159,830,621

See Abbreviations on page 32.

^aNon-income producing.

^bSecurity was purchased pursuant to Rule 144A under the Securities Act of 1933 and 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. At January 31, 2020, the value of this security was $212,533, representing 0.1% of net assets.

^cSecurity was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security 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 January 31, 2020, the aggregate value of these securities was $391,926, representing 0.2% of net assets.

^dVariable rate security. The rate shown represents the yield at period end.

franklintempleton.com The accompanying notes are an integral part of these financial statements.    |   Semiannual Report         8

FRANKLIN FUND ALLOCATOR SERIES

Financial Highlights

Franklin International Core Equity (IU) Fund

	Six Months Ended January 31, 2020 (unaudited)a
Per share operating performance (for a share outstanding throughout the period)
Net asset value, beginning of period		$10.00
Income from investment operationsb:
Net investment incomec		0.09
Net realized and unrealized gains (losses)		1.05
Total from investment operations		1.14
Less distributions from:
Net investment income		(0.12)
Net asset value, end of period		$11.02
Total returnd		11.43%
Ratios to average net assetse
Expenses before waiver and payments by affiliates.		0.06%
Expenses net of waiver and payments by affiliates		—%
Net investment income		1.69%
Supplemental data
Net assets, end of period (000’s)		$278,437
Portfolio turnover rate		42.61%

^aFor the period August 19, 2019 (effective date) to January 31, 2020.

^bThe 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 shares in relation to income earned and/or fluctuating fair value of the investments of the Fund.

^cBased on average daily shares outstanding.

^dTotal return is not annualized for periods less than one year.

^eRatios are annualized for periods less than one year, except fornon-recurring expenses, if any.

9         Semiannual Report  |    The accompanying notes are an integral part of these financial statements. franklintempleton.com

FRANKLIN FUND ALLOCATOR SERIES

Statement of Investments, January 31, 2020 (unaudited)

Franklin International Core Equity (IU) Fund

	Country		Shares		Value
Common Stocks 98.9%
Communication Services 7.7%
Auto Trader Group PLC		United Kingdom		122,075	$	900,560
Deutsche Telekom AG		Germany		206,807		3,349,708
Kakaku.com Inc.		Japan		37,400		992,502
KDDI Corp.		Japan		98,200		2,963,896
Millicom International Cellular SA, IDR		Colombia		9,427		445,948
Nippon Telegraph & Telephone Corp.		Japan		92,800		2,386,041
NTT DOCOMO Inc.		Japan		105,600		3,027,444
Proximus SADP		Belgium		42,442		1,209,371
SES SA, IDR		Luxembourg		14,320		176,381
Swisscom AG		Switzerland		6,033		3,309,742
Telefonica SA		Spain		388,244		2,626,206
						21,387,799
Consumer Discretionary 12.2%
Adidas AG		Germany		7,162		2,264,214
Bandai Namco Holdings Inc.		Japan		22,700		1,335,922
Barratt Developments PLC		United Kingdom		241,795		2,559,431
The Berkeley Group Holdings PLC		United Kingdom		34,334		2,370,782
Burberry Group PLC		United Kingdom		35,464		909,105
Cie Generale des Etablissements Michelin SCA		France		11,487		1,337,785
Faurecia SE		France		15,947		763,574
Fiat Chrysler Automobiles NV		United Kingdom		71,860		935,082
Harvey Norman Holdings Ltd.		Australia		156,262		438,481
Hennes & Mauritz AB, B		Sweden		52,317		1,147,836
Hermes International		France		4,007		3,007,057
Hugo Boss AG		Germany		15,920		752,155
Industria de Diseno Textil SA		Spain		56,712		1,907,231
Moncler SpA		Italy		24,318		1,051,920
Next PLC		United Kingdom		14,229		1,292,830
Nokian Renkaat OYJ		Finland		13,175		354,293
Pandora AS		Denmark		12,243		631,975
Persimmon PLC		United Kingdom		84,204		3,389,123
Peugeot SA		France		73,109		1,509,063
Sekisui House Ltd.		Japan		139,700		3,043,430
Taylor Wimpey PLC		United Kingdom		917,089		2,600,663
Zozo Inc.		Japan		22,400		376,795
						33,978,747
Consumer Staples 10.3%
aa2 Milk Co. Ltd.		New Zealand		32,915		315,363
Coca-Cola Amatil Ltd.		Australia		141,505		1,124,302
Coles Group Ltd.		Australia		222,496		2,441,274
Jeronimo Martins SGPS SA		Portugal		38,139		656,352
Koninklijke Ahold Delhaize NV		Netherlands		119,599		2,944,902
Meiji Holdings Co. Ltd.		Japan		21,200		1,510,164
Nestle SA		Switzerland		80,142		8,838,152
Seven & i Holdings Co. Ltd.		Japan		38,600		1,501,972
Sundrug Co. Ltd.		Japan		19,400		667,700

franklintempleton.com Semiannual Report      10

FRANKLIN FUND ALLOCATOR SERIES

STATEMENT OF INVESTMENTS (UNAUDITED)

Franklin International Core Equity (IU) Fund(continued)

	Country		Shares		Value
Common Stocks(continued)
Consumer Staples(continued)
Unilever NV		United Kingdom		74,732	$	4,368,250
Unilever PLC		United Kingdom		60,833		3,627,945
bWH Group Ltd., Reg S		Hong Kong		765,000		734,966
						28,731,342
Energy 6.5%
Eni SpA		Italy		195,992		2,751,653
Equinor ASA		Norway		75,731		1,366,649
Neste Oil OYJ		Finland		10,702		426,169
OMV AG		Austria		6,000		299,404
Royal Dutch Shell PLC, B		United Kingdom		246,769		6,482,778
Tenaris SA		Italy		132,166		1,367,410
Total SA		France		112,491		5,507,945
						18,202,008
Financials 14.6%
3i Group PLC		United Kingdom		271,531		3,949,001
Admiral Group PLC		United Kingdom		52,359		1,558,451
Allianz SE		Germany		14,347		3,425,562
Bank of Ireland Group PLC		Ireland		142,355		693,364
Chuo Mitsui Trust Holdings Inc.		Japan		73,500		2,769,093
Direct Line Insurance Group PLC		United Kingdom		382,652		1,703,891
Gjensidige Forsikring ASA		Norway		56,497		1,231,210
Hargreaves Lansdown PLC		United Kingdom		42,475		963,943
Israel Discount Bank Ltd.		Israel		170,891		778,949
Kinnevik AB, B		Sweden		68,701		1,657,643
Legal & General Group PLC		United Kingdom		800,678		3,219,519
aM&G PLC		United Kingdom		515,330		1,625,777
Magellan Financial Group Ltd.		Australia		33,286		1,465,782
Medibank Private Ltd.		Australia		580,744		1,193,184
Mitsubishi UFJ Lease & Finance Co. Ltd.		Japan		147,800		946,466
Mizrahi Tefahot Bank Ltd.		Israel		34,305		937,511
Natixis SA		France		258,771		1,097,262
ORIX Corp.		Japan		172,500		2,957,370
Partners Group Holding AG.		Switzerland		5,299		4,850,486
Shinsei Bank Ltd.		Japan		51,700		806,210
Singapore Exchange Ltd.		Singapore		222,500		1,411,674
Swedbank AB, A		Sweden		47,376		727,406
Tokyo Century Corp.		Japan		11,500		600,600
						40,570,354
Health Care 15.4%
Alfresa Holdings Corp.		Japan		37,300		766,478
Astellas Pharma Inc.		Japan		128,900		2,319,903
Chugai Pharmaceutical Co. Ltd.		Japan		18,100		1,881,398
Cochlear Ltd.		Australia		9,356		1,489,983
Coloplast AS, B		Denmark		23,229		2,928,936
Fisher & Paykel Healthcare Corp. Ltd.		New Zealand		53,940		806,875
Hoya Corp.		Japan		23,300		2,278,939

11      Semiannual Report franklintempleton.com

FRANKLIN FUND ALLOCATOR SERIES

STATEMENT OF INVESTMENTS (UNAUDITED)

Franklin International Core Equity (IU) Fund(continued)

	Country		Shares		Value
Common Stocks(continued)
Health Care(continued)
Medipal Holdings Corp.		Japan		50,300	$	1,084,206
Novartis AG		Switzerland		56,548		5,341,427
Novo Nordisk AS, B		Denmark		70,855		4,313,349
Orion OYJ		Finland		18,013		851,137
Roche Holding AG		Switzerland		26,590		8,919,177
Sanofi		France		34,557		3,332,698
Sartorius Stedim Biotech		France		6,407		1,151,935
Shionogi & Co. Ltd.		Japan		27,100		1,641,629
Smith & Nephew PLC		United Kingdom		113,916		2,740,299
Sumitomo Dainippon Pharma Co. Ltd.		Japan		18,300		321,337
Suzuken Co. Ltd.		Japan		19,600		765,915
						42,935,621
Industrials 12.3%
Atlas Copco AB		Sweden		32,703		1,016,531
Atlas Copco AB, A		Sweden		52,088		1,843,622
ComfortDelGro Corp. Ltd.		Singapore		555,900		879,375
Geberit AG		Switzerland		6,641		3,504,301
Japan Airlines Co. Ltd.		Japan		41,700		1,190,879
Kamigumi Co. Ltd.		Japan		29,500		637,772
Obayashi Corp.		Japan		175,900		1,968,782
Persol Holdings Co. Ltd.		Japan		37,900		694,178
Randstad NV		Netherlands		32,626		1,880,283
Recruit Holdings Co. Ltd.		Japan		51,800		2,057,183
RELX PLC		United Kingdom		128,798		3,416,469
SGS SA		Switzerland		1,422		4,112,953
Societe BIC SA		France		6,835		462,064
Sumitomo Heavy Industries Ltd.		Japan		29,700		803,510
Toppan Printing Co. Ltd.		Japan		77,500		1,570,381
West Japan Railway Co.		Japan		44,400		3,799,452
Wolters Kluwer NV		Netherlands		52,048		3,920,956
Yangzijiang Shipbuilding Holdings Ltd.		Singapore		618,900		424,846
						34,183,537
Information Technology 6.3%
Advantest Corp.		Japan		16,100		872,037
aAdyen NV		Netherlands		719		662,705
aCheck Point Software Technologies Ltd.		Israel		18,000		2,057,580
aCyberArk Software Ltd.		Israel		5,900		815,557
Fujitsu Ltd.		Japan		20,300		2,175,635
Halma PLC		United Kingdom		64,311		1,784,640
Hitachi Ltd.		Japan		54,700		2,135,003
NEC Corp.		Japan		25,200		1,144,028
Oracle Corp. Japan		Japan		10,400		915,488
Otsuka Corp.		Japan		23,000		912,572
The Sage Group PLC		United Kingdom		194,601		1,894,134
Tokyo Electron Ltd.		Japan		9,100		2,057,209
						17,426,588

franklintempleton.com Semiannual Report      12

FRANKLIN FUND ALLOCATOR SERIES

STATEMENT OF INVESTMENTS (UNAUDITED)

Franklin International Core Equity (IU) Fund(continued)

	Country		Shares		Value
Common Stocks(continued)
Materials 5.6%
Air Water Inc.		Japan		40,500	$	568,401
BHP Group Ltd.		Australia		89,469		2,303,834
BHP Group PLC		United Kingdom		68,385		1,488,171
Boliden AB		Sweden		20,971		497,861
EMS-Chemie Holding AG		Switzerland		2,279		1,491,090
Evraz PLC		Russia		143,031		663,917
Fortescue Metals Group Ltd.		Australia		213,840		1,583,971
Rio Tinto Ltd.		Australia		41,253		2,676,638
Rio Tinto PLC		Australia		33,642		1,798,571
Showa Denko K.K		Japan		20,800		513,403
Taiheiyo Cement Corp.		Japan		32,900		905,869
Tosoh Corp.		Japan		69,500		1,008,752
						15,500,478
Real Estate 5.3%
Aroundtown SA		Germany		165,117		1,563,274
Daito Trust Construction Co. Ltd.		Japan		4,300		512,032
Dexus		Australia		88,012		742,602
Gecina SA		France		12,247		2,314,673
Goodman Group		Australia		182,410		1,805,707
Link REIT		Hong Kong		83,200		846,481
Segro PLC		United Kingdom		305,932		3,672,767
Sun Hung Kai Properties Ltd.		Hong Kong		106,500		1,499,121
Swire Pacific Ltd., A		Hong Kong		64,500		571,914
Wheelock and Co. Ltd.		Hong Kong		225,000		1,380,742
						14,909,313
Utilities 2.7%
AGL Energy Ltd.		Australia		40,448		536,754
Endesa SA		Spain		89,868		2,467,737
Red Electrica Corp. SA		Spain		121,546		2,431,900
aTokyo Electric Power Co. Holdings Inc.		Japan		69,500		278,962
Veolia Environnement SA		France		64,641		1,912,864
						7,628,217
Total Common Stocks (Cost $256,920,141)						275,454,004

13      Semiannual Report franklintempleton.com

FRANKLIN FUND ALLOCATOR SERIES

STATEMENT OF INVESTMENTS (UNAUDITED)

Franklin International Core Equity (IU) Fund(continued)

	Country		Shares		Value
Preferred Stocks (Cost $863,948) 0.3%
Materials 0.3%
cFuchs Petrolub SE, 2.377%, pfd		Germany		19,026	$	843,283
Total Investments (Cost $257,784,089) 99.2%						276,297,287
Other Assets, less Liabilities 0.8%						2,149,707
Net Assets 100.0%					$	278,446,994

See Abbreviations on page 32.

^aNon-income producing.

^bSecurity was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security 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 January 31, 2020, the aggregate value of these securities was $734,966, representing 0.3% of net assets.

^cVariable rate security. The rate shown represents the yield at period end.

franklintempleton.com The accompanying notes are an integral part of these financial statements. | Semiannual Report      14

FRANKLIN FUND ALLOCATOR SERIES

Financial Highlights

Franklin U.S. Core Equity (IU) Fund

	Six Months Ended January 31, 2020 (unaudited)a
Per share operating performance
(for a share outstanding throughout the period)
Net asset value, beginning of period		$10.00
Income from investment operationsb:
Net investment incomec		0.09
Net realized and unrealized gains (losses)		0.90
Total from investment operations		0.99
Less distributions from:
Net investment income		(0.08)
Net asset value, end of period		$10.91
Total returnd		9.91%
Ratios to average net assetse
Expenses before waiver and payments by affiliates		0.03%
Expenses net of waiver and payments by affiliates		—%
Net investment income		1.68%
Supplemental data
Net assets, end of period (000’s)		$546,252
Portfolio turnover rate		22.27%

^aFor the period August 19, 2019 (effective date) to January 31, 2020.

^bThe 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.

^cBased on average daily shares outstanding.

^dTotal return is not annualized for periods less than one year.

^eRatios are annualized for periods less than one year, except fornon-recurring expenses, if any.

15      Semiannual Report    |     The accompanying notes are an integral part of these financial statements. franklintempleton.com

FRANKLIN FUND ALLOCATOR SERIES

Statement of Investments, January 31, 2020 (unaudited)

Franklin U.S. Core Equity (IU) Fund

	Shares/ Rights		Value
Common Stocks and Other Equity Interests 99.8%
Communication Services 7.4%
aAlphabet Inc., A		6,095	$	8,732,794
aAlphabet Inc., C		7,078		10,151,480
aElectronic Arts Inc.		21,555		2,326,216
aFacebook Inc., A		60,605		12,236,755
aMatch Group Inc.		9,913		775,395
TripAdvisor Inc.		19,088		521,484
Verizon Communications Inc.		69,430		4,126,919
ViacomCBS Inc., B		38,230		1,304,790
				40,175,833
Consumer Discretionary 9.6%
aAmazon.com Inc.		4,838		9,718,187
aAutoZone Inc.		3,904		4,130,276
Best Buy Co. Inc.		41,508		3,515,312
Darden Restaurants Inc.		11,675		1,359,320
aGrand Canyon Education Inc.		8,510		666,163
H&R Block Inc.		36,887		855,778
aLululemon Athletica Inc.		17,886		4,281,730
NIKE Inc., B		85,146		8,199,560
aO’Reilly Automotive Inc.		2,231		906,009
PulteGroup Inc.		46,183		2,062,071
Ross Stores Inc.		19,387		2,175,028
aSkechers USA Inc., A		14,132		528,395
Starbucks Corp.		44,876		3,806,831
The TJX Cos. Inc.		52,370		3,091,925
Tractor Supply Co.		21,586		2,006,419
aUlta Beauty Inc.		4,995		1,338,210
Williams-Sonoma Inc.		14,157		992,123
Yum! Brands Inc.		26,467		2,799,415
				52,432,752
Consumer Staples 7.4%
Clorox Co.		22,818		3,589,500
Colgate-Palmolive Co.		81,309		5,998,978
Estee Lauder Cos. Inc., A		18,046		3,521,857
Flowers Foods Inc.		35,271		759,385
The Hershey Co.		26,170		4,060,799
The J. M. Smucker Co.		13,223		1,370,035
The Kroger Co.		67,158		1,803,864
aMonster Beverage Corp.		17,343		1,155,044
PepsiCo Inc.		36,347		5,162,001
The Procter & Gamble Co.		95,054		11,845,629
Tyson Foods Inc.		11,368		939,338
				40,206,430

franklintempleton.com Semiannual Report      16

FRANKLIN FUND ALLOCATOR SERIES

STATEMENT OF INVESTMENTS (UNAUDITED)

Franklin U.S. Core Equity (IU) Fund(continued)

	Shares/ Rights		Value
Common Stocks and Other Equity Interests(continued)
Energy 2.8%
Cabot Oil & Gas Corp., A		74,635	$	1,051,607
Chevron Corp.		53,894		5,774,203
EOG Resources Inc.		52,928		3,858,981
Exxon Mobil Corp.		75,087		4,664,404
				15,349,195
Financials 12.3%
The Allstate Corp.		15,563		1,844,838
Ameriprise Financial Inc.		22,316		3,691,290
aArch Capital Group Ltd.		69,423		3,065,720
Assured Guaranty Ltd.		17,460		800,366
aAthene Holding Ltd., A		26,527		1,155,516
Chimera Investment Corp.		53,827		1,141,132
Chubb Ltd.		11,883		1,806,097
Eaton Vance Corp.		20,224		925,248
Erie Indemnity Co., A		4,456		741,924
Evercore Inc.		7,153		548,063
FactSet Research Systems Inc.		6,790		1,942,687
Fidelity National Financial Inc.		32,809		1,599,439
First American Financial Corp.		19,758		1,224,601
Invesco Ltd.		71,448		1,236,051
Lincoln National Corp.		36,149		1,969,398
LPL Financial Holdings Inc.		14,841		1,367,301
MarketAxess Holdings Inc.		4,913		1,740,086
MetLife Inc.		45,296		2,251,664
MFA Financial Inc.		81,248		633,734
MGIC Investment Corp.		64,141		884,504
Moody’s Corp.		29,796		7,651,315
Morningstar Inc.		7,028		1,102,623
Old Republic International Corp.		51,043		1,151,020
The Progressive Corp.		20,499		1,654,064
S&P Global Inc.		44,625		13,107,701
Santander Consumer USA Holdings Inc.		20,456		544,539
SEI Investments Co.		23,382		1,525,909
Synchrony Financial		80,352		2,604,208
T. Rowe Price Group Inc.		41,796		5,581,020
W. R. Berkley Corp.		25,797		1,896,854
				67,388,912
Health Care 13.3%
AbbVie Inc.		43,043		3,487,344
Agilent Technologies Inc.		6,720		554,803
aAlign Technology Inc.		9,917		2,549,661
Amgen Inc.		15,842		3,422,664
aBiogen Inc.		22,725		6,109,616
Bristol-Myers Squibb Co.		44,249		2,785,474
aBristol-Myers Squibb Co., rts		43,509		151,411

17      Semiannual Report franklintempleton.com

FRANKLIN FUND ALLOCATOR SERIES

STATEMENT OF INVESTMENTS (UNAUDITED)

Franklin U.S. Core Equity (IU) Fund(continued)

	Shares/ Rights		Value
Common Stocks and Other Equity Interests(continued)
Health Care(continued)
Bruker Corp.		18,494	$	914,898
Cerner Corp.		57,401		4,123,114
Chemed Corp.		2,816		1,315,185
The Cooper Cos. Inc.		8,816		3,058,182
Danaher Corp.		40,217		6,469,709
aEdwards Lifesciences Corp.		14,786		3,250,850
Eli Lilly & Co.		23,578		3,292,432
aExelixis Inc.		32,052		551,294
aHenry Schein Inc.		17,957		1,237,956
aIDEXX Laboratories Inc.		15,396		4,172,470
aMasimo Corp.		8,529		1,455,047
Medtronic PLC		47,696		5,506,026
Merck & Co. Inc.		73,057		6,241,990
aMettler-Toledo International Inc.		4,432		3,355,822
aRegeneron Pharmaceuticals Inc.		3,616		1,221,991
Stryker Corp.		7,651		1,612,066
aVarian Medical Systems Inc.		4,094		575,494
aVeeva Systems Inc.		23,078		3,383,466
West Pharmaceutical Services Inc.		13,249		2,066,181
				72,865,146
Industrials 9.6%
Acuity Brands Inc.		3,942		464,643
AGCO Corp.		11,876		832,983
Allison Transmission Holdings Inc.		20,003		884,132
Amerco		3,147		1,168,387
Carlisle Cos. Inc.		10,173		1,589,328
Cintas Corp.		2,676		746,524
aCopart Inc.		28,900		2,932,194
Crane Co.		18,298		1,563,747
Cummins Inc.		27,871		4,458,524
Graco Inc.		29,875		1,587,856
HEICO Corp.		7,058		864,111
HEICO Corp., A		13,815		1,328,312
Honeywell International Inc.		46,918		8,127,136
aIHS Markit Ltd.		7,395		583,170
Ingersoll-Rand PLC		3,930		523,594
KAR Auction Services Inc.		24,033		505,174
Landstar System Inc.		7,124		788,983
Lockheed Martin Corp.		32,029		13,712,255
ManpowerGroup Inc.		10,785		986,720
Northrop Grumman Corp.		9,217		3,452,412
Oshkosh Corp.		12,305		1,058,722
Robert Half International Inc.		20,979		1,220,348
Spirit AeroSystems Holdings Inc.		6,112		399,236
aTeledyne Technologies Inc.		6,481		2,365,954

franklintempleton.com Semiannual Report      18

FRANKLIN FUND ALLOCATOR SERIES

STATEMENT OF INVESTMENTS (UNAUDITED)

Franklin U.S. Core Equity (IU) Fund(continued)

	Shares/ Rights		Value
Common Stocks and Other Equity Interests(continued)
Industrials(continued)
W.W. Grainger Inc.		1,846	$	558,729
				52,703,174
Information Technology 27.2%
Accenture PLC, A		66,486		13,643,592
aAkamai Technologies Inc.		29,122		2,718,539
Amdocs Ltd.		24,535		1,765,293
aANSYS Inc.		15,145		4,154,728
Apple Inc.		68,108		21,080,107
aAspen Technology Inc.		12,486		1,485,584
Automatic Data Processing Inc.		24,937		4,273,952
Booz Allen Hamilton Holding Corp.		24,695		1,927,198
aCACI International Inc., A		4,449		1,189,841
aCadence Design Systems Inc.		50,403		3,634,560
Citrix Systems Inc.		22,731		2,755,452
Dolby Laboratories Inc., A		7,910		548,479
aEuronet Worldwide Inc.		5,912		931,968
aF5 Networks Inc.		10,019		1,223,520
aFair Isaac Corp.		5,136		2,066,624
Intel Corp.		77,843		4,976,503
Intuit Inc.		45,114		12,649,063
aManhattan Associates Inc.		11,653		995,865
Mastercard Inc., A		30,372		9,595,730
Microsoft Corp.		199,715		33,997,484
Oracle Corp.		123,577		6,481,614
Skyworks Solutions Inc.		5,237		592,567
SYNNEX Corp.		4,274		588,786
aSynopsys Inc.		27,005		3,983,508
Texas Instruments Inc.		40,327		4,865,453
aVeriSign Inc.		19,042		3,963,402
aVMware Inc., A		13,920		2,060,995
Xilinx Inc.		5,336		450,785
				148,601,192
Materials 3.8%
Air Products and Chemicals Inc.		31,536		7,527,959
AptarGroup Inc.		11,591		1,338,876
Avery Dennison Corp.		3,947		518,004
Ecolab Inc.		24,328		4,770,964
LyondellBasell Industries NV, A		48,211		3,753,708
NewMarket Corp.		1,240		545,129
Packaging Corp. of America		4,602		440,642
Reliance Steel & Aluminum Co.		11,789		1,353,377
The Sherwin-Williams Co.		903		502,962
				20,751,621

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FRANKLIN FUND ALLOCATOR SERIES

STATEMENT OF INVESTMENTS (UNAUDITED)

Franklin U.S. Core Equity (IU) Fund(continued)

	Shares/ Rights		Value
Common Stocks and Other Equity Interests(continued)
Real Estate 4.3%
aCBRE Group Inc.		33,953	$	2,072,831
EPR Properties		13,930		994,184
Equity Commonwealth		21,789		714,461
Equity Lifestyle Properties Inc.		31,392		2,283,768
Gaming and Leisure Properties Inc.		31,294		1,478,798
Host Hotels & Resorts Inc.		131,062		2,141,553
Lamar Advertising Co., A		15,403		1,429,552
Medical Properties Trust Inc.		156,929		3,475,977
Public Storage		26,837		6,005,047
Service Properties Trust		29,475		636,071
Vornado Realty Trust		31,302		2,058,733
				23,290,975
Utilities 2.1%
Ameren Corp.		44,382		3,641,543
American Water Works Co. Inc.		32,729		4,457,690
Atmos Energy Corp.		4,710		551,211
National Fuel Gas Co.		29,060		1,255,101
UGI Corp.		37,745		1,569,815
				11,475,360
Total Common Stocks and Other Equity Interests (Cost $ 505,225,883) 99.8%				545,240,590
Other Assets, less Liabilities 0.2%				1,011,646
Net Assets 100.0%.			$	546,252,236

^aNon-income producing.

franklintempleton.com The accompanying notes are an integral part of these financial statements.  |  Semiannual Report      20

FRANKLIN FUND ALLOCATOR SERIES

FINANCIAL STATEMENTS

Statements of Assets and Liabilities

January 31, 2020 (unaudited)

	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		$159,474,889			$257,784,089		$505,225,883
Value - Unaffiliated issuers		$157,289,158			$276,297,287		$545,240,590
Cash		2,162,501			—		—
Receivables:
Investment securities sold		—			10,722,844		3,833,574
Dividends		353,598			176,309		485,706
Affiliates		49,696			29,641		24,819
Offering costs		17,392			17,552		17,391
Total assets.		159,872,345			287,243,633		549,602,080
Liabilities:
Payables:
Professional fees		24,199			24,202		16,760
Offering costs		15,648			17,771		18,383
Funds advanced by custodian		—			8,752,823		3,311,439
Accrued expenses and other liabilities		1,877			1,843		3,262
Total liabilities		41,724			8,796,639		3,349,844
Net assets, at value		$159,830,621			$278,446,994		$546,252,236
Net assets consist of:
Paid-in capital		$162,237,318			$258,383,498		$503,640,272
Total distributable earnings (losses)		(2,406,697	)		20,063,496		42,611,964
Net assets, at value		$159,830,621			$278,446,994		$546,252,236
Shares outstanding		15,522,757			25,266,404		50,047,632
Net asset value per share.		$10.30			$11.02		$10.91

21      Semiannual Report  |     The accompanying notes are an integral part of these financial statements. franklintempleton.com

FRANKLIN FUND ALLOCATOR SERIES

FINANCIAL STATEMENTS

Statements of Operations

for the six months ended January 31, 2020 (unaudited)

	Franklin Emerging Market Core Equity (IU)  Funda		Franklin International Core Equity (IU) Funda		Franklin U.S. Core Equity (IU) Fundb
Investment income:
Dividends: (net of foreign taxes)*
Unaffiliated issuers		$ 1,150,554		$ 1,816,970		$ 3,603,208
Other incomec		22,320		—		—
Total investment income		1,172,874		1,816,970		3,603,208
Expenses:
Custodian fees (Note 4)		924		4,056		1,839
Reports to shareholders		1,716		1,591		1,584
Registration and filing fees		223		111		111
Professional fees		28,293		28,428		21,137
Trustees’ fees and expenses		16		65		667
Organization costs		37,121		36,800		45,123
Amortization of offering costs		17,487		17,648		17,485
Other		1,123		1,259		732
Total expenses		86,903		89,958		88,678
Expenses waived/paid by affiliates (Note 3d)		(86,903)		(89,958)		(88,678)
Net expenses		—		—		—
Net investment income		1,172,874		1,816,970		3,603,208
Realized and unrealized gains (losses):
Net realized gain (loss) from:
Sale of investments:
Unaffiliated issuers		(564,413)		2,461,817		2,159,600
Foreign currency transactions.		(123,739)		366,818		—
Net realized gain (loss)		(688,152)		2,828,635		2,159,600
Net change in unrealized appreciation (depreciation) on:
Investments:
Unaffiliated issuers		(2,185,731)		18,513,198		40,014,707
Translation of other assets and liabilities denominated in foreign currencies		(9,958)		14,087		—
Net change in unrealized appreciation (depreciation)		(2,195,689)		18,527,285		40,014,707
Net realized and unrealized gain (loss)		(2,883,841)		21,355,920		42,174,307
Net increase (decrease) in net assets resulting from operations		$(1,710,967)		$23,172,890		$45,777,515
*Foreign taxes withheld on dividends		$126,300		$188,449		$—

^aFor the period August 19, 2019 (effective date) to January 31, 2020.

^bFor the period August 1, 2019 (commencement of operations) to January 31, 2020.

^cOther income includes payments by Advisers for acquired fund fees and expenses (See Note 3e).

franklintempleton.com The accompanying notes are an integral part of these financial statements.    |   Semiannual Report      22

FRANKLIN FUND ALLOCATOR SERIES

FINANCIAL STATEMENTS

Statements of Changes in Net Assets

	Franklin Emerging Market Core Equity (IU) Fund			Franklin International Core Equity (IU) Fund
	Six Months Ended January 31, 2020 (unaudited)a			Six Months Ended January 31, 2020 (unaudited)a
Increase (decrease) in net assets:
Operations:
Net investment income		$    1,172,874			$    1,816,970
Net realized gain (loss)		(688,152	)		2,828,635
Net change in unrealized appreciation (depreciation)		(2,195,689	)		18,527,285
Net increase (decrease) in net assets resulting from operations		(1,710,967	)		23,172,890
Distributions to shareholders		(695,730	)		(3,109,394	)
Capital share transactions (Note 2)		162,237,318			258,383,498
Net increase (decrease) in net assets		159,830,621			278,446,994
Net assets:
End of period		$159,830,621			$278,446,994

^aFor the period August 19, 2019 (effective date) to January 31, 2020.

23      Semiannual Report  |    The accompanying notes are an integral part of these financial statements. franklintempleton.com

FRANKLIN FUND ALLOCATOR SERIES

FINANCIAL STATEMENTS

Statements of Changes in Net Assets(continued)

	Franklin U.S. Core Equity (IU) Fund
	Six Months Ended January 31, 2020 (unaudited)b
Increase (decrease) in net assets:
Operations:
Net investment income		$    3,603,208
Net realized gain (loss)		2,159,600
Net change in unrealized appreciation (depreciation)		40,014,707
Net increase (decrease) in net assets resulting from operations		45,777,515
Distributions to shareholders		(3,165,551	)
Capital share transactions (Note 2)		503,640,272
Net increase (decrease) in net assets		546,252,236
Net assets:
End of period		$546,252,236

^bFor the period August 1, 2019 (commencement of operations) to January 31, 2020.

franklintempleton.com The accompanying notes are an integral part of these financial statements.    |   Semiannual Report      24

FRANKLIN FUND ALLOCATOR SERIES

Notes to Financial Statements (unaudited)

1. Organization and Significant Accounting Policies

Franklin Fund Allocator Series (Trust) is registered under the Investment Company Act of 1940 (1940 Act) as anopen-end management investment company, consisting of twenty-four separate funds, three of which are included in this report (Funds) and applies the specialized accounting and reporting guidance in U.S. Generally Accepted Accounting Principles (U.S. GAAP).

Effective August 1, 2019, the Trust commenced operations of the Franklin U.S. Core Equity (IU) Fund and effective August 19, 2019, it commenced operations of the Franklin International Core Equity (IU) Fund and Franklin Emerging Market Core Equity (IU) Fund upon each Fund’s effective date with the SEC. The Franklin U.S. Core Equity (IU) Fund, prior to its effective date with the SEC, issued its fund shares in private placements and were exempt from registration under the Securities Act of 1933.

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 Funds’ administrator has responsibility for oversight of valuation, 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.

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, book values, 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. Occasionally, events 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, the VC monitors price movements following the close of trading in foreign stock markets through a series of country specific market proxies (such as baskets of American Depositary Receipts, futures contracts and exchange traded funds). These price movements are measured against established trigger thresholds for each specific market proxy to assist in determining if an event has occurred that may call into question the reliability of the values of the foreign securities held by the Funds. If such an event occurs, the securities may be valued using fair value procedures, which may include the use of independent pricing services. At January 31, 2020, a market event occurred resulting in a portion of the securities held by the Fund being valued using fair value procedures.

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FRANKLIN FUND ALLOCATOR SERIES

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

When the last day of the reporting period is anon-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 of the reporting period. Any significant 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 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.

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 January 31, 2020, 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).

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 theex-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 theex-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.

franklintempleton.com Semiannual Report      26

FRANKLIN FUND ALLOCATOR SERIES

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

1.Organization and Significant Accounting Policies(continued)

d. Security Transactions, Investment Income, Expenses and Distributions(continued)

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. Organization and Offering Costs

Organization costs were expensed as incurred. Offering costs are amortized on a straight line basis over twelve months.

f. Accounting Estimates

The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and

liabilities at the date of the financial statements and the amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

g. Guarantees and Indemnifications

Under the Trust’s organizational documents, its officers and trustees are indemnified by the Trust against certain liabilities arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust, on behalf of the Funds, enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. Currently, the Trust expects the risk of loss to be remote.

2. Shares of Beneficial Interest

At January 31, 2020, 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
Period ended January 31, 2020a
Shares sold		15,655,355		$	163,708,488			26,517,059		$	272,273,842
Shares issued in reinvestment of distributions		67,402			686,830			290,217			3,088,894
Shares redeemed		(200,000	)		(2,158,000	)		(1,540,872	)		(16,979,238	)
Net increase (decrease)		15,522,757		$	162,237,318			25,266,404		$	258,383,498

	Franklin U.S. Core                  Equity (IU) Fund
	Shares			Amount
Period ended January 31, 2020b
Shares sold		50,749,216			$511,531,181
Shares issued in reinvestment of distributions		306,738			3,150,430
Shares redeemed		(1,008,322	)		(11,041,339	)
Net increase (decrease)		50,047,632			$503,640,272

^aFor the period August 19, 2019 (effective date) to January 31, 2020.

^bFor the period August 1, 2019 (commencement of operations) to January 31, 2020.

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FRANKLIN FUND ALLOCATOR SERIES

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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:

Subsidiary	Affiliation
Franklin Advisers, Inc. (Advisers)	Investment manager
Franklin Templeton Services, LLC (FT Services)	Administrative manager
Franklin Templeton Distributors, Inc. (Distributors)	Principal underwriter
Franklin Templeton Investor Services, LLC (Investor Services)	Transfer agent

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. The Funds do not pay a fee for these services.

c. Transfer Agent Fees

Investor Services provides shareholder services to the Funds. The Funds do not pay a fee for these services.

d. Waiver and Expense Reimbursements

Advisers has contractually agreed in advance to waive or assume as its own expense certain expenses otherwise payable by the Funds so that the expenses (including acquired fund fees and expenses, but excluding certainnon-routine expenses or costs, including those relating to litigation, indemnification, reorganizations, and liquidations) of the Funds do not exceed 0.00%, based on the average net assets until November 30, 2020. 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 period ended January 31, 2020, are reflected as other income in the Statements of Operations.

franklintempleton.com Semiannual Report      28

FRANKLIN FUND ALLOCATOR SERIES

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

3. Transactions with Affiliates(continued)

e. Other Affiliated Transactions

At January 31, 2020, Franklin Fund Allocator Series owned a percentage of the Funds’ outstanding shares as follows:

	Shares		Percentage of Outstanding Shares
Franklin Emerging Market Core Equity (IU) Fund
Franklin Conservative Allocation Fund		2,393,786		15.4	%
Franklin Growth Allocation Fund		5,095,917		32.8	%
Franklin Moderate Allocation Fund		5,769,854		37.2	%
Franklin International Core Equity (IU) Fund
Franklin Conservative Allocation Fund		3,701,269		14.6	%
Franklin Growth Allocation Fund		8,335,556		33.0	%
Franklin Moderate Allocation Fund		9,238,955		36.6	%
Franklin U.S. Core Equity (IU) Fund
Franklin Conservative Allocation Fund		7,960,674		15.9	%
Franklin Growth Allocation Fund		16,620,532		33.2	%
Franklin Moderate Allocation Fund		18,887,933		37.7	%

4. Expense Offset Arrangement

The Funds have entered into an arrangement with their custodian whereby credits realized as a result of uninvested cash balances are used to reduce a portion of the Funds’ custodian expenses. During the period ended January 31, 2020, there were no credits earned.

5. Income Taxes

At January 31, 2020, the cost of investments and net unrealized appreciation (depreciation) for income tax purposes were as follows:

	Franklin Emerging Market Core Equity (IU) Fund			Franklin International Core Equity (IU) Fund			Franklin U.S. Core Equity (IU) Fund
Cost of investments		$159,474,889			$259,202,083			$505,225,883
Unrealized appreciation		$    4,485,866			$  23,928,703			$  48,645,562
Unrealized depreciation		(6,671,597	)		(6,833,499	)		(8,630,855	)
Net unrealized appreciation (depreciation)		$   (2,185,731	)		$  17,095,204			$  40,014,707

Differences between income and/or capital gains as determined on a book basis and a tax basis are primarily due to differing treatments of foreign currency transactions, passive foreign investment company shares, corporate actions, and wash sales.

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FRANKLIN FUND ALLOCATOR SERIES

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

6. Investment Transactions

Purchases and sales of investments for the period ended January 31, 2020, were as follows:

	Franklin Emerging Market Core Equity (IU) Fund	Franklin International Core Equity (IU) Fund		Franklin U.S. Core Equity (IU) Fund
Purchases	$199,300,959		$337,240,326	$587,988,667
Sales	$  39,261,658		$  81,918,053	$  82,746,934

7. 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. Current political and financial uncertainty surrounding the European Union may increase market volatility and the economic risk of investing in securities in Europe. In addition, certain foreign securities may not be as liquid as U.S. securities.

The United States and other nations have imposed and could impose additional sanctions on certain issuers in Russia due to regional conflicts. These sanctions could result in the devaluation of Russia’s currency, a downgrade in Russian issuers’ credit ratings, or a decline in the value and liquidity of Russian stocks or other securities. Such sanctions could also adversely affect Russia’s economy. Certain or all Funds may be prohibited from investing in securities issued by companies subject to such sanctions. In addition, if the Fund holds the securities of an issuer that is subject to such sanctions, an immediate freeze of that issuer’s securities could result, impairing the ability of the Fund to buy, sell, receive or deliver those securities. There is also the risk that countermeasures could be taken by Russia’s government, which could involve the seizure of the Fund’s assets. These risks could affect the value of the Funds’ portfolio. While the Funds hold securities of certain issuers impacted by the sanctions, existing investments do not presently violate the applicable terms and conditions of the sanctions. The sanctions currently do not affect the Funds’ ability to sell these securities. At January 31, 2020, Franklin Emerging Market Core Equity (IU) Fund had 5.7% of its net assets invested in Russia. The remaining Funds in the Trust did not have a significant investment in Russia.

8. 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.

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FRANKLIN FUND ALLOCATOR SERIES

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

8. Fair Value Measurements(continued)

A summary of inputs used as of January 31, 2020, 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:a
Equity Investments:b
Communication Services	$	17,238,761	$	1,475,004	$	—	$	18,713,765
Consumer Discretionary		21,940,533		3,786,320		—		25,726,853
Consumer Staples		5,240,661		2,986,909		—		8,227,570
Energy.		5,912,272		154,769		—		6,067,041
Financials		37,892,043		5,744,102		—		43,636,145
Industrials		4,148,260		441,996		—		4,590,256
Information Technology		11,012,577		20,216,880		—		31,229,457
Materials		7,426,033		436,292		—		7,862,325
Real Estate		4,245,973		387,751		—		4,633,724
All Other Equity Investments		6,602,022		—		—		6,602,022
Total Investments in Securities	$	121,659,135	$	35,630,023	$	—	$	157,289,158
Franklin International Core Equity (IU) Fund
Assets:
Investments in Securities:a
Equity Investments:b
Communication Services	$	9,992,212	$	11,395,587	$	—	$	21,387,799
Consumer Discretionary		13,360,628		20,618,119		—		33,978,747
Consumer Staples		11,727,954		17,003,389		—		28,731,343
Energy.		9,926,411		8,275,596		—		18,202,007
Financials		10,893,460		29,676,892		—		40,570,352
Health Care		15,544,438		27,391,183		—		42,935,621
Industrials		18,985,440		15,198,098		—		34,183,538
Information Technology		13,747,815		3,678,775		—		17,426,590
Materials		2,996,425		13,347,336		—		16,343,761
Real Estate		7,124,962		7,784,350		—		14,909,312
Utilities.		2,191,826		5,436,391		—		7,628,217
Total Investments in Securities	$	116,491,571	$	159,805,716	$	—	$	276,297,287
Franklin U.S. Core Equity (IU) Fund
Assets:
Investments in Securities:a
Equity Investmentsb	$	545,240,590	$	—	$	—	$	545,240,590
Total Investments in Securities	$	545,240,590	$	—	$	—	$	545,240,590

^aFor detailed categories, see the accompanying Statement of Investments.

^bIncludes common and preferred stocks and management investment companies as well as other equity interests.

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NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

9. 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

Currency

ADR       American Depositary Receipt

ETF        Exchange Traded Fund

GDR      Global Depositary Receipt

IDR        International Depository Receipt

REIT      Real Estate Investment Trust

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FRANKLIN FUND ALLOCATOR SERIES

Shareholder Information

Board Approval of Investment Management Agreements

FRANKLIN FUND ALLOCATOR SERIES Franklin U.S. Core Equity (IU) Fund Franklin International Core Equity (IU) Fund Franklin Emerging Market Core Equity (IU) Fund (each a Fund)

At anin-person meeting held on May 21, 2019 (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 an investment management agreement between Franklin Advisers, Inc. (Manager) and the Trust, on behalf of each Fund (Management Agreement) for an initialtwo-year period. The Independent Trustees received advice from and met separately with Independent Trustee counsel in considering whether to approve the Management Agreement.

In considering the approval of the Management Agreement, the Board reviewed and considered information provided by the Manager in connection with the Meeting and throughout the year at meetings of the Board and its committees. The Board reviewed and considered all of the factors it deemed relevant in approving the Management Agreement, including, but not limited to: (1) the nature, extent and quality of the services to be provided by the Manager; (ii) the costs of the services to be provided by the Manager; and (iii) the extent to which economies of scale may be realized as each Fund grows. The Board also reviewed and considered the form of Management Agreement and the terms of the Management Agreement which were discussed at the Meeting.

In approving the Management Agreement, the Board, including a majority of the Independent Trustees, determined that the terms of the proposed Management Agreement are fair and reasonable and that the approval of such Management Agreement is in the interests of each 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 to be provided by the Manager and its affiliates to each Fund and its shareholders. This information included, among other things, management’s explanation that the

Funds initially will be used as core investment strategy “building blocks” solely by other US registered proprietary funds, each Fund’s proposed investment strategies and the ability of the Manager to implement such investment strategies; the qualifications, background and experience of the investment personnel that will be responsible for theday-to-day portfolio management of the Funds; the Manager’s experience as the manager of other funds and accounts, including other series of the Trust and other funds in the Franklin Templeton family of funds; the Manager’s strength and reputation within the industry; the personnel, operations, financial condition, and investment management capabilities, methodologies and resources of the Manager; and the Manager’s compliance capabilities, as demonstrated by, among other things, its policies and procedures reasonably designed to prevent violations of the Federal Securities Laws (as defined in Rule38a-1 of the Investment Company Act of 1940). Following consideration of such information, the Board was satisfied with the nature, extent and quality of services to be provided by the Manager and its affiliates to each Fund and its shareholders.

Fund Performance

The Board noted that, as the Funds have not yet commenced investment operations, there was no investment performance for the Funds. The Board considered the proposed performance benchmark for each Fund and how such benchmark would be utilized to measure performance of the Manager.

Comparative Fees and Expenses

The Board reviewed and considered information regarding whether an investment management fee would be charged to each Fund by the Manager. In particular, the Board noted that, pursuant to the Management Agreement, the Manager will provide general investment management and administrative services to each Fund for a zero management fee. The Board also noted that the Manager will assume all expenses incurred by each Fund (including acquired fund fees and expenses), excluding certainnon-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 Financial Services, Inc. was not provided because the Funds will have a zero management fee. The Board concluded that the proposed management fee for each Fund is reasonable.

Profitability

The Board then noted that the Manager (and its affiliates)

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SHAREHOLDER INFORMATION

could not report any financial results from their relationships with the Funds because the Funds had not yet commenced investment operations, and thus, the Board could not evaluate the Manager’s (or its affiliates’) profitability with respect to the Funds.

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 Trustees noted that because each Fund will pay a zero management fee, the consideration of possible economies of scale in the future was not relevant.

Conclusion

Based on its review, consideration and evaluation of all factors it believed relevant, including the above-described factors and conclusions, the Board, including a majority of the Independent Trustees, approved the Management Agreement for each Fund for an initialtwo-year period.

Proxy Voting Policies and Procedures

The Trust’s investment manager has established Proxy Voting Policies and Procedures (Policies) that the Trust uses to determine how to vote proxies relating to portfolio securities. Shareholders may view the Trust’s complete Policies online at franklintempleton.com. Alternatively, shareholders may request copies of the Policies free of charge by calling the Proxy Group collect at (954)527-7678 or by sending a written request to: Franklin Templeton Companies, LLC, 300 S.E. 2nd Street, Fort Lauderdale, FL 33301, Attention: Proxy Group. Copies of the Trust’s proxy voting records are also made available online at franklintempleton.com and posted on the U.S. Securities and Exchange Commission’s website at sec.gov and reflect the most recent12-month period ended June 30.

Quarterly Statement of Investments

The Trust files a complete statement of investments with the U.S. Securities and Exchange Commission for the first and third quarters for each fiscal year as an exhibit to its report on FormN-PORT. Shareholders may view the filed FormN-PORT by visiting the Commission’s website at sec.gov. The filed form may also be viewed and copied at the Commission’s Public Reference Room in Washington, DC.

Information regarding the operations of the Public Reference Room may be obtained by calling(800) SEC-0330.

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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 13(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.    N/A

Item 5. Audit Committee of Listed Registrants.    N/A

Item 6. Schedule of Investments.    N/A

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed- End Management Investment Companies.    N/A

Item 8. Portfolio Managers ofClosed-End Management Investment Companies.    N/A

Item 9. Purchases of Equity Securities byClosed-End Management Investment Company and Affiliated Purchasers.    N/A

Item 10. 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 11. 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 onForm 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 12. Disclosure of Securities Lending Activities forClosed-End Management Investment Company.    N/A

Item 13. Exhibits.

(a) (1)Code of Ethics

(a) (2)Certifications pursuant to Section  302 of the Sarbanes-Oxley Act of 2002 of Matthew T. Hinkle, Chief Executive Officer - Finance and Administration, and Gaston Gardey, Chief Financial Officer and Chief Accounting Officer

(b)Certifications pursuant to Section  906 of the Sarbanes-Oxley Act of 2002 of Matthew T. Hinkle, Chief Executive Officer - Finance and Administration, and Gaston Gardey, Chief Financial Officer and Chief Accounting Officer

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\MATTHEW T. HINKLE
	Matthew T. Hinkle
	Chief Executive Officer - Finance and Administration

Date March 31, 2020

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\MATTHEW T. HINKLE
	Matthew T. Hinkle
	Chief Executive Officer - Finance and Administration

Date March 31, 2020

By	S\GASTON GARDEY
	Gaston Gardey
	Chief Financial Officer and Chief Accounting Officer

Date March 31, 2020