Franklin Growth Allocation Fund Class R (FGTRX) 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)

Alison Baur, One Franklin Parkway, San Mateo, CA 94403-1906

(Name and address of agent for service)

Registrant's telephone number, including area code:(650)312-2000

Date of fiscal year end: 7/31

Date of reporting period: 1/31/23

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.)

Include a copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule.

Not Applicable

.

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

8/1/22

Ending

Account

Value

1/31/23

Expenses

Paid

During

Period

8/1/22–1/31/23

1,2

Ending

Account

Value

1/31/23

Expenses

Paid

During

Period

8/1/22–1/31/23

1,2

a

Annualized

Expense

Ratio

2

$1,000

$1,062.60

$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

8/1/22

Ending

Account

Value

1/31/23

Expenses

Paid

During

Period

8/1/22–1/31/23

1,2

Ending

Account

Value

1/31/23

Expenses

Paid

During

Period

8/1/22–1/31/23

1,2

a

Annualized

Expense

Ratio

2

$1,000

$1,076.80

$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

8/1/22

Ending

Account

Value

1/31/23

Expenses

Paid

During

Period

8/1/22–1/31/23

1,2

Ending

Account

Value

1/31/23

Expenses

Paid

During

Period

8/1/22–1/31/23

1,2

a

Annualized

Expense

Ratio

2

$1,000

$992.90

$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,

2023

(unaudited)

Year

Ended

July

31,

Year

Ended

July

31,

2020

a

2022

2021

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

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

$9.23

$11.83

$10.57

$10.00

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.15

0.35

0.28

0.33

Net

realized

and

unrealized

gains

(losses)

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

0.40

(2.58)

1.34

0.45

Total

from

investment

operations

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

0.55

(2.23)

1.62

0.78

Less

distributions

from:

Net

investment

income

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

(0.19)

(0.37)

(0.36)

(0.21)

Net

realized

gains

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

—

—

—

(—)

d

Total

distributions

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

(0.19)

(0.37)

(0.36)

(0.21)

Net

asset

value,

end

of

period

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

$9.59

$9.23

$11.83

$10.57

Total

return

e

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

6.26%

(19.15)%

15.57%

7.96%

Ratios

to

average

net

assets

f

Expenses

before

waiver

and

payments

by

affiliates

and

expense

reduction

.

0.18%

0.17%

0.14%

0.17%

Expenses

net

of

waiver

and

payments

by

affiliates

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

—%

—%

—%

0.01%

Expenses

net

of

waiver

and

payments

by

affiliates

and

expense

reduction

..

—%

g

—%

g

—%

g

—%

Net

investment

income

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

3.33%

3.27%

2.41%

3.44%

Supplemental

data

Net

assets,

end

of

period

(000’s)

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

$116,090

$109,129

$116,643

$138,590

Portfolio

turnover

rate

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

61.34%

125.41%

108.13%

102.39%

a

For

the

period

August

19,

2019

(effective

date)

to

July

31,

2020.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Amount

rounds

to

less

than

$0.01

per

share.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited),

January

31,

2023

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

94.2%

Aerospace

&

Defense

0.1%

Bharat

Electronics

Ltd.

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

India

150,135

$

175,060

Air

Freight

&

Logistics

0.4%

ZTO

Express

Cayman,

Inc.,

ADR

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

China

15,300

436,203

Airlines

0.2%

a

Turk

Hava

Yollari

AO

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

Turkey

36,518

267,644

Auto

Components

0.7%

Fuyao

Glass

Industry

Group

Co.

Ltd.,

A

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

China

21,100

122,319

b

Fuyao

Glass

Industry

Group

Co.

Ltd.,

H,

144A,

Reg

S

..........

China

78,800

387,849

a

Hankook

Tire

&

Technology

Co.

Ltd.

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

South

Korea

6,950

183,188

Tube

Investments

of

India

Ltd.

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

India

3,255

104,460

797,816

Automobiles

3.2%

Astra

International

Tbk.

PT

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

Indonesia

769,700

309,229

BYD

Co.

Ltd.,

A

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

China

22,700

969,956

BYD

Co.

Ltd.,

H

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

China

49,500

1,567,664

Mahindra

&

Mahindra

Ltd.

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

India

18,085

306,351

b

Yadea

Group

Holdings

Ltd.,

144A,

Reg

S

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

China

246,000

560,888

3,714,088

Banks

13.5%

Absa

Group

Ltd.

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

South

Africa

53,369

613,545

Abu

Dhabi

Islamic

Bank

PJSC

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

United

Arab

Emirates

160,294

412,011

Alinma

Bank

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

Saudi

Arabia

39,498

347,979

Arab

National

Bank

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

Saudi

Arabia

133,392

986,167

b

Banco

del

Bajio

SA,

144A,

Reg

S

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

Mexico

163,731

659,367

Bank

Central

Asia

Tbk.

PT

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

Indonesia

1,366,200

775,331

Bank

of

Beijing

Co.

Ltd.,

A

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

China

268,895

169,411

Bank

of

Jiangsu

Co.

Ltd.,

A

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

China

182,500

201,013

Bank

of

the

Philippine

Islands

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

Philippines

65,290

125,458

BDO

Unibank,

Inc.

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

Philippines

145,042

326,461

Commercial

International

Bank

Egypt

SAE

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

Egypt

74,896

123,191

a

Grupo

Financiero

Inbursa

SAB

de

CV,

O

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

Mexico

323,600

696,016

Haci

Omer

Sabanci

Holding

A/S

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

Turkey

235,310

489,256

Hana

Financial

Group,

Inc.

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

South

Korea

48,701

1,932,426

Hong

Leong

Bank

Bhd.

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

Malaysia

139,600

672,508

Huaxia

Bank

Co.

Ltd.,

A

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

China

161,600

124,866

ICICI

Bank

Ltd.

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

India

95,587

980,045

Industrial

Bank

Co.

Ltd.,

A

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

China

260,106

680,934

KB

Financial

Group,

Inc.

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

South

Korea

15,495

705,294

Komercni

Banka

A/S

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

Czech

Republic

4,083

137,838

Metropolitan

Bank

&

Trust

Co.

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

Philippines

378,130

396,463

Qatar

International

Islamic

Bank

QSC

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

Qatar

186,748

527,409

Shinhan

Financial

Group

Co.

Ltd.

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

South

Korea

55,823

1,885,348

Taiwan

Business

Bank

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

Taiwan

1,292,000

575,875

a,b,c,d

TCS

Group

Holding

plc,

GDR,

Reg

S

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

Russia

2,334

—

Woori

Financial

Group,

Inc.

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

South

Korea

107,874

1,123,859

15,668,071

Beverages

1.5%

Ambev

SA

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

Brazil

124,300

334,533

Arca

Continental

SAB

de

CV

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

Mexico

91,600

809,185

Chongqing

Brewery

Co.

Ltd.,

A

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

China

5,800

103,633

Jiangsu

King's

Luck

Brewery

JSC

Ltd.,

A

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

China

15,000

128,784

Franklin

Fund

Allocator

Series

Schedule

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)

Beverages

(continued)

a

United

Spirits

Ltd.

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

India

42,794

$

403,923

1,780,058

Biotechnology

0.7%

b

3SBio,

Inc.,

144A,

Reg

S

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

China

302,500

329,516

Beijing

Wantai

Biological

Pharmacy

Enterprise

Co.

Ltd.,

A

.......

China

7,300

145,302

Celltrion,

Inc.

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

South

Korea

2,386

314,591

789,409

Capital

Markets

0.9%

a

Banco

BTG

Pactual

SA

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

Brazil

28,400

120,974

CITIC

Securities

Co.

Ltd.,

A

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

China

120,782

384,573

East

Money

Information

Co.

Ltd.,

A

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

China

63,700

213,525

Guotai

Junan

Securities

Co.

Ltd.,

A

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

China

94,700

200,695

Huatai

Securities

Co.

Ltd.,

A

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

China

92,500

178,270

1,098,037

Chemicals

2.5%

Asian

Paints

Ltd.

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

India

3,845

128,674

Berger

Paints

India

Ltd.

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

India

21,073

142,045

Dongyue

Group

Ltd.

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

China

276,000

330,445

Guangzhou

Tinci

Materials

Technology

Co.

Ltd.,

A

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

China

24,400

178,442

Indorama

Ventures

PCL

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

Thailand

361,700

447,982

a

Kumho

Petrochemical

Co.

Ltd.

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

South

Korea

3,723

447,245

a,b,c,d

PhosAgro

PJSC,

GDR,

Reg

S

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

Russia

32,310

—

PI

Industries

Ltd.

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

India

2,824

103,926

Pidilite

Industries

Ltd.

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

India

5,307

148,370

Sahara

International

Petrochemical

Co.

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

Saudi

Arabia

79,647

792,432

SRF

Ltd.

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

India

7,959

213,535

2,933,096

Commercial

Services

&

Supplies

0.1%

S-1

Corp.

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

South

Korea

2,419

113,046

Communications

Equipment

0.2%

ZTE

Corp.,

A

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

China

49,800

197,059

Construction

&

Engineering

0.5%

Larsen

&

Toubro

Ltd.

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

India

21,642

564,591

Construction

Materials

0.9%

ACC

Ltd.

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

India

16,087

388,773

Ambuja

Cements

Ltd.

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

India

128,949

635,750

1,024,523

Consumer

Finance

0.7%

Krungthai

Card

PCL

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

Thailand

194,700

336,555

Shriram

Finance

Ltd.

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

India

28,435

449,534

786,089

Containers

&

Packaging

0.1%

Klabin

SA

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

Brazil

27,800

105,930

Diversified

Financial

Services

1.5%

Far

East

Horizon

Ltd.

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

China

288,000

260,164

FirstRand

Ltd.

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

South

Africa

152,151

565,527

Housing

Development

Finance

Corp.

Ltd.

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

India

23,961

773,002

Remgro

Ltd.

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

South

Africa

14,109

113,560

1,712,253

Franklin

Fund

Allocator

Series

Schedule

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)

Diversified

Telecommunication

Services

1.3%

b

China

Tower

Corp.

Ltd.,

H,

144A,

Reg

S

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

China

9,386,000

$

1,066,528

Indus

Towers

Ltd.

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

India

48,387

91,022

Telekom

Malaysia

Bhd.

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

Malaysia

245,300

300,917

1,458,467

Electric

Utilities

0.4%

Enel

Americas

SA

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

Chile

2,021,572

267,628

Enel

Chile

SA

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

Chile

3,088,382

145,481

c,d

Inter

RAO

UES

PJSC

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

Russia

8,656,700

—

413,109

Electrical

Equipment

1.2%

ABB

India

Ltd.

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

India

3,319

115,750

Havells

India

Ltd.

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

India

44,348

643,544

NARI

Technology

Co.

Ltd.,

A

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

China

33,700

132,105

TBEA

Co.

Ltd.,

A

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

China

49,000

155,094

Voltronic

Power

Technology

Corp.

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

Taiwan

6,000

303,373

1,349,866

Electronic

Equipment,

Instruments

&

Components

3.0%

China

Zhenhua

Group

Science

&

Technology

Co.

Ltd.,

A

........

China

6,800

114,515

Delta

Electronics,

Inc.

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

Taiwan

36,000

348,818

Foxconn

Industrial

Internet

Co.

Ltd.,

A

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

China

124,200

175,312

Hon

Hai

Precision

Industry

Co.

Ltd.

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

Taiwan

206,000

686,384

Kingboard

Holdings

Ltd.

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

China

133,000

543,325

Largan

Precision

Co.

Ltd.

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

Taiwan

13,000

926,926

Synnex

Technology

International

Corp.

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

Taiwan

60,000

121,158

Zhen

Ding

Technology

Holding

Ltd.

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

Taiwan

147,000

542,366

3,458,804

Entertainment

1.3%

a

Krafton,

Inc.

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

South

Korea

836

122,635

NetEase,

Inc.

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

China

61,500

1,091,224

a

Tencent

Music

Entertainment

Group,

ADR

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

China

29,800

250,022

1,463,881

Equity

Real

Estate

Investment

Trusts

(REITs)

0.1%

Fibra

Uno

Administracion

SA

de

CV

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

Mexico

87,100

117,954

Food

&

Staples

Retailing

1.5%

Bid

Corp.

Ltd.

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

South

Africa

5,566

114,719

BIM

Birlesik

Magazalar

A/S

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

Turkey

17,515

116,100

Cencosud

SA

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

Chile

87,001

156,265

Clicks

Group

Ltd.

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

South

Africa

7,278

111,040

Nahdi

Medical

Co.

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

Saudi

Arabia

2,403

121,906

Sendas

Distribuidora

SA

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

Brazil

30,200

116,919

Shoprite

Holdings

Ltd.

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

South

Africa

34,054

471,578

Sumber

Alfaria

Trijaya

Tbk.

PT

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

Indonesia

1,712,100

323,642

Wal-Mart

de

Mexico

SAB

de

CV

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

Mexico

49,400

193,510

1,725,679

Food

Products

2.2%

b

Dali

Foods

Group

Co.

Ltd.,

144A,

Reg

S

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

China

422,000

188,196

Nestle

India

Ltd.

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

India

1,242

289,564

Nestle

Malaysia

Bhd.

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

Malaysia

14,900

472,245

PPB

Group

Bhd.

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

Malaysia

127,200

524,813

Tingyi

Cayman

Islands

Holding

Corp.

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

China

426,000

708,754

Franklin

Fund

Allocator

Series

Schedule

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)

Food

Products

(continued)

Tongwei

Co.

Ltd.,

A

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

China

57,600

$

361,420

2,544,992

Gas

Utilities

0.5%

Adani

Total

Gas

Ltd.

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

India

17,827

461,522

Indraprastha

Gas

Ltd.

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

India

21,871

114,105

575,627

Health

Care

Equipment

&

Supplies

0.3%

Shandong

Weigao

Group

Medical

Polymer

Co.

Ltd.,

H

.........

China

132,800

220,781

Shenzhen

Mindray

Bio-Medical

Electronics

Co.

Ltd.,

A

..........

China

2,300

113,751

334,532

Health

Care

Providers

&

Services

0.9%

Bumrungrad

Hospital

PCL

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

Thailand

20,900

138,497

Dr.

Sulaiman

Al

Habib

Medical

Services

Group

Co.

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

Saudi

Arabia

11,928

745,535

Sinopharm

Group

Co.

Ltd.,

H

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

China

84,800

207,860

1,091,892

Hotels,

Restaurants

&

Leisure

1.1%

OPAP

SA

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

Greece

13,435

201,745

a

Trip.com

Group

Ltd.,

ADR

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

China

7,736

284,375

Yum

China

Holdings,

Inc.

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

China

13,757

847,569

1,333,689

Household

Durables

0.5%

Gree

Electric

Appliances,

Inc.

of

Zhuhai,

A

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

China

21,900

112,589

Haier

Smart

Home

Co.

Ltd.,

A

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

China

76,200

291,309

LG

Electronics,

Inc.

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

South

Korea

1,539

125,953

529,851

Household

Products

0.1%

Unilever

Indonesia

Tbk.

PT

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

Indonesia

369,100

114,894

Independent

Power

and

Renewable

Electricity

Producers

0.7%

a

Adani

Power

Ltd.

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

India

168,460

463,532

Engie

Brasil

Energia

SA

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

Brazil

42,800

331,822

795,354

Industrial

Conglomerates

0.9%

GS

Holdings

Corp.

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

South

Korea

9,892

355,019

KOC

Holding

A/S

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

Turkey

177,260

722,451

1,077,470

Insurance

2.7%

Bupa

Arabia

for

Cooperative

Insurance

Co.

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

Saudi

Arabia

16,004

667,687

DB

Insurance

Co.

Ltd.

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

South

Korea

9,708

516,729

a

Meritz

Fire

&

Marine

Insurance

Co.

Ltd.

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

South

Korea

7,545

316,313

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

A

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

China

133,100

1,009,337

Powszechny

Zaklad

Ubezpieczen

SA

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

Poland

34,166

290,504

Samsung

Life

Insurance

Co.

Ltd.

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

South

Korea

5,341

307,123

3,107,693

Interactive

Media

&

Services

6.0%

Autohome,

Inc.,

ADR

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

China

14,900

519,414

a

Baidu,

Inc.,

A

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

China

30,200

507,702

Info

Edge

India

Ltd.

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

India

11,196

506,337

a,b

Kuaishou

Technology,

144A,

Reg

S

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

China

90,600

797,234

Franklin

Fund

Allocator

Series

Schedule

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)

Interactive

Media

&

Services

(continued)

Tencent

Holdings

Ltd.

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

China

94,100

$

4,585,742

6,916,429

Internet

&

Direct

Marketing

Retail

5.6%

a

Alibaba

Group

Holding

Ltd.

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

China

183,400

2,521,699

a,b,e

Meituan

Dianping,

B,

144A,

Reg

S

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

China

47,710

1,066,681

momo.com,

Inc.

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

Taiwan

13,000

345,662

a

Pinduoduo,

Inc.,

ADR

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

China

12,900

1,263,942

a

Vipshop

Holdings

Ltd.,

ADR

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

China

82,660

1,278,750

6,476,734

IT

Services

2.6%

HCL

Technologies

Ltd.

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

India

14,669

202,710

Infosys

Ltd.

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

India

33,849

638,911

Tata

Consultancy

Services

Ltd.

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

India

53,386

2,208,119

3,049,740

Life

Sciences

Tools

&

Services

1.1%

Divi's

Laboratories

Ltd.

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

India

3,442

140,154

b

Hangzhou

Tigermed

Consulting

Co.

Ltd.,

H,

144A,

Reg

S

.......

China

23,400

306,977

b

WuXi

AppTec

Co.

Ltd.,

H,

144A,

Reg

S

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

China

29,440

382,574

a,b

Wuxi

Biologics

Cayman,

Inc.,

144A,

Reg

S

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

China

51,000

425,903

1,255,608

Machinery

0.5%

Doosan

Bobcat,

Inc.

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

South

Korea

10,578

299,823

Haitian

International

Holdings

Ltd.

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

China

84,000

257,812

557,635

Marine

0.5%

Evergreen

Marine

Corp.

Taiwan

Ltd.

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

Taiwan

82,000

418,568

Orient

Overseas

International

Ltd.

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

Hong

Kong

7,000

116,369

534,937

Metals

&

Mining

3.2%

African

Rainbow

Minerals

Ltd.

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

South

Africa

24,263

395,805

Anglo

American

Platinum

Ltd.

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

South

Africa

2,346

174,535

b

Ganfeng

Lithium

Group

Co.

Ltd.,

144A,

Reg

S

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

China

38,800

354,395

Ganfeng

Lithium

Group

Co.

Ltd.,

A

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

China

20,780

244,456

Hindalco

Industries

Ltd.

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

India

42,805

247,605

Impala

Platinum

Holdings

Ltd.

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

South

Africa

11,657

135,219

Kumba

Iron

Ore

Ltd.

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

South

Africa

4,942

151,377

c,d

MMC

Norilsk

Nickel

PJSC

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

Russia

3,164

—

a,c,d

Novolipetsk

Steel

PJSC

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

Russia

347,890

—

a,c,d

Severstal

PAO

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

Russia

48,409

—

Sibanye

Stillwater

Ltd.

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

South

Africa

87,339

230,939

Tata

Steel

Ltd.

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

India

388,950

574,040

Vale

SA

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

Brazil

33,900

631,240

Zijin

Mining

Group

Co.

Ltd.,

H

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

China

344,000

569,037

3,708,648

Multiline

Retail

0.1%

Central

Retail

Corp.

PCL

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

Thailand

131,100

170,590

Oil,

Gas

&

Consumable

Fuels

4.2%

Adaro

Energy

Indonesia

Tbk.

PT

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

Indonesia

3,511,300

695,748

MOL

Hungarian

Oil

&

Gas

plc

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

Hungary

35,420

264,834

a

Petro

Rio

SA

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

Brazil

23,800

197,413

Petroleo

Brasileiro

SA

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

Brazil

197,200

1,144,607

Franklin

Fund

Allocator

Series

Schedule

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

Common

Stocks

(continued)

Oil,

Gas

&

Consumable

Fuels

(continued)

Polski

Koncern

Naftowy

ORLEN

SA

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

Poland

46,157

$

693,485

Qatar

Fuel

QSC

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

Qatar

127,244

621,672

Reliance

Industries

Ltd.

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

India

38,213

1,104,689

United

Tractors

Tbk.

PT

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

Indonesia

129,100

211,951

4,934,399

Paper

&

Forest

Products

0.1%

Indah

Kiat

Pulp

&

Paper

Tbk.

PT

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

Indonesia

319,600

178,104

Personal

Products

0.9%

Colgate-Palmolive

India

Ltd.

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

India

26,054

463,917

Hindustan

Unilever

Ltd.

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

India

17,735

560,735

1,024,652

Pharmaceuticals

1.5%

CSPC

Pharmaceutical

Group

Ltd.

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

China

1,559,600

1,778,397

Real

Estate

Management

&

Development

2.1%

Aldar

Properties

PJSC

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

United

Arab

Emirates

238,801

284,397

C&D

International

Investment

Group

Ltd.

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

China

55,000

174,891

Central

Pattana

PCL

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

Thailand

178,500

388,986

China

Overseas

Property

Holdings

Ltd.

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

China

185,000

242,004

Emaar

Properties

PJSC

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

United

Arab

Emirates

685,781

1,042,056

Greentown

China

Holdings

Ltd.

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

China

68,500

101,002

NEPI

Rockcastle

NV

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

Romania

28,238

175,512

2,408,848

Semiconductors

&

Semiconductor

Equipment

9.5%

a

Daqo

New

Energy

Corp.,

ADR

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

China

7,000

318,570

MediaTek,

Inc.

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

Taiwan

19,000

458,677

Novatek

Microelectronics

Corp.

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

Taiwan

97,000

1,154,102

Realtek

Semiconductor

Corp.

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

Taiwan

33,000

354,089

Shanghai

Fudan

Microelectronics

Group

Co.

Ltd.,

H

...........

China

59,000

245,951

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

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

Taiwan

450,000

7,934,451

TCL

Zhonghuan

Renewable

Energy

Technology

Co.

Ltd.,

A

......

China

40,100

252,999

a

United

Microelectronics

Corp.

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

Taiwan

228,000

372,799

11,091,638

Software

0.3%

Hundsun

Technologies,

Inc.,

A

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

China

24,100

169,044

Tata

Elxsi

Ltd.

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

India

1,611

131,658

300,702

Specialty

Retail

0.9%

Chow

Tai

Fook

Jewellery

Group

Ltd.

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

China

64,600

138,297

JUMBO

SA

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

Greece

13,582

243,913

b

Topsports

International

Holdings

Ltd.,

144A,

Reg

S

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

China

348,000

327,933

Zhongsheng

Group

Holdings

Ltd.

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

China

60,500

342,346

1,052,489

Technology

Hardware,

Storage

&

Peripherals

4.7%

Catcher

Technology

Co.

Ltd.

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

Taiwan

137,000

814,012

Lenovo

Group

Ltd.

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

China

1,574,000

1,262,553

Samsung

Electronics

Co.

Ltd.

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

South

Korea

68,611

3,413,416

5,489,981

Franklin

Fund

Allocator

Series

Schedule

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

11

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Textiles,

Apparel

&

Luxury

Goods

1.1%

Bosideng

International

Holdings

Ltd.

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

China

676,000

$

376,748

Li

Ning

Co.

Ltd.

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

China

18,000

177,956

Page

Industries

Ltd.

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

India

1,308

642,432

Xtep

International

Holdings

Ltd.

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

China

97,500

130,013

1,327,149

Tobacco

0.4%

ITC

Ltd.

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

India

117,207

506,896

Transportation

Infrastructure

0.8%

China

Merchants

Port

Holdings

Co.

Ltd.

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

China

120,000

168,231

Grupo

Aeroportuario

del

Sureste

SAB

de

CV,

B

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

Mexico

18,200

494,345

Shenzhen

International

Holdings

Ltd.

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

China

301,000

293,692

956,268

Wireless

Telecommunication

Services

1.7%

Advanced

Info

Service

PCL

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

Thailand

207,100

1,232,963

Far

EasTone

Telecommunications

Co.

Ltd.

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

Taiwan

342,000

760,154

a,c,d

Mobile

TeleSystems

PJSC,

ADR

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

Russia

31,600

—

1,993,117

Total

Common

Stocks

(Cost

$103,384,159)

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

109,369,688

Preferred

Stocks

4.0%

Banks

1.3%

f

Itau

Unibanco

Holding

SA,

4.02%

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

Brazil

128,400

640,792

f

Itausa

SA,

4.89%

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

Brazil

524,330

881,192

1,521,984

Chemicals

0.6%

f

Sociedad

Quimica

y

Minera

de

Chile

SA,

B,

0.01%

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

Chile

6,801

662,418

Electric

Utilities

0.6%

f

Cia

Energetica

de

Minas

Gerais,

11.88%

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

Brazil

284,300

641,916

Metals

&

Mining

1.0%

f

Gerdau

SA,

11.09%

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

Brazil

185,300

1,195,284

Oil,

Gas

&

Consumable

Fuels

0.5%

f

Petroleo

Brasileiro

SA,

44.12%

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

Brazil

119,900

615,853

Total

Preferred

Stocks

(Cost

$4,287,506)

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

4,637,455

Total

Long

Term

Investments

(Cost

$107,671,665)

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

114,007,143

a

Franklin

Fund

Allocator

Series

Schedule

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.

12

See

Abbreviations

on

page

47

.

Short

Term

Investments

0.3%

a

a

Country

Shares

a

Value

a

a

a

Money

Market

Funds

0.3%

g,h

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

3.969%

....

United

States

290,959

$

290,959

Total

Money

Market

Funds

(Cost

$290,959)

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

290,959

Total

Short

Term

Investments

(Cost

$290,959

)

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

290,959

a

Total

Investments

(Cost

$107,962,624)

98.5%

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

$114,298,102

Other

Assets,

less

Liabilities

1.5%

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

1,791,816

Net

Assets

100.0%

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

$116,089,918

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,

2023,

the

aggregate

value

of

these

securities

was

$6,854,041,

representing

5.9%

of

net

assets.

c

Fair

valued

using

significant

unobservable

inputs.

See

Note

9

regarding

fair

value

measurements.

d

See

Note

7

regarding

investments

in

Russian

securities.

e

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

See

Note

1(c).

f

Variable

rate

security.

The

rate

shown

represents

the

yield

at

period

end.

g

See

Note

3(d)

regarding

investments

in

affiliated

management

investment

companies.

h

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Fund

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

13

a

Six

Months

Ended

January

31,

2023

(unaudited)

Year

Ended

July

31,

Year

Ended

July

31,

2020

a

2022

2021

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

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

$10.18

$13.09

$10.31

$10.00

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.12

0.34

0.35

0.25

Net

realized

and

unrealized

gains

(losses)

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

0.64

(2.26)

2.80

0.30

Total

from

investment

operations

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

0.76

(1.92)

3.15

0.55

Less

distributions

from:

Net

investment

income

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

(0.12)

(0.42)

(0.37)

(0.24)

Net

realized

gains

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

—

(0.57)

—

—

Total

distributions

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

(0.12)

(0.99)

(0.37)

(0.24)

Net

asset

value,

end

of

period

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

$10.82

$10.18

$13.09

$10.31

Total

return

d

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

7.68%

(15.56)%

31.00%

5.58%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

and

expense

reduction

.

0.02%

0.04%

0.04%

0.08%

Expenses

net

of

waiver

and

payments

by

affiliates

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

—%

—%

—%

0.01%

Expenses

net

of

waiver

and

payments

by

affiliates

and

expense

reduction

..

—%

f

—%

—%

f

—%

Net

investment

income

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

2.44%

2.94%

2.93%

2.57%

Supplemental

data

Net

assets,

end

of

period

(000’s)

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

$909,344

$800,757

$360,375

$281,150

Portfolio

turnover

rate

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

54.50%

125.21%

103.80%

94.98%

a

For

the

period

August

19,

2019

(effective

date)

to

July

31,

2020.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited),

January

31,

2023

Franklin

International

Core

Equity

(IU)

Fund

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

98.9%

Aerospace

&

Defense

1.4%

BAE

Systems

plc

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

United

Kingdom

1,011,389

$

10,706,182

Dassault

Aviation

SA

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

France

13,048

2,228,223

12,934,405

Air

Freight

&

Logistics

0.6%

DSV

A/S

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

Denmark

18,350

3,035,820

Nippon

Express

Holdings,

Inc.

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

Japan

47,300

2,745,582

5,781,402

Auto

Components

0.5%

Bridgestone

Corp.

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

Japan

50,000

1,867,090

Continental

AG

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

Germany

23,480

1,648,729

Valeo

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

France

43,375

947,994

4,463,813

Automobiles

2.8%

Bayerische

Motoren

Werke

AG

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

Germany

104,616

10,657,167

Mazda

Motor

Corp.

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

Japan

349,200

2,780,268

Stellantis

NV

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

United

States

683,137

10,740,080

Toyota

Motor

Corp.

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

Japan

62,000

910,725

25,088,240

Banks

7.8%

Banco

Bilbao

Vizcaya

Argentaria

SA

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

Spain

260,153

1,837,746

Commonwealth

Bank

of

Australia

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

Australia

60,767

4,743,937

DBS

Group

Holdings

Ltd.

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

Singapore

434,800

11,903,656

ING

Groep

NV

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

Netherlands

539,602

7,813,937

Mitsubishi

UFJ

Financial

Group,

Inc.

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

Japan

313,600

2,297,613

NatWest

Group

plc

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

United

Kingdom

2,861,204

10,915,219

Standard

Chartered

plc

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

United

Kingdom

1,203,949

10,112,302

Sumitomo

Mitsui

Financial

Group,

Inc.

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

Japan

284,100

12,350,143

Swedbank

AB,

A

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

Sweden

479,563

9,224,241

71,198,794

Beverages

1.7%

a

Budweiser

Brewing

Co.

APAC

Ltd.,

144A,

Reg

S

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

China

766,800

2,419,684

Carlsberg

A/S,

B

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

Denmark

10,064

1,428,786

Kirin

Holdings

Co.

Ltd.

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

Japan

108,600

1,673,882

Pernod

Ricard

SA

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

France

41,018

8,492,349

Suntory

Beverage

&

Food

Ltd.

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

Japan

43,000

1,452,349

15,467,050

Biotechnology

1.0%

CSL

Ltd.

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

United

States

33,422

7,057,574

b

Swedish

Orphan

Biovitrum

AB

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

Sweden

99,621

2,221,404

9,278,978

Building

Products

1.2%

Cie

de

Saint-Gobain

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

France

184,914

10,620,313

Capital

Markets

3.6%

3i

Group

plc

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

United

Kingdom

488,132

9,522,947

Deutsche

Bank

AG

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

Germany

422,112

5,633,648

Deutsche

Boerse

AG

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

Germany

55,045

9,850,332

Julius

Baer

Group

Ltd.

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

Switzerland

13,963

895,648

SBI

Holdings,

Inc.

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

Japan

58,700

1,244,686

UBS

Group

AG

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

Switzerland

270,416

5,772,135

32,919,396

Franklin

Fund

Allocator

Series

Schedule

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)

Chemicals

3.2%

BASF

SE

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

Germany

34,182

$

1,959,931

ICL

Group

Ltd.

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

Israel

373,951

2,967,961

Nissan

Chemical

Corp.

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

Japan

63,300

2,989,060

Nitto

Denko

Corp.

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

Japan

85,800

5,547,173

OCI

NV

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

Netherlands

64,816

2,206,467

Shin-Etsu

Chemical

Co.

Ltd.

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

Japan

28,200

4,158,291

Solvay

SA

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

Belgium

41,031

4,781,622

Symrise

AG

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

Germany

30,161

3,206,553

Tosoh

Corp.

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

Japan

115,300

1,508,866

29,325,924

Commercial

Services

&

Supplies

0.1%

Brambles

Ltd.

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

Australia

104,566

889,246

Communications

Equipment

0.2%

Telefonaktiebolaget

LM

Ericsson,

B

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

Sweden

333,053

1,931,687

Construction

&

Engineering

0.6%

ACS

Actividades

de

Construccion

y

Servicios

SA

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

Spain

125,790

3,722,765

Eiffage

SA

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

France

16,016

1,710,757

5,433,522

Construction

Materials

0.5%

CRH

plc

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

Ireland

86,727

4,052,292

Diversified

Consumer

Services

0.1%

IDP

Education

Ltd.

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

Australia

44,291

985,698

Diversified

Financial

Services

0.6%

b

EXOR

NV

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

Netherlands

50,475

4,012,372

ORIX

Corp.

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

Japan

74,000

1,301,441

5,313,813

Diversified

Telecommunication

Services

1.5%

Bezeq

The

Israeli

Telecommunication

Corp.

Ltd.

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

Israel

1,242,823

2,058,877

Deutsche

Telekom

AG

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

Germany

155,821

3,471,664

Nippon

Telegraph

&

Telephone

Corp.

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

Japan

76,600

2,297,421

Spark

New

Zealand

Ltd.

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

New

Zealand

394,339

1,329,813

Telenor

ASA

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

Norway

413,415

4,329,010

13,486,785

Electric

Utilities

1.4%

Acciona

SA

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

Spain

14,243

2,778,938

Elia

Group

SA/NV

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

Belgium

19,050

2,675,092

Endesa

SA

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

Spain

178,746

3,563,773

Red

Electrica

Corp.

SA

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

Spain

229,871

4,068,652

13,086,455

Electrical

Equipment

1.9%

Fuji

Electric

Co.

Ltd.

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

Japan

71,700

2,902,941

Mitsubishi

Electric

Corp.

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

Japan

251,500

2,772,359

Prysmian

SpA

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

Italy

109,901

4,488,308

Schneider

Electric

SE

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

United

States

41,923

6,800,877

16,964,485

Electronic

Equipment,

Instruments

&

Components

1.4%

Hirose

Electric

Co.

Ltd.

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

Japan

18,700

2,435,008

Ibiden

Co.

Ltd.

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

Japan

26,000

1,014,985

Keyence

Corp.

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

Japan

8,300

3,821,943

TDK

Corp.

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

Japan

81,500

2,912,363

Franklin

Fund

Allocator

Series

Schedule

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)

Electronic

Equipment,

Instruments

&

Components

(continued)

Yokogawa

Electric

Corp.

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

Japan

138,800

$

2,437,833

12,622,132

Entertainment

0.9%

Nintendo

Co.

Ltd.

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

Japan

136,800

5,932,715

Square

Enix

Holdings

Co.

Ltd.

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

Japan

50,800

2,402,950

8,335,665

Equity

Real

Estate

Investment

Trusts

(REITs)

1.1%

Covivio

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

France

19,332

1,327,094

Klepierre

SA

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

France

121,338

3,079,741

Segro

plc

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

United

Kingdom

276,440

2,845,448

Stockland

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

Australia

1,052,074

2,939,987

10,192,270

Food

&

Staples

Retailing

1.4%

Coles

Group

Ltd.

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

Australia

111,670

1,404,644

Jeronimo

Martins

SGPS

SA

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

Portugal

93,216

2,023,880

Koninklijke

Ahold

Delhaize

NV

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

Netherlands

322,046

9,612,539

13,041,063

Food

Products

4.1%

Ajinomoto

Co.,

Inc.

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

Japan

169,800

5,599,358

Danone

SA

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

France

23,421

1,284,450

Nestle

SA

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

United

States

177,866

21,701,263

a

WH

Group

Ltd.,

144A,

Reg

S

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

Hong

Kong

4,646,000

2,861,526

Yakult

Honsha

Co.

Ltd.

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

Japan

77,700

5,548,120

36,994,717

Gas

Utilities

0.6%

Tokyo

Gas

Co.

Ltd.

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

Japan

246,800

5,169,111

Health

Care

Equipment

&

Supplies

2.4%

BioMerieux

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

France

22,070

2,250,050

Hoya

Corp.

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

Japan

29,300

3,222,921

Olympus

Corp.

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

Japan

554,900

10,434,318

Sonova

Holding

AG

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

Switzerland

23,946

5,988,219

21,895,508

Health

Care

Providers

&

Services

0.3%

Sonic

Healthcare

Ltd.

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

Australia

135,090

3,025,902

Health

Care

Technology

0.1%

M3,

Inc.

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

Japan

32,200

880,645

Hotels,

Restaurants

&

Leisure

1.2%

Compass

Group

plc

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

United

Kingdom

225,220

5,379,842

a

La

Francaise

des

Jeux

SAEM,

144A,

Reg

S

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

France

33,760

1,444,589

b

Lottery

Corp.

Ltd.

(The)

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

Australia

1,265,349

4,220,434

11,044,865

Household

Durables

0.9%

Sekisui

House

Ltd.

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

Japan

366,100

6,920,614

Taylor

Wimpey

plc

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

United

Kingdom

857,777

1,244,518

8,165,132

Household

Products

0.5%

Reckitt

Benckiser

Group

plc

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

United

Kingdom

48,524

3,457,725

Franklin

Fund

Allocator

Series

Schedule

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

Common

Stocks

(continued)

Household

Products

(continued)

Unicharm

Corp.

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

Japan

37,900

$

1,446,054

4,903,779

Independent

Power

and

Renewable

Electricity

Producers

0.3%

Corp.

ACCIONA

Energias

Renovables

SA

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

Spain

22,469

918,892

RWE

AG

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

Germany

47,912

2,133,087

3,051,979

Industrial

Conglomerates

1.2%

CK

Hutchison

Holdings

Ltd.

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

United

Kingdom

1,381,000

8,789,290

Hitachi

Ltd.

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

Japan

44,100

2,313,246

11,102,536

Insurance

5.5%

Japan

Post

Holdings

Co.

Ltd.

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

Japan

657,200

5,771,193

Legal

&

General

Group

plc

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

United

Kingdom

3,074,398

9,674,561

Medibank

Pvt

Ltd.

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

Australia

1,548,710

3,226,631

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen

..

Germany

9,685

3,498,456

NN

Group

NV

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

Netherlands

48,171

2,093,033

a

Poste

Italiane

SpA,

144A,

Reg

S

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

Italy

89,778

959,235

Sampo

OYJ,

A

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

Finland

77,262

4,056,403

Tokio

Marine

Holdings,

Inc.

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

Japan

376,200

7,881,218

Zurich

Insurance

Group

AG

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

Switzerland

26,166

12,939,844

50,100,574

Interactive

Media

&

Services

0.3%

a

Auto

Trader

Group

plc,

144A,

Reg

S

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

United

Kingdom

365,629

2,836,612

Internet

&

Direct

Marketing

Retail

0.5%

a,b

Zalando

SE,

144A,

Reg

S

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

Germany

58,066

2,708,033

ZOZO,

Inc.

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

Japan

75,900

1,968,025

4,676,058

IT

Services

1.2%

Edenred

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

France

78,417

4,271,528

Otsuka

Corp.

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

Japan

69,100

2,273,884

TIS,

Inc.

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

Japan

138,900

4,006,154

10,551,566

Leisure

Products

0.2%

Bandai

Namco

Holdings,

Inc.

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

Japan

32,000

2,140,454

Life

Sciences

Tools

&

Services

0.4%

Eurofins

Scientific

SE

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

Luxembourg

14,677

1,052,826

b

QIAGEN

NV

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

United

States

17,061

832,327

Sartorius

Stedim

Biotech

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

France

5,426

1,892,830

3,777,983

Machinery

3.3%

Atlas

Copco

AB,

A

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

Sweden

255,599

3,032,678

Atlas

Copco

AB,

B

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

Sweden

866,704

9,140,828

Komatsu

Ltd.

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

Japan

324,600

7,978,709

Mitsubishi

Heavy

Industries

Ltd.

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

Japan

195,500

7,667,319

NGK

Insulators

Ltd.

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

Japan

105,800

1,464,746

Volvo

AB,

A

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

Sweden

43,818

910,180

30,194,460

Marine

0.5%

AP

Moller

-

Maersk

A/S,

A

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

Denmark

1,523

3,245,626

Franklin

Fund

Allocator

Series

Schedule

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.

18

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Marine

(continued)

SITC

International

Holdings

Co.

Ltd.

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

China

758,000

$

1,656,053

4,901,679

Media

0.3%

Hakuhodo

DY

Holdings,

Inc.

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

Japan

140,300

1,516,620

Publicis

Groupe

SA

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

France

14,132

996,912

2,513,532

Metals

&

Mining

4.6%

BHP

Group

Ltd.

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

Australia

558,394

19,557,546

Fortescue

Metals

Group

Ltd.

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

Australia

455,189

7,190,474

Glencore

plc

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

Australia

1,447,322

9,692,160

Rio

Tinto

Ltd.

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

Australia

59,776

5,364,519

41,804,699

Multiline

Retail

0.3%

Next

plc

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

United

Kingdom

12,789

1,047,047

Wesfarmers

Ltd.

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

Australia

46,491

1,639,236

2,686,283

Multi-Utilities

0.9%

E.ON

SE

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

Germany

436,789

4,762,489

Engie

SA

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

France

223,051

3,167,441

7,929,930

Oil,

Gas

&

Consumable

Fuels

5.3%

BP

plc

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

United

Kingdom

1,580,917

9,548,754

Equinor

ASA

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

Norway

328,614

10,017,668

Idemitsu

Kosan

Co.

Ltd.

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

Japan

82,500

2,063,039

Inpex

Corp.

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

Japan

123,100

1,353,014

OMV

AG

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

Austria

36,236

1,815,153

Repsol

SA

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

Spain

188,082

3,089,735

Santos

Ltd.

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

Australia

543,473

2,774,560

Shell

plc

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

Netherlands

173,992

5,107,813

TotalEnergies

SE

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

France

195,187

12,067,170

47,836,906

Paper

&

Forest

Products

0.2%

Mondi

plc

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

Austria

115,802

2,183,689

Personal

Products

1.9%

Beiersdorf

AG

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

Germany

18,496

2,248,804

L'Oreal

SA

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

France

35,634

14,714,370

16,963,174

Pharmaceuticals

9.3%

AstraZeneca

plc

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

United

Kingdom

30,172

3,952,750

Bayer

AG

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

Germany

216,907

13,501,983

GSK

plc

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

United

States

723,878

12,714,429

Ipsen

SA

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

France

21,112

2,217,601

Novartis

AG

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

Switzerland

34,864

3,152,022

Novo

Nordisk

A/S,

B

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

Denmark

146,222

20,236,828

Orion

OYJ,

B

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

Finland

57,767

3,094,987

Roche

Holding

AG

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

United

States

57,903

18,075,603

Roche

Holding

AG,

BR

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

United

States

6,644

2,431,976

Sanofi

SA

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

France

49,826

4,879,409

84,257,588

Franklin

Fund

Allocator

Series

Schedule

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

19

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Professional

Services

1.9%

Persol

Holdings

Co.

Ltd.

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

Japan

45,800

$

1,004,420

Randstad

NV

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

Netherlands

62,538

4,008,769

RELX

plc

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

United

Kingdom

74,613

2,216,583

Wolters

Kluwer

NV

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

Netherlands

94,971

10,354,498

17,584,270

Real

Estate

Management

&

Development

1.4%

CK

Asset

Holdings

Ltd.

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

Hong

Kong

292,000

1,867,048

Daito

Trust

Construction

Co.

Ltd.

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

Japan

32,700

3,232,114

b

Fastighets

AB

Balder,

B

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

Sweden

318,735

1,642,051

Hulic

Co.

Ltd.

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

Japan

214,200

1,761,085

Nomura

Real

Estate

Holdings,

Inc.

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

Japan

71,700

1,580,664

Swire

Pacific

Ltd.,

A

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

Hong

Kong

289,000

2,648,568

12,731,530

Road

&

Rail

0.5%

Aurizon

Holdings

Ltd.

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

Australia

394,028

1,029,968

Kintetsu

Group

Holdings

Co.

Ltd.

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

Japan

112,500

3,664,406

4,694,374

Semiconductors

&

Semiconductor

Equipment

3.3%

Advantest

Corp.

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

Japan

96,200

6,897,300

ASML

Holding

NV

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

Netherlands

8,703

5,758,583

Disco

Corp.

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

Japan

4,900

1,472,460

STMicroelectronics

NV

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

Singapore

269,279

12,680,482

SUMCO

Corp.

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

Japan

194,200

2,878,080

29,686,905

Software

1.5%

b

Check

Point

Software

Technologies

Ltd.

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

Israel

37,027

4,709,835

Sage

Group

plc

(The)

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

United

Kingdom

590,566

5,673,735

WiseTech

Global

Ltd.

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

Australia

81,810

3,547,499

13,931,069

Specialty

Retail

0.8%

Industria

de

Diseno

Textil

SA

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

Spain

163,723

5,111,801

JD

Sports

Fashion

plc

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

United

Kingdom

613,389

1,236,310

USS

Co.

Ltd.

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

Japan

53,900

886,761

7,234,872

Technology

Hardware,

Storage

&

Peripherals

0.4%

Logitech

International

SA

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

Switzerland

13,095

766,277

Seiko

Epson

Corp.

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

Japan

168,000

2,605,945

3,372,222

Textiles,

Apparel

&

Luxury

Goods

3.4%

Burberry

Group

plc

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

United

Kingdom

218,431

6,653,341

Cie

Financiere

Richemont

SA

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

Switzerland

5,990

923,402

Hermes

International

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

France

2,041

3,819,925

LVMH

Moet

Hennessy

Louis

Vuitton

SE

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

France

16,354

14,277,297

Pandora

A/S

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

Denmark

36,683

3,054,806

Swatch

Group

AG

(The)

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

Switzerland

28,843

1,895,207

30,623,978

Tobacco

1.2%

Imperial

Brands

plc

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

United

Kingdom

277,841

6,969,706

c

Swedish

Match

AB

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

Sweden

314,685

3,462,316

10,432,022

Franklin

Fund

Allocator

Series

Schedule

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.

20

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Trading

Companies

&

Distributors

1.5%

Marubeni

Corp.

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

Japan

298,000

$

3,656,881

Mitsubishi

Corp.

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

Japan

284,800

9,538,999

13,195,880

Wireless

Telecommunication

Services

1.2%

KDDI

Corp.

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

Japan

344,500

10,765,851

Total

Common

Stocks

(Cost

$793,758,209)

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

899,255,762

Short

Term

Investments

0.3%

a

a

Country

Shares

a

Value

a

a

a

Money

Market

Funds

0.3%

d,e

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

3.969%

....

United

States

2,783,635

2,783,635

Total

Money

Market

Funds

(Cost

$2,783,635)

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

2,783,635

Total

Short

Term

Investments

(Cost

$2,783,635

)

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

2,783,635

a

Total

Investments

(Cost

$796,541,844)

99.2%

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

$902,039,397

Other

Assets,

less

Liabilities

0.8%

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

7,304,523

Net

Assets

100.0%

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

$909,343,920

See

Abbreviations

on

page

47

.

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,

2023,

the

aggregate

value

of

these

securities

was

$13,229,679,

representing

1.5%

of

net

assets.

b

Non-income

producing.

c

Fair

valued

using

significant

unobservable

inputs.

See

Note

9

regarding

fair

value

measurements.

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

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

21

a

Six

Months

Ended

January

31,

2023

(unaudited)

Year

Ended

July

31,

Year

Ended

July

31,

2020

a

2022

2021

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

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

$13.12

$14.99

$11.31

$10.00

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.12

0.24

0.21

0.21

Net

realized

and

unrealized

gains

(losses)

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

(0.23)

(0.81)

3.74

1.27

Total

from

investment

operations

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

(0.11)

(0.57)

3.95

1.48

Less

distributions

from:

Net

investment

income

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

(0.04)

(0.20)

(0.20)

(0.17)

Net

realized

gains

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

(0.41)

(1.10)

(0.07)

—

Total

distributions

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

(0.45)

(1.30)

(0.27)

(0.17)

Net

asset

value,

end

of

period

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

$12.56

$13.12

$14.99

$11.31

Total

return

d

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

(0.71)%

(4.42)%

35.39%

15.09%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

and

expense

reduction

.

0.01%

0.01%

0.01%

0.03%

Expenses

net

of

waiver

and

payments

by

affiliates

and

expense

reduction

f

.

—%

—%

—%

—%

Net

investment

income

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

1.82%

1.73%

1.60%

2.12%

Supplemental

data

Net

assets,

end

of

period

(000’s)

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

$1,894,388

$2,053,864

$1,316,677

$722,523

Portfolio

turnover

rate

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

45.82%

128.24%

98.39%

60.94%

a

For

the

period

August

19,

2019

(effective

date)

to

July

31,

2020.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited),

January

31,

2023

Franklin

U.S.

Core

Equity

(IU)

Fund

franklintempleton.com

Semiannual

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accompanying

notes

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financial

statements.

22

a

a

Shares

a

Value

a

Common

Stocks

99.1%

Aerospace

&

Defense

2.1%

General

Dynamics

Corp.

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

32,231

$

7,511,757

Lockheed

Martin

Corp.

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

67,825

31,420,609

38,932,366

Air

Freight

&

Logistics

0.7%

Expeditors

International

of

Washington,

Inc.

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

66,486

7,190,461

United

Parcel

Service,

Inc.,

B

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

34,619

6,412,477

13,602,938

Airlines

0.2%

a

Delta

Air

Lines,

Inc.

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

85,442

3,340,782

a

Auto

Components

0.1%

BorgWarner,

Inc.

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

55,505

2,624,276

Automobiles

1.0%

General

Motors

Co.

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

422,168

16,599,646

Thor

Industries,

Inc.

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

31,403

2,993,648

19,593,294

Banks

3.2%

Bank

of

America

Corp.

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

528,239

18,741,920

Bank

OZK

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

68,983

3,150,453

Citigroup,

Inc.

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

460,910

24,068,720

First

Horizon

Corp.

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

332,431

8,221,019

FNB

Corp.

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

218,888

3,123,532

JPMorgan

Chase

&

Co.

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

15,159

2,121,654

Prosperity

Bancshares,

Inc.

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

26,328

1,997,242

61,424,540

Beverages

1.6%

PepsiCo,

Inc.

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

179,484

30,695,354

Biotechnology

3.0%

Gilead

Sciences,

Inc.

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

263,930

22,154,284

a

Regeneron

Pharmaceuticals,

Inc.

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

29,244

22,180,697

a

Vertex

Pharmaceuticals,

Inc.

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

37,514

12,120,773

56,455,754

Building

Products

0.7%

a

Builders

FirstSource,

Inc.

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

89,696

7,148,771

Owens

Corning

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

56,741

5,484,018

12,632,789

Capital

Markets

3.5%

Affiliated

Managers

Group,

Inc.

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

23,171

4,002,559

Cboe

Global

Markets,

Inc.

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

67,617

8,308,777

Evercore,

Inc.,

A

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

22,488

2,919,167

FactSet

Research

Systems,

Inc.

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

23,777

10,056,244

Jefferies

Financial

Group,

Inc.

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

111,511

4,380,152

Lazard

Ltd.,

A

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

50,807

2,036,345

LPL

Financial

Holdings,

Inc.

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

50,990

12,090,749

MSCI,

Inc.

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

5,761

3,062,317

Raymond

James

Financial,

Inc.

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

51,970

5,860,657

SEI

Investments

Co.

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

63,839

3,985,469

State

Street

Corp.

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

104,513

9,545,172

66,247,608

Franklin

Fund

Allocator

Series

Schedule

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)

Chemicals

1.5%

Air

Products

and

Chemicals,

Inc.

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

5,805

$

1,860,560

CF

Industries

Holdings,

Inc.

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

122,527

10,378,037

LyondellBasell

Industries

NV,

A

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

44,471

4,299,901

Mosaic

Co.

(The)

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

92,231

4,569,124

RPM

International,

Inc.

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

80,166

7,207,725

28,315,347

Commercial

Services

&

Supplies

0.4%

Cintas

Corp.

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

6,596

2,926,909

a

Clean

Harbors,

Inc.

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

16,052

2,091,575

Rollins,

Inc.

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

63,417

2,308,379

7,326,863

Communications

Equipment

0.7%

a

Arista

Networks,

Inc.

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

24,938

3,142,687

Cisco

Systems,

Inc.

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

170,105

8,279,010

a

F5,

Inc.

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

13,409

1,979,973

13,401,670

Construction

&

Engineering

0.1%

Quanta

Services,

Inc.

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

12,844

1,954,728

Construction

Materials

0.1%

Eagle

Materials,

Inc.

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

14,289

2,087,337

Consumer

Finance

0.7%

OneMain

Holdings,

Inc.

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

52,774

2,276,670

Synchrony

Financial

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

276,487

10,155,368

12,432,038

Containers

&

Packaging

0.2%

Graphic

Packaging

Holding

Co.

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

182,002

4,384,428

Distributors

0.2%

Genuine

Parts

Co.

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

19,769

3,317,634

Diversified

Consumer

Services

0.2%

H&R

Block,

Inc.

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

96,147

3,747,810

Diversified

Financial

Services

0.5%

a

Berkshire

Hathaway,

Inc.,

B

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

33,008

10,282,652

a

Diversified

Telecommunication

Services

0.8%

AT&T,

Inc.

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

752,164

15,321,581

Electric

Utilities

1.9%

American

Electric

Power

Co.,

Inc.

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

279,489

26,260,786

NRG

Energy,

Inc.

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

143,448

4,908,791

OGE

Energy

Corp.

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

125,489

4,934,228

36,103,805

Electrical

Equipment

0.6%

Acuity

Brands,

Inc.

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

19,774

3,727,794

Hubbell,

Inc.

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

34,456

7,887,323

11,615,117

Electronic

Equipment,

Instruments

&

Components

0.6%

Avnet,

Inc.

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

42,726

1,960,269

Jabil,

Inc.

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

84,180

6,619,073

Franklin

Fund

Allocator

Series

Schedule

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

a

a

Shares

a

Value

a

Common

Stocks

(continued)

Electronic

Equipment,

Instruments

&

Components

(continued)

a

Keysight

Technologies,

Inc.

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

10,826

$

1,941,643

10,520,985

Energy

Equipment

&

Services

0.4%

Schlumberger

Ltd.

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

117,027

6,668,199

Entertainment

1.1%

Activision

Blizzard,

Inc.

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

103,551

7,928,900

Electronic

Arts,

Inc.

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

55,564

7,149,975

a

Walt

Disney

Co.

(The)

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

24,573

2,665,925

World

Wrestling

Entertainment,

Inc.,

A

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

26,364

2,230,922

19,975,722

Equity

Real

Estate

Investment

Trusts

(REITs)

2.8%

First

Industrial

Realty

Trust,

Inc.

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

80,263

4,282,031

Gaming

and

Leisure

Properties,

Inc.

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

36,169

1,937,212

Omega

Healthcare

Investors,

Inc.

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

146,197

4,304,040

Public

Storage

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

97,028

29,529,501

Simon

Property

Group,

Inc.

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

60,105

7,721,088

STORE

Capital

Corp.

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

159,908

5,150,637

52,924,509

Food

&

Staples

Retailing

1.8%

Albertsons

Cos.,

Inc.,

A

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

104,880

2,223,456

Kroger

Co.

(The)

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

408,137

18,215,154

a

Performance

Food

Group

Co.

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

31,122

1,908,401

Walmart,

Inc.

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

75,593

10,875,565

33,222,576

Food

Products

0.9%

Archer-Daniels-Midland

Co.

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

27,578

2,284,838

General

Mills,

Inc.

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

59,773

4,683,812

Hershey

Co.

(The)

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

45,035

10,114,861

17,083,511

Gas

Utilities

0.2%

National

Fuel

Gas

Co.

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

54,269

3,150,858

Health

Care

Equipment

&

Supplies

2.3%

Becton

Dickinson

and

Co.

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

7,661

1,932,257

a

Edwards

Lifesciences

Corp.

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

41,693

3,197,853

a

Hologic,

Inc.

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

149,502

12,164,978

a

IDEXX

Laboratories,

Inc.

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

39,843

19,144,561

a

QuidelOrtho

Corp.

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

29,524

2,527,550

ResMed,

Inc.

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

8,438

1,926,986

Zimmer

Biomet

Holdings,

Inc.

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

17,184

2,188,211

43,082,396

Health

Care

Providers

&

Services

4.1%

a

Centene

Corp.

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

34,509

2,630,966

Cigna

Corp.

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

8,223

2,603,977

CVS

Health

Corp.

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

157,318

13,878,594

Elevance

Health,

Inc.

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

41,136

20,567,589

Humana,

Inc.

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

9,543

4,883,153

McKesson

Corp.

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

68,955

26,111,879

UnitedHealth

Group,

Inc.

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

15,061

7,518,301

78,194,459

Franklin

Fund

Allocator

Series

Schedule

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

25

a

a

Shares

a

Value

a

Common

Stocks

(continued)

Hotels,

Restaurants

&

Leisure

1.6%

a

Booking

Holdings,

Inc.

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

3,023

$

7,358,284

Boyd

Gaming

Corp.

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

35,383

2,204,715

Choice

Hotels

International,

Inc.

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

18,182

2,234,386

Domino's

Pizza,

Inc.

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

14,062

4,963,886

McDonald's

Corp.

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

51,044

13,649,166

30,410,437

Household

Durables

0.3%

a

NVR,

Inc.

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

1,037

5,464,990

a

Household

Products

1.7%

Colgate-Palmolive

Co.

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

376,620

28,069,489

Kimberly-Clark

Corp.

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

14,768

1,919,988

Procter

&

Gamble

Co.

(The)

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

11,690

1,664,422

31,653,899

Industrial

Conglomerates

0.7%

3M

Co.

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

108,274

12,460,172

Insurance

2.6%

American

Financial

Group,

Inc.

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

12,750

1,818,023

Aon

plc,

A

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

32,857

10,470,869

a

Arch

Capital

Group

Ltd.

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

36,460

2,346,201

Assured

Guaranty

Ltd.

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

35,915

2,248,279

Chubb

Ltd.

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

22,272

5,066,657

Erie

Indemnity

Co.,

A

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

14,721

3,597,076

Principal

Financial

Group,

Inc.

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

150,166

13,897,863

Unum

Group

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

123,632

5,196,253

W

R

Berkley

Corp.

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

79,327

5,563,996

50,205,217

Interactive

Media

&

Services

5.2%

a

Alphabet,

Inc.,

A

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

349,309

34,525,701

a

Alphabet,

Inc.,

C

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

303,254

30,285,977

a

Meta

Platforms,

Inc.,

A

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

227,837

33,940,878

98,752,556

Internet

&

Direct

Marketing

Retail

2.9%

a

Amazon.com,

Inc.

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

421,748

43,494,871

eBay,

Inc.

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

191,873

9,497,714

a

Etsy,

Inc.

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

18,402

2,531,747

55,524,332

IT

Services

3.5%

Amdocs

Ltd.

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

75,745

6,963,238

Automatic

Data

Processing,

Inc.

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

24,018

5,423,505

Cognizant

Technology

Solutions

Corp.,

A

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

54,965

3,668,914

a

DXC

Technology

Co.

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

142,120

4,083,108

a

Gartner,

Inc.

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

8,181

2,766,323

Genpact

Ltd.

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

114,735

5,424,671

Jack

Henry

&

Associates,

Inc.

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

45,390

8,174,285

Mastercard,

Inc.,

A

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

15,403

5,708,352

Paychex,

Inc.

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

151,432

17,544,911

a

VeriSign,

Inc.

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

13,529

2,949,998

Western

Union

Co.

(The)

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

241,936

3,428,233

66,135,538

Franklin

Fund

Allocator

Series

Schedule

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.

26

a

a

Shares

a

Value

a

Common

Stocks

(continued)

Life

Sciences

Tools

&

Services

1.7%

Agilent

Technologies,

Inc.

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

15,537

$

2,362,867

a

Mettler-Toledo

International,

Inc.

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

13,567

20,797,126

a

Waters

Corp.

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

29,537

9,705,267

32,865,260

Machinery

2.0%

AGCO

Corp.

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

21,878

3,022,008

Allison

Transmission

Holdings,

Inc.

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

57,845

2,607,652

Deere

&

Co.

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

5,194

2,196,231

Lincoln

Electric

Holdings,

Inc.

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

34,616

5,776,372

PACCAR,

Inc.

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

120,003

13,117,528

Snap-on,

Inc.

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

32,668

8,125,512

Timken

Co.

(The)

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

37,785

3,111,595

37,956,898

Media

0.7%

Comcast

Corp.,

A

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

265,999

10,467,061

Nexstar

Media

Group,

Inc.,

A

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

17,808

3,646,544

14,113,605

Metals

&

Mining

0.9%

Nucor

Corp.

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

101,805

17,207,081

Multiline

Retail

0.2%

Macy's,

Inc.

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

159,799

3,776,050

Multi-Utilities

1.0%

Consolidated

Edison,

Inc.

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

149,089

14,209,673

Sempra

Energy

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

31,661

5,076,208

19,285,881

Oil,

Gas

&

Consumable

Fuels

4.6%

APA

Corp.

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

205,624

9,115,312

Chesapeake

Energy

Corp.

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

73,516

6,375,307

Chevron

Corp.

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

88,588

15,416,084

Devon

Energy

Corp.

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

32,258

2,039,996

EQT

Corp.

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

53,584

1,750,589

Exxon

Mobil

Corp.

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

187,362

21,735,866

Valero

Energy

Corp.

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

214,122

29,983,504

a

Vitesse

Energy,

Inc.

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

13,122

209,427

86,626,085

Personal

Products

0.1%

Estee

Lauder

Cos.,

Inc.

(The),

A

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

10,148

2,811,808

Pharmaceuticals

4.7%

Bristol-Myers

Squibb

Co.

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

229,655

16,684,436

Johnson

&

Johnson

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

32,415

5,297,259

Merck

&

Co.,

Inc.

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

364,580

39,159,538

Pfizer,

Inc.

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

610,707

26,968,821

88,110,054

Professional

Services

0.4%

Booz

Allen

Hamilton

Holding

Corp.

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

41,792

3,955,195

Robert

Half

International,

Inc.

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

26,189

2,198,828

Science

Applications

International

Corp.

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

16,347

1,696,492

7,850,515

Franklin

Fund

Allocator

Series

Schedule

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

27

a

a

Shares

a

Value

a

Common

Stocks

(continued)

Real

Estate

Management

&

Development

0.3%

a

Jones

Lang

LaSalle,

Inc.

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

29,543

$

5,461,614

a

Road

&

Rail

0.5%

a

Avis

Budget

Group,

Inc.

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

15,649

3,130,426

Ryder

System,

Inc.

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

30,356

2,865,910

U-Haul

Holding

Co.

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

50,758

3,136,337

9,132,673

Semiconductors

&

Semiconductor

Equipment

5.0%

Broadcom,

Inc.

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

8,635

5,051,561

a

Cirrus

Logic,

Inc.

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

33,214

3,002,214

a

Enphase

Energy,

Inc.

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

33,358

7,384,794

KLA

Corp.

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

7,972

3,128,851

Microchip

Technology,

Inc.

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

44,336

3,441,360

a

ON

Semiconductor

Corp.

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

213,534

15,684,072

QUALCOMM,

Inc.

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

162,027

21,583,617

Texas

Instruments,

Inc.

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

201,909

35,780,294

95,056,763

Software

9.8%

a

Cadence

Design

Systems,

Inc.

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

172,162

31,476,378

a

Fair

Isaac

Corp.

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

14,832

9,877,370

a

Fortinet,

Inc.

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

380,342

19,907,100

a

Manhattan

Associates,

Inc.

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

39,180

5,107,505

Microsoft

Corp.

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

420,074

104,098,537

a

Synopsys,

Inc.

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

20,969

7,417,784

a

Teradata

Corp.

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

62,936

2,195,208

a

VMware,

Inc.,

A

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

45,116

5,525,357

185,605,239

Specialty

Retail

2.8%

a

AutoZone,

Inc.

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

5,284

12,886,883

Home

Depot,

Inc.

(The)

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

30,048

9,740,660

Lowe's

Cos.,

Inc.

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

9,302

1,937,142

Penske

Automotive

Group,

Inc.

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

15,958

2,039,752

TJX

Cos.,

Inc.

(The)

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

68,725

5,625,829

a

Ulta

Beauty,

Inc.

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

30,940

15,901,922

Williams-Sonoma,

Inc.

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

40,244

5,430,525

53,562,713

Technology

Hardware,

Storage

&

Peripherals

5.8%

Apple,

Inc.

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

664,982

95,950,253

Hewlett

Packard

Enterprise

Co.

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

791,233

12,762,588

a

Pure

Storage,

Inc.,

A

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

66,177

1,915,162

110,628,003

Textiles,

Apparel

&

Luxury

Goods

0.5%

a

Deckers

Outdoor

Corp.

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

16,539

7,070,091

a

Lululemon

Athletica,

Inc.

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

5,544

1,701,343

8,771,434

Thrifts

&

Mortgage

Finance

0.1%

MGIC

Investment

Corp.

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

185,260

2,615,871

Tobacco

0.7%

Altria

Group,

Inc.

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

235,493

10,606,605

Franklin

Fund

Allocator

Series

Schedule

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.

28

a

a

Shares

a

Value

a

Common

Stocks

(continued)

Tobacco

(continued)

Philip

Morris

International,

Inc.

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

34,335

$

3,579,080

14,185,685

Trading

Companies

&

Distributors

0.3%

WW

Grainger,

Inc.

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

9,071

5,347,173

Water

Utilities

0.1%

Essential

Utilities,

Inc.

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

38,342

1,791,722

Wireless

Telecommunication

Services

0.2%

a

T-Mobile

US,

Inc.

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

26,389

3,940,142

a

Total

Common

Stocks

(Cost

$1,669,162,930)

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

1,877,973,336

a

a

a

a

Short

Term

Investments

0.8%

a

Money

Market

Funds

0.8%

b,c

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

3.969%

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

15,806,126

15,806,126

Total

Money

Market

Funds

(Cost

$15,806,126)

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

15,806,126

Total

Short

Term

Investments

(Cost

$15,806,126

)

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

15,806,126

a

Total

Investments

(Cost

$1,684,969,056)

99.9%

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

$1,893,779,462

Other

Assets,

less

Liabilities

0.1%

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

608,088

Net

Assets

100.0%

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

$1,894,387,550

See

Abbreviations

on

page

47

.

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,

2023

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

29

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

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

$107,671,665

$793,758,209

$1,669,162,930

Cost

-

Non-controlled

affiliates

(Note

3d)

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

290,959

2,783,635

15,806,126

Value

-

Unaffiliated

issuers

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

$114,007,143

$899,255,762

$1,877,973,336

Value

-

Non-controlled

affiliates

(Note

3d)

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

290,959

2,783,635

15,806,126

Cash

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

—

2,568

—

Foreign

currency,

at

value

(cost

$1,655,

$362

and

$–

respectively)

....

1,657

360

—

Receivables:

Investment

securities

sold

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

—

252,695

40,641,699

Capital

shares

sold

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

1,343,222

74,998,141

18,181,166

Dividends

and

interest

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

708,953

1,205,798

1,424,942

Foreign

tax

refund

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

17,283

—

—

European

Union

tax

reclaims

(Note

1

d

)

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

—

237,926

—

Affiliates

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

31,657

35,636

61,497

Total

assets

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

116,400,874

978,772,521

1,954,088,766

Liabilities:

Payables:

Investment

securities

purchased

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

202,119

62,165,892

51,649

Capital

shares

redeemed

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

4,432

7,207,034

59,598,485

Custodian

fees

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

44,582

90

—

Professional

fees

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

37,351

40,917

34,386

Trustees'

fees

and

expenses

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

1,628

4

9

Accrued

expenses

and

other

liabilities

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

20,844

14,664

16,687

Total

liabilities

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

310,956

69,428,601

59,701,216

Net

assets,

at

value

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

$116,089,918

$909,343,920

$1,894,387,550

Net

assets

consist

of:

Paid-in

capital

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

$122,736,123

$855,555,603

$1,772,782,968

Total

distributable

earnings

(losses)

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

(6,646,205)

53,788,317

121,604,582

Net

assets,

at

value

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

$116,089,918

$909,343,920

$1,894,387,550

Shares

outstanding

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

12,111,272

84,028,139

150,921,060

Net

asset

value

per

share

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

$9.59

$10.82

$12.56

Franklin

Fund

Allocator

Series

Financial

Statements

Statements

of

Operations

for

the

period

ended

January

31,

2023

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

30

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

$214,475,

$681,612

and

$3,123,

respectively)

Unaffiliated

issuers:

Paid

in

cash

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

$1,769,262

$9,258,560

$17,321,976

Non-controlled

affiliates

(Note

3

d

)

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

11,399

69,013

206,964

Other

income

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

—

139,492

a,b

8,541

a

Total

investment

income

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

1,780,661

9,467,065

17,537,481

Expenses:

Custodian

fees

(Note

4

)

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

26,990

15,483

4,588

Reports

to

shareholders

fees

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

425

437

433

Registration

and

filing

fees

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

32,215

34,834

40,206

Professional

fees

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

29,615

26,626

18,829

Trustees'

fees

and

expenses

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

1,177

3,331

9,893

Pricing

fees

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

(6,515)

(8,093)

4,868

Interest

expense

(Note

3e

)

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

1,776

1,730

—

Other

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

10,843

15,993

12,450

Total

expenses

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

96,526

90,341

91,267

Expenses

waived/paid

by

affiliates

(Note

3

d

and

3

e

)

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

(96,526)

(90,341)

(91,267)

Net

expenses

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

—

—

—

Net

investment

income

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

1,780,661

9,467,065

17,537,481

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

(net

of

foreign

taxes

of

$45,941,

$–

and

$–

respectively)

Unaffiliated

issuers

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

(5,450,886)

(22,054,959)

(65,814,759)

Foreign

currency

transactions

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

42,433

248,818

—

Net

realized

gain

(loss)

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

(5,408,453)

(21,806,141)

(65,814,759)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

10,208,994

71,611,312

29,037,636

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

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

56,371

277,143

—

Change

in

deferred

taxes

on

unrealized

appreciation

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

84,447

—

—

Net

change

in

unrealized

appreciation

(depreciation)

..........

10,349,812

71,888,455

29,037,636

Net

realized

and

unrealized

gain

(loss)

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

4,941,359

50,082,314

(36,777,123)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

........

$6,722,020

$59,549,379

$(19,239,642)

a

Other

income

includes

payments

by

Advisers

for

acquired

fund

fees

and

expenses

(See

Note

3e).

b

Other

income

includes

income

from

EU

reclaims

(See

Note

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

31

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

Franklin

International

Core

Equity

(IU)

Fund

Six

Months

Ended

January

31,

2023

(unaudited)

Year

Ended

July

31,

2022

Six

Months

Ended

January

31,

2023

(unaudited)

Year

Ended

July

31,

2022

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$1,780,661

$3,678,471

$9,467,065

$11,937,300

Net

realized

gain

(loss)

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

(5,408,453)

(5,771,077)

(21,806,141)

(23,331,941)

Net

change

in

unrealized

appreciation

(depreciation)

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

10,349,812

(21,114,530)

71,888,455

(28,023,908)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

6,722,020

(23,207,136)

59,549,379

(39,418,549)

Distributions

to

shareholders

.........

(2,286,934)

(3,917,204)

(9,369,474)

(33,759,067)

Capital

share

transactions

(Note

2

)

.....

2,525,996

19,610,017

58,406,548

513,559,733

Net

increase

(decrease)

in

net

assets

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

6,961,082

(7,514,323)

108,586,453

440,382,117

Net

assets:

Beginning

of

period

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

109,128,836

116,643,159

800,757,467

360,375,350

End

of

period

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

$116,089,918

$109,128,836

$909,343,920

$800,757,467

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.

32

Franklin

U.S.

Core

Equity

(IU)

Fund

Six

Months

Ended

January

31,

2023

(unaudited)

Year

Ended

July

31,

2022

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$17,537,481

$23,185,045

Net

realized

gain

(loss)

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

(65,814,759)

51,240,154

Net

change

in

unrealized

appreciation

(depreciation)

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

29,037,636

(65,826,833)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

(19,239,642)

8,598,366

Distributions

to

shareholders

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

(66,885,225)

(118,026,381)

Capital

share

transactions

(Note

2

)

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

(73,351,167)

846,614,494

Net

increase

(decrease)

in

net

assets

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

(159,476,034)

737,186,479

Net

assets:

Beginning

of

period

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

2,053,863,584

1,316,677,105

End

of

period

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

$1,894,387,550

$2,053,863,584

Franklin

Fund

Allocator

Series

33

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).

The

Trust

follows

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standard

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946.

The

following

summarizes

the

Funds’

significant

accounting

policies.

a.

Financial

Instrument

Valuation 

The Funds'

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The Funds calculate the

net

asset

value

(NAV)

per

share

each

business

day

as

of

4

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the

Trust’s

Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Funds’

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Funds'

administrator

in

performing

this

responsibility,

including

leading

the

cross-

functional

Valuation

Committee

(VC).

The

Funds

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value. 

Equity

securities

and

exchange

traded

funds

listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price of

the

day,

respectively.

Foreign

equity

securities

are

valued

as

of

the

close

of

trading

on

the

foreign

stock

exchange

on

which

the

security

is

primarily

traded,

or

as

of

4

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

4

p.m.

Eastern

time

on

the

day

that

the

value

of

the

security

is

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities. 

Investments

in

open-end

mutual

funds

are

valued

at

the

closing

NAV.

The

Funds

have

procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the

Funds

primarily

employ

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed.

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

4

p.m.

Eastern

time.

In

addition,

trading

in

certain

foreign

markets

may

not

take

place

on

every

Funds'

business

day.

Events

can

occur

between

the

time

at

which

trading

in

a

foreign

security

is

completed

and

4

p.m.

Eastern

time

that

might

call

into

question

the

reliability

of

the

value

of

a

portfolio

security

held

by

the

Fund.

As

a

result,

differences

may

arise

between

the

value

of

the Funds'

portfolio

securities

as

determined

at

the

foreign

market

close

and

the

latest

indications

of

value

at

4

p.m.

Eastern

time.

In

order

to

minimize

the

potential

for

these

differences,

an

independent

pricing

service

may

be

used

to

adjust

the

value

of

the

Funds'

portfolio

securities

to

the

latest

indications

of

fair

value

at

4

p.m.

Eastern

time.

At

January

31,

2023,

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

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

34

franklintempleton.com

Semiannual

Report

of

the

reporting

period.

Any

security

valuation

changes

due

to

an

open

foreign

market

are

adjusted

and

reflected

by

the

Funds

for

financial

reporting

purposes.

b.

Foreign

Currency

Translation 

Portfolio

securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

based

on

the

exchange

rate

of

such

currencies

against

U.S.

dollars

on

the

date

of

valuation.

The

Funds

may

enter

into

foreign

currency

exchange

contracts

to

facilitate

transactions

denominated

in

a

foreign

currency.

Purchases

and

sales

of

securities,

income

and

expense

items

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

in

effect

on

the

transaction

date.

Portfolio

securities

and

assets

and

liabilities

denominated

in

foreign

currencies

contain

risks

that

those

currencies

will

decline

in

value

relative

to

the

U.S.

dollar.

Occasionally,

events

may

impact

the

availability

or

reliability

of

foreign

exchange

rates

used

to

convert

the

U.S.

dollar

equivalent

value.

If

such

an

event

occurs,

the

foreign

exchange

rate

will

be

valued

at

fair

value

using

procedures

established

and

approved

by

the

Board.

The

Funds

do

not

separately

report

the

effect

of

changes

in

foreign

exchange

rates

from

changes

in

market

prices

on

securities

held.

Such

changes

are

included

in

net

realized

and

unrealized

gain

or

loss

from

investments

in

the

Statements

of

Operations.

Realized

foreign

exchange

gains

or

losses

arise

from

sales

of

foreign

currencies,

currency

gains

or

losses

realized

between

the

trade

and

settlement

dates

on

securities

transactions

and

the

difference

between

the

recorded

amounts

of

dividends,

interest,

and

foreign

withholding

taxes

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

in

foreign

exchange

rates

on

foreign

denominated

assets

and

liabilities

other

than

investments

in

securities

held

at

the

end

of

the

reporting

period.

c.

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.

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

1.

Organization

and

Significant

Accounting

Policies

(continued)

a.

Financial

Instrument

Valuation 

(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

35

franklintempleton.com

Semiannual

Report

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

January

31,

2023,

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).

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)

d.

Income

and

Deferred

Taxes

(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

36

franklintempleton.com

Semiannual

Report

2.

Shares

of

Beneficial

Interest

At

January

31,

2023,

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

Six

Months

ended

January

31,

2023

Shares

sold

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

546,933

$4,702,957

10,774,699

$111,218,051

Shares

issued

in

reinvestment

of

distributions

..........

267,458

2,286,934

1,042,580

9,369,474

Shares

redeemed

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

(525,906)

(4,463,895)

(6,457,559)

(62,180,977)

Net

increase

(decrease)

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

288,485

$2,525,996

5,359,720

$58,406,548

Year

ended

July

31,

2022

Shares

sold

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

3,389,370

$35,059,730

60,523,652

$614,058,141

Shares

issued

in

reinvestment

of

distributions

..........

381,790

3,917,204

2,902,155

33,759,067

Shares

redeemed

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

(1,809,754)

(19,366,917)

(12,298,376)

(134,257,475)

Net

increase

(decrease)

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

1,961,406

$19,610,017

51,127,431

$513,559,733

Franklin

U.S.

Core

Equity

(IU)

Fund

Shares

Amount

Class

A

Six

Months

ended

January

31,

2023

Shares

sold

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

3,477,290

$43,466,938

Shares

issued

in

reinvestment

of

distributions

..........

5,546,326

66,885,225

Shares

redeemed

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

(14,649,010)

(183,703,330)

Net

increase

(decrease)

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

(5,625,394)

$(73,351,167)

Year

ended

July

31,

2022

Shares

sold

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

80,697,663

$1,013,215,277

Shares

issued

in

reinvestment

of

distributions

..........

8,310,364

118,026,381

Shares

redeemed

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

(20,294,121)

(284,627,164)

Net

increase

(decrease)

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

68,713,906

$846,614,494

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)

37

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,

2023,

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,

3.969%

$

2,085,742

$

15,721,848

$

(17,516,631)

$

—

$

—

$

290,959

290,959

$

11,399

Total

Affiliated

Securities

...

$2,085,742

$15,721,848

$(17,516,631)

$—

$—

$290,959

$11,399

Franklin

International

Core

Equity

(IU)

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

3.969%

$

7,114,441

$

45,806,823

(50,137,629)

$

—

$

—

$

2,783,635

2,783,635

$

69,013

Total

Affiliated

Securities

...

$7,114,441

$45,806,823

$(50,137,629)

$—

$—

$2,783,635

$69,013

Franklin

U.S.

Core

Equity

(IU)

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

3.969%

$

19,849,812

$

37,565,350

$

(41,609,036)

$

—

$

—

$

15,806,126

15,806,126

$

206,964

Total

Affiliated

Securities

...

$19,849,812

$37,565,350

$(41,609,036)

$—

$—

$15,806,126

$206,964

3.

Transactions

with

Affiliates

(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

38

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,

2023.

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,

2023,

are

reflected

as

other

income

in

the

Statements

of

Operations.

f.

Other

Affiliated

Transactions

At

January

31,

2023,

the

shares

of

the

Funds

were

owned

by

the

following

investment

companies:

Shares

Percentage

of

Outstanding

Shares

a

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

Franklin

Conservative

Allocation

Fund

1,377,786

11.4%

Franklin

Moderate

Allocation

Fund

3,428,806

28.3%

Franklin

Growth

Allocation

Fund

3,297,494

27.2%

Franklin

Equity

Portfolio

125

0.0%

Franklin

LifeSmart

2020

Retirement

Target

Fund

89,795

0.7%

Franklin

LifeSmart

2025

Retirement

Target

Fund

374,165

3.1%

Franklin

LifeSmart

2030

Retirement

Target

Fund

212,029

1.8%

Franklin

LifeSmart

2035

Retirement

Target

Fund

478,604

4.0%

Franklin

LifeSmart

2040

Retirement

Target

Fund

192,733

1.6%

Franklin

LifeSmart

2045

Retirement

Target

Fund

400,750

3.3%

Franklin

LifeSmart

2050

Retirement

Target

Fund

184,182

1.5%

Franklin

LifeSmart

2055

Retirement

Target

Fund

133,216

1.1%

Franklin

LifeSmart

2060

Retirement

Target

Fund

16,533

0.1%

Franklin

Total

Advantage

2020

Fund

51,482

0.4%

Franklin

Total

Advantage

2025

Fund

117,931

1.0%

Franklin

Total

Advantage

2030

Fund

190,291

1.6%

Franklin

Total

Advantage

2035

Fund

177,310

1.5%

Franklin

Total

Advantage

2040

Fund

133,906

1.1%

Franklin

Total

Advantage

2045

Fund

115,015

0.9%

Franklin

Total

Advantage

2050

Fund

83,349

0.7%

Franklin

Total

Advantage

2055

Fund

52,839

0.4%

Franklin

Total

Advantage

2060

Fund

35,097

0.3%

Franklin

Total

Advantage

Retirement

Fund

13,847

0.1%

Superior

Officer

Council

Balanced

Fund

953,987

7.9%

Total

12,111,272

100.0%

Franklin

International

Core

Equity

(IU)

Fund

Franklin

Conservative

Allocation

Fund

4,286,621

5.1%

Franklin

Moderate

Allocation

Fund

10,848,172

12.9%

Franklin

Growth

Allocation

Fund

10,749,581

12.8%

Franklin

Aggressive

Growth

Allocation

529

Portfolio

4,364,449

5.2%

Franklin

Conservative

Allocation

Age

11

-

12

Years

529

Portfolio

137,063

0.2%

Franklin

Conservative

Allocation

Age

13

-

14

Years

529

Portfolio

138,370

0.2%

Franklin

Conservative

Allocation

Age

15

-

16

Years

529

Portfolio

137,583

0.2%

Franklin

Conservative

Allocation

Age

17

Years

529

Portfolio

62,062

0.1%

Franklin

Conservative

Allocation

Age

18

Years

529

Portfolio

42,349

0.1%

Franklin

Conservative

Allocation

Age

19+

Years

529

Portfolio

23,765

0.0%

3.

Transactions

with

Affiliates

(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

39

franklintempleton.com

Semiannual

Report

Franklin

Conservative

Allocation

Age

5

-

6

Years

529

Portfolio

36,620

0.0%

Franklin

Conservative

Allocation

Age

7

-

8

Years

529

Portfolio

77,628

0.1%

Franklin

Conservative

Allocation

Age

9

-

10

Years

529

Portfolio

108,359

0.1%

Franklin

Conservative

Allocation

Newborn

-

4

Years

529

Portfolio

49,499

0.1%

Franklin

Conservative

Growth

Allocation

529

Portfolio

179,853

0.2%

Franklin

Equity

Portfolio

188

0.0%

Franklin

Growth

Allocation

529

Portfolio

4,753,367

5.6%

Franklin

Growth

Allocation

Age

11

-

12

Years

529

Portfolio

3,518,270

4.2%

Franklin

Growth

Allocation

Age

13

-

14

Years

529

Portfolio

3,996,581

4.8%

Franklin

Growth

Allocation

Age

15

-

16

Years

529

Portfolio

4,272,369

5.1%

Franklin

Growth

Allocation

Age

17

Years

529

Portfolio

1,765,143

2.1%

Franklin

Growth

Allocation

Age

18

Years

529

Portfolio

1,041,714

1.2%

Franklin

Growth

Allocation

Age

19+

Years

529

Portfolio

1,107,206

1.3%

Franklin

Growth

Allocation

Age

5

-

6

Years

529

Portfolio

1,871,448

2.2%

Franklin

Growth

Allocation

Age

7

-

8

Years

529

Portfolio

2,716,855

3.2%

Franklin

Growth

Allocation

Age

9

-

10

Years

529

Portfolio

3,137,307

3.7%

Franklin

Growth

Allocation

Newborn

-

4

Years

529

Portfolio

2,064,171

2.5%

Franklin

LifeSmart

2020

Retirement

Target

Fund

265,912

0.3%

Franklin

LifeSmart

2025

Retirement

Target

Fund

1,120,328

1.3%

Franklin

LifeSmart

2030

Retirement

Target

Fund

649,564

0.8%

Franklin

LifeSmart

2035

Retirement

Target

Fund

1,464,845

1.7%

Franklin

LifeSmart

2040

Retirement

Target

Fund

596,922

0.7%

Franklin

LifeSmart

2045

Retirement

Target

Fund

1,211,423

1.4%

Franklin

LifeSmart

2050

Retirement

Target

Fund

561,573

0.7%

Franklin

LifeSmart

2055

Retirement

Target

Fund

426,893

0.5%

Franklin

LifeSmart

2060

Retirement

Target

Fund

52,034

0.1%

Franklin

Moderate

Allocation

529

Portfolio

1,239,640

1.5%

Franklin

Moderate

Allocation

Age

11

-

12

Years

529

Portfolio

1,182,011

1.4%

Franklin

Moderate

Allocation

Age

13

-

14

Years

529

Portfolio

937,104

1.1%

Franklin

Moderate

Allocation

Age

15

-

16

Years

529

Portfolio

767,999

0.9%

Franklin

Moderate

Allocation

Age

17

Years

529

Portfolio

313,670

0.4%

Franklin

Moderate

Allocation

Age

18

Years

529

Portfolio

155,047

0.2%

Franklin

Moderate

Allocation

Age

19+

Years

529

Portfolio

142,015

0.2%

Franklin

Moderate

Allocation

Age

5

-

6

Years

529

Portfolio

410,457

0.5%

Franklin

Moderate

Allocation

Age

7

-

8

Years

529

Portfolio

717,329

0.9%

Franklin

Moderate

Allocation

Age

9

-

10

Years

529

Portfolio

944,079

1.1%

Franklin

Moderate

Allocation

Newborn

-

4

Years

529

Portfolio

398,364

0.5%

Franklin

Moderate

Growth

Allocation

529

Portfolio

2,229,102

2.6%

Franklin

Total

Advantage

2020

Fund

159,555

0.2%

Franklin

Total

Advantage

2025

Fund

348,547

0.4%

Franklin

Total

Advantage

2030

Fund

562,412

0.7%

Franklin

Total

Advantage

2035

Fund

534,760

0.6%

Franklin

Total

Advantage

2040

Fund

355,174

0.4%

Franklin

Total

Advantage

2045

Fund

291,237

0.3%

Franklin

Total

Advantage

2050

Fund

236,742

0.3%

Franklin

Total

Advantage

2055

Fund

150,921

0.2%

Franklin

Total

Advantage

2060

Fund

101,139

0.1%

Franklin

Total

Advantage

Retirement

Fund

43,028

0.1%

Superior

Officer

Council

Balanced

Fund

3,780,391

4.5%

Superior

Officer

Council

Senior

Balanced

Fund

191,329

0.2%

Total

84,028,139

100.0%

Franklin

U.S.

Core

Equity

(IU)

Fund

Franklin

Conservative

Allocation

Fund

11,330,351

7.5%

Franklin

Moderate

Allocation

Fund

28,649,222

19.0%

Franklin

Growth

Allocation

Fund

28,371,247

18.8%

3.

Transactions

with

Affiliates

(continued)

f.

Other

Affiliated

Transactions

(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

40

franklintempleton.com

Semiannual

Report

Franklin

Aggressive

Growth

Allocation

529

Portfolio

6,318,763

4.2%

Franklin

Conservative

Allocation

Age

11

-

12

Years

529

Portfolio

198,460

0.1%

Franklin

Conservative

Allocation

Age

13

-

14

Years

529

Portfolio

200,321

0.1%

Franklin

Conservative

Allocation

Age

15

-

16

Years

529

Portfolio

199,179

0.1%

Franklin

Conservative

Allocation

Age

17

Years

529

Portfolio

89,827

0.1%

Franklin

Conservative

Allocation

Age

18

Years

529

Portfolio

61,321

0.0%

Franklin

Conservative

Allocation

Age

19+

Years

529

Portfolio

34,383

0.0%

Franklin

Conservative

Allocation

Age

5

-

6

Years

529

Portfolio

53,005

0.0%

Franklin

Conservative

Allocation

Age

7

-

8

Years

529

Portfolio

112,383

0.1%

Franklin

Conservative

Allocation

Age

9

-

10

Years

529

Portfolio

156,867

0.1%

Franklin

Conservative

Allocation

Newborn

-

4

Years

529

Portfolio

71,690

0.0%

Franklin

Conservative

Growth

Allocation

529

Portfolio

260,407

0.2%

Franklin

Equity

Portfolio

519

0.0%

Franklin

Growth

Allocation

529

Portfolio

6,881,358

4.6%

Franklin

Growth

Allocation

Age

11

-

12

Years

529

Portfolio

5,094,298

3.4%

Franklin

Growth

Allocation

Age

13

-

14

Years

529

Portfolio

5,786,757

3.8%

Franklin

Growth

Allocation

Age

15

-

16

Years

529

Portfolio

6,186,251

4.1%

Franklin

Growth

Allocation

Age

17

Years

529

Portfolio

2,555,910

1.7%

Franklin

Growth

Allocation

Age

18

Years

529

Portfolio

1,508,823

1.0%

Franklin

Growth

Allocation

Age

19+

Years

529

Portfolio

1,603,792

1.1%

Franklin

Growth

Allocation

Age

5

-

6

Years

529

Portfolio

2,709,595

1.8%

Franklin

Growth

Allocation

Age

7

-

8

Years

529

Portfolio

3,933,862

2.6%

Franklin

Growth

Allocation

Age

9

-

10

Years

529

Portfolio

4,542,557

3.0%

Franklin

Growth

Allocation

Newborn

-

4

Years

529

Portfolio

3,133,597

2.1%

Franklin

LifeSmart

2020

Retirement

Target

Fund

398,032

0.3%

Franklin

LifeSmart

2025

Retirement

Target

Fund

1,678,324

1.1%

Franklin

LifeSmart

2030

Retirement

Target

Fund

970,791

0.6%

Franklin

LifeSmart

2035

Retirement

Target

Fund

2,189,490

1.5%

Franklin

LifeSmart

2040

Retirement

Target

Fund

862,327

0.6%

Franklin

LifeSmart

2045

Retirement

Target

Fund

1,813,075

1.2%

Franklin

LifeSmart

2050

Retirement

Target

Fund

765,270

0.5%

Franklin

LifeSmart

2055

Retirement

Target

Fund

505,122

0.3%

Franklin

LifeSmart

2060

Retirement

Target

Fund

65,398

0.1%

Franklin

LifeSmart

Retirement

Income

Fund

111,624

0.1%

Franklin

Moderate

Allocation

529

Portfolio

1,794,863

1.2%

Franklin

Moderate

Allocation

Age

11

-

12

Years

529

Portfolio

1,711,361

1.1%

Franklin

Moderate

Allocation

Age

13

-

14

Years

529

Portfolio

1,356,832

0.9%

Franklin

Moderate

Allocation

Age

15

-

16

Years

529

Portfolio

1,111,997

0.7%

Franklin

Moderate

Allocation

Age

17

Years

529

Portfolio

454,118

0.3%

Franklin

Moderate

Allocation

Age

18

Years

529

Portfolio

224,550

0.1%

Franklin

Moderate

Allocation

Age

19+

Years

529

Portfolio

205,663

0.1%

Franklin

Moderate

Allocation

Age

5

-

6

Years

529

Portfolio

594,248

0.4%

Franklin

Moderate

Allocation

Age

7

-

8

Years

529

Portfolio

1,038,631

0.7%

Franklin

Moderate

Allocation

Age

9

-

10

Years

529

Portfolio

1,366,913

1.0%

Franklin

Moderate

Allocation

Newborn

-

4

Years

529

Portfolio

576,577

0.4%

Franklin

Moderate

Growth

Allocation

529

Portfolio

3,227,225

2.1%

Franklin

Total

Advantage

2020

Fund

221,396

0.1%

Franklin

Total

Advantage

2025

Fund

465,951

0.3%

Franklin

Total

Advantage

2030

Fund

718,184

0.5%

Franklin

Total

Advantage

2035

Fund

581,228

0.4%

Franklin

Total

Advantage

2040

Fund

411,668

0.3%

Franklin

Total

Advantage

2045

Fund

352,070

0.2%

Franklin

Total

Advantage

2050

Fund

254,098

0.2%

Franklin

Total

Advantage

2055

Fund

160,753

0.1%

Franklin

Total

Advantage

2060

Fund

105,993

0.1%

3.

Transactions

with

Affiliates

(continued)

f.

Other

Affiliated

Transactions

(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

41

franklintempleton.com

Semiannual

Report

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,

2023,

the

custodian

fees

were

reduced

as

noted

in

the

Statements

of

Operations. 

5.

Income

Taxes

For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains.

At

July

31,

2022,

the

capital

loss

carryforwards

were

as

follows:

For

tax

purposes,

the

Funds

may

elect

to

defer

any

portion

of

a

post-October

capital

loss

or

late-year

ordinary

loss

to

the

first

day

of

the

following

fiscal

year.

At

July

31,

2022,

the

deferred

losses

were

as

follows:

At

January

31,

2023,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Franklin

Total

Advantage

Retirement

Fund

73,765

0.0%

Superior

Officer

Council

Balanced

Fund

4,409,206

2.9%

Superior

Officer

Council

Senior

Balanced

Fund

99,572

0.1%

Total

150,921,060

100.0%

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

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

$

4,105,315

Franklin

International

Core

Equity

(IU)

Fund

Franklin

U.S.

Core

Equity

(IU)

Fund

1

1

1

Post-October

capital

loss

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

$

20,633,740

$13,775,565

3.

Transactions

with

Affiliates

(continued)

f.

Other

Affiliated

Transactions

(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

42

franklintempleton.com

Semiannual

Report

Differences

between

income

and/or

capital

gains

as

determined

on

a

book

basis

and

a

tax

basis

are

primarily

due

to

differing

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,

2023,

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.

Russia’s

military

invasion

of

Ukraine

in

February

2022,

the

resulting

responses

by

the

United

States

and

other

countries,

and

the

potential

for

wider

conflict

could

increase

volatility

and

uncertainty

in

the

financial

markets

and

adversely

affect

regional

and

global

economies.

The

United

States

and

other

countries

have

imposed

broad-ranging

economic

sanctions

on

Russia

and

certain

Russian

individuals,

banking

entities

and

corporations

as

a

response

to

its

invasion

of

Ukraine.

The

United

States

and

other

countries

have

also

imposed

economic

sanctions

on

Belarus

and

may

impose

sanctions

on

other

countries

that

support

Russia’s

military

invasion.

These

sanctions,

as

well

as

any

other

economic

consequences

related

to

the

invasion,

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

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

$111,314,875

$807,520,377

$1,704,216,119

Unrealized

appreciation

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

$14,484,589

$114,359,432

$232,737,400

Unrealized

depreciation

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

(11,501,362)

(19,840,412)

(43,174,057)

Net

unrealized

appreciation

(depreciation)

.......

$2,983,227

$94,519,020

$189,563,343

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

Franklin

International

Core

Equity

(IU)

Fund

Franklin

U.S.

Core

Equity

(IU)

Fund

Purchases

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

$68,919,087

$477,247,229

$864,929,448

Sales

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

$64,337,964

$420,984,821

$983,044,707

5.

Income

Taxes

(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

43

franklintempleton.com

Semiannual

Report

such

as

additional

sanctions,

boycotts

or

changes

in

consumer

or

purchaser

preferences

or

cyberattacks

on

governments,

companies

or

individuals,

may

further

decrease

the

value

and

liquidity

of

certain

Russian

securities

and

securities

of

issuers

in

other

countries

that

are

subject

to

economic

sanctions

related

to

the

invasion.

To

the

extent

that

the

Funds

have

exposure

to

Russian

investments

or

investments

in

countries

affected

by

the

invasion,

the

Funds’

ability

to

price,

buy,

sell,

receive

or

deliver

such

investments was

impaired.

The

Funds

could

determine

at

any

time

that

certain

of

the

most

affected

securities

have

little

or

no

value.

In

addition,

any

exposure

that

the

Funds

may

have

to

counterparties

in

Russia

or

in

countries

affected

by

the

invasion

could

negatively

impact

the

Funds’

portfolio.

The

extent

and

duration

of

Russia’s

military

actions

and

the

repercussions

of

such

actions

(including

any

retaliatory

actions

or

countermeasures

that

may

be

taken

by

those

subject

to

sanctions)

are

impossible

to

predict,

but

could

result

in

significant

market

disruptions,

including

in

the

oil

and

natural

gas

markets,

and

may

negatively

affect

global

supply

chains,

inflation

and

global

growth.

These

and

any

related

events

could

significantly

impact

the

Funds’

performance

and

the

value

of

an

investment

in

the

Funds,

even

beyond

any

direct

exposure

the

Funds

may

have

to

Russian

issuers

or

issuers

in

other

countries

affected

by

the

invasion.

The

Valuation

Committee

determined

that

based

on

their

analysis

of

the

market

and

access

to

market

participants,

the

Russian

financial

instruments

held

by

the

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

had

little

or

no

value

at

January

31,

2023.

8.

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.

9.

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,

2023,

in

valuing

the

Funds’

assets

carried

at

fair

value,

is

as

follows:

Level

1

Level

2

Level

3

Total

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

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

$

—

$

175,060

$

—

$

175,060

Air

Freight

&

Logistics

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

436,203

—

—

436,203

Airlines

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

—

267,644

—

267,644

Auto

Components

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

—

797,816

—

797,816

Automobiles

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

—

3,714,088

—

3,714,088

7.

Concentration

of

Risk

(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

44

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:

Banks

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

$

1,355,383

$

14,312,688

$

—

a

$

15,668,071

Beverages

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

1,143,718

636,340

—

1,780,058

Biotechnology

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

—

789,409

—

789,409

Capital

Markets

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

120,974

977,063

—

1,098,037

Chemicals

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

—

2,933,096

—

a

2,933,096

Commercial

Services

&

Supplies

...........

—

113,046

—

113,046

Communications

Equipment

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

—

197,059

—

197,059

Construction

&

Engineering

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

—

564,591

—

564,591

Construction

Materials

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

—

1,024,523

—

1,024,523

Consumer

Finance

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

—

786,089

—

786,089

Containers

&

Packaging

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

105,930

—

—

105,930

Diversified

Financial

Services

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

113,560

1,598,693

—

1,712,253

Diversified

Telecommunication

Services

.....

—

1,458,467

—

1,458,467

Electric

Utilities

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

267,628

145,481

—

a

413,109

Electrical

Equipment

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

—

1,349,866

—

1,349,866

Electronic

Equipment,

Instruments

&

Components

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

—

3,458,804

—

3,458,804

Entertainment

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

250,022

1,213,859

—

1,463,881

Equity

Real

Estate

Investment

Trusts

(REITs)

.

117,954

—

—

117,954

Food

&

Staples

Retailing

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

692,453

1,033,226

—

1,725,679

Food

Products

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

997,058

1,547,934

—

2,544,992

Gas

Utilities

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

—

575,627

—

575,627

Health

Care

Equipment

&

Supplies

.........

—

334,532

—

334,532

Health

Care

Providers

&

Services

..........

—

1,091,892

—

1,091,892

Hotels,

Restaurants

&

Leisure

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

1,131,944

201,745

—

1,333,689

Household

Durables

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

—

529,851

—

529,851

Household

Products

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

—

114,894

—

114,894

Independent

Power

and

Renewable

Electricity

Producers

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

331,822

463,532

—

795,354

Industrial

Conglomerates

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

—

1,077,470

—

1,077,470

Insurance

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

—

3,107,693

—

3,107,693

Interactive

Media

&

Services

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

519,414

6,397,015

—

6,916,429

Internet

&

Direct

Marketing

Retail

..........

2,542,692

3,934,042

—

6,476,734

IT

Services

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

—

3,049,740

—

3,049,740

Life

Sciences

Tools

&

Services

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

—

1,255,608

—

1,255,608

Machinery

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

—

557,635

—

557,635

Marine

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

—

534,937

—

534,937

Metals

&

Mining

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

1,027,045

2,681,603

—

a

3,708,648

Multiline

Retail

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

—

170,590

—

170,590

Oil,

Gas

&

Consumable

Fuels

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

1,342,020

3,592,379

—

4,934,399

Paper

&

Forest

Products

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

—

178,104

—

178,104

Personal

Products

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

—

1,024,652

—

1,024,652

Pharmaceuticals

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

—

1,778,397

—

1,778,397

Real

Estate

Management

&

Development

....

—

2,408,848

—

2,408,848

Semiconductors

&

Semiconductor

Equipment

.

318,570

10,773,068

—

11,091,638

Software

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

—

300,702

—

300,702

Specialty

Retail

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

—

1,052,489

—

1,052,489

Technology

Hardware,

Storage

&

Peripherals

.

—

5,489,981

—

5,489,981

Textiles,

Apparel

&

Luxury

Goods

..........

—

1,327,149

—

1,327,149

Tobacco

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

—

506,896

—

506,896

Transportation

Infrastructure

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

494,345

461,923

—

956,268

Wireless

Telecommunication

Services

.......

—

1,993,117

—

a

1,993,117

Preferred

Stocks

:

Banks

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

1,521,984

—

—

1,521,984

9.

Fair

Value

Measurements

(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

45

franklintempleton.com

Semiannual

Report

Level

1

Level

2

Level

3

Total

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

Preferred

Stocks:

Chemicals

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

$

—

$

662,418

$

—

$

662,418

Electric

Utilities

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

641,916

—

—

641,916

Metals

&

Mining

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

1,195,284

—

—

1,195,284

Oil,

Gas

&

Consumable

Fuels

.............

615,853

—

—

615,853

Short

Term

Investments

...................

290,959

—

—

290,959

Total

Investments

in

Securities

...........

$17,574,731

$96,723,371

b

$—

$114,298,102

Franklin

International

Core

Equity

(IU)

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

...................

—

12,934,405

—

12,934,405

Air

Freight

&

Logistics

...................

—

5,781,402

—

5,781,402

Auto

Components

......................

—

4,463,813

—

4,463,813

Automobiles

..........................

—

25,088,240

—

25,088,240

Banks

...............................

—

71,198,794

—

71,198,794

Beverages

...........................

—

15,467,050

—

15,467,050

Biotechnology

.........................

—

9,278,978

—

9,278,978

Building

Products

......................

—

10,620,313

—

10,620,313

Capital

Markets

........................

—

32,919,396

—

32,919,396

Chemicals

...........................

—

29,325,924

—

29,325,924

Commercial

Services

&

Supplies

...........

—

889,246

—

889,246

Communications

Equipment

..............

—

1,931,687

—

1,931,687

Construction

&

Engineering

...............

—

5,433,522

—

5,433,522

Construction

Materials

..................

—

4,052,292

—

4,052,292

Diversified

Consumer

Services

............

—

985,698

—

985,698

Diversified

Financial

Services

.............

—

5,313,813

—

5,313,813

Diversified

Telecommunication

Services

.....

—

13,486,785

—

13,486,785

Electric

Utilities

........................

—

13,086,455

—

13,086,455

Electrical

Equipment

....................

—

16,964,485

—

16,964,485

Electronic

Equipment,

Instruments

&

Components

........................

—

12,622,132

—

12,622,132

Entertainment

.........................

—

8,335,665

—

8,335,665

Equity

Real

Estate

Investment

Trusts

(REITs)

.

—

10,192,270

—

10,192,270

Food

&

Staples

Retailing

.................

—

13,041,063

—

13,041,063

Food

Products

........................

—

36,994,717

—

36,994,717

Gas

Utilities

..........................

—

5,169,111

—

5,169,111

Health

Care

Equipment

&

Supplies

.........

—

21,895,508

—

21,895,508

Health

Care

Providers

&

Services

..........

—

3,025,902

—

3,025,902

Health

Care

Technology

.................

—

880,645

—

880,645

Hotels,

Restaurants

&

Leisure

.............

—

11,044,865

—

11,044,865

Household

Durables

....................

—

8,165,132

—

8,165,132

Household

Products

....................

—

4,903,779

—

4,903,779

Independent

Power

and

Renewable

Electricity

Producers

..........................

—

3,051,979

—

3,051,979

Industrial

Conglomerates

................

—

11,102,536

—

11,102,536

Insurance

............................

—

50,100,574

—

50,100,574

Interactive

Media

&

Services

..............

—

2,836,612

—

2,836,612

Internet

&

Direct

Marketing

Retail

..........

—

4,676,058

—

4,676,058

IT

Services

...........................

—

10,551,566

—

10,551,566

Leisure

Products

.......................

—

2,140,454

—

2,140,454

Life

Sciences

Tools

&

Services

............

—

3,777,983

—

3,777,983

Machinery

............................

—

30,194,460

—

30,194,460

Marine

..............................

—

4,901,679

—

4,901,679

9.

Fair

Value

Measurements

(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

46

franklintempleton.com

Semiannual

Report

10.

New

Accounting

Pronouncements

In June

2022,

the FASB

issued

Accounting

Standards

Update

(ASU)

No.

2022-03,

Fair

Value

Measurement

(Topic

820)

–

Fair

Value

Measurement

of

Equity

Securities

Subject

to

Contractual

Sale

Restrictions.

The

amendments

in

the

ASU

clarify

that

a

contractual

restriction

on

the

sale

of

an

equity

security

is

not

considered

part

of

the

unit

of

account

of

the

equity

security

and,

therefore,

should

not

be

considered

in

measuring

fair

value.

The

ASU

is

effective

for

interim

and

annual

reporting

periods

beginning

after

December

15,

2023,

with

the

option

of

early

adoption.

Management

has

reviewed

the

requirements

and

believes

that

the

adoption

of

the

ASU

will

not

have

a

material

impact

on

the

financial

statements.

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.

Level

1

Level

2

Level

3

Total

Franklin

International

Core

Equity

(IU)

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

Common

Stocks:

Media

...............................

$

—

$

2,513,532

$

—

$

2,513,532

Metals

&

Mining

.......................

—

41,804,699

—

41,804,699

Multiline

Retail

........................

—

2,686,283

—

2,686,283

Multi-Utilities

..........................

—

7,929,930

—

7,929,930

Oil,

Gas

&

Consumable

Fuels

.............

—

47,836,906

—

47,836,906

Paper

&

Forest

Products

.................

—

2,183,689

—

2,183,689

Personal

Products

.....................

—

16,963,174

—

16,963,174

Pharmaceuticals

.......................

—

84,257,588

—

84,257,588

Professional

Services

...................

—

17,584,270

—

17,584,270

Real

Estate

Management

&

Development

....

—

12,731,530

—

12,731,530

Road

&

Rail

..........................

—

4,694,374

—

4,694,374

Semiconductors

&

Semiconductor

Equipment

.

—

29,686,905

—

29,686,905

Software

.............................

4,709,835

9,221,234

—

13,931,069

Specialty

Retail

........................

—

7,234,872

—

7,234,872

Technology

Hardware,

Storage

&

Peripherals

.

—

3,372,222

—

3,372,222

Textiles,

Apparel

&

Luxury

Goods

..........

—

30,623,978

—

30,623,978

Tobacco

.............................

—

6,969,706

3,462,316

10,432,022

Trading

Companies

&

Distributors

..........

—

13,195,880

—

13,195,880

Wireless

Telecommunication

Services

.......

—

10,765,851

—

10,765,851

Short

Term

Investments

...................

2,783,635

—

—

2,783,635

Total

Investments

in

Securities

...........

$7,493,470

$891,083,611

c

$3,462,316

$902,039,397

Franklin

U.S.

Core

Equity

(IU)

Fund

Assets:

Investments

in

Securities:

d

Common

Stocks

.........................

1,877,973,336

—

—

1,877,973,336

Short

Term

Investments

...................

15,806,126

—

—

15,806,126

Total

Investments

in

Securities

...........

$1,893,779,462

$—

$—

$1,893,779,462

a

Includes

financial

instruments

determined

to

have

no

value

at

January

31,

2023.

b

Includes

foreign

securities

valued

at

$96,407,058,

which

were

categorized

as

Level

2

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

c

Includes

foreign

securities

valued

at

$891,083,611,

which

were

categorized

as

Level

2

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

d

For

detailed

categories,

see

the

accompanying

Schedule

of

Investments.

9.

Fair

Value

Measurements

(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

47

franklintempleton.com

Semiannual

Report

Abbreviations

Selected

Portfolio

ADR

American

Depositary

Receipt

GDR

Global

Depositary

Receipt

REIT

Real

Estate

Investment

Trust

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

(a)(2)(1) There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons.

(a)(2)(2) There was no change in the Registrant’s independent public accountant during the period covered by the report.

(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, 2023

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, 2023

By S\CHRISTOPHER KINGS______________________

      Christopher Kings

      Chief Financial Officer, Chief Accounting Officer and Treasurer

Date  March 29, 2023