UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number

_

811-07851

Franklin Fund Allocator Series

 (Exact name of registrant as specified in charter)

One Franklin Parkway, San Mateo, CA 94403-1906

(Address of principal executive offices) (Zip code)

Craig S. Tyle, One Franklin Parkway, San Mateo, CA 94403-1906

(Name and address of agent for service)

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

Date of fiscal year end: 7/31

Date of reporting period: 1/31/21

Item 1. Reports to Stockholders.

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

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

Your

Fund’s

Expenses

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

1

franklintempleton.com

Semiannual

Report

Shareholders

of

mutual

funds

incur

ongoing

costs,

such

as

management

fees

(if

any),

custodian

fees

and

other

Fund

expenses,

which

are

sometimes

referred

to

as

operating

expenses.

The

table

below

shows

the

ongoing

costs

of

investing

in

the

Fund

and

can

help

you

understand

these

costs

and

compare

them

with

those

of

other

mutual

funds.

The

table

assumes

a

$1,000

investment

held

for

the

six

months

indicated.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

Fund

costs

only

and

do

not

reflect

any

program

fees

that

you

may

pay.

Therefore,

the

table

is

useful

in

comparing

ongoing

costs

of

investing

in

the

Fund

only,

and

will

not

help

you

determine

the

relative

total

costs

of

participating

in

any

one

investment

program.

Actual

Fund

Expenses

The

table

below

provides

information

about

actual

account

values

and

actual

expenses

in

the

columns

under

the

heading

“Actual.”

In

these

columns

the

Fund’s

actual

return,

which

includes

the

effect

of

Fund

expenses,

is

used

to

calculate

the

“Ending

Account

Value.”

You

can

estimate

the

expenses

you

paid

during

the

period

by

following

these

steps

(

of

course,

your

account

value

and

expenses

will

differ

from

those

in

this

illustration

):

Divide

your

account

value

by

$1,000

(

if

your

account

had

an

$8,600

value,

then

$8,600

÷

$1,000

=

8.6

).

Then

multiply

the

result

by

the

number

in

the

row

for

your

class

of

shares

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

for

the

class

of

shares

you

hold

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

expenses

shown

in

the

table

are

meant

to

highlight

ongoing

costs

and

do

not

reflect

any

transactional

costs.

Therefore,

information

under

the

heading

“Hypothetical”

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

compare

total

costs

of

owning

different

funds.

In

addition,

if

transactional

costs

were

included,

your

total

costs

would

have

been

higher.

1.

Expenses

are

equal

to

the

annualized

expense

ratio

for

the

six-month

period

as

indicated

above—in

the

far

right

column—multiplied

by

the

simple

average

account

value

over

the

period

indicated,

and

then

multiplied

by

184/365

to

reflect

the

one-half

year

period.

2.

Reflects

expenses

after

fee

waivers

and

expense

reimbursements.

Does

not

include

acquired

fund

fees

and

expenses.

Actual

(actual

return

after

expenses)

Hypothetical

(5%

annual

return

before

expenses)

Beginning

Account

Value

8/1/20

Ending

Account

Value

1/31/21

Expenses

Paid

During

Period

8/1/20–1/31/21

1,2

Ending

Account

Value

1/31/21

Expenses

Paid

During

Period

8/1/20–1/31/21

1,2

a

Annualized

Expense

Ratio

2

$1,000

$1,161.90

$0.00

$1,025.21

$0.00

0.00%

Your

Fund’s

Expenses

Franklin

International

Core

Equity

(IU)

Fund

2

franklintempleton.com

Semiannual

Report

Shareholders

of

mutual

funds

incur

ongoing

costs,

such

as

management

fees

(if

any),

custodian

fees

and

other

Fund

expenses,

which

are

sometimes

referred

to

as

operating

expenses.

The

table

below

shows

the

ongoing

costs

of

investing

in

the

Fund

and

can

help

you

understand

these

costs

and

compare

them

with

those

of

other

mutual

funds.

The

table

assumes

a

$1,000

investment

held

for

the

six

months

indicated.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

Fund

costs

only

and

do

not

reflect

any

program

fees

that

you

may

pay.

Therefore,

the

table

is

useful

in

comparing

ongoing

costs

of

investing

in

the

Fund

only,

and

will

not

help

you

determine

the

relative

total

costs

of

participating

in

any

one

investment

program.

Actual

Fund

Expenses

The

table

below

provides

information

about

actual

account

values

and

actual

expenses

in

the

columns

under

the

heading

“Actual.”

In

these

columns

the

Fund’s

actual

return,

which

includes

the

effect

of

Fund

expenses,

is

used

to

calculate

the

“Ending

Account

Value.”

You

can

estimate

the

expenses

you

paid

during

the

period

by

following

these

steps

(

of

course,

your

account

value

and

expenses

will

differ

from

those

in

this

illustration

):

Divide

your

account

value

by

$1,000

(

if

your

account

had

an

$8,600

value,

then

$8,600

÷

$1,000

=

8.6

).

Then

multiply

the

result

by

the

number

in

the

row

for

your

class

of

shares

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

for

the

class

of

shares

you

hold

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

expenses

shown

in

the

table

are

meant

to

highlight

ongoing

costs

and

do

not

reflect

any

transactional

costs.

Therefore,

information

under

the

heading

“Hypothetical”

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

compare

total

costs

of

owning

different

funds.

In

addition,

if

transactional

costs

were

included,

your

total

costs

would

have

been

higher.

1.

Expenses

are

equal

to

the

annualized

expense

ratio

for

the

six-month

period

as

indicated

above—in

the

far

right

column—multiplied

by

the

simple

average

account

value

over

the

period

indicated,

and

then

multiplied

by

184/365

to

reflect

the

one-half

year

period.

2.

Reflects

expenses

after

fee

waivers

and

expense

reimbursements.

Does

not

include

acquired

fund

fees

and

expenses.

Actual

(actual

return

after

expenses)

Hypothetical

(5%

annual

return

before

expenses)

Beginning

Account

Value

8/1/20

Ending

Account

Value

1/31/21

Expenses

Paid

During

Period

8/1/20–1/31/21

1,2

Ending

Account

Value

1/31/21

Expenses

Paid

During

Period

8/1/20–1/31/21

1,2

a

Annualized

Expense

Ratio

2

$1,000

$1,154.10

$0.00

$1,025.21

$0.00

0.00%

Your

Fund’s

Expenses

Franklin

U.S.

Core

Equity

(IU)

Fund

3

franklintempleton.com

Semiannual

Report

Shareholders

of

mutual

funds

incur

ongoing

costs,

such

as

management

fees

(if

any),

custodian

fees

and

other

Fund

expenses,

which

are

sometimes

referred

to

as

operating

expenses.

The

table

below

shows

the

ongoing

costs

of

investing

in

the

Fund

and

can

help

you

understand

these

costs

and

compare

them

with

those

of

other

mutual

funds.

The

table

assumes

a

$1,000

investment

held

for

the

six

months

indicated.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

Fund

costs

only

and

do

not

reflect

any

program

fees

that

you

may

pay.

Therefore,

the

table

is

useful

in

comparing

ongoing

costs

of

investing

in

the

Fund

only,

and

will

not

help

you

determine

the

relative

total

costs

of

participating

in

any

one

investment

program.

Actual

Fund

Expenses

The

table

below

provides

information

about

actual

account

values

and

actual

expenses

in

the

columns

under

the

heading

“Actual.”

In

these

columns

the

Fund’s

actual

return,

which

includes

the

effect

of

Fund

expenses,

is

used

to

calculate

the

“Ending

Account

Value.”

You

can

estimate

the

expenses

you

paid

during

the

period

by

following

these

steps

(

of

course,

your

account

value

and

expenses

will

differ

from

those

in

this

illustration

):

Divide

your

account

value

by

$1,000

(

if

your

account

had

an

$8,600

value,

then

$8,600

÷

$1,000

=

8.6

).

Then

multiply

the

result

by

the

number

in

the

row

for

your

class

of

shares

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

for

the

class

of

shares

you

hold

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

expenses

shown

in

the

table

are

meant

to

highlight

ongoing

costs

and

do

not

reflect

any

transactional

costs.

Therefore,

information

under

the

heading

“Hypothetical”

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

compare

total

costs

of

owning

different

funds.

In

addition,

if

transactional

costs

were

included,

your

total

costs

would

have

been

higher.

1.

Expenses

are

equal

to

the

annualized

expense

ratio

for

the

six-month

period

as

indicated

above—in

the

far

right

column—multiplied

by

the

simple

average

account

value

over

the

period

indicated,

and

then

multiplied

by

184/365

to

reflect

the

one-half

year

period.

2.

Reflects

expenses

after

fee

waivers

and

expense

reimbursements.

Does

not

include

acquired

fund

fees

and

expenses.

Actual

(actual

return

after

expenses)

Hypothetical

(5%

annual

return

before

expenses)

Beginning

Account

Value

8/1/20

Ending

Account

Value

1/31/21

Expenses

Paid

During

Period

8/1/20–1/31/21

1,2

Ending

Account

Value

1/31/21

Expenses

Paid

During

Period

8/1/20–1/31/21

1,2

a

Annualized

Expense

Ratio

2

$1,000

$1,126.20

$0.00

$1,025.21

$0.00

0.00%

Franklin

Fund

Allocator

Series

Financial

Highlights

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

4

a

Six

Months

Ended

January

31,

2021

(unaudited)

Year

Ended

July

31,

2020

a

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

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

$10.57

$10.00

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.10

0.33

Net

realized

and

unrealized

gains

(losses)

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

1.57

0.45

Total

from

investment

operations

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

1.67

0.78

Less

distributions

from:

Net

investment

income

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

(0.18)

(0.21)

Net

realized

gains

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

—

(—)

d

Total

distributions

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

(0.18)

(0.21)

Net

asset

value,

end

of

period

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

$12.06

$10.57

Total

return

e

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

16.19%

7.96%

Ratios

to

average

net

assets

f

Expenses

before

waiver

and

payments

by

affiliates

and

expense

reduction

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

0.12%

0.17%

Expenses

net

of

waiver

and

payments

by

affiliates

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

0.01%

0.01%

Expenses

net

of

waiver

and

payments

by

affiliates

and

expense

reduction

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

—%

—%

Net

investment

income

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

1.85%

3.44%

Supplemental

data

Net

assets,

end

of

period

(000’s)

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

$142,491

$138,590

Portfolio

turnover

rate

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

55.41%

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.

Franklin

Fund

Allocator

Series

Statement

of

Investments

(unaudited),

January

31,

2021

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

97.5%

Air

Freight

&

Logistics

0.4%

Hyundai

Glovis

Co.

Ltd.

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

South

Korea

3,530

$

598,735

Auto

Components

0.5%

a

Hankook

Tire

&

Technology

Co.

Ltd.

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

South

Korea

19,501

715,028

Automobiles

1.4%

Hero

MotoCorp

Ltd.

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

India

8,177

364,638

Kia

Motors

Corp.

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

South

Korea

12,995

952,554

b

Yadea

Group

Holdings

Ltd.,

144A,

Reg

S

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

China

282,000

733,373

2,050,565

Banks

8.6%

Al

Rajhi

Bank

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

Saudi

Arabia

115,143

2,219,543

Bank

of

Beijing

Co.

Ltd.,

A

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

China

211,600

155,507

BDO

Unibank

,

Inc.

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

Philippines

157,080

328,116

Chongqing

Rural

Commercial

Bank

Co.

Ltd.,

H

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

China

610,000

262,330

a

Grupo

Financiero

Banorte

SAB

de

CV,

O

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

Mexico

145,500

720,565

Hana

Financial

Group,

Inc.

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

South

Korea

70,995

2,070,198

Huaxia

Bank

Co.

Ltd.,

A

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

China

196,200

185,882

Industrial

Bank

Co.

Ltd.,

A

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

China

306,206

1,097,988

Kasikornbank

PCL

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

Thailand

83,700

353,571

KB

Financial

Group,

Inc.

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

South

Korea

44,733

1,615,392

Masraf

Al

Rayan

QSC

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

Qatar

841,236

1,003,685

a,b

Moneta

Money

Bank

A/S,

144A,

Reg

S

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

Czech

Republic

69,741

236,757

National

Commercial

Bank

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

Saudi

Arabia

95,280

1,068,207

Shinhan

Financial

Group

Co.

Ltd.

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

South

Korea

31,516

864,469

12,182,210

Beverages

0.1%

Chongqing

Brewery

Co.

Ltd.,

A

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

China

7,400

154,314

Biotechnology

0.2%

a,b

3SBio,

Inc.,

144A,

Reg

S

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

China

316,000

293,758

Building

Products

0.3%

China

Lesso

Group

Holdings

Ltd.

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

China

262,000

434,656

Capital

Markets

2.1%

B3

SA

-

Brasil

Bolsa

Balcao

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

Brazil

127,300

1,391,410

CSC

Financial

Co.

Ltd.,

A

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

China

30,500

189,224

GF

Securities

Co.

Ltd.,

A

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

China

91,600

225,418

GF

Securities

Co.

Ltd.,

H

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

China

324,800

473,311

Guotai

Junan

Securities

Co.

Ltd.,

A

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

China

115,914

294,490

Hithink

RoyalFlush

Information

Network

Co.

Ltd.,

A

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

China

8,294

152,401

a

Noah

Holdings

Ltd.,

ADR

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

China

6,300

299,880

3,026,134

Chemicals

1.4%

Advanced

Petrochemical

Co.

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

Saudi

Arabia

36,492

610,032

a

Kumho

Petrochemical

Co.

Ltd.

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

South

Korea

4,715

1,035,911

b

PhosAgro

PJSC,

GDR,

Reg

S

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

Russia

25,486

398,807

2,044,750

Commercial

Services

&

Supplies

2.1%

b

A-Living

Smart

City

Services

Co.

Ltd.,

H,

144A,

Reg

S

.........

China

28,869

125,383

Country

Garden

Services

Holdings

Co.

Ltd.

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

China

322,000

2,617,134

S-1

Corp.

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

South

Korea

3,247

234,095

2,976,612

Communications

Equipment

0.5%

Accton

Technology

Corp.

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

Taiwan

32,000

307,067

Franklin

Fund

Allocator

Series

Statement

of

Investments

(unaudited)

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

6

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Communications

Equipment

(continued)

BYD

Electronic

International

Co.

Ltd.

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

China

52,500

$

361,581

668,648

Construction

&

Engineering

0.2%

a

DL

E&C

Co.

Ltd.

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

South

Korea

1,814

180,849

a

DL

Holdings

Co.

Ltd.

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

South

Korea

1,446

78,616

259,465

Consumer

Finance

1.4%

Krungthai

Card

PCL

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

Thailand

148,200

320,751

a

Lufax

Holding

Ltd.,

ADR

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

China

44,400

707,736

Muangthai

Capital

PCL

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

Thailand

172,600

377,671

Samsung

Card

Co.

Ltd.

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

South

Korea

7,450

197,548

Srisawad

Corp.

PCL

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

Thailand

188,700

420,924

2,024,630

Electric

Utilities

0.3%

Inter

RAO

UES

PJSC

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

Russia

6,967,000

480,037

Electrical

Equipment

1.8%

Havells

India

Ltd.

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

India

51,650

739,619

WEG

SA

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

Brazil

82,300

1,260,426

Zhuzhou

CRRC

Times

Electric

Co.

Ltd.,

H

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

China

119,400

597,991

2,598,036

Electronic

Equipment,

Instruments

&

Components

2.0%

Hon

Hai

Precision

Industry

Co.

Ltd.

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

Taiwan

410,000

1,630,061

Kingboard

Holdings

Ltd.

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

China

163,000

664,240

Synnex

Technology

International

Corp.

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

Taiwan

257,000

414,032

Zhejiang

Dahua

Technology

Co.

Ltd.,

A

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

China

45,900

173,429

2,881,762

Entertainment

2.8%

a

CD

Projekt

SA

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

Poland

7,477

609,817

NCSoft

Corp.

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

South

Korea

1,196

1,013,498

NetEase

,

Inc.,

ADR

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

China

18,600

2,138,814

Wuhu

Sanqi

Interactive

Entertainment

Network

Technology

Group

Co.

Ltd.,

A

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

China

32,900

164,996

3,927,125

Food

&

Staples

Retailing

1.1%

Abdullah

Al

Othaim

Markets

Co.

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

Saudi

Arabia

10,989

360,372

BGF

retail

Co.

Ltd.

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

South

Korea

1,439

218,213

BIM

Birlesik

Magazalar

A/S

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

Turkey

54,026

531,582

Clicks

Group

Ltd.

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

South

Africa

28,541

468,912

1,579,079

Food

Products

3.5%

b

Dali

Foods

Group

Co.

Ltd.,

144A,

Reg

S

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

China

532,000

320,421

Foshan

Haitian

Flavouring

&

Food

Co.

Ltd.,

A

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

China

29,900

914,194

Grupo

Bimbo

SAB

de

CV,

A

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

Mexico

408,400

767,038

Henan

Shuanghui

Investment

&

Development

Co.

Ltd.,

A

.......

China

31,400

229,062

Nestle

India

Ltd.

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

India

4,382

1,024,364

Thai

Union

Group

PCL,

F

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

Thailand

708,300

325,835

Tingyi

Cayman

Islands

Holding

Corp.

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

China

506,000

1,005,456

Uni

-President

China

Holdings

Ltd.

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

China

329,000

397,718

4,984,088

Franklin

Fund

Allocator

Series

Statement

of

Investments

(unaudited)

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

7

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Gas

Utilities

0.3%

ENN

Energy

Holdings

Ltd.

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

China

13,100

$

202,036

Indraprastha

Gas

Ltd.

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

India

39,167

276,364

478,400

Health

Care

Equipment

&

Supplies

1.6%

Intco

Medical

Technology

Co.

Ltd.,

A

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

China

4,700

171,233

Shenzhen

Mindray

Bio-Medical

Electronics

Co.

Ltd.,

A

..........

China

11,100

771,784

a

Supermax

Corp.

Bhd.

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

Malaysia

207,335

347,404

Top

Glove

Corp.

Bhd.

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

Malaysia

565,400

940,457

2,230,878

Hotels,

Restaurants

&

Leisure

0.4%

Yum

China

Holdings,

Inc.

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

China

10,800

612,468

Household

Durables

2.6%

a

Coway

Co.

Ltd.

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

South

Korea

8,760

544,135

LG

Electronics,

Inc.

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

South

Korea

20,119

2,747,221

Nien

Made

Enterprise

Co.

Ltd.

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

Taiwan

31,000

407,949

3,699,305

Household

Products

0.7%

Unilever

Indonesia

Tbk

.

PT

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

Indonesia

2,002,700

986,636

Independent

Power

and

Renewable

Electricity

Producers

0.2%

Colbun

SA

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

Chile

1,967,837

339,303

Industrial

Conglomerates

0.2%

a

CJ

Corp.

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

South

Korea

2,990

251,606

Insurance

4.1%

a

Bupa

Arabia

for

Cooperative

Insurance

Co.

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

Saudi

Arabia

11,160

341,581

DB

Insurance

Co.

Ltd.

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

South

Korea

5,569

183,114

Fubon

Financial

Holding

Co.

Ltd.

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

Taiwan

958,000

1,554,977

PICC

Property

&

Casualty

Co.

Ltd.,

H

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

China

1,522,000

1,105,608

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

A

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

China

163,600

2,006,950

Sul

America

SA

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

Brazil

80,115

584,414

5,776,644

Interactive

Media

&

Services

7.4%

Autohome

,

Inc.,

ADR

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

China

6,800

749,564

Momo

,

Inc.,

ADR

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

China

31,400

479,792

Tencent

Holdings

Ltd.

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

China

105,100

9,364,879

10,594,235

Internet

&

Direct

Marketing

Retail

11.0%

a

Alibaba

Group

Holding

Ltd.,

ADR

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

China

36,900

9,366,327

a

JD.com,

Inc.,

ADR

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

China

16,900

1,498,861

a,b

Meituan

Dianping

,

B,

Reg

S

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

China

41,600

1,918,176

Naspers

Ltd.,

N

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

South

Africa

4,241

981,048

a

Pinduoduo

,

Inc.,

ADR

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

China

3,500

579,985

a

Vipshop

Holdings

Ltd.,

ADR

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

China

46,700

1,280,514

15,624,911

IT

Services

5.8%

HCL

Technologies

Ltd.

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

India

73,668

921,579

Infosys

Ltd.

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

India

145,517

2,469,126

b

Larsen

&

Toubro

Infotech

Ltd.,

144A,

Reg

S

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

India

8,774

476,450

Tata

Consultancy

Services

Ltd.

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

India

68,417

2,914,913

Tech

Mahindra

Ltd.

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

India

58,149

764,478

TravelSky

Technology

Ltd.,

H

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

China

239,000

532,527

Franklin

Fund

Allocator

Series

Statement

of

Investments

(unaudited)

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

8

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

IT

Services

(continued)

Wipro

Ltd.

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

India

39,605

$

227,144

8,306,217

Leisure

Products

0.1%

Giant

Manufacturing

Co.

Ltd.

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

Taiwan

21,000

203,680

Life

Sciences

Tools

&

Services

0.8%

Divi's

Laboratories

Ltd.

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

India

14,541

670,744

b

Pharmaron

Beijing

Co.

Ltd.,

H,

144A,

Reg

S

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

China

22,600

433,003

1,103,747

Machinery

1.1%

Haitian

International

Holdings

Ltd.

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

China

119,000

429,047

Jiangsu

Hengli

Hydraulic

Co.

Ltd.,

A

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

China

14,388

261,479

Sany

Heavy

Industry

Co.

Ltd.,

A

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

China

94,800

594,013

Shenzhen

Inovance

Technology

Co.

Ltd.,

A

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

China

19,900

293,822

1,578,361

Metals

&

Mining

3.4%

China

Hongqiao

Group

Ltd.

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

China

421,000

371,697

Impala

Platinum

Holdings

Ltd.

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

South

Africa

33,526

452,745

Kumba

Iron

Ore

Ltd.

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

South

Africa

16,589

667,078

MMC

Norilsk

Nickel

PJSC

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

Russia

3,941

1,268,361

Polyus

PJSC

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

Russia

5,262

1,001,016

Severstal

PAO

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

Russia

39,561

656,380

Sibanye

Stillwater

Ltd.

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

South

Africa

106,207

403,172

4,820,449

Oil,

Gas

&

Consumable

Fuels

2.3%

China

Shenhua

Energy

Co.

Ltd.,

A

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

China

82,600

223,066

China

Shenhua

Energy

Co.

Ltd.,

H

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

China

859,500

1,587,675

Tatneft

PJSC

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

Russia

201,582

1,295,077

United

Tractors

Tbk

.

PT

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

Indonesia

81,800

132,816

3,238,634

Personal

Products

1.4%

Colgate-Palmolive

India

Ltd.

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

India

31,467

691,276

LG

Household

&

Health

Care

Ltd.

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

South

Korea

373

519,335

Marico

Ltd.

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

India

132,977

757,608

1,968,219

Pharmaceuticals

2.5%

Aurobindo

Pharma

Ltd.

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

India

39,801

492,843

China

Medical

System

Holdings

Ltd.

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

China

318,000

455,620

China

Traditional

Chinese

Medicine

Holdings

Co.

Ltd.

..........

China

698,000

387,120

CSPC

Pharmaceutical

Group

Ltd.

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

China

767,600

780,351

Jiangsu

Hengrui

Medicine

Co.

Ltd.,

A

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

China

59,740

960,915

Richter

Gedeon

Nyrt

.

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

Hungary

17,237

485,590

3,562,439

Real

Estate

Management

&

Development

2.0%

Agile

Group

Holdings

Ltd.

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

China

214,000

265,912

Aldar

Properties

PJSC

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

United

Arab

Emirates

1,318,541

1,249,206

Barwa

Real

Estate

Co.

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

Qatar

270,165

244,961

KWG

Group

Holdings

Ltd.

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

China

316,500

419,352

Logan

Group

Co.

Ltd.

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

China

256,000

382,108

Franklin

Fund

Allocator

Series

Statement

of

Investments

(unaudited)

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

9

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Real

Estate

Management

&

Development

(continued)

Ruentex

Development

Co.

Ltd.

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

Taiwan

150,500

$

207,621

2,769,160

Semiconductors

&

Semiconductor

Equipment

10.6%

Hangzhou

First

Applied

Material

Co.

Ltd.,

A

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

China

10,060

155,252

LONGi

Green

Energy

Technology

Co.

Ltd.,

A

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

China

55,000

914,894

Novatek

Microelectronics

Corp.

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

Taiwan

95,000

1,331,693

Realtek

Semiconductor

Corp.

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

Taiwan

40,000

643,247

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

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

Taiwan

451,000

9,527,928

United

Microelectronics

Corp.

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

Taiwan

976,000

1,748,168

Vanguard

International

Semiconductor

Corp.

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

Taiwan

153,000

607,202

Xinyi

Solar

Holdings

Ltd.

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

China

64,000

140,034

15,068,418

Software

0.1%

Hundsun

Technologies,

Inc.,

A

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

China

12,656

190,501

Specialty

Retail

1.3%

JUMBO

SA

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

Greece

12,203

191,152

Mr

Price

Group

Ltd.

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

South

Africa

68,873

782,578

b

Topsports

International

Holdings

Ltd.,

144A,

Reg

S

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

China

319,000

516,934

Zhongsheng

Group

Holdings

Ltd.

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

China

55,000

322,106

1,812,770

Technology

Hardware,

Storage

&

Peripherals

3.8%

Samsung

Electronics

Co.

Ltd.

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

South

Korea

74,151

5,421,953

Textiles,

Apparel

&

Luxury

Goods

0.9%

Bosideng

International

Holdings

Ltd.

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

China

586,000

259,114

Page

Industries

Ltd.

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

India

1,069

397,999

Pou

Chen

Corp.

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

Taiwan

615,000

613,559

1,270,672

Tobacco

0.6%

a,b

Smoore

International

Holdings

Ltd.,

144A,

Reg

S

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

China

93,000

916,002

Transportation

Infrastructure

0.3%

International

Container

Terminal

Services,

Inc.

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

Philippines

67,610

166,536

Westports

Holdings

Bhd.

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

Malaysia

224,100

237,552

404,088

Wireless

Telecommunication

Services

1.3%

MTN

Group

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

South

Africa

128,973

532,075

Turkcell

Iletisim

Hizmetleri

A/S

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

Turkey

88,694

194,187

Vodacom

Group

Ltd.

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

South

Africa

136,601

1,114,256

1,840,518

Total

Common

Stocks

(Cost

$109,216,440)

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

138,949,846

Preferred

Stocks

2.0%

Banks

1.5%

c

Itausa

SA,

4.8%

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

Brazil

1,121,600

2,175,097

Electric

Utilities

0.2%

c

Cia

Paranaense

de

Energia

,

3.78%

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

Brazil

26,700

318,579

Franklin

Fund

Allocator

Series

Statement

of

Investments

(unaudited)

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

10

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Preferred

Stocks

(continued)

Personal

Products

0.3%

c

LG

Household

&

Health

Care

Ltd.,

1.58%

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

South

Korea

537

$

336,191

Total

Preferred

Stocks

(Cost

$3,685,825)

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

2,829,867

Total

Long

Term

Investments

(Cost

$112,902,265)

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

141,779,713

a

Short

Term

Investments

0.5%

a

a

Country

Shares

a

Value

a

Money

Market

Funds

0.5%

d,e

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0%

........

United

States

736,982

736,982

Total

Money

Market

Funds

(Cost

$736,982)

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

736,982

Total

Short

Term

Investments

(Cost

$736,982

)

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

736,982

a

Total

Investments

(Cost

$113,639,247)

100.0%

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

$142,516,695

Other

Assets,

less

Liabilities

0.0%

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

(25,455)

Net

Assets

100.0%

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

$142,491,240

See

Abbreviations

on

page

39

.

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,

2021,

the

aggregate

value

of

these

securities

was

$6,369,064,

representing

4.5%

of

net

assets.

c

Variable

rate

security.

The

rate

shown

represents

the

yield

at

period

end.

d

See

Note

3(d)

regarding

investments

in

affiliated

management

investment

companies.

e

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Fund

Allocator

Series

Financial

Highlights

Franklin

International

Core

Equity

(IU)

Fund

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

11

a

Six

Months

Ended

January

31,

2021

(unaudited)

Year

Ended

July

31,

2020

a

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

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

$10.31

$10.00

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.13

0.25

Net

realized

and

unrealized

gains

(losses)

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

1.44

0.30

Total

from

investment

operations

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

1.57

0.55

Less

distributions

from:

Net

investment

income

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

(0.13)

(0.24)

Net

asset

value,

end

of

period

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

$11.75

$10.31

Total

return

d

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

15.41%

5.58%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

and

expense

reduction

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

0.04%

0.08%

Expenses

net

of

waiver

and

payments

by

affiliates

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

—%

0.01%

Expenses

net

of

waiver

and

payments

by

affiliates

and

expense

reduction

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

—%

f

—%

Net

investment

income

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

2.42%

2.57%

Supplemental

data

Net

assets,

end

of

period

(000’s)

$308,564

$281,150

Portfolio

turnover

rate

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

40.44%

94.98%

a

For

the

period

August

19,

2019

(effective

date)

to

July

31,

2020.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Statement

of

Investments

(unaudited),

January

31,

2021

Franklin

International

Core

Equity

(IU)

Fund

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

12

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

98.3%

Air

Freight

&

Logistics

1.2%

Deutsche

Post

AG

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

Germany

74,672

$

3,688,279

Auto

Components

0.6%

Cie

Generale

des

Etablissements

Michelin

SCA

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

France

12,878

1,774,612

Automobiles

1.1%

Stellantis

NV

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

United

States

229,057

3,482,304

Banks

5.9%

Banco

de

Sabadell

SA

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

Spain

1,177,255

514,143

a

BNP

Paribas

SA

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

France

76,823

3,683,948

a

Credit

Agricole

SA

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

France

167,240

1,892,763

a

FinecoBank

Banca

Fineco

SpA

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

Italy

62,001

964,063

a

ING

Groep

NV

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

Netherlands

547,740

4,869,955

a

KBC

Group

NV

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

Belgium

18,813

1,311,862

a

Standard

Chartered

plc

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

United

Kingdom

59,394

359,362

Sumitomo

Mitsui

Financial

Group,

Inc.

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

Japan

153,700

4,775,202

18,371,298

Beverages

0.1%

Anheuser-Busch

InBev

SA/NV

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

Belgium

5,320

333,937

Biotechnology

1.2%

CSL

Ltd.

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

Australia

13,511

2,800,939

a

Galapagos

NV

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

Belgium

8,572

896,357

3,697,296

Building

Products

1.7%

Geberit

AG

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

Switzerland

7,216

4,416,425

a

Kingspan

Group

plc

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

Ireland

10,733

727,124

5,143,549

Capital

Markets

7.0%

Hargreaves

Lansdown

plc

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

United

Kingdom

64,909

1,512,213

Hong

Kong

Exchanges

&

Clearing

Ltd.

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

Hong

Kong

83,500

5,338,409

Japan

Exchange

Group,

Inc.

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

Japan

45,300

1,057,550

Magellan

Financial

Group

Ltd.

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

Australia

23,882

867,643

Nomura

Holdings,

Inc.

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

Japan

477,300

2,525,418

Partners

Group

Holding

AG

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

Switzerland

3,485

4,114,828

Singapore

Exchange

Ltd.

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

Singapore

159,400

1,184,009

UBS

Group

AG

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

Switzerland

343,352

4,948,742

21,548,812

Chemicals

2.1%

b

Covestro

AG,

144A,

Reg

S

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

Germany

8,370

568,566

EMS-

Chemie

Holding

AG

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

Switzerland

1,665

1,570,340

Nitto

Denko

Corp.

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

Japan

32,700

2,964,009

Tosoh

Corp.

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

Japan

55,300

948,268

Yara

International

ASA

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

Brazil

7,256

337,400

6,388,583

Construction

&

Engineering

0.4%

Obayashi

Corp.

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

Japan

133,200

1,115,711

Construction

Materials

0.1%

Taiheiyo

Cement

Corp.

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

Japan

12,500

311,213

Diversified

Financial

Services

3.9%

Investor

AB,

B

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

Sweden

56,991

4,179,452

a

Kinnevik

AB,

B

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

Sweden

44,153

2,165,707

M&G

plc

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

United

Kingdom

501,325

1,202,659

Franklin

Fund

Allocator

Series

Statement

of

Investments

(unaudited)

Franklin

International

Core

Equity

(IU)

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

13

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Diversified

Financial

Services

(continued)

Mitsubishi

UFJ

Lease

&

Finance

Co.

Ltd.

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

Japan

83,200

$

407,113

ORIX

Corp.

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

Japan

252,700

4,054,797

12,009,728

Diversified

Telecommunication

Services

0.9%

Deutsche

Telekom

AG

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

Germany

159,076

2,828,663

Electric

Utilities

0.8%

Red

Electrica

Corp.

SA

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

Spain

85,835

1,629,759

Tohoku

Electric

Power

Co.,

Inc.

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

Japan

88,800

762,125

2,391,884

Electrical

Equipment

3.6%

Mitsubishi

Electric

Corp.

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

Japan

322,700

4,922,726

Schneider

Electric

SE

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

France

42,469

6,215,541

11,138,267

Electronic

Equipment,

Instruments

&

Components

0.1%

Hitachi

Ltd.

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

Japan

9,200

378,997

Entertainment

1.5%

Nintendo

Co.

Ltd.

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

Japan

7,500

4,317,265

Square

Enix

Holdings

Co.

Ltd.

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

Japan

4,600

264,517

4,581,782

Equity

Real

Estate

Investment

Trusts

(REITs)

1.4%

Gecina

SA

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

France

2,084

296,070

Goodman

Group

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

Australia

244,095

3,284,565

Klepierre

SA

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

France

20,588

493,415

Suntec

Real

Estate

Investment

Trust

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

Singapore

265,600

318,179

4,392,229

Food

&

Staples

Retailing

3.1%

Cosmos

Pharmaceutical

Corp.

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

Japan

4,100

625,120

Koninklijke

Ahold

Delhaize

NV

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

Netherlands

220,382

6,325,705

Seven

&

i

Holdings

Co.

Ltd.

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

Japan

39,900

1,523,702

Sundrug

Co.

Ltd.

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

Japan

10,400

412,611

Welcia

Holdings

Co.

Ltd.

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

Japan

19,000

643,691

9,530,829

Food

Products

2.1%

a

a2

Milk

Co.

Ltd.

(The)

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

New

Zealand

27,547

227,148

Calbee

,

Inc.

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

Japan

19,000

561,893

MEIJI

Holdings

Co.

Ltd.

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

Japan

24,100

1,645,065

Nestle

SA

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

Switzerland

15,323

1,717,560

Toyo

Suisan

Kaisha

Ltd.

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

Japan

17,900

880,936

b

WH

Group

Ltd.,

144A,

Reg

S

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

Hong

Kong

1,923,500

1,558,736

6,591,338

Gas

Utilities

1.3%

Osaka

Gas

Co.

Ltd.

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

Japan

78,300

1,447,978

Toho

Gas

Co.

Ltd.

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

Japan

14,400

846,519

Tokyo

Gas

Co.

Ltd.

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

Japan

75,700

1,658,793

3,953,290

Health

Care

Equipment

&

Supplies

3.6%

Coloplast

A/S,

B

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

Denmark

17,830

2,661,469

DiaSorin

SpA

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

Italy

4,831

1,056,421

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

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

New

Zealand

43,235

1,071,373

Franklin

Fund

Allocator

Series

Statement

of

Investments

(unaudited)

Franklin

International

Core

Equity

(IU)

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

14

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Health

Care

Equipment

&

Supplies

(continued)

Hoya

Corp.

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

Japan

32,300

$

4,132,911

a

Sonova

Holding

AG

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

Switzerland

9,296

2,242,434

11,164,608

Health

Care

Technology

0.1%

M3,

Inc.

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

Japan

4,700

395,621

Household

Durables

2.8%

a

Barratt

Developments

plc

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

United

Kingdom

186,049

1,620,228

Berkeley

Group

Holdings

plc

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

United

Kingdom

24,302

1,389,764

Iida

Group

Holdings

Co.

Ltd.

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

Japan

30,000

661,785

Persimmon

plc

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

United

Kingdom

59,144

2,058,634

Sekisui

House

Ltd.

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

Japan

126,900

2,451,767

a

Taylor

Wimpey

plc

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

United

Kingdom

171,547

342,364

8,524,542

Household

Products

0.1%

Pigeon

Corp.

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

Japan

7,400

332,963

Industrial

Conglomerates

0.2%

CK

Hutchison

Holdings

Ltd.

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

United

Kingdom

83,000

572,793

Insurance

2.6%

Admiral

Group

plc

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

United

Kingdom

37,162

1,464,532

Aviva

plc

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

United

Kingdom

741,800

3,392,933

a

CNP

Assurances

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

France

32,829

497,538

Direct

Line

Insurance

Group

plc

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

United

Kingdom

74,876

307,307

Japan

Post

Insurance

Co.

Ltd.

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

Japan

47,300

929,032

NN

Group

NV

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

Netherlands

34,161

1,422,799

8,014,141

Interactive

Media

&

Services

0.7%

a,b

Auto

Trader

Group

plc,

144A,

Reg

S

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

United

Kingdom

201,113

1,550,438

Kakaku.com,

Inc.

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

Japan

26,900

779,092

2,329,530

Internet

&

Direct

Marketing

Retail

1.1%

a,b

Zalando

SE,

144A,

Reg

S

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

Germany

25,652

2,941,164

ZOZO,

Inc.

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

Japan

21,600

604,865

3,546,029

IT

Services

3.0%

Fujitsu

Ltd.

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

Japan

38,600

5,890,356

NEC

Corp.

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

Japan

9,400

511,443

Nomura

Research

Institute

Ltd.

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

Japan

57,100

1,923,379

Otsuka

Corp.

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

Japan

20,900

1,052,335

9,377,513

Life

Sciences

Tools

&

Services

0.7%

Sartorius

Stedim

Biotech

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

France

5,106

2,137,665

Machinery

5.2%

Amada

Co.

Ltd.

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

Japan

40,300

453,732

Atlas

Copco

AB,

A

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

Sweden

69,716

3,781,602

Atlas

Copco

AB,

B

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

Sweden

31,452

1,472,302

Epiroc

AB,

A

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

Sweden

120,711

2,312,247

Epiroc

AB,

B

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

Sweden

71,907

1,233,996

GEA

Group

AG

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

Germany

8,339

288,117

Kone

OYJ,

B

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

Finland

26,297

2,068,046

Kurita

Water

Industries

Ltd.

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

Japan

9,600

389,666

Franklin

Fund

Allocator

Series

Statement

of

Investments

(unaudited)

Franklin

International

Core

Equity

(IU)

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

15

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Machinery

(continued)

Schindler

Holding

AG

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

Switzerland

2,423

$

639,453

Schindler

Holding

AG

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

Switzerland

4,030

1,060,062

Techtronic

Industries

Co.

Ltd.

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

Hong

Kong

123,500

1,844,914

Yangzijiang

Shipbuilding

Holdings

Ltd.

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

China

511,400

377,617

15,921,754

Marine

0.8%

Kuehne

+

Nagel

International

AG

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

Switzerland

10,573

2,405,814

Metals

&

Mining

5.3%

BHP

Group

plc

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

Australia

65,014

1,781,665

Evraz

plc

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

Russia

102,379

699,982

Fortescue

Metals

Group

Ltd.

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

Australia

362,266

5,966,757

Rio

Tinto

Ltd.

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

Australia

53,518

4,479,107

Rio

Tinto

plc

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

Australia

44,188

3,352,295

16,279,806

Multiline

Retail

0.9%

a

Next

plc

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

United

Kingdom

25,832

2,727,085

Multi-Utilities

0.9%

AGL

Energy

Ltd.

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

Australia

124,020

1,084,057

Veolia

Environnement

SA

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

France

63,986

1,705,042

2,789,099

Oil,

Gas

&

Consumable

Fuels

3.5%

Equinor

ASA

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

Norway

34,833

624,238

Galp

Energia

SGPS

SA,

B

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

Portugal

33,427

335,498

Neste

OYJ

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

Finland

17,555

1,236,534

OMV

AG

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

Austria

11,189

469,492

Royal

Dutch

Shell

plc,

B

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

Netherlands

265,369

4,624,814

TOTAL

SE

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

France

84,944

3,580,108

10,870,684

Personal

Products

1.5%

Unilever

plc,

(GBP

Traded)

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

United

Kingdom

34,808

2,027,672

Unilever

plc,

(EUR

Traded)

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

United

Kingdom

42,556

2,473,638

4,501,310

Pharmaceuticals

8.1%

Astellas

Pharma,

Inc.

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

Japan

56,100

910,617

Bayer

AG

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

Germany

13,976

845,833

Chugai

Pharmaceutical

Co.

Ltd.

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

Japan

6,600

345,373

Ipsen

SA

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

France

2,934

255,957

Novartis

AG

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

Switzerland

10,913

988,064

Novo

Nordisk

A/S,

B

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

Denmark

95,267

6,637,137

Orion

OYJ,

B

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

Finland

19,942

914,932

Otsuka

Holdings

Co.

Ltd.

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

Japan

38,600

1,648,276

Roche

Holding

AG

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

Switzerland

28,293

9,763,708

Sanofi

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

France

16,724

1,572,799

Shionogi

&

Co.

Ltd.

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

Japan

5,200

282,308

a

Teva

Pharmaceutical

Industries

Ltd.,

ADR

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

Israel

59,100

696,198

24,861,202

Professional

Services

4.3%

Adecco

Group

AG

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

Switzerland

30,289

1,891,907

Nihon

M&A

Center,

Inc.

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

Japan

28,400

1,644,612

Persol

Holdings

Co.

Ltd.

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

Japan

25,100

470,768

a

Randstad

NV

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

Netherlands

23,166

1,447,301

Franklin

Fund

Allocator

Series

Statement

of

Investments

(unaudited)

Franklin

International

Core

Equity

(IU)

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

16

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Professional

Services

(continued)

Recruit

Holdings

Co.

Ltd.

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

Japan

42,100

$

1,831,242

SGS

SA

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

Switzerland

1,198

3,633,326

Wolters

Kluwer

NV

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

Netherlands

27,325

2,270,349

13,189,505

Real

Estate

Management

&

Development

1.8%

Daito

Trust

Construction

Co.

Ltd.

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

Japan

14,100

1,469,417

Kerry

Properties

Ltd.

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

Hong

Kong

130,000

336,463

Sun

Hung

Kai

Properties

Ltd.

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

Hong

Kong

246,500

3,367,288

Swire

Pacific

Ltd.,

A

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

Hong

Kong

56,000

349,981

5,523,149

Semiconductors

&

Semiconductor

Equipment

2.2%

Tokyo

Electron

Ltd.

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

Japan

17,800

6,768,501

Software

2.7%

a

Check

Point

Software

Technologies

Ltd.

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

Israel

15,400

1,967,196

Oracle

Corp.

Japan

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

Japan

7,600

895,417

Sage

Group

plc

(The)

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

United

Kingdom

165,314

1,331,065

SAP

SE

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

Germany

22,194

2,816,038

Trend

Micro,

Inc.

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

Japan

27,100

1,491,449

8,501,165

Specialty

Retail

1.9%

Industria

de

Diseno

Textil

SA

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

Spain

41,304

1,224,953

a

Kingfisher

plc

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

United

Kingdom

411,267

1,561,194

Nitori

Holdings

Co.

Ltd.

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

Japan

16,300

3,234,947

6,021,094

Technology

Hardware,

Storage

&

Peripherals

0.8%

Logitech

International

SA

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

Switzerland

22,894

2,377,605

Textiles,

Apparel

&

Luxury

Goods

0.8%

a

Burberry

Group

plc

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

United

Kingdom

36,840

863,378

Pandora

A/S

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

Denmark

15,512

1,492,676

2,356,054

Tobacco

0.3%

Imperial

Brands

plc

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

United

Kingdom

53,746

1,078,729

Trading

Companies

&

Distributors

0.4%

Ferguson

plc

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

United

States

9,620

1,116,926

Transportation

Infrastructure

0.1%

Kamigumi

Co.

Ltd.

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

Japan

20,300

358,113

Wireless

Telecommunication

Services

1.8%

KDDI

Corp.

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

Japan

189,900

5,581,680

Total

Common

Stocks

(Cost

$253,574,225)

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

303,277,281

Preferred

Stocks

0.2%

Chemicals

0.2%

c

FUCHS

PETROLUB

SE,

2.07%

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

Germany

13,887

790,105

Total

Preferred

Stocks

(Cost

$615,605)

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

790,105

Total

Long

Term

Investments

(Cost

$254,189,830)

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

304,067,386

a

Franklin

Fund

Allocator

Series

Statement

of

Investments

(unaudited)

Franklin

International

Core

Equity

(IU)

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

17

Short

Term

Investments

1.2%

a

a

Country

Shares

a

Value

a

Money

Market

Funds

1.2%

d,e

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0%

........

United

States

3,699,448

$

3,699,448

Total

Money

Market

Funds

(Cost

$3,699,448)

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

3,699,448

Total

Short

Term

Investments

(Cost

$3,699,448

)

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

3,699,448

a

Total

Investments

(Cost

$257,889,278)

99.7%

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

$307,766,834

Other

Assets,

less

Liabilities

0.3%

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

796,829

Net

Assets

100.0%

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

$308,563,663

See

Abbreviations

on

page

39

.

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,

2021,

the

aggregate

value

of

these

securities

was

$6,618,904,

representing

2.1%

of

net

assets.

c

Variable

rate

security.

The

rate

shown

represents

the

yield

at

period

end.

d

See

Note

3(d)

regarding

investments

in

affiliated

management

investment

companies.

e

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Fund

Allocator

Series

Financial

Highlights

Franklin

U.S.

Core

Equity

(IU)

Fund

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

18

a

Six

Months

Ended

January

31,

2021

(unaudited)

Year

Ended

July

31,

2020

a

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

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

$11.31

$10.00

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.10

0.21

Net

realized

and

unrealized

gains

(losses)

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

1.32

1.27

Total

from

investment

operations

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

1.42

1.48

Less

distributions

from:

Net

investment

income

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

(0.11)

(0.17)

Net

realized

gains

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

(0.07)

—

Total

distributions

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

(0.18)

(0.17)

Net

asset

value,

end

of

period

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

$12.55

$11.31

Total

return

d

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

12.62%

15.09%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

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

0.01%

0.03%

Expenses

net

of

waiver

and

payments

by

affiliates

f

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

—%

—%

Net

investment

income

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

1.69%

2.12%

Supplemental

data

Net

assets,

end

of

period

(000’s)

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

$777,662

$722,523

Portfolio

turnover

rate

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

40.98%

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

Statement

of

Investments

(unaudited),

January

31,

2021

Franklin

U.S.

Core

Equity

(IU)

Fund

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

19

a

a

Shares

a

Value

a

Common

Stocks

98.9%

Aerospace

&

Defense

0.6%

BWX

Technologies,

Inc.

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

18,201

$

981,398

Lockheed

Martin

Corp.

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

12,773

4,110,607

5,092,005

Air

Freight

&

Logistics

1.0%

Expeditors

International

of

Washington,

Inc.

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

30,938

2,769,570

FedEx

Corp.

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

2,648

623,180

United

Parcel

Service,

Inc.,

B

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

26,391

4,090,605

7,483,355

Auto

Components

0.1%

Gentex

Corp.

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

32,468

1,073,067

Automobiles

0.5%

a

Tesla,

Inc.

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

5,196

4,123,182

a

Banks

1.0%

Bank

of

America

Corp.

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

60,460

1,792,639

JPMorgan

Chase

&

Co.

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

36,640

4,714,469

Western

Alliance

Bancorp

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

18,443

1,257,444

7,764,552

Beverages

0.7%

a

Boston

Beer

Co.,

Inc.

(The),

A

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

1,695

1,554,128

a

Monster

Beverage

Corp.

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

43,273

3,757,395

5,311,523

Biotechnology

4.1%

AbbVie,

Inc.

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

58,795

6,025,312

a

Alexion

Pharmaceuticals,

Inc.

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

7,283

1,116,702

Amgen,

Inc.

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

19,833

4,788,281

a

Biogen,

Inc.

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

18,098

5,114,676

Gilead

Sciences,

Inc.

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

38,574

2,530,454

a

Regeneron

Pharmaceuticals,

Inc.

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

4,690

2,363,010

a

Seagen

,

Inc.

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

18,307

3,007,291

a

United

Therapeutics

Corp.

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

10,330

1,692,261

a

Vertex

Pharmaceuticals,

Inc.

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

21,468

4,917,889

31,555,876

Building

Products

1.0%

A

O

Smith

Corp.

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

26,533

1,440,742

Lennox

International,

Inc.

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

7,382

2,033,667

Masco

Corp.

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

58,470

3,175,506

Owens

Corning

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

17,549

1,361,802

8,011,717

Capital

Markets

8.7%

Evercore

,

Inc.,

A

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

9,092

991,937

FactSet

Research

Systems,

Inc.

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

8,168

2,469,513

Goldman

Sachs

Group,

Inc.

(The)

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

53,724

14,568,337

Invesco

Ltd.

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

85,830

1,767,240

Lazard

Ltd.,

A

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

23,113

952,256

MarketAxess

Holdings,

Inc.

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

4,772

2,580,507

Moody's

Corp.

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

35,462

9,442,112

Morgan

Stanley

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

119,549

8,015,761

Morningstar,

Inc.

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

4,751

1,092,207

S&P

Global,

Inc.

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

45,379

14,385,143

SEI

Investments

Co.

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

25,905

1,369,079

Franklin

Fund

Allocator

Series

Statement

of

Investments

(unaudited)

Franklin

U.S.

Core

Equity

(IU)

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

20

a

a

Shares

a

Value

a

Common

Stocks

(continued)

Capital

Markets

(continued)

State

Street

Corp.

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

26,738

$

1,871,660

T

Rowe

Price

Group,

Inc.

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

51,669

8,085,165

67,590,917

Chemicals

0.7%

Sherwin-Williams

Co.

(The)

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

7,779

5,381,512

Commercial

Services

&

Supplies

0.5%

Cintas

Corp.

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

3,067

975,674

a

Copart

,

Inc.

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

9,365

1,027,809

Rollins,

Inc.

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

49,086

1,768,078

3,771,561

Construction

&

Engineering

0.1%

Quanta

Services,

Inc.

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

12,174

857,902

Consumer

Finance

0.1%

SLM

Corp.

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

82,847

1,149,916

Distributors

0.4%

Pool

Corp.

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

8,491

3,007,342

Diversified

Consumer

Services

0.1%

a

Grand

Canyon

Education,

Inc.

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

9,041

767,943

a

Diversified

Telecommunication

Services

1.7%

AT&T,

Inc.

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

51,959

1,487,586

Verizon

Communications,

Inc.

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

215,073

11,775,247

13,262,833

Electric

Utilities

0.3%

NRG

Energy,

Inc.

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

59,352

2,457,766

Electrical

Equipment

0.7%

Acuity

Brands,

Inc.

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

8,859

1,065,206

Emerson

Electric

Co.

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

19,588

1,554,308

Rockwell

Automation,

Inc.

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

10,166

2,526,556

5,146,070

Electronic

Equipment,

Instruments

&

Components

0.5%

a

Arrow

Electronics,

Inc.

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

17,034

1,663,029

Jabil,

Inc.

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

20,551

850,195

SYNNEX

Corp.

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

8,932

729,030

a

Vontier

Corp.

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

28,386

920,558

4,162,812

Entertainment

2.1%

Activision

Blizzard,

Inc.

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

27,909

2,539,719

Electronic

Arts,

Inc.

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

32,331

4,629,799

a

Netflix,

Inc.

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

5,127

2,729,563

a

Spotify

Technology

SA

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

5,801

1,827,315

a

Walt

Disney

Co.

(The)

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

25,886

4,353,249

16,079,645

Equity

Real

Estate

Investment

Trusts

(REITs)

2.9%

Boston

Properties,

Inc.

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

36,983

3,375,439

Equity

Commonwealth

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

28,287

806,462

Gaming

and

Leisure

Properties,

Inc.

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

45,925

1,888,895

Kimco

Realty

Corp.

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

99,540

1,643,405

Franklin

Fund

Allocator

Series

Statement

of

Investments

(unaudited)

Franklin

U.S.

Core

Equity

(IU)

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

21

a

a

Shares

a

Value

a

Common

Stocks

(continued)

Equity

Real

Estate

Investment

Trusts

(REITs)

(continued)

Public

Storage

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

34,479

$

7,848,110

Simon

Property

Group,

Inc.

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

74,494

6,922,728

22,485,039

Food

&

Staples

Retailing

1.5%

Kroger

Co.

(The)

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

175,208

6,044,676

Walmart,

Inc.

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

40,685

5,715,836

11,760,512

Food

Products

0.1%

Flowers

Foods,

Inc.

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

31,423

721,472

Gas

Utilities

0.2%

UGI

Corp.

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

50,154

1,805,043

Health

Care

Equipment

&

Supplies

3.1%

a

ABIOMED,

Inc.

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

4,191

1,459,516

Danaher

Corp.

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

22,932

5,454,147

a

Edwards

Lifesciences

Corp.

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

36,092

2,980,477

a

IDEXX

Laboratories,

Inc.

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

16,225

7,766,583

a

Quidel

Corp.

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

5,498

1,379,833

ResMed

,

Inc.

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

3,446

694,610

West

Pharmaceutical

Services,

Inc.

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

15,342

4,594,776

24,329,942

Health

Care

Providers

&

Services

0.9%

Chemed

Corp.

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

2,054

1,063,767

Cigna

Corp.

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

6,786

1,472,901

CVS

Health

Corp.

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

11,367

814,446

Humana,

Inc.

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

2,339

896,094

UnitedHealth

Group,

Inc.

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

4,973

1,658,893

Universal

Health

Services,

Inc.,

B

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

10,490

1,307,893

7,213,994

Health

Care

Technology

1.2%

Cerner

Corp.

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

70,482

5,646,313

a

Veeva

Systems,

Inc.,

A

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

12,890

3,563,312

9,209,625

Hotels,

Restaurants

&

Leisure

0.9%

Domino's

Pizza,

Inc.

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

8,885

3,294,202

Yum!

Brands,

Inc.

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

35,932

3,646,739

6,940,941

Household

Durables

0.5%

Lennar

Corp.,

A

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

17,527

1,457,370

a

Mohawk

Industries,

Inc.

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

7,881

1,131,712

PulteGroup,

Inc.

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

30,170

1,312,395

3,901,477

Household

Products

3.1%

Clorox

Co.

(The)

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

16,850

3,529,401

Colgate-Palmolive

Co.

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

177,935

13,878,930

Kimberly-Clark

Corp.

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

22,120

2,922,052

Procter

&

Gamble

Co.

(The)

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

31,697

4,063,872

24,394,255

Franklin

Fund

Allocator

Series

Statement

of

Investments

(unaudited)

Franklin

U.S.

Core

Equity

(IU)

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

22

a

a

Shares

a

Value

a

Common

Stocks

(continued)

Independent

Power

and

Renewable

Electricity

Producers

0.3%

Vistra

Corp.

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

111,862

$

2,233,884

Industrial

Conglomerates

0.6%

3M

Co.

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

27,417

4,816,070

Insurance

2.8%

Aflac,

Inc.

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

157,596

7,120,187

First

American

Financial

Corp.

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

23,506

1,229,129

MetLife,

Inc.

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

101,920

4,907,448

Prudential

Financial,

Inc.

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

96,135

7,525,448

Unum

Group

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

47,720

1,108,536

21,890,748

Interactive

Media

&

Services

6.9%

a

Alphabet,

Inc.,

A

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

6,752

12,338,335

a

Alphabet,

Inc.,

C

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

12,195

22,386,849

a

Facebook,

Inc.,

A

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

72,113

18,628,951

53,354,135

Internet

&

Direct

Marketing

Retail

3.4%

a

Amazon.com,

Inc.

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

8,317

26,665,965

a

IT

Services

1.5%

Accenture

plc,

A

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

24,789

5,996,955

a

Concentrix

Corp.

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

8,932

955,009

a

VeriSign,

Inc.

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

22,744

4,413,928

11,365,892

Leisure

Products

0.4%

Brunswick

Corp.

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

17,455

1,509,159

Polaris,

Inc.

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

13,014

1,518,344

3,027,503

Life

Sciences

Tools

&

Services

2.0%

Agilent

Technologies,

Inc.

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

7,852

943,575

a

Mettler

-Toledo

International,

Inc.

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

4,805

5,612,720

PerkinElmer,

Inc.

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

24,595

3,617,187

Thermo

Fisher

Scientific,

Inc.

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

10,343

5,271,827

15,445,309

Machinery

2.0%

Cummins,

Inc.

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

33,115

7,762,818

Graco

,

Inc.

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

35,946

2,478,117

Lincoln

Electric

Holdings,

Inc.

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

13,323

1,525,484

Otis

Worldwide

Corp.

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

17,209

1,112,562

Snap-on,

Inc.

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

8,605

1,548,814

Timken

Co.

(The)

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

14,449

1,093,211

15,521,006

Media

0.2%

Comcast

Corp.,

A

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

26,456

1,311,424

Metals

&

Mining

0.6%

Nucor

Corp.

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

24,525

1,195,103

Reliance

Steel

&

Aluminum

Co.

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

14,833

1,721,815

Steel

Dynamics,

Inc.

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

47,457

1,626,351

4,543,269

Franklin

Fund

Allocator

Series

Statement

of

Investments

(unaudited)

Franklin

U.S.

Core

Equity

(IU)

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

23

a

a

Shares

a

Value

a

Common

Stocks

(continued)

Multiline

Retail

0.9%

Dollar

General

Corp.

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

6,346

$

1,234,995

Target

Corp.

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

33,385

6,048,361

7,283,356

Multi-Utilities

0.9%

DTE

Energy

Co.

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

46,150

5,478,928

MDU

Resources

Group,

Inc.

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

49,075

1,290,182

6,769,110

Oil,

Gas

&

Consumable

Fuels

3.6%

Diamondback

Energy,

Inc.

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

39,833

2,258,133

EOG

Resources,

Inc.

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

139,142

7,090,676

Exxon

Mobil

Corp.

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

353,448

15,848,608

Pioneer

Natural

Resources

Co.

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

12,404

1,499,644

Valero

Energy

Corp.

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

19,366

1,092,823

27,789,884

Personal

Products

0.1%

a

Herbalife

Nutrition

Ltd.

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

20,169

1,027,812

a

Pharmaceuticals

2.8%

Eli

Lilly

and

Co.

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

16,561

3,444,191

a

Jazz

Pharmaceuticals

plc

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

9,409

1,463,100

Johnson

&

Johnson

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

54,258

8,851,108

Merck

&

Co.,

Inc.

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

91,006

7,013,832

Pfizer,

Inc.

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

28,988

1,040,669

a

Viatris

,

Inc.

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

3,596

61,096

21,873,996

Professional

Services

0.4%

ManpowerGroup

,

Inc.

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

12,732

1,126,018

Robert

Half

International,

Inc.

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

26,359

1,779,233

2,905,251

Real

Estate

Management

&

Development

0.2%

a

CBRE

Group,

Inc.,

A

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

20,762

1,266,067

a

Road

&

Rail

1.0%

JB

Hunt

Transport

Services,

Inc.

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

5,946

800,688

Knight-Swift

Transportation

Holdings,

Inc.

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

29,953

1,198,120

Landstar

System,

Inc.

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

9,251

1,289,590

Old

Dominion

Freight

Line,

Inc.

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

21,624

4,195,056

7,483,454

Semiconductors

&

Semiconductor

Equipment

6.0%

Intel

Corp.

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

226,634

12,580,453

Maxim

Integrated

Products,

Inc.

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

9,393

823,860

NVIDIA

Corp.

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

9,684

5,031,710

QUALCOMM,

Inc.

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

12,566

1,963,814

Skyworks

Solutions,

Inc.

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

22,404

3,791,877

Teradyne,

Inc.

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

34,873

3,957,388

Texas

Instruments,

Inc.

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

112,788

18,687,844

46,836,946

Software

12.4%

a

Adobe,

Inc.

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

29,154

13,374,980

a

Autodesk,

Inc.

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

6,590

1,828,264

a

Cadence

Design

Systems,

Inc.

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

57,935

7,554,145

Franklin

Fund

Allocator

Series

Statement

of

Investments

(unaudited)

Franklin

U.S.

Core

Equity

(IU)

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

24

a

a

Shares

a

Value

a

Common

Stocks

(continued)

Software

(continued)

Citrix

Systems,

Inc.

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

26,258

$

3,500,454

a

Fair

Isaac

Corp.

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

4,123

1,855,803

a

Fortinet,

Inc.

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

30,180

4,368,555

Intuit,

Inc.

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

23,318

8,423,161

a

Manhattan

Associates,

Inc.

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

13,822

1,565,065

Microsoft

Corp.

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

198,751

46,102,282

Oracle

Corp.

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

26,874

1,623,996

a

Synopsys,

Inc.

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

21,949

5,606,872

a

Zoom

Video

Communications,

Inc.,

A

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

1,427

530,944

96,334,521

Specialty

Retail

4.4%

a

AutoNation,

Inc.

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

13,302

948,166

Best

Buy

Co.,

Inc.

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

49,885

5,428,486

Dick's

Sporting

Goods,

Inc.

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

14,882

997,243

Home

Depot,

Inc.

(The)

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

35,467

9,605,173

Lowe's

Cos.,

Inc.

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

57,675

9,623,074

a

O'Reilly

Automotive,

Inc.

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

3,927

1,670,821

Tractor

Supply

Co.

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

26,424

3,745,338

Williams-Sonoma,

Inc.

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

16,922

2,181,584

34,199,885

Technology

Hardware,

Storage

&

Peripherals

4.6%

Apple,

Inc.

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

272,950

36,018,482

Textiles,

Apparel

&

Luxury

Goods

0.1%

a

Lululemon

Athletica,

Inc.

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

2,505

823,343

a

Thrifts

&

Mortgage

Finance

0.1%

MGIC

Investment

Corp.

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

75,910

889,665

Tobacco

0.3%

Philip

Morris

International,

Inc.

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

31,168

2,482,531

Trading

Companies

&

Distributors

1.1%

Fastenal

Co.

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

79,175

3,609,588

MSC

Industrial

Direct

Co.,

Inc.,

A

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

10,024

777,562

Watsco

,

Inc.

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

7,269

1,733,584

WW

Grainger,

Inc.

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

5,816

2,119,292

8,240,026

Total

Common

Stocks

(Cost

$613,496,226)

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

769,213,330

a

a

a

a

Short

Term

Investments

1.0%

a

Money

Market

Funds

1.0%

b,c

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0%

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

7,550,453

7,550,453

Total

Money

Market

Funds

(Cost

$7,550,453)

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

7,550,453

Total

Short

Term

Investments

(Cost

$7,550,453

)

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

7,550,453

a

Total

Investments

(Cost

$621,046,679)

99.9%

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

$776,763,783

Other

Assets,

less

Liabilities

0.1%

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

898,610

Net

Assets

100.0%

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

$777,662,393

Franklin

Fund

Allocator

Series

Statement

of

Investments

(unaudited)

Franklin

U.S.

Core

Equity

(IU)

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

25

See

Abbreviations

on

page

39

.

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,

2021

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

26

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

Franklin

International

Core

Equity

(IU)

Fund

Franklin

U.S.

Core

Equity

(IU)

Fund

Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

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

$112,902,265

$254,189,830

$613,496,226

Cost

-

Non-controlled

affiliates

(Note

3

d

)

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

736,982

3,699,448

7,550,453

Value

-

Unaffiliated

issuers

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

$141,779,713

$304,067,386

$769,213,330

Value

-

Non-controlled

affiliates

(Note

3

d

)

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

736,982

3,699,448

7,550,453

Cash

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

—

—

31,789

Foreign

currency,

at

value

(cost

$11,853,

$1,630

and

$–

respectively)

..

11,517

1,629

—

Receivables:

Investment

securities

sold

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

—

4,941,534

—

Capital

shares

sold

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

50,000

82,000

172,899

Dividends

and

interest

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

386,131

884,199

674,241

Affiliates

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

49,131

32,733

40,969

Total

assets

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

143,013,474

313,708,929

777,683,681

Liabilities:

Payables:

Investment

securities

purchased

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

—

4,897

—

Capital

shares

redeemed

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

—

5,109,129

—

Reports

to

shareholders

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

576

848

5,289

Professional

fees

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

18,707

22,281

15,999

Funds

advanced

by

custodian

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

916

490

—

Deferred

tax

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

491,381

—

—

Accrued

expenses

and

other

liabilities

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

10,654

7,621

—

Total

liabilities

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

522,234

5,145,266

21,288

Net

assets,

at

value

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

$142,491,240

$308,563,663

$777,662,393

Net

assets

consist

of:

Paid-in

capital

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

$125,173,794

$266,346,634

$614,282,154

Total

distributable

earnings

(losses)

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

17,317,446

42,217,029

163,380,239

Net

assets,

at

value

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

$142,491,240

$308,563,663

$777,662,393

Shares

outstanding

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

11,818,506

26,269,569

61,951,074

Net

asset

value

per

share

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

$12.06

$11.75

$12.55

Franklin

Fund

Allocator

Series

Financial

Statements

Statements

of

Operations

for

the

period

ended

January

31,

2021

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

27

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

Franklin

International

Core

Equity

(IU)

Fund

Franklin

U.S.

Core

Equity

(IU)

Fund

Investment

income:

Dividends:

(net

of

foreign

taxes

of

$183,402,

$317,135

and

$–,

respectively)

Unaffiliated

issuers

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

$1,293,242

$3,647,884

$5,677,457

Unaffiliated

issuers:

Non-cash

dividends

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

—

—

638,710

Other

income

a

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

3,689

6,139

14,347

Total

investment

income

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

1,296,931

3,654,023

6,330,514

Expenses:

Custodian

fees

(Note

4

)

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

37,362

9,686

2,534

Reports

to

shareholders

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

1,697

1,859

2,947

Registration

and

filing

fees

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

239

141

141

Professional

fees

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

41,446

39,737

32,652

Trustees'

fees

and

expenses

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

197

364

924

Pricing

fees

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

2,831

2,885

1,323

Other

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

401

792

717

Total

expenses

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

84,173

55,464

41,238

Expense

reductions

(Note

4

)

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

(4,562)

(3,649)

(3,951)

Expenses

waived/paid

by

affiliates

(Note

3

d

and

3

e

)

...........

(79,611)

(51,815)

(37,287)

Net

expenses

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

—

—

—

Net

investment

income

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

1,296,931

3,654,023

6,330,514

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

(net

of

foreign

taxes

of

$160,881,

$–

and

$–

respectively)

Unaffiliated

issuers

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

2,304,833

339,041

16,192,544

Foreign

currency

transactions

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

36,213

(17,273)

—

Net

realized

gain

(loss)

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

2,341,046

321,768

16,192,544

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

17,567,327

38,882,246

66,952,180

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

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

(3,026)

3,745

—

Change

in

deferred

taxes

on

unrealized

appreciation

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

(431,422)

—

—

Net

change

in

unrealized

appreciation

(depreciation)

..........

17,132,879

38,885,991

66,952,180

Net

realized

and

unrealized

gain

(loss)

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

19,473,925

39,207,759

83,144,724

Net

increase

(decrease)

in

net

assets

resulting

from

operations

........

$20,770,856

$42,861,782

$89,475,238

a

Other

income

includes

payments

by

Advisers

for

acquired

fund

fees

and

expenses

(See

Note

3e)

Franklin

Fund

Allocator

Series

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

28

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

Franklin

International

Core

Equity

(IU)

Fund

Six

Months

Ended

January

31,

2021

(unaudited)

Year

Ended

July

31,

2020

a

Six

Months

Ended

January

31,

2021

(unaudited)

Year

Ended

July

31,

2020

a

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$1,296,931

$3,861,868

$3,654,023

$6,044,017

Net

realized

gain

(loss)

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

2,341,046

(13,151,577)

321,768

(7,815,898)

Net

change

in

unrealized

appreciation

(depreciation)

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

17,132,879

11,244,781

38,885,991

11,010,006

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

20,770,856

1,955,072

42,861,782

9,238,125

Distributions

to

shareholders

.........

(2,360,123)

(3,048,359)

(3,629,858)

(6,253,020)

Capital

share

transactions

(Note

2

)

.....

(14,509,977)

139,683,771

(11,818,489)

278,165,123

Net

increase

(decrease)

in

net

assets

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

3,900,756

138,590,484

27,413,435

281,150,228

Net

assets:

Beginning

of

period

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

138,590,484

—

281,150,228

—

End

of

period

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

$142,491,240

$138,590,484

$308,563,663

$281,150,228

a

For

the

period

August

19,

2019

(effective

date)

to

July

31,

2020.

Franklin

Fund

Allocator

Series

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

29

Franklin

U.S.

Core

Equity

(IU)

Fund

Six

Months

Ended

January

31,

2021

(unaudited)

Year

Ended

July

31,

2020

b

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$6,330,514

$10,545,470

Net

realized

gain

(loss)

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

16,192,544

(5,523,681)

Net

change

in

unrealized

appreciation

(depreciation)

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

66,952,180

88,764,924

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

89,475,238

93,786,713

Distributions

to

shareholders

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

(10,860,063)

(9,021,649)

Capital

share

transactions

(Note

2

)

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

(23,475,822)

637,757,976

Net

increase

(decrease)

in

net

assets

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

55,139,353

722,523,040

Net

assets:

Beginning

of

period

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

722,523,040

—

End

of

period

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

$777,662,393

$722,523,040

b

For

the

period

August

1,

2019

(commencement

of

operations)

to

July

31,

2020.

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

30

franklintempleton.com

Semiannual

Report

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

twenty-one

separate

funds,

three

of

which

are

included

in

this

report

(Funds)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP).

The

following

summarizes

the

Funds’

significant

accounting

policies.

a.

Financial

Instrument

Valuation 

The

Funds'

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Funds

calculate

the

net

asset

value

(NAV)

per

share

each business

day as

of

4

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the

Trust's

Board

of

Trustees

(the

Board),

the

Funds'

administrator

has

responsibility

for

oversight

of

valuation,

including

leading

the

cross-functional

Valuation

Committee

(VC).

The

Funds

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value. 

Equity

securities

and

exchange

traded

funds

listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price of

the

day,

respectively.

Foreign

equity

securities

are

valued

as

of

the

close

of

trading

on

the

foreign

stock

exchange

on

which

the

security

is

primarily

traded,

or

as

of

4

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

4

p.m.

Eastern

time

on

the

day

that

the

value

of

the

security

is

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities. 

Investments

in

open-end

mutual

funds

are

valued

at

the

closing

NAV.

The

Funds

have

procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the

Funds

primarily

employ

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

book

values,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed.

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before 4

p.m.

Eastern

time.

In

addition,

trading

in

certain

foreign

markets

may

not

take

place

on

every Funds'

business

day. Events

can

occur

between

the

time

at

which

trading

in

a

foreign

security

is

completed

and

4

p.m.

Eastern

time

that

might

call

into

question

the

reliability

of

the

value

of

a

portfolio

security

held

by

the Fund.

As

a

result,

differences

may

arise

between

the

value

of

the

Funds'

portfolio

securities

as

determined

at

the

foreign

market

close

and

the

latest

indications

of

value

at

4

p.m.

Eastern

time.

In

order

to

minimize

the

potential

for

these

differences,

an

independent

pricing

service

may

be

used

to

adjust

the

value

of

the

Funds'

portfolio

securities

to

the

latest

indications

of

fair

value

at

4

p.m.

Eastern

time.

At January

31,

2021,

certain

securities

may

have

been

fair

valued

using

these

procedures,

in

which

case

the

securities

were

categorized

as

Level

2

inputs

within

the

fair

value

hierarchy.

See

the

Fair

Value

Measurements

note

for

more

information.

When

the

last

day

of

the

reporting

period

is

a

non-business

day,

certain

foreign

markets

may

be

open

on

those

days

that

the

Funds' 

NAV

is

not

calculated,

which

could

result

in

differences

between

the

value

of

the

Funds'

portfolio

securities

on

the

last

business

day

and

the

last

calendar

day

of

the

reporting

period.

Any

security

valuation

changes

due

to

an

open

foreign

market

are

adjusted

and

reflected

by

the

Funds

for

financial

reporting

purposes.

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

31

franklintempleton.com

Semiannual

Report

b.

Foreign

Currency

Translation 

Portfolio

securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

based

on

the

exchange

rate

of

such

currencies

against

U.S.

dollars

on

the

date

of

valuation.

The

Funds

may

enter

into

foreign

currency

exchange

contracts

to

facilitate

transactions

denominated

in

a

foreign

currency.

Purchases

and

sales

of

securities,

income

and

expense

items

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

in

effect

on

the

transaction

date.

Portfolio

securities

and

assets

and

liabilities

denominated

in

foreign

currencies

contain

risks

that

those

currencies

will

decline

in

value

relative

to

the

U.S.

dollar.

Occasionally,

events

may

impact

the

availability

or

reliability

of

foreign

exchange

rates

used

to

convert

the

U.S.

dollar

equivalent

value.

If

such

an

event

occurs,

the

foreign

exchange

rate

will

be

valued

at

fair

value

using

procedures

established

and

approved

by

the

Board.

The

Funds

do

not

separately

report

the

effect

of

changes

in

foreign

exchange

rates

from

changes

in

market

prices

on

securities

held.

Such

changes

are

included

in

net

realized

and

unrealized

gain

or

loss

from

investments

in

the

Statements

of

Operations.

Realized

foreign

exchange

gains

or

losses

arise

from

sales

of

foreign

currencies,

currency

gains

or

losses

realized

between

the

trade

and

settlement

dates

on

securities

transactions

and

the

difference

between

the

recorded

amounts

of

dividends,

interest,

and

foreign

withholding

taxes

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

in

foreign

exchange

rates

on

foreign

denominated

assets

and

liabilities

other

than

investments

in

securities

held

at

the

end

of

the

reporting

period.

c.

Income

Taxes

It

is each

Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. Each

Fund

intends

to

distribute

to

shareholders

substantially

all

of

its

taxable

income

and

net

realized

gains

to

relieve

it

from

federal

income

and

excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

The

Funds

may

be

subject

to

foreign

taxation

related

to

income

received,

capital

gains

on

the

sale

of

securities

and

certain

foreign

currency

transactions

in

the

foreign

jurisdictions

in

which

the

Funds

invest.

Foreign

taxes,

if

any,

are

recorded

based

on

the

tax

regulations

and

rates

that

exist

in

the

foreign

markets

in

which

the

Funds

invest.

When

a

capital

gain

tax

is

determined

to

apply,

certain

or

all

Funds

record

an

estimated

deferred

tax

liability

in

an

amount

that

would

be

payable

if

the

securities

were

disposed

of

on

the

valuation

date.

Each

Fund

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

January

31,

2021,

each

Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

d.

Security

Transactions,

Investment

Income,

Expenses

and

Distributions

Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis.

Dividend

income

is

recorded

on

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.

1.

Organization

and

Significant

Accounting

Policies

(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

32

franklintempleton.com

Semiannual

Report

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,

2021,

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,

2021

Shares

sold

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

275,400

$2,913,971

196,205

$2,117,908

Shares

issued

in

reinvestment

of

distributions

..........

222,940

2,360,123

341,395

3,629,858

Shares

redeemed

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

(1,797,661)

(19,784,071)

(1,543,713)

(17,566,255)

Net

increase

(decrease)

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

(1,299,321)

$(14,509,977)

(1,006,113)

$(11,818,489)

Year

ended

July

31,

2020

a

Shares

sold

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

17,587,033

$181,725,321

30,705,087

$313,020,901

Shares

issued

in

reinvestment

of

distributions

..........

327,184

3,039,459

626,647

6,232,520

Shares

redeemed

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

(4,796,390)

(45,081,009)

(4,056,052)

(41,088,298)

Net

increase

(decrease)

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

13,117,827

$139,683,771

27,275,682

$278,165,123

Franklin

U.S.

Core

Equity

(IU)

Fund

Shares

Amount

Class

A

Six

Months

ended

January

31,

2021

Shares

sold

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

481,900

$5,747,206

Shares

issued

in

reinvestment

of

distributions

..........

911,848

10,860,063

Shares

redeemed

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

(3,325,675)

(40,083,091)

Net

increase

(decrease)

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

(1,931,927)

$(23,475,822)

Year

ended

July

31,

2020

b

Shares

sold

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

66,744,892

$668,243,661

Shares

issued

in

reinvestment

of

distributions

..........

898,807

9,006,529

Shares

redeemed

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

(3,760,698)

(39,492,214)

Net

increase

(decrease)

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

63,883,001

$637,757,976

a

For

the

period

August

19,

2019

(effective

date)

to

July

31,

2020.

1.

Organization

and

Significant

Accounting

Policies

(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

33

franklintempleton.com

Semiannual

Report

b

For

the

period

August

1,

2019

(commencement

of

operations)

to

July

31,

2020.

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

for

purposes

other

than

exercising

a

controlling

influence

over

the

management

or

policies.

Advisers

has

contractually

agreed

to

reimburse

expenses

of

the

Funds

in

an

amount

equal

to

fees

indirectly

borne

by

the

Funds

on

assets

invested

in

the

affiliated

management

investment

companies,

as

noted

in

the

Statements

of

Operations.

During

the year

ended

January

31,

2021,

investments

in

affiliated

management

investment

companies

were

as

follows:

Subsidiary

Affiliation

Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Templeton

Distributors,

Inc.

(Distributors)

Principal

underwriter

Franklin

Templeton

Investor

Services,

LLC

(Investor

Services)

Transfer

agent

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Investment

Income

a      

a  

a  

a  

a  

a  

a  

a  

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0%

.........

$769,974

$26,859,012

$(26,892,004)

$—

$—

$736,982

736,982

$—

Total

Affiliated

Securities

....

$769,974

$26,859,012

$(26,892,004)

$—

$—

$736,982

$—

2.

Shares

of

Beneficial

Interest

(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

34

franklintempleton.com

Semiannual

Report

e.

Waiver

and

Expense

Reimbursements

Advisers

has

contractually

agreed

in

advance

to

waive

or

limit

its

fees

and

to

assume

as

its

own

expense

certain

expenses

otherwise

payable

by

the

Funds

so

that

the

operating expenses

(excluding

certain

non-routine

expenses

or

costs,

including

those

relating

to

litigation,

indemnification,

reorganizations,

and

liquidations)

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,

2021.

Total

expenses

waived

or

paid

are

not

subject

to

recapture

subsequent

to

the

Funds’

fiscal

year

end.

Acquired

fund

fees

and

expenses

are

indirect

expenses,

and

therefore

Advisers

may

make

payments,

if

necessary,

to

the

Funds

to

offset

these

estimated

indirect

expenses.

Payments

by

Advisers

for

the year

ended

January

31,

2021,

are

reflected

as

other

income

in

the

Statements

of

Operations.

f.

Other

Affiliated

Transactions

At

January

31,

2021,

Franklin

Fund

Allocator

Series

owned

a

percentage

of

the

Funds’

outstanding

shares

as

follows:

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Investment

Income

Franklin

International

Core

Equity

(IU)

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0%

.........

$3,295,841

$8,138,861

$(7,735,254)

$—

$—

$3,699,448

3,699,448

$—

Total

Affiliated

Securities

....

$3,295,841

$8,138,861

$(7,735,254)

$—

$—

$3,699,448

$—

Franklin

U.S.

Core

Equity

(IU)

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0%

.........

$7,725,842

$20,916,470

$(21,091,859)

$—

$—

$7,550,453

7,550,453

$—

Total

Affiliated

Securities

....

$7,725,842

$20,916,470

$(21,091,859)

$—

$—

$7,550,453

$—

Shares

Percentage

of

Outstanding

Shares

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

Franklin

Conservative

Allocation

Fund

1,386,396

11.7%

Franklin

Moderate

Allocation

Fund

3,523,456

29.8%

Franklin

Growth

Allocation

Fund

3,627,891

30.7%

Franklin

International

Core

Equity

(IU)

Fund

Franklin

Conservative

Allocation

Fund

3,449,662

13.1%

Franklin

Moderate

Allocation

Fund

8,556,301

32.6%

Franklin

Growth

Allocation

Fund

8,175,179

31.1%

Franklin

U.S.

Core

Equity

(IU)

Fund

Franklin

Conservative

Allocation

Fund

9,095,996

14.7%

Franklin

Moderate

Allocation

Fund

20,624,325

33.3%

Franklin

Growth

Allocation

Fund

17,936,213

29.0%

3.

Transactions

with

Affiliates

(continued)

d.

Investments

in

Affiliated

Management

Investment

Companies

(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

35

franklintempleton.com

Semiannual

Report

4.

Expense

Offset

Arrangement

The

Funds

have entered

into

an

arrangement

with

their

custodian

whereby

credits

realized

as

a

result

of

uninvested

cash

balances

are

used

to

reduce

a

portion

of

the

Funds'

custodian

expenses. During

the year

ended

January

31,

2021

the

custodian

fees

were

reduced

as

noted

in

the

Statements

of

Operations.

5.

Income

Taxes

For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains.

At

July

31,

2020,

the

capital

loss

carryforwards

were

as

follows:

For

tax

purposes,

the

Funds

may

elect

to

defer

any

portion

of

a

post-October

capital

loss

or

late-year

ordinary

loss

to

the

first

day

of

the

following

fiscal

year.

At

July

31,

2020,

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

deferred

losses

of

$11,428,854.

At

January

31,

2021

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Differences

between

income

and/or

capital

gains

as

determined

on

a

book

basis

and

a

tax

basis

are

primarily

due

to

differing

treatment

of

foreign

currency

transactions,

passive

foreign

investment

company

shares,

corporate

actions,

and

wash

sales.

6.

Investment

Transactions

Purchases

and

sales

of

investments

for

the

year

ended

January

31,

2021,

were

as

follows:

Franklin

International

Core

Equity

(IU)

Fund

Franklin

U.S.

Core

Equity

(IU)

Fund

1

1

1

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

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

$

6,385,423

$

3,885,531

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

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

$115,775,146

$260,168,927

$622,682,470

Unrealized

appreciation

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

$32,446,842

$56,017,928

$163,282,194

Unrealized

depreciation

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

(5,705,293)

(8,420,022)

(9,200,880)

Net

unrealized

appreciation

(depreciation)

.......

$26,741,549

$47,597,906

$154,081,314

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

Franklin

International

Core

Equity

(IU)

Fund

Franklin

U.S.

Core

Equity

(IU)

Fund

Purchases

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

$75,419,987

$117,110,159

$297,605,487

Sales

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

$90,964,630

$127,359,830

$320,632,620

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

36

franklintempleton.com

Semiannual

Report

7.

Concentration

of

Risk

Investing

in

foreign

securities

may

include

certain

risks

and

considerations

not

typically

associated

with

investing

in

U.S.

securities,

such

as

fluctuating

currency

values

and

changing

local,

regional

and

global

economic,

political

and

social

conditions,

which

may

result

in

greater

market

volatility.

Current

political

and

financial

uncertainty

surrounding

the

European

Union

may

increase

market

volatility

and

the

economic

risk

of

investing

in

securities

in

Europe.

In

addition,

certain

foreign

securities

may

not

be

as

liquid

as

U.S.

securities.

8. Novel

Coronavirus

Pandemic 

The

global

outbreak

of

the

novel

coronavirus

disease,

known

as

COVID-19, has

caused

adverse

effects

on

many

companies,

sectors,

nations,

regions

and

the

markets

in

general, and

may

continue for

an unpredictable duration.

The

effects

of

this

pandemic

may

materially

impact

the

value

and

performance

of

the

Funds, their ability

to

buy

and

sell

fund

investments

at

appropriate

valuations

and their ability

to

achieve their investment

objectives.

9.

Fair

Value

Measurements

The Funds

follow

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Funds'

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the Funds' financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

3

–

significant

unobservable

inputs

(including

the Funds'

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

A

summary

of

inputs

used

as

of

January

31,

2021,

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

:

Air

Freight

&

Logistics

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

$

—

$

598,735

$

—

$

598,735

Auto

Components

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

—

715,028

—

715,028

Automobiles

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

—

2,050,565

—

2,050,565

Banks

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

720,565

11,461,645

—

12,182,210

Beverages

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

—

154,314

—

154,314

Biotechnology

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

—

293,758

—

293,758

Building

Products

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

—

434,656

—

434,656

Capital

Markets

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

1,691,290

1,334,844

—

3,026,134

Chemicals

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

—

2,044,750

—

2,044,750

Commercial

Services

&

Supplies

...........

—

2,976,612

—

2,976,612

Communications

Equipment

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

—

668,648

—

668,648

Construction

&

Engineering

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

180,849

78,616

—

259,465

Consumer

Finance

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

707,736

1,316,894

—

2,024,630

Electric

Utilities

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

—

480,037

—

480,037

Electrical

Equipment

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

1,260,426

1,337,610

—

2,598,036

Electronic

Equipment,

Instruments

&

Components

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

—

2,881,762

—

2,881,762

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

37

franklintempleton.com

Semiannual

Report

Level

1

Level

2

Level

3

Total

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

Common

Stocks:

Entertainment

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

$

2,138,814

$

1,788,311

$

—

$

3,927,125

Food

&

Staples

Retailing

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

468,912

1,110,167

—

1,579,079

Food

Products

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

767,038

4,217,050

—

4,984,088

Gas

Utilities

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

—

478,400

—

478,400

Health

Care

Equipment

&

Supplies

.........

171,233

2,059,645

—

2,230,878

Hotels,

Restaurants

&

Leisure

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

612,468

—

—

612,468

Household

Durables

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

—

3,699,305

—

3,699,305

Household

Products

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

—

986,636

—

986,636

Independent

Power

and

Renewable

Electricity

Producers

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

339,303

—

—

339,303

Industrial

Conglomerates

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

—

251,606

—

251,606

Insurance

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

584,414

5,192,230

—

5,776,644

Interactive

Media

&

Services

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

1,229,356

9,364,879

—

10,594,235

Internet

&

Direct

Marketing

Retail

..........

12,725,687

2,899,224

—

15,624,911

IT

Services

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

—

8,306,217

—

8,306,217

Leisure

Products

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

—

203,680

—

203,680

Life

Sciences

Tools

&

Services

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

—

1,103,747

—

1,103,747

Machinery

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

—

1,578,361

—

1,578,361

Metals

&

Mining

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

667,078

4,153,371

—

4,820,449

Oil,

Gas

&

Consumable

Fuels

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

—

3,238,634

—

3,238,634

Personal

Products

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

—

1,968,219

—

1,968,219

Pharmaceuticals

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

—

3,562,439

—

3,562,439

Real

Estate

Management

&

Development

....

—

2,769,160

—

2,769,160

Semiconductors

&

Semiconductor

Equipment

.

—

15,068,418

—

15,068,418

Software

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

—

190,501

—

190,501

Specialty

Retail

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

—

1,812,770

—

1,812,770

Technology

Hardware,

Storage

&

Peripherals

.

—

5,421,953

—

5,421,953

Textiles,

Apparel

&

Luxury

Goods

..........

—

1,270,672

—

1,270,672

Tobacco

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

—

916,002

—

916,002

Transportation

Infrastructure

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

—

404,088

—

404,088

Wireless

Telecommunication

Services

.......

—

1,840,518

—

1,840,518

Preferred

Stocks

:

Banks

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

2,175,097

—

—

2,175,097

Electric

Utilities

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

318,579

—

—

318,579

Personal

Products

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

—

336,191

—

336,191

Short

Term

Investments

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

736,982

—

—

736,982

Total

Investments

in

Securities

...........

$27,495,827

$115,020,868

$—

$142,516,695

Franklin

International

Core

Equity

(IU)

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Air

Freight

&

Logistics

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

—

3,688,279

—

3,688,279

Auto

Components

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

—

1,774,612

—

1,774,612

Automobiles

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

3,482,304

—

—

3,482,304

Banks

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

—

18,371,298

—

18,371,298

Beverages

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

—

333,937

—

333,937

Biotechnology

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

—

3,697,296

—

3,697,296

Building

Products

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

727,124

4,416,425

—

5,143,549

Capital

Markets

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

—

21,548,812

—

21,548,812

Chemicals

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

—

6,388,583

—

6,388,583

Construction

&

Engineering

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

—

1,115,711

—

1,115,711

Construction

Materials

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

—

311,213

—

311,213

Diversified

Financial

Services

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

—

12,009,728

—

12,009,728

9.

Fair

Value

Measurements

(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

38

franklintempleton.com

Semiannual

Report

Level

1

Level

2

Level

3

Total

Franklin

International

Core

Equity

(IU)

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

Common

Stocks:

Diversified

Telecommunication

Services

.....

$

—

$

2,828,663

$

—

$

2,828,663

Electric

Utilities

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

—

2,391,884

—

2,391,884

Electrical

Equipment

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

—

11,138,267

—

11,138,267

Electronic

Equipment,

Instruments

&

Components

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

—

378,997

—

378,997

Entertainment

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

—

4,581,782

—

4,581,782

Equity

Real

Estate

Investment

Trusts

(REITs)

.

—

4,392,229

—

4,392,229

Food

&

Staples

Retailing

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

—

9,530,829

—

9,530,829

Food

Products

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

—

6,591,338

—

6,591,338

Gas

Utilities

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

—

3,953,290

—

3,953,290

Health

Care

Equipment

&

Supplies

.........

—

11,164,608

—

11,164,608

Health

Care

Technology

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

—

395,621

—

395,621

Household

Durables

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

—

8,524,542

—

8,524,542

Household

Products

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

—

332,963

—

332,963

Industrial

Conglomerates

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

—

572,793

—

572,793

Insurance

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

—

8,014,141

—

8,014,141

Interactive

Media

&

Services

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

—

2,329,530

—

2,329,530

Internet

&

Direct

Marketing

Retail

..........

—

3,546,029

—

3,546,029

IT

Services

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

—

9,377,513

—

9,377,513

Life

Sciences

Tools

&

Services

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

2,137,665

—

—

2,137,665

Machinery

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

—

15,921,754

—

15,921,754

Marine

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

—

2,405,814

—

2,405,814

Metals

&

Mining

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

—

16,279,806

—

16,279,806

Multiline

Retail

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

—

2,727,085

—

2,727,085

Multi-Utilities

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

—

2,789,099

—

2,789,099

Oil,

Gas

&

Consumable

Fuels

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

—

10,870,684

—

10,870,684

Personal

Products

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

2,473,638

2,027,672

—

4,501,310

Pharmaceuticals

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

696,198

24,165,004

—

24,861,202

Professional

Services

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

—

13,189,505

—

13,189,505

Real

Estate

Management

&

Development

....

—

5,523,149

—

5,523,149

Semiconductors

&

Semiconductor

Equipment

.

—

6,768,501

—

6,768,501

Software

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

1,967,196

6,533,969

—

8,501,165

Specialty

Retail

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

—

6,021,094

—

6,021,094

Technology

Hardware,

Storage

&

Peripherals

.

—

2,377,605

—

2,377,605

Textiles,

Apparel

&

Luxury

Goods

..........

—

2,356,054

—

2,356,054

Tobacco

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

—

1,078,729

—

1,078,729

Trading

Companies

&

Distributors

..........

—

1,116,926

—

1,116,926

Transportation

Infrastructure

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

—

358,113

—

358,113

Wireless

Telecommunication

Services

.......

—

5,581,680

—

5,581,680

Preferred

Stocks

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

—

790,105

—

790,105

Short

Term

Investments

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

3,699,448

—

—

3,699,448

Total

Investments

in

Securities

...........

$15,183,573

$292,583,261

$—

$307,766,834

Franklin

U.S.

Core

Equity

(IU)

Fund

Assets:

Investments

in

Securities:

a

Common

Stocks

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

769,213,330

—

—

769,213,330

Short

Term

Investments

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

7,550,453

—

—

7,550,453

Total

Investments

in

Securities

...........

$776,763,783

$—

$—

$776,763,783

a

For

detailed

categories,

see

the

accompanying

Statement

of

Investments.

9.

Fair

Value

Measurements

(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

39

franklintempleton.com

Semiannual

Report

10.

Subsequent

Events

The

Funds

have

evaluated

subsequent

events

through

the

issuance

of

the

financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure.

Abbreviations

Cu

r

rency

EUR

Euro

GBP

British

Pound

Selected

Portfolio

ADR

American

Depositary

Receipt

GDR

Global

Depositary

Receipt

REIT

Real

Estate

Investment

Trust

Franklin

Fund

Allocator

Series

Tax

Information

(unaudited)

40

franklintempleton.com

Semiannual

Report

1.

Qualified

dividends

are

taxed

at

reduced

long

term

capital

gains

tax

rates.

In

determining

the

amount

of

foreign

tax

credit

that

may

be

applied

against

the

U.S.

tax

liability

of

individuals

receiving

foreign

source

qualified

dividends,

adjustments

may

be

required

to

the

foreign

tax

credit

limitation

calculation

to

reflect

the

rate

differential

applicable

to

such

dividend

income.

The

rules

however

permit

certain

individuals

to

elect

not

to

apply

the

rate

differential

adjustments

for

capital

gains

and/or

dividends

for

any

taxable

year.

Please

consult

your

tax

advisor

and

the

instructions

to

Form

1116

for

more

information.

At

July

31,

2020,

more

than

50%

of

the

total

assets

of

the

Funds

listed

below

were

invested

in

securities

of

foreign

issuers.

In

most

instances,

foreign

taxes

were

withheld

from

income

paid

to

the

Funds

on

these

investments.

As

shown

in

the

table

below,

the

Funds

hereby

report

to

shareholders

the

foreign

source

income

and

foreign

taxes

paid,

pursuant

to

Section

853

of

the

Internal

Revenue

Code.

This

written

statement

will

allow

shareholders

of

record

on

September

30,

2020,

to

treat

their

proportionate

share

of

foreign

taxes

paid

by

the

Funds

as

having

been

paid

directly

by

them.

The

shareholder

shall

consider

these

amounts

as

foreign

taxes

paid

in

the

tax

year

in

which

they

receive

the

Fund

distribution.

The

following

table

provides

a

detailed

analysis

of

foreign

tax

paid,

foreign

source

income,

and

foreign

source

qualified

dividends

as

reported

by

the

Funds,

to

shareholders

of

record.

Foreign

Tax

Paid

Per

Share

is

the

amount

per

share

available

to

you,

as

a

tax

credit

(assuming

you

held

your

shares

in

the

Fund

for

a

minimum

of

16

days

during

the

31-day

period

beginning

15

days

before

the

ex-dividend

date

of

the

Fund’s

distribution

to

which

the

foreign

taxes

relate),

or,

as

a

tax

deduction.

Foreign

Source

Income

Per

Share

is

the

amount

per

share

of

income

dividends

attributable

to

foreign

securities

held

by

the

Fund,

plus

any

foreign

taxes

withheld

on

these

dividends.

The

amounts

reported

include

foreign

source

qualified

dividends

that

have

not

been

adjusted

for

the

rate

differential

applicable

to

such

dividend

income.

1

Foreign

Source

Qualified

Dividends

Per

Share

is

the

amount

per

share

of

foreign

source

qualified

dividends

plus

any

foreign

taxes

withheld

on

these

dividends.

These

amounts

represent

the

portion

of

the

Foreign

Source

Income

Per

Share

that

were

derived

from

qualified

foreign

securities

held

by

the

Fund.

1

At

the

beginning

of

each

calendar

year,

shareholders

will

receive

Form

1099-DIV

which

will

include

their

share

of

taxes

paid

during

the

prior

calendar

year. Shareholders

are

advised

to

check

with

their

tax

advisors

for

information

on

the

treatment

of

these

amounts

on

their

income

tax

returns.

Foreign

Tax

Paid

Per

Share

Foreign

Source

Income

Per

Share

Foreign

Source

Qualified

Dividends

Per

Share

Franklin

Emerging

Market

Core

Equity

IU

Fund

$0.0361

$0.3412

$0.2028

Franklin

International

Core

Equity

IU

Fund

$0.0174

$0.2546

$0.2003

Franklin

Fund

Allocator

Series

Shareholder

Information

41

franklintempleton.com

Semiannual

Report

Proxy

Voting

Policies

and

Procedures

The

Trust's

investment

manager

has

established

Proxy

Voting

Policies

and

Procedures

(Policies)

that

the

Trust

uses

to

determine

how

to

vote

proxies

relating

to

portfolio

securities.

Shareholders

may

view

the

Trust's

complete

Policies

online

at

franklintempleton.com.

Alternatively,

shareholders

may

request

copies

of

the

Policies

free

of

charge

by

calling

the

Proxy

Group

collect

at

(954)

527-

7678

or

by

sending

a

written

request

to:

Franklin

Templeton

Companies,

LLC,

300

S.E.

2nd

Street,

Fort

Lauderdale,

FL

33301,

Attention:

Proxy

Group.

Copies

of

the

Trust's

proxy

voting

records

are

also

made

available

online

at

franklintempleton.com

and

posted

on

the

U.S.

Securities

and

Exchange

Commission's

website

at

sec.gov

and

reflect

the

most

recent

12-month

period

ended

June

30.

Quarterly

Statement

of

Investments

The

Trust

files

a

complete

statement

of

investments

with

the

U.S.

Securities

and

Exchange

Commission

for

the

first

and

third

quarters

for

each

fiscal

year

as

an

exhibit

to

its

report

on

Form

N-PORT.

Shareholders

may

view

the

filed

Form

N-PORT

by

visiting

the

Commission’s

website

at

sec.

gov.

The

filed

form

may

also

be

viewed

and

copied

at

the

Commission’s

Public

Reference

Room

in

Washington,

DC.

Information

regarding

the

operations

of

the

Public

Reference

Room

may

be

obtained

by

calling

(800)

SEC-0330.

Item 2. Code of Ethics.

(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. 

(c) N/A

(d) N/A

(f) Pursuant to Item 13(a)(1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.

Item 3. Audit Committee Financial Expert.

(a)(1) The Registrant has an audit committee financial expert serving on its audit committee.

(2) The audit committee financial expert is Mary C. Choksi and she is "independent" as defined under the relevant Securities and Exchange Commission Rules and Releases.

Item 4. Principal Accountant Fees and Services

.      

N/A

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

Item 6.  Schedule of Investments.                     N/A

Item 7.  Disclosure of Proxy Voting Policies and Procedures for Closed-

End Management Investment Companies.                  N/A

Item 8.  Portfolio Managers of Closed-End Management Investment

Companies.                                            N/A

Item 9. Purchases of Equity Securities by Closed-End Management

Investment Company and

Affiliated Purchasers.         N/A

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.

Item 11. Controls and Procedures.

(a)

 Evaluation of Disclosure Controls and Procedures.

The Registrant maintains disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in the Registrant’s filings under the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940 is recorded, processed, summarized and reported within the periods specified in the rules and forms of the Securities and Exchange Commission. Such information is accumulated and communicated to the Registrant’s management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. The Registrant’s management, including the principal executive officer and the principal financial officer, recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.

Within 90 days prior to the filing date of this Shareholder Report on Form N-CSR, the Registrant had carried out an evaluation, under the supervision and with the participation of the Registrant’s management, including the Registrant’s principal executive officer and the Registrant’s principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on such evaluation, the Registrant’s principal executive officer and principal financial officer concluded that the Registrant’s disclosure controls and procedures are effective.

 (b)

 Changes in Internal Controls.

There have been no changes in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect the internal control over financial reporting.

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

Item 13. Exhibits.

(a) (1) Code of Ethics

Code of Ethics

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

Section 302

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

Section 906

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

FRANKLIN FUND ALLOCATOR SERIES

By __ S\MATTHEW T. HINKLE______________________

Matthew T. Hinkle

Chief Executive Officer - Finance and Administration

Date March 26, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By _ S\MATTHEW T. HINKLE_______________________

Matthew T. Hinkle

      Chief Executive Officer – Finance and Administration

Date March 26, 2021

By __S\ROBERT G. KUBILIS ______________________

Robert G. Kubilis

Chief Financial Officer and Chief Accounting Officer

Date March 26, 2021