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

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number

811-07851

Franklin Fund Allocator Series

(Exact name of registrant as specified in charter)

One Franklin Parkway, San Mateo, CA 94403-1906

(Address of principal executive offices) (Zip code)

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: 1/31/24

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

184/366

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

8/1/23

Ending

Account

Value

1/31/24

Expenses

Paid

During

Period

8/1/23–1/31/24

1,2

Ending

Account

Value

1/31/24

Expenses

Paid

During

Period

8/1/23–1/31/24

1,2

a

Net

Annualized

Expense

Ratio

2

$1,000

$967.70

$0.00

$1,025.14

$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

184/366

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

8/1/23

Ending

Account

Value

1/31/24

Expenses

Paid

During

Period

8/1/23–1/31/24

1,2

Ending

Account

Value

1/31/24

Expenses

Paid

During

Period

8/1/23–1/31/24

1,2

a

Net

Annualized

Expense

Ratio

2

$1,000

$1,047.90

$0.00

$1,025.14

$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

184/366

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

8/1/23

Ending

Account

Value

1/31/24

Expenses

Paid

During

Period

8/1/23–1/31/24

1,2

Ending

Account

Value

1/31/24

Expenses

Paid

During

Period

8/1/23–1/31/24

1,2

a

Net

Annualized

Expense

Ratio

2

$1,000

$1,087.80

$0.00

$1,025.14

$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,

2024

(unaudited)

Year

Ended

July

31,

Year

Ended

July

31,

2020

a

2023

2022

2021

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

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

$9.77

$9.23

$11.83

$10.57

$10.00

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.09

0.36

0.35

0.28

0.33

Net

realized

and

unrealized

gains

(losses)

...........

(0.42)

0.55

(2.58)

1.34

0.45

Total

from

investment

operations

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

(0.33)

0.91

(2.23)

1.62

0.78

Less

distributions

from:

Net

investment

income

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

(0.24)

(0.37)

(0.37)

(0.36)

(0.21)

Net

realized

gains

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

—

—

—

—

(—)

d

Total

distributions

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

(0.24)

(0.37)

(0.37)

(0.36)

(0.21)

Net

asset

value,

end

of

period

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

$9.20

$9.77

$9.23

$11.83

$10.57

Total

return

e

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

(3.23)%

10.24%

(19.15)%

15.57%

7.96%

Ratios

to

average

net

assets

f

Expenses

before

waiver

and

payments

by

affiliates

and

expense

reduction

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

0.18%

0.15%

0.17%

0.14%

0.17%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

—%

—%

—%

—%

0.01%

Expenses

net

of

waiver

and

payments

by

affiliates

and

expense

reduction

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

—%

—%

—%

g

—%

g

—%

Net

investment

income

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

1.99%

3.92%

3.27%

2.41%

3.44%

Supplemental

data

Net

assets,

end

of

period

(000’s)

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

$134,268

$126,226

$109,129

$116,643

$138,590

Portfolio

turnover

rate

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

33.10%

108.11%

125.41%

108.13%

102.39%

a

For

the

period

August

19,

2019

(effective

date)

to

July

31,

2020.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Amount

rounds

to

less

than

$0.01

per

share.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited),

January

31,

2024

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

96.4%

Aerospace

&

Defense

0.3%

a

Hanwha

Aerospace

Co.

Ltd.

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

South

Korea

3,504

$

361,874

Air

Freight

&

Logistics

0.2%

a,b,c

JD

Logistics,

Inc.,

144A,

Reg

S

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

China

254,200

221,961

Automobile

Components

0.8%

a

Hankook

Tire

&

Technology

Co.

Ltd.

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

South

Korea

9,636

368,814

Hyundai

Mobis

Co.

Ltd.

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

South

Korea

3,535

554,130

Tube

Investments

of

India

Ltd.

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

India

3,842

180,512

1,103,456

Automobiles

2.6%

Brilliance

China

Automotive

Holdings

Ltd.

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

China

586,000

312,426

BYD

Co.

Ltd.,

A

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

China

20,500

489,650

BYD

Co.

Ltd.,

H

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

China

44,000

985,168

a,c

Li

Auto,

Inc.,

A

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

China

93,900

1,297,973

b

Yadea

Group

Holdings

Ltd.,

144A,

Reg

S

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

China

252,000

345,517

3,430,734

Banks

14.8%

Akbank

TAS

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

Türkiye

514,484

669,699

Axis

Bank

Ltd.

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

India

34,824

447,542

Banco

de

Chile

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

Chile

1,848,968

206,952

b

Banco

del

Bajio

SA,

144A,

Reg

S

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

Mexico

142,023

540,413

Bancolombia

SA

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

Colombia

19,273

162,144

Bank

Central

Asia

Tbk.

PT

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

Indonesia

2,026,800

1,226,267

Bank

of

Beijing

Co.

Ltd.,

A

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

China

241,195

171,560

Bank

of

Shanghai

Co.

Ltd.,

A

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

China

161,100

143,858

Bank

Polska

Kasa

Opieki

SA

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

Poland

22,228

855,174

BDO

Unibank,

Inc.

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

Philippines

136,432

351,091

China

Minsheng

Banking

Corp.

Ltd.,

A

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

China

403,400

222,391

China

Minsheng

Banking

Corp.

Ltd.,

H

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

China

1,171,000

389,468

Commercial

International

Bank

-

Egypt

(CIB)

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

Egypt

501,767

1,428,487

Emirates

NBD

Bank

PJSC

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

United

Arab

Emirates

50,712

244,372

a

Eurobank

Ergasias

Services

and

Holdings

SA

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

Greece

132,898

256,678

Haci

Omer

Sabanci

Holding

A/S

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

Türkiye

194,870

465,723

Hana

Financial

Group,

Inc.

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

South

Korea

48,009

1,716,699

ICICI

Bank

Ltd.

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

India

112,001

1,386,525

KB

Financial

Group,

Inc.

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

South

Korea

39,429

1,673,296

Nedbank

Group

Ltd.

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

South

Africa

60,271

700,197

OTP

Bank

Nyrt.

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

Hungary

33,734

1,562,947

Santander

Bank

Polska

SA

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

Poland

6,955

842,525

Shinhan

Financial

Group

Co.

Ltd.

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

South

Korea

55,501

1,700,574

Standard

Bank

Group

Ltd.

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

South

Africa

94,413

1,007,278

Woori

Financial

Group,

Inc.

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

South

Korea

106,858

1,107,954

Yapi

ve

Kredi

Bankasi

A/S

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

Türkiye

553,555

397,585

19,877,399

Beverages

1.5%

Arca

Continental

SAB

de

CV

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

Mexico

89,700

1,019,367

Fomento

Economico

Mexicano

SAB

de

CV

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

Mexico

12,100

164,135

b

Nongfu

Spring

Co.

Ltd.,

H,

144A,

Reg

S

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

China

26,400

143,277

United

Spirits

Ltd.

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

India

51,237

671,534

1,998,313

Biotechnology

0.8%

b

3SBio,

Inc.,

144A,

Reg

S

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

China

350,000

263,742

a,b

Akeso,

Inc.,

144A,

Reg

S

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

China

88,000

446,839

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)

Biotechnology

(continued)

Celltrion,

Inc.

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

South

Korea

2,634

$

353,462

1,064,043

Broadline

Retail

4.4%

c

Alibaba

Group

Holding

Ltd.

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

China

282,600

2,534,633

momo.com,

Inc.

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

Taiwan

17,500

242,999

a,c

PDD

Holdings,

Inc.,

ADR

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

China

10,800

1,370,196

a,c

Vipshop

Holdings

Ltd.,

ADR

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

China

71,263

1,132,369

Woolworths

Holdings

Ltd.

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

South

Africa

183,055

678,275

5,958,472

Capital

Markets

1.3%

East

Money

Information

Co.

Ltd.,

A

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

China

153,600

267,739

b

HDFC

Asset

Management

Co.

Ltd.,

144A,

Reg

S

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

India

16,010

690,295

Huatai

Securities

Co.

Ltd.,

A

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

China

84,200

161,683

a

Korea

Investment

Holdings

Co.

Ltd.

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

South

Korea

8,612

395,435

Samsung

Securities

Co.

Ltd.

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

South

Korea

10,245

287,971

1,803,123

Chemicals

3.1%

Asian

Paints

Ltd.

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

India

29,985

1,064,635

Berger

Paints

India

Ltd.

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

India

54,930

373,661

a

Kumho

Petrochemical

Co.

Ltd.

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

South

Korea

1,657

154,514

Orbia

Advance

Corp.

SAB

de

CV

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

Mexico

104,900

209,209

a,b,d,e

PhosAgro

PJSC,

GDR,

Reg

S

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

Russia

32,310

—

PI

Industries

Ltd.

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

India

13,221

537,023

Pidilite

Industries

Ltd.

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

India

5,835

177,765

Sahara

International

Petrochemical

Co.

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

Saudi

Arabia

65,329

546,999

Saudi

Aramco

Base

Oil

Co.

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

Saudi

Arabia

3,243

125,921

Supreme

Industries

Ltd.

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

India

12,895

641,270

Wanhua

Chemical

Group

Co.

Ltd.,

A

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

China

34,900

340,650

4,171,647

Communications

Equipment

0.2%

BYD

Electronic

International

Co.

Ltd.

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

China

31,500

107,907

ZTE

Corp.,

A

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

China

46,900

143,685

251,592

Construction

&

Engineering

0.6%

Larsen

&

Toubro

Ltd.

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

India

20,588

861,535

Construction

Materials

0.8%

a

Cemex

SAB

de

CV

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

Mexico

940,500

781,544

Shree

Cement

Ltd.

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

India

1,016

349,032

1,130,576

Consumer

Finance

0.5%

Krungthai

Card

PCL

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

Thailand

100,600

123,601

Muangthai

Capital

PCL

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

Thailand

138,600

165,161

Muthoot

Finance

Ltd.

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

India

22,665

380,690

669,452

Consumer

Staples

Distribution

&

Retail

1.7%

Bid

Corp.

Ltd.

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

South

Africa

19,623

475,990

Nahdi

Medical

Co.

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

Saudi

Arabia

6,586

246,969

President

Chain

Store

Corp.

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

Taiwan

21,000

177,118

Raia

Drogasil

SA

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

Brazil

39,800

203,258

Sumber

Alfaria

Trijaya

Tbk.

PT

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

Indonesia

3,065,800

514,546

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)

Consumer

Staples

Distribution

&

Retail

(continued)

Wal-Mart

de

Mexico

SAB

de

CV

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

Mexico

144,200

$

595,874

2,213,755

Containers

&

Packaging

0.1%

Klabin

SA

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

Brazil

28,900

124,199

Diversified

Consumer

Services

0.1%

a,b,c

East

Buy

Holding

Ltd.,

144A,

Reg

S

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

China

63,000

185,098

Diversified

REITs

0.1%

Fibra

Uno

Administracion

SA

de

CV

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

Mexico

92,200

156,770

Diversified

Telecommunication

Services

1.0%

b

China

Tower

Corp.

Ltd.,

H,

144A,

Reg

S

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

China

6,706,000

745,985

LG

Uplus

Corp.

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

South

Korea

40,134

307,281

Telekom

Malaysia

Bhd.

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

Malaysia

224,700

280,825

1,334,091

Electric

Utilities

0.6%

Enel

Chile

SA

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

Chile

5,400,622

324,630

d,e

Inter

RAO

UES

PJSC

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

Russia

8,656,700

—

a

Public

Power

Corp.

SA

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

Greece

39,488

522,568

847,198

Electrical

Equipment

1.9%

ABB

India

Ltd.

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

India

5,466

307,711

CG

Power

&

Industrial

Solutions

Ltd.

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

India

114,754

647,102

Havells

India

Ltd.

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

India

37,507

584,139

NARI

Technology

Co.

Ltd.,

A

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

China

39,760

116,487

Polycab

India

Ltd.

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

India

9,591

501,101

Voltronic

Power

Technology

Corp.

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

Taiwan

10,000

427,772

2,584,312

Electronic

Equipment,

Instruments

&

Components

2.5%

Delta

Electronics,

Inc.

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

Taiwan

46,000

411,774

Foxconn

Industrial

Internet

Co.

Ltd.,

A

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

China

116,400

215,790

Hon

Hai

Precision

Industry

Co.

Ltd.

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

Taiwan

150,000

490,848

Largan

Precision

Co.

Ltd.

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

Taiwan

13,000

1,031,047

WPG

Holdings

Ltd.

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

Taiwan

308,000

857,730

Zhen

Ding

Technology

Holding

Ltd.

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

Taiwan

124,000

399,333

3,406,522

Entertainment

1.4%

c

NetEase,

Inc.

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

China

99,300

1,930,204

Financial

Services

1.6%

Bajaj

Holdings

&

Investment

Ltd.

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

India

1,730

174,158

a

Jio

Financial

Services

Ltd.

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

India

41,765

124,642

Power

Finance

Corp.

Ltd.

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

India

247,594

1,321,462

Yuanta

Financial

Holding

Co.

Ltd.

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

Taiwan

607,000

523,467

2,143,729

Food

Products

1.9%

Almarai

Co.

JSC

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

Saudi

Arabia

9,347

142,320

Britannia

Industries

Ltd.

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

India

19,377

1,211,410

Nestle

India

Ltd.

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

India

12,399

373,842

Nestle

Malaysia

Bhd.

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

Malaysia

12,700

320,856

Orion

Corp.

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

South

Korea

4,388

303,499

QL

Resources

Bhd.

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

Malaysia

142,400

175,517

2,527,444

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)

Gas

Utilities

0.3%

ENN

Energy

Holdings

Ltd.

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

China

30,700

$

228,526

Kunlun

Energy

Co.

Ltd.

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

China

168,000

150,511

379,037

Ground

Transportation

0.2%

Container

Corp.

of

India

Ltd.

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

India

20,834

222,285

Health

Care

Equipment

&

Supplies

0.2%

Shandong

Weigao

Group

Medical

Polymer

Co.

Ltd.,

H

.........

China

140,400

89,973

Shenzhen

Mindray

Bio-Medical

Electronics

Co.

Ltd.,

A

..........

China

3,500

131,246

221,219

Health

Care

Providers

&

Services

1.0%

Bumrungrad

Hospital

PCL

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

Thailand

59,300

399,822

Dr.

Sulaiman

Al

Habib

Medical

Services

Group

Co.

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

Saudi

Arabia

8,599

664,721

Sinopharm

Group

Co.

Ltd.,

H

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

China

130,400

342,885

1,407,428

Hotels,

Restaurants

&

Leisure

2.3%

Americana

Restaurants

International

plc

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

United

Arab

Emirates

476,826

403,727

Genting

Bhd.

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

Malaysia

129,400

128,910

Indian

Hotels

Co.

Ltd.,

A

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

India

131,270

778,057

a,b,c

Meituan

Dianping,

B,

144A,

Reg

S

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

China

80,410

646,756

OPAP

SA

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

Greece

11,560

200,155

Yum

China

Holdings,

Inc.

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

China

18,274

632,098

a

Zomato

Ltd.

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

India

138,179

232,055

3,021,758

Household

Durables

0.4%

Gree

Electric

Appliances,

Inc.

of

Zhuhai,

A

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

China

30,600

150,743

Haier

Smart

Home

Co.

Ltd.,

A

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

China

58,700

183,167

LG

Electronics,

Inc.

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

South

Korea

2,551

177,818

511,728

Household

Products

0.1%

Kimberly-Clark

de

Mexico

SAB

de

CV,

A

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

Mexico

67,200

153,235

Independent

Power

and

Renewable

Electricity

Producers

0.9%

a

Adani

Power

Ltd.

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

India

93,158

632,127

Engie

Brasil

Energia

SA

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

Brazil

39,100

320,282

NTPC

Ltd.

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

India

59,757

228,686

1,181,095

Industrial

Conglomerates

1.1%

Bidvest

Group

Ltd.

(The)

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

South

Africa

51,856

683,675

KOC

Holding

A/S

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

Türkiye

142,734

753,831

1,437,506

Insurance

2.9%

Bupa

Arabia

for

Cooperative

Insurance

Co.

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

Saudi

Arabia

4,143

228,111

Co.

for

Cooperative

Insurance

(The)

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

Saudi

Arabia

13,856

452,704

a

DB

Insurance

Co.

Ltd.

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

South

Korea

8,713

574,767

OUTsurance

Group

Ltd.

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

South

Africa

160,133

357,955

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

H

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

China

236,500

994,138

a

Samsung

Fire

&

Marine

Insurance

Co.

Ltd.

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

South

Korea

2,318

458,690

Samsung

Life

Insurance

Co.

Ltd.

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

South

Korea

15,589

810,101

3,876,466

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

4.6%

c

Autohome,

Inc.,

ADR

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

China

12,700

$

320,040

a,c

Baidu,

Inc.,

A

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

China

39,600

512,710

c

JOYY,

Inc.,

ADR

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

China

8,600

263,676

a,b,c

Kuaishou

Technology,

144A,

Reg

S

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

China

156,400

788,309

c

Tencent

Holdings

Ltd.

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

China

122,100

4,238,252

6,122,987

IT

Services

2.9%

a

Chinasoft

International

Ltd.

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

China

588,000

335,075

Elm

Co.

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

Saudi

Arabia

3,544

850,715

HCL

Technologies

Ltd.

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

India

12,193

231,145

Samsung

SDS

Co.

Ltd.

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

South

Korea

3,105

353,107

Tata

Consultancy

Services

Ltd.

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

India

46,992

2,157,425

3,927,467

Life

Sciences

Tools

&

Services

0.5%

Divi's

Laboratories

Ltd.

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

India

2,754

121,687

WuXi

AppTec

Co.

Ltd.,

A

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

China

24,700

187,739

b

WuXi

AppTec

Co.

Ltd.,

H,

144A,

Reg

S

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

China

56,240

389,124

698,550

Machinery

0.5%

Doosan

Bobcat,

Inc.

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

South

Korea

11,288

429,898

Sinotruk

Hong

Kong

Ltd.

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

China

132,500

300,933

730,831

Marine

Transportation

0.3%

Evergreen

Marine

Corp.

Taiwan

Ltd.

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

Taiwan

71,000

340,670

Media

0.1%

Focus

Media

Information

Technology

Co.

Ltd.,

A

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

China

158,100

124,742

Metals

&

Mining

3.4%

Cia

Siderurgica

Nacional

SA

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

Brazil

68,100

243,725

CMOC

Group

Ltd.,

H

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

China

753,000

412,459

Gold

Fields

Ltd.

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

South

Africa

44,923

662,876

Hindalco

Industries

Ltd.

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

India

56,220

391,372

Kumba

Iron

Ore

Ltd.

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

South

Africa

12,257

362,051

d,e

MMC

Norilsk

Nickel

PJSC

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

Russia

3,164

—

a,d,e

Novolipetsk

Steel

PJSC

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

Russia

347,890

—

POSCO

Holdings,

Inc.

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

South

Korea

1,455

461,648

a,d,e

Severstal

PAO

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

Russia

48,409

—

Southern

Copper

Corp.

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

Mexico

3,833

314,689

Vale

SA

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

Brazil

103,100

1,410,185

Vedanta

Ltd.

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

India

74,743

246,663

4,505,668

Oil,

Gas

&

Consumable

Fuels

4.4%

Adaro

Energy

Indonesia

Tbk.

PT

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

Indonesia

2,715,800

411,789

China

Petroleum

&

Chemical

Corp.,

A

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

China

272,600

226,989

Inner

Mongolia

Yitai

Coal

Co.

Ltd.,

B

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

China

221,951

419,846

MOL

Hungarian

Oil

&

Gas

plc

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

Hungary

47,683

390,811

Motor

Oil

Hellas

Corinth

Refineries

SA

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

Greece

9,344

255,303

Petroleo

Brasileiro

SA

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

Brazil

157,500

1,340,371

Petronas

Dagangan

Bhd.

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

Malaysia

39,400

177,758

Reliance

Industries

Ltd.

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

India

39,718

1,363,959

b

Saudi

Arabian

Oil

Co.,

144A,

Reg

S

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

Saudi

Arabia

13,573

110,567

Ultrapar

Participacoes

SA

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

Brazil

138,100

785,280

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)

United

Tractors

Tbk.

PT

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

Indonesia

293,900

$

426,921

5,909,594

Paper

&

Forest

Products

0.1%

Indah

Kiat

Pulp

&

Paper

Tbk.

PT

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

Indonesia

370,200

183,383

Passenger

Airlines

0.3%

a,b

InterGlobe

Aviation

Ltd.,

144A,

Reg

S

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

India

11,086

395,172

Personal

Care

Products

0.7%

Colgate-Palmolive

India

Ltd.

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

India

27,002

835,876

Hindustan

Unilever

Ltd.

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

India

5,450

162,891

998,767

Pharmaceuticals

1.6%

Aurobindo

Pharma

Ltd.

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

India

22,659

313,720

China

Medical

System

Holdings

Ltd.

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

China

240,000

342,968

CSPC

Pharmaceutical

Group

Ltd.

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

China

1,415,600

1,041,442

Dr

Reddy's

Laboratories

Ltd.

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

India

5,937

436,037

2,134,167

Real

Estate

Management

&

Development

1.1%

Emaar

Properties

PJSC

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

United

Arab

Emirates

505,588

1,022,193

b,c

Longfor

Group

Holdings

Ltd.,

144A,

Reg

S

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

China

372,000

412,476

1,434,669

Semiconductors

&

Semiconductor

Equipment

10.4%

Alchip

Technologies

Ltd.

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

Taiwan

4,000

496,326

a

Daqo

New

Energy

Corp.,

ADR

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

China

11,100

200,355

eMemory

Technology,

Inc.

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

Taiwan

8,000

713,756

Global

Unichip

Corp.

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

Taiwan

4,000

196,453

Novatek

Microelectronics

Corp.

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

Taiwan

93,000

1,515,451

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

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

Taiwan

454,000

9,091,449

Tongwei

Co.

Ltd.,

A

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

China

50,900

165,482

United

Microelectronics

Corp.

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

Taiwan

978,000

1,523,902

13,903,174

Software

0.3%

Beijing

Kingsoft

Office

Software,

Inc.,

A

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

China

6,393

190,374

Tata

Elxsi

Ltd.

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

India

1,706

156,086

346,460

Specialty

Retail

1.5%

b

Pop

Mart

International

Group

Ltd.,

144A,

Reg

S

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

China

91,600

205,425

b

Topsports

International

Holdings

Ltd.,

144A,

Reg

S

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

China

355,000

230,104

Trent

Ltd.

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

India

33,811

1,256,615

a

Vibra

Energia

SA

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

Brazil

64,600

309,699

2,001,843

Technology

Hardware,

Storage

&

Peripherals

5.9%

Inventec

Corp.

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

Taiwan

481,000

845,073

Samsung

Electronics

Co.

Ltd.

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

South

Korea

102,225

5,554,646

Shenzhen

Transsion

Holdings

Co.

Ltd.,

A

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

China

9,109

173,677

Wistron

Corp.

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

Taiwan

382,000

1,399,095

7,972,491

Textiles,

Apparel

&

Luxury

Goods

1.0%

ANTA

Sports

Products

Ltd.

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

China

96,400

813,660

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

(continued)

Bosideng

International

Holdings

Ltd.

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

China

720,000

$

325,481

Pou

Chen

Corp.

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

Taiwan

142,000

142,998

1,282,139

Tobacco

0.4%

ITC

Ltd.

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

India

102,379

544,011

Transportation

Infrastructure

0.6%

International

Container

Terminal

Services,

Inc.

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

Philippines

83,180

359,543

Malaysia

Airports

Holdings

Bhd.

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

Malaysia

176,400

286,843

Promotora

y

Operadora

de

Infraestructura

SAB

de

CV

.........

Mexico

18,880

185,800

832,186

Wireless

Telecommunication

Services

1.6%

Advanced

Info

Service

PCL

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

Thailand

194,800

1,197,272

Etihad

Etisalat

Co.

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

Saudi

Arabia

72,149

1,002,364

2,199,636

Total

Common

Stocks

(Cost

$123,472,879)

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

129,357,863

Preferred

Stocks

3.0%

Banks

1.9%

f

Itau

Unibanco

Holding

SA,

3.83%

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

Brazil

157,400

1,041,496

f

Itausa

SA,

5.61%

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

Brazil

764,566

1,543,331

2,584,827

Electric

Utilities

0.4%

f

Cia

Energetica

de

Minas

Gerais,

11.21%

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

Brazil

229,800

534,375

Metals

&

Mining

0.7%

f

Gerdau

SA,

7.6%

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

Brazil

227,395

965,763

Total

Preferred

Stocks

(Cost

$3,486,488)

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

4,084,965

Total

Long

Term

Investments

(Cost

$126,959,367)

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

133,442,828

a

Short

Term

Investments

1.2%

a

a

Country

Shares

a

Value

a

a

a

Money

Market

Funds

1.2%

g,h

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.003%

....

United

States

1,582,496

1,582,496

Total

Money

Market

Funds

(Cost

$1,582,496)

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

1,582,496

Total

Short

Term

Investments

(Cost

$1,582,496

)

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

1,582,496

a

Total

Investments

(Cost

$128,541,863)

100.6%

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

$135,025,324

Other

Assets,

less

Liabilities

(0.6)%

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

(757,252)

Net

Assets

100.0%

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

$134,268,072

a

a

a

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

(continued)

franklintempleton.com

Semiannual

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accompanying

notes

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integral

part

of

these

financial

statements.

12

See

Abbreviations

on

page

44

.

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,

2024,

the

aggregate

value

of

these

securities

was

$6,761,060,

representing

5.0%

of

net

assets.

c

Variable

interest

entity

(VIE).

See

the

Fund’s

statement

of

additional

information

and/or

notes

to

financial

statements

regarding

investments

made

through

a

VIE

structure.

At

January

31,

2024,

the

aggregate

value

of

these

securities

was

$15,854,653,

representing

11.8%

of

net

assets.

d

Fair

valued

using

significant

unobservable

inputs.

See

Note

7

regarding

fair

value

measurements.

e

See

Note

6

regarding

investments

in

Russian

securities.

f

Variable

rate

security.

The

rate

shown

represents

the

yield

at

period

end.

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

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accompanying

notes

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integral

part

of

these

financial

statements.

Semiannual

Report

13

a

Six

Months

Ended

January

31,

2024

(unaudited)

Year

Ended

July

31,

Year

Ended

July

31,

2020

a

2023

2022

2021

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

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

$11.33

$10.18

$13.09

$10.31

$10.00

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.11

0.37

0.34

0.35

0.25

Net

realized

and

unrealized

gains

(losses)

...........

0.40

1.16

(2.26)

2.80

0.30

Total

from

investment

operations

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

0.51

1.53

(1.92)

3.15

0.55

Less

distributions

from:

Net

investment

income

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

(0.21)

(0.38)

(0.42)

(0.37)

(0.24)

Net

realized

gains

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

—

—

(0.57)

—

—

Total

distributions

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

(0.21)

(0.38)

(0.99)

(0.37)

(0.24)

Net

asset

value,

end

of

period

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

$11.63

$11.33

$10.18

$13.09

$10.31

Total

return

d

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

4.79%

15.44%

(15.56)%

31.00%

5.58%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

and

expense

reduction

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

0.03%

0.03%

0.04%

0.04%

0.08%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

—%

—%

—%

—%

0.01%

Expenses

net

of

waiver

and

payments

by

affiliates

and

expense

reduction

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

—%

—%

f

—%

—%

f

—%

Net

investment

income

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

2.05%

3.62%

2.94%

2.93%

2.57%

Supplemental

data

Net

assets,

end

of

period

(000’s)

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

$906,226

$944,165

$800,757

$360,375

$281,150

Portfolio

turnover

rate

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

38.95%

101.79%

125.21%

103.80%

94.98%

a

For

the

period

August

19,

2019

(effective

date)

to

July

31,

2020.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited),

January

31,

2024

Franklin

International

Core

Equity

(IU)

Fund

franklintempleton.com

Semiannual

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accompanying

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these

financial

statements.

14

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

98.3%

Aerospace

&

Defense

1.4%

BAE

Systems

plc

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

United

Kingdom

711,645

$

10,601,836

Dassault

Aviation

SA

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

France

11,205

2,122,518

12,724,354

Air

Freight

&

Logistics

0.5%

DSV

A/S

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

Denmark

10,438

1,867,610

Nippon

Express

Holdings,

Inc.

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

Japan

38,200

2,273,714

4,141,324

Automobile

Components

0.2%

Continental

AG

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

Germany

20,707

1,691,726

Automobiles

4.1%

Bayerische

Motoren

Werke

AG

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

Germany

82,261

8,560,302

Mazda

Motor

Corp.

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

Japan

299,700

3,633,398

Stellantis

NV

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

United

States

529,840

11,671,682

Subaru

Corp.

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

Japan

321,500

6,413,704

Toyota

Motor

Corp.

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

Japan

352,400

7,036,660

37,315,746

Banks

7.9%

a

ABN

AMRO

Bank

NV,

CVA,

144A,

Reg

S

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

Netherlands

221,687

3,262,957

Banco

Bilbao

Vizcaya

Argentaria

SA

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

Spain

1,153,892

10,800,783

Credit

Agricole

SA

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

France

586,206

8,398,089

Erste

Group

Bank

AG

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

Austria

108,206

4,661,773

HSBC

Holdings

plc

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

United

Kingdom

567,073

4,427,887

Intesa

Sanpaolo

SpA

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

Italy

1,086,973

3,349,595

Japan

Post

Bank

Co.

Ltd.

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

Japan

89,000

925,587

Mitsubishi

UFJ

Financial

Group,

Inc.

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

Japan

97,400

912,302

NatWest

Group

plc

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

United

Kingdom

1,640,963

4,631,390

Standard

Chartered

plc

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

United

Kingdom

946,201

7,151,521

Sumitomo

Mitsui

Financial

Group,

Inc.

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

Japan

218,900

11,385,729

UniCredit

SpA

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

Italy

397,546

11,646,015

71,553,628

Beverages

1.4%

Asahi

Group

Holdings

Ltd.

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

Japan

239,000

8,883,144

Coca-Cola

HBC

AG

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

Italy

123,202

3,622,024

12,505,168

Broadline

Retail

0.8%

Next

plc

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

United

Kingdom

60,119

6,418,600

Wesfarmers

Ltd.

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

Australia

34,524

1,307,073

7,725,673

Building

Products

1.7%

Cie

de

Saint-Gobain

SA

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

France

150,920

10,672,020

Kingspan

Group

plc

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

Ireland

59,438

4,827,800

15,499,820

Capital

Markets

3.5%

3i

Group

plc

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

United

Kingdom

353,057

11,053,303

Deutsche

Bank

AG

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

Germany

752,514

9,721,674

b,c

Futu

Holdings

Ltd.,

ADR

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

Hong

Kong

31,500

1,471,680

Hargreaves

Lansdown

plc

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

United

Kingdom

197,022

1,901,297

Partners

Group

Holding

AG

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

Switzerland

4,762

6,426,261

Singapore

Exchange

Ltd.

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

Singapore

136,000

949,816

31,524,031

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

Franklin

International

Core

Equity

(IU)

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(continued)

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15

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Chemicals

3.0%

Air

Liquide

SA

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

France

23,451

$

4,388,871

BASF

SE

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

Germany

30,539

1,460,021

ICL

Group

Ltd.

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

Israel

288,873

1,315,357

Mitsubishi

Chemical

Group

Corp.

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

Japan

149,400

900,844

Nitto

Denko

Corp.

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

Japan

78,100

6,479,009

Shin-Etsu

Chemical

Co.

Ltd.

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

Japan

231,200

9,100,539

b

Syensqo

SA

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

Belgium

39,312

3,504,869

27,149,510

Commercial

Services

&

Supplies

0.2%

Brambles

Ltd.

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

Australia

93,397

890,586

Dai

Nippon

Printing

Co.

Ltd.

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

Japan

30,200

873,987

1,764,573

Communications

Equipment

0.2%

Telefonaktiebolaget

LM

Ericsson,

B

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

Sweden

306,687

1,700,211

Construction

&

Engineering

0.7%

ACS

Actividades

de

Construccion

y

Servicios

SA

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

Spain

110,676

4,367,735

Eiffage

SA

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

France

15,502

1,622,127

5,989,862

Construction

Materials

0.7%

CRH

plc

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

United

States

85,459

6,063,077

Consumer

Staples

Distribution

&

Retail

2.5%

Carrefour

SA

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

France

76,540

1,306,834

Jeronimo

Martins

SGPS

SA

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

Portugal

64,701

1,471,652

Koninklijke

Ahold

Delhaize

NV

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

Netherlands

333,806

9,388,551

MatsukiyoCocokara

&

Co.

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

Japan

44,800

814,320

Tesco

plc

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

United

Kingdom

2,598,035

9,415,034

22,396,391

Containers

&

Packaging

0.6%

Smurfit

Kappa

Group

plc

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

Ireland

139,775

5,209,168

Diversified

Consumer

Services

0.1%

Pearson

plc

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

United

Kingdom

70,808

868,725

Diversified

REITs

0.3%

Stockland

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

Australia

865,415

2,555,862

Diversified

Telecommunication

Services

1.7%

Deutsche

Telekom

AG

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

Germany

138,372

3,397,046

HKT

Trust

&

HKT

Ltd.

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

Hong

Kong

744,000

893,738

Swisscom

AG

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

Switzerland

12,298

7,359,401

Telenor

ASA

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

Norway

338,787

3,759,665

15,409,850

Electric

Utilities

1.6%

BKW

AG

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

Switzerland

11,226

1,783,872

Chubu

Electric

Power

Co.,

Inc.

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

Japan

365,400

4,740,221

Endesa

SA

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

Spain

145,505

2,883,005

Kansai

Electric

Power

Co.,

Inc.

(The)

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

Japan

383,500

5,231,759

14,638,857

Electrical

Equipment

1.5%

ABB

Ltd.

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

Switzerland

122,751

5,195,025

Mitsubishi

Electric

Corp.

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

Japan

232,700

3,453,338

Franklin

Fund

Allocator

Series

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of

Investments

(unaudited)

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International

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Equity

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a

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a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Electrical

Equipment

(continued)

Prysmian

SpA

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

Italy

123,838

$

5,450,597

14,098,960

Electronic

Equipment,

Instruments

&

Components

1.2%

Azbil

Corp.

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

Japan

63,300

2,045,521

Keyence

Corp.

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

Japan

3,900

1,744,851

TDK

Corp.

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

Japan

94,300

4,691,881

Yokogawa

Electric

Corp.

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

Japan

119,400

2,346,295

10,828,548

Entertainment

0.6%

Capcom

Co.

Ltd.

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

Japan

95,600

3,646,068

Nintendo

Co.

Ltd.

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

Japan

26,500

1,480,579

5,126,647

Financial

Services

1.3%

Eurazeo

SE

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

France

23,405

1,993,828

EXOR

NV

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

Netherlands

52,123

5,043,498

Industrivarden

AB,

A

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

Sweden

69,796

2,197,444

Investor

AB,

B

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

Sweden

93,114

2,192,475

11,427,245

Food

Products

2.8%

Chocoladefabriken

Lindt

&

Spruengli

AG

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

Switzerland

404

5,135,606

MEIJI

Holdings

Co.

Ltd.

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

Japan

89,500

2,164,523

Nestle

SA

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

United

States

106,925

12,186,993

Nissin

Foods

Holdings

Co.

Ltd.

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

Japan

93,600

3,028,089

a

WH

Group

Ltd.,

144A,

Reg

S

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

Hong

Kong

4,666,500

2,753,213

25,268,424

Gas

Utilities

0.5%

Tokyo

Gas

Co.

Ltd.

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

Japan

202,900

4,660,995

Health

Care

Equipment

&

Supplies

2.5%

BioMerieux

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

France

20,118

2,165,466

Cochlear

Ltd.

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

Australia

30,842

6,121,030

b

Demant

A/S

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

Denmark

55,502

2,514,379

Hoya

Corp.

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

Japan

88,200

11,203,974

Straumann

Holding

AG

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

Switzerland

5,499

835,499

22,840,348

Health

Care

Providers

&

Services

0.2%

Sonic

Healthcare

Ltd.

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

Australia

96,460

2,011,364

Health

Care

Technology

0.1%

M3,

Inc.

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

Japan

41,400

653,292

Hotels,

Restaurants

&

Leisure

1.7%

Aristocrat

Leisure

Ltd.

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

Australia

97,949

2,824,146

InterContinental

Hotels

Group

plc

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

United

Kingdom

83,371

7,900,283

a

La

Francaise

des

Jeux

SAEM,

144A,

Reg

S

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

France

54,486

2,208,720

Zensho

Holdings

Co.

Ltd.

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

Japan

51,900

2,541,477

15,474,626

Household

Durables

0.7%

Panasonic

Holdings

Corp.

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

Japan

517,200

4,871,393

Sekisui

House

Ltd.

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

Japan

57,700

1,302,531

6,173,924

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)

Independent

Power

and

Renewable

Electricity

Producers

0.1%

RWE

AG

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

Germany

27,942

$

1,031,872

Industrial

Conglomerates

2.0%

Hitachi

Ltd.

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

Japan

161,300

12,670,171

Siemens

AG

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

Germany

32,883

5,887,387

18,557,558

Industrial

REITs

0.5%

Goodman

Group

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

Australia

288,988

4,797,328

Insurance

4.2%

Ageas

SA/NV

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

Belgium

50,293

2,161,391

AIA

Group

Ltd.

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

Hong

Kong

330,600

2,592,704

Assicurazioni

Generali

SpA

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

Italy

164,725

3,674,847

AXA

SA

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

France

28,723

964,186

Japan

Post

Insurance

Co.

Ltd.

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

Japan

93,500

1,750,496

Medibank

Pvt

Ltd.

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

Australia

487,938

1,221,715

MS&AD

Insurance

Group

Holdings,

Inc.

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

Japan

231,200

9,547,349

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen

..

Germany

25,168

10,715,488

NN

Group

NV

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

Netherlands

138,901

5,693,833

38,322,009

Interactive

Media

&

Services

0.5%

a

Auto

Trader

Group

plc,

144A,

Reg

S

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

United

Kingdom

504,751

4,644,016

IT

Services

0.6%

NEC

Corp.

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

Japan

54,100

3,535,150

Otsuka

Corp.

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

Japan

49,400

2,078,643

5,613,793

Leisure

Products

0.2%

Bandai

Namco

Holdings,

Inc.

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

Japan

82,300

1,782,005

Life

Sciences

Tools

&

Services

0.5%

b

QIAGEN

NV

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

United

States

109,496

4,751,103

Machinery

3.4%

Atlas

Copco

AB,

A

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

Sweden

602,165

9,610,760

Komatsu

Ltd.

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

Japan

261,100

7,428,284

Makita

Corp.

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

Japan

123,500

3,324,002

Rational

AG

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

Germany

2,783

2,138,058

Schindler

Holding

AG

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

Switzerland

12,915

3,075,011

Toyota

Industries

Corp.

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

Japan

23,300

1,970,693

Wartsila

OYJ

Abp

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

Finland

236,615

3,490,762

31,037,570

Marine

Transportation

0.3%

AP

Moller

-

Maersk

A/S,

A

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

Denmark

1,538

2,789,034

Media

0.6%

Publicis

Groupe

SA

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

France

51,099

5,120,263

Metals

&

Mining

3.8%

ArcelorMittal

SA

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

Luxembourg

275,277

7,581,837

BHP

Group

Ltd.

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

Australia

193,079

5,907,516

BlueScope

Steel

Ltd.

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

Australia

251,593

3,841,694

Fortescue

Ltd.

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

Australia

410,532

7,934,854

JFE

Holdings,

Inc.

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

Japan

267,800

4,228,247

Pilbara

Minerals

Ltd.

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

Australia

1,502,065

3,421,465

voestalpine

AG

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

Austria

57,331

1,705,853

34,621,466

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)

Multi-Utilities

0.5%

Centrica

plc

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

United

Kingdom

2,781,153

$

4,867,543

Oil,

Gas

&

Consumable

Fuels

4.3%

BP

plc

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

United

Kingdom

1,657,017

9,678,432

Inpex

Corp.

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

Japan

241,300

3,279,861

Repsol

SA

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

Spain

596,729

8,813,479

Shell

plc

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

Netherlands

238,374

7,390,732

TotalEnergies

SE

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

France

151,218

9,811,262

38,973,766

Paper

&

Forest

Products

0.2%

Mondi

plc

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

Austria

106,626

1,910,848

Passenger

Airlines

0.1%

b

Qantas

Airways

Ltd.

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

Australia

230,701

831,825

Personal

Care

Products

2.4%

Beiersdorf

AG

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

Germany

50,570

7,401,080

L'Oreal

SA

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

France

29,650

14,190,449

21,591,529

Pharmaceuticals

10.7%

AstraZeneca

plc

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

United

Kingdom

52,310

6,935,642

Chugai

Pharmaceutical

Co.

Ltd.

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

Japan

237,700

8,550,122

GSK

plc

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

United

States

577,993

11,432,296

Hikma

Pharmaceuticals

plc

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

Jordan

56,516

1,378,933

Ipsen

SA

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

France

20,786

2,396,829

Novartis

AG

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

Switzerland

179,322

18,548,668

Novo

Nordisk

A/S,

B

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

Denmark

231,184

26,427,470

Otsuka

Holdings

Co.

Ltd.

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

Japan

194,100

7,629,745

Roche

Holding

AG

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

United

States

24,238

6,902,555

Shionogi

&

Co.

Ltd.

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

Japan

144,100

6,916,285

97,118,545

Professional

Services

1.3%

Adecco

Group

AG

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

Switzerland

18,447

797,890

Randstad

NV

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

Netherlands

58,839

3,345,909

Recruit

Holdings

Co.

Ltd.

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

Japan

60,500

2,389,673

RELX

plc

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

United

Kingdom

65,345

2,697,267

Wolters

Kluwer

NV

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

Netherlands

18,563

2,736,757

11,967,496

Real

Estate

Management

&

Development

1.2%

CK

Asset

Holdings

Ltd.

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

Hong

Kong

358,500

1,617,675

Daiwa

House

Industry

Co.

Ltd.

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

Japan

165,000

5,102,122

Hulic

Co.

Ltd.

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

Japan

178,900

1,975,476

Swire

Pacific

Ltd.,

A

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

Hong

Kong

230,500

1,783,386

10,478,659

Retail

REITs

0.3%

Klepierre

SA

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

France

89,531

2,318,233

Semiconductors

&

Semiconductor

Equipment

4.0%

ASM

International

NV

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

Netherlands

1,895

1,050,370

ASML

Holding

NV

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

Netherlands

16,607

14,409,369

BE

Semiconductor

Industries

NV

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

Netherlands

41,839

6,288,076

Disco

Corp.

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

Japan

19,800

5,342,817

STMicroelectronics

NV

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

Singapore

219,254

9,627,788

36,718,420

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)

Software

2.6%

b

Check

Point

Software

Technologies

Ltd.

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

Israel

32,127

$

5,105,944

Oracle

Corp.

Japan

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

Japan

20,100

1,584,064

Sage

Group

plc

(The)

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

United

Kingdom

500,660

7,454,375

SAP

SE

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

Germany

30,066

5,209,313

b

Xero

Ltd.

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

New

Zealand

62,078

4,443,796

23,797,492

Specialty

Retail

1.1%

Industria

de

Diseno

Textil

SA

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

Spain

241,697

10,335,285

Technology

Hardware,

Storage

&

Peripherals

0.5%

FUJIFILM

Holdings

Corp.

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

Japan

30,300

1,920,564

Logitech

International

SA

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

Switzerland

14,378

1,205,634

Seiko

Epson

Corp.

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

Japan

123,900

1,808,619

4,934,817

Textiles,

Apparel

&

Luxury

Goods

2.9%

Burberry

Group

plc

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

United

Kingdom

159,525

2,627,891

Hermes

International

SCA

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

France

1,905

4,019,274

LVMH

Moet

Hennessy

Louis

Vuitton

SE

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

France

9,869

8,212,349

Pandora

A/S

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

Denmark

46,670

6,819,824

Swatch

Group

AG

(The),

I

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

Switzerland

12,823

3,011,013

Swatch

Group

AG

(The),

N

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

Switzerland

26,826

1,220,841

25,911,192

Tobacco

0.6%

Japan

Tobacco,

Inc.

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

Japan

196,800

5,187,134

Trading

Companies

&

Distributors

2.5%

Marubeni

Corp.

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

Japan

261,400

4,458,614

Mitsubishi

Corp.

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

Japan

614,200

10,585,705

Toyota

Tsusho

Corp.

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

Japan

113,100

7,411,604

22,455,923

Transportation

Infrastructure

0.2%

a

Aena

SME

SA,

144A,

Reg

S

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

Spain

9,210

1,629,466

Total

Common

Stocks

(Cost

$740,972,590)

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

891,088,119

Preferred

Stocks

0.5%

Household

Products

0.5%

d

Henkel

AG

&

Co.

KGaA,

2.61%

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

Germany

55,382

4,245,894

Total

Preferred

Stocks

(Cost

$3,989,407)

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

4,245,894

Rights

Rights

0.0%

Tobacco

0.0%

b,e

Swedish

Match

AB,

2/23/28

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

Sweden

314,685

—

Total

Rights

(Cost

$3,314,738)

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

—

Total

Long

Term

Investments

(Cost

$748,276,735)

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

895,334,013

a

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

Short

Term

Investments

0.5%

a

a

Country

Shares

a

Value

a

a

a

Money

Market

Funds

0.5%

f,g

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.003%

....

United

States

4,488,053

$

4,488,053

Total

Money

Market

Funds

(Cost

$4,488,053)

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

4,488,053

Total

Short

Term

Investments

(Cost

$4,488,053

)

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

4,488,053

a

Total

Investments

(Cost

$752,764,788)

99.3%

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

$899,822,066

Other

Assets,

less

Liabilities

0.7%

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

6,403,536

Net

Assets

100.0%

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

$906,225,602

a

a

a

See

Abbreviations

on

page

44

.

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,

2024,

the

aggregate

value

of

these

securities

was

$14,498,372,

representing

1.6%

of

net

assets.

b

Non-income

producing.

c

Variable

interest

entity

(VIE).

See

the

Fund’s

statement

of

additional

information

and/or

notes

to

financial

statements

regarding

investments

made

through

a

VIE

structure.

At

January

31,

2024,

the

aggregate

value

of

this

security

was

$1,471,680,

representing

0.2%

of

net

assets.

d

Variable

rate

security.

The

rate

shown

represents

the

yield

at

period

end.

e

Fair

valued

using

significant

unobservable

inputs.

See

Note

7

regarding

fair

value

measurements.

f

See

Note

3(d)

regarding

investments

in

affiliated

management

investment

companies.

g

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,

2024

(unaudited)

Year

Ended

July

31,

Year

Ended

July

31,

2020

a

2023

2022

2021

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

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

$13.64

$13.12

$14.99

$11.31

$10.00

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.09

0.20

0.24

0.21

0.21

Net

realized

and

unrealized

gains

(losses)

...........

1.10

0.94

(0.81)

3.74

1.27

Total

from

investment

operations

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

1.19

1.14

(0.57)

3.95

1.48

Less

distributions

from:

Net

investment

income

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

(0.03)

(0.21)

(0.20)

(0.20)

(0.17)

Net

realized

gains

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

—

(0.41)

(1.10)

(0.07)

—

Total

distributions

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

(0.03)

(0.62)

(1.30)

(0.27)

(0.17)

Net

asset

value,

end

of

period

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

$14.80

$13.64

$13.12

$14.99

$11.31

Total

return

d

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

8.78%

9.31%

(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%

0.01%

0.03%

Expenses

net

of

waiver

and

payments

by

affiliates

and

expense

reduction

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

—%

—%

f

—%

f

—%

f

—%

f

Net

investment

income

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

1.35%

1.59%

1.73%

1.60%

2.12%

Supplemental

data

Net

assets,

end

of

period

(000’s)

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

$2,016,271

$1,802,029

$2,053,864

$1,316,677

$722,523

Portfolio

turnover

rate

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

43.19%

95.10%

128.24%

98.39%

60.94%

a

For

the

period

August

19,

2019

(effective

date)

to

July

31,

2020.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited),

January

31,

2024

Franklin

U.S.

Core

Equity

(IU)

Fund

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

22

a

a

Shares

a

Value

a

Common

Stocks

99.2%

Aerospace

&

Defense

0.3%

Curtiss-Wright

Corp.

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

17,010

$

3,785,916

Textron,

Inc.

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

24,734

2,095,217

5,881,133

Air

Freight

&

Logistics

0.5%

CH

Robinson

Worldwide,

Inc.

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

20,836

1,752,099

Expeditors

International

of

Washington,

Inc.

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

71,196

8,994,191

10,746,290

Automobiles

2.1%

General

Motors

Co.

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

553,645

21,481,426

a

Tesla,

Inc.

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

98,058

18,365,283

Thor

Industries,

Inc.

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

23,475

2,653,144

42,499,853

Banks

1.6%

First

Citizens

BancShares

,

Inc.,

A

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

4,895

7,391,450

JPMorgan

Chase

&

Co.

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

126,627

22,078,684

Wells

Fargo

&

Co.

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

38,628

1,938,353

31,408,487

Beverages

1.2%

a

Celsius

Holdings,

Inc.

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

36,579

1,825,292

Molson

Coors

Beverage

Co.,

B

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

85,098

5,258,205

PepsiCo,

Inc.

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

106,107

17,882,213

24,965,710

Biotechnology

6.3%

AbbVie,

Inc.

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

194,491

31,974,320

Amgen,

Inc.

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

52,941

16,637,239

a

Exelixis

,

Inc.

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

144,315

3,140,295

Gilead

Sciences,

Inc.

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

279,134

21,845,027

a

Regeneron

Pharmaceuticals,

Inc.

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

25,527

24,066,345

a

United

Therapeutics

Corp.

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

19,859

4,265,316

a

Vertex

Pharmaceuticals,

Inc.

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

56,893

24,656,288

126,584,830

Broadline

Retail

2.9%

a

Amazon.com,

Inc.

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

378,392

58,726,438

a

Building

Products

0.7%

a

Builders

FirstSource

,

Inc.

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

56,943

9,892,707

Owens

Corning

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

21,186

3,210,315

13,103,022

Capital

Markets

1.7%

Affiliated

Managers

Group,

Inc.

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

14,679

2,184,822

Bank

of

New

York

Mellon

Corp.

(The)

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

90,161

5,000,329

Cboe

Global

Markets,

Inc.

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

10,311

1,895,677

Evercore,

Inc.,

A

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

15,671

2,691,181

MSCI,

Inc.,

A

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

3,413

2,043,090

SEI

Investments

Co.

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

45,176

2,856,930

State

Street

Corp.

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

150,310

11,103,400

T

Rowe

Price

Group,

Inc.

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

18,673

2,025,087

XP,

Inc.,

A

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

156,410

3,844,558

33,645,074

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

0.5%

CF

Industries

Holdings,

Inc.

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

90,401

$

6,826,180

LyondellBasell

Industries

NV,

A

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

18,711

1,761,079

Mosaic

Co.

(The)

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

50,820

1,560,682

10,147,941

Commercial

Services

&

Supplies

0.1%

a

Copart,

Inc.

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

40,866

1,963,203

a

Communications

Equipment

2.4%

a

Arista

Networks,

Inc.

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

40,120

10,378,242

Cisco

Systems,

Inc.

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

561,375

28,169,797

a

F5,

Inc.

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

29,288

5,380,206

Motorola

Solutions,

Inc.

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

15,836

5,059,602

48,987,847

Construction

&

Engineering

0.2%

EMCOR

Group,

Inc.

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

21,185

4,832,510

Consumer

Finance

0.4%

Synchrony

Financial

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

191,029

7,425,297

Consumer

Staples

Distribution

&

Retail

2.6%

Albertsons

Cos.,

Inc.,

A

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

182,880

3,880,714

Casey's

General

Stores,

Inc.

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

16,971

4,605,251

Kroger

Co.

(The)

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

319,695

14,750,727

Walmart,

Inc.

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

180,861

29,887,280

53,123,972

Containers

&

Packaging

0.2%

Packaging

Corp.

of

America

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

23,252

3,857,042

Diversified

Consumer

Services

0.2%

H&R

Block,

Inc.

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

68,543

3,210,554

Diversified

Telecommunication

Services

0.2%

AT&T,

Inc.

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

255,928

4,527,366

Electric

Utilities

0.4%

Constellation

Energy

Corp.

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

15,350

1,872,700

Edison

International

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

27,473

1,853,878

Entergy

Corp.

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

18,473

1,842,867

OGE

Energy

Corp.

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

54,197

1,801,508

7,370,953

Electrical

Equipment

1.0%

Acuity

Brands,

Inc.

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

14,082

3,353,769

Eaton

Corp.

plc

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

8,379

2,061,904

Emerson

Electric

Co.

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

18,467

1,693,978

Hubbell,

Inc.,

B

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

24,786

8,317,438

nVent

Electric

plc

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

70,872

4,255,155

19,682,244

Electronic

Equipment,

Instruments

&

Components

0.7%

a

Arrow

Electronics,

Inc.

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

14,270

1,586,111

Jabil,

Inc.

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

64,084

8,029,084

TD

Synnex

Corp.

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

18,057

1,805,339

Vontier

Corp.

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

61,311

2,120,747

13,541,281

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

Franklin

U.S.

Core

Equity

(IU)

Fund

(continued)

franklintempleton.com

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Report

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accompanying

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part

of

these

financial

statements.

24

a

a

Shares

a

Value

a

Common

Stocks

(continued)

Energy

Equipment

&

Services

0.1%

TechnipFMC

plc

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

99,535

$

1,925,007

Entertainment

1.8%

Electronic

Arts,

Inc.

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

117,836

16,211,877

a

Netflix,

Inc.

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

17,636

9,948,644

a

Spotify

Technology

SA

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

49,153

10,585,098

36,745,619

Financial

Services

5.5%

a

Berkshire

Hathaway,

Inc.,

B

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

129,529

49,705,458

Mastercard,

Inc.,

A

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

46,827

21,036,093

MGIC

Investment

Corp.

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

130,632

2,591,739

Visa,

Inc.,

A

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

127,543

34,852,400

Western

Union

Co.

(The)

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

163,754

2,058,388

110,244,078

Food

Products

0.4%

Bunge

Global

SA

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

72,720

6,405,905

Ingredion,

Inc.

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

18,292

1,967,670

8,373,575

Ground

Transportation

0.9%

Landstar

System,

Inc.

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

16,243

3,114,108

Ryder

System,

Inc.

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

20,268

2,301,837

a

Saia,

Inc.

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

12,082

5,443,908

a

Uber

Technologies,

Inc.

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

54,574

3,562,045

a

XPO,

Inc.

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

50,292

4,296,948

18,718,846

Health

Care

Equipment

&

Supplies

1.9%

Abbott

Laboratories

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

86,626

9,801,732

a

Boston

Scientific

Corp.

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

371,231

23,484,073

a

IDEXX

Laboratories,

Inc.

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

4,861

2,503,804

Stryker

Corp.

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

6,387

2,142,711

37,932,320

Health

Care

Providers

&

Services

2.8%

Cardinal

Health,

Inc.

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

114,559

12,508,697

McKesson

Corp.

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

44,545

22,267,600

a

Molina

Healthcare,

Inc.

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

20,404

7,272,802

UnitedHealth

Group,

Inc.

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

26,280

13,448,527

55,497,626

Health

Care

Technology

0.1%

a

Veeva

Systems,

Inc.,

A

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

8,748

1,814,423

a

Hotels,

Restaurants

&

Leisure

2.4%

a

Booking

Holdings,

Inc.

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

7,122

24,980,201

Domino's

Pizza,

Inc.

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

16,489

7,027,942

a

Expedia

Group,

Inc.

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

13,635

2,022,480

a

Royal

Caribbean

Cruises

Ltd.

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

105,525

13,454,437

47,485,060

Household

Durables

2.0%

Lennar

Corp.,

A

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

122,537

18,362,169

a

NVR,

Inc.

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

912

6,452,665

PulteGroup,

Inc.

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

106,365

11,121,524

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

Franklin

U.S.

Core

Equity

(IU)

Fund

(continued)

franklintempleton.com

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accompanying

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an

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part

of

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financial

statements.

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Report

25

a

a

Shares

a

Value

a

Common

Stocks

(continued)

Household

Durables

(continued)

Toll

Brothers,

Inc.

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

51,528

$

5,119,307

41,055,665

Household

Products

0.3%

Colgate-Palmolive

Co.

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

45,451

3,826,974

Procter

&

Gamble

Co.

(The)

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

12,247

1,924,494

5,751,468

Independent

Power

and

Renewable

Electricity

Producers

0.3%

Vistra

Corp.

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

161,973

6,645,752

Industrial

Conglomerates

1.3%

General

Electric

Co.

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

202,898

26,867,753

Industrial

REITs

0.1%

STAG

Industrial,

Inc.

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

49,313

1,821,622

Insurance

1.3%

Aflac,

Inc.

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

93,059

7,848,596

American

International

Group,

Inc.

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

28,017

1,947,462

Hartford

Financial

Services

Group,

Inc.

(The)

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

24,043

2,090,779

Loews

Corp.

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

90,609

6,601,772

Old

Republic

International

Corp.

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

122,131

3,424,553

Primerica,

Inc.

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

15,330

3,589,673

25,502,835

Interactive

Media

&

Services

6.1%

a

Alphabet,

Inc.,

A

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

224,924

31,511,852

a

Alphabet,

Inc.,

C

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

233,830

33,157,094

a

Meta

Platforms,

Inc.,

A

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

149,556

58,347,778

123,016,724

IT

Services

0.6%

a

Akamai

Technologies,

Inc.

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

16,584

2,043,646

a

Gartner,

Inc.

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

5,127

2,345,295

a

VeriSign,

Inc.

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

37,907

7,538,944

11,927,885

Life

Sciences

Tools

&

Services

0.6%

a

Medpace

Holdings,

Inc.

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

10,590

3,087,832

West

Pharmaceutical

Services,

Inc.

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

21,644

8,073,862

11,161,694

Machinery

0.9%

Allison

Transmission

Holdings,

Inc.

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

40,881

2,474,936

Crane

Co.

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

17,788

2,207,669

ITT,

Inc.

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

35,284

4,261,602

Oshkosh

Corp.

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

19,132

2,106,433

Snap-on,

Inc.

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

24,979

7,242,161

18,292,801

Media

1.5%

Comcast

Corp.,

A

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

585,902

27,267,879

New

York

Times

Co.

(The),

A

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

42,143

2,046,464

29,314,343

Metals

&

Mining

1.9%

Nucor

Corp.

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

118,847

22,216,070

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

Franklin

U.S.

Core

Equity

(IU)

Fund

(continued)

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financial

statements.

26

a

a

Shares

a

Value

a

Common

Stocks

(continued)

Metals

&

Mining

(continued)

Reliance

Steel

&

Aluminum

Co.

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

26,589

$

7,589,032

Steel

Dynamics,

Inc.

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

75,959

9,167,492

38,972,594

Multi-Utilities

1.1%

Consolidated

Edison,

Inc.

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

155,676

14,150,948

Public

Service

Enterprise

Group,

Inc.

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

132,547

7,686,401

21,837,349

Office

REITs

0.1%

Kilroy

Realty

Corp.

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

48,324

1,728,066

Oil,

Gas

&

Consumable

Fuels

4.5%

Cheniere

Energy,

Inc.

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

85,591

14,036,068

Exxon

Mobil

Corp.

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

98,575

10,134,496

HF

Sinclair

Corp.

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

61,979

3,501,194

Marathon

Petroleum

Corp.

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

142,520

23,601,312

Phillips

66

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

110,821

15,992,578

Valero

Energy

Corp.

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

163,694

22,737,097

90,002,745

Pharmaceuticals

1.7%

Eli

Lilly

&

Co.

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

21,873

14,121,428

Merck

&

Co.,

Inc.

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

173,785

20,989,752

35,111,180

Professional

Services

1.1%

Robert

Half,

Inc.

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

52,567

4,181,179

Science

Applications

International

Corp.

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

15,775

2,013,837

Verisk

Analytics,

Inc.,

A

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

69,721

16,839,713

23,034,729

Residential

REITs

0.2%

Apartment

Income

REIT

Corp.,

A

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

64,795

2,118,148

Essex

Property

Trust,

Inc.

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

8,722

2,034,581

4,152,729

Retail

REITs

1.1%

Brixmor

Property

Group,

Inc.

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

83,707

1,878,385

Simon

Property

Group,

Inc.

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

150,295

20,832,390

22,710,775

Semiconductors

&

Semiconductor

Equipment

10.0%

Applied

Materials,

Inc.

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

156,733

25,751,232

Broadcom,

Inc.

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

37,208

43,905,440

a

Cirrus

Logic,

Inc.

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

24,129

1,862,759

KLA

Corp.

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

39,912

23,709,324

Lam

Research

Corp.

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

24,711

20,390,776

NVIDIA

Corp.

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

135,223

83,198,655

QUALCOMM,

Inc.

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

15,847

2,353,438

201,171,624

Software

11.2%

a

Adobe,

Inc.

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

49,906

30,830,929

a

AppLovin

Corp.,

A

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

93,421

3,842,406

a

Cadence

Design

Systems,

Inc.

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

78,526

22,651,610

a

Dropbox,

Inc.,

A

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

116,361

3,686,316

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

Franklin

U.S.

Core

Equity

(IU)

Fund

(continued)

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accompanying

notes

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an

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part

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these

financial

statements.

Semiannual

Report

27

a

a

Shares

a

Value

a

Common

Stocks

(continued)

Software

(continued)

a

Fair

Isaac

Corp.

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

12,122

$

14,532,217

Intuit,

Inc.

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

13,106

8,274,211

a

Manhattan

Associates,

Inc.

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

26,560

6,442,394

Microsoft

Corp.

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

329,220

130,891,287

a

Splunk,

Inc.

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

12,291

1,885,071

a

Synopsys,

Inc.

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

5,499

2,932,892

225,969,333

Specialized

REITs

0.1%

Public

Storage

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

7,176

2,032,172

Weyerhaeuser

Co.

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

28,621

937,910

2,970,082

Specialty

Retail

1.8%

a

AutoZone,

Inc.

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

722

1,994,258

Best

Buy

Co.,

Inc.

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

95,054

6,890,464

Murphy

USA,

Inc.

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

8,778

3,094,421

a

O'Reilly

Automotive,

Inc.

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

11,273

11,532,843

TJX

Cos.,

Inc.

(The)

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

62,220

5,905,300

a

Ulta

Beauty,

Inc.

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

4,444

2,231,110

Williams-Sonoma,

Inc.

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

28,828

5,575,047

37,223,443

Technology

Hardware,

Storage

&

Peripherals

6.4%

Apple,

Inc.

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

655,326

120,842,114

NetApp,

Inc.

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

89,217

7,779,723

128,621,837

Textiles,

Apparel

&

Luxury

Goods

0.5%

a

Deckers

Outdoor

Corp.

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

11,585

8,731,962

Ralph

Lauren

Corp.,

A

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

15,743

2,261,797

10,993,759

Tobacco

0.1%

Altria

Group,

Inc.

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

45,816

1,838,138

Trading

Companies

&

Distributors

0.3%

a

Core

&

Main,

Inc.,

A

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

59,146

2,443,321

WW

Grainger,

Inc.

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

4,961

4,443,270

6,886,591

Total

Common

Stocks

(Cost

$1,497,372,068)

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

1,999,551,117

a

a

a

a

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

Short

Term

Investments

0.8%

a

a

Shares

a

Value

a

Money

Market

Funds

0.8%

b,c

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.003%

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

15,495,920

$

15,495,920

Total

Money

Market

Funds

(Cost

$15,495,920)

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

15,495,920

Total

Short

Term

Investments

(Cost

$15,495,920

)

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

15,495,920

a

Total

Investments

(Cost

$1,512,867,988)

100.0%

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

$2,015,047,037

Other

Assets,

less

Liabilities

0.0%

†

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

1,223,797

Net

Assets

100.0%

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

$2,016,270,834

See

Abbreviations

on

page

44

.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Non-income

producing.

b

See

Note

3(d)

regarding

investments

in

affiliated

management

investment

companies.

c

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Fund

Allocator

Series

Financial

Statements

Statements

of

Assets

and

Liabilities

January

31,

2024

(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

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

$126,959,367

$748,276,735

$1,497,372,068

Cost

-

Non-controlled

affiliates

(Note

3

d

)

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

1,582,496

4,488,053

15,495,920

Value

-

Unaffiliated

issuers

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

$133,442,828

$895,334,013

$1,999,551,117

Value

-

Non-controlled

affiliates

(Note

3

d

)

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

1,582,496

4,488,053

15,495,920

Cash

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

—

—

50,003

Foreign

currency,

at

value

(cost

$18,190,

$2,897

and

$–

,

respectively)

.

18,182

2,885

—

Receivables:

Investment

securities

sold

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

668

15,798

47,086,159

Capital

shares

sold

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

5,030,080

18,414,618

990,671

Dividends

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

307,130

2,884,436

996,127

European

Union

tax

reclaims

(Note

1

c

)

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

—

459,376

—

Affiliates

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

34,477

35,872

58,822

Total

assets

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

140,415,861

921,635,051

2,064,228,819

Liabilities:

Payables:

Investment

securities

purchased

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

5,489,851

13,304,589

—

Capital

shares

redeemed

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

46,340

2,011,707

47,909,179

Trustees'

fees

and

expenses

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

298

1,679

2,981

Deferred

tax

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

531,056

—

—

Accrued

expenses

and

other

liabilities

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

80,244

91,474

45,825

Total

liabilities

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

6,147,789

15,409,449

47,957,985

Net

assets,

at

value

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

$134,268,072

$906,225,602

$2,016,270,834

Net

assets

consist

of:

Paid-in

capital

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

$145,397,657

$792,944,165

$1,581,151,457

Total

distributable

earnings

(losses)

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

(11,129,585)

113,281,437

435,119,377

Net

assets,

at

value

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

$134,268,072

$906,225,602

$2,016,270,834

Shares

outstanding

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

14,595,768

77,943,128

136,206,168

Net

asset

value

per

share

a

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

$9.20

$11.63

$14.80

a

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

Franklin

Fund

Allocator

Series

Financial

Statements

Statements

of

Operations

for

the

six

months

ended

January

31,

2024

(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

$152,131,

$685,242

and

$1,617,

respectively)

Unaffiliated

issuers

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

$1,203,882

$8,288,747

$11,977,840

Non-controlled

affiliates

(Note

3d)

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

24,750

231,894

355,200

Other

income

a

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

1,792

236,396

b

27,553

Total

investment

income

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

1,230,424

8,757,037

12,360,593

Expenses:

Custodian

fees

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

31,033

33,827

5,894

Reports

to

shareholders

fees

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

805

786

786

Registration

and

filing

fees

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

24,068

27,304

29,583

Professional

fees

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

48,917

30,939

52,873

Trustees'

fees

and

expenses

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

1,005

6,880

13,703

Interest

expense

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

1,106

634

—

Other

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

7,145

16,487

12,100

Total

expenses

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

114,079

116,857

114,939

Expenses

waived/paid

by

affiliates

(Note

3d

and

3e)

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

(114,079)

(116,857)

(114,939)

Net

expenses

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

—

—

—

Net

investment

income

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

1,230,424

8,757,037

12,360,593

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

(net

of

foreign

taxes

of

$35,532,

$–

and

$–,

respectively)

Unaffiliated

issuers

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

831,633

10,832,147

21,867,593

Foreign

currency

transactions

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

(59,723)

(361,221)

—

Net

realized

gain

(loss)

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

771,910

10,470,926

21,867,593

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

(5,617,315)

15,514,600

135,520,360

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

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

15,132

9,105

—

Change

in

deferred

taxes

on

unrealized

appreciation

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

(326,254)

—

—

Net

change

in

unrealized

appreciation

(depreciation)

..........

(5,928,437)

15,523,705

135,520,360

Net

realized

and

unrealized

gain

(loss)

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

(5,156,527)

25,994,631

157,387,953

Net

increase

(decrease)

in

net

assets

resulting

from

operations

........

$(3,926,103)

$34,751,668

$169,748,546

a

Other

income

includes

payments

by

Advisers

for

acquired

fund

fees

and

expenses

(See

Note

3e)

.

b

Other

income

includes

income

from

EU

reclaims

(See

Note

1c)

.

Franklin

Fund

Allocator

Series

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

31

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

Franklin

International

Core

Equity

(IU)

Fund

Six

Months

Ended

January

31,

2024

(unaudited)

Year

Ended

July

31,

2023

Six

Months

Ended

January

31,

2024

(unaudited)

Year

Ended

July

31,

2023

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$1,230,424

$4,372,569

$8,757,037

$29,986,194

Net

realized

gain

(loss)

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

771,910

(8,600,365)

10,470,926

(5,445,444)

Net

change

in

unrealized

appreciation

(depreciation)

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

(5,928,437)

15,877,054

15,523,705

97,742,063

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

(3,926,103)

11,649,258

34,751,668

122,282,813

Distributions

to

shareholders

.........

(3,235,867)

(4,506,203)

(16,118,440)

(30,622,815)

Capital

share

transactions

(Note

2

)

.....

15,203,915

9,954,236

(56,572,537)

51,747,446

Net

increase

(decrease)

in

net

assets

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

8,041,945

17,097,291

(37,939,309)

143,407,444

Net

assets:

Beginning

of

period

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

126,226,127

109,128,836

944,164,911

800,757,467

End

of

period

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

$134,268,072

$126,226,127

$906,225,602

$944,164,911

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,

2024

(unaudited)

Year

Ended

July

31,

2023

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$12,360,593

$29,578,197

Net

realized

gain

(loss)

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

21,867,593

(62,038,682)

Net

change

in

unrealized

appreciation

(depreciation)

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

135,520,360

186,885,919

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

169,748,546

154,425,434

Distributions

to

shareholders

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

(4,217,148)

(91,270,972)

Capital

share

transactions

(Note

2

)

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

48,710,806

(314,989,416)

Net

increase

(decrease)

in

net

assets

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

214,242,204

(251,834,954)

Net

assets:

Beginning

of

period

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

1,802,028,630

2,053,863,584

End

of

period

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

$2,016,270,834

$1,802,028,630

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

Funds follow

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and apply

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946.

The

following

summarizes

the Funds'

significant

accounting

policies. 

a.

Financial

Instrument

Valuation

The Funds'

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The Funds calculate the

net

asset

value

(NAV)

per

share

each

business

day

as

of

4

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier. Under

compliance

policies

and

procedures

approved

by

the

Trust’s

Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Funds’

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Funds'

administrator

in

performing

this

responsibility,

including

leading

the

cross-

functional

Valuation

Committee

(VC).

The

Funds

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value. 

Equity

securities

and

exchange

traded

funds listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price of

the

day,

respectively.

Foreign

equity

securities

are

valued

as

of

the

close

of

trading

on

the

foreign

stock

exchange

on

which

the

security

is

primarily

traded,

or

as

of

4

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

4

p.m.

Eastern

time

on

the

day

that

the

value

of

the

security

is

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities. 

Investments

in open-end mutual

funds

are

valued

at

the

closing

NAV.

The

Funds

have

procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the

Funds

primarily

employ

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed.

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

4

p.m.

Eastern

time.

In

addition,

trading

in

certain

foreign

markets

may

not

take

place

on

every

Funds'

business

day.

Events

can occur

between

the

time

at

which

trading

in

a

foreign

security

is

completed

and

4

p.m.

Eastern

time

that

might

call

into

question

the

reliability

of

the

value

of

a

portfolio

security

held

by

the

Funds.

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,

2024,

certain

securities

may

have

been

fair

valued

using

these

procedures,

in

which

case

the

securities

were

categorized

as

Level

2

within

the

fair

value

hierarchy

(referred

to

as

“market

level

fair

value”).

See

the

Fair

Value

Measurements

note

for

more

information.

When

the

last

day

of

the

reporting

period

is

a

non-business

day,

certain

foreign

markets

may

be

open

on

those

days

that

the

Funds'

NAV

is

not

calculated,

which

could

result

in

differences

between

the

value

of

the

Funds'

portfolio

securities

on

the

last

business

day

and

the

last

calendar

day

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(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.

Income

and

Deferred

Taxes

It

is each

Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. Each

Fund

intends

to

distribute

to

shareholders

substantially

all

of

its

taxable

income

and

net

realized

gains

to

relieve

it

from

federal

income

and excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

The

Funds

may

be

subject

to

foreign

taxation

related

to

income

received,

capital

gains

on

the

sale

of

securities

and

certain

foreign

currency

transactions

in

the

foreign

jurisdictions

in

which the

Funds invest.

Foreign

taxes,

if

any,

are

recorded

based

on

the

tax

regulations

and

rates

that

exist

in

the

foreign

markets

in

which

the

Funds

invest.

When

a

capital

gain

tax

is

determined

to

apply, certain

or all Funds record

an

estimated

deferred

tax

liability

in

an

amount

that

would

be

payable

if

the

securities

were

disposed

of

on

the

valuation

date.

As

a

result

of

several

court

cases,

in

certain

countries

across

the

European

Union, certain

or

all Funds

filed

additional

tax

reclaims

for

previously

withheld

taxes

on

dividends

earned

in

those

countries

(EU

reclaims). Income

recognized,

if

any,

for

EU

reclaims

is

reflected

as

other

income

in

the

Statements

of

Operations

and

any

related

receivable,

if

any,

is

reflected

as

European

Union

tax

reclaims

in

the

Statements

of

Assets

and

Liabilities.

Any

fees

associated

with

these

filings

are

reflected

in

other

expenses in

the

Statements

of

Operations.

When

uncertainty

exists

as

to

the

ultimate

resolution

of

these

proceedings,

the

likelihood

of

receipt

of

these

EU

reclaims,

and

the

potential

timing

of

payment,

no

amounts

are

reflected

in

the

financial

statements.

For

U.S.

income

tax

purposes,

EU

reclaims

received

by

the

Funds,

if

any,

reduce

the

amount

of

foreign

taxes

Fund

shareholders

can

use

as

tax

deductions

or credits

on

their

income

tax

returns.

Each

Fund

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

January

31,

2024,

each

Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

1.

Organization

and

Significant

Accounting

Policies

(continued)

a.

Financial

Instrument

Valuation

(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

35

franklintempleton.com

Semiannual

Report

d.

Security

Transactions,

Investment

Income,

Expenses

and

Distributions

Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis.

Dividend

income

is

recorded

on

the

ex-dividend

date

except

for

certain

dividends

from

securities

where

the

dividend

rate

is

not

available.

In

such

cases,

the

dividend

is

recorded

as

soon

as

the

information

is

received

by

the

Funds.

Distributions

to

shareholders

are

recorded

on

the

ex-

dividend

date.

Distributable

earnings

are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These

reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences

are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

Common

expenses

incurred

by

the

Trust

are

allocated

among

the

Funds

based

on

the

ratio

of

net

assets

of

each

Fund

to

the

combined

net

assets

of

the

Trust

or

based

on

the

ratio

of

number

of

shareholders

of

each

Fund

to

the

combined

number

of

shareholders

of

the

Trust.

Fund

specific

expenses

are

charged

directly

to

the

Fund

that

incurred

the

expense.

e.

Accounting

Estimates

The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

f.

Guarantees

and

Indemnifications

Under

the Trust's

organizational

documents,

its

officers

and trustees

are

indemnified

by

the Trust against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

Additionally,

in

the

normal

course

of

business,

the Trust,

on

behalf

of

the

Funds, enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The Trust's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the Trust

that

have

not

yet

occurred.

Currently,

the Trust

expects

the

risk

of

loss

to

be

remote.

2.

Shares

of

Beneficial

Interest

At

January

31,

2024,

there

were

an

unlimited

number

of

shares

authorized

(without

par value).

Transactions

in

the

Funds'

shares

were

as

follows:

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

Franklin

International

Core

Equity

(IU)

Fund

Shares

Amount

Shares

Amount

Class

A

Six

Months

ended

January

31,

2024

Shares

sold

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

1,755,470

$16,030,195

6,683,188

$75,030,443

Shares

issued

in

reinvestment

of

distributions

..........

365,464

3,235,867

1,575,372

16,118,440

Shares

redeemed

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

(443,188)

(4,062,147)

(13,629,026)

(147,721,420)

Net

increase

(decrease)

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

1,677,746

$15,203,915

(5,370,466)

$(56,572,537)

Year

ended

July

31,

2023

Shares

sold

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

1,550,202

$13,989,446

15,474,480

$163,181,228

Shares

issued

in

reinvestment

of

distributions

..........

502,987

4,506,203

2,946,671

30,622,815

Shares

redeemed

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

(957,954)

(8,541,413)

(13,775,976)

(142,056,597)

Net

increase

(decrease)

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

1,095,235

$9,954,236

4,645,175

$51,747,446

1.

Organization

and

Significant

Accounting

Policies

(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

36

franklintempleton.com

Semiannual

Report

3

.

Transactions

with

Affiliates

Franklin

Resources,

Inc.

is

the

holding

company

for

various

subsidiaries

that

together

are

referred

to

as

Franklin

Templeton.

Certain

officers

and

trustees

of

the Funds are

also

officers

and/or

trustees of

the

following

subsidiaries:

a.

Management

Fees

Advisers provides

investment

management

services

to

the

Funds.

The

Funds

do

not

pay

a

fee

for

these

services.

Advisers

and

its

affiliates,

receive

compensation

from

the

investment

companies

that

invest

in

the

Funds.

b.

Administrative

Fees

Under

an

agreement

with

Advisers,

FT

Services

provides

administrative

services

to

the

Funds

and

is

not

paid

by

the

Funds

for

the

services.

c.

Transfer

Agent

Fees

Investor

Services

provides

shareholder

services

to

the

Funds.

The

Funds

do

not

pay

a

fee

for

these

services. 

d.

Investments

in

Affiliated

Management

Investment

Companies

Certain

or

all

Funds

invest

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

“Controlled

Affiliate”

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund’s

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Funds

do

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies. Advisers

has

contractually

agreed

to

reimburse

expenses

of

the

Funds

in

an

amount

equal

to

fees

indirectly

borne

by

the

Funds

on

assets

invested

in

the

affiliated

management

investment

companies,

as

noted

in

the

Statements

of

Operations.

During

the period

ended

January

31,

2024,

investments

in

affiliated

management

investment

companies

were

as

follows:

Franklin

U.S.

Core

Equity

(IU)

Fund

Shares

Amount

Class

A

Six

Months

ended

January

31,

2024

Shares

sold

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

15,597,154

$209,554,653

Shares

issued

in

reinvestment

of

distributions

..........

330,499

4,217,148

Shares

redeemed

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

(11,837,455)

(165,060,995)

Net

increase

(decrease)

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

4,090,198

$48,710,806

Year

ended

July

31,

2023

Shares

sold

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

6,260,327

$78,691,449

Shares

issued

in

reinvestment

of

distributions

..........

7,452,212

91,270,972

Shares

redeemed

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

(38,143,023)

(484,951,837)

Net

increase

(decrease)

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

(24,430,484)

$(314,989,416)

Subsidiary

Affiliation

Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

Principal

underwriter

Franklin

Templeton

Investor

Services,

LLC

(Investor

Services)

Transfer

agent

2.

Shares

of

Beneficial

Interest

(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

37

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,

2024.

Total

expenses

waived

or

paid

are

not

subject

to

recapture

subsequent

to

the

Funds'

fiscal

year

end.

Acquired

fund

fees

and

expenses

are

indirect

expenses,

and

therefore

Advisers

may

make

payments,

if

necessary,

to

the

Funds

to

offset

these

estimated

indirect

expenses.

Payments

by

Advisers for

the period

ended

January

31,

2024,

are

reflected

as

other

income

in

the

Statements

of

Operations.

    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,

5.003%

$1,411,873

$15,281,415

$(15,110,792)

$—

$—

$1,582,496

1,582,496

$24,750

Total

Affiliated

Securities

...

$1,411,873

$15,281,415

$(15,110,792)

$—

$—

$1,582,496

$24,750

Franklin

International

Core

Equity

(IU)

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.003%

$7,035,498

$97,326,232

$(99,873,677)

$—

$—

$4,488,053

4,488,053

$231,894

Total

Affiliated

Securities

...

$7,035,498

$97,326,232

$(99,873,677)

$—

$—

$4,488,053

$231,894

Franklin

U.S.

Core

Equity

(IU)

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.003%

$15,977,991

$168,083,794

$(168,565,865)

$—

$—

$15,495,920

15,495,920

$355,200

Total

Affiliated

Securities

...

$15,977,991

$168,083,794

$(168,565,865)

$—

$—

$15,495,920

$355,200

3

.

Transactions

with

Affiliates

(continued)

d.

Investments

in

Affiliated

Management

Investment

Companies

(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

38

franklintempleton.com

Semiannual

Report

f.

Other

Affiliated

Transactions

At

January

31,

2024,

the

shares

of

the Funds

were

owned

by

the

following

entities:

a

Investment

activities

of

significant

shareholders

could

have

a

material

impact

on

the

Fund.

b

Comprised

of

affiliated

shareholders

whose

individual

ownership

is

less

than

5%

and

would

not

have

a

material

impact

on

the

Fund.

4.

Income

Taxes

For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains.

At

July

31,

2023,

the

capital

loss

carryforwards

were

as

follows:

At

January

31,

2024,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Shares

Percentage

of

Outstanding

Shares

~

a

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

Franklin

Growth

Allocation

Fund

4,078,158

27.9%

Franklin

Moderate

Allocation

Fund

3,938,120

27.0%

Franklin

Conservative

Allocation

Fund

1,487,596

10.2%

Superior

Officer

Council

Balanced

Fund

1,446,260

9.9%

Other

affiliates

~

b

3,645,635

25.0%

Total

14,595,768

100.0%

Franklin

International

Core

Equity

(IU)

Fund

Franklin

Growth

Allocation

Fund

10,070,582

12.9%

Franklin

Moderate

Allocation

Fund

9,720,771

12.5%

Superior

Officer

Council

Balanced

Fund

4,617,503

5.9%

Franklin

Growth

Allocation

529

Portfolio

4,327,238

5.6%

Other

affiliates

~

b

49,207,034

63.1%

Total

77,943,128

100.0%

Franklin

U.S.

Core

Equity

(IU)

Fund

Franklin

Moderate

Allocation

Fund

25,795,243

18.9%

Franklin

Growth

Allocation

Fund

20,586,216

15.1%

Franklin

Conservative

Allocation

Fund

9,739,193

7.2%

Franklin

Growth

Allocation

529

Portfolio

6,840,880

5.0%

Other

affiliates

~

b

73,244,636

53.8%

Total

136,206,168

100.0%

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

Franklin

International

Core

Equity

(IU)

Fund

Franklin

U.S.

Core

Equity

(IU)

Fund

1

1

1

1

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

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

$

9,035,808

$

29,902,582

$

78,013,202

Long

term

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

3,504,193

—

7,242,319

Total

capital

loss

carryforwards

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

$12,540,001

$29,902,582

$85,255,521

3

.

Transactions

with

Affiliates

(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

39

franklintempleton.com

Semiannual

Report

Differences

between

income

and/or

capital

gains

as

determined

on

a

book

basis

and

a

tax

basis

are

primarily

due

to

differing

treatments

of

wash

sales,

passive

foreign

investment

company

shares,

corporate

actions

and

REITs.

5.

Investment

Transactions

Purchases

and

sales

of

investments

(excluding

short

term

securities)

for

the

period

ended

January

31,

2024,

were

as

follows:

6.

Concentration

of

Risk

Investing

in

foreign

securities

may

include

certain

risks

and

considerations

not

typically

associated

with

investing

in

U.S.

securities,

such

as

fluctuating

currency

values

and

changing

local,

regional

and

global

economic,

political

and

social

conditions,

which

may

result

in

greater

market

volatility.

Political

and

financial

uncertainty

in

many

foreign

regions

may

increase

market

volatility

and

the

economic

risk

of

investing

in

foreign

securities.

In

addition,

certain

foreign

securities

may

not

be

as

liquid

as

U.S.

securities.

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

Qualified

Foreign

Institutional

Investor (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,

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

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

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

$133,397,576

$769,508,159

$1,524,683,177

Unrealized

appreciation

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

$20,564,677

$161,358,148

$512,469,327

Unrealized

depreciation

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

(18,936,929)

(31,044,241)

(22,105,467)

Net

unrealized

appreciation

(depreciation)

.......

$1,627,748

$130,313,907

$490,363,860

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

Franklin

International

Core

Equity

(IU)

Fund

Franklin

U.S.

Core

Equity

(IU)

Fund

Purchases

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

$54,058,681

$330,319,489

$844,287,163

Sales

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

$40,970,059

$393,979,696

$787,269,840

4.

Income

Taxes

(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

40

franklintempleton.com

Semiannual

Report

in

other

countries

that

are

subject

to

economic

sanctions

related

to

the

invasion.

To

the

extent

that

the

Funds

have

exposure

to

Russian

investments

or

investments

in

countries

affected

by

the

invasion,

the

Funds’

ability

to

price,

buy,

sell,

receive

or

deliver

such

investments

was

impaired.

The

Funds

could

determine

at

any

time

that

certain

of

the

most

affected

securities

have

little

or

no

value.

In

addition,

any

exposure

that

the

Funds

may

have

to

counterparties

in

Russia

or

in

countries

affected

by

the

invasion

could

negatively

impact

the

Funds’

portfolio.

The

extent

and

duration

of

Russia’s

military

actions

and

the

repercussions

of

such

actions

(including

any

retaliatory

actions

or

countermeasures

that

may

be

taken

by

those

subject

to

sanctions)

are

impossible

to

predict,

but

could

result

in

significant

market

disruptions,

including

in

the

oil

and

natural

gas

markets,

and

may

negatively

affect

global

supply

chains,

inflation

and

global

growth.

These

and

any

related

events

could

significantly

impact

the

Funds’

performance

and

the

value

of

an

investment

in

the

Funds,

even

beyond

any

direct

exposure

the

Funds

may

have

to

Russian

issuers

or

issuers

in

other

countries

affected

by

the

invasion.

The

Valuation

Committee

determined

that

based

on

their

analysis

of

the

market

and

access

to

market

participants,

the

Russian

financial

instruments

held

by

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

had

little

or

no

value

at

January

31,

2024.

Certain

investments

in

Chinese

companies

are

made

through

a

special

structure

known

as

a

VIE.

In

a

VIE

structure,

foreign

investors,

such

as

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

and

Franklin

International

Core

Equity

(IU)

Fund,

will

only

own

stock

in

a

shell

company

rather

than

directly

in

the

VIE,

which

must

be

owned

by

Chinese

nationals

(and/or

Chinese

companies)

to

obtain

the

licenses

and/or

assets

required

to

operate

in

a

restricted

or

prohibited

sector

in

China.

The

value

of

the

shell

company

is

derived

from

its

ability

to

consolidate

the

VIE

into

its

financials

pursuant

to

contractual

arrangements

that

allow

the

shell

company

to

exert

a

degree

of

control

over,

and

obtain

economic

benefits

arising

from,

the

VIE

without

formal

legal

ownership.

While

VIEs

are

a

longstanding

industry

practice

and

are

well

known

by

Chinese

officials

and

regulators,

the

structure

historically

has

not

been

formally

recognized

under

Chinese

law

and

it

is

uncertain

whether

Chinese

officials

or

regulators

will

withdraw

their

implicit

acceptance

of

the

structure.

It

is

also

uncertain

whether

the

contractual

arrangements,

which

may

be

subject

to

conflicts

of

interest

between

the

legal

owners

of

the

VIE

and

foreign

investors,

would

be

enforced

by

Chinese

courts

or

arbitration

bodies.

Prohibitions

of

these

structures

by

the

Chinese

government,

or

the

inability

to

enforce

such

contracts,

from

which

the

shell

company

derives

its

value,

would

likely

cause

the

VIE-structured

holdings

to

suffer

significant,

detrimental,

and

possibly

permanent

losses,

and

in

turn,

adversely

affect

the

Fund's

returns

and

net

asset

value.

7.

Fair

Value

Measurements

The Funds

follow

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Funds'

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the Funds' financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

3

–

significant

unobservable

inputs

(including

the Funds'

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

6.

Concentration

of

Risk

(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

41

franklintempleton.com

Semiannual

Report

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,

2024,

in

valuing

the

Funds'

assets carried

at

fair

value,

is

as

follows:

Level

1

Level

2

Level

3

Total

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

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

$

—

$

361,874

$

—

$

361,874

Air

Freight

&

Logistics

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

—

221,961

—

221,961

Automobile

Components

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

368,814

734,642

—

1,103,456

Automobiles

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

312,426

3,118,308

—

3,430,734

Banks

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

6,211,645

13,665,754

—

19,877,399

Beverages

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

1,183,502

814,811

—

1,998,313

Biotechnology

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

—

1,064,043

—

1,064,043

Broadline

Retail

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

5,715,473

242,999

—

5,958,472

Capital

Markets

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

—

1,803,123

—

1,803,123

Chemicals

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

209,209

3,962,438

—

a

4,171,647

Communications

Equipment

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

—

251,592

—

251,592

Construction

&

Engineering

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

—

861,535

—

861,535

Construction

Materials

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

781,544

349,032

—

1,130,576

Consumer

Finance

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

—

669,452

—

669,452

Consumer

Staples

Distribution

&

Retail

......

1,275,122

938,633

—

2,213,755

Containers

&

Packaging

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

124,199

—

—

124,199

Diversified

Consumer

Services

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

—

185,098

—

185,098

Diversified

REITs

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

156,770

—

—

156,770

Diversified

Telecommunication

Services

.....

—

1,334,091

—

1,334,091

Electric

Utilities

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

324,630

522,568

—

a

847,198

Electrical

Equipment

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

—

2,584,312

—

2,584,312

Electronic

Equipment,

Instruments

&

Components

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

490,848

2,915,674

—

3,406,522

Entertainment

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

1,930,204

—

—

1,930,204

Financial

Services

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

174,158

1,969,571

—

2,143,729

Food

Products

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

638,693

1,888,751

—

2,527,444

Gas

Utilities

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

—

379,037

—

379,037

Ground

Transportation

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

—

222,285

—

222,285

Health

Care

Equipment

&

Supplies

.........

89,973

131,246

—

221,219

Health

Care

Providers

&

Services

..........

—

1,407,428

—

1,407,428

Hotels,

Restaurants

&

Leisure

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

2,114,791

906,967

—

3,021,758

Household

Durables

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

—

511,728

—

511,728

Household

Products

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

153,235

—

—

153,235

Independent

Power

and

Renewable

Electricity

Producers

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

320,282

860,813

—

1,181,095

Industrial

Conglomerates

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

683,675

753,831

—

1,437,506

Insurance

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

2,162,194

1,714,272

—

3,876,466

Interactive

Media

&

Services

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

5,334,678

788,309

—

6,122,987

IT

Services

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

—

3,927,467

—

3,927,467

Life

Sciences

Tools

&

Services

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

—

698,550

—

698,550

Machinery

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

429,898

300,933

—

730,831

Marine

Transportation

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

—

340,670

—

340,670

Media

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

—

124,742

—

124,742

Metals

&

Mining

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

2,722,022

1,783,646

—

a

4,505,668

Oil,

Gas

&

Consumable

Fuels

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

2,949,523

2,960,071

—

5,909,594

Paper

&

Forest

Products

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

—

183,383

—

183,383

Passenger

Airlines

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

—

395,172

—

395,172

Personal

Care

Products

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

—

998,767

—

998,767

Pharmaceuticals

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

—

2,134,167

—

2,134,167

7.

Fair

Value

Measurements

(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

42

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:

Real

Estate

Management

&

Development

....

$

—

$

1,434,669

$

—

$

1,434,669

Semiconductors

&

Semiconductor

Equipment

.

9,291,804

4,611,370

—

13,903,174

Software

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

—

346,460

—

346,460

Specialty

Retail

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

309,699

1,692,144

—

2,001,843

Technology

Hardware,

Storage

&

Peripherals

.

5,554,646

2,417,845

—

7,972,491

Textiles,

Apparel

&

Luxury

Goods

..........

—

1,282,139

—

1,282,139

Tobacco

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

—

544,011

—

544,011

Transportation

Infrastructure

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

185,800

646,386

—

832,186

Wireless

Telecommunication

Services

.......

1,002,364

1,197,272

—

2,199,636

Preferred

Stocks

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

4,084,965

—

—

4,084,965

Short

Term

Investments

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

1,582,496

—

—

1,582,496

Total

Investments

in

Securities

...........

$58,869,282

$76,156,042

b

$—

$135,025,324

Franklin

International

Core

Equity

(IU)

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

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

—

12,724,354

—

12,724,354

Air

Freight

&

Logistics

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

—

4,141,324

—

4,141,324

Automobile

Components

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

—

1,691,726

—

1,691,726

Automobiles

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

—

37,315,746

—

37,315,746

Banks

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

—

71,553,628

—

71,553,628

Beverages

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

—

12,505,168

—

12,505,168

Broadline

Retail

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

—

7,725,673

—

7,725,673

Building

Products

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

4,827,800

10,672,020

—

15,499,820

Capital

Markets

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

1,471,680

30,052,351

—

31,524,031

Chemicals

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

3,504,869

23,644,641

—

27,149,510

Commercial

Services

&

Supplies

...........

—

1,764,573

—

1,764,573

Communications

Equipment

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

—

1,700,211

—

1,700,211

Construction

&

Engineering

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

—

5,989,862

—

5,989,862

Construction

Materials

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

—

6,063,077

—

6,063,077

Consumer

Staples

Distribution

&

Retail

......

—

22,396,391

—

22,396,391

Containers

&

Packaging

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

—

5,209,168

—

5,209,168

Diversified

Consumer

Services

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

—

868,725

—

868,725

Diversified

REITs

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

—

2,555,862

—

2,555,862

Diversified

Telecommunication

Services

.....

3,759,665

11,650,185

—

15,409,850

Electric

Utilities

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

—

14,638,857

—

14,638,857

Electrical

Equipment

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

—

14,098,960

—

14,098,960

Electronic

Equipment,

Instruments

&

Components

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

—

10,828,548

—

10,828,548

Entertainment

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

—

5,126,647

—

5,126,647

Financial

Services

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

—

11,427,245

—

11,427,245

Food

Products

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

—

25,268,424

—

25,268,424

Gas

Utilities

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

—

4,660,995

—

4,660,995

Health

Care

Equipment

&

Supplies

.........

—

22,840,348

—

22,840,348

Health

Care

Providers

&

Services

..........

—

2,011,364

—

2,011,364

Health

Care

Technology

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

—

653,292

—

653,292

Hotels,

Restaurants

&

Leisure

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

—

15,474,626

—

15,474,626

Household

Durables

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

—

6,173,924

—

6,173,924

Independent

Power

and

Renewable

Electricity

Producers

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

—

1,031,872

—

1,031,872

Industrial

Conglomerates

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

—

18,557,558

—

18,557,558

Industrial

REITs

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

—

4,797,328

—

4,797,328

Insurance

............................

—

38,322,009

—

38,322,009

7.

Fair

Value

Measurements

(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

43

franklintempleton.com

Semiannual

Report

A

reconciliation

in

which

Level

3

inputs

are

used

in

determining

fair

value

is

presented

when

there

are

significant

Level

3

assets

and/or

liabilities

at

the

beginning

and/or

end

of

the period.

8.

Subsequent

Events

The

Funds

have

evaluated

subsequent

events

through

the

issuance

of

the

financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure.

Level

1

Level

2

Level

3

Total

Franklin

International

Core

Equity

(IU)

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

Common

Stocks:

Interactive

Media

&

Services

..............

$

—

$

4,644,016

$

—

$

4,644,016

IT

Services

...........................

—

5,613,793

—

5,613,793

Leisure

Products

.......................

—

1,782,005

—

1,782,005

Life

Sciences

Tools

&

Services

............

—

4,751,103

—

4,751,103

Machinery

............................

9,610,760

21,426,810

—

31,037,570

Marine

Transportation

...................

—

2,789,034

—

2,789,034

Media

...............................

—

5,120,263

—

5,120,263

Metals

&

Mining

.......................

—

34,621,466

—

34,621,466

Multi-Utilities

..........................

—

4,867,543

—

4,867,543

Oil,

Gas

&

Consumable

Fuels

.............

—

38,973,766

—

38,973,766

Paper

&

Forest

Products

.................

1,910,848

—

—

1,910,848

Passenger

Airlines

.....................

—

831,825

—

831,825

Personal

Care

Products

.................

14,190,449

7,401,080

—

21,591,529

Pharmaceuticals

.......................

—

97,118,545

—

97,118,545

Professional

Services

...................

—

11,967,496

—

11,967,496

Real

Estate

Management

&

Development

....

—

10,478,659

—

10,478,659

Retail

REITs

..........................

—

2,318,233

—

2,318,233

Semiconductors

&

Semiconductor

Equipment

.

14,409,369

22,309,051

—

36,718,420

Software

.............................

5,105,944

18,691,548

—

23,797,492

Specialty

Retail

........................

—

10,335,285

—

10,335,285

Technology

Hardware,

Storage

&

Peripherals

.

—

4,934,817

—

4,934,817

Textiles,

Apparel

&

Luxury

Goods

..........

—

25,911,192

—

25,911,192

Tobacco

.............................

—

5,187,134

—

5,187,134

Trading

Companies

&

Distributors

..........

—

22,455,923

—

22,455,923

Transportation

Infrastructure

..............

—

1,629,466

—

1,629,466

Preferred

Stocks

.........................

—

4,245,894

—

4,245,894

Rights

.................................

—

—

—

a

—

Short

Term

Investments

...................

4,488,053

—

—

4,488,053

Total

Investments

in

Securities

...........

$63,279,437

$836,542,629

c

$—

$899,822,066

Franklin

U.S.

Core

Equity

(IU)

Fund

Assets:

Investments

in

Securities:

d

Common

Stocks

.........................

1,999,551,117

—

—

1,999,551,117

Short

Term

Investments

...................

15,495,920

—

—

15,495,920

Total

Investments

in

Securities

...........

$2,015,047,037

$—

$—

$2,015,047,037

a

Includes

financial

instruments

determined

to

have

no

value.

b

Includes

foreign

securities

valued

at

$76,156,042,

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

$836,542,629,

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.

7.

Fair

Value

Measurements

(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

44

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. Recovery of Erroneously Awarded Compensation.

(a) N/A

(b) N/A

Item 14. Exhibits.

(a)(1) Code of Ethics

codeofethics

(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of Christopher Kings, Chief Executive Officer - Finance and Administration, and Jeffrey White, 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 Christopher Kings, Chief Executive Officer - Finance and Administration, and Jeffrey White, 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\CHRISTOPHER KINGS _________________

Christopher Kings

      Chief Executive Officer - Finance and Administration

Date  March 28, 2024

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By S\CHRISTOPHER KINGS _________________

Christopher Kings

      Chief Executive Officer - Finance and Administration

Date  March 28, 2024

By S\JEFFREY WHITE______________________

      Jeffrey White

      Chief Financial Officer, Chief Accounting Officer and Treasurer

Date  March 28, 2024