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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc.</name>
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        <name>Federal Republic of Germany</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Oracle Corp.</name>
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        <title>Oracle Corp.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>GNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>United States of America</name>
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          <isin value="US912810TS78"/>
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        <issuerCat>UST</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>AerCap Ireland Capital DAC / AerCap Global Aviation Trust</name>
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        <invCountry>IE</invCountry>
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        <name>Alphabet, Inc.</name>
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        <name>Taiwan Semiconductor Manufacturing Co. Ltd.</name>
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        <title>Taiwan Semiconductor Manufacturing Co. Ltd.</title>
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        <invCountry>TW</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Walmart, Inc.</name>
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        <title>Walmart, Inc.</title>
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        <name>Canadian Natural Resources Ltd.</name>
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        <name>Woodside Energy Group Ltd.</name>
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        <name>Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen</name>
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        <name>NVIDIA Corp.</name>
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        <title>NVIDIA Corp.</title>
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        <name>Amazon.com, Inc.</name>
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        <name>N/A</name>
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        <name>Aker BP ASA</name>
        <lei>549300NFTY73920OYK69</lei>
        <title>Aker BP ASA</title>
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        <name>Xylem, Inc.</name>
        <lei>549300DF5MV96DRYLQ48</lei>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>RWE AG</name>
        <lei>529900GB7KCA94ACC940</lei>
        <title>RWE AG</title>
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        <name>Fortescue Metals Group Ltd.</name>
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        <name>Westpac Banking Corp.</name>
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        <name>Dornoch Debt Merger Sub, Inc.</name>
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        <name>United States of America</name>
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        <name>ArcelorMittal SA</name>
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        <name>JD.com, Inc.</name>
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        <name>AP Moller - Maersk A/S</name>
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        <name>Mercedes-Benz Group AG</name>
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        <name>French Republic</name>
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        <name>Nutrien Ltd.</name>
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        <name>N/A</name>
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        <name>AerCap Ireland Capital DAC / AerCap Global Aviation Trust</name>
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        <name>United States of America</name>
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        <name>Deutsche Bank AG</name>
        <lei>7LTWFZYICNSX8D621K86</lei>
        <title>Deutsche Bank AG</title>
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      <invstOrSec>
        <name>Ecopetrol SA</name>
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        <name>Deutsche Post AG</name>
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        <name>United Parcel Service, Inc.</name>
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        <name>N/A</name>
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      <invstOrSec>
        <name>Altice France Holding SA</name>
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        <name>Republic of Italy</name>
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          <isin value="IT0004923998"/>
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        <name>Federal Republic of Germany</name>
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          <isin value="DE000BU2Z007"/>
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        <balance>50100000.00000000</balance>
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        <invCountry>DE</invCountry>
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          <maturityDt>2033-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.30000000</annualizedRt>
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        <name>CommScope Technologies LLC</name>
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        <invCountry>US</invCountry>
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        <name>Illumina, Inc.</name>
        <lei>SQ95QG8SR5Q56LSNF682</lei>
        <title>Illumina, Inc.</title>
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        <name>European Investment Bank</name>
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        <title>European Investment Bank</title>
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        <name>Newmont Corp.</name>
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        <title>Newmont Corp.</title>
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        <name>N/A</name>
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        <name>Tokyo Electron Ltd.</name>
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        <name>Kingdom of the Netherlands</name>
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        <name>Altice France SA</name>
        <lei>5493001ZMCICV4N02J21</lei>
        <title>Altice France SA</title>
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        <name>Mitsubishi UFJ Financial Group, Inc.</name>
        <lei>353800V2V8PUY9TK3E06</lei>
        <title>Mitsubishi UFJ Financial Group, Inc.</title>
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        <name>Republic of Italy</name>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
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        <name>Hitachi Ltd.</name>
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        <name>Mauser Packaging Solutions Holding Co.</name>
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        <name>United States of America</name>
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        <name>Southern Co. (The)</name>
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        <name>Republic of Finland</name>
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        <name>United States of America</name>
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        <name>Tencent Holdings Ltd.</name>
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        <name>Broadcom, Inc.</name>
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        <name>Bank of America Corp.</name>
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        <name>Japan</name>
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        <name>N/A</name>
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      <invstOrSec>
        <name>Medtronic plc</name>
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        <name>Grifols Escrow Issuer SA</name>
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        <name>Canada</name>
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          <isin value="CA135087P329"/>
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        <name>Jaguar Land Rover Automotive plc</name>
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        <invCountry>GB</invCountry>
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        <name>United Kingdom of Great Britain and Northern Ireland</name>
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        <name>SK Hynix, Inc.</name>
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        <name>ITOCHU Corp.</name>
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        <name>Comcast Corp.</name>
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        <name>N/A</name>
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        <name>Hong Kong Exchanges &amp; Clearing Ltd.</name>
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        <name>Nintendo Co. Ltd.</name>
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        <name>Sumitomo Mitsui Financial Group, Inc.</name>
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        <name>GNMA</name>
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        <name>US Bancorp</name>
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        <name>PDD Holdings, Inc.</name>
        <lei>5493000573DS7005T657</lei>
        <title>PDD Holdings, Inc.</title>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>N/A</name>
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          <other otherDesc="Inhouse Asset ID" value="143988"/>
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      <invstOrSec>
        <name>Cisco Systems, Inc.</name>
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        <name>French Republic</name>
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        <name>Canada</name>
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        <name>United Mexican States</name>
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        <name>Cognizant Technology Solutions Corp.</name>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <name>Royal Bank of Canada</name>
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        <name>N/A</name>
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        <name>Novo Nordisk A/S</name>
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        <name>Kingdom of the Netherlands</name>
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        <name>iShares Core MSCI Emerging Markets ETF</name>
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        <name>Lowe's Cos., Inc.</name>
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        <name>KDDI Corp.</name>
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        <name>Target Corp.</name>
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        <name>Stanley Black &amp; Decker, Inc.</name>
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        <name>Anheuser-Busch InBev Worldwide, Inc.</name>
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        <name>United States of America</name>
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        <name>Sun Life Financial, Inc.</name>
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        <name>Bayer US Finance II LLC</name>
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        <name>ServiceNow, Inc.</name>
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        <name>Siemens AG</name>
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        <name>People's Republic of China</name>
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        <name>AstraZeneca plc</name>
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        <name>Microsoft Corp.</name>
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        <name>Rio Tinto plc</name>
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        <name>TE Connectivity Ltd.</name>
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        <name>Honeywell International, Inc.</name>
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        <name>TotalEnergies SE</name>
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        <name>Nestle SA</name>
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        <name>Raytheon Technologies Corp.</name>
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        <name>Elevance Health, Inc.</name>
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        <name>N/A</name>
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        <name>Mondelez International, Inc.</name>
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        <name>AbbVie, Inc.</name>
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        <name>Federal Republic of Germany</name>
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        <name>Wells Fargo &amp; Co.</name>
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        <name>Union Pacific Corp.</name>
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        <name>Dollar Tree, Inc.</name>
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        <name>Deutsche Bank AG</name>
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        <name>Alibaba Group Holding Ltd.</name>
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        <name>APX Group, Inc.</name>
        <lei>549300OMQVKPRU98OE64</lei>
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      <invstOrSec>
        <name>DaVita, Inc.</name>
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        <name>Braskem Idesa SAPI</name>
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      <invstOrSec>
        <name>Tractor Supply Co.</name>
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        <name>Societe Generale SA</name>
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        <name>Fujitsu Ltd.</name>
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        <name>Duke Energy Corp.</name>
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        <name>United States of America</name>
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        <name>Institutional Fiduciary Trust - Money Market Portfolio</name>
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        <name>Braskem Netherlands Finance BV</name>
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        <name>AstraZeneca plc</name>
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        <name>Siemens Financieringsmaatschappij NV</name>
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        <name>VanEck J. P. Morgan EM Local Currency Bond ETF</name>
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        <name>Bausch Health Cos., Inc.</name>
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        <name>Samsung Electronics Co. Ltd.</name>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Volkswagen International Finance NV</name>
        <lei>5299004PWNHKYTR23649</lei>
        <title>Volkswagen International Finance NV</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS2187689034"/>
          <other otherDesc="Inhouse Asset ID" value="1080188"/>
        </identifiers>
        <balance>3200000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91633834"/>
        <valUSD>3284812.89000000</valUSD>
        <pctVal>0.123509988280</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Linde plc</name>
        <lei>5299003QR1WT0EF88V51</lei>
        <title>Linde plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IE000S9YS762"/>
          <other otherDesc="Inhouse Asset ID" value="1239901"/>
        </identifiers>
        <balance>44000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>16767520.00000000</valUSD>
        <pctVal>0.630463977108</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>91282CED9</cusip>
        <identifiers>
          <isin value="US91282CED92"/>
          <other otherDesc="Inhouse Asset ID" value="1193105"/>
        </identifiers>
        <balance>16700000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>15800417.93000000</valUSD>
        <pctVal>0.594100637906</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Used CNY (Onshore Yuan) instead of CNH (Offshore Yuan) for all base currency isocodes." noteItem="C.2.b"/>
      <explntrNote note="Used CNY (Onshore Yuan) instead of CNH (Offshore Yuan) for all base currency isocodes." noteItem="C.11.e.ii"/>
      <explntrNote note="Used CNY (Onshore Yuan) instead of CNH (Offshore Yuan) for all base currency isocodes." noteItem="C.11.e.i"/>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2023-07-31</ncom:dateSigned>
      <ncom:nameOfApplicant>Franklin Fund Allocator Series</ncom:nameOfApplicant>
      <ncom:signature>Ryan Wheeler</ncom:signature>
      <ncom:signerName>Ryan Wheeler</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
