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

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number

811-07851

Franklin Fund Allocator Series

(Exact name of registrant as specified in charter)

One Franklin Parkway, San Mateo, CA 94403-1906

(Address of principal executive offices) (Zip code)

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: 7/31

Date of reporting period: 1/31/22

Item 1. Reports to Stockholders.

a.) The following is a copy of the report transmitted to shareholders pursuant to Rule30e-1 under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30e-1.)

b.) A copy of the notice transmitted to shareholders in reliance on Rule 30e-3 under the 1940 Act that contains disclosures specified by paragraph (c)(3) of that rule is included in the Annual Report. Not Applicable.

Your

Fund’s

Expenses

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

1

franklintempleton.com

Semiannual

Report

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.

1.

Expenses

are

equal

to

the

annualized

expense

ratio

for

the

six-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

184/365

to

reflect

the

one-half

year

period.

2.

Reflects

expenses

after

fee

waivers

and

expense

reimbursements.

Does

not

include

acquired

fund

fees

and

expenses.

Actual

(actual

return

after

expenses)

Hypothetical

(5%

annual

return

before

expenses)

Beginning

Account

Value

8/1/21

Ending

Account

Value

1/31/22

Expenses

Paid

During

Period

8/1/21–1/31/22

1,2

Ending

Account

Value

1/31/22

Expenses

Paid

During

Period

8/1/21–1/31/22

1,2

a

Annualized

Expense

Ratio

2

$1,000

$960.38

$0.00

$1,025.21

$0.00

0.00%

Your

Fund’s

Expenses

Franklin

International

Core

Equity

(IU)

Fund

2

franklintempleton.com

Semiannual

Report

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.

1.

Expenses

are

equal

to

the

annualized

expense

ratio

for

the

six-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

184/365

to

reflect

the

one-half

year

period.

2.

Reflects

expenses

after

fee

waivers

and

expense

reimbursements.

Does

not

include

acquired

fund

fees

and

expenses.

Actual

(actual

return

after

expenses)

Hypothetical

(5%

annual

return

before

expenses)

Beginning

Account

Value

8/1/21

Ending

Account

Value

1/31/22

Expenses

Paid

During

Period

8/1/21–1/31/22

1,2

Ending

Account

Value

1/31/22

Expenses

Paid

During

Period

8/1/21–1/31/22

1,2

a

Annualized

Expense

Ratio

2

$1,000

$976.59

$0.00

$1,025.21

$0.00

0.00%

Your

Fund’s

Expenses

Franklin

U.S.

Core

Equity

(IU)

Fund

3

franklintempleton.com

Semiannual

Report

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.

1.

Expenses

are

equal

to

the

annualized

expense

ratio

for

the

six-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

184/365

to

reflect

the

one-half

year

period.

2.

Reflects

expenses

after

fee

waivers

and

expense

reimbursements.

Does

not

include

acquired

fund

fees

and

expenses.

Actual

(actual

return

after

expenses)

Hypothetical

(5%

annual

return

before

expenses)

Beginning

Account

Value

8/1/21

Ending

Account

Value

1/31/22

Expenses

Paid

During

Period

8/1/21–1/31/22

1,2

Ending

Account

Value

1/31/22

Expenses

Paid

During

Period

8/1/21–1/31/22

1,2

a

Annualized

Expense

Ratio

2

$1,000

$1,027.23

$0.00

$1,025.21

$0.00

0.00%

Franklin

Fund

Allocator

Series

Financial

Highlights

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

4

a

Six

Months

Ended

January

31,

2022

(unaudited)

Year

Ended

July

31,

2021

Year

Ended

July

31,

2020

a

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

..........................................

$11.83

$10.57

$10.00

Income

from

investment

operations

b

:

Net

investment

income

c

..................................................

0.16

0.28

0.33

Net

realized

and

unrealized

gains

(losses)

....................................

(0.63)

1.34

0.45

Total

from

investment

operations

.............................................

(0.47)

1.62

0.78

Less

distributions

from:

Net

investment

income

...................................................

(0.20)

(0.36)

(0.21)

Net

realized

gains

......................................................

—

—

(—)

d

Total

distributions

........................................................

(0.20)

(0.36)

(0.21)

Net

asset

value,

end

of

period

...............................................

$11.16

$11.83

$10.57

Total

return

e

............................................................

(3.96)%

15.57%

7.96%

Ratios

to

average

net

assets

f

Expenses

before

waiver

and

payments

by

affiliates

and

expense

reduction

.............

0.15%

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

—%

Net

investment

income

....................................................

2.71%

2.41%

3.44%

Supplemental

data

Net

assets,

end

of

period

(000’s)

.............................................

$123,456

$116,643

$138,590

Portfolio

turnover

rate

.....................................................

53.51%

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

Statement

of

Investments

(unaudited),

January

31,

2022

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

5

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

95.4%

Auto

Components

0.2%

Balkrishna

Industries

Ltd.

...............................

India

8,744

$

275,825

Automobiles

1.0%

BYD

Co.

Ltd.,

H

......................................

China

18,500

547,183

Kia

Corp.

...........................................

South

Korea

10,522

733,523

1,280,706

Banks

13.0%

Akbank

TAS

.........................................

Turkey

632,906

381,122

Al

Rajhi

Bank

........................................

Saudi

Arabia

83,099

3,300,077

Banco

Santander

Brasil

SA

..............................

Brazil

22,500

139,281

Bank

Central

Asia

Tbk

.

PT

..............................

Indonesia

942,000

501,047

Bank

of

Beijing

Co.

Ltd.,

A

...............................

China

291,100

206,210

Bank

Polska

Kasa

Opieki

SA

.............................

Poland

5,654

188,406

BDO

Unibank

,

Inc.

....................................

Philippines

123,910

328,717

China

Merchants

Bank

Co.

Ltd.,

A

.........................

China

33,900

263,995

Commercial

Bank

PSQC

(The)

...........................

Qatar

255,768

502,263

Hana

Financial

Group,

Inc.

..............................

South

Korea

59,925

2,257,475

Huaxia

Bank

Co.

Ltd.,

A

................................

China

177,100

157,423

ICICI

Bank

Ltd.

.......................................

India

83,389

896,421

Industrial

Bank

Co.

Ltd.,

A

...............................

China

276,006

914,665

KB

Financial

Group,

Inc.

................................

South

Korea

30,731

1,522,748

a

Moneta

Money

Bank

A/S,

144A,

Reg

S

.....................

Czech

Republic

28,206

121,692

b

OTP

Bank

Nyrt

.

.......................................

Hungary

7,167

415,693

Shinhan

Financial

Group

Co.

Ltd.

.........................

South

Korea

46,805

1,498,859

Taishin

Financial

Holding

Co.

Ltd.

.........................

Taiwan

1,261,000

902,498

a

TCS

Group

Holding

plc,

GDR,

Reg

S

......................

Russia

2,199

158,516

Woori

Financial

Group,

Inc.

..............................

South

Korea

116,656

1,434,889

16,091,997

Beverages

2.1%

Arca

Continental

SAB

de

CV

.............................

Mexico

102,800

608,347

b

Chongqing

Brewery

Co.

Ltd.,

A

...........................

China

6,000

125,829

Cia

Cervecerias

Unidas

SA

..............................

Chile

33,900

280,954

a

Nongfu

Spring

Co.

Ltd.,

H,

144A,

Reg

S

....................

China

236,800

1,433,748

b

United

Spirits

Ltd.

.....................................

India

11,547

134,952

2,583,830

Biotechnology

0.4%

a,b

3SBio,

Inc.,

144A,

Reg

S

................................

China

301,500

238,729

Chongqing

Zhifei

Biological

Products

Co.

Ltd.,

A

..............

China

14,300

240,523

479,252

Capital

Markets

1.8%

a

China

International

Capital

Corp.

Ltd.,

H,

144A,

Reg

S

.........

China

168,800

459,820

GF

Securities

Co.

Ltd.,

A

................................

China

84,300

278,935

Guotai

Junan

Securities

Co.

Ltd.,

A

........................

China

106,500

297,559

Haitong

Securities

Co.

Ltd.,

A

............................

China

134,800

244,733

Haitong

Securities

Co.

Ltd.,

H

............................

China

634,400

570,913

b

Korea

Investment

Holdings

Co.

Ltd.

.......................

South

Korea

4,998

306,419

Samsung

Securities

Co.

Ltd.

.............................

South

Korea

3,312

111,811

2,270,190

Chemicals

3.4%

Dongyue

Group

Ltd.

...................................

China

376,000

460,197

Guangzhou

Tinci

Materials

Technology

Co.

Ltd.,

A

.............

China

14,600

220,203

Hoshine

Silicon

Industry

Co.

Ltd.,

A

........................

China

6,600

109,994

b

Kumho

Petrochemical

Co.

Ltd.

...........................

South

Korea

3,424

424,992

a

PhosAgro

PJSC,

GDR,

Reg

S

............................

Russia

32,072

643,376

Franklin

Fund

Allocator

Series

Statement

of

Investments

(unaudited)

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

(continued)

franklintempleton.com

Semiannual

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)

Chemicals

(continued)

Sahara

International

Petrochemical

Co.

.....................

Saudi

Arabia

82,128

$

950,014

b

Sasol

Ltd.

...........................................

South

Africa

14,604

328,815

Satellite

Chemical

Co.

Ltd.,

A

............................

China

23,100

154,030

Shandong

Hualu

Hengsheng

Chemical

Co.

Ltd.,

A

.............

China

30,640

147,860

Shanghai

Putailai

New

Energy

Technology

Co.

Ltd.,

A

..........

China

10,300

233,238

Wanhua

Chemical

Group

Co.

Ltd.,

A

.......................

China

38,600

557,634

4,230,353

Communications

Equipment

0.2%

China

Zhenhua

Group

Science

&

Technology

Co.

Ltd.,

A

........

China

7,800

139,420

Yealink

Network

Technology

Corp.

Ltd.,

A

...................

China

12,100

148,944

288,364

Construction

Materials

0.3%

ACC

Ltd.

............................................

India

9,833

303,400

Consumer

Finance

0.8%

360

DigiTech

,

Inc.,

ADR

................................

China

12,700

251,333

Krungthai

Card

PCL

...................................

Thailand

205,500

374,205

Srisawad

Corp.

PCL

...................................

Thailand

172,500

314,810

940,348

Containers

&

Packaging

0.3%

Yunnan

Energy

New

Material

Co.

Ltd.

......................

China

7,700

309,890

Diversified

Financial

Services

0.3%

Far

East

Horizon

Ltd.

..................................

China

385,000

329,353

Diversified

Telecommunication

Services

0.2%

Hellenic

Telecommunications

Organization

SA

................

Greece

11,024

214,296

Electric

Utilities

0.5%

Inter

RAO

UES

PJSC

..................................

Russia

8,434,300

423,829

Manila

Electric

Co.

....................................

Philippines

29,310

192,635

616,464

Electrical

Equipment

1.3%

Contemporary

Amperex

Technology

Co.

Ltd.,

A

...............

China

5,600

541,259

Havells

India

Ltd.

.....................................

India

39,656

634,271

Suzhou

Maxwell

Technologies

Co.

Ltd.,

A

...................

China

1,600

125,773

TBEA

Co.

Ltd.,

A

......................................

China

55,900

167,459

Xinjiang

Goldwind

Science

&

Technology

Co.

Ltd.,

H

...........

China

82,400

143,656

1,612,418

Electronic

Equipment,

Instruments

&

Components

1.0%

Foxconn

Industrial

Internet

Co.

Ltd.,

A

......................

China

95,000

167,049

Kingboard

Holdings

Ltd.

................................

China

159,000

767,618

Sunny

Optical

Technology

Group

Co.

Ltd.

...................

China

11,900

307,233

1,241,900

Entertainment

1.0%

NetEase

,

Inc.

........................................

China

58,400

1,219,378

Food

&

Staples

Retailing

0.1%

Wal-Mart

de

Mexico

SAB

de

CV

..........................

Mexico

37,900

128,934

Food

Products

4.0%

a

China

Feihe

Ltd.,

144A,

Reg

S

...........................

China

419,000

581,061

a

Dali

Foods

Group

Co.

Ltd.,

144A,

Reg

S

....................

China

465,000

268,761

Grupo

Bimbo

SAB

de

CV,

A

..............................

Mexico

307,400

963,013

JBS

SA

.............................................

United

States

216,900

1,433,351

Franklin

Fund

Allocator

Series

Statement

of

Investments

(unaudited)

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

7

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Food

Products

(continued)

Nestle

Malaysia

Bhd.

..................................

Malaysia

16,300

$

515,050

Uni

-President

China

Holdings

Ltd.

.........................

China

291,000

275,036

Want

Want

China

Holdings

Ltd.

...........................

China

973,000

954,639

4,990,911

Gas

Utilities

0.6%

Adani

Total

Gas

Ltd.

...................................

India

15,780

385,370

Indraprastha

Gas

Ltd.

..................................

India

66,617

352,740

738,110

Health

Care

Providers

&

Services

0.6%

Apollo

Hospitals

Enterprise

Ltd.

...........................

India

3,222

193,715

Dr.

Sulaiman

Al

Habib

Medical

Services

Group

Co.

............

Saudi

Arabia

11,343

501,139

694,854

Hotels,

Restaurants

&

Leisure

0.3%

Yum

China

Holdings,

Inc.

...............................

China

8,600

414,262

Industrial

Conglomerates

0.2%

b

LG

Corp.

............................................

South

Korea

1,820

112,531

Turkiye

Sise

ve

Cam

Fabrikalari

A/S

.......................

Turkey

116,576

120,714

233,245

Insurance

5.8%

Cathay

Financial

Holding

Co.

Ltd.

.........................

Taiwan

1,213,000

2,815,839

b

DB

Insurance

Co.

Ltd.

..................................

South

Korea

9,857

493,650

Fubon

Financial

Holding

Co.

Ltd.

..........................

Taiwan

954,400

2,635,765

PICC

Property

&

Casualty

Co.

Ltd.,

H

......................

China

1,278,000

1,190,795

7,136,049

Interactive

Media

&

Services

5.9%

b

Baidu,

Inc.,

ADR

......................................

China

3,000

479,220

Hello

Group,

Inc.,

ADR

.................................

China

37,800

367,794

a,b

Kuaishou

Technology,

144A,

Reg

S

........................

China

14,100

161,176

Tencent

Holdings

Ltd.

..................................

China

100,300

6,285,107

7,293,297

Internet

&

Direct

Marketing

Retail

4.5%

b

Alibaba

Group

Holding

Ltd.

..............................

China

220,700

3,459,200

b,c

JD.com,

Inc.,

A

.......................................

China

4,776

181,019

a,b

Meituan

Dianping

,

B,

144A,

Reg

S

........................

China

49,000

1,461,902

Naspers

Ltd.,

N

.......................................

South

Africa

2,135

345,165

b

Vipshop

Holdings

Ltd.,

ADR

.............................

China

15,600

145,236

5,592,522

IT

Services

6.0%

b

Chinasoft

International

Ltd.

..............................

China

212,000

212,145

HCL

Technologies

Ltd.

.................................

India

31,646

469,945

Infosys

Ltd.

..........................................

India

78,852

1,856,368

a

Larsen

&

Toubro

Infotech

Ltd.,

144A,

Reg

S

.................

India

1,980

167,680

Tata

Consultancy

Services

Ltd.

...........................

India

49,430

2,490,647

Tech

Mahindra

Ltd.

....................................

India

52,698

1,052,601

Wipro

Ltd.

...........................................

India

155,630

1,202,351

7,451,737

Life

Sciences

Tools

&

Services

1.5%

Divi's

Laboratories

Ltd.

.................................

India

7,763

421,809

a

WuXi

AppTec

Co.

Ltd.,

H,

144A,

Reg

S

.....................

China

40,440

580,049

Franklin

Fund

Allocator

Series

Statement

of

Investments

(unaudited)

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

8

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Life

Sciences

Tools

&

Services

(continued)

a,b

Wuxi

Biologics

Cayman,

Inc.,

144A,

Reg

S

..................

China

80,000

$

801,832

1,803,690

Marine

2.2%

Evergreen

Marine

Corp.

Taiwan

Ltd.

.......................

Taiwan

278,000

1,180,413

b

HMM

Co.

Ltd.

........................................

South

Korea

21,724

404,386

Wan

Hai

Lines

Ltd.

....................................

Taiwan

81,900

449,315

b

Yang

Ming

Marine

Transport

Corp.

........................

Taiwan

176,000

652,405

2,686,519

Media

0.1%

Cheil

Worldwide,

Inc.

..................................

South

Korea

6,708

123,487

Metals

&

Mining

4.8%

China

Hongqiao

Group

Ltd.

..............................

China

528,000

596,610

China

Northern

Rare

Earth

Group

High-Tech

Co.

Ltd.,

A

........

China

24,300

144,700

Impala

Platinum

Holdings

Ltd.

............................

South

Africa

18,819

290,169

MMC

Norilsk

Nickel

PJSC

...............................

Russia

3,482

977,692

Novolipetsk

Steel

PJSC

................................

Russia

356,400

985,713

POSCO

............................................

South

Korea

5,221

1,167,695

Severstal

PAO

.......................................

Russia

39,035

761,516

Sibanye

Stillwater

Ltd.

..................................

South

Africa

38,395

143,132

Tata

Steel

Ltd.

........................................

India

35,196

519,308

Zijin

Mining

Group

Co.

Ltd.,

H

............................

China

208,000

270,031

5,856,566

Oil,

Gas

&

Consumable

Fuels

3.1%

Adaro

Energy

Tbk

.

PT

..................................

Indonesia

783,300

122,651

Exxaro

Resources

Ltd.

.................................

South

Africa

50,567

546,407

MOL

Hungarian

Oil

&

Gas

plc

............................

Hungary

89,992

784,419

Polski

Koncern

Naftowy

ORLEN

SA

.......................

Poland

62,109

1,085,548

Reliance

Industries

Ltd.

.................................

India

24,163

779,193

United

Tractors

Tbk

.

PT

................................

Indonesia

293,700

474,866

3,793,084

Personal

Products

0.7%

Marico

Ltd.

..........................................

India

122,930

798,146

Pharmaceuticals

3.0%

Aspen

Pharmacare

Holdings

Ltd.

.........................

South

Africa

54,790

737,714

China

Medical

System

Holdings

Ltd.

.......................

China

307,000

514,087

CSPC

Pharmaceutical

Group

Ltd.

.........................

China

1,255,600

1,526,063

Kalbe

Farma

Tbk

.

PT

..................................

Indonesia

2,587,100

295,011

Sino

Biopharmaceutical

Ltd.

.............................

Hong

Kong

945,000

651,731

3,724,606

Real

Estate

Management

&

Development

1.1%

Aldar

Properties

PJSC

.................................

United

Arab

Emirates

853,825

963,611

Land

&

Houses

PCL

...................................

Thailand

806,300

238,685

Powerlong

Real

Estate

Holdings

Ltd.

.......................

China

338,000

188,666

1,390,962

Semiconductors

&

Semiconductor

Equipment

10.0%

b

Daqo

New

Energy

Corp.,

ADR

...........................

China

13,800

553,656

Gigadevice

Semiconductor

Beijing,

Inc.,

A

...................

China

6,200

138,322

a,b

Hua

Hong

Semiconductor

Ltd.,

144A,

Reg

S

.................

China

25,000

121,701

Ingenic

Semiconductor

Co.

Ltd.,

A

.........................

China

6,300

110,201

MediaTek

,

Inc.

.......................................

Taiwan

13,000

516,758

Franklin

Fund

Allocator

Series

Statement

of

Investments

(unaudited)

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

9

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Semiconductors

&

Semiconductor

Equipment

(continued)

Novatek

Microelectronics

Corp.

...........................

Taiwan

65,000

$

1,144,011

Realtek

Semiconductor

Corp.

............................

Taiwan

25,000

485,388

SG

Micro

Corp.,

A

.....................................

China

3,600

157,649

Silergy

Corp.

.........................................

China

2,000

270,543

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

...............

Taiwan

374,000

8,654,471

Unigroup

Guoxin

Microelectronics

Co.

Ltd.,

A

................

China

3,600

122,951

Zhejiang

Jingsheng

Mechanical

&

Electrical

Co.

Ltd.,

A

.........

China

12,700

116,347

12,391,998

Specialty

Retail

0.8%

JUMBO

SA

..........................................

Greece

8,301

123,482

Mr

Price

Group

Ltd.

....................................

South

Africa

9,547

126,637

a

Topsports

International

Holdings

Ltd.,

144A,

Reg

S

............

China

365,000

329,804

Zhongsheng

Group

Holdings

Ltd.

.........................

China

50,000

384,111

964,034

Technology

Hardware,

Storage

&

Peripherals

4.9%

Lenovo

Group

Ltd.

....................................

China

1,042,000

1,129,239

Samsung

Electronics

Co.

Ltd.

............................

South

Korea

78,169

4,861,174

5,990,413

Textiles,

Apparel

&

Luxury

Goods

3.2%

ANTA

Sports

Products

Ltd.

..............................

China

25,000

375,387

Bosideng

International

Holdings

Ltd.

.......................

China

836,000

407,502

Li

Ning

Co.

Ltd.

.......................................

China

214,000

2,088,239

Page

Industries

Ltd.

...................................

India

1,276

729,297

Titan

Co.

Ltd.

........................................

India

11,836

377,641

3,978,066

Thrifts

&

Mortgage

Finance

0.5%

Housing

Development

Finance

Corp.

Ltd.

...................

India

19,266

657,782

Transportation

Infrastructure

1.3%

b

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV,

B

...............

Mexico

16,100

221,468

Grupo

Aeroportuario

del

Sureste

SAB

de

CV,

B

...............

Mexico

17,115

346,715

International

Container

Terminal

Services,

Inc.

................

Philippines

212,100

832,783

Westports

Holdings

Bhd.

................................

Malaysia

243,900

223,767

1,624,733

Wireless

Telecommunication

Services

2.4%

Advanced

Info

Service

PCL

..............................

Thailand

202,100

1,345,287

DiGi.Com

Bhd.

.......................................

Malaysia

343,000

311,842

Mobile

TeleSystems

PJSC,

ADR

..........................

Russia

31,800

242,952

b

MTN

Group

Ltd.

......................................

South

Africa

72,281

909,122

Turkcell

Iletisim

Hizmetleri

A/S

............................

Turkey

146,000

205,800

3,015,003

Total

Common

Stocks

(Cost

$104,582,394)

.....................................

117,760,974

Preferred

Stocks

3.6%

Banks

3.0%

d

Banco

Bradesco

SA,

4.47%

.............................

Brazil

133,890

574,900

d

Itau

Unibanco

Holding

SA,

3.45%

.........................

Brazil

672,800

3,209,451

3,784,351

Franklin

Fund

Allocator

Series

Statement

of

Investments

(unaudited)

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

10

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Preferred

Stocks

(continued)

Metals

&

Mining

0.6%

d

Gerdau

SA,

11.03%

...................................

Brazil

134,100

$

703,085

Total

Preferred

Stocks

(Cost

$3,966,748)

.......................................

4,487,436

Total

Long

Term

Investments

(Cost

$108,549,142)

...............................

122,248,410

a

Short

Term

Investments

0.9%

a

a

Country

Shares

a

Value

a

Money

Market

Funds

0.9%

e,f

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

.....

United

States

1,172,307

1,172,307

Total

Money

Market

Funds

(Cost

$1,172,307)

...................................

1,172,307

Total

Short

Term

Investments

(Cost

$1,172,307

)

.................................

1,172,307

a

Total

Investments

(Cost

$109,721,449)

99.9%

...................................

$123,420,717

Other

Assets,

less

Liabilities

0.1%

.............................................

34,831

Net

Assets

100.0%

...........................................................

$123,455,548

See

Abbreviations

on

page

39

.

a

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

January

31,

2022,

the

aggregate

value

of

these

securities

was

$7,529,847,

representing

6.1%

of

net

assets.

b

Non-income

producing.

c

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

See

Note

1(b).

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

Fund

Allocator

Series

Financial

Highlights

Franklin

International

Core

Equity

(IU)

Fund

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

11

a

Six

Months

Ended

January

31,

2022

(unaudited)

Year

Ended

July

31,

2021

Year

Ended

July

31,

2020

a

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

..........................................

$13.09

$10.31

$10.00

Income

from

investment

operations

b

:

Net

investment

income

c

..................................................

0.18

0.35

0.25

Net

realized

and

unrealized

gains

(losses)

....................................

(0.49)

2.80

0.30

Total

from

investment

operations

.............................................

(0.31)

3.15

0.55

Less

distributions

from:

Net

investment

income

...................................................

(0.26)

(0.37)

(0.24)

Net

realized

gains

......................................................

(0.57)

—

—

Total

distributions

........................................................

(0.83)

(0.37)

(0.24)

Net

asset

value,

end

of

period

...............................................

$11.95

$13.09

$10.31

Total

return

d

............................................................

(2.34)%

31.00%

5.58%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

and

expense

reduction

.............

0.03%

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

—%

Net

investment

income

....................................................

2.81%

2.93%

2.57%

Supplemental

data

Net

assets,

end

of

period

(000’s)

.............................................

$438,375

$360,375

$281,150

Portfolio

turnover

rate

.....................................................

37.48%

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

Statement

of

Investments

(unaudited),

January

31,

2022

Franklin

International

Core

Equity

(IU)

Fund

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

12

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

98.2%

Air

Freight

&

Logistics

2.3%

Deutsche

Post

AG

.....................................

Germany

169,522

$

10,202,845

Auto

Components

0.1%

Bridgestone

Corp.

.....................................

Japan

10,800

472,966

Automobiles

1.4%

Bayerische

Motoren

Werke

AG

...........................

Germany

31,981

3,385,264

Toyota

Motor

Corp.

....................................

Japan

109,100

2,156,256

Yamaha

Motor

Co.

Ltd.

.................................

Japan

27,600

657,282

6,198,802

Banks

10.8%

Banco

Bilbao

Vizcaya

Argentaria

SA

.......................

Spain

826,655

5,278,356

Bank

Leumi

Le-Israel

BM

...............................

Israel

142,395

1,524,945

Barclays

plc

.........................................

United

Kingdom

1,129,221

3,029,610

BNP

Paribas

SA

......................................

France

22,793

1,627,324

Commonwealth

Bank

of

Australia

.........................

Australia

66,624

4,442,511

DBS

Group

Holdings

Ltd.

...............................

Singapore

283,400

7,443,756

ING

Groep

NV

.......................................

Netherlands

384,519

5,687,198

Mitsubishi

UFJ

Financial

Group,

Inc.

.......................

Japan

314,100

1,903,931

Raiffeisen

Bank

International

AG

..........................

Austria

50,334

1,414,876

Societe

Generale

SA

...................................

France

202,034

7,500,234

Standard

Chartered

plc

.................................

United

Kingdom

78,150

569,169

Sumitomo

Mitsui

Financial

Group,

Inc.

......................

Japan

187,200

6,743,419

47,165,329

Beverages

0.9%

a

Coca-Cola

HBC

AG,

DI

.................................

Russia

14,351

475,332

Pernod

Ricard

SA

.....................................

France

16,910

3,617,361

4,092,693

Biotechnology

0.8%

CSL

Ltd.

............................................

Australia

18,394

3,406,873

Building

Products

4.0%

AGC,

Inc.

...........................................

Japan

78,100

3,584,586

Cie

de

Saint-Gobain

...................................

France

82,696

5,596,328

Geberit

AG

..........................................

Switzerland

12,242

8,317,141

17,498,055

Capital

Markets

5.2%

3i

Group

plc

.........................................

United

Kingdom

377,961

7,039,336

Partners

Group

Holding

AG

..............................

Switzerland

5,726

7,982,752

UBS

Group

AG

.......................................

Switzerland

407,765

7,563,451

22,585,539

Chemicals

3.7%

BASF

SE

...........................................

Germany

14,010

1,073,106

b

Covestro

AG,

144A,

Reg

S

..............................

Germany

75,526

4,531,435

Mitsubishi

Chemical

Holdings

Corp.

.......................

Japan

154,000

1,208,057

Mitsui

Chemicals,

Inc.

..................................

Japan

72,700

1,944,420

Nitto

Denko

Corp.

.....................................

Japan

57,000

4,438,192

Sumitomo

Chemical

Co.

Ltd.

.............................

Japan

261,000

1,316,294

Tosoh

Corp.

.........................................

Japan

104,000

1,627,306

16,138,810

Construction

Materials

0.2%

James

Hardie

Industries

plc,

CDI

.........................

United

States

20,026

673,884

Franklin

Fund

Allocator

Series

Statement

of

Investments

(unaudited)

Franklin

International

Core

Equity

(IU)

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

13

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Diversified

Financial

Services

2.7%

EXOR

NV

...........................................

Netherlands

4,913

$

411,996

Investor

AB,

B

........................................

Sweden

424,965

9,226,812

Sofina

SA

...........................................

Belgium

6,011

2,393,481

12,032,289

Diversified

Telecommunication

Services

4.5%

Deutsche

Telekom

AG

..................................

Germany

206,340

3,895,836

Nippon

Telegraph

&

Telephone

Corp.

......................

Japan

325,000

9,301,168

Telefonica

SA

........................................

Spain

1,397,581

6,515,500

19,712,504

Electric

Utilities

1.2%

Electricite

de

France

SA

................................

France

170,104

1,636,241

Red

Electrica

Corp.

SA

.................................

Spain

171,195

3,451,294

5,087,535

Electrical

Equipment

1.1%

Mitsubishi

Electric

Corp.

................................

Japan

386,300

4,838,000

Electronic

Equipment,

Instruments

&

Components

0.5%

Keyence

Corp.

.......................................

Japan

3,300

1,692,718

Shimadzu

Corp.

......................................

Japan

11,400

411,350

2,104,068

Entertainment

0.8%

Nintendo

Co.

Ltd.

.....................................

Japan

6,900

3,381,434

Equity

Real

Estate

Investment

Trusts

(REITs)

2.9%

Goodman

Group

......................................

Australia

282,847

4,669,631

Segro

plc

...........................................

United

Kingdom

465,423

8,205,605

12,875,236

Food

&

Staples

Retailing

2.7%

Jeronimo

Martins

SGPS

SA

.............................

Portugal

61,145

1,469,509

Koninklijke

Ahold

Delhaize

NV

............................

Netherlands

292,051

9,470,483

Lawson,

Inc.

.........................................

Japan

19,000

832,789

11,772,781

Food

Products

1.5%

Nestle

SA

...........................................

Switzerland

50,958

6,580,278

Gas

Utilities

1.3%

Osaka

Gas

Co.

Ltd.

...................................

Japan

149,300

2,539,165

Tokyo

Gas

Co.

Ltd.

....................................

Japan

155,500

3,139,953

5,679,118

Health

Care

Equipment

&

Supplies

3.7%

Alcon,

Inc.

...........................................

Switzerland

5,566

429,163

DiaSorin

SpA

........................................

Italy

5,378

829,154

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

......................

New

Zealand

68,481

1,259,950

Hoya

Corp.

..........................................

Japan

45,700

5,926,101

Olympus

Corp.

.......................................

Japan

56,300

1,259,882

Smith

&

Nephew

plc

...................................

United

Kingdom

26,936

458,117

Sonova

Holding

AG

....................................

Switzerland

11,601

4,132,518

Straumann

Holding

AG

.................................

Switzerland

1,278

2,117,640

16,412,525

Health

Care

Providers

&

Services

0.2%

Fresenius

SE

&

Co.

KGaA

...............................

Germany

15,858

654,682

Franklin

Fund

Allocator

Series

Statement

of

Investments

(unaudited)

Franklin

International

Core

Equity

(IU)

Fund

(continued)

franklintempleton.com

Semiannual

Report

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)

Health

Care

Providers

&

Services

(continued)

Sonic

Healthcare

Ltd.

..................................

Australia

15,520

$

417,899

1,072,581

Health

Care

Technology

0.1%

M3,

Inc.

............................................

Japan

8,400

322,965

Hotels,

Restaurants

&

Leisure

0.8%

Aristocrat

Leisure

Ltd.

..................................

Australia

58,513

1,695,921

b

La

Francaise

des

Jeux

SAEM,

144A,

Reg

S

.................

France

38,486

1,593,601

3,289,522

Household

Durables

1.8%

Barratt

Developments

plc

...............................

United

Kingdom

229,905

1,912,201

Iida

Group

Holdings

Co.

Ltd.

.............................

Japan

58,000

1,206,721

Panasonic

Corp.

......................................

Japan

40,400

444,803

Persimmon

plc

.......................................

United

Kingdom

14,119

460,007

Sekisui

House

Ltd.

....................................

Japan

158,900

3,219,480

Taylor

Wimpey

plc

.....................................

United

Kingdom

369,718

758,527

8,001,739

Industrial

Conglomerates

0.7%

CK

Hutchison

Holdings

Ltd.

..............................

United

Kingdom

239,000

1,698,672

Hitachi

Ltd.

..........................................

Japan

28,500

1,481,382

3,180,054

Insurance

1.5%

Assicurazioni

Generali

SpA

..............................

Italy

178,789

3,762,905

Dai-ichi

Life

Holdings,

Inc.

...............................

Japan

22,000

495,230

NN

Group

NV

........................................

Netherlands

39,363

2,203,032

6,461,167

Interactive

Media

&

Services

0.1%

b

Auto

Trader

Group

plc,

144A,

Reg

S

.......................

United

Kingdom

57,533

521,363

Internet

&

Direct

Marketing

Retail

0.3%

ZOZO,

Inc.

..........................................

Japan

52,200

1,391,057

IT

Services

0.9%

Fujitsu

Ltd.

..........................................

Japan

26,600

3,516,630

SCSK

Corp.

.........................................

Japan

24,400

412,901

3,929,531

Leisure

Products

0.1%

Shimano,

Inc.

........................................

Japan

1,600

358,803

Life

Sciences

Tools

&

Services

0.7%

Eurofins

Scientific

SE

..................................

Luxembourg

9,013

905,012

Sartorius

Stedim

Biotech

................................

France

5,393

2,365,102

3,270,114

Machinery

1.8%

CNH

Industrial

NV

.....................................

United

Kingdom

84,013

1,280,648

a

Iveco

Group

NV

......................................

Italy

16,803

178,784

MISUMI

Group,

Inc.

...................................

Japan

109,300

3,546,052

NGK

Insulators

Ltd.

....................................

Japan

28,300

478,226

Techtronic

Industries

Co.

Ltd.

............................

Hong

Kong

137,000

2,260,543

7,744,253

Marine

2.4%

AP

Moller

-

Maersk

A/S,

A

...............................

Denmark

1,120

3,752,512

Franklin

Fund

Allocator

Series

Statement

of

Investments

(unaudited)

Franklin

International

Core

Equity

(IU)

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

15

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Marine

(continued)

AP

Moller

-

Maersk

A/S,

B

...............................

Denmark

1,082

$

3,886,937

Nippon

Yusen

KK

.....................................

Japan

12,900

1,011,319

SITC

International

Holdings

Co.

Ltd.

.......................

China

517,000

1,970,612

10,621,380

Media

0.7%

CyberAgent

,

Inc.

......................................

Japan

139,100

1,622,006

Vivendi

SE

..........................................

France

102,649

1,345,372

2,967,378

Metals

&

Mining

2.4%

Anglo

American

plc

....................................

South

Africa

27,947

1,232,103

ArcelorMittal

SA

......................................

Luxembourg

162,769

4,835,328

BHP

Group

Ltd.

......................................

Australia

17,330

547,038

BHP

Group

plc

.......................................

Australia

237

7,481

BlueScope

Steel

Ltd.

...................................

Australia

92,956

1,218,188

Evraz

plc

...........................................

Russia

198,597

1,349,243

Fortescue

Metals

Group

Ltd.

.............................

Australia

99,810

1,401,345

10,590,726

Multiline

Retail

0.7%

Next

plc

............................................

United

Kingdom

31,609

3,220,627

Multi-Utilities

0.6%

E.ON

SE

............................................

Germany

197,639

2,726,174

Oil,

Gas

&

Consumable

Fuels

4.2%

BP

plc

..............................................

United

Kingdom

1,099,598

5,700,444

Equinor

ASA

.........................................

Norway

123,590

3,406,591

Lundin

Energy

AB

.....................................

Sweden

81,448

3,312,318

TotalEnergies

SE

.....................................

France

103,641

5,894,325

18,313,678

Personal

Products

3.6%

L'Oreal

SA

..........................................

France

25,979

11,097,832

Unilever

plc

..........................................

United

Kingdom

95,041

4,874,063

15,971,895

Pharmaceuticals

6.5%

Astellas

Pharma,

Inc.

..................................

Japan

75,300

1,215,438

Bayer

AG

...........................................

Germany

18,325

1,113,413

Ipsen

SA

............................................

France

14,400

1,401,256

Novo

Nordisk

A/S,

B

...................................

Denmark

89,856

8,938,364

Orion

OYJ,

B

........................................

Finland

43,276

1,759,877

Otsuka

Holdings

Co.

Ltd.

...............................

Japan

51,100

1,743,472

Roche

Holding

AG

....................................

Switzerland

23,549

9,112,957

Roche

Holding

AG,

BR

.................................

Switzerland

1,134

466,952

Sanofi

..............................................

France

23,381

2,444,983

Sumitomo

Dainippon

Pharma

Co.

Ltd.

......................

Japan

37,900

412,530

28,609,242

Professional

Services

2.8%

Adecco

Group

AG

.....................................

Switzerland

49,316

2,348,954

Experian

plc

.........................................

United

Kingdom

10,268

428,889

Persol

Holdings

Co.

Ltd.

................................

Japan

35,800

924,246

Randstad

NV

........................................

Netherlands

44,056

2,866,260

RELX

plc

...........................................

United

Kingdom

67,354

2,071,913

Franklin

Fund

Allocator

Series

Statement

of

Investments

(unaudited)

Franklin

International

Core

Equity

(IU)

Fund

(continued)

franklintempleton.com

Semiannual

Report

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)

Professional

Services

(continued)

Wolters

Kluwer

NV

....................................

Netherlands

35,338

$

3,596,972

12,237,234

Real

Estate

Management

&

Development

1.2%

CK

Asset

Holdings

Ltd.

.................................

Hong

Kong

230,500

1,538,701

LEG

Immobilien

SE

....................................

Germany

29,108

3,861,775

5,400,476

Road

&

Rail

0.3%

Nippon

Express

Holdings,

Inc.

............................

Japan

25,500

1,511,291

Semiconductors

&

Semiconductor

Equipment

2.5%

ASML

Holding

NV

.....................................

Netherlands

6,062

4,106,124

Disco

Corp.

..........................................

Japan

1,500

412,448

STMicroelectronics

NV

.................................

Singapore

8,803

413,961

Tokyo

Electron

Ltd.

....................................

Japan

12,300

6,016,599

10,949,132

Software

0.7%

a

Check

Point

Software

Technologies

Ltd.

....................

Israel

12,000

1,452,120

Oracle

Corp.

Japan

....................................

Japan

15,200

1,136,867

Trend

Micro,

Inc.

......................................

Japan

8,200

435,050

3,024,037

Specialty

Retail

1.1%

Kingfisher

plc

........................................

United

Kingdom

826,222

3,705,213

Yamada

Holdings

Co.

Ltd.

...............................

Japan

279,000

941,628

4,646,841

Technology

Hardware,

Storage

&

Peripherals

0.8%

Brother

Industries

Ltd.

..................................

Japan

67,400

1,241,297

Canon,

Inc.

..........................................

Japan

91,800

2,171,231

3,412,528

Textiles,

Apparel

&

Luxury

Goods

0.9%

Burberry

Group

plc

....................................

United

Kingdom

21,540

546,468

Hermes

International

...................................

France

1,252

1,879,943

Pandora

A/S

.........................................

Denmark

13,628

1,481,995

3,908,406

Tobacco

0.4%

Imperial

Brands

plc

....................................

United

Kingdom

64,875

1,538,235

Trading

Companies

&

Distributors

3.8%

Ferguson

plc

.........................................

United

States

12,006

1,888,501

ITOCHU

Corp.

.......................................

Japan

15,400

494,769

Marubeni

Corp.

.......................................

Japan

588,700

6,057,953

Mitsubishi

Corp.

......................................

Japan

247,700

8,410,384

16,851,607

Wireless

Telecommunication

Services

1.3%

KDDI

Corp.

..........................................

Japan

174,800

5,584,878

Total

Common

Stocks

(Cost

$393,094,521)

.....................................

430,540,478

Preferred

Stocks

0.7%

Automobiles

0.5%

c

Bayerische

Motoren

Werke

AG,

2.49%

.....................

Germany

22,283

1,928,680

Franklin

Fund

Allocator

Series

Statement

of

Investments

(unaudited)

Franklin

International

Core

Equity

(IU)

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

17

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Preferred

Stocks

(continued)

Health

Care

Equipment

&

Supplies

0.2%

c

Sartorius

AG,

0.15%

...................................

Germany

1,822

$

983,744

Total

Preferred

Stocks

(Cost

$3,054,884)

.......................................

2,912,424

Total

Long

Term

Investments

(Cost

$396,149,405)

...............................

433,452,902

a

Short

Term

Investments

1.1%

a

a

Country

Shares

a

Value

a

Money

Market

Funds

1.1%

d,e

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

.....

United

States

4,774,687

4,774,687

Total

Money

Market

Funds

(Cost

$4,774,687)

...................................

4,774,687

Total

Short

Term

Investments

(Cost

$4,774,687

)

.................................

4,774,687

a

Total

Investments

(Cost

$400,924,092)

100.0%

..................................

$438,227,589

Other

Assets,

less

Liabilities

0.0%

†

............................................

147,776

Net

Assets

100.0%

...........................................................

$438,375,365

See

Abbreviations

on

page

39

.

†

Rounds

to

less

than

0.1%

of

net

assets.

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

January

31,

2022,

the

aggregate

value

of

these

securities

was

$6,646,399,

representing

1.5%

of

net

assets.

c

Variable

rate

security.

The

rate

shown

represents

the

yield

at

period

end.

d

See

Note

3(d)

regarding

investments

in

affiliated

management

investment

companies.

e

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Fund

Allocator

Series

Financial

Highlights

Franklin

U.S.

Core

Equity

(IU)

Fund

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

18

a

Six

Months

Ended

January

31,

2022

(unaudited)

Year

Ended

July

31,

2021

Year

Ended

July

31,

2020

a

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

..........................................

$14.99

$11.31

$10.00

Income

from

investment

operations

b

:

Net

investment

income

c

..................................................

0.11

0.21

0.21

Net

realized

and

unrealized

gains

(losses)

....................................

0.31

3.74

1.27

Total

from

investment

operations

.............................................

0.42

3.95

1.48

Less

distributions

from:

Net

investment

income

...................................................

(0.09)

(0.20)

(0.17)

Net

realized

gains

......................................................

(1.10)

(0.07)

—

Total

distributions

........................................................

(1.19)

(0.27)

(0.17)

Net

asset

value,

end

of

period

...............................................

$14.22

$14.99

$11.31

Total

return

d

............................................................

2.72%

35.39%

15.09%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

and

expense

reduction

.............

0.01%

0.01%

0.03%

Expenses

net

of

waiver

and

payments

by

affiliates

and

expense

reduction

..............

—%

—%

f

—%

f

Net

investment

income

....................................................

1.46%

1.60%

2.12%

Supplemental

data

Net

assets,

end

of

period

(000’s)

.............................................

$1,363,398

$1,316,677

$722,523

Portfolio

turnover

rate

.....................................................

57.26%

98.39%

60.94%

a

For

the

period

August

19,

2019

(commencement

of

operations)

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

Statement

of

Investments

(unaudited),

January

31,

2022

Franklin

U.S.

Core

Equity

(IU)

Fund

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

19

a

a

Shares

a

Value

a

Common

Stocks

99.1%

Aerospace

&

Defense

0.8%

General

Dynamics

Corp.

..............................................

20,911

$

4,435,223

Northrop

Grumman

Corp.

.............................................

9,086

3,360,911

Raytheon

Technologies

Corp.

..........................................

17,130

1,544,955

Textron,

Inc.

.......................................................

19,579

1,332,547

10,673,636

Air

Freight

&

Logistics

0.6%

United

Parcel

Service,

Inc.,

B

..........................................

41,522

8,396,164

Automobiles

0.6%

a

Tesla,

Inc.

.........................................................

9,229

8,644,989

a

Banks

0.6%

Citigroup,

Inc.

......................................................

21,762

1,417,141

JPMorgan

Chase

&

Co.

...............................................

48,508

7,208,289

8,625,430

Beverages

1.5%

PepsiCo,

Inc.

......................................................

115,771

20,088,584

Biotechnology

4.2%

AbbVie,

Inc.

.......................................................

57,422

7,860,497

Gilead

Sciences,

Inc.

................................................

442,609

30,398,386

a

Moderna

,

Inc.

......................................................

9,823

1,663,329

a

Regeneron

Pharmaceuticals,

Inc.

.......................................

24,656

15,005,395

a

Vertex

Pharmaceuticals,

Inc.

...........................................

7,416

1,802,459

56,730,066

Building

Products

0.6%

A

O

Smith

Corp.

....................................................

17,537

1,340,178

a

Builders

FirstSource

,

Inc.

.............................................

46,482

3,160,311

Owens

Corning

.....................................................

48,313

4,285,363

8,785,852

Capital

Markets

7.7%

Bank

of

New

York

Mellon

Corp.

(The)

....................................

25,300

1,499,278

Blackstone,

Inc.

....................................................

65,865

8,692,204

Carlyle

Group,

Inc.

(The)

..............................................

79,288

4,047,652

Cboe

Global

Markets,

Inc.

.............................................

10,751

1,274,316

Evercore

,

Inc.,

A

....................................................

19,056

2,378,570

FactSet

Research

Systems,

Inc.

........................................

2,958

1,247,950

Goldman

Sachs

Group,

Inc.

(The)

.......................................

76,826

27,248,646

Janus

Henderson

Group

plc

...........................................

81,600

3,011,040

Jefferies

Financial

Group,

Inc.

..........................................

105,072

3,849,838

Lazard

Ltd.,

A

......................................................

49,134

2,144,208

Moody's

Corp.

......................................................

3,548

1,216,964

MSCI,

Inc.

.........................................................

10,507

5,633,013

S&P

Global,

Inc.

....................................................

64,376

26,730,203

SEI

Investments

Co.

.................................................

23,247

1,362,507

T

Rowe

Price

Group,

Inc.

.............................................

92,618

14,302,998

104,639,387

Chemicals

1.0%

Celanese

Corp.

.....................................................

9,158

1,425,992

LyondellBasell

Industries

NV,

A

.........................................

40,034

3,872,489

Mosaic

Co.

(The)

...................................................

61,981

2,476,141

Olin

Corp.

.........................................................

72,363

3,666,633

Franklin

Fund

Allocator

Series

Statement

of

Investments

(unaudited)

Franklin

U.S.

Core

Equity

(IU)

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

20

a

a

Shares

a

Value

a

Common

Stocks

(continued)

Chemicals

(continued)

Westlake

Chemical

Corp.

.............................................

16,507

$

1,628,416

13,069,671

Commercial

Services

&

Supplies

0.7%

Cintas

Corp.

.......................................................

3,283

1,285,393

Republic

Services,

Inc.

...............................................

61,239

7,817,771

9,103,164

Communications

Equipment

0.1%

Cisco

Systems,

Inc.

.................................................

25,277

1,407,171

Consumer

Finance

1.2%

Ally

Financial,

Inc.

...................................................

36,223

1,728,562

Capital

One

Financial

Corp.

...........................................

73,043

10,717,599

SLM

Corp.

........................................................

139,651

2,561,199

Synchrony

Financial

.................................................

30,949

1,318,118

16,325,478

Distributors

0.2%

Genuine

Parts

Co.

..................................................

10,822

1,441,815

LKQ

Corp.

........................................................

25,790

1,415,613

2,857,428

Diversified

Financial

Services

0.1%

a

Berkshire

Hathaway,

Inc.,

B

............................................

5,010

1,568,230

a

Electric

Utilities

0.5%

Exelon

Corp.

.......................................................

40,719

2,359,666

NRG

Energy,

Inc.

...................................................

113,618

4,536,767

6,896,433

Electrical

Equipment

2.2%

Emerson

Electric

Co.

................................................

278,585

25,615,891

nVent

Electric

plc

...................................................

78,677

2,721,437

Rockwell

Automation,

Inc.

.............................................

4,123

1,192,454

29,529,782

Electronic

Equipment,

Instruments

&

Components

0.8%

a

Arrow

Electronics,

Inc.

...............................................

34,377

4,262,748

Jabil,

Inc.

.........................................................

69,659

4,283,332

a

Keysight

Technologies,

Inc.

............................................

7,671

1,295,018

Vontier

Corp.

.......................................................

59,608

1,675,581

11,516,679

Entertainment

0.2%

Electronic

Arts,

Inc.

..................................................

11,159

1,480,353

a

Netflix,

Inc.

........................................................

2,159

922,195

2,402,548

Equity

Real

Estate

Investment

Trusts

(REITs)

2.6%

Cousins

Properties,

Inc.

..............................................

36,712

1,415,615

Extra

Space

Storage,

Inc.

.............................................

8,224

1,629,915

Public

Storage

.....................................................

70,920

25,426,948

Simon

Property

Group,

Inc.

............................................

9,567

1,408,262

Weyerhaeuser

Co.

..................................................

147,785

5,974,947

35,855,687

Franklin

Fund

Allocator

Series

Statement

of

Investments

(unaudited)

Franklin

U.S.

Core

Equity

(IU)

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

21

a

a

Shares

a

Value

a

Common

Stocks

(continued)

Food

&

Staples

Retailing

3.4%

Albertsons

Cos.,

Inc.,

A

...............................................

70,804

$

1,993,133

Costco

Wholesale

Corp.

..............................................

2,873

1,451,238

Kroger

Co.

(The)

....................................................

358,813

15,640,659

Walmart,

Inc.

......................................................

192,915

26,971,446

46,056,476

Food

Products

2.1%

Archer-Daniels-Midland

Co.

...........................................

129,908

9,743,100

Hershey

Co.

(The)

..................................................

31,041

6,117,250

Tyson

Foods,

Inc.,

A

.................................................

140,143

12,737,597

28,597,947

Gas

Utilities

0.5%

National

Fuel

Gas

Co.

................................................

42,417

2,575,984

UGI

Corp.

.........................................................

102,928

4,667,785

7,243,769

Health

Care

Equipment

&

Supplies

0.7%

a

Edwards

Lifesciences

Corp.

...........................................

12,918

1,410,646

a

Hologic

,

Inc.

.......................................................

19,103

1,341,795

a

IDEXX

Laboratories,

Inc.

..............................................

10,666

5,410,862

a

Quidel

Corp.

.......................................................

17,554

1,814,381

9,977,684

Health

Care

Providers

&

Services

1.0%

a

Laboratory

Corp.

of

America

Holdings

....................................

22,899

6,213,873

Quest

Diagnostics,

Inc.

...............................................

59,650

8,053,943

14,267,816

Health

Care

Technology

1.0%

Cerner

Corp.

.......................................................

143,891

13,122,859

Hotels,

Restaurants

&

Leisure

2.1%

Choice

Hotels

International,

Inc.

........................................

9,657

1,384,814

Domino's

Pizza,

Inc.

.................................................

17,482

7,948,191

McDonald's

Corp.

...................................................

22,684

5,885,364

Yum!

Brands,

Inc.

...................................................

104,934

13,134,589

28,352,958

Household

Products

0.8%

Colgate-Palmolive

Co.

...............................................

107,480

8,861,726

Procter

&

Gamble

Co.

(The)

...........................................

9,870

1,583,641

10,445,367

Insurance

1.5%

American

Financial

Group,

Inc.

.........................................

31,323

4,080,760

Assured

Guaranty

Ltd.

...............................................

28,307

1,508,480

Chubb

Ltd.

........................................................

7,724

1,523,791

Fidelity

National

Financial,

Inc.

.........................................

129,317

6,511,111

First

American

Financial

Corp.

..........................................

50,327

3,749,865

Old

Republic

International

Corp.

........................................

136,828

3,506,902

20,880,909

Interactive

Media

&

Services

9.4%

a

Alphabet,

Inc.,

A

....................................................

17,332

46,901,605

a

Alphabet,

Inc.,

C

....................................................

18,769

50,938,503

Franklin

Fund

Allocator

Series

Statement

of

Investments

(unaudited)

Franklin

U.S.

Core

Equity

(IU)

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

22

a

a

Shares

a

Value

a

Common

Stocks

(continued)

Interactive

Media

&

Services

(continued)

a

Meta

Platforms,

Inc.,

A

...............................................

97,778

$

30,629,936

128,470,044

Internet

&

Direct

Marketing

Retail

1.3%

a

Amazon.com,

Inc.

...................................................

5,936

17,757,366

a

IT

Services

3.4%

Accenture

plc,

A

....................................................

98,012

34,655,083

Amdocs

Ltd.

.......................................................

47,334

3,592,177

Cognizant

Technology

Solutions

Corp.,

A

..................................

18,168

1,551,911

a

Gartner,

Inc.

.......................................................

20,425

6,002,703

45,801,874

Life

Sciences

Tools

&

Services

3.6%

Agilent

Technologies,

Inc.

.............................................

32,520

4,530,686

Danaher

Corp.

.....................................................

32,552

9,303,036

a

Mettler

-Toledo

International,

Inc.

........................................

10,958

16,137,627

Thermo

Fisher

Scientific,

Inc.

..........................................

15,305

8,896,797

a

Waters

Corp.

......................................................

29,864

9,560,064

West

Pharmaceutical

Services,

Inc.

......................................

3,131

1,231,172

49,659,382

Machinery

0.5%

Crane

Co.

.........................................................

14,359

1,486,300

Snap-on,

Inc.

......................................................

24,768

5,157,936

6,644,236

Media

0.2%

Interpublic

Group

of

Cos.,

Inc.

(The)

.....................................

84,497

3,003,023

Metals

&

Mining

1.7%

Nucor

Corp.

.......................................................

145,799

14,784,019

Steel

Dynamics,

Inc.

.................................................

93,648

5,199,337

United

States

Steel

Corp.

.............................................

129,431

2,681,810

22,665,166

Multiline

Retail

0.9%

Kohl's

Corp.

.......................................................

71,405

4,263,593

Target

Corp.

.......................................................

37,703

8,310,872

12,574,465

Multi-Utilities

1.1%

DTE

Energy

Co.

....................................................

88,046

10,603,380

MDU

Resources

Group,

Inc.

...........................................

50,908

1,495,168

NiSource,

Inc.

......................................................

90,789

2,649,223

14,747,771

Oil,

Gas

&

Consumable

Fuels

3.9%

APA

Corp.

.........................................................

176,450

5,859,904

Chevron

Corp.

.....................................................

73,754

9,686,113

ConocoPhillips

.....................................................

66,434

5,887,381

Continental

Resources,

Inc.

...........................................

31,139

1,617,360

Coterra

Energy,

Inc.

.................................................

69,344

1,518,634

Devon

Energy

Corp.

.................................................

33,960

1,717,357

EOG

Resources,

Inc.

................................................

162,417

18,106,247

Exxon

Mobil

Corp.

...................................................

80,544

6,118,122

Franklin

Fund

Allocator

Series

Statement

of

Investments

(unaudited)

Franklin

U.S.

Core

Equity

(IU)

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

23

a

a

Shares

a

Value

a

Common

Stocks

(continued)

Oil,

Gas

&

Consumable

Fuels

(continued)

HollyFrontier

Corp.

..................................................

69,644

$

2,448,683

52,959,801

Paper

&

Forest

Products

0.1%

Louisiana-Pacific

Corp.

...............................................

21,212

1,409,325

Personal

Products

0.2%

a

Herbalife

Nutrition

Ltd.

...............................................

51,242

2,178,297

a

Pharmaceuticals

2.8%

Johnson

&

Johnson

.................................................

53,964

9,297,457

Merck

&

Co.,

Inc.

...................................................

91,104

7,423,154

Organon

&

Co.

.....................................................

122,501

3,909,007

Pfizer,

Inc.

.........................................................

329,578

17,365,465

37,995,083

Professional

Services

0.5%

a

CACI

International,

Inc.,

A

.............................................

5,343

1,322,179

Robert

Half

International,

Inc.

..........................................

53,340

6,041,288

7,363,467

Real

Estate

Management

&

Development

1.7%

a

CBRE

Group,

Inc.,

A

.................................................

161,045

16,320,300

a

Jones

Lang

LaSalle,

Inc.

..............................................

25,167

6,311,632

22,631,932

Road

&

Rail

1.0%

AMERCO

.........................................................

4,284

2,608,742

JB

Hunt

Transport

Services,

Inc.

........................................

7,251

1,396,108

Knight-Swift

Transportation

Holdings,

Inc.

.................................

76,392

4,322,259

Landstar

System,

Inc.

................................................

8,224

1,315,840

Old

Dominion

Freight

Line,

Inc.

.........................................

9,318

2,813,384

Ryder

System,

Inc.

..................................................

25,192

1,843,802

14,300,135

Semiconductors

&

Semiconductor

Equipment

5.5%

Applied

Materials,

Inc.

................................................

33,457

4,623,088

Broadcom,

Inc.

.....................................................

2,636

1,544,380

Intel

Corp.

.........................................................

264,643

12,919,871

Lam

Research

Corp.

.................................................

2,039

1,202,847

NVIDIA

Corp.

......................................................

17,746

4,345,285

QUALCOMM,

Inc.

...................................................

113,942

20,026,446

Teradyne,

Inc.

......................................................

10,375

1,218,336

Texas

Instruments,

Inc.

...............................................

163,730

29,387,898

75,268,151

Software

12.0%

a

Adobe,

Inc.

........................................................

34,923

18,659,359

a

Cadence

Design

Systems,

Inc.

.........................................

63,248

9,622,550

a

Fair

Isaac

Corp.

....................................................

3,926

1,943,331

Intuit,

Inc.

.........................................................

46,439

25,784,326

a

Manhattan

Associates,

Inc.

............................................

8,877

1,188,364

Microsoft

Corp.

.....................................................

318,762

99,128,607

Oracle

Corp.

.......................................................

70,570

5,727,461

a

Teradata

Corp.

.....................................................

31,926

1,287,895

163,341,893

Franklin

Fund

Allocator

Series

Statement

of

Investments

(unaudited)

Franklin

U.S.

Core

Equity

(IU)

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

24

See

Abbreviations

on

page

39

.

a

a

Shares

a

Value

a

Common

Stocks

(continued)

Specialty

Retail

2.5%

a

AutoNation,

Inc.

....................................................

21,861

$

2,382,849

a

AutoZone,

Inc.

.....................................................

897

1,781,756

Best

Buy

Co.,

Inc.

...................................................

16,156

1,603,968

Dick's

Sporting

Goods,

Inc.

............................................

30,907

3,566,668

Foot

Locker,

Inc.

....................................................

32,547

1,454,200

Home

Depot,

Inc.

(The)

...............................................

42,035

15,426,004

Lithia

Motors,

Inc.,

A

.................................................

8,437

2,464,701

a

O'Reilly

Automotive,

Inc.

..............................................

2,334

1,521,184

Penske

Automotive

Group,

Inc.

.........................................

15,285

1,553,415

Williams-Sonoma,

Inc.

...............................................

14,454

2,320,445

34,075,190

Technology

Hardware,

Storage

&

Peripherals

6.0%

Apple,

Inc.

........................................................

400,830

70,057,067

HP,

Inc.

...........................................................

321,011

11,790,734

81,847,801

Thrifts

&

Mortgage

Finance

0.3%

MGIC

Investment

Corp.

...............................................

162,730

2,470,242

New

York

Community

Bancorp,

Inc.

......................................

115,711

1,349,190

3,819,432

Tobacco

0.9%

Philip

Morris

International,

Inc.

.........................................

120,926

12,437,239

Trading

Companies

&

Distributors

0.2%

Fastenal

Co.

.......................................................

23,427

1,327,843

WW

Grainger,

Inc.

...................................................

3,003

1,486,815

2,814,658

Wireless

Telecommunication

Services

0.1%

a

T-Mobile

US,

Inc.

...................................................

12,739

1,377,978

a

Total

Common

Stocks

(Cost

$1,112,589,145)

....................................

1,351,205,873

a

a

a

a

Short

Term

Investments

0.9%

a

Money

Market

Funds

0.9%

b,c

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

...................

12,832,100

12,832,100

Total

Money

Market

Funds

(Cost

$12,832,100)

..................................

12,832,100

Total

Short

Term

Investments

(Cost

$12,832,100

)

................................

12,832,100

a

Total

Investments

(Cost

$1,125,421,245)

100

.0%

................................

$1,364,037,973

Other

Assets,

less

Liabilities

(0.0)%

†

..........................................

(639,929)

Net

Assets

100.0%

...........................................................

$1,363,398,044

†

Rounds

to

less

than

0.1%

of

net

assets.

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

Fund

Allocator

Series

Financial

Statements

Statements

of

Assets

and

Liabilities

January

31,

2022

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

25

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

.................................

$108,549,142

$396,149,405

$1,112,589,145

Cost

-

Non-controlled

affiliates

(Note

3

d

)

......................

1,172,307

4,774,687

12,832,100

Value

-

Unaffiliated

issuers

................................

$122,248,410

$433,452,902

$1,351,205,873

Value

-

Non-controlled

affiliates

(Note

3

d

)

.....................

1,172,307

4,774,687

12,832,100

Cash

..................................................

9

—

2,042

Foreign

currency,

at

value

(cost

$52,

$1,912

and

$–

respectively)

.....

52

1,920

—

Receivables:

Investment

securities

sold

.................................

—

9,563

—

Capital

shares

sold

......................................

1,926

5,124,170

42,499,999

Dividends

.............................................

320,854

879,816

783,239

European

Union

tax

reclaims

(Note

1

d

)

.......................

—

107,946

—

Affiliates

..............................................

31,301

20,648

20,666

Total

assets

........................................

123,774,859

444,371,652

1,407,343,919

Liabilities:

Payables:

Investment

securities

purchased

............................

—

5,797,269

43,892,777

Capital

shares

redeemed

.................................

—

124,171

—

Custody

fees

..........................................

62,744

22,922

4,256

Reports

to

shareholders

fees

..............................

4,845

6,519

10,409

Professional

fees

.......................................

40,387

44,459

38,433

Trustees'

fees

and

expenses

...............................

1,102

947

—

Deferred

tax

.............................................

210,233

—

—

Total

liabilities

.......................................

319,311

5,996,287

43,945,875

Net

assets,

at

value

...............................

$123,455,548

$438,375,365

$1,363,398,044

Net

assets

consist

of:

Paid-in

capital

...........................................

$113,663,513

$397,428,117

$1,104,777,896

Total

distributable

earnings

(losses)

...........................

9,792,035

40,947,248

258,620,148

Net

assets,

at

value

...............................

$123,455,548

$438,375,365

$1,363,398,044

Shares

outstanding

.......................................

11,061,258

36,675,008

95,905,077

Net

asset

value

per

share

..................................

$11.16

$11.95

$14.22

Franklin

Fund

Allocator

Series

Financial

Statements

Statements

of

Operations

for

the

period

ended

January

31,

2022

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

26

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

$226,840,

$382,637

and

$–,

respectively)

Unaffiliated

issuers:

Paid

in

cash

..........................................

$1,572,057

$4,541,223

$10,076,651

Non-cash

dividends

....................................

—

1,008,482

—

Non-controlled

affiliates

(Note

3

d

)

...........................

61

217

731

Other

income

a,b

..........................................

1,010

9,323

12,208

Total

investment

income

.................................

1,573,128

5,559,245

10,089,590

Expenses:

Custodian

fees

(Note

4

)

....................................

34,746

12,402

2,416

Reports

to

shareholders

fees

................................

1,831

1,232

—

Registration

and

filing

fees

..................................

414

379

440

Professional

fees

.........................................

43,058

42,644

35,129

Trustees'

fees

and

expenses

................................

1,567

2,446

4,887

Pricing

fees

.............................................

2,885

3,817

4,334

Other

..................................................

3,440

4,116

3,705

Total

expenses

.......................................

87,941

67,036

50,911

Expenses

waived/paid

by

affiliates

(Note

3

d

and

3

e

)

............

(87,941)

(67,036)

(50,911)

Net

expenses

.......................................

—

—

—

Net

investment

income

..............................

1,573,128

5,559,245

10,089,590

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

(net

of

foreign

taxes

of

$167,501,

$–

and

$–

respectively)

Unaffiliated

issuers

....................................

(2,236,877)

8,542,760

38,264,362

Foreign

currency

transactions

..............................

27,443

274,002

—

Net

realized

gain

(loss)

................................

(2,209,434)

8,816,762

38,264,362

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

....................................

(3,848,427)

(24,514,817)

(6,982,875)

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

...........................................

(8,163)

(19,269)

—

Change

in

deferred

taxes

on

unrealized

appreciation

.............

233,138

—

—

Net

change

in

unrealized

appreciation

(depreciation)

..........

(3,623,452)

(24,534,086)

(6,982,875)

Net

realized

and

unrealized

gain

(loss)

..........................

(5,832,886)

(15,717,324)

31,281,487

Net

increase

(decrease)

in

net

assets

resulting

from

operations

........

$(4,259,758)

$(10,158,079)

$41,371,077

a

Other

income

includes

payments

by

Advisers

for

acquired

fund

fees

and

expenses

(See

Note

3e).

b

For

Franklin

International

Core

Equity

(IU)

fund,

it

also

includes

income

from

EU

reclaims

(See

Note

1d).

Franklin

Fund

Allocator

Series

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

27

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

Franklin

International

Core

Equity

(IU)

Fund

Six

Months

Ended

January

31,

2022

(unaudited)

Year

Ended

July

31,

2021

Six

Months

Ended

January

31,

2022

(unaudited)

Year

Ended

July

31,

2021

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$1,573,128

$3,319,305

$5,559,245

$9,329,418

Net

realized

gain

(loss)

............

(2,209,434)

12,103,612

8,816,762

24,003,767

Net

change

in

unrealized

appreciation

(depreciation)

.................

(3,623,452)

5,860,767

(24,534,086)

50,825,451

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

(4,259,758)

21,283,684

(10,158,079)

84,158,636

Distributions

to

shareholders

.........

(2,009,369)

(4,129,235)

(26,015,545)

(9,874,237)

Capital

share

transactions

(Note

2

)

.....

13,081,516

(39,101,774)

114,173,639

4,940,723

Net

increase

(decrease)

in

net

assets

.....................

6,812,389

(21,947,325)

78,000,015

79,225,122

Net

assets:

Beginning

of

period

................

116,643,159

138,590,484

360,375,350

281,150,228

End

of

period

.....................

$123,455,548

$116,643,159

$438,375,365

$360,375,350

Franklin

Fund

Allocator

Series

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

28

Franklin

U.S.

Core

Equity

(IU)

Fund

Six

Months

Ended

January

31,

2022

(unaudited)

Year

Ended

July

31,

2021

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

.................................................

$10,089,590

$13,449,131

Net

realized

gain

(loss)

.................................................

38,264,362

87,253,053

Net

change

in

unrealized

appreciation

(depreciation)

...........................

(6,982,875)

156,834,679

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

41,371,077

257,536,863

Distributions

to

shareholders

..............................................

(106,499,109)

(17,301,985)

Capital

share

transactions

(Note

2

)

..........................................

111,848,971

353,919,187

Net

increase

(decrease)

in

net

assets

...................................

46,720,939

594,154,065

Net

assets:

Beginning

of

period

.....................................................

1,316,677,105

722,523,040

End

of

period

..........................................................

$1,363,398,044

$1,316,677,105

Franklin

Fund

Allocator

Series

29

franklintempleton.com

Semiannual

Report

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

an

open-end

management

investment

company,

consisting

of

eighteen

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).

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. 

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,

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.

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

January

31,

2022,

certain

securities

may

have

been

fair

valued

using

these

procedures,

in

which

case

the

securities

were

categorized

as

Level

2

inputs

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

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.

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

30

franklintempleton.com

Semiannual

Report

b.

Securities

Purchased

on

a

Delayed

Delivery

Basis

Certain

or

all

Funds

purchase

securities

on

a

delayed

delivery

basis,

with

payment

and

delivery

scheduled

for

a

future

date.

These

transactions

are

subject

to

market

fluctuations

and

are

subject

to

the

risk

that

the

value

at

delivery

may

be

more

or

less

than

the

trade

date

purchase

price.

Although

the

Funds

will

generally

purchase

these

securities

with

the

intention

of

holding

the

securities,

they

may

sell

the

securities

before

the

settlement

date.

c.

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.

d.

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

in

other

expenses

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

January

31,

2022,

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)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

31

franklintempleton.com

Semiannual

Report

e.

Security

Transactions,

Investment

Income,

Expenses

and

Distributions

Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis.

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.

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.

1.

Organization

and

Significant

Accounting

Policies

(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

32

franklintempleton.com

Semiannual

Report

2.

Shares

of

Beneficial

Interest

At

January

31,

2022,

there

were

an

unlimited

number

of

shares

authorized

(without

par

value).

Transactions

in

the

Funds’

shares

were

as

follows:

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:

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

Franklin

International

Core

Equity

(IU)

Fund

Shares

Amount

Shares

Amount

Class

A

Class

A

Shares:

Six

Months

ended

January

31,

2022

Shares

sold

...................................

1,596,395

$17,971,388

8,501,502

$108,421,764

Shares

issued

in

reinvestment

of

distributions

..........

179,690

2,009,369

2,153,845

26,015,545

Shares

redeemed

...............................

(576,208)

(6,899,241)

(1,521,327)

(20,263,670)

Net

increase

(decrease)

..........................

1,199,877

$13,081,516

9,134,020

$114,173,639

Year

ended

July

31,

2021

Shares

sold

...................................

427,047

$4,782,057

1,596,753

$20,522,251

Shares

issued

in

reinvestment

of

distributions

..........

364,815

4,129,235

838,534

9,874,237

Shares

redeemed

...............................

(4,048,308)

(48,013,066)

(2,169,981)

(25,455,765)

Net

increase

(decrease)

..........................

(3,256,446)

$(39,101,774)

265,306

$4,940,723

Franklin

U.S.

Core

Equity

(IU)

Fund

Shares

Amount

Class

A

Class

A

Shares:

Six

Months

ended

January

31,

2022

Shares

sold

...................................

7,748,452

$113,105,336

Shares

issued

in

reinvestment

of

distributions

..........

7,448,001

106,499,109

Shares

redeemed

...............................

(7,123,924)

(107,755,474)

Net

increase

(decrease)

..........................

8,072,529

$111,848,971

Year

ended

July

31,

2021

Shares

sold

...................................

27,745,453

$401,283,967

Shares

issued

in

reinvestment

of

distributions

..........

1,368,212

17,301,985

Shares

redeemed

...............................

(5,164,118)

(64,666,765)

Net

increase

(decrease)

..........................

23,949,547

$353,919,187

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

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

33

franklintempleton.com

Semiannual

Report

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

period

ended

January

31,

2022,

investments

in

affiliated

management

investment

companies

were

as

follows:

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Investment

Income

a      

a  

a  

a  

a  

a  

a  

a  

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

.

$

1,279,965

$

22,058,369

$

(22,166,027)

$

—

$

—

$

1,172,307

1,172,307

$

61

Total

Affiliated

Securities

...

$1,279,965

$22,058,369

$(22,166,027)

$—

$—

$1,172,307

$61

Franklin

International

Core

Equity

(IU)

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

.

$

5,932,836

$

112,627,997

$

(113,786,146)

$

—

$

—

$

4,774,687

4,774,687

$

217

Total

Affiliated

Securities

...

$5,932,836

$112,627,997

$(113,786,146)

$—

$—

$4,774,687

$217

Franklin

U.S.

Core

Equity

(IU)

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

.

$

14,712,778

$

155,567,254

$

(157,447,932)

$

—

$

—

$

12,832,100

12,832,100

$

731

Total

Affiliated

Securities

...

$14,712,778

$155,567,254

$(157,447,932)

$—

$—

$12,832,100

$731

3.

Transactions

with

Affiliates

(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

34

franklintempleton.com

Semiannual

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,

2022.

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,

2022,

are

reflected

as

other

income

in

the

Statements

of

Operations.

f.

Other

Affiliated

Transactions

At

January

31,

2022,

Franklin

Fund

Allocator

Series

owned

a

percentage

of

the

Funds’

outstanding

shares

as

follows:

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,

2022,

there

were

no

credits

earned. 

5.

Income

Taxes

For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains.

At

July

31,

2021,

the

capital

loss

carryforwards

were

as

follows:

Shares

Percentage

of

Outstanding

Shares

a

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

Franklin

Conservative

Allocation

Fund

1,293,777

11.7%

Franklin

Moderate

Allocation

Fund

3,599,110

32.5%

Franklin

Growth

Allocation

Fund

3,631,116

32.8%

Franklin

International

Core

Equity

(IU)

Fund

Franklin

Conservative

Allocation

Fund

5,134,403

14.0%

Franklin

Moderate

Allocation

Fund

12,279,320

33.5%

Franklin

Growth

Allocation

Fund

11,801,381

32.2%

Franklin

U.S.

Core

Equity

(IU)

Fund

Franklin

Conservative

Allocation

Fund

16,493,627

17.2%

Franklin

Moderate

Allocation

Fund

36,150,230

37.7%

Franklin

Growth

Allocation

Fund

27,432,020

28.6%

a

Investment

activities

of

significant

shareholders

could

have

a

material

impact

on

the

Fund.

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

1

1

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

.............................

$

484,105

3.

Transactions

with

Affiliates

(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

35

franklintempleton.com

Semiannual

Report

At

January

31,

2022,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Differences

between

income

and/or

capital

gains

as

determined

on

a

book

basis

and

a

tax

basis

are

primarily

due

to

differing

treatment

of

foreign

currency

transactions,

passive

foreign

investment

company

shares,

foreign

capital

gains

tax,

corporate

actions,

and

wash

sales.

6.

Investment

Transactions

Purchases

and

sales

of

investments

for

the

period

ended

January

31,

2022,

were

as

follows:

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.

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.

Investing

in

China

A

shares

may

include

certain

risks

and

considerations

not

typically

associated

with

investing

in

U.S.

securities.

In

general,

A

shares

are

issued

by

companies

incorporated

in

the

People’s

Republic

of

China

(PRC)

and

listed

on

the

Shanghai

and

Shenzhen

Stock

Exchanges

and

available

for

investment

by

domestic

(Chinese)

investors

and

holders

of

a

QFII

license

and,

in

the

case

of

certain

eligible

A

shares,

through

the

Shanghai

and

Shenzhen

Stock

Connect

programs.

The

Shanghai

and

Shenzhen

Stock

Exchanges

are,

however,

substantially

smaller,

less

liquid

and

more

volatile

than

the

major

securities

markets

in

the

United

States.

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

.......................

$110,587,742

$402,664,106

$1,126,313,599

Unrealized

appreciation

.....................

$20,762,597

$49,094,699

$260,548,751

Unrealized

depreciation

.....................

(7,929,622)

(13,531,216)

(22,824,377)

Net

unrealized

appreciation

(depreciation)

.......

$12,832,975

$35,563,483

$237,724,374

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

Franklin

International

Core

Equity

(IU)

Fund

Franklin

U.S.

Core

Equity

(IU)

Fund

Purchases

..............................

$74,494,390

$238,922,539

$793,794,271

Sales

..................................

$61,388,937

$143,222,024

$774,578,254

5.

Income

Taxes

(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

36

franklintempleton.com

Semiannual

Report

8.

Geopolitical

Risk 

On

February

24,

2022,

Russia

engaged

in

military

actions

in

the

sovereign

territory

of

Ukraine.

The

current

political

and

financial

uncertainty

surrounding

Russia

and

Ukraine

may

increase

market

volatility

and

the

economic

risk

of

investing

in

securities

in

these

countries

and

may

also

cause

uncertainty

for

the

global

economy

and

broader

financial

markets.

The

ultimate

fallout

and

long-term

impact

from

these

events

are

not

known.

The

Funds

will

continue

to

assess

the

impact

on

valuations

and

liquidity

and

will

take

any

potential

actions

needed

in

accordance

with

procedures

approved

by

the

Board

of

Trustees.

9.

Novel

Coronavirus

Pandemic 

The

global

outbreak

of

the

novel

coronavirus

disease,

known

as

COVID-19, has

caused

adverse

effects

on

many

companies,

sectors,

nations,

regions

and

the

markets

in

general, and

may

continue for

an unpredictable duration.

The

effects

of

this

pandemic

may

materially

impact

the

value

and

performance

of

the

Funds, their ability

to

buy

and

sell

fund

investments

at

appropriate

valuations

and their ability

to

achieve their investment

objectives.

10.

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

January

31,

2022,

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

:

Auto

Components

......................

$

—

$

275,825

$

—

$

275,825

Automobiles

..........................

—

1,280,706

—

1,280,706

Banks

...............................

763,236

15,328,761

—

16,091,997

Beverages

...........................

734,176

1,849,654

—

2,583,830

Biotechnology

.........................

—

479,252

—

479,252

Capital

Markets

........................

—

2,270,190

—

2,270,190

Chemicals

...........................

—

4,230,353

—

4,230,353

Communications

Equipment

..............

148,944

139,420

—

288,364

Construction

Materials

..................

—

303,400

—

303,400

Consumer

Finance

.....................

251,333

689,015

—

940,348

Containers

&

Packaging

.................

—

309,890

—

309,890

Diversified

Financial

Services

.............

329,353

—

—

329,353

Diversified

Telecommunication

Services

.....

—

214,296

—

214,296

Electric

Utilities

........................

—

616,464

—

616,464

Electrical

Equipment

....................

—

1,612,418

—

1,612,418

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

37

franklintempleton.com

Semiannual

Report

Level

1

Level

2

Level

3

Total

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

Common

Stocks:

Electronic

Equipment,

Instruments

&

Components

........................

$

—

$

1,241,900

$

—

$

1,241,900

Entertainment

.........................

—

1,219,378

—

1,219,378

Food

&

Staples

Retailing

.................

128,934

—

—

128,934

Food

Products

........................

2,396,364

2,594,547

—

4,990,911

Gas

Utilities

..........................

385,370

352,740

—

738,110

Health

Care

Providers

&

Services

..........

—

694,854

—

694,854

Hotels,

Restaurants

&

Leisure

.............

414,262

—

—

414,262

Industrial

Conglomerates

................

120,714

112,531

—

233,245

Insurance

............................

—

7,136,049

—

7,136,049

Interactive

Media

&

Services

..............

847,014

6,446,283

—

7,293,297

Internet

&

Direct

Marketing

Retail

..........

145,236

5,447,286

—

5,592,522

IT

Services

...........................

—

7,451,737

—

7,451,737

Life

Sciences

Tools

&

Services

............

—

1,803,690

—

1,803,690

Marine

..............................

—

2,686,519

—

2,686,519

Media

...............................

—

123,487

—

123,487

Metals

&

Mining

.......................

—

5,856,566

—

5,856,566

Oil,

Gas

&

Consumable

Fuels

.............

546,407

3,246,677

—

3,793,084

Personal

Products

.....................

—

798,146

—

798,146

Pharmaceuticals

.......................

1,032,725

2,691,881

—

3,724,606

Real

Estate

Management

&

Development

....

—

1,390,962

—

1,390,962

Semiconductors

&

Semiconductor

Equipment

.

553,656

11,838,342

—

12,391,998

Specialty

Retail

........................

126,637

837,397

—

964,034

Technology

Hardware,

Storage

&

Peripherals

.

—

5,990,413

—

5,990,413

Textiles,

Apparel

&

Luxury

Goods

..........

—

3,978,066

—

3,978,066

Thrifts

&

Mortgage

Finance

...............

—

657,782

—

657,782

Transportation

Infrastructure

..............

791,950

832,783

—

1,624,733

Wireless

Telecommunication

Services

.......

242,952

2,772,051

—

3,015,003

Preferred

Stocks

........................

4,487,436

—

—

4,487,436

Short

Term

Investments

...................

1,172,307

—

—

1,172,307

Total

Investments

in

Securities

...........

$15,619,006

$107,801,711

a

$—

$123,420,717

Franklin

International

Core

Equity

(IU)

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Air

Freight

&

Logistics

...................

—

10,202,845

—

10,202,845

Auto

Components

......................

—

472,966

—

472,966

Automobiles

..........................

—

6,198,802

—

6,198,802

Banks

...............................

—

47,165,329

—

47,165,329

Beverages

...........................

—

4,092,693

—

4,092,693

Biotechnology

.........................

—

3,406,873

—

3,406,873

Building

Products

......................

—

17,498,055

—

17,498,055

Capital

Markets

........................

—

22,585,539

—

22,585,539

Chemicals

...........................

—

16,138,810

—

16,138,810

Construction

Materials

..................

—

673,884

—

673,884

Diversified

Financial

Services

.............

—

12,032,289

—

12,032,289

Diversified

Telecommunication

Services

.....

—

19,712,504

—

19,712,504

Electric

Utilities

........................

—

5,087,535

—

5,087,535

Electrical

Equipment

....................

—

4,838,000

—

4,838,000

Electronic

Equipment,

Instruments

&

Components

........................

—

2,104,068

—

2,104,068

Entertainment

.........................

—

3,381,434

—

3,381,434

Equity

Real

Estate

Investment

Trusts

(REITs)

.

—

12,875,236

—

12,875,236

10.

Fair

Value

Measurements

(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

38

franklintempleton.com

Semiannual

Report

Level

1

Level

2

Level

3

Total

Franklin

International

Core

Equity

(IU)

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

Common

Stocks:

Food

&

Staples

Retailing

.................

$

—

$

11,772,781

$

—

$

11,772,781

Food

Products

........................

—

6,580,278

—

6,580,278

Gas

Utilities

..........................

—

5,679,118

—

5,679,118

Health

Care

Equipment

&

Supplies

.........

—

16,412,525

—

16,412,525

Health

Care

Providers

&

Services

..........

—

1,072,581

—

1,072,581

Health

Care

Technology

.................

—

322,965

—

322,965

Hotels,

Restaurants

&

Leisure

.............

—

3,289,522

—

3,289,522

Household

Durables

....................

—

8,001,739

—

8,001,739

Industrial

Conglomerates

................

—

3,180,054

—

3,180,054

Insurance

............................

—

6,461,167

—

6,461,167

Interactive

Media

&

Services

..............

—

521,363

—

521,363

Internet

&

Direct

Marketing

Retail

..........

—

1,391,057

—

1,391,057

IT

Services

...........................

—

3,929,531

—

3,929,531

Leisure

Products

.......................

—

358,803

—

358,803

Life

Sciences

Tools

&

Services

............

—

3,270,114

—

3,270,114

Machinery

............................

178,784

7,565,469

—

7,744,253

Marine

..............................

—

10,621,380

—

10,621,380

Media

...............................

—

2,967,378

—

2,967,378

Metals

&

Mining

.......................

554,519

10,036,207

—

10,590,726

Multiline

Retail

........................

—

3,220,627

—

3,220,627

Multi-Utilities

..........................

—

2,726,174

—

2,726,174

Oil,

Gas

&

Consumable

Fuels

.............

—

18,313,678

—

18,313,678

Personal

Products

.....................

—

15,971,895

—

15,971,895

Pharmaceuticals

.......................

—

28,609,242

—

28,609,242

Professional

Services

...................

—

12,237,234

—

12,237,234

Real

Estate

Management

&

Development

....

—

5,400,476

—

5,400,476

Road

&

Rail

..........................

—

1,511,291

—

1,511,291

Semiconductors

&

Semiconductor

Equipment

.

—

10,949,132

—

10,949,132

Software

.............................

1,452,120

1,571,917

—

3,024,037

Specialty

Retail

........................

—

4,646,841

—

4,646,841

Technology

Hardware,

Storage

&

Peripherals

.

—

3,412,528

—

3,412,528

Textiles,

Apparel

&

Luxury

Goods

..........

—

3,908,406

—

3,908,406

Tobacco

.............................

—

1,538,235

—

1,538,235

Trading

Companies

&

Distributors

..........

—

16,851,607

—

16,851,607

Wireless

Telecommunication

Services

.......

—

5,584,878

—

5,584,878

Preferred

Stocks

........................

—

2,912,424

—

2,912,424

Short

Term

Investments

...................

4,774,687

—

—

4,774,687

Total

Investments

in

Securities

...........

$6,960,110

$431,267,479

b

$—

$438,227,589

Franklin

U.S.

Core

Equity

(IU)

Fund

Assets:

Investments

in

Securities:

c

Common

Stocks

........................

1,351,205,873

—

—

1,351,205,873

Short

Term

Investments

...................

12,832,100

—

—

12,832,100

Total

Investments

in

Securities

...........

$1,364,037,973

$—

$—

$1,364,037,973

a

Includes

foreign

securities

valued

at

$107,801,711,

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.

b

Includes

foreign

securities

valued

at

$431,267,479,

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

For

detailed

categories,

see

the

accompanying

Statement

of

Investments.

10.

Fair

Value

Measurements

(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

39

franklintempleton.com

Semiannual

Report

11.

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,

other

than

those

already

disclosed

in

the

financial

statements.

Abbreviations

Selected

Portfolio

ADR

American

Depositary

Receipt

CDI

CREST

Depository

Interest

GDR

Global

Depositary

Receipt

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 of Closed-End Management Investment

Companies.                                            N/A

Item 9. Purchases of Equity Securities by Closed-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 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 12.  Disclosure of Securities Lending Activities for Closed-End Management Investment Company.                       N/A

Item 13. Exhibits.

(a)(1) Code of Ethics

codeofethics

(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 Christopher Kings, Chief Financial Officer, Chief Accounting Officer and Treasurer

section302

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

section906

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 29, 2022

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 29, 2022

By S\Christopher Kings________________________

     Christopher Kings

     Chief Financial Officer, Chief Accounting Officer and Treasurer

Date March 29, 2022