# EDGAR Filing Document

**Accession Number:** 0001022804
**File Stem:** 0001133228-25-010209
**Filing Date:** 2025-9
**Character Count:** 222428
**Document Hash:** 98ef0b91c1b0745a7d620f4d16b019da
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-010209.hdr.sgml**: 20250926

**ACCESSION NUMBER**: 0001133228-25-010209

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 31

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250926

**DATE AS OF CHANGE**: 20250926

**EFFECTIVENESS DATE**: 20250926

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FRANKLIN FUND ALLOCATOR SERIES
- **CENTRAL INDEX KEY:** 0001022804

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** FL
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07851
- **FILM NUMBER:** 251349620

**BUSINESS ADDRESS:**
- **STREET 1:** ONE FRANKLIN PARKWAY
- **CITY:** SAN MATEO
- **STATE:** CA
- **ZIP:** 94403-1906
- **BUSINESS PHONE:** 650-312-4018

**MAIL ADDRESS:**
- **STREET 1:** FRANKLIN FUND ALLOCATOR SERIES
- **STREET 2:** ONE FRANKLIN PARKWAY
- **CITY:** SAN MATEO
- **STATE:** CA
- **ZIP:** 94403-1906

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FRANKLIN TEMPLETON FUND ALLOCATOR SERIES
- **DATE OF NAME CHANGE:** 19960912

## Series and Classes Contracts Data

### Franklin Emerging Market Core Equity (IU) Fund (Series ID: S000066091)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000213628 | Advisor      | FCEEX           |

### Franklin International Core Equity (IU) Fund (Series ID: S000066092)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000213629 | Advisor      | FCENX           |

### Franklin U.S. Core Equity (IU) Fund (Series ID: S000066093)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000213630 | Advisor      | FCEUX           |

?xml version='1.0' encoding='ASCII'? 2025-08-1974200004300_FranklinUSCoreEquity-IU-Fund_ClassA_TSRAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number **811-07851**

**Franklin Fund Allocator Series**

(Exact name of registrant as specified in charter)

**One Franklin Parkway, San Mateo, CA 94403-1906**

(Address of principal executive offices) (Zip code)

Alison Baur

Franklin Templeton

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: **July 31**

Date of reporting period: **July 31, 2025**

ITEM 1. REPORT TO STOCKHOLDERS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is filed herewith

---

| | |
|:---|:---|
| **Franklin U.S. Core Equity (IU) Fund**  | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| July 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin U.S. Core Equity (IU) Fund for the period August 1, 2024, to July 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-internalusefunds-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Franklin U.S. Core Equity (IU) Fund | $0 | 0.00% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended July 31, 2025, Franklin U.S. Core Equity (IU) Fund returned 16.70%. The Fund compares its performance to the S&P 500 Index, which returned 16.33% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Selection among health care stocks |
| ↑ | Selection among utilities stocks |
| ↑ | Selection within the communication services sector |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Selection within the information technology sector |
| ↓ | Selection among industrials stocks |
| ↓ | Selection among financials stocks |

---

Franklin U.S. Core Equity (IU) Fund PAGE 1 28661-ATSR-0925

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Franklin U.S. Core Equity (IU) Fund** 8/19/2019 — 7/31/2025

![image](ts4786img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(8/19/2019)** |
| **Franklin U.S. Core Equity (IU) Fund**  | 16.70 | 15.94 | 15.94 |
| **Russell 3000 Index**  | 15.68 | 15.19 | 15.01 |
| **S&P 500 Index**  | 16.33 | 15.88 | 15.70 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of July 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1084221791 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 181 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 63.98% |

---

\* Does not include derivatives, except purchased options, if any.

**WHAT DID THE FUND INVEST IN?** (as of July 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4786img004.jpg)

\* Does not include derivatives, except purchased options, if any.

Franklin U.S. Core Equity (IU) Fund PAGE 2 28661-ATSR-0925

------

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-internalusefunds-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • proxy voting information • financial information • holdings • tax information |

---

Franklin U.S. Core Equity (IU) Fund PAGE 3 28661-ATSR-0925

10000115091558214894162812065824109100001109315389142571606119446224951000011196152761456716463201102339436.111.711.711.09.66.74.62.72.01.71.60.6 ------

---

| | |
|:---|:---|
| **Franklin International Core Equity (IU) Fund**  | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| July 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin International Core Equity (IU) Fund for the period August 1, 2024, to July 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-internalusefunds-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Franklin International Core Equity (IU) Fund | $0 | 0.00% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended July 31, 2025, Franklin International Core Equity (IU) Fund returned 12.96%. The Fund compares its performance to the MSCI EAFE Index, which returned 13.35% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:**  | **Top contributors to performance:**  |
| ↑ | Selection among utilities stocks |
| ↑ | Selection among financials stocks |
| ↑ | Selection within the health care sector |

---

---

| | |
|:---|:---|
| **Top detractors from performance:**  | **Top detractors from performance:**  |
| ↓ | Underweight allocation to financials stocks |
| ↓ | Underweight allocation to industrials stocks |
| ↓ | Selection among energy stocks |

---

Franklin International Core Equity (IU) Fund PAGE 1 28662-ATSR-0925

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Franklin International Core Equity (IU) Fund** 8/19/2019 — 7/31/2025

![image](ts4792img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(8/19/2019)** |
| **Franklin International Core Equity (IU) Fund**  | 12.96 | 10.61 | 9.84 |
| **MSCI All Country World ex-U.S. Index-NR**  | 14.73 | 9.11 | 8.44 |
| **MSCI EAFE Index**  | 13.35 | 10.89 | 9.48 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of July 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $435753638 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 181 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 65.93% |

---

\* Does not include derivatives, except purchased options, if any.

**WHAT DID THE FUND INVEST IN?** (as of July 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4792img004.jpg)

\* Does not include derivatives, except purchased options, if any.

Franklin International Core Equity (IU) Fund PAGE 2 28662-ATSR-0925

------

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-internalusefunds-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • proxy voting information • financial information • holdings • tax information |

---

Franklin International Core Equity (IU) Fund PAGE 3 28662-ATSR-0925

1000010558138311168013483154771748310000100661286310899123611356615564100009876129231113213071146091655956.124.610.55.50.72.6 ------

---

| | |
|:---|:---|
| **Franklin Emerging Market Core Equity (IU) Fund**  | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| July 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Emerging Market Core Equity (IU) Fund for the period August 1, 2024, to July 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-internalusefunds-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Franklin Emerging Market Core Equity (IU) Fund | $0 | 0.00% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended July 31, 2025, Franklin Emerging Market Core Equity (IU) Fund returned 18.74%. The Fund compares its performance to the MSCI Emerging Markets Index, which returned 17.87% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Selection among consumer discretionary stocks  |
| ↑ | Selection among financials stocks |
| ↑ | Selection within the real estate sector |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Selection among information technology stocks |
| ↓ | Selection within the industrials sector |
| ↓ | Selection among materials stocks |

---

Franklin Emerging Market Core Equity (IU) Fund PAGE 1 28663-ATSR-0925

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Franklin Emerging Market Core Equity (IU) Fund** 9/30/2019 — 7/31/2025

![image](ts4799img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(9/30/2019)** |
| **Franklin Emerging Market Core Equity (IU) Fund**  | 18.74 | 6.24 | 6.72 |
| **MSCI All Country World ex-U.S. Index-NR**  | 14.73 | 9.11 | 7.99 |
| **MSCI Emerging Markets Index**  | 17.87 | 5.85 | 6.76 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of July 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $161965908 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 185 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 59.40% |

---

\* Does not include derivatives, except purchased options, if any.

**WHAT DID THE FUND INVEST IN?** (as of July 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4799img004.jpg)

\* Does not include derivatives, except purchased options, if any.

Franklin Emerging Market Core Equity (IU) Fund PAGE 2 28663-ATSR-0925

------

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-internalusefunds-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • proxy voting information • financial information • holdings • tax information |

---

Franklin Emerging Market Core Equity (IU) Fund PAGE 3 28663-ATSR-0925

10000107961247710088111211230814615100001012612940109651243513647156581000011023133381070211646124241464475.810.07.06.01.2 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

ITEM 2. CODE OF ETHICS.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Pursuant to Item 19(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.

The Board of Trustees of the Registrant has determined that Mary C. Choksi, possesses the technical attributes identified in Item 3 to Form N-CSR to qualify as an "audit committee financial expert," and has designated Mary C. Choksi as the Audit Committee's financial expert. Mary C. Choksi is an "independent" Trustee pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Audit Fees</u>. The aggregate fees billed in the last two fiscal years ending July 31, 2024 and July 31, 2025 (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $122,429 in July 31, 2024 and $139,455 in July 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Audit-Related Fees</u>. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the Registrant's financial statements were $0 in July 31, 2024 and $0 in July 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Fees</u>. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice and tax planning ("Tax Services") were $0 in July 31, 2024 and $30,000 in July 31, 2025. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments, and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held.

The aggregate fees billed for tax services by the Auditors to the Registrant's investment manager and any entity controlling, controlled by, or under common control with the

investment manager that provides ongoing services to the Registrant ("Service Affiliates") during the Reporting Periods that required pre-approval by the Audit Committee were $140,000 in July 31, 2024 and $0 in July 31, 2025. The services for which these fees were paid included global access to tax platform International Tax View.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>All Other Fees</u>. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor to the Registrant, other than the services reported in paragraphs (a) through (c) of this item, were $0 in July 31, 2024 and $0 in July 31, 2025.

The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor to the Service Affiliates, other than the services reported in paragraphs (a) through (c) of this item, were $163,638 in July 31, 2024 and $0 in July 31, 2025. The services for which these fees were paid included professional fees in connection with SOC 1 reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Audit Committee's pre–approval policies and procedures described in paragraph (c) (7) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Registrant's Audit Committee is directly responsible for approving the services to be provided by the Auditors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) pre-approval of all audit and audit related services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) pre-approval of all non-audit related services to be provided to the Registrant by the Auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) pre-approval of all non-audit related services to be provided by the Auditors to the Registrant and the Service Affiliates where the non-audit services relate directly to the operations or financial reporting of the Registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) establishment by the Audit Committee, if deemed necessary or appropriate, as an alternative to committee pre-approval of services to be provided by the Auditors, as required by paragraphs (ii) and (iii) above, of policies and procedures to permit such services to be pre-approved by other means, such as through establishment of guidelines or by action of a designated member or members of the committee; provided the policies and procedures are detailed as to the particular service and the committee is informed of each service and such policies and procedures do not include delegation of Audit Committee responsibilities, as contemplated under the Securities Exchange Act of 1934, to management; subject, in the case of (ii) through (iv), to any waivers, exceptions or exemptions that may be available under applicable law or rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) None of the services described in paragraphs (b) through (d) of this Item were performed in reliance on paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Non-audit fees billed by the Auditor for services rendered to the Registrant and the Service Affiliates during the reporting period were $303,638 in July 31, 2024 and $377,023 in July 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Yes. The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval), is compatible with maintaining the Auditor's independence. All services provided by the Auditor to the Registrant or to the Service Affiliates, which were required to be pre-approved, were pre-approved as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable*.*

ITEM 6. SCHEDULE OF INVESTMENTS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

#### Franklin

#### Fund

#### Allocator

#### Series

#### Financial

#### Statements

#### and

#### Other

#### Important

#### Information

#### Annual
\|

July

31,

2025

#### Franklin

#### Emerging

#### Market

#### Core

#### Equity
(IU)

#### Fund

#### Franklin

#### International

#### Core

#### Equity
(IU)

#### Fund

#### Franklin

#### U.S.

#### Core

#### Equity
(IU)

#### Fund

#### Table

#### of

#### Contents
franklintempleton.com

Annual

Report

Financial

Highlights

and

Schedules

of

Investments

#### 2
Financial

Statements

#### 25
Notes

to

Financial

Statements

#### 29
Report

of

Independent

Registered

Public

Accounting

Firm

#### 42
Tax

Information

#### 43
Changes

In

and

Disagreements

with

Accountants

#### 44
Results

of

Meeting(s)

of

Shareholders

Remuneration

Paid

to

Directors,

Officers

and

Others

Board

Approval

of

Management

and

Subadvisory

Agreements

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### Emerging

#### Market

#### Core

#### Equity
(IU)

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$10.37

$9.77

$9.23

$11.83

$10.57

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.33 0.31 0.36 0.35 0.28 Net

realized

and

unrealized

gains

(losses)

...........

1.56 0.68 0.55 (2.58)

1.34 Total

from

investment

operations

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

1.89 0.99 0.91 (2.23)

1.62 Less

distributions

from:

Net

investment

income

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

(0.48)

(0.39)

(0.37)

(0.37)

(0.36)

Net

asset

value,

end

of

year

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

$11.78

$10.37

$9.77

$9.23

$11.83

Total

return

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

18.74%

10.67%

10.24%

(19.15)%

15.57%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.15%

0.17%

0.15%

0.17%

0.14%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

—%

—%

—%

—%

c

—%

c

Net

investment

income

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

3.09%

3.25%

3.92%

3.27%

2.41%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$161,966

$139,281

$126,226

$109,129

$116,643

Portfolio

turnover

rate

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

59.40%

69.43%

108.11%

125.41%

108.13%

a

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.

b

Based

on

average

daily

shares

outstanding.

c

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Schedule

of

Investments,

July

31,

2025

#### Franklin

#### Emerging

#### Market

#### Core

#### Equity
(IU)

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks

#### 96.5%

#### Aerospace

#### &

#### Defense

#### 1.1%
Aselsan

Elektronik

Sanayi

ve

Ticaret

A/S

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

Turkiye

206,404

$

949,308

a

Hindustan

Aeronautics

Ltd.

,

Reg

S

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

India

15,276

786,195

1,735,503

#### Air

#### Freight

#### &

#### Logistics

#### 0.3%
a,b,c

JD

Logistics,

Inc.

,

144A

,

Reg

S

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

China

255,200

442,266

#### Automobile

#### Components

#### 0.4%
Hyundai

Mobis

Co.

Ltd.

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

South

Korea

2,828

596,764

#### Automobiles

#### 3.0%
BYD

Co.

Ltd.

,

A

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

China

22,400

325,737

BYD

Co.

Ltd.

,

H

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

China

103,500

1,511,189

Geely

Automobile

Holdings

Ltd.

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

China

735,000

1,648,618

Kia

Corp.

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

South

Korea

2,397

175,390

SAIC

Motor

Corp.

Ltd.

,

A

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

China

65,500

156,020

Seres

Group

Co.

Ltd.

,

A

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

China

8,300

145,895

Tata

Motors

Ltd.

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

India

123,645

934,592

4,897,441

#### Banks

#### 15.3%
AMMB

Holdings

Bhd.

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

Malaysia

451,800

533,840

Axis

Bank

Ltd.

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

India

11,190

135,892

Banco

de

Chile

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

Chile

4,482,331

617,455

Banco

do

Brasil

SA

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

Brazil

134,700

473,893

Bank

Central

Asia

Tbk.

PT

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

Indonesia

696,700

349,183

Bank

of

Shanghai

Co.

Ltd.

,

A

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

China

155,700

221,346

Bank

Polska

Kasa

Opieki

SA

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

Poland

15,459

839,476

China

CITIC

Bank

Corp.

Ltd.

,

H

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

China

1,496,000

1,389,967

China

Construction

Bank

Corp.

,

H

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

China

2,432,000

2,487,458

Dubai

Islamic

Bank

PJSC

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

United

Arab

Emirates

443,691

1,203,318

Emirates

NBD

Bank

PJSC

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

United

Arab

Emirates

110,087

801,739

Eurobank

Ergasias

Services

and

Holdings

SA

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

Greece

194,525

713,978

Hana

Financial

Group,

Inc.

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

South

Korea

30,257

1,849,886

HDFC

Bank

Ltd.

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

India

86,157

1,977,158

ICICI

Bank

Ltd.

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

India

9,883

166,423

Industrial

Bank

of

Korea

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

South

Korea

50,937

710,645

Kasikornbank

PCL

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

Thailand

92,600

457,892

KB

Financial

Group,

Inc.

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

South

Korea

14,325

1,138,096

Komercni

Banka

A/S

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

Czech

Republic

6,722

320,206

Malayan

Banking

Bhd.

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

Malaysia

63,700

140,103

Nedbank

Group

Ltd.

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

South

Africa

48,851

666,597

OTP

Bank

Nyrt.

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

Hungary

19,778

1,604,904

Qatar

National

Bank

QPSC

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

Qatar

82,297

423,388

Riyad

Bank

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

Saudi

Arabia

200,930

1,507,680

Shinhan

Financial

Group

Co.

Ltd.

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

South

Korea

40,337

1,964,166

TMBThanachart

Bank

PCL

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

Thailand

4,602,700

271,502

Woori

Financial

Group,

Inc.

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

South

Korea

103,931

1,844,067

24,810,258

#### Beverages

#### 1.9%
Arca

Continental

SAB

de

CV

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

Mexico

84,200

877,572

a

Nongfu

Spring

Co.

Ltd.

,

H

,

144A

,

Reg

S

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

China

202,600

1,170,551

United

Spirits

Ltd.

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

India

24,166

368,957

Wuliangye

Yibin

Co.

Ltd.

,

A

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

China

42,000

706,445

3,123,525

Franklin

Fund

Allocator

Series

Schedule

of

Investments

#### Franklin

#### Emerging

#### Market

#### Core

#### Equity
(IU)

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Broadline

#### Retail

#### 3.7%
c

Alibaba

Group

Holding

Ltd.

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

China

277,600

$

4,173,654

b,c

PDD

Holdings,

Inc.

,

ADR

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

China

8,700

987,015

c

Vipshop

Holdings

Ltd.

,

ADR

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

China

58,086

876,518

6,037,187

#### Capital

#### Markets

#### 1.4%
a

HDFC

Asset

Management

Co.

Ltd.

,

144A

,

Reg

S

...........

India

7,436

477,892

Hithink

RoyalFlush

Information

Network

Co.

Ltd.

,

A

..........

China

5,800

227,616

Huatai

Securities

Co.

Ltd.

,

A

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

China

78,300

217,725

Korea

Investment

Holdings

Co.

Ltd.

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

South

Korea

5,838

597,659

Reinet

Investments

SCA

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

Luxembourg

24,919

720,228

2,241,120

#### Chemicals

#### 2.6%
Asian

Paints

Ltd.

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

India

28,688

783,057

a,b,d,e

PhosAgro

PJSC

,

GDR

,

Reg

S

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

Russia

32,310

—

PI

Industries

Ltd.

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

India

12,451

602,590

Pidilite

Industries

Ltd.

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

India

27,441

897,309

SABIC

Agri-Nutrients

Co.

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

Saudi

Arabia

19,818

628,618

Saudi

Aramco

Base

Oil

Co.

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

Saudi

Arabia

5,876

163,052

Solar

Industries

India

Ltd.

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

India

4,937

797,865

Yanbu

National

Petrochemical

Co.

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

Saudi

Arabia

42,650

346,478

4,218,969

#### Communications

#### Equipment

#### 0.1%
ZTE

Corp.

,

A

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

China

44,000

209,089

#### Construction

#### &

#### Engineering

#### 0.2%
China

Communications

Services

Corp.

Ltd.

,

H

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

China

456,000

265,592

#### Consumer

#### Finance

#### 0.4%
Muthoot

Finance

Ltd.

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

India

21,351

634,975

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0.9%
Bid

Corp.

Ltd.

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

South

Africa

19,286

484,896

Cencosud

SA

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

Chile

54,339

163,697

Sumber

Alfaria

Trijaya

Tbk.

PT

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

Indonesia

2,954,700

415,288

Wal-Mart

de

Mexico

SAB

de

CV

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

Mexico

138,800

409,153

1,473,034

#### Diversified

#### Telecommunication

#### Services

#### 1.2%
b

Indus

Towers

Ltd.

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

India

136,782

564,097

LG

Uplus

Corp.

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

South

Korea

40,316

424,391

Ooredoo

QPSC

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

Qatar

146,680

542,068

Saudi

Telecom

Co.

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

Saudi

Arabia

13,589

152,111

Telekom

Malaysia

Bhd.

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

Malaysia

218,700

345,277

2,027,944

#### Electric

#### Utilities

#### 1.0%
CEZ

A/S

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

Czech

Republic

15,495

897,771

CPFL

Energia

SA

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

Brazil

40,500

274,193

b,d,e

Inter

RAO

UES

PJSC

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

Russia

8,656,700

—

b

PGE

Polska

Grupa

Energetyczna

SA

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

Poland

64,155

206,563

Public

Power

Corp.

SA

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

Greece

10,187

165,228

1,543,755

#### Electrical

#### Equipment

#### 2.4%
ABB

India

Ltd.

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

India

5,137

321,669

Contemporary

Amperex

Technology

Co.

Ltd.

,

A

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

China

41,400

1,515,729

Havells

India

Ltd.

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

India

35,884

612,889

Franklin

Fund

Allocator

Series

Schedule

of

Investments

#### Franklin

#### Emerging

#### Market

#### Core

#### Equity
(IU)

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Electrical

#### Equipment
(continued)

HD

Hyundai

Electric

Co.

Ltd.

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

South

Korea

2,786

$

991,432

WEG

SA

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

Brazil

70,000

463,912

3,905,631

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 2.2%
Delta

Electronics,

Inc.

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

Taiwan

43,000

810,039

Hon

Hai

Precision

Industry

Co.

Ltd.

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

Taiwan

329,000

1,934,679

Largan

Precision

Co.

Ltd.

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

Taiwan

11,000

862,765

3,607,483

#### Entertainment

#### 1.6%
International

Games

System

Co.

Ltd.

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

Taiwan

6,000

156,886

c

NetEase,

Inc.

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

China

93,900

2,454,758

2,611,644

#### Financial

#### Services

#### 0.9%
Bajaj

Holdings

&

Investment

Ltd.

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

India

1,816

288,349

Meritz

Financial

Group,

Inc.

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

South

Korea

15,102

1,254,185

1,542,534

#### Food

#### Products

#### 1.3%
Charoen

Pokphand

Foods

PCL

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

Thailand

242,100

168,845

a

China

Feihe

Ltd.

,

144A

,

Reg

S

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

China

221,000

131,385

Gruma

SAB

de

CV

,

B

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

Mexico

29,060

502,238

Indofood

Sukses

Makmur

Tbk.

PT

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

Indonesia

610,400

315,183

Orion

Corp.

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

South

Korea

2,152

171,826

QL

Resources

Bhd.

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

Malaysia

164,750

164,171

Want

Want

China

Holdings

Ltd.

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

China

859,000

620,863

2,074,511

#### Gas

#### Utilities

#### 0.2%
Kunlun

Energy

Co.

Ltd.

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

China

304,000

292,859

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0.2%
Shenzhen

Mindray

Bio-Medical

Electronics

Co.

Ltd.

,

A

........

China

8,500

272,651

#### Health

#### Care

#### Providers

#### &

#### Services

#### 0.5%
Apollo

Hospitals

Enterprise

Ltd.

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

India

1,682

143,400

Bumrungrad

Hospital

PCL

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

Thailand

109,200

567,931

a,b

Rede

D'Or

Sao

Luiz

SA

,

144A

,

Reg

S

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

Brazil

27,100

157,290

868,621

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 2.0%
Indian

Hotels

Co.

Ltd.

(The)

,

A

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

India

78,852

663,230

a,b,c

Meituan

Dianping

,

B

,

144A

,

Reg

S

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

China

117,610

1,814,434

OPAP

SA

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

Greece

33,765

757,551

3,235,215

#### Household

#### Durables

#### 0.1%
Gree

Electric

Appliances,

Inc.

of

Zhuhai

,

A

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

China

30,800

195,141

#### Household

#### Products

#### 0.1%
Kimberly-Clark

de

Mexico

SAB

de

CV

,

A

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

Mexico

99,000

184,513

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0.7%
b

Adani

Power

Ltd.

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

India

79,999

533,116

China

Yangtze

Power

Co.

Ltd.

,

A

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

China

44,200

171,135

NTPC

Ltd.

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

India

115,292

437,570

1,141,821

Franklin

Fund

Allocator

Series

Schedule

of

Investments

#### Franklin

#### Emerging

#### Market

#### Core

#### Equity
(IU)

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Insurance

#### 2.3%
BB

Seguridade

Participacoes

SA

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

Brazil

126,100

$

758,913

Caixa

Seguridade

Participacoes

SA

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

Brazil

64,400

158,483

Co.

for

Cooperative

Insurance

(The)

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

Saudi

Arabia

13,840

494,988

DB

Insurance

Co.

Ltd.

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

South

Korea

5,282

485,493

OUTsurance

Group

Ltd.

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

South

Africa

156,563

663,940

People's

Insurance

Co.

Group

of

China

Ltd.

(The)

,

H

.........

China

396,000

304,234

Ping

An

Insurance

Group

Co.

of

China

Ltd.

,

H

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

China

24,500

168,201

Samsung

Life

Insurance

Co.

Ltd.

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

South

Korea

7,539

680,504

3,714,756

#### Interactive

#### Media

#### &

#### Services

#### 6.1%
a,b,c

Kuaishou

Technology

,

144A

,

Reg

S

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

China

140,300

1,369,897

c

Tencent

Holdings

Ltd.

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

China

120,800

8,457,479

9,827,376

#### IT

#### Services

#### 2.1%
Elm

Co.

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

Saudi

Arabia

3,736

905,145

HCL

Technologies

Ltd.

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

India

12,250

204,209

Infosys

Ltd.

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

India

36,234

616,229

Tata

Consultancy

Services

Ltd.

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

India

48,009

1,655,660

3,381,243

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0.5%
WuXi

AppTec

Co.

Ltd.

,

A

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

China

16,900

224,544

a

WuXi

AppTec

Co.

Ltd.

,

H

,

144A

,

Reg

S

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

China

41,640

555,445

779,989

#### Machinery

#### 1.0%
HD

Korea

Shipbuilding

&

Offshore

Engineering

Co.

Ltd.

......

South

Korea

4,878

1,253,559

Sinotruk

Hong

Kong

Ltd.

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

China

126,000

383,992

1,637,551

#### Marine

#### Transportation

#### 0.4%
COSCO

SHIPPING

Holdings

Co.

Ltd.

,

H

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

China

260,500

476,179

Yang

Ming

Marine

Transport

Corp.

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

Taiwan

108,000

219,101

695,280

#### Metals

#### &

#### Mining

#### 4.1%
Aluminum

Corp.

of

China

Ltd.

,

H

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

China

514,000

406,248

b,d,e

GMK

Norilskiy

Nickel

PAO

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

Russia

316,400

—

Gold

Fields

Ltd.

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

South

Africa

84,814

2,068,353

Harmony

Gold

Mining

Co.

Ltd.

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

South

Africa

89,567

1,199,251

Hindalco

Industries

Ltd.

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

India

65,586

507,742

Kumba

Iron

Ore

Ltd.

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

South

Africa

12,314

203,622

NMDC

Ltd.

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

India

573,168

460,682

b,d,e

Novolipetsk

Steel

PJSC

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

Russia

347,890

—

d,e

Severstal

PAO

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

Russia

48,409

—

Vale

SA

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

Brazil

92,700

885,025

Vedanta

Ltd.

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

India

180,140

869,961

6,600,884

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 5.1%
Coal

India

Ltd.

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

India

310,421

1,327,499

HD

Hyundai

Co.

Ltd.

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

South

Korea

6,753

690,991

ORLEN

SA

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

Poland

78,821

1,755,226

PetroChina

Co.

Ltd.

,

H

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

China

2,164,000

2,114,729

Petroleo

Brasileiro

SA

-

Petrobras

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

Brazil

44,200

282,508

Petronas

Dagangan

Bhd.

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

Malaysia

55,800

281,844

Franklin

Fund

Allocator

Series

Schedule

of

Investments

#### Franklin

#### Emerging

#### Market

#### Core

#### Equity
(IU)

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels
(continued)

Reliance

Industries

Ltd.

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

India

85,136

$

1,344,510

United

Tractors

Tbk.

PT

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

Indonesia

273,300

400,471

8,197,778

#### Personal

#### Care

#### Products

#### 0.4%
Colgate-Palmolive

India

Ltd.

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

India

24,464

625,529

#### Pharmaceuticals

#### 1.8%
CSPC

Pharmaceutical

Group

Ltd.

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

China

695,600

874,227

Dr.

Reddy's

Laboratories

Ltd.

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

India

13,579

195,914

Jiangsu

Hengrui

Pharmaceuticals

Co.

Ltd.

,

A

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

China

23,800

208,019

Lupin

Ltd.

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

India

39,626

866,113

Richter

Gedeon

Nyrt.

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

Hungary

11,142

334,432

Sun

Pharmaceutical

Industries

Ltd.

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

India

18,849

366,048

2,844,753

#### Real

#### Estate

#### Management

#### &

#### Development

#### 1.9%
China

Overseas

Land

&

Investment

Ltd.

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

China

84,000

145,278

Emaar

Development

PJSC

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

United

Arab

Emirates

179,115

730,958

Emaar

Properties

PJSC

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

United

Arab

Emirates

520,277

2,154,625

3,030,861

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 15.7%
MediaTek,

Inc.

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

Taiwan

63,000

2,852,928

Novatek

Microelectronics

Corp.

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

Taiwan

81,000

1,280,098

Realtek

Semiconductor

Corp.

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

Taiwan

35,000

669,231

SK

Hynix,

Inc.

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

South

Korea

12,410

2,405,256

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

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

Taiwan

473,000

18,210,163

25,417,676

#### Software

#### 0.2%
b

TOTVS

SA

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

Brazil

41,200

320,871

#### Specialty

#### Retail

#### 1.7%
a,c

Pop

Mart

International

Group

Ltd.

,

144A

,

Reg

S

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

China

59,600

1,859,155

Trent

Ltd.

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

India

15,931

908,709

2,767,864

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 4.6%
Compal

Electronics,

Inc.

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

Taiwan

202,000

197,678

Pegatron

Corp.

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

Taiwan

60,000

159,730

Samsung

Electronics

Co.

Ltd.

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

South

Korea

93,900

4,785,517

a,b,c

Xiaomi

Corp.

,

B

,

144A

,

Reg

S

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

China

334,800

2,252,518

7,395,443

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.8%
ANTA

Sports

Products

Ltd.

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

China

62,000

711,642

Bosideng

International

Holdings

Ltd.

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

China

718,000

409,760

Page

Industries

Ltd.

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

India

253,528

1,374,930

#### Transportation

#### Infrastructure

#### 0.8%
Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV

,

B

.........

Mexico

28,800

382,010

International

Container

Terminal

Services,

Inc.

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

Philippines

122,380

939,685

1,321,695

#### Wireless

#### Telecommunication

#### Services

#### 1.3%
Advanced

Info

Service

PCL

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

Thailand

15,100

134,160

Franklin

Fund

Allocator

Series

Schedule

of

Investments

#### Franklin

#### Emerging

#### Market

#### Core

#### Equity
(IU)

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

See

Abbreviations

on

.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Wireless

#### Telecommunication

#### Services
(continued)

Bharti

Airtel

Ltd.

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

India

12,689

$

276,229

Etihad

Etisalat

Co.

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

Saudi

Arabia

53,320

869,927

SK

Telecom

Co.

Ltd.

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

South

Korea

10,221

412,841

Turkcell

Iletisim

Hizmetleri

A/S

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

Turkiye

214,931

492,749

2,185,906

#### Total

#### Common

#### Stocks

#### (Cost

#### $

#### 120,853,034

####)
...................................

#### 156,310,431

#### Preferred

#### Stocks

#### 2.8%

#### Banks

#### 2.6%
f

Grupo

Cibest

SA

,

.88

%

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

Colombia

19,142

209,450

f

Itau

Unibanco

Holding

SA

,

.76

%

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

Brazil

353,990

2,222,730

f

Itausa

SA

,

.81

%

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

Brazil

966,949

1,787,273

4,219,453

#### Electric

#### Utilities

#### 0.2%
f

Cia

Energetica

de

Minas

Gerais

,

.53

%

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

Brazil

140,490

259,174

#### Total

#### Preferred

#### Stocks

#### (Cost

#### $

#### 3,829,192

####)
.....................................

#### 4,478,627

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 124,682,226

####)
.............................

#### 160,789,058

#### a

#### Short

#### Term

#### Investments

#### 1.2%
a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Money

#### Market

#### Funds

#### 1.2%
g,h

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.254 %

..

United

States

1,968,230

1,968,230

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 1,968,230

####)
.................................

#### 1,968,230

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 1,968,230

####)
...............................

#### 1,968,230

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 126,650,456

####)
100.5 #### %
................................

#### $162,757,288

#### Other

#### Assets,

#### less

#### Liabilities

#### (0.5 ####)

#### %
.........................................

#### (791,380)

#### Net

#### Assets

#### 100.0%

#### .........................................................

#### $161,965,908

#### a
a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933. 144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933. Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

July

31,

2025,

the

aggregate

value

of

these

securities

was

$11,017,028,

representing

6.8%

of

net

assets.

b

Non-income

producing.

c

Variable

interest

entity

(VIE).

See

Note

regarding

investments

made

through

a

VIE

structure.

At

July

31,

2025,

the

aggregate

value

of

these

securities

was

$24,687,694,

representing

15.2%

of

net

assets.

d

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

e

See

Note

regarding

investments

in

Russian

securities.

f

Variable

rate

security.

The

rate

shown

represents

the

yield

at

period

end.

g

See

Note

3(d)

regarding

investments

in

affiliated

management

investment

companies.

h

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### International

#### Core

#### Equity
(IU)

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$12.50

$11.33

$10.18

$13.09

$10.31

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.34 0.34 0.37 0.34 0.35 Net

realized

and

unrealized

gains

(losses)

...........

1.22 1.28 1.16 (2.26)

2.80 Total

from

investment

operations

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

1.56 1.62 1.53 (1.92)

3.15 Less

distributions

from:

Net

investment

income

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

(0.48)

(0.45)

(0.38)

(0.42)

(0.37)

Net

realized

gains

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

(0.10)

—

—

(0.57)

—

Total

distributions

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

(0.58)

(0.45)

(0.38)

(0.99)

(0.37)

Net

asset

value,

end

of

year

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

$13.48

$12.50

$11.33

$10.18

$13.09

Total

return

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

12.96%

14.79%

15.44%

(15.56)%

31.00%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.05%

0.02%

0.03%

0.04%

0.04%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

—%

—%

—%

c

—%

—%

c

Net

investment

income

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

2.73%

2.91%

3.62%

2.94%

2.93%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$435,754

$941,318

$944,165

$800,757

$360,375

Portfolio

turnover

rate

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

65.93%

d

59.10%

101.79%

125.21%

103.80%

a

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.

b

Based

on

average

daily

shares

outstanding.

c

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

d

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

See

Note

3(f)

for

current

year

information.

Franklin

Fund

Allocator

Series

Schedule

of

Investments,

July

31,

2025

#### Franklin

#### International

#### Core

#### Equity
(IU)

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks

#### 97.5%

#### Aerospace

#### &

#### Defense

#### 3.0%
BAE

Systems

plc

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

United

Kingdom

209,244

$

4,992,696

Dassault

Aviation

SA

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

France

4,365

1,359,075

Leonardo

SpA

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

Italy

16,969

914,683

Rolls-Royce

Holdings

plc

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

United

Kingdom

76,449

1,085,039

Safran

SA

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

France

13,942

4,597,394

12,948,887

#### Air

#### Freight

#### &

#### Logistics

#### 0.3%
Deutsche

Post

AG

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

Germany

10,405

466,204

DSV

A/S

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

Denmark

4,831

1,082,554

1,548,758

#### Automobile

#### Components

#### 0.5%
Cie

Generale

des

Etablissements

Michelin

SCA

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

France

38,279

1,361,833

Continental

AG

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

Germany

9,580

818,235

2,180,068

#### Automobiles

#### 2.9%
Ferrari

NV

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

Italy

879

385,448

Isuzu

Motors

Ltd.

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

Japan

105,251

1,348,898

Mercedes-Benz

Group

AG

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

Germany

29,804

1,687,511

Subaru

Corp.

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

Japan

135,752

2,497,270

Suzuki

Motor

Corp.

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

Japan

370,100

4,066,501

Toyota

Motor

Corp.

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

Japan

151,482

2,694,503

12,680,131

#### Banks

#### 12.5%
a

ABN

AMRO

Bank

NV

,

CVA

,

144A

,

Reg

S

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

Netherlands

16,250

469,763

AIB

Group

plc

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

Ireland

467,165

3,685,304

Banco

BPM

SpA

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

Italy

183,608

2,341,583

Barclays

plc

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

United

Kingdom

628,999

3,074,560

BNP

Paribas

SA

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

France

46,377

4,228,575

Commonwealth

Bank

of

Australia

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

Australia

28,769

3,266,132

DBS

Group

Holdings

Ltd.

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

Singapore

18,692

686,080

Erste

Group

Bank

AG

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

Austria

8,423

770,233

HSBC

Holdings

plc

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

United

Kingdom

747,051

9,101,302

ING

Groep

NV

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

Netherlands

219,827

5,123,166

Intesa

Sanpaolo

SpA

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

Italy

533,176

3,212,528

Mitsubishi

UFJ

Financial

Group,

Inc.

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

Japan

44,150

608,509

NatWest

Group

plc

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

United

Kingdom

787,173

5,464,227

Standard

Chartered

plc

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

United

Kingdom

293,764

5,266,301

Sumitomo

Mitsui

Financial

Group,

Inc.

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

Japan

1,798

45,357

UniCredit

SpA

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

Italy

97,246

7,154,762

54,498,382

#### Beverages

#### 1.1%
Asahi

Group

Holdings

Ltd.

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

Japan

70,580

895,384

Coca-Cola

HBC

AG

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

Italy

50,670

2,633,431

Kirin

Holdings

Co.

Ltd.

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

Japan

111,000

1,462,722

4,991,537

#### Biotechnology

#### 0.6%
CSL

Ltd.

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

United

States

12,131

2,098,472

b

Genmab

A/S

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

Denmark

2,108

453,847

2,552,319

#### Broadline

#### Retail

#### 1.1%
Next

plc

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

United

Kingdom

23,207

3,766,984

Franklin

Fund

Allocator

Series

Schedule

of

Investments

#### Franklin

#### International

#### Core

#### Equity
(IU)

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Broadline

#### Retail
(continued)

Wesfarmers

Ltd.

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

Australia

15,970

$

873,552

4,640,536

#### Building

#### Products

#### 1.1%
Cie

de

Saint-Gobain

SA

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

France

37,104

4,256,465

Geberit

AG

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

Switzerland

553

423,653

4,680,118

#### Capital

#### Markets

#### 3.3%
3i

Group

plc

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

United

Kingdom

92,236

5,039,975

Deutsche

Bank

AG

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

Germany

194,663

6,411,525

Deutsche

Boerse

AG

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

Germany

2,098

607,135

Singapore

Exchange

Ltd.

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

Singapore

199,844

2,450,408

14,509,043

#### Chemicals

#### 2.0%
Air

Liquide

SA

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

France

2,022

397,801

Asahi

Kasei

Corp.

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

Japan

116,600

811,275

BASF

SE

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

Germany

13,888

680,643

Givaudan

SA

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

Switzerland

725

3,030,754

Mitsubishi

Chemical

Group

Corp.

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

Japan

153,900

838,258

Nitto

Denko

Corp.

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

Japan

154,241

3,191,850

8,950,581

#### Commercial

#### Services

#### &

#### Supplies

#### 0.2%
Brambles

Ltd.

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

Australia

42,469

649,752

Securitas

AB

,

B

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

Sweden

31,378

465,692

1,115,444

#### Communications

#### Equipment

#### 0.3%
Telefonaktiebolaget

LM

Ericsson

,

B

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

Sweden

168,213

1,221,830

#### Construction

#### &

#### Engineering

#### 1.0%
ACS

Actividades

de

Construccion

y

Servicios

SA

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

Spain

32,877

2,269,000

Eiffage

SA

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

France

14,627

1,963,462

4,232,462

#### Construction

#### Materials

#### 0.5%
b

Amrize

Ltd.

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

United

States

16,588

838,539

Holcim

AG

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

United

States

16,588

1,322,892

2,161,431

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 1.3%
Carrefour

SA

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

France

34,802

498,748

Koninklijke

Ahold

Delhaize

NV

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

Netherlands

108,432

4,282,680

Tesco

plc

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

United

Kingdom

138,097

775,887

5,557,315

#### Diversified

#### Consumer

#### Services

#### 0.1%
Pearson

plc

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

United

Kingdom

32,197

455,296

#### Diversified

#### Telecommunication

#### Services

#### 2.1%
Deutsche

Telekom

AG

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

Germany

184,703

6,624,543

Telenor

ASA

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

Norway

41,974

643,919

Telia

Co.

AB

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

Sweden

500,254

1,766,753

9,035,215

#### Electric

#### Utilities

#### 1.6%
Enel

SpA

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

Italy

57,249

504,839

Franklin

Fund

Allocator

Series

Schedule

of

Investments

#### Franklin

#### International

#### Core

#### Equity
(IU)

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Electric

#### Utilities
(continued)

Iberdrola

SA

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

Spain

359,278

$

6,314,792

6,819,631

#### Electrical

#### Equipment

#### 2.2%
ABB

Ltd.

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

Switzerland

52,853

3,451,201

Fujikura

Ltd.

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

Japan

38,200

2,593,109

Mitsubishi

Electric

Corp.

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

Japan

111,085

2,498,551

Schneider

Electric

SE

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

United

States

3,864

999,978

9,542,839

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0.5%
Keyence

Corp.

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

Japan

1,869

676,076

Yokogawa

Electric

Corp.

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

Japan

53,947

1,437,909

2,113,985

#### Entertainment

#### 1.6%
Nintendo

Co.

Ltd.

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

Japan

26,427

2,208,741

b

Sea

Ltd.

,

ADR

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

Singapore

22,695

3,555,172

b

Spotify

Technology

SA

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

United

States

1,771

1,109,602

6,873,515

#### Financial

#### Services

#### 0.9%
EXOR

NV

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

Netherlands

20,606

1,985,934

Investor

AB

,

B

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

Sweden

41,267

1,195,898

ORIX

Corp.

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

Japan

26,700

599,763

3,781,595

#### Food

#### Products

#### 2.8%
Chocoladefabriken

Lindt

&

Spruengli

AG

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

Switzerland

691,397

MEIJI

Holdings

Co.

Ltd.

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

Japan

41,258

834,277

Nestle

SA

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

United

States

99,534

8,696,990

a

WH

Group

Ltd.

,

144A

,

Reg

S

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

Hong

Kong

1,943,692

1,945,905

12,168,569

#### Gas

#### Utilities

#### 0.5%
Tokyo

Gas

Co.

Ltd.

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

Japan

71,045

2,379,197

#### Ground

#### Transportation

#### 0.2%
Central

Japan

Railway

Co.

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

Japan

43,000

1,002,424

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 1.7%
Cochlear

Ltd.

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

Australia

12,194

2,489,442

EssilorLuxottica

SA

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

France

3,081

916,149

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

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

New

Zealand

28,661

621,339

Hoya

Corp.

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

Japan

23,859

3,010,118

Straumann

Holding

AG

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

Switzerland

3,253

396,345

7,433,393

#### Health

#### Care

#### Providers

#### &

#### Services

#### 0.2%
Fresenius

Medical

Care

AG

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

Germany

14,515

736,222

#### Health

#### Care

#### Technology

#### 0.2%
Pro

Medicus

Ltd.

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

Australia

5,009

1,028,621

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 1.4%
Aristocrat

Leisure

Ltd.

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

Australia

39,386

1,763,583

Compass

Group

plc

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

United

Kingdom

40,147

1,410,745

InterContinental

Hotels

Group

plc

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

United

Kingdom

27,733

3,190,410

6,364,738

Franklin

Fund

Allocator

Series

Schedule

of

Investments

#### Franklin

#### International

#### Core

#### Equity
(IU)

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Household

#### Durables

#### 1.4%
Panasonic

Holdings

Corp.

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

Japan

242,100

$

2,290,102

Sony

Group

Corp.

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

Japan

152,000

3,656,104

5,946,206

#### Household

#### Products

#### 0.1%
Reckitt

Benckiser

Group

plc

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

United

Kingdom

6,195

464,289

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0.4%
RWE

AG

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

Germany

47,975

1,968,186

#### Industrial

#### Conglomerates

#### 1.8%
Hitachi

Ltd.

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

Japan

157,107

4,807,577

Siemens

AG

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

Germany

11,831

3,013,395

7,820,972

#### Industrial

#### REITs

#### 0.3%
CapitaLand

Ascendas

REIT

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

Singapore

549,400

1,176,335

#### Insurance

#### 5.7%
Aegon

Ltd.

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

Netherlands

294,793

2,106,748

Ageas

SA/NV

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

Belgium

1,954

132,857

AIA

Group

Ltd.

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

Hong

Kong

435,546

4,061,106

Allianz

SE

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

Germany

1,808

714,482

AXA

SA

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

France

125,337

6,087,518

Japan

Post

Insurance

Co.

Ltd.

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

Japan

43,130

1,104,327

MS&AD

Insurance

Group

Holdings,

Inc.

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

Japan

50,928

1,088,132

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen

Germany

4,327

2,832,762

Sompo

Holdings,

Inc.

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

Japan

135,065

3,982,669

Suncorp

Group

Ltd.

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

Australia

209,835

2,812,790

24,923,391

#### Interactive

#### Media

#### &

#### Services

#### 0.5%
LY

Corp.

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

Japan

602,200

2,201,141

#### IT

#### Services

#### 0.7%
NEC

Corp.

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

Japan

110,420

3,170,809

#### Leisure

#### Products

#### 0.3%
Bandai

Namco

Holdings,

Inc.

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

Japan

39,600

1,280,542

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0.5%
Eurofins

Scientific

SE

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

Luxembourg

27,812

2,129,939

#### Machinery

#### 3.8%
Atlas

Copco

AB

,

A

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

Sweden

160,855

2,449,562

GEA

Group

AG

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

Germany

33,853

2,431,670

Komatsu

Ltd.

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

Japan

88,932

2,865,202

Kone

OYJ

,

B

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

Finland

22,628

1,389,551

Makita

Corp.

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

Japan

47,671

1,475,805

Schindler

Holding

AG

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

Switzerland

5,418

1,900,253

Wartsila

OYJ

Abp

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

Finland

104,429

2,885,210

Yangzijiang

Shipbuilding

Holdings

Ltd.

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

China

614,200

1,204,710

16,601,963

#### Marine

#### Transportation

#### 0.3%
AP

Moller

-

Maersk

A/S

,

B

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

Denmark

640

1,263,847

#### Media

#### 0.2%
Publicis

Groupe

SA

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

France

8,929

815,948

#### Metals

#### &

#### Mining

#### 2.0%
BHP

Group

Ltd.

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

Australia

172,740

4,362,590

Fortescue

Ltd.

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

Australia

353,774

4,002,692

Franklin

Fund

Allocator

Series

Schedule

of

Investments

#### Franklin

#### International

#### Core

#### Equity
(IU)

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Metals

#### &

#### Mining
(continued)

Northern

Star

Resources

Ltd.

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

Australia

38,609

$

383,593

8,748,875

#### Multi-Utilities

#### 0.8%
Centrica

plc

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

United

Kingdom

1,143,923

2,486,607

Engie

SA

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

France

56,089

1,260,782

3,747,389

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 3.4%
ENEOS

Holdings,

Inc.

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

Japan

381,671

2,003,252

Equinor

ASA

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

Norway

159,995

4,109,885

Idemitsu

Kosan

Co.

Ltd.

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

Japan

187,969

1,208,380

Shell

plc

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

United

States

129,630

4,658,011

TotalEnergies

SE

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

France

50,612

3,009,668

14,989,196

#### Passenger

#### Airlines

#### 0.3%
Qantas

Airways

Ltd.

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

Australia

178,080

1,235,046

#### Personal

#### Care

#### Products

#### 1.9%
Beiersdorf

AG

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

Germany

14,100

1,752,098

L'Oreal

SA

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

France

7,430

3,287,653

Unilever

plc

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

United

Kingdom

54,985

3,190,255

8,230,006

#### Pharmaceuticals

#### 8.8%
AstraZeneca

plc

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

United

Kingdom

22,809

3,327,643

Chugai

Pharmaceutical

Co.

Ltd.

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

Japan

53,000

2,540,658

GSK

plc

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

United

States

328,916

6,050,080

Ipsen

SA

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

France

8,698

1,024,905

Novartis

AG

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

United

States

78,189

8,904,717

Novo

Nordisk

A/S

,

B

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

Denmark

59,728

2,777,830

Roche

Holding

AG

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

United

States

22,939

7,158,643

Roche

Holding

AG

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

United

States

7,018

2,332,330

Sanofi

SA

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

United

States

18,247

1,638,047

Shionogi

&

Co.

Ltd.

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

Japan

152,573

2,551,680

38,306,533

#### Professional

#### Services

#### 1.9%
Recruit

Holdings

Co.

Ltd.

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

Japan

66,153

3,924,935

RELX

plc

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

United

Kingdom

44,617

2,318,348

Teleperformance

SE

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

France

4,173

406,831

Wolters

Kluwer

NV

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

Netherlands

10,123

1,576,748

8,226,862

#### Real

#### Estate

#### Management

#### &

#### Development

#### 0.9%
CK

Asset

Holdings

Ltd.

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

Hong

Kong

432,788

1,983,122

Mitsubishi

Estate

Co.

Ltd.

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

Japan

80,056

1,498,842

Sun

Hung

Kai

Properties

Ltd.

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

Hong

Kong

40,500

481,038

3,963,002

#### Retail

#### REITs

#### 0.4%
Klepierre

SA

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

France

45,387

1,732,511

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 2.9%
Advantest

Corp.

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

Japan

58,800

3,910,149

ASML

Holding

NV

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

Netherlands

8,582

5,947,958

Tokyo

Electron

Ltd.

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

Japan

16,838

2,676,886

12,534,993

Franklin

Fund

Allocator

Series

Schedule

of

Investments

#### Franklin

#### International

#### Core

#### Equity
(IU)

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Software

#### 3.3%
b

Check

Point

Software

Technologies

Ltd.

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

Israel

17,315

$

3,224,053

Sage

Group

plc

(The)

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

United

Kingdom

174,701

2,805,113

SAP

SE

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

Germany

26,625

7,613,573

b

Xero

Ltd.

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

New

Zealand

7,098

817,410

14,460,149

#### Specialty

#### Retail

#### 0.7%
Industria

de

Diseno

Textil

SA

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

Spain

67,005

3,200,633

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 0.3%
Canon,

Inc.

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

Japan

25,300

718,587

Logitech

International

SA

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

Switzerland

6,539

606,341

1,324,928

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 2.6%
adidas

AG

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

Germany

7,362

1,407,092

Asics

Corp.

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

Japan

155,017

3,644,341

Hermes

International

SCA

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

France

650

1,589,568

LVMH

Moet

Hennessy

Louis

Vuitton

SE

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

France

3,389

1,819,256

Pandora

A/S

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

Denmark

16,660

2,750,494

11,210,751

#### Tobacco

#### 0.7%
Imperial

Brands

plc

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

United

Kingdom

76,241

2,971,827

#### Trading

#### Companies

#### &

#### Distributors

#### 1.0%
AerCap

Holdings

NV

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

Ireland

15,885

1,703,666

MonotaRO

Co.

Ltd.

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

Japan

57,600

1,025,679

Rexel

SA

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

France

51,270

1,549,608

4,278,953

#### Transportation

#### Infrastructure

#### 1.1%
a

Aena

SME

SA

,

144A

,

Reg

S

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

Spain

173,695

4,677,282

#### Wireless

#### Telecommunication

#### Services

#### 0.8%
KDDI

Corp.

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

Japan

60,900

999,468

Vodafone

Group

plc

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

United

Kingdom

2,142,276

2,322,650

3,322,118

#### Total

#### Common

#### Stocks

#### (Cost

#### $

#### 324,521,000

####)
...................................

#### 425,128,704

#### Preferred

#### Stocks

#### 0.5%

#### Household

#### Products

#### 0.5%
c

Henkel

AG

&

Co.

KGaA

,

.02

%

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

Germany

27,097

2,088,072

#### Total

#### Preferred

#### Stocks

#### (Cost

#### $

#### 1,948,169

####)
.....................................

#### 2,088,072

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 326,469,169

####)
.............................

#### 427,216,776

#### a
Franklin

Fund

Allocator

Series

Schedule

of

Investments

#### Franklin

#### International

#### Core

#### Equity
(IU)

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Short

#### Term

#### Investments

#### 2.6%
a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Money

#### Market

#### Funds

#### 2.6%
d,e

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.254 %

..

United

States

11,251,179

$

11,251,179

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 11,251,179

####)
................................

#### 11,251,179

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 11,251,179

####)
..............................

#### 11,251,179

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 337,720,348

####)
100.6 #### %
................................

#### $438,467,955

#### Other

#### Assets,

#### less

#### Liabilities

#### (0.6 ####)

#### %
.........................................

#### (2,714,317)

#### Net

#### Assets

#### 100.0%

#### .........................................................

#### $435,753,638

#### a
See

Abbreviations

on

.

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933. 144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933. Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

July

31,

2025,

the

aggregate

value

of

these

securities

was

$7,092,950,

representing

1.6%

of

net

assets.

b

Non-income

producing.

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

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$17.10

$13.64

$13.12

$14.99

$11.31

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.23 0.19 0.20 0.24 0.21 Net

realized

and

unrealized

gains

(losses)

...........

2.50 3.45 0.94 (0.81)

3.74 Total

from

investment

operations

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

2.73 3.64 1.14 (0.57)

3.95 Less

distributions

from:

Net

investment

income

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

(0.24)

(0.18)

(0.21)

(0.20)

(0.20)

Net

realized

gains

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

(1.32)

—

(0.41)

(1.10)

(0.07)

Total

distributions

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

(1.56)

(0.18)

(0.62)

(1.30)

(0.27)

Net

asset

value,

end

of

year

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

$18.27

$17.10

$13.64

$13.12

$14.99

Total

return

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

16.70%

26.88%

9.31%

(4.42)%

35.39%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.01%

0.01%

0.01%

0.01%

0.01%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

—%

—%

—%

c

—%

c

—%

c

Net

investment

income

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

1.31%

1.31%

1.59%

1.73%

1.60%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$1,084,222

$2,022,211

$1,802,029

$2,053,864

$1,316,677

Portfolio

turnover

rate

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

63.98%

d

76.33%

95.10%

128.24%

98.39%

a

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.

b

Based

on

average

daily

shares

outstanding.

c

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

d

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

See

Note

3(f)

for

current

year

information.

Franklin

Fund

Allocator

Series

Schedule

of

Investments,

July

31,

2025

#### Franklin

#### U.S.

#### Core

#### Equity
(IU)

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Shares
a

#### Value
a

#### Common

#### Stocks

#### 99.1%

#### Aerospace

#### &

#### Defense

#### 2.7%
General

Electric

Co.

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

58,870

$

15,958,479

Howmet

Aerospace,

Inc.

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

6,251

1,123,742

Lockheed

Martin

Corp.

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

26,302

11,072,616

RTX

Corp.

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

7,345

1,157,352

29,312,189

#### Automobile

#### Components

#### 0.1%
a

Aptiv

plc

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

16,410

1,126,382

a

#### Automobiles

#### 2.5%
Ford

Motor

Co.

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

373,400

4,133,538

General

Motors

Co.

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

195,337

10,419,275

a

Tesla,

Inc.

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

41,855

12,902,641

27,455,454

#### Banks

#### 2.9%
Citigroup,

Inc.

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

50,183

4,702,147

JPMorgan

Chase

&

Co.

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

37,487

11,105,149

Wells

Fargo

&

Co.

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

188,797

15,222,702

31,029,998

#### Beverages

#### 0.5%
Coca-Cola

Consolidated,

Inc.

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

11,073

1,237,408

Molson

Coors

Beverage

Co.

,

B

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

19,502

950,137

a

Monster

Beverage

Corp.

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

15,838

930,482

PepsiCo,

Inc.

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

19,206

2,648,892

5,766,919

#### Biotechnology

#### 5.1%
AbbVie,

Inc.

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

88,919

16,807,469

Amgen,

Inc.

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

45,509

13,429,706

a

Biogen,

Inc.

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

29,402

3,763,456

a

Exelixis,

Inc.

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

51,578

1,868,155

Gilead

Sciences,

Inc.

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

116,520

13,084,031

a

Halozyme

Therapeutics,

Inc.

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

22,264

1,335,172

a

Incyte

Corp.

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

15,529

1,162,967

Regeneron

Pharmaceuticals,

Inc.

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

2,098

1,144,375

a

United

Therapeutics

Corp.

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

8,086

2,221,224

54,816,555

#### Broadline

#### Retail

#### 3.7%
a

Amazon.com,

Inc.

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

163,492

38,275,112

eBay,

Inc.

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

13,196

1,210,733

a

Etsy,

Inc.

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

9,863

574,717

40,060,562

#### Building

#### Products

#### 0.3%
Allegion

plc

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

7,369

1,222,664

Johnson

Controls

International

plc

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

10,798

1,133,790

Masco

Corp.

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

1,090

Trane

Technologies

plc

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

2,394

1,048,764

3,406,308

#### Capital

#### Markets

#### 1.7%
Bank

of

New

York

Mellon

Corp.

(The)

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

37,682

3,822,839

Charles

Schwab

Corp.

(The)

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

11,569

1,130,638

CME

Group,

Inc.

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

3,452

960,622

Franklin

Fund

Allocator

Series

Schedule

of

Investments

#### Franklin

#### U.S.

#### Core

#### Equity
(IU)

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Shares
a

#### Value
a

#### Common

#### Stocks
(continued)

#### Capital

#### Markets
(continued)

Goldman

Sachs

Group,

Inc.

(The)

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

1,724

$

1,247,469

Morgan

Stanley

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

17,704

2,522,112

SEI

Investments

Co.

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

18,482

1,628,634

State

Street

Corp.

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

57,969

6,478,036

T

Rowe

Price

Group,

Inc.

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

10,551

1,070,399

18,860,749

#### Chemicals

#### 0.3%
CF

Industries

Holdings,

Inc.

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

32,067

2,976,780

Ecolab,

Inc.

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

1,047

Linde

plc

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

920

2,978,747

#### Commercial

#### Services

#### &

#### Supplies

#### 0.4%
Cintas

Corp.

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

15,756

3,506,498

Republic

Services,

Inc.

,

A

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

3,891

897,459

4,403,957

#### Communications

#### Equipment

#### 1.8%
Cisco

Systems,

Inc.

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

228,715

15,570,917

a

F5,

Inc.

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

11,453

3,589,599

19,160,516

#### Construction

#### &

#### Engineering

#### 0.1%
EMCOR

Group,

Inc.

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

2,108

1,322,749

#### Consumer

#### Finance

#### 0.1%
Synchrony

Financial

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

17,582

1,224,938

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 1.2%
Albertsons

Cos.,

Inc.

,

A

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

55,770

1,071,899

Kroger

Co.

(The)

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

119,175

8,354,167

Walmart,

Inc.

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

33,873

3,318,877

12,744,943

#### Containers

#### &

#### Packaging

#### 0.2%
Crown

Holdings,

Inc.

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

21,069

2,093,416

#### Diversified

#### Telecommunication

#### Services

#### 0.8%
AT&T,

Inc.

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

317,041

8,690,094

#### Electric

#### Utilities

#### 1.3%
American

Electric

Power

Co.,

Inc.

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

25,875

2,927,498

Duke

Energy

Corp.

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

10,255

1,247,418

Entergy

Corp.

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

1,176

Evergy,

Inc.

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

1,062

Exelon

Corp.

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

23,804

1,069,752

NRG

Energy,

Inc.

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

38,845

6,494,884

PPL

Corp.

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

1,106

Southern

Co.

(The)

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

20,401

1,927,486

13,670,382

#### Electrical

#### Equipment

#### 0.1%
GE

Vernova,

Inc.

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

2,405

1,587,997

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0.1%
a

Arrow

Electronics,

Inc.

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

8,476

983,216

a

Franklin

Fund

Allocator

Series

Schedule

of

Investments

#### Franklin

#### U.S.

#### Core

#### Equity
(IU)

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Shares
a

#### Value
a

#### Common

#### Stocks
(continued)

#### Entertainment

#### 1.8%
Electronic

Arts,

Inc.

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

17,909

$

2,730,943

a

Netflix,

Inc.

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

13,776

15,971,894

a

Spotify

Technology

SA

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

1,323

828,913

19,531,750

#### Financial

#### Services

#### 5.9%
a

Berkshire

Hathaway,

Inc.

,

B

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

55,199

26,047,304

Mastercard,

Inc.

,

A

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

32,471

18,393,847

MGIC

Investment

Corp.

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

46,336

1,200,103

a

PayPal

Holdings,

Inc.

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

148,958

10,242,352

Visa,

Inc.

,

A

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

20,987

7,250,379

Western

Union

Co.

(The)

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

59,124

475,948

63,609,933

#### Food

#### Products

#### 0.2%
Ingredion,

Inc.

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

13,132

1,727,383

Pilgrim's

Pride

Corp.

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

7,429

352,061

2,079,444

#### Gas

#### Utilities

#### 0.1%
UGI

Corp.

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

15,887

574,792

#### Ground

#### Transportation

#### 1.2%
a

Lyft,

Inc.

,

A

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

66,680

937,521

Ryder

System,

Inc.

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

6,741

1,197,943

a

Uber

Technologies,

Inc.

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

114,865

10,079,404

Union

Pacific

Corp.

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

4,390

974,448

13,189,316

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 1.7%
Abbott

Laboratories

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

73,984

9,336,041

a

Boston

Scientific

Corp.

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

51,290

5,381,347

a

IDEXX

Laboratories,

Inc.

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

1,938

1,035,493

a

Insulet

Corp.

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

3,187

919,131

Medtronic

plc

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

24,452

2,206,548

18,878,560

#### Health

#### Care

#### Providers

#### &

#### Services

#### 0.6%
Cardinal

Health,

Inc.

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

6,346

985,026

Cencora,

Inc.

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

3,521

1,007,288

Humana,

Inc.

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

4,408

1,101,427

McKesson

Corp.

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

2,935

2,035,540

Universal

Health

Services,

Inc.

,

B

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

5,393

897,665

6,026,946

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 1.7%
Booking

Holdings,

Inc.

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

2,436

13,407,890

Expedia

Group,

Inc.

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

22,239

4,007,913

Yum!

Brands,

Inc.

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

6,581

948,651

18,364,454

#### Household

#### Products

#### 1.6%
Colgate-Palmolive

Co.

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

113,940

9,553,869

Kimberly-Clark

Corp.

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

17,489

2,179,479

Procter

&

Gamble

Co.

(The)

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

36,711

5,523,904

17,257,252

Franklin

Fund

Allocator

Series

Schedule

of

Investments

#### Franklin

#### U.S.

#### Core

#### Equity
(IU)

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Shares
a

#### Value
a

#### Common

#### Stocks
(continued)

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0.4%
Vistra

Corp.

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

22,522

$

4,696,738

#### Industrial

#### Conglomerates

#### 0.5%
3M

Co.

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

36,911

5,507,859

#### Industrial

#### REITs

#### 0.2%
First

Industrial

Realty

Trust,

Inc.

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

20,886

1,017,566

Prologis,

Inc.

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

13,006

1,388,781

2,406,347

#### Insurance

#### 1.1%
Aflac,

Inc.

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

993

American

International

Group,

Inc.

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

11,614

901,595

Axis

Capital

Holdings

Ltd.

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

14,827

1,391,366

Globe

Life,

Inc.

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

8,460

1,188,376

Hartford

Insurance

Group,

Inc.

(The)

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

38,388

4,775,083

Old

Republic

International

Corp.

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

43,187

1,562,074

Unum

Group

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

31,837

2,286,215

12,105,702

#### Interactive

#### Media

#### &

#### Services

#### 8.2%
Alphabet,

Inc.

,

A

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

98,857

18,970,658

Alphabet,

Inc.

,

C

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

147,873

28,518,787

Meta

Platforms,

Inc.

,

A

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

53,162

41,117,617

88,607,062

#### IT

#### Services

#### 0.6%
Cognizant

Technology

Solutions

Corp.

,

A

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

12,759

915,586

International

Business

Machines

Corp.

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

3,872

980,197

VeriSign,

Inc.

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

16,415

4,413,501

6,309,284

#### Leisure

#### Products

#### 0.0%

#### †
a

Mattel,

Inc.

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

868

a

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0.2%
a

Medpace

Holdings,

Inc.

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

3,211

1,371,739

a

Waters

Corp.

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

2,882

832,207

2,203,946

#### Machinery

#### 0.2%
Allison

Transmission

Holdings,

Inc.

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

15,912

1,433,194

Snap-on,

Inc.

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

3,179

1,021,063

2,454,257

#### Media

#### 0.9%
Comcast

Corp.

,

A

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

216,466

7,193,165

Fox

Corp.

,

A

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

43,285

2,413,572

9,606,737

#### Metals

#### &

#### Mining

#### 1.2%
Newmont

Corp.

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

196,030

12,173,463

Reliance,

Inc.

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

3,271

949,015

13,122,478

#### Multi-Utilities

#### 0.2%
Consolidated

Edison,

Inc.

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

9,955

1,030,342

Franklin

Fund

Allocator

Series

Schedule

of

Investments

#### Franklin

#### U.S.

#### Core

#### Equity
(IU)

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Shares
a

#### Value
a

#### Common

#### Stocks
(continued)

#### Multi-Utilities
(continued)

WEC

Energy

Group,

Inc.

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

11,772

$

1,284,090

2,314,432

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 2.7%
Cheniere

Energy,

Inc.

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

41,146

9,705,518

Chevron

Corp.

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

7,119

1,079,525

EOG

Resources,

Inc.

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

84,925

10,192,699

Exxon

Mobil

Corp.

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

51,718

5,773,798

Ovintiv,

Inc.

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

48,132

1,982,076

Valero

Energy

Corp.

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

961

28,734,577

#### Passenger

#### Airlines

#### 0.5%
a

United

Airlines

Holdings,

Inc.

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

66,015

5,829,785

a

#### Pharmaceuticals

#### 2.1%
Bristol-Myers

Squibb

Co.

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

202,217

8,758,018

Eli

Lilly

&

Co.

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

8,871

6,565,161

a

Jazz

Pharmaceuticals

plc

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

9,297

1,065,715

Johnson

&

Johnson

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

23,459

3,864,636

Pfizer,

Inc.

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

40,415

941,265

Royalty

Pharma

plc

,

A

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

30,428

1,119,751

22,314,546

#### Professional

#### Services

#### 0.2%
Automatic

Data

Processing,

Inc.

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

3,174

982,353

Genpact

Ltd.

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

33,495

1,475,455

2,457,808

#### Real

#### Estate

#### Management

#### &

#### Development

#### 0.1%
a

Jones

Lang

LaSalle,

Inc.

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

4,438

1,199,858

a

#### Residential

#### REITs

#### 0.1%
Mid-America

Apartment

Communities,

Inc.

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

6,701

954,423

#### Retail

#### REITs

#### 0.4%
Simon

Property

Group,

Inc.

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

28,388

4,649,671

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 14.1%
Applied

Materials,

Inc.

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

48,794

8,785,848

Broadcom,

Inc.

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

74,653

21,925,586

KLA

Corp.

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

9,458

8,313,866

Lam

Research

Corp.

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

18,619

1,765,826

Micron

Technology,

Inc.

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

21,178

2,311,367

NVIDIA

Corp.

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

514,996

91,602,338

QUALCOMM,

Inc.

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

88,769

13,027,738

Skyworks

Solutions,

Inc.

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

70,005

4,798,143

152,530,712

#### Software

#### 13.2%
a

Adobe,

Inc.

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

43,528

15,569,530

a

AppLovin

Corp.

,

A

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

12,116

4,733,721

a

Autodesk,

Inc.

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

3,445

1,044,214

a

DocuSign,

Inc.

,

A

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

36,281

2,744,295

a

Dropbox,

Inc.

,

A

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

41,171

1,118,616

a

Fair

Isaac

Corp.

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

2,304

3,310,203

a

Fortinet,

Inc.

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

93,340

9,324,666

Gen

Digital,

Inc.

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

34,980

1,031,560

Intuit,

Inc.

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

18,583

14,590,071

Franklin

Fund

Allocator

Series

Schedule

of

Investments

#### Franklin

#### U.S.

#### Core

#### Equity
(IU)

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Shares
a

#### Value
a

#### Common

#### Stocks
(continued)

#### Software
(continued)

Microsoft

Corp.

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

152,025

$

81,105,338

a

Palantir

Technologies,

Inc.

,

A

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

26,394

4,179,490

a

RingCentral,

Inc.

,

A

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

14,311

364,788

a

Teradata

Corp.

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

17,138

358,698

a

Zoom

Communications,

Inc.

,

A

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

48,663

3,603,495

143,078,685

#### Specialized

#### REITs

#### 0.7%
Gaming

and

Leisure

Properties,

Inc.

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

20,823

949,112

VICI

Properties,

Inc.

,

A

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

213,869

6,972,130

7,921,242

#### Specialty

#### Retail

#### 2.5%
a

AutoZone,

Inc.

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

1,334,007

Bath

&

Body

Works,

Inc.

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

39,084

1,131,873

Best

Buy

Co.,

Inc.

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

40,566

2,639,224

Home

Depot,

Inc.

(The)

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

2,667

980,149

Lowe's

Cos.,

Inc.

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

47,619

10,646,180

a

O'Reilly

Automotive,

Inc.

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

10,542

1,036,489

TJX

Cos.,

Inc.

(The)

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

8,365

1,041,694

a

Ulta

Beauty,

Inc.

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

9,021

4,645,905

Williams-Sonoma,

Inc.

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

20,729

3,877,359

27,332,880

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 6.3%
Apple,

Inc.

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

318,457

66,102,119

HP,

Inc.

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

74,450

1,846,360

67,948,479

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.4%
a

Crocs,

Inc.

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

10,451

1,042,278

Tapestry,

Inc.

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

31,856

3,441,404

4,483,682

#### Tobacco

#### 1.1%
Altria

Group,

Inc.

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

188,743

11,690,741

#### Trading

#### Companies

#### &

#### Distributors

#### 0.3%
WW

Grainger,

Inc.

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

3,318

3,449,194

#### Total

#### Common

#### Stocks

#### (Cost

#### $

#### 703,908,962

####)
.....................................

#### 1,074,120,511
a

#### a
a

a

#### Short

#### Term

#### Investments

#### 0.6%
a

#### Money

#### Market

#### Funds

#### 0.6%
b,c

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.254 %

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

6,286,619

6,286,619

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 6,286,619

####)
...................................

#### 6,286,619

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 6,286,619

####)
.................................

#### 6,286,619

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 710,195,581

####)
99.7 #### %
...................................

#### $1,080,407,130

#### Other

#### Assets,

#### less

#### Liabilities
0.3 #### %
.............................................

#### 3,814,661

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $1,084,221,791
Franklin

Fund

Allocator

Series

Schedule

of

Investments

#### Franklin

#### U.S.

#### Core

#### Equity
(IU)

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

See

Abbreviations

on

.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Non-income

producing.

b

See

Note

3(d)

regarding

investments

in

affiliated

management

investment

companies.

c

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Fund

Allocator

Series

Financial

Statements

Statements

of

Assets

and

Liabilities

July

31,

2025

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### 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

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

$124,682,226

$326,469,169

$703,908,962

Cost

-

Non-controlled

affiliates

(Note

d)

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

1,968,230

11,251,179

6,286,619

Value

-

Unaffiliated

issuers

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

$160,789,058

$427,216,776

$1,074,120,511

Value

-

Non-controlled

affiliates

(Note

d)

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

1,968,230

11,251,179

6,286,619

Cash

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

—

9,918

122,459

Foreign

currency,

at

value

(cost

$

5,687

,

$

and

$

–

,

respectively)

....

5,687

—

Receivables:

Investment

securities

sold

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

40,176

53,949,610

—

Capital

shares

sold

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

1,215,661

416,401

35,417,663

Dividends

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

415,091

3,202,169

685,256

European

Union

tax

reclaims

(Note

c)

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

—

753,047

—

Affiliates

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

71,439

69,121

63,178

Total

assets

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

164,505,342

496,868,284

1,116,695,686

Liabilities:

Payables:

Investment

securities

purchased

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

—

—

32,145,233

Capital

shares

redeemed

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

2,158,650

60,991,693

253,745

Trustees'

fees

and

expenses

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

1,219

3,058

Deferred

taxes

on

unrealized

appreciation

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

274,453

—

—

Accrued

expenses

and

other

liabilities

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

105,980

121,734

71,859

Total

liabilities

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

2,539,434

61,114,646

32,473,895

Net

assets,

at

value

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

$161,965,908

$435,753,638

$1,084,221,791

Net

assets

consist

of:

Paid-in

capital

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

$137,730,513

$312,867,311

$718,764,642

Total

distributable

earnings

(losses)

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

24,235,395

122,886,327

365,457,149

Net

assets,

at

value

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

$161,965,908

$435,753,638

$1,084,221,791

Shares

outstanding

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

13,748,182

32,336,427

59,363,009

Net

asset

value

per

share

a

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

$11.78

$13.48

$18.27

a

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

Franklin

Fund

Allocator

Series

Financial

Statements

Statements

of

Operations

for

the

year

ended

July

31,

2025

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### 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

$539,411,

$1,748,069

and

$–,

respectively)

Unaffiliated

issuers

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

$4,302,646

$16,452,887

$17,517,564

Non-controlled

affiliates

(Note

d)

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

53,103

206,196

529,531

Other

income

a

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

3,380

17,133

45,130

Total

investment

income

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

4,359,129

16,676,216

18,092,225

Expenses:

Custodian

fees

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

51,423

68,149

8,337

Reports

to

shareholders

fees

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

1,818

1,727

1,727

Registration

and

filing

fees

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

37,965

41,680

48,042

Professional

fees

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

79,496

109,015

85,490

Trustees'

fees

and

expenses

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

1,860

7,901

18,281

Pricing

fees

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

34,061

84,474

37,418

Other

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

8,791

10,105

6,047

Total

expenses

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

215,414

323,051

205,342

Expenses

waived/paid

by

affiliates

(Note

d

and

e)

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

(215,414)

(323,051)

(205,342)

Net

expenses

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

—

—

—

Net

investment

income

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

4,359,129

16,676,216

18,092,225

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

\*

(net

of

foreign

taxes

of

$483,992,

$–

and

$–,

respectively)

Unaffiliated

issuers

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

5,947,308

117,897,455

546,161,122

Foreign

currency

transactions

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

(95,431)

207,721

—

Net

realized

gain

(loss)

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

5,851,877

118,105,176

546,161,122

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

13,743,178

(94,655,472)

(304,971,931)

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

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

(35,294)

699,465

—

Change

in

deferred

taxes

on

unrealized

appreciation

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

1,131,089

—

—

Net

change

in

unrealized

appreciation

(depreciation)

..........

14,838,973

(93,956,007)

(304,971,931)

Net

realized

and

unrealized

gain

(loss)

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

20,690,850

24,149,169

241,189,191

Net

increase

(decrease)

in

net

assets

resulting

from

operations

........

$25,049,979

$40,825,385

$259,281,416

\*Includes

gains

from

redemption

in-kind

(See

Note

3f).

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

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Franklin

#### Emerging

#### Market

#### Core

#### Equity
(IU)

#### Fund

#### Franklin

#### International

#### Core

#### Equity
(IU)

#### Fund

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### Year

#### Ended

#### July

#### 31,

#### 2024

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### Year

#### Ended

#### July

#### 31,

#### 2024
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$4,359,129

$4,300,421

$16,676,216

$26,060,776

Net

realized

gain

(loss)

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

5,851,877

1,459,748

118,105,176

30,122,160

Net

change

in

unrealized

appreciation

(depreciation)

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

14,838,973

9,074,041

(93,956,007)

63,920,502

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

25,049,979

14,834,210

40,825,385

120,103,438

Distributions

to

shareholders

.........

(6,382,997)

(5,285,388)

(32,243,985)

(34,081,313)

Capital

share

transactions

(Note

2)

.....

4,018,185

3,505,792

(514,146,022)

(88,868,776)

Net

increase

(decrease)

in

net

assets

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

22,685,167

13,054,614

(505,564,622)

(2,846,651)

Net

assets:

Beginning

of

year

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

139,280,741

126,226,127

941,318,260

944,164,911

End

of

year

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

$161,965,908

$139,280,741

$435,753,638

$941,318,260

Franklin

Fund

Allocator

Series

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### U.S.

#### Core

#### Equity
(IU)

#### Fund

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### Year

#### Ended

#### July

#### 31,

#### 2024
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$18,092,225

$25,560,758

Net

realized

gain

(loss)

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

546,161,122

155,742,659

Net

change

in

unrealized

appreciation

(depreciation)

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

(304,971,931)

308,524,791

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

259,281,416

489,828,208

Distributions

to

shareholders

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

(165,818,825)

(23,392,721)

Capital

share

transactions

(Note

2)

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

(1,031,451,524)

(246,253,393)

Net

increase

(decrease)

in

net

assets

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

(937,988,933)

220,182,094

Net

assets:

Beginning

of

year

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

2,022,210,724

1,802,028,630

End

of

year

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

$1,084,221,791

$2,022,210,724

Franklin

Fund

Allocator

Series

franklintempleton.com

Annual

Report

Notes

to

Financial

Statements

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
Franklin

Fund

Allocator

Series (Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company,

consisting

of eighteen separate

funds, three

of

which

are

included

in

this

report

(Funds).

The

Funds follow

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and apply

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946. The

following

summarizes

the Funds'

significant

accounting

policies.

a. #### Financial

#### Instrument

#### Valuation
The Funds'

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The Funds calculate the

net

asset

value

(NAV)

per

share

each

business

day

as

of

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier. Under

compliance

policies

and

procedures

approved

by

the

Trust's

Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Funds'

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Funds'

administrator

in

performing

this

responsibility,

including

leading

the

cross-

functional

Valuation

Committee

(VC).

The

Funds

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value.

Equity

securities

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

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

p.m.

Eastern

time

on

the

day

that

the

value

of

the

security

is

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities.

Investments

in open-end mutual

funds

are

valued

at

the

closing

NAV.

The

Funds

have

procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the

Funds

primarily

employ

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed.

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

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

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

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

p.m.

Eastern

time.

At

July

31,

2025,

certain

securities

may

have

been

fair

valued

using

these

procedures,

in

which

case

the

securities

were

categorized

as

Level

within

the

fair

value

hierarchy

(referred

to

as

"market

level

fair

value").

See

the

Fair

Value

Measurements

note

for

more

information.

When

the

last

day

of

the

reporting

period

is

a

non-business

day,

certain

foreign

markets

may

be

open

on

those

days

that

the

Funds'

NAV

is

not

calculated,

which

could

result

in

differences

between

the

value

of

the

Funds'

portfolio

securities

on

the

last

business

day

and

the

last

calendar

day

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

of

the

reporting

period.

Any

security

valuation

changes

due

to

an

open

foreign

market

are

adjusted

and

reflected

by

the

Funds

for

financial

reporting

purposes.

b. #### Foreign

#### Currency

#### Translation
Portfolio

securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

based

on

the

exchange

rate

of

such

currencies

against

U.S.

dollars

on

the

date

of

valuation.

The

Funds

may

enter

into

foreign

currency

exchange

contracts

to

facilitate

transactions

denominated

in

a

foreign

currency.

Purchases

and

sales

of

securities,

income

and

expense

items

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

in

effect

on

the

transaction

date.

Portfolio

securities

and

assets

and

liabilities

denominated

in

foreign

currencies

contain

risks

that

those

currencies

will

decline

in

value

relative

to

the

U.S.

dollar.

Occasionally,

events

may

impact

the

availability

or

reliability

of

foreign

exchange

rates

used

to

convert

the

U.S.

dollar

equivalent

value.

If

such

an

event

occurs,

the

foreign

exchange

rate

will

be

valued

at

fair

value

using

procedures

established

and

approved

by

the

Board.

The

Funds

do

not

separately

report

the

effect

of

changes

in

foreign

exchange

rates

from

changes

in

market

prices

on

securities

held.

Such

changes

are

included

in

net

realized

and

unrealized

gain

or

loss

from

investments

in

the

Statements

of

Operations.

Realized

foreign

exchange

gains

or

losses

arise

from

sales

of

foreign

currencies,

currency

gains

or

losses

realized

between

the

trade

and

settlement

dates

on

securities

transactions

and

the

difference

between

the

recorded

amounts

of

dividends,

interest,

and

foreign

withholding

taxes

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

in

foreign

exchange

rates

on

foreign

denominated

assets

and

liabilities

other

than

investments

in

securities

held

at

the

end

of

the

reporting

period.

c. #### Income

#### and

#### Deferred

#### Taxes
It

is each

Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. Each

Fund

intends

to

distribute

to

shareholders

substantially

all

of

its

taxable

income

and

net

realized

gains

to

relieve

it

from

federal

income

and excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

The

Funds

may

be

subject

to

foreign

taxation

related

to

income

received,

capital

gains

on

the

sale

of

securities

and

certain

foreign

currency

transactions

in

the

foreign

jurisdictions

in

which

the

Funds

invest.

Foreign

taxes,

if

any,

are

recorded

based

on

the

tax

regulations

and

rates

that

exist

in

the

foreign

markets

in

which

the

Funds

invest.

When

a

capital

gain

tax

is

determined

to

apply,

certain

or

all

Funds

record

an

estimated

deferred

tax

liability

in

an

amount

that

would

be

payable

if

the

securities

were

disposed

of

on

the

valuation

date.

As

a

result

of

several

court

cases,

in

certain

countries

across

the

European

Union,

certain

or

all

Funds

filed

additional

tax

reclaims

for

previously

withheld

taxes

on

dividends

earned

in

those

countries

(EU

reclaims). Income

recognized,

if

any,

for

EU

reclaims

is

reflected

as

other

income

in

the

Statements of

Operations

and

any

related

receivable,

if

any,

is

reflected

as

European

Union

tax

reclaims

in

the

Statements

of

Assets

and

Liabilities.

Any

fees

associated

with

these

filings

are

reflected

in

other

expenses

in

the

Statements

of

Operations.

When

uncertainty

exists

as

to

the

ultimate

resolution

of

these

proceedings,

the

likelihood

of

receipt

of

these

EU

reclaims,

and

the

potential

timing

of

payment,

no

amounts

are

reflected

in

the

financial

statements.

For

U.S.

income

tax

purposes,

EU

reclaims

received

by

the

Funds,

if

any,

reduce

the

amount

of

foreign

taxes

Fund

shareholders

can

use

as

tax

deductions

or credits

on

their income

tax

returns.

Each

Fund

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

July

31,

2025,

each

Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

a. #### Financial

#### Instrument

#### Valuation
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

d. #### Security

#### Transactions,

#### Investment

#### Income,

#### Expenses

#### and

#### Distributions
Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis. Estimated

expenses

are

accrued

daily.

Dividend

income

is

recorded

on

the

ex-dividend

date

except

for

certain

dividends

from

securities

where

the

dividend

rate

is

not

available.

In

such cases,

the

dividend

is

recorded

as

soon

as

the

information

is

received

by

the

Funds. Distributions

to

shareholders

are recorded

on

the

ex-dividend

date.

Distributable

earnings

are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These

reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences

are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

Common

expenses

incurred

by

the

Trust

are

allocated

among

the

Funds

based

on

the

ratio

of

net

assets

of

each

Fund

to

the

combined

net

assets

of

the

Trust

or

based

on

the

ratio

of

number

of

shareholders

of

each

Fund

to

the

combined

number

of

shareholders

of

the

Trust.

Fund

specific

expenses

are

charged

directly

to

the

Fund

that

incurred

the

expense.

e. #### Accounting

#### Estimates
The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

f. #### Guarantees

#### and

#### Indemnifications
Under

the Trust's

organizational

documents,

its

officers

and trustees

are

indemnified

by

the Trust against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

Additionally,

in

the

normal

course

of

business,

the Trust,

on

behalf

of

the

Funds, enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The Trust's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the Trust

that

have

not

yet

occurred.

Currently,

the Trust

expects

the

risk

of

loss

to

be

remote.

2. #### Shares

#### of

#### Beneficial

#### Interest
At

July

31,

2025,

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

Year

ended

July

31,

2025

Shares

sold

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

3,191,880

$34,619,315

9,809,628

$123,468,026

Shares

issued

in

reinvestment

of

distributions

..........

587,973

6,382,997

2,598,364

32,224,877

Shares

redeemed

in-kind

(Not

e

3f)

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

—

—

(35,952,257)

(424,236,631)

Shares

redeemed

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

(3,457,580)

(36,984,127)

(19,453,753)

(245,602,294)

Net

increase

(decrease)

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

322,273

$4,018,185

(42,998,018)

$(514,146,022)

Year

ended

July

31,

2024

Shares

sold

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

2,259,080

$21,095,354

11,312,870

$132,320,031

Shares

issued

in

reinvestment

of

distributions

..........

566,286

5,285,388

3,037,845

34,081,313

Shares

redeemed

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

(2,317,479)

(22,874,950)

(22,329,864)

(255,270,120)

Net

increase

(decrease)

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

507,887

$3,505,792

(7,979,149)

$(88,868,776)

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

3. #### Transactions

#### with

#### Affiliates
Franklin

Resources,

Inc.

is

the

holding

company

for

various

subsidiaries

that

together

are

referred

to

as

Franklin

Templeton.

Certain

officers

and

trustees

of

the Funds are

also

officers

and/or

trustees of

the

following

subsidiaries:

a. #### Management

#### Fees
Advisers provides

investment

management

services

to

the

Funds.

The

Funds

do

not

pay

a

fee

for

these

services.

Advisers

and

its

affiliates,

receive

compensation

from

the

investment

companies

that

invest

in

the

Funds.

b. #### Administrative

#### Fees
Under

an

agreement

with

Advisers,

FT

Services

provides

administrative

services

to

the

Funds

and

is

not

paid

by

the

Funds

for

the

services.

c. #### Transfer

#### Agent

#### Fees
Investor

Services

provides

shareholder

services

to

the

Funds.

The

Funds

do

not

pay

a

fee

for

these

services.

d. #### Investments

#### in

#### Affiliated

#### Management

#### Investment

#### Companies
Certain

or

all

Funds

invest

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

"Controlled

Affiliate"

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund's

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Funds

do

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies. Advisers

has

contractually

#### Franklin

#### U.S.

#### Core

#### Equity
(IU)

#### Fund

#### Shares

#### Amount
Class

A

Year

ended

July

31,

2025

Shares

sold

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

7,654,353

$135,222,436

Shares

issued

in

reinvestment

of

distributions

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

9,604,676

165,818,825

Shares

redeemed

in-kind

(Not

e

3f)

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

(53,695,453)

(942,355,194)

Shares

redeemed

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

(22,442,339)

(390,137,591)

Net

increase

(decrease)

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

(58,878,763)

$(1,031,451,524)

Year

ended

July

31,

2024

Shares

sold

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

19,732,545

$276,163,670

Shares

issued

in

reinvestment

of

distributions

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

1,528,194

23,392,721

Shares

redeemed

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

(35,134,938)

(545,809,784)

Net

increase

(decrease)

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

(13,874,199)

$(246,253,393)

#### Subsidiary

#### Affiliation
Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

Principal

underwriter

Franklin

Templeton

Investor

Services,

LLC

(Investor

Services)

Transfer

agent

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

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

July

31,

2025,

investments

in

affiliated

management

investment

companies

were

as

follows:

e. #### Waiver

#### and

#### Expense

#### Reimbursements
Advisers

has

contractually

agreed

in

advance

to

waive

or

limit

its

fees

and

to

assume

as

its

own

expense

certain

expenses

otherwise

payable

by

the

Funds

so

that

the

operating

expenses

(excluding

certain

non-routine

expenses

or

costs,

including

those

relating

to

litigation,

indemnification,

reorganizations,

and

liquidations), interest expense

and

acquired

fund

fees

and

expenses

of

the

Funds do

not

exceed

0.00%

based

on

the

average

net

assets

of

each

class

until

November

30,

2025. 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

July

31,

2025,

are

reflected

as

other

income

in

the

Statements

of

Operations.

#### &nbsp;&nbsp;&nbsp;&nbsp;aa

#### Value

#### at

#### Beginning

#### of

#### Year

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Year

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Year

#### Investment

#### Income

#### a&nbsp;&nbsp;&nbsp;&nbsp;

#### a

#### Franklin

#### Emerging

#### Market

#### Core

#### Equity
(IU)

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.254%

$1,306,790

$46,890,109

$(46,228,669)

$—

$—

$1,968,230

1,968,230

$53,103

#### Total

#### Affiliated

#### Securities

#### ...
$1,306,790

$46,890,109

$(46,228,669)

$—

$—

$1,968,230

$53,103

#### Franklin

#### International

#### Core

#### Equity
(IU)

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.254%

$5,677,294

$148,136,838

$(142,562,953)

$—

$—

$11,251,179

11,251,179

$206,196

#### Total

#### Affiliated

#### Securities

#### ...
$5,677,294

$148,136,838

$(142,562,953)

$—

$—

$11,251,179

$206,196

#### Franklin

#### U.S.

#### Core

#### Equity
(IU)

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.254%

$13,432,528

$122,532,854

$(129,678,763)

$—

$—

$6,286,619

6,286,619

$529,531

#### Total

#### Affiliated

#### Securities

#### ...
$13,432,528

$122,532,854

$(129,678,763)

$—

$—

$6,286,619

$529,531

3. #### Transactions

#### with

#### Affiliates
(continued)

d. #### Investments

#### in

#### Affiliated

#### Management

#### Investment

#### Companies
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

f. #### Other

#### Affiliated

#### Transactions
At

July

31,

2025,

the

shares

of

the Funds

were

owned

by

the

following

entities:

a

Investment

activities

of

significant

shareholders

could

have

a

material

impact

on

the

Fund.

b

Comprised

of

affiliated

shareholders

whose

individual

ownership

is

less

than

5%

and

would

not

have

a

material

impact

on

the

Fund.

During

the

year

ended

July

31,

2025,

the

New

Jersey

Better

Educational

Savings

Trust

Program

–

Franklin

Templeton

Managed

Investments

Options

(529

Portfolios)

redeemed

out

of

Franklin

International

Core

Equity

(IU)

Fund.

As

a

result,

on

November

22,

2024,

the

Fund

delivered

portfolio

securities

and

cash

that

were

transferred

in-kind

to

the

529

Portfolios,

which

included

$68,053,012

of

net

realized

gains.

As

such

gains

are

not

taxable

to

the

Fund

and

are

not

distributed

to

remaining

shareholders,

they

are

reclassified

from

accumulated

net

realized

gains

to

paid-in

capital.

During

the

year

ended

July

31,

2025,

the

New

Jersey

Better

Educational

Savings

Trust

Program

–

Franklin

Templeton

Managed

Investments

Options

(529

Portfolios)

redeemed

out

of

Franklin

U.S.

Core

Equity

(IU)

Fund.

As

a

result,

on

November

22,

2024,

the

Fund

delivered

portfolio

securities

and

cash

that

were

transferred

in-kind

to

the

529

Portfolios,

which

included

$338,594,582 of

net

realized

gains.

As

such

gains

are

not

taxable

to

the

Fund

and

are

not

distributed

to

remaining

shareholders,

they

are

reclassified

from

accumulated

net

realized

gains

to

paid-in

capital.

#### Shares

#### Percentage

#### of

#### Outstanding

#### Shares

#### ~

#### a

#### Franklin

#### Emerging

#### Market

#### Core

#### Equity
(IU)

#### Fund
Franklin

Growth

Allocation

Fund

4,313,872

31.4%

Franklin

Moderate

Allocation

Fund

3,801,651

27.7%

Superior

Officer

Council

Balanced

Fund

1,416,989

10.3%

Franklin

Conservative

Allocation

Fund

1,295,215

9.4%

Other

affiliates

~

b

2,920,455

21.2%

Total

13,748,182

100.0%

#### Franklin

#### International

#### Core

#### Equity
(IU)

#### Fund
Franklin

Growth

Allocation

Fund

9,322,967

28.8%

Franklin

Moderate

Allocation

Fund

8,217,647

25.4%

Superior

Officer

Council

Balanced

Fund

4,242,093

13.1%

Franklin

Conservative

Allocation

Fund

2,797,121

8.7%

Other

affiliates

~

b

7,756,599

24.0%

Total

32,336,427

100.0%

#### Franklin

#### U.S.

#### Core

#### Equity
(IU)

#### Fund
Franklin

Moderate

Allocation

Fund

20,461,900

34.5%

Franklin

Growth

Allocation

Fund

17,954,006

30.2%

Franklin

Conservative

Allocation

Fund

6,964,069

11.7%

Superior

Officer

Council

Balanced

Fund

4,376,614

7.4%

Other

affiliates

~

b

9,606,420

16.2%

Total

59,363,009

100.0%

3. #### Transactions

#### with

#### Affiliates
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

4. #### Income

#### Taxes
For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains.

At

July

31,

2025,

the

capital

loss

carryforwards

were

as

follows:

During

the

year

ended July

31,

2025,

the

utilized

capital

loss

carryforwards

were

as

follows:

The

tax

character

of

distributions

paid

during

the

years

ended

July

31,

2025

and

2024,

was

as

follows:

#### Franklin

#### Emerging

#### Market

#### Core

#### Equity
(IU)

#### Fund

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

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

$

7,357,691

Long

term

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

119,098

Total

capital

loss

carryforwards

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

$7,476,789

#### Franklin

#### Emerging

#### Market

#### Core

#### Equity
(IU)

#### Fund

#### Franklin

#### International

#### Core

#### Equity
(IU)

#### Fund
Capital

loss

utilized

carryforwards

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

$4,863,889

$6,112,125

#### Franklin

#### Emerging

#### Market

#### Core

#### Equity
(IU)

#### Fund

#### Franklin

#### International

#### Core

#### Equity
(IU)

#### Fund

#### 2025

#### 2024

#### 2025

#### 2024
Distributions

paid

from:

Ordinary

income

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

$6,382,997

$5,285,388

$26,840,079

$34,081,313

Long

term

capital

gain

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

—

—

5,403,906

—

$6,382,997

$5,285,388

$32,243,985

$34,081,313

#### Franklin

#### U.S.

#### Core

#### Equity
(IU)

#### Fund

#### 2025

#### 2024
Distributions

paid

from:

Ordinary

income

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

$33,318,541

$23,392,721

Long

term

capital

gain

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

132,500,284

—

$165,818,825

$23,392,721

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

At

July

31,

2025,

the

cost

of

investments,

net

unrealized

appreciation

(depreciation)

,

undistributed

ordinary

income

and

undistributed

long

term

capital

gains

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

treatments

of

wash

sales,

EU

reclaims,

passive

foreign

investment

company

shares,

foreign

capital

gains

tax,

corporate

actions

and

in-kind

transactions.

In

accordance

with

U.S.

GAAP

permanent

differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

At

the

year

ended

July

31,

2025,

such

reclassifications

were

as

follows:

The

Funds

utilized

a

tax

accounting

practice

to

treat

a

portion

of

the

proceeds

from

capital

shares

redeemed

as

a

distribution

from

net

investment

income

and

realized

capital

gains.

5. #### Investment

#### Transactions
Purchases

and

sales

of

investments

(excluding

short

term

securities

and

in-kind

transactions)

for

the

year

ended

July

31,

2025,

were

as

follows:

a

Sales

of

investments

excludes

in-kind

transactions

of

$420,334,846.

b

Sales

of

investments

excludes

in-kind

transactions

of

$932,631,575.

#### 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

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

$131,234,388

$345,656,047

$714,938,615

Unrealized

appreciation

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

$43,484,261

$106,533,386

$387,707,512

Unrealized

depreciation

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

(11,961,361)

(13,721,478)

(22,238,997)

Net

unrealized

appreciation

(depreciation)

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

$31,522,900

$92,811,908

$365,468,515

Distributable

earnings:

Undistributed

ordinary

income

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

$581,619

$—

$—

Undistributed

long

term

capital

gains

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

—

28,594,984

—

Total

distributable

earnings

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

$581,619

$28,594,984

$—

#### Franklin

#### International

#### Core

#### Equity
(IU)

#### Fund

#### Franklin

#### U.S.

#### Core

#### Equity
(IU)

#### Fund
Paid-in

Capital

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

$65,824,899

$460,058,549

Total

distributable

earnings

(loss)

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

$(65,824,899)

$(460,058,549)

#### Franklin

#### Emerging

#### Market

#### Core

#### Equity
(IU)

#### Fund

#### Franklin

#### International

#### Core

#### Equity
(IU)

#### Fund

#### Franklin

#### U.S.

#### Core

#### Equity
(IU)

#### Fund
Purchases

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

$84,838,080

$390,653,644

$873,285,728

Sales

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

$83,156,069

$497,779,930

a

$1,114,291,738

b

4. #### Income

#### Taxes
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

6. #### Concentration

#### of

#### Risk
Investing

in

foreign

securities

may

include

certain

risks

and

considerations

not

typically

associated

with

investing

in

U.S.

securities,

such

as

fluctuating

currency

values

and

changing

local,

regional

and

global

economic,

political

and

social

conditions,

which

may

result

in

greater

market

volatility.

Political

and

financial

uncertainty

in

many

foreign

regions

may

increase

market

volatility

and

the

economic

risk

of

investing

in

foreign

securities.

In

addition,

certain

foreign

securities

may

not

be

as

liquid

as

U.S.

securities.

Russia's

military

invasion

of

Ukraine

in

February

2022,

the

resulting

responses

by

the

United

States

and

other

countries,

and

the

potential

for

wider

conflict

could

increase

volatility

and

uncertainty

in

the

financial

markets

and

adversely

affect

regional

and

global

economies.

The

United

States

and

other

countries

have

imposed

broad-ranging

economic

sanctions

on

Russia

and

certain

Russian

individuals,

banking

entities

and

corporations

as

a

response

to

its

invasion

of

Ukraine.

The

United

States

and

other

countries

have

also

imposed

economic

sanctions

on

Belarus

and

may

impose

sanctions

on

other

countries

that

support

Russia's

military

invasion.

These

sanctions,

as

well

as

any

other

economic

consequences

related

to

the

invasion,

such

as

additional

sanctions,

boycotts

or

changes

in

consumer

or

purchaser

preferences

or

cyberattacks

on

governments,

companies

or

individuals,

may

further

decrease

the

value

and

liquidity

of

certain

Russian

securities

and

securities

of

issuers

in

other

countries

that

are

subject

to

economic

sanctions

related

to

the

invasion.

To

the

extent

that

the

Funds

have

exposure

to

Russian

investments

or

investments

in

countries

affected

by

the

invasion,

the

Funds'

ability

to

price,

buy,

sell,

receive

or

deliver

such

investments

was

impaired.

The

Funds

could

determine

at

any

time

that

certain

of

the

most

affected

securities

have

little

or

no

value.

In

addition,

any

exposure

that

the

Funds

may

have

to

counterparties

in

Russia

or

in

countries

affected

by

the

invasion

could

negatively

impact

the

Funds'

portfolio.

The

extent

and

duration

of

Russia's

military

actions

and

the

repercussions

of

such

actions

(including

any

retaliatory

actions

or

countermeasures

that

may

be

taken

by

those

subject

to

sanctions)

are

impossible

to

predict,

but

could

result

in

significant

market

disruptions,

including

in

the

oil

and

natural

gas

markets,

and

may

negatively

affect

global

supply

chains,

inflation

and

global

growth.

These

and

any

related

events

could

significantly

impact

the

Funds'

performance

and

the

value

of

an

investment

in

the

Funds,

even

beyond

any

direct

exposure

the

Funds

may

have

to

Russian

issuers

or

issuers

in

other

countries

affected

by

the

invasion.

The

Valuation

Committee

determined

that

based

on

their

analysis

of

the

market

and

access

to

market

participants,

the

Russian

financial

instruments

held

by

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

had

little

or

no

value

at

July

31,

2025. Certain

investments

in

Chinese

companies

are

made

through

a

special

structure

known

as

a

VIE.

In

a

VIE

structure,

foreign

investors,

such

as

Franklin

Emerging

Market

Core

Equity

(IU)

Fund,

will

only

own

stock

in

a

shell

company

rather

than

directly

in

the

VIE,

which

must

be

owned

by

Chinese

nationals

(and/or

Chinese

companies)

to

obtain

the

licenses

and/or

assets

required

to

operate

in

a

restricted

or

prohibited

sector

in

China.

The

value

of

the

shell

company

is

derived

from

its

ability

to

consolidate

the

VIE

into

its

financials

pursuant

to

contractual

arrangements

that

allow

the

shell

company

to

exert

a

degree

of

control

over,

and

obtain

economic

benefits

arising

from,

the

VIE

without

formal

legal

ownership.

While

VIEs

are

a

longstanding

industry

practice

and

are

well

known

by

Chinese

officials

and

regulators,

the

structure

historically

has

not

been

formally

recognized

under

Chinese

law

and

it

is

uncertain

whether

Chinese

officials

or

regulators

will

withdraw

their

implicit

acceptance

of

the

structure.

It

is

also

uncertain

whether

the

contractual

arrangements,

which

may

be

subject

to

conflicts

of

interest

between

the

legal

owners

of

the

VIE

and

foreign

investors,

would

be

enforced

by

Chinese

courts

or

arbitration

bodies.

Prohibitions

of

these

structures

by

the

Chinese

government,

or

the

inability

to

enforce

such

contracts,

from

which

the

shell

company

derives

its

value,

would

likely

cause

the

VIE-structured

holding(s)

to

suffer

significant,

detrimental,

and

possibly

permanent

losses,

and

in

turn,

adversely

affect

the Fund's

returns

and

net

asset

value.

7. #### Fair

#### Value

#### Measurements
The Funds

follow

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Funds'

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the Funds' financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

Level

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

–

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

July

31,

2025,

in

valuing

the

Funds'

assets

carried

at

fair

value,

is

as

follows:

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### Emerging

#### Market

#### Core

#### Equity
(IU)

#### Fund

#### Assets:
Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

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

$

—

$

1,735,503

$

—

$

1,735,503

Air

Freight

&

Logistics

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

—

442,266

—

442,266

Automobile

Components

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

—

596,764

—

596,764

Automobiles

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

—

4,897,441

—

4,897,441

Banks

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

2,559,684

22,250,574

—

24,810,258

Beverages

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

877,572

2,245,953

—

3,123,525

Broadline

Retail

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

1,863,533

4,173,654

—

6,037,187

Capital

Markets

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

720,228

1,520,892

—

2,241,120

Chemicals

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

—

4,218,969

—

a

4,218,969

Communications

Equipment

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

—

209,089

—

209,089

Construction

&

Engineering

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

—

265,592

—

265,592

Consumer

Finance

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

—

634,975

—

634,975

Consumer

Staples

Distribution

&

Retail

......

1,057,746

415,288

—

1,473,034

Diversified

Telecommunication

Services

.....

—

2,027,944

—

2,027,944

Electric

Utilities

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

274,193

1,269,562

—

a

1,543,755

Electrical

Equipment

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

463,912

3,441,719

—

3,905,631

Electronic

Equipment,

Instruments

&

Components

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

—

3,607,483

—

3,607,483

Entertainment

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

—

2,611,644

—

2,611,644

Financial

Services

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

—

1,542,534

—

1,542,534

Food

Products

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

666,409

1,408,102

—

2,074,511

Gas

Utilities

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

—

292,859

—

292,859

Health

Care

Equipment

&

Supplies

.........

—

272,651

—

272,651

Health

Care

Providers

&

Services

..........

157,290

711,331

—

868,621

Hotels,

Restaurants

&

Leisure

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

757,551

2,477,664

—

3,235,215

Household

Durables

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

—

195,141

—

195,141

Household

Products

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

184,513

—

—

184,513

Independent

Power

and

Renewable

Electricity

Producers

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

—

1,141,821

—

1,141,821

Insurance

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

1,581,336

2,133,420

—

3,714,756

Interactive

Media

&

Services

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

—

9,827,376

—

9,827,376

IT

Services

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

—

3,381,243

—

3,381,243

Life

Sciences

Tools

&

Services

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

—

779,989

—

779,989

Machinery

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

—

1,637,551

—

1,637,551

Marine

Transportation

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

—

695,280

—

695,280

Metals

&

Mining

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

1,088,647

5,512,237

—

a

6,600,884

Oil,

Gas

&

Consumable

Fuels

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

282,508

7,915,270

—

8,197,778

Personal

Care

Products

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

—

625,529

—

625,529

Pharmaceuticals

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

334,432

2,510,321

—

2,844,753

Real

Estate

Management

&

Development

....

—

3,030,861

—

3,030,861

Semiconductors

&

Semiconductor

Equipment

.

—

25,417,676

—

25,417,676

Software

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

320,871

—

—

320,871

7. #### Fair

#### Value

#### Measurements
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### Emerging

#### Market

#### Core

#### Equity
(IU)

#### Fund
(continued)

#### Assets:
(continued)

Investments

in

Securities:

(continued)

Common

Stocks:

(continued)

Specialty

Retail

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

$

—

$

2,767,864

$

—

$

2,767,864

Technology

Hardware,

Storage

&

Peripherals

.

—

7,395,443

—

7,395,443

Textiles,

Apparel

&

Luxury

Goods

..........

—

1,374,930

—

1,374,930

Transportation

Infrastructure

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

382,010

939,685

—

1,321,695

Wireless

Telecommunication

Services

.......

869,927

1,315,979

—

2,185,906

Preferred

Stocks

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

4,478,627

—

—

4,478,627

Short

Term

Investments

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

1,968,230

—

—

1,968,230

Total

Investments

in

Securities

...........

$20,889,219

$141,868,069

b

$—

$162,757,288

#### Franklin

#### International

#### Core

#### Equity
(IU)

#### Fund

#### Assets:
Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

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

—

12,948,887

—

12,948,887

Air

Freight

&

Logistics

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

—

1,548,758

—

1,548,758

Automobile

Components

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

—

2,180,068

—

2,180,068

Automobiles

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

—

12,680,131

—

12,680,131

Banks

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

—

54,498,382

—

54,498,382

Beverages

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

—

4,991,537

—

4,991,537

Biotechnology

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

—

2,552,319

—

2,552,319

Broadline

Retail

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

—

4,640,536

—

4,640,536

Building

Products

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

—

4,680,118

—

4,680,118

Capital

Markets

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

—

14,509,043

—

14,509,043

Chemicals

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

—

8,950,581

—

8,950,581

Commercial

Services

&

Supplies

...........

—

1,115,444

—

1,115,444

Communications

Equipment

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

—

1,221,830

—

1,221,830

Construction

&

Engineering

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

—

4,232,462

—

4,232,462

Construction

Materials

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

838,539

1,322,892

—

2,161,431

Consumer

Staples

Distribution

&

Retail

......

—

5,557,315

—

5,557,315

Diversified

Consumer

Services

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

—

455,296

—

455,296

Diversified

Telecommunication

Services

.....

—

9,035,215

—

9,035,215

Electric

Utilities

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

—

6,819,631

—

6,819,631

Electrical

Equipment

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

—

9,542,839

—

9,542,839

Electronic

Equipment,

Instruments

&

Components

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

—

2,113,985

—

2,113,985

Entertainment

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

4,664,774

2,208,741

—

6,873,515

Financial

Services

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

—

3,781,595

—

3,781,595

Food

Products

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

—

12,168,569

—

12,168,569

Gas

Utilities

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

—

2,379,197

—

2,379,197

Ground

Transportation

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

—

1,002,424

—

1,002,424

Health

Care

Equipment

&

Supplies

.........

621,339

6,812,054

—

7,433,393

Health

Care

Providers

&

Services

..........

—

736,222

—

736,222

Health

Care

Technology

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

—

1,028,621

—

1,028,621

Hotels,

Restaurants

&

Leisure

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

—

6,364,738

—

6,364,738

Household

Durables

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

—

5,946,206

—

5,946,206

Household

Products

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

—

464,289

—

464,289

Independent

Power

and

Renewable

Electricity

Producers

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

—

1,968,186

—

1,968,186

Industrial

Conglomerates

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

—

7,820,972

—

7,820,972

Industrial

REITs

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

—

1,176,335

—

1,176,335

Insurance

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

—

24,923,391

—

24,923,391

Interactive

Media

&

Services

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

—

2,201,141

—

2,201,141

IT

Services

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

—

3,170,809

—

3,170,809

Leisure

Products

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

—

1,280,542

—

1,280,542

7. #### Fair

#### Value

#### Measurements
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

A

reconciliation

in

which

Level

inputs

are

used

in

determining

fair

value

is

presented

when

there

are

significant

Level

assets

and/or

liabilities

at

the

beginning

and/or

end

of

the year.

8. #### Operating

#### Segments
The Funds

have

adopted

the

FASB

Accounting

Standards

Update

(ASU)

2023-07,

*Segment* 

*Reporting* 

*(Topic* 

*280)* 

*-* 

*Improvements* 

*to* 

*Reportable* 

*Segment* 

*Disclosures.*

The

update

is

limited

to

disclosure

requirements

and

does

not

impact

the Funds'

financial

position

or

results

of

operations.

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### International

#### Core

#### Equity
(IU)

#### Fund
(continued)

#### Assets:
(continued)

Investments

in

Securities:

(continued)

Common

Stocks:

(continued)

Life

Sciences

Tools

&

Services

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

$

—

$

2,129,939

$

—

$

2,129,939

Machinery

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

—

16,601,963

—

16,601,963

Marine

Transportation

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

—

1,263,847

—

1,263,847

Media

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

—

815,948

—

815,948

Metals

&

Mining

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

—

8,748,875

—

8,748,875

Multi-Utilities

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

—

3,747,389

—

3,747,389

Oil,

Gas

&

Consumable

Fuels

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

—

14,989,196

—

14,989,196

Passenger

Airlines

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

—

1,235,046

—

1,235,046

Personal

Care

Products

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

—

8,230,006

—

8,230,006

Pharmaceuticals

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

—

38,306,533

—

38,306,533

Professional

Services

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

—

8,226,862

—

8,226,862

Real

Estate

Management

&

Development

....

—

3,963,002

—

3,963,002

Retail

REITs

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

—

1,732,511

—

1,732,511

Semiconductors

&

Semiconductor

Equipment

.

—

12,534,993

—

12,534,993

Software

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

3,224,053

11,236,096

—

14,460,149

Specialty

Retail

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

—

3,200,633

—

3,200,633

Technology

Hardware,

Storage

&

Peripherals

.

—

1,324,928

—

1,324,928

Textiles,

Apparel

&

Luxury

Goods

..........

—

11,210,751

—

11,210,751

Tobacco

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

—

2,971,827

—

2,971,827

Trading

Companies

&

Distributors

..........

1,703,666

2,575,287

—

4,278,953

Transportation

Infrastructure

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

—

4,677,282

—

4,677,282

Wireless

Telecommunication

Services

.......

—

3,322,118

—

3,322,118

Preferred

Stocks

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

—

2,088,072

—

2,088,072

Short

Term

Investments

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

11,251,179

—

—

11,251,179

Total

Investments

in

Securities

...........

$22,303,550

$416,164,405

c

$—

$438,467,955

#### Franklin

#### U.S.

#### Core

#### Equity
(IU)

#### Fund

#### Assets:
Investments

in

Securities:

d

Common

Stocks

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

1,074,120,511

—

—

1,074,120,511

Short

Term

Investments

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

6,286,619

—

—

6,286,619

Total

Investments

in

Securities

...........

$1,080,407,130

$—

$—

$1,080,407,130

a

Includes

financial

instruments

determined

to

have

no

value.

b

Includes

foreign

securities

valued

at

$141,868,069,

which

were

categorized

as

Level

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

c

Includes

foreign

securities

valued

at

$416,164,405,

which

were

categorized

as

Level

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

d

For

detailed

categories,

see

the

accompanying

Schedule

of

Investments.

7. #### Fair

#### Value

#### Measurements
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

Each

Fund

operates

as

a

single

operating

segment,

which

is

an

investment

portfolio.

The

Funds'

Investment

manager

serves

as

the

Chief

Operating

Decision

Maker

(CODM),

evaluating

fund-wide

results

and

performance

under

a

unified

investment

strategy.

The

CODM

uses

these

measures

to

assess

fund

performance

and

allocate

resources

effectively.

Internal

reporting

provided

to

the

CODM

aligns

with

the

accounting

policies

and

measurement

principles

used

in

the

financial

statements.

For

information

regarding

segment

assets,

segment

profit

or

loss,

and

significant

expenses,

refer

to

the

Statements

of

Assets

and

Liabilities

and

the

Statements

of

Operations,

along

with

the

related

notes

to

the

financial

statements.

The

Schedules

of

Investments

provides

details

of

the

Funds'

investments

that

generate

returns

such

as

interest,

dividends,

and

realized

and

unrealized

gains

or

losses.

Performance

metrics,

including

portfolio

turnover

and

expense

ratios,

are

disclosed

in

the

Financial

Highlights.

9. #### New

#### Accounting

#### Pronouncements
In

December

2023,

the

FASB

issued

ASU

No.

2023-09,

Income

Taxes

(Topic

740)

–

Improvements

to

Income

Tax

Disclosures.

The

amendments

enhance

income

tax

disclosures

by

requiring

greater

disaggregation

in

the

rate

reconciliation

and

income

taxes

paid

by

jurisdiction,

while

removing

certain

disclosure

requirements.

The

ASU

is

effective

for

annual

periods

beginning

after

December

15,

2024,

with

early

adoption

permitted.

Management

is

currently

evaluating

the

impact

and

believes

that

the

adoption

of

the

ASU

will

not

have

a

material

impact

on

the

financial

statements.

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

#### Selected

#### Portfolio

#### ADR
American

Depositary

Receipt

#### GDR
Global

Depositary

Receipt

#### PJSC
Public

Joint

Stock

Company

#### REIT
Real

Estate

Investment

Trust

8. #### Operating

#### Segments
(continued)

Franklin

Fund

Allocator

Series

Report

of

Independent

Registered

Public

Accounting

Firm

franklintempleton.com

Annual

Report

To

the

Board

of

Trustees

of

Franklin

Fund

Allocator

Series

and

Shareholders

of

Franklin

Emerging

Market

Core

Equity

(IU)

Fund,

Franklin

International

Core

Equity

(IU)

Fund

and

Franklin

U.S.

Core

Equity

(IU)

Fund

#### Opinions

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

schedules

of

investments,

of

Franklin

Emerging

Market

Core

Equity

(IU)

Fund,

Franklin

International

Core

Equity

(IU)

Fund

and

Franklin

U.S.

Core

Equity

(IU)

Fund

(three

of

the

funds

constituting

Franklin

Fund

Allocator

Series,

hereafter

collectively

referred

to

as

the

"Funds")

as

of

July

31,

2025,

the

related

statements

of

operations

for

the

year

ended

July

31,

2025,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

July

31,

2025,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

July

31,

2025

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

as

of

July

31,

2025,

the

results

of

each

of

their

operations

for

the

year

then

ended,

the

changes

in

each

of

their

net

assets

for

each

of

the

two

years

in

the

period

ended

July

31,

2025

and

each

of

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

July

31,

2025

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

#### Basis

#### for

#### Opinions
These

financial

statements

are

the

responsibility

of

the

Funds'

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds'

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

July

31,

2025

by

correspondence

with

the

custodian,

transfer

agent

and

brokers.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

/s/PricewaterhouseCoopers

LLP

San

Francisco,

California

September

18,

2025

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

Franklin

Templeton

Group

of

Funds

since

1948. Franklin

Fund

Allocator

Series

Tax

Information

(unaudited)

franklintempleton.com

Annual

Report

By

mid-February,

tax

information

related

to

a

shareholder's

proportionate

share

of

distributions

paid

during

the

preceding

calendar

year

will

be

received,

if

applicable.

Please

also

refer

to

www.franklintempleton.com

for

per

share

tax

information

related

to

any

distributions

paid

during

the

preceding

calendar

year.

Shareholders

are

advised

to

consult

with

their

tax

advisors

for

further

information

on

the

treatment

of

these

amounts

on

their

tax

returns.

The

following

tax

information

for

the

Funds

is

required

to

be

furnished

to

shareholders

with

respect

to

income

earned

and

distributions

paid

during their

fiscal

year.

The

Funds

hereby

report

the

following

amounts,

or

if

subsequently

determined

to

be

different,

the

maximum

allowable

amounts,

for

the

fiscal

year

ended

July

31,

2025:

Under

Section

853

of

the

Internal

Revenue

Code,

the

Funds

below intend

to

elect

to

pass

through

to

their

shareholders

the

following

amounts,

or

amounts

as

finally

determined,

of

foreign

taxes

paid

and

foreign

source

income

earned

by

the

Funds

during

the

fiscal

year

ended

July

31,

2025

:

#### Pursuant

#### to:

#### Franklin

#### Emerging

#### Market

#### Core

#### Equity
(IU)

#### Fund

#### Franklin

#### International

#### Core

#### Equity
(IU)

#### Fund

#### Franklin

#### U.S.

#### Core

#### Equity
(IU)

#### Fund
Long-Term

Capital

Gain

Dividends

Distributed

§852(b)(3)(C)

—

$11,451,831

$255,372,460

Income

Eligible

for

Dividends

Received

Deduction

(DRD)

§854(b)(1)(A)

—

$195,654

$15,844,335

Qualified

Dividend

Income

Earned

(QDI)

§854(b)(1)(B)

$2,115,157

$16,722,310

$16,170,088

Short-Term

Capital

Gain

Dividends

Distributed

§871(k)(2)(C)

—

—

$18,415,077

Section

163(j)

Interest

Dividends

Earned

§163(j)

$48,662

$189,994

$529,531

#### Franklin

#### Emerging

#### Market

#### Core

#### Equity
(IU)

#### Fund

#### Franklin

#### International

#### Core

#### Equity
(IU)

#### Fund

#### Franklin

#### U.S.

#### Core

#### Equity
(IU)

#### Fund
Foreign

Taxes

Paid

$1,240,048

$1,283,508

—

Foreign

Source

Income

Earned

$4,338,020

$17,532,926

—

Franklin

Fund

Allocator

Series

franklintempleton.com

Annual

Report

#### BOARD

#### APPROVAL

#### OF

#### INVESTMENT

#### MANAGEMENT

#### AGREEMENTS
(unaudited)

#### FRANKLIN

#### FUND

#### ALLOCATOR

#### SERIES

#### Franklin

#### Emerging

#### Market

#### Core

#### Equity
(IU)

#### Fund

#### Franklin

#### International

#### Core

#### Equity
(IU)

#### Fund

#### Franklin

#### U.S.

#### Core

#### Equity
(IU)

#### Fund
(each

a

Fund)

At

an

in-person

meeting

held

on

May

28-29,

2025

(Meeting),

the

Board

of

Trustees

(Board)

of

Franklin

Fund

Allocator

Series

(Trust),

including

a

majority

of

the

trustees

who

are

not

"interested

persons"

as

defined

in

the

Investment

Company

Act

of

1940

(Independent

Trustees),

reviewed

and

approved

the

continuance

of

the

investment

management

agreement

between

Franklin

Advisers,

Inc.

(Manager)

and

the

Trust,

on

behalf

of

each

Fund

(each

a

Management

Agreement)

for

an

additional

one-year

period.

The

Independent

Trustees

received

advice

from

and

met

separately

with

Independent

Trustee

counsel

to

consider

the

renewal

of

each

Management

Agreement.

Although

the

Management

Agreements

for

the

Funds

were

considered

at

the

same

Board

meeting,

the

Board

considered

the

information

provided

to

it

about

the

Funds

together

and

with

respect

to

each

Fund

separately

as

the

Board

deemed

appropriate.

In

considering

the

continuance

of

each

Management

Agreement,

the

Board

reviewed

and

considered

information

provided

by

the

Manager

at

the

Meeting

and

throughout

the

year

at

meetings

of

the

Board

and

its

committees.

The

Board

also

reviewed

and

considered

information

provided

in

response

to

a

detailed

set

of

requests

for

information

submitted

to

the

Manager

by

Independent

Trustee

counsel

on

behalf

of

the

Independent

Trustees

in

connection

with

the

annual

contract

renewal

process.

In

addition,

prior

to

the

Meeting,

the

Independent

Trustees

held

a

virtual

contract

renewal

meeting

at

which

the

Independent

Trustees

first

conferred

amongst

themselves

and

Independent

Trustee

counsel

about

contract

renewal

matters,

and

then

met

with

management

to

request

additional

information

that

the

Independent

Trustees

also

considered

prior

to

and

at

the

Meeting.

The

Board

further

considered

all

of

the

factors

it

deemed

relevant

in

approving

the

continuance

of

each

Management

#### Changes

#### In

#### and

#### Disagreements

#### with

#### Accountants
For

the

period

covered

by

this

report

Not

applicable.

#### Results

#### of

#### Meeting(s)

#### of

#### Shareholders
For

the

period

covered

by

this

report

Not

applicable.

#### Remuneration

#### Paid

#### to

#### Directors,

#### Officers

#### and

#### Others
For

the

period

covered

by

this

report

Refer

to

the

financial

statements

included

herein.

Remuneration

to

officers

is

paid

by

the

Fund's

investment

manager

according

to

the

terms

of

the

agreement.

#### Board

#### Approval

#### of

#### Management

#### and

#### Subadvisory

#### Agreements
For

the

period

covered

by

this

report

Franklin

Fund

Allocator

Series

franklintempleton.com

Annual

Report

Agreement,

including,

but

not

limited

to:

(i) the

nature,

extent

and

quality

of

the

services

provided

by

the

Manager;

(ii) the

investment

performance

of

each

Fund;

(iii) the

costs

of

the

services

provided

and

profits

realized

by

the

Manager

and

its

affiliates

from

the

relationship

with

each

Fund;

(iv) the

extent

to

which

economies

of

scale

are

realized

as

each

Fund

grows;

and

(v) whether

fee

levels

reflect

these

economies

of

scale

for

the

benefit

of

Fund

investors.

In

approving

the

continuance

of

each

Management

Agreement,

the

Board,

including

a

majority

of

the

Independent

Trustees,

determined,

through

the

exercise

of

its

business

judgment,

that

the

terms

of

the

Management

Agreement

are

fair

and

reasonable

and

that

the

continuance

of

the

Management

Agreement

is

in

the

best

interests

of

the

applicable

Fund

and

its

shareholders.

While

attention

was

given

to

all

information

furnished,

the

following

discusses

some

primary

factors

relevant

to

the

Board's

determination.

#### Nature,

#### Extent

#### and

#### Quality

#### of

#### Services
The

Board

reviewed

the

information

it

received

regarding

the

nature,

extent

and

quality

of

investment

management

services

provided

by

the

Manager

and

its

affiliates

to

the

Funds

and

their

shareholders.

This

information

included,

among

other

things,

the

qualifications,

background

and

experience

of

the

senior

management

and

investment

personnel

of

the

Manager,

as

well

as

information

on

succession

planning

where

appropriate;

the

structure

of

investment

personnel

compensation;

oversight

of

third-

party

service

providers;

investment

performance

reports

and

related

financial

information

for

each

Fund;

reports

on

expenses

and

shareholder

services;

legal

and

compliance

matters;

risk

controls;

pricing

and

other

services

provided

by

the

Manager

and

its

affiliates;

and

management

fees

charged

by

the

Manager

and

its

affiliates

to

US

funds

and

other

accounts,

including

management's

explanation

of

differences

among

accounts

where

relevant.

The

Board

also

reviewed

and

considered

an

annual

report

on

payments

made

by

Franklin

Templeton

(FT)

or

the

Funds

to

financial

intermediaries,

as

well

as

a

memorandum

relating

to

third-party

servicing

arrangements.

The

Board

acknowledged

the

ongoing

integration

of

acquired

third-party

fund

families

into

the

FT

family

of

funds

and

management's

continued

development

of

strategies

to

address

evolving

changes

in

domestic

policy

and

continuing

geopolitical

concerns.

The

Board

also

reviewed

and

considered

the

benefits

provided

to

Fund

shareholders

of

investing

in

a

fund

that

is

part

of

the

FT

family

of

funds.

The

Board

noted

the

financial

position

of

Franklin

Resources,

Inc.

(FRI),

the

Manager's

parent,

and

its

commitment

to

the

mutual

fund

business

as

evidenced

by

its

continued

reassessment

of

the

fund

offerings

in

response

to

FT

acquisitions

and

the

market

environment,

as

well

as

its

evaluation

of

ways

to

incorporate

private

assets

into

more

traditional

investment

vehicles.

The

Board

specifically

noted

FT's

commitment

to

technological

innovation

and

advancement,

including

its

continued

focus

on

developing

potential

use

cases

for

tokenization

and

the

blockchain

and

the

use

of

artificial

intelligence

tools

to

help

streamline

day-to-day

tasks.

Following

consideration

of

such

information,

the

Board

was

satisfied

with

the

nature,

extent

and

quality

of

services

provided

by

the

Manager

and

its

affiliates

to

the

Funds

and

their

shareholders.

#### Fund

#### Performance
The

Board

reviewed

and

considered

the

performance

results

of

each

Fund

over

various

time

periods

ended

December

31,

2024. The

Board

considered

the

performance

returns

for

each

Fund

in

comparison

to

the

performance

returns

of

mutual

funds

deemed

comparable

to

the

Fund

included

in

a

universe

(Performance

Universe)

selected

by

Broadridge

Financial

Solutions,

Inc.

(Broadridge),

an

independent

provider

of

investment

company

data.

The

Board

received

a

description

of

the

methodology

used

by

Broadridge

to

select

the

mutual

funds

included

in

a

Performance

Universe.

The

Board

also

reviewed

and

considered

Fund

performance

reports

provided

and

discussions

that

occurred

with

portfolio

managers

at

Board

meetings

throughout

the

year.

A

summary

of

each

Fund's

performance

results

is

below.

Franklin

Fund

Allocator

Series

franklintempleton.com

Annual

Report

*Franklin* 

*Emerging* 

*Market* 

*Core* 

*Equity* 

(IU)

*Fund,* 

*Franklin* 

*International* 

*Core* 

*Equity* 

(IU)

*Fund* 

*and* 

*Franklin* 

*U.S.* 

*Core* 

*Equity* 

(IU)

*Fund*

-

The

Performance

Universe

for

the

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

included

the

Fund

and

all

retail

and

institutional

emerging

markets

funds.

The

Performance

Universe

for

the

Franklin

International

Core

Equity

(IU)

Fund

included

the

Fund

and

all

retail

and

institutional

international

large-cap

core

funds.

The

Performance

Universe

for

the

Franklin

U.S.

Core

Equity

(IU)

Fund

included

the

Fund

and

all

retail

and

institutional

large-cap

core

funds.

The

Board

noted

that

each

Fund's

annualized

total

return

for

the

one-,

three-

and

five-year

periods

were

above

the

medians

of

their

respective

Performance

Universes.

The

Board

concluded

that

each

Fund's

performance

was

satisfactory.

#### Comparative

#### Fees

#### and

#### Expenses
The

Board

noted

that,

pursuant

to

each

Management

Agreement,

the

Manager

provides

general

investment

management

and

administrative

services

to

each

Fund

for

a

zero

management

fee.

The

Board

also

noted

that

the

Manager

assumes

all

expenses

incurred

by

each

Fund

(including

acquired

fund

fees

and

expenses),

excluding

certain

non-routine

expenses,

such

as

those

relating

to

litigation,

indemnification,

reorganizations

and

liquidations,

incurred

by

each

Fund.

The

Board

further

noted

that

comparative

fee

data

for

the

Funds

customarily

prepared

by

Broadridge

was

not

provided

because

the

Funds

have

a

zero

management

fee.

The

Board

concluded

that

the

management

fee

for

each

Fund

is

reasonable.

#### Profitability
The

Board

reviewed

and

considered

information

regarding

the

profits

realized

by

the

Manager

and

its

affiliates

in

connection

with

the

operation

of

each

Fund.

In

this

respect,

the

Board

considered

the

Fund

profitability

analysis

provided

by

the

Manager

that

addresses

the

overall

profitability

of

FT's

US

fund

business,

as

well

as

its

profits

in

providing

investment

management

and

other

services

to

each

of

the

individual

funds

during

the

12-month

period

ended

September

30,

2024,

being

the

most

recent

fiscal

year-end

for

FRI.

The

Board

noted

that

although

management

continually

makes

refinements

to

its

methodologies

used

in

calculating

profitability

in

response

to

organizational

and

product-related

changes,

the

overall

methodology

has

remained

consistent

with

that

used

in

the

Funds'

profitability

report

presentations

from

prior

years.

The

Board

also

noted

that

an

independent

registered

public

accounting

firm

has

been

engaged

by

the

Manager

to

periodically

review

and

assess

the

allocation

methodologies

to

be

used

solely

by

the

Funds'

Board

with

respect

to

the

profitability

analysis.

The

Board

noted

management's

belief

that

costs

incurred

in

establishing

the

infrastructure

necessary

for

the

type

of

mutual

fund

operations

conducted

by

the

Manager

and

its

affiliates

may

not

be

fully

reflected

in

the

expenses

allocated

to

each

Fund

in

determining

its

profitability,

as

well

as

the

fact

that

the

level

of

profits,

to

a

certain

extent,

reflected

operational

cost

savings

and

efficiencies

initiated

by

management.

As

part

of

this

evaluation,

the

Board

considered

management's

outsourcing

of

certain

operations,

which

effort

has

required

considerable

up-front

expenditures

by

the

Manager,

but

over

the

long

run

is

expected

to

result

in

greater

efficiencies.

The

Board

also

noted

management's

expenditures

in

improving

shareholder

services

provided

to

the

Funds,

as

well

as

the

need

to

implement

systems

and

meet

additional

regulatory

and

compliance

requirements

resulting

from

recent

US

Securities

and

Exchange

Commission

and

other

regulatory

requirements.

The

Board

also

considered

the

extent

to

which

the

Manager

and

its

affiliates

might

derive

ancillary

benefits

from

fund

operations,

including

revenues

generated

from

transfer

agent

services,

potential

benefits

resulting

from

personnel

and

systems

enhancements

necessitated

by

fund

growth,

as

well

as

increased

leverage

with

service

providers

and

counterparties.

Based

upon

its

consideration

of

all

these

factors,

the

Board

concluded

that

the

level

of

profits

realized

by

the

Manager

and

its

affiliates

from

providing

services

to

each

Fund

was

not

excessive

in

view

of

the

nature,

extent

and

quality

of

services

provided

to

each

Fund.

#### Economies

#### of

#### Scale
The

Board

reviewed

and

considered

the

extent

to

which

the

Manager

may

realize

economies

of

scale,

if

any,

as

each

Fund

grows

larger

and

whether

each

Fund's

management

fee

structure

reflects

any

economies

of

scale

for

the

benefit

of

shareholders.

In

connection

with

this

review,

the

Board

noted

that

because

each

Fund

pays

a

zero

management

fee,

the

consideration

of

possible

economies

of

scale

in

the

future

was

not

relevant.

Franklin

Fund

Allocator

Series

franklintempleton.com

Annual

Report

#### Conclusion
Based

on

its

review,

consideration

and

evaluation

of

all

factors

it

believed

relevant,

including

the

above-described

factors

and

conclusions,

the

Board

unanimously

approved

the

continuance

of

each

Management

Agreement

for

an

additional

one-year

period.

FAS6-AFSOI

09/25©

2025

Franklin

Templeton.

All

rights

reserved.

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR, as applicable.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

---

| | |
|:---|:---|
| ITEM 15. | 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 16. CONTROLS AND PROCEDURES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's chief executive officer and chief financial officer have concluded that the Registrant's disclosure controls
 and procedures (as defined in Rule 30a- 3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective
 as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their
 evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange
 Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940
 Act) that occurred during the period covered by this report that have materially affected or are likely to materially affect the Registrant's
 internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 19. EXHIBITS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (1) Code of Ethics attached hereto.](ffas-efp17538_ex99code.htm)

Exhibit 99.CODE ETH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.](ffas-efp17538_ex99cert.htm)

Exhibit 99.CERT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.](ffas-efp17538_ex99906cert.htm)

Exhibit 99.906CERT

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, there unto duly authorized.

**Franklin Fund Allocator Series**

---

| | |
|:---|:---|
| By: | /s/ Christopher Kings |
|  | Christopher Kings |
|  | Chief Executive Officer – Finance and Administration |
| Date: | September 26, 2025 |

---

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

---

| | |
|:---|:---|
| By: | /s/ Christopher Kings |
|  | Christopher Kings |
|  | Chief Executive Officer – Finance and Administration |
| Date: | September 26, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/ Jeffrey White |
|  | Jeffrey White |
|  | Chief Financial Officer, Chief Accounting Officer and Treasurer |
| Date: | September 26, 2025 |

---

## Ex-99.Codeeth

**Code of Ethics for Principal Executives & Senior Financial Officers**

---

| | |
|:---|:---|
| **Procedures** | &nbsp;&nbsp;&nbsp;Revised [September 27, 2024] |

---

**FRANKLIN TEMPLETON AFFILIATED FUNDS**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVES AND**

**SENIOR FINANCIAL OFFICERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Covered Officers
 and Purpose of the Code

This code of ethics (the "Code") applies to the Principal Executive Officers, Principal Financial Officer and Principal Accounting Officer (the "Covered Officers") of each investment company advised by a Franklin Resources subsidiary and that is registered with the United States Securities & Exchange Commission ("SEC") (collectively, "FT Funds") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Honest
 and ethical conduct, including the ethical resolution of actual or apparent conflicts of
 interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Full,
 fair, accurate, timely and understandable disclosure in reports and documents that a registrant
 files with, or submits to, the SEC and in other public communications made by or on behalf
 of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compliance
 with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 prompt internal reporting of violations of the Code to an appropriate person or persons identified
 in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accountability
 for adherence to the Code.

Each Covered Officer will be expected to adhere to a high standard of business ethics and must be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

*\** Rule 38a-1 under the Investment Company Act of 1940 ("1940 Act") and Rule 206(4)-7 under the Investment Advisers Act of 1940 ("Advisers Act") (together the "Compliance Rule") require registered investment companies and registered investment advisers to, among other things, adopt and implement written policies and procedures reasonably designed to prevent violations of the federal securities laws ("Compliance Rule Policies and Procedures").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Other Policies
 and Procedures

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder.

Franklin Resources, Inc. has separately adopted the <u>Code of Ethics and Business Conduct</u> ("Business Conduct"), which is applicable to all officers, directors and employees of Franklin Resources, Inc., including Covered Officers. It summarizes the values, principles and business practices that guide the employee's business conduct and also provides a set of basic principles to guide officers, directors and employees regarding the minimum ethical requirements expected of them. It supplements the values, principles and business conduct identified in the Code and other existing employee policies.

Additionally, the Franklin Templeton Funds have separately adopted the <u>FTI Personal Investments and Insider Trading Policy</u> governing personal securities trading and other related matters. The Code for Insider Trading provides for separate requirements that apply to the Covered Officers and others, and therefore is not part of this Code.

Insofar as other policies or procedures of Franklin Resources, Inc., the Funds, the Funds' adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. Please review these other documents or consult with the Legal Department if have questions regarding the applicability of these policies to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. Covered
 Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the FT Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of a position with the FT Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the FT Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the FT Funds because of their status as "affiliated persons" of the FT Funds. The FT Funds' and the investment advisers' compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the FT Funds, the investment advisers and the fund administrator of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the FT Funds, for the adviser, the administrator, or for all three), be involved in establishing policies and implementing decisions that will have different effects on the

adviser, administrator and the FT Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the FT Funds, the adviser, and the administrator and is consistent with the performance by the Covered Officers of their duties as officers of the FT Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the FT Funds' Boards of Directors ("Boards") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the FT Funds.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 use his or her personal influence or personal relationships improperly to influence investment
 decisions or financial reporting by the FT Funds whereby the Covered Officer would benefit
 personally to the detriment of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 cause the FT Funds to take action, or fail to take action, for the individual personal benefit
 of the Covered Officer rather than the benefit of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 retaliate against any other Covered Officer or any employee of the FT Funds or their affiliated
 persons for reports of potential violations that are made in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Report
 at least annually the following affiliations or other relationships:<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all
 directorships for public companies and all companies that are required to file reports with
 the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect business relationship with any independent directors of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect business relationship with any independent public accounting firm (which
 are not related to the routine issues related to the firm's service as the Covered
 Persons accountant); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect interest in any transaction with any FT Fund that will benefit the officer
 (not including benefits derived from the advisory, sub-advisory, distribution or service
 agreements with affiliates of Franklin Resources).

These reports will be reviewed by the Legal Department for compliance with the Code.

There are some conflict of interest situations that should always be approved in writing by Franklin Resources General Counsel or Deputy General Counsel, if material. Examples of these include<sup>2</sup>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Service
 as a director on the board of any public or private Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 receipt of any gifts in excess of $100 from any person, from any corporation or association.

<sup>1</sup> Reporting of these affiliations or other relationships shall be made by completing the annual Directors and Officers Questionnaire and returning the questionnaire to Franklin Resources Inc, General Counsel or Deputy General Counsel.

<sup>2</sup> Any activity or relationship that would present a conflict for a Covered Officer may also present a conflict for the Covered Officer if a member of the Covered Officer's immediate family engages in such an activity or has such a relationship. The Covered Person should also obtain written approval by FT's General Counsel in such situations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 receipt of any entertainment from any Company with which the FT Funds has current or prospective
 business dealings unless such entertainment is business related, reasonable in cost, appropriate
 as to time and place, and not so frequent as to raise any question of impropriety. Notwithstanding
 the foregoing, the Covered Officers must obtain prior approval from the Franklin Resources
 General Counsel for any entertainment with a value in excess of $1000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 ownership interest in, or any consulting or employment relationship with, any of the FT Fund's
 service providers, other than an investment adviser, principal underwriter, administrator
 or any affiliated person thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A
 direct or indirect financial interest in commissions, transaction charges or spreads paid
 by the FT Funds for effecting portfolio transactions or for selling or redeeming shares other
 than an interest arising from the Covered Officer's employment, such as compensation
 or equity ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Resources General Counsel or Deputy General Counsel, or the Chief Compliance Officer, will
 provide a report to the FT Funds Audit Committee of any approvals granted at the next regularly
 scheduled meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Disclosure
 and Compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should familiarize himself with the disclosure requirements generally applicable
 to the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts
 about the FT Funds to others, whether within or outside the FT Funds, including to the FT
 Funds' directors and auditors, and to governmental regulators and self- regulatory
 organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should, to the extent appropriate within his or her area of responsibility,
 consult with other officers and employees of the FT Funds, the FT Fund's adviser and
 the administrator with the goal of promoting full, fair, accurate, timely and understandable
 disclosure in the reports and documents the FT Funds file with, or submit to, the SEC and
 in other public communications made by the FT Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It
 is the responsibility of each Covered Officer to promote compliance with the standards and
 restrictions imposed by applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. Reporting
 and Accountability

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upon
 becoming a covered officer affirm in writing to the Board that he or she has received, read,
 and understands the Code (see Exhibit A);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annually
 thereafter affirm to the Board that he has complied with the requirements of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Notify
 Franklin Resources' General Counsel or Deputy General Counsel promptly if he or she
 knows of any violation of this Code. Failure to do so is itself is a violation of this Code.

Franklin Resources' General Counsel and Deputy General Counsel are responsible for applying this Code to specific situations in which questions are presented under it and have the authority to interpret this Code in any particular situation.<sup>3</sup> However, the Independent Directors of the respective FT Funds will consider any approvals or waivers<sup>4</sup> sought by any Chief Executive Officers of the Funds.

The FT Funds will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Resources General Counsel or Deputy General Counsel will take all appropriate action to investigate
 any potential violations reported to the Legal Department;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If,
 after such investigation, the General Counsel or Deputy General Counsel believes that no
 violation has occurred, The General Counsel is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 matter that the General Counsel or Deputy General Counsel believes is a violation will be
 reported to the Independent Directors of the appropriate FT Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If
 the Independent Directors concur that a violation has occurred, it will inform and make a
 recommendation to the Board of the appropriate FT Fund or Funds, which will consider appropriate
 action, which may include review of, and appropriate modifications to, applicable policies
 and procedures; notification to appropriate personnel of the investment adviser or its board;
 or a recommendation to dismiss the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 Independent Directors will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 changes to or waivers of this Code will, to the extent required, are disclosed as provided
 by SEC rules.<sup>5</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. Other
 Policies and Procedures

This Code shall be the sole code of ethics adopted by the FT Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the FT Funds, the FT Funds' advisers, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The FTI Personal Investments and Insider Trading Policy, adopted by the FT Funds, FT investment advisers and FT Fund's principal underwriter pursuant to Rule 17j-1 under the Investment Company Act, the Code of Ethics and Business Conduct and more detailed policies and procedures set forth in FT's Employee Handbook are separate requirements applying to the Covered Officers and others, and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. Amendments

Any amendments to this Code must be approved or ratified by a majority vote of the FT Funds' Board including a majority of independent directors.

<sup>3</sup> Franklin Resources General Counsel and Deputy General Counsel are authorized to consult, as appropriate, with members of the Audit Committee, counsel to the FT Funds and counsel to the Independent Directors, and are encouraged to do so.

<sup>4</sup> Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of a material departure from a provision of the code of ethics" and "implicit waiver," which must also be disclosed, as "the registrant's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer" of the registrant. See Part X.

<sup>5</sup> See Part X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the FT Funds' Board and their counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IX. Internal
 Use

The Code is intended solely for the internal use by the FT Funds and does not constitute an admission, by or on behalf of any FT Funds, as to any fact, circumstance, or legal conclusion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X. Disclosure
 on Form N-CSR

Item 2 of Form N-CSR requires a registered management investment company to disclose annually whether, as of the end of the period covered by the report, it has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these officers are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, it must explain why it has not done so.

The registrant must also: (1) file with the SEC a copy of the code as an exhibit to its annual report; (2) post the text of the code on its Internet website and disclose, in its most recent report on Form N-CSR, its Internet address and the fact that it has posted the code on its Internet website; or (3) undertake in its most recent report on Form N-CSR to provide to any person without charge, upon request, a copy of the code and explain the manner in which such request may be made. Disclosure is also required of amendments to, or waivers (including implicit waivers) from, a provision of the code in the registrant's annual report on Form N-CSR or on its website. If the registrant intends to satisfy the requirement to disclose amendments and waivers by posting such information on its website, it will be required to disclose its Internet address and this intention.

The Legal Department shall be responsible for ensuring that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a
 copy of the Code is filed with the SEC as an exhibit to each Fund's annual report;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 amendments to, or waivers (including implicit waivers) from, a provision of the Code is disclosed
 in the registrant's annual report on Form N-CSR.

In the event that the foregoing disclosure is omitted or is determined to be incorrect, the Legal Department shall promptly file such information with the SEC as an amendment to Form N- CSR.

In such an event, the Fund Chief Compliance Officer shall review the Code and propose such changes to the Code as are necessary or appropriate to prevent reoccurrences.

**Exhibit A**

**ACKNOWLEDGMENT FORM**

**Franklin Templeton Funds Code of Ethics**

**For Principal Executives and Senior Financial Officers**

**Instructions:**

&nbsp;&nbsp;&nbsp;&nbsp;1. Complete
 all sections of this form.

&nbsp;&nbsp;&nbsp;&nbsp;2. Print
 the completed form, sign, and date.

&nbsp;&nbsp;&nbsp;&nbsp;3. Submit
 completed form to FT's General Counsel c/o Code of Ethics Administration within 10
 days of becoming a Covered Officer and by February 15<sup>th</sup> of each subsequent year.

---

| | |
|:---|:---|
| **E-mail:** | Code of Ethics Inquiries & Requests (internal address);<br> lpreclear@franklintempleton.com (external address) |

---

---

| |
|:---|
| **Covered Officer's Name:** |
| **Title:** |
| **Department:** |
| **Location:** |
| **Certification for Year Ending:** |

---

***To: Franklin Resources General Counsel, Legal Department***

I acknowledge receiving, reading and understanding the Franklin Templeton Fund's Code of Ethics for Principal Executive Officers and Senior Financial Officers (the "Code"). I will comply fully with all provisions of the Code to the extent they apply to me during the period of my employment. I further understand and acknowledge that any violation of the Code may subject me to disciplinary action, including termination of employment.

---

| | |
|:---|:---|
| ***Signature*** | ***Date signed*** |

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## Ex-99.Cert

CERTIFICATIONS PURSUANT TO SECTION 302

EX-99.CERT

**<u>CERTIFICATIONS</u>**

I, Christopher Kings, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Franklin Fund Allocator Series;** 

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change 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
registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

Date: September 26, 2025

---

| |
|:---|
| /s/ Christopher Kings |
| Christopher Kings |
| Chief Executive Officer – Finance and Administration |

---

**<u>CERTIFICATIONS</u>**

I, Jeffrey White, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Franklin Fund Allocator Series**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial information included in this report, and the financial statements
on which the financial information is based, fairly present in all material respects the financial condition, results of operations, changes
in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of,
and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change 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 registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses
in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's
ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves
management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: September 26, 2025

---

| |
|:---|
| /s/ Jeffrey White |
| Jeffrey White |
| Chief Financial Officer, Chief Accounting Officer and Treasurer |

---

## Exhibit 99.906

CERTIFICATIONS PURSUANT TO SECTION 906

EX-99.906CERT

**CERTIFICATION**

**Christopher Kings,** Chief Executive Officer – Finance and Administration, and **Jeffrey White,** Chief Financial Officer, Chief Accounting Officer and Treasurer of **Franklin Fund Allocator Series (the "Registrant"), each certify to the best of** their knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended **July 31, 2025** (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| **Chief Executive Officer –** | **Chief Financial Officer, Chief** |
| **Finance and Administration** | **Accounting Officer and Treasurer** |
| Franklin Fund Allocator Series | Franklin Fund Allocator Series |
| /s/ Christopher Kings | /s/ Jeffrey White |
| Christopher Kings | Jeffrey White |
| Date: September 26, 2025 | Date: September 26, 2025 |

---

This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.