# EDGAR Filing Document

**Accession Number:** 0001022804
**File Stem:** 0001133228-26-004191
**Filing Date:** 2026-3
**Character Count:** 179218
**Document Hash:** 315ed022357474dbac78ec2ce01a773b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-004191.hdr.sgml**: 20260327

**ACCESSION NUMBER**: 0001133228-26-004191

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 24

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260327

**DATE AS OF CHANGE**: 20260327

**EFFECTIVENESS DATE**: 20260327

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07851
- **FILM NUMBER:** 26806756

**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'? 2026-02-1874200004500_FranklinEmergingMarketCoreEquity-IU-Fund_ClassA_TSRSemiAnnual

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: **January 31, 2026**

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 Emerging Market Core Equity (IU) Fund**  | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Emerging Market Core Equity (IU) Fund for the period August 1, 2025, to January 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><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.

† Annualized.

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $208398427 |
| **Total Number of Portfolio Holdings** | 221 |
| **Portfolio Turnover Rate** | 57.99% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6521img003.jpg)

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

---

| | |
|:---|:---|
| ![image](img477793_202512231342805.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img477793_202512231342805.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-internalusefunds-documents, including its: |
| ![image](img477793_202512231342805.jpg) | • proxy voting information • financial information • holdings • tax information |

---

Franklin Emerging Market Core Equity (IU) Fund PAGE 1 28663-STSR-0326

------

---

| | |
|:---|:---|
| **Franklin International Core Equity (IU) Fund**  | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin International Core Equity (IU) Fund for the period August 1, 2025, to January 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><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.

† Annualized.

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $396098137 |
| **Total Number of Portfolio Holdings** | 202 |
| **Portfolio Turnover Rate** | 48.03% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6534img003.jpg)

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

---

| | |
|:---|:---|
| ![image](img477793_202512231342805.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img477793_202512231342805.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-internalusefunds-documents, including its: |
| ![image](img477793_202512231342805.jpg) | • proxy voting information • financial information • holdings • tax information |

---

Franklin International Core Equity (IU) Fund PAGE 1 28662-STSR-0326

------

---

| | |
|:---|:---|
| **Franklin U.S. Core Equity (IU) Fund**  | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin U.S. Core Equity (IU) Fund for the period August 1, 2025, to January 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><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.

† Annualized.

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $1180679180 |
| **Total Number of Portfolio Holdings** | 202 |
| **Portfolio Turnover Rate** | 46.10% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6494img003.jpg)

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

---

| | |
|:---|:---|
| ![image](img477793_202512231342805.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img477793_202512231342805.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-internalusefunds-documents, including its: |
| ![image](img477793_202512231342805.jpg) | • proxy voting information • financial information • holdings • tax information |

---

Franklin U.S. Core Equity (IU) Fund PAGE 1 28661-STSR-0326

------

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

ITEM 2. CODE OF ETHICS.

Not applicable

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

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

#### Semi-Annual
\|

January

31,

2026

#### Franklin

#### Emerging

#### Market

#### Core

#### Equity
(IU)

#### Fund

#### Franklin

#### International

#### Core

#### Equity
(IU)

#### Fund

#### Franklin

#### U.S.

#### Core

#### Equity
(IU)

#### Fund

#### If

#### you

#### need

#### assistance

#### accessing

#### this

#### content,

#### please

#### reach

#### out

#### to

#### your

#### sales

#### representative

#### or

#### send

#### an

#### email

#### to

#### accessibility@franklintempleton.com

#### .

#### Table

#### of

#### Contents
franklintempleton.com

Financial

Statements

and

Other

Important

Information—Semiannual

Financial

Highlights

and

Schedules

of

Investments

#### 2
Financial

Statements

#### 26
Notes

to

Financial

Statements

#### 30
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

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.78

$10.37

$9.77

$9.23

$11.83

$10.57

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.13 0.33 0.31 0.36 0.35 0.28 Net

realized

and

unrealized

gains

(losses)

2.64 1.56 0.68 0.55 (2.58)

1.34 Total

from

investment

operations

........

2.77 1.89 0.99 0.91 (2.23)

1.62 Less

distributions

from:

Net

investment

income

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

(0.22)

(0.48)

(0.39)

(0.37)

(0.37)

(0.36)

Net

asset

value,

end

of

period

..........

$14.33

$11.78

$10.37

$9.77

$9.23

$11.83

Total

return

c

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

23.73%

18.74%

10.67%

10.24%

(19.15)%

15.57%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

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

0.11%

0.15%

0.17%

0.15%

0.17%

0.14%

Expenses

net

of

waiver

and

payments

by

affiliates

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

—%

—%

—%

—%

—%

e

—%

e

Net

investment

income

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

2.01%

3.09%

3.25%

3.92%

3.27%

2.41%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$208,398

$161,966

$139,281

$126,226

$109,129

$116,643

Portfolio

turnover

rate

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

57.99%

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

Total

return

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited),

January

31,

2026

#### Franklin

#### Emerging

#### Market

#### Core

#### Equity
(IU)

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks

#### 95.8%

#### Aerospace

#### &

#### Defense

#### 0.5%
Aselsan

Elektronik

Sanayi

ve

Ticaret

A/S

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

Turkiye

36,588

$

256,021

a

Hindustan

Aeronautics

Ltd.

,

Reg

S

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

India

16,086

808,193

1,064,214

#### Air

#### Freight

#### &

#### Logistics

#### 0.2%
a,b,c

JD

Logistics,

Inc.

,

144A

,

Reg

S

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

China

268,700

384,011

#### Automobile

#### Components

#### 0.9%
Bosch

Ltd.

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

India

518

205,912

Huayu

Automotive

Systems

Co.

Ltd.

,

A

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

China

256,500

709,887

Hyundai

Mobis

Co.

Ltd.

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

South

Korea

2,978

930,497

1,846,296

#### Automobiles

#### 2.3%
BYD

Co.

Ltd.

,

A

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

China

23,500

307,357

Ford

Otomotiv

Sanayi

A/S

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

Turkiye

84,493

220,850

Geely

Automobile

Holdings

Ltd.

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

China

873,000

1,797,065

Great

Wall

Motor

Co.

Ltd.

,

H

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

China

86,500

146,711

Hero

MotoCorp

Ltd.

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

India

6,043

363,984

Kia

Corp.

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

South

Korea

2,530

269,200

SAIC

Motor

Corp.

Ltd.

,

A

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

China

87,600

178,109

Tata

Motors

Passenger

Vehicles

Ltd.

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

India

270,538

1,030,988

TVS

Motor

Co.

Ltd.

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

India

4,761

190,580

a,b

Zhejiang

Leapmotor

Technology

Co.

Ltd.

,

H

,

144A

,

Reg

S

.....

China

46,900

254,670

4,759,514

#### Banks

#### 11.9%
Al

Rajhi

Bank

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

Saudi

Arabia

24,136

689,235

AMMB

Holdings

Bhd.

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

Malaysia

476,600

779,484

Banco

de

Chile

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

Chile

4,719,421

1,040,203

Bank

of

Baroda

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

India

61,028

198,880

Canara

Bank

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

India

117,417

188,454

Capitec

Bank

Holdings

Ltd.

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

South

Africa

769

206,472

China

CITIC

Bank

Corp.

Ltd.

,

H

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

China

1,166,000

1,086,003

China

Construction

Bank

Corp.

,

H

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

China

2,528,000

2,552,598

China

Minsheng

Banking

Corp.

Ltd.

,

A

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

China

400,900

216,360

Commercial

International

Bank

-

Egypt

(CIB)

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

Egypt

57,334

163,432

Credicorp

Ltd.

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

Peru

615

219,451

Dubai

Islamic

Bank

PJSC

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

United

Arab

Emirates

467,160

1,228,994

Emirates

NBD

Bank

PJSC

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

United

Arab

Emirates

73,371

621,331

Grupo

Financiero

Banorte

SAB

de

CV

,

O

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

Mexico

19,200

217,060

Hana

Financial

Group,

Inc.

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

South

Korea

32,949

2,289,365

HDFC

Bank

Ltd.

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

India

136,422

1,379,401

ICICI

Bank

Ltd.

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

India

33,375

492,035

Industrial

&

Commercial

Bank

of

China

Ltd.

,

H

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

China

220,000

182,489

Kasikornbank

PCL

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

Thailand

97,500

582,320

KB

Financial

Group,

Inc.

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

South

Korea

15,084

1,411,851

Komercni

Banka

A/S

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

Czech

Republic

7,078

428,906

National

Bank

of

Kuwait

SAKP

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

Kuwait

61,669

191,074

Nedbank

Group

Ltd.

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

South

Africa

52,162

856,808

b

NU

Holdings

Ltd.

,

A

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

Brazil

11,845

210,249

OTP

Bank

Nyrt.

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

Hungary

15,795

1,987,517

b

Piraeus

Bank

SA

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

Greece

36,679

369,993

Qatar

National

Bank

QPSC

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

Qatar

86,651

472,109

Riyad

Bank

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

Saudi

Arabia

207,473

1,557,015

Shinhan

Financial

Group

Co.

Ltd.

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

South

Korea

42,112

2,461,183

Woori

Financial

Group,

Inc.

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

South

Korea

10,416

217,891

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Emerging

#### Market

#### Core

#### Equity
(IU)

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Banks
(continued)

b

Yapi

ve

Kredi

Bankasi

A/S

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

Turkiye

231,210

$

218,376

24,716,539

#### Beverages

#### 0.5%
a

Nongfu

Spring

Co.

Ltd.

,

H

,

144A

,

Reg

S

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

China

121,400

744,469

Wuliangye

Yibin

Co.

Ltd.

,

A

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

China

17,100

258,142

1,002,611

#### Biotechnology

#### 0.4%
a

3SBio,

Inc.

,

144A

,

Reg

S

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

China

184,500

550,144

a,b

Innovent

Biologics,

Inc.

,

144A

,

Reg

S

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

China

20,000

207,602

757,746

#### Broadline

#### Retail

#### 3.9%
c

Alibaba

Group

Holding

Ltd.

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

China

297,500

6,328,892

Falabella

SA

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

Chile

29,651

230,196

b,c

PDD

Holdings,

Inc.

,

ADR

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

China

5,400

545,670

c

Vipshop

Holdings

Ltd.

,

ADR

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

China

59,833

1,023,743

8,128,501

#### Capital

#### Markets

#### 1.8%
BSE

Ltd.

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

India

6,947

211,298

CSC

Financial

Co.

Ltd.

,

A

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

China

55,900

193,338

a

HDFC

Asset

Management

Co.

Ltd.

,

144A

,

Reg

S

...........

India

15,659

428,749

Hithink

RoyalFlush

Information

Network

Co.

Ltd.

,

A

..........

China

27,000

1,355,921

Huatai

Securities

Co.

Ltd.

,

A

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

China

82,500

272,349

Korea

Investment

Holdings

Co.

Ltd.

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

South

Korea

6,147

919,559

SooChow

Securities

Co.

Ltd.

,

A

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

China

150,700

207,615

XP,

Inc.

,

A

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

Brazil

10,973

214,083

3,802,912

#### Chemicals

#### 2.0%
Asian

Paints

Ltd.

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

India

30,205

797,603

a,b,d,e

PhosAgro

PJSC

,

GDR

,

Reg

S

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

Russia

32,310

—

PI

Industries

Ltd.

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

India

5,846

203,168

Pidilite

Industries

Ltd.

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

India

12,845

199,906

SABIC

Agri-Nutrients

Co.

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

Saudi

Arabia

21,035

700,825

Solar

Industries

India

Ltd.

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

India

4,665

684,465

UPL

Ltd.

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

India

87,614

671,299

Yanbu

National

Petrochemical

Co.

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

Saudi

Arabia

28,785

207,332

Yunnan

Yuntianhua

Co.

Ltd.

,

A

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

China

148,300

815,107

4,279,705

#### Communications

#### Equipment

#### 0.1%
ZTE

Corp.

,

A

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

China

33,200

183,510

#### Construction

#### &

#### Engineering

#### 0.5%
China

Communications

Services

Corp.

Ltd.

,

H

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

China

480,000

291,511

Larsen

&

Toubro

Ltd.

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

India

13,200

564,793

a

Rail

Vikas

Nigam

Ltd.

,

Reg

S

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

India

57,550

215,159

1,071,463

#### Construction

#### Materials

#### 0.1%
Cemex

SAB

de

CV

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

Mexico

197,100

244,514

#### Consumer

#### Finance

#### 0.5%
Muthoot

Finance

Ltd.

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

India

23,492

978,933

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 1.1%
Bid

Corp.

Ltd.

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

South

Africa

20,306

508,224

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Emerging

#### Market

#### Core

#### Equity
(IU)

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail
(continued)

Cencosud

SA

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

Chile

60,511

$

202,550

a,b,c

JD

Health

International,

Inc.

,

144A

,

Reg

S

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

China

49,700

399,868

President

Chain

Store

Corp.

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

Taiwan

30,000

203,705

Raia

Drogasil

SA

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

Brazil

42,900

199,715

Sumber

Alfaria

Trijaya

Tbk.

PT

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

Indonesia

3,111,000

323,711

Wal-Mart

de

Mexico

SAB

de

CV

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

Mexico

146,100

463,648

2,301,421

#### Diversified

#### Consumer

#### Services

#### 0.1%
c

New

Oriental

Education

&

Technology

Group,

Inc.

...........

China

36,900

224,984

#### Diversified

#### REITs

#### 0.1%
Fibra

Uno

Administracion

SA

de

CV

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

Mexico

124,400

193,476

#### Diversified

#### Telecommunication

#### Services

#### 0.8%
b

Indus

Towers

Ltd.

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

India

144,018

698,609

LG

Uplus

Corp.

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

South

Korea

33,407

371,343

Ooredoo

QPSC

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

Qatar

131,827

514,129

1,584,081

#### Electric

#### Utilities

#### 1.1%
CEZ

A/S

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

Czech

Republic

3,074

176,755

CPFL

Energia

SA

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

Brazil

42,600

416,550

b,d,e

Inter

RAO

UES

PJSC

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

Russia

8,656,700

—

b

Korea

Electric

Power

Corp.

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

South

Korea

33,491

1,350,796

b

PGE

Polska

Grupa

Energetyczna

SA

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

Poland

142,529

401,983

2,346,084

#### Electrical

#### Equipment

#### 2.5%
Contemporary

Amperex

Technology

Co.

Ltd.

,

H

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

China

3,200

199,672

GE

Vernova

T&D

India

Ltd.

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

India

73,284

2,573,494

Havells

India

Ltd.

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

India

37,782

527,788

HD

Hyundai

Electric

Co.

Ltd.

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

South

Korea

2,613

1,600,841

Sungrow

Power

Supply

Co.

Ltd.

,

A

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

China

10,400

225,934

5,127,729

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 2.4%
Delta

Electronics,

Inc.

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

Taiwan

93,000

3,549,098

Elite

Material

Co.

Ltd.

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

Taiwan

4,000

216,970

Hon

Hai

Precision

Industry

Co.

Ltd.

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

Taiwan

141,000

974,652

Lingyi

iTech

Guangdong

Co.

,

A

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

China

90,800

191,222

4,931,942

#### Entertainment

#### 1.4%

Interactive

Entertainment

Network

Technology

Group

Co.

Ltd.

,

A

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

China

66,600

253,928

International

Games

System

Co.

Ltd.

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

Taiwan

5,000

113,548

c

NetEase,

Inc.

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

China

100,100

2,595,601

2,963,077

#### Financial

#### Services

#### 0.3%
Bajaj

Holdings

&

Investment

Ltd.

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

India

1,912

224,613

Meritz

Financial

Group,

Inc.

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

South

Korea

3,658

295,769

Remgro

Ltd.

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

South

Africa

18,114

204,992

725,374

#### Food

#### Products

#### 1.7%
Britannia

Industries

Ltd.

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

India

21,707

1,382,948

Charoen

Pokphand

Foods

PCL

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

Thailand

624,500

409,078

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Emerging

#### Market

#### Core

#### Equity
(IU)

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Food

#### Products
(continued)

Gruma

SAB

de

CV

,

B

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

Mexico

27,380

$

493,031

Indofood

Sukses

Makmur

Tbk.

PT

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

Indonesia

642,600

260,954

Nestle

Malaysia

Bhd.

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

Malaysia

7,000

198,884

Want

Want

China

Holdings

Ltd.

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

China

913,000

550,635

Wens

Foodstuff

Group

Co.

Ltd.

,

A

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

China

88,700

199,139

3,494,669

#### Gas

#### Utilities

#### 0.2%
Kunlun

Energy

Co.

Ltd.

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

China

318,000

325,817

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0.1%
Shenzhen

Mindray

Bio-Medical

Electronics

Co.

Ltd.

,

A

........

China

9,000

244,966

#### Health

#### Care

#### Providers

#### &

#### Services

#### 0.4%
Apollo

Hospitals

Enterprise

Ltd.

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

India

3,219

243,773

Bumrungrad

Hospital

PCL

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

Thailand

98,900

526,189

769,962

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0.7%
OPAP

SA

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

Greece

32,325

651,379

Yum

China

Holdings,

Inc.

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

China

14,700

730,923

1,382,302

#### Household

#### Durables

#### 0.2%
Gree

Electric

Appliances,

Inc.

of

Zhuhai

,

A

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

China

31,313

174,469

Midea

Group

Co.

Ltd.

,

A

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

China

17,700

197,685

372,154

#### Household

#### Products

#### 0.1%
Kimberly-Clark

de

Mexico

SAB

de

CV

,

A

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

Mexico

87,300

193,373

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0.5%
b

Adani

Power

Ltd.

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

India

421,154

619,947

NTPC

Ltd.

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

India

121,391

470,337

1,090,284

#### Industrial

#### Conglomerates

#### 0.1%
Bidvest

Group

Ltd.

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

South

Africa

13,270

192,013

#### Insurance

#### 3.2%
Caixa

Seguridade

Participacoes

SA

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

Brazil

116,900

384,502

China

Life

Insurance

Co.

Ltd.

,

H

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

China

254,000

1,130,361

China

Pacific

Insurance

Group

Co.

Ltd.

,

A

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

China

31,700

207,670

Co.

for

Cooperative

Insurance

(The)

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

Saudi

Arabia

14,430

527,078

DB

Insurance

Co.

Ltd.

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

South

Korea

5,562

549,133

OUTsurance

Group

Ltd.

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

South

Africa

163,822

724,199

People's

Insurance

Co.

Group

of

China

Ltd.

(The)

,

H

.........

China

417,000

362,595

PICC

Property

&

Casualty

Co.

Ltd.

,

H

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

China

1,102,000

2,281,358

Ping

An

Insurance

Group

Co.

of

China

Ltd.

,

A

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

China

22,300

214,053

Powszechny

Zaklad

Ubezpieczen

SA

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

Poland

10,414

204,909

6,585,858

#### Interactive

#### Media

#### &

#### Services

#### 5.7%
a,c

Kuaishou

Technology

,

144A

,

Reg

S

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

China

162,400

1,659,259

c

Tencent

Holdings

Ltd.

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

China

133,500

10,261,051

11,920,310

#### IT

#### Services

#### 1.7%
HCL

Technologies

Ltd.

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

India

12,898

238,002

Infosys

Ltd.

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

India

38,151

682,379

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Emerging

#### Market

#### Core

#### Equity
(IU)

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### IT

#### Services
(continued)

Tata

Consultancy

Services

Ltd.

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

India

76,419

$

2,598,865

3,519,246

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0.1%
WuXi

AppTec

Co.

Ltd.

,

A

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

China

17,700

242,585

#### Machinery

#### 1.6%
HD

Korea

Shipbuilding

&

Offshore

Engineering

Co.

Ltd.

......

South

Korea

4,168

1,193,856

Sinotruk

Hong

Kong

Ltd.

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

China

134,000

615,352

b

Tata

Motors

Ltd.

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

India

267,707

1,334,352

Yutong

Bus

Co.

Ltd.

,

A

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

China

40,500

180,104

3,323,664

#### Marine

#### Transportation

#### 0.2%
COSCO

SHIPPING

Holdings

Co.

Ltd.

,

H

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

China

274,500

482,286

#### Metals

#### &

#### Mining

#### 4.1%
Aluminum

Corp.

of

China

Ltd.

,

H

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

China

730,000

1,274,632

Anglogold

Ashanti

plc

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

Australia

3,840

346,167

China

Gold

International

Resources

Corp.

Ltd.

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

China

17,900

453,245

China

Hongqiao

Group

Ltd.

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

China

44,000

201,242

CMOC

Group

Ltd.

,

A

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

China

60,700

209,326

b,d,e

GMK

Norilskiy

Nickel

PAO

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

Russia

316,400

—

Gold

Fields

Ltd.

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

South

Africa

3,785

187,186

Harmony

Gold

Mining

Co.

Ltd.

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

South

Africa

62,664

1,331,520

Hindalco

Industries

Ltd.

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

India

69,056

718,825

NMDC

Ltd.

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

India

493,905

435,078

b,d,e

Novolipetsk

Steel

PJSC

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

Russia

347,890

—

b,d,e

Severstal

PAO

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

Russia

48,409

—

Vale

SA

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

Brazil

98,200

1,573,365

Vedanta

Ltd.

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

India

258,839

1,914,321

8,644,907

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 4.3%
Coal

India

Ltd.

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

India

258,589

1,240,421

HD

Hyundai

Co.

Ltd.

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

South

Korea

8,319

1,350,073

Hindustan

Petroleum

Corp.

Ltd.

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

India

33,967

157,661

ORLEN

SA

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

Poland

85,084

2,585,924

PetroChina

Co.

Ltd.

,

A

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

China

1,726,300

2,741,515

Reliance

Industries

Ltd.

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

India

11,051

167,919

United

Tractors

Tbk.

PT

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

Indonesia

289,100

450,377

Yankuang

Energy

Group

Co.

Ltd.

,

A

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

China

100,100

210,491

8,904,381

#### Passenger

#### Airlines

#### 0.9%
Eva

Airways

Corp.

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

Taiwan

818,000

968,216

a

InterGlobe

Aviation

Ltd.

,

144A

,

Reg

S

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

India

17,901

894,615

1,862,831

#### Personal

#### Care

#### Products

#### 0.2%
Colgate-Palmolive

India

Ltd.

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

India

22,446

516,118

#### Pharmaceuticals

#### 1.9%
Changchun

High-Tech

Industry

Group

Co.

Ltd.

,

A

...........

China

14,300

197,346

CSPC

Pharmaceutical

Group

Ltd.

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

China

729,600

895,027

Haisco

Pharmaceutical

Group

Co.

Ltd.

,

A

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

China

26,400

192,507

Jiangsu

Hengrui

Pharmaceuticals

Co.

Ltd.

,

A

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

China

25,000

209,102

Lupin

Ltd.

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

India

33,635

788,205

Sino

Biopharmaceutical

Ltd.

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

China

1,653,000

1,402,581

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Emerging

#### Market

#### Core

#### Equity
(IU)

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Pharmaceuticals
(continued)

Sun

Pharmaceutical

Industries

Ltd.

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

India

19,846

$

344,398

4,029,166

#### Real

#### Estate

#### Management

#### &

#### Development

#### 1.5%
Emaar

Development

PJSC

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

United

Arab

Emirates

189,945

889,600

Emaar

Properties

PJSC

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

United

Arab

Emirates

550,072

2,250,176

3,139,776

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 18.7%
Global

Unichip

Corp.

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

Taiwan

3,000

246,142

MediaTek,

Inc.

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

Taiwan

71,000

3,938,408

Novatek

Microelectronics

Corp.

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

Taiwan

17,000

201,715

Realtek

Semiconductor

Corp.

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

Taiwan

62,000

948,587

Rockchip

Electronics

Co.

Ltd.

,

A

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

China

7,400

203,248

SK

Hynix,

Inc.

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

South

Korea

9,390

5,862,904

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

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

Taiwan

497,000

27,482,081

38,883,085

#### Software

#### 0.3%

Security

Technology,

Inc.

,

A

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

China

114,000

199,028

TOTVS

SA

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

Brazil

63,700

539,472

738,500

#### Specialty

#### Retail

#### 1.5%
China

Tourism

Group

Duty

Free

Corp.

Ltd.

,

A

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

China

14,600

187,642

Chow

Tai

Fook

Jewellery

Group

Ltd.

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

China

116,600

214,298

Jarir

Marketing

Co.

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

Saudi

Arabia

82,091

312,301

Petronas

Dagangan

Bhd.

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

Malaysia

83,600

449,400

a,c

Pop

Mart

International

Group

Ltd.

,

144A

,

Reg

S

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

China

53,200

1,520,805

Trent

Ltd.

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

India

4,805

197,893

Vibra

Energia

SA

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

Brazil

41,500

226,790

3,109,129

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 7.3%
Asia

Vital

Components

Co.

Ltd.

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

Taiwan

23,000

1,044,948

King

Slide

Works

Co.

Ltd.

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

Taiwan

3,000

295,335

Lite-On

Technology

Corp.

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

Taiwan

213,000

1,094,859

Pegatron

Corp.

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

Taiwan

77,000

169,800

Samsung

Electronics

Co.

Ltd.

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

South

Korea

113,320

12,519,002

15,123,944

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.5%
ANTA

Sports

Products

Ltd.

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

China

48,000

479,517

Bosideng

International

Holdings

Ltd.

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

China

756,000

461,384

Page

Industries

Ltd.

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

India

167,620

1,108,521

#### Transportation

#### Infrastructure

#### 1.1%
Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV

,

B

.........

Mexico

14,500

211,036

International

Container

Terminal

Services,

Inc.

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

Philippines

197,170

2,159,593

2,370,629

#### Wireless

#### Telecommunication

#### Services

#### 1.6%
Advanced

Info

Service

PCL

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

Thailand

29,500

327,167

Bharti

Airtel

Ltd.

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

India

13,361

286,553

Etihad

Etisalat

Co.

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

Saudi

Arabia

55,720

1,048,545

MTN

Group

Ltd.

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

South

Africa

83,673

929,153

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Emerging

#### Market

#### Core

#### Equity
(IU)

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

See

Abbreviations

on

.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Wireless

#### Telecommunication

#### Services
(continued)

TIM

SA

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

Brazil

178,600

$

832,126

3,423,544

#### Total

#### Common

#### Stocks

#### (Cost

#### $

#### 136,448,273

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

#### 199,612,657

#### Preferred

#### Stocks

#### 3.6%

#### Banks

#### 3.6%
f

Banco

Bradesco

SA

,

.74

%

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

Brazil

624,900

2,530,354

f

Grupo

Cibest

SA

,

.99

%

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

Colombia

22,311

455,648

f

Itau

Unibanco

Holding

SA

,

.78

%

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

Brazil

363,554

3,143,168

f

Itausa

SA

,

.14

%

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

Brazil

541,343

1,405,110

7,534,280

#### Total

#### Preferred

#### Stocks

#### (Cost

#### $

#### 4,876,129

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

#### 7,534,280

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 141,324,402

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

#### 207,146,937

#### a

#### Short

#### Term

#### Investments

#### 3.3%
a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Money

#### Market

#### Funds

#### 3.3%
g,h

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

3.603 %

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

United

States

6,775,904

6,775,904

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 6,775,904

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

#### 6,775,904

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 6,775,904

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

#### 6,775,904

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 148,100,306

####)
102.7 #### %
................................

#### $213,922,841

#### Other

#### Assets,

#### less

#### Liabilities

#### (2.7 ####)

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

#### (5,524,414)

#### Net

#### Assets

#### 100.0%

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

#### $208,398,427

#### 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

January

31,

2026,

the

aggregate

value

of

these

securities

was

$8,067,544,

representing

3.9%

of

net

assets.

b

Non-income

producing.

c

Variable

interest

entity

(VIE).

See

Note

regarding

investments

made

through

a

VIE

structure.

At

January

31,

2026,

the

aggregate

value

of

these

securities

was

$24,943,884,

representing

12.0%

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

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$13.48

$12.50

$11.33

$10.18

$13.09

$10.31

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.08 0.34 0.34 0.37 0.34 0.35 Net

realized

and

unrealized

gains

(losses)

2.30 1.22 1.28 1.16 (2.26)

2.80 Total

from

investment

operations

........

2.38 1.56 1.62 1.53 (1.92)

3.15 Less

distributions

from:

Net

investment

income

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

(0.13)

(0.48)

(0.45)

(0.38)

(0.42)

(0.37)

Net

realized

gains

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

(1.40)

(0.10)

—

—

(0.57)

—

Total

distributions

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

(1.53)

(0.58)

(0.45)

(0.38)

(0.99)

(0.37)

Net

asset

value,

end

of

period

..........

$14.33

$13.48

$12.50

$11.33

$10.18

$13.09

Total

return

c

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

18.32%

12.96%

14.79%

15.44%

(15.56)%

31.00%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

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

0.06%

0.05%

0.02%

0.03%

0.04%

0.04%

Expenses

net

of

waiver

and

payments

by

affiliates

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

—%

—%

—%

—%

e

—%

—%

e

Net

investment

income

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

1.11%

2.73%

2.91%

3.62%

2.94%

2.93%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$396,098

$435,754

$941,318

$944,165

$800,757

$360,375

Portfolio

turnover

rate

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

48.03%

65.93%

f

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

Total

return

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

See

Note

3(f)

for

prior

year

information.

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited),

January

31,

2026

#### Franklin

#### International

#### Core

#### Equity
(IU)

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks

#### 98.5%

#### Aerospace

#### &

#### Defense

#### 2.8%
Airbus

SE

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

France

1,519

$

347,775

BAE

Systems

plc

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

United

Kingdom

13,597

369,117

Dassault

Aviation

SA

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

France

2,111

802,550

Leonardo

SpA

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

Italy

13,265

886,455

Rolls-Royce

Holdings

plc

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

United

Kingdom

26,022

435,009

Safran

SA

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

France

16,797

6,001,424

Thales

SA

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

France

7,184

2,199,209

11,041,539

#### Air

#### Freight

#### &

#### Logistics

#### 0.5%
Deutsche

Post

AG

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

Germany

34,035

1,903,527

#### Automobile

#### Components

#### 0.7%
Aisin

Corp.

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

Japan

19,500

349,342

Continental

AG

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

Germany

25,398

1,998,551

Sumitomo

Electric

Industries

Ltd.

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

Japan

9,000

394,016

2,741,909

#### Automobiles

#### 1.3%
Ferrari

NV

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

Italy

827

275,843

Isuzu

Motors

Ltd.

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

Japan

34,151

550,166

Mercedes-Benz

Group

AG

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

Germany

22,678

1,549,911

Subaru

Corp.

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

Japan

17,352

372,516

Suzuki

Motor

Corp.

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

Japan

140,200

1,911,637

Toyota

Motor

Corp.

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

Japan

18,682

423,437

5,083,510

#### Banks

#### 16.3%
AIB

Group

plc

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

Ireland

336,245

3,758,595

Banco

Bilbao

Vizcaya

Argentaria

SA

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

Spain

15,848

402,280

Banco

de

Sabadell

SA

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

Spain

98,511

386,438

Banco

Santander

SA

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

Spain

31,750

405,386

Barclays

plc

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

United

Kingdom

483,716

3,228,353

BNP

Paribas

SA

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

France

56,123

6,068,723

CaixaBank

SA

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

Spain

343,012

4,527,823

Commerzbank

AG

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

Germany

13,483

554,215

Commonwealth

Bank

of

Australia

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

Australia

3,613

374,021

Danske

Bank

A/S

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

Denmark

7,797

397,242

Erste

Group

Bank

AG

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

Austria

6,584

855,979

FinecoBank

Banca

Fineco

SpA

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

Italy

15,046

398,873

HSBC

Holdings

plc

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

United

Kingdom

548,883

9,682,804

ING

Groep

NV

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

Netherlands

188,913

5,571,219

Intesa

Sanpaolo

SpA

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

Italy

384,094

2,719,152

Mitsubishi

UFJ

Financial

Group,

Inc.

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

Japan

432,150

7,826,396

NatWest

Group

plc

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

United

Kingdom

600,824

5,476,382

Societe

Generale

SA

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

France

60,360

5,289,317

Standard

Chartered

plc

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

United

Kingdom

15,602

399,200

UniCredit

SpA

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

Italy

70,161

6,114,255

64,436,653

#### Beverages

#### 0.5%
Coca-Cola

HBC

AG

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

Italy

38,966

2,116,230

#### Biotechnology

#### 0.2%
a

Argenx

SE

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

Netherlands

411,235

a

Genmab

A/S

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

Denmark

1,669

543,736

954,971

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### International

#### Core

#### Equity
(IU)

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Broadline

#### Retail

#### 1.5%
Next

plc

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

United

Kingdom

20,929

$

3,799,847

Ryohin

Keikaku

Co.

Ltd.

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

Japan

37,000

737,958

a

Sea

Ltd.

,

ADR

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

Singapore

6,495

756,603

Wesfarmers

Ltd.

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

Australia

12,484

720,159

6,014,567

#### Building

#### Products

#### 0.9%
Belimo

Holding

AG

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

Switzerland

440,792

Cie

de

Saint-Gobain

SA

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

France

27,054

2,670,380

Geberit

AG

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

Switzerland

784

598,655

3,709,827

#### Capital

#### Markets

#### 3.7%
3i

Group

plc

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

United

Kingdom

80,925

3,717,623

Deutsche

Bank

AG

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

Germany

130,400

5,145,729

Deutsche

Boerse

AG

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

Germany

1,735

439,346

Hong

Kong

Exchanges

&

Clearing

Ltd.

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

Hong

Kong

6,800

374,892

Nomura

Holdings,

Inc.

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

Japan

41,700

377,899

Singapore

Exchange

Ltd.

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

Singapore

295,944

4,100,634

UBS

Group

AG

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

Switzerland

9,438

446,563

14,602,686

#### Chemicals

#### 2.0%
Air

Liquide

SA

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

France

1,808

338,570

Asahi

Kasei

Corp.

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

Japan

90,900

881,822

BASF

SE

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

Germany

10,993

595,974

EMS-Chemie

Holding

AG

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

Switzerland

552

429,163

Givaudan

SA

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

Switzerland

558

2,156,943

Mitsubishi

Chemical

Group

Corp.

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

Japan

120,000

792,265

Nitto

Denko

Corp.

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

Japan

120,241

2,672,156

7,866,893

#### Commercial

#### Services

#### &

#### Supplies

#### 0.1%
Brambles

Ltd.

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

Australia

23,383

362,968

#### Communications

#### Equipment

#### 1.3%
Nokia

OYJ

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

Finland

58,803

378,745

Telefonaktiebolaget

LM

Ericsson

,

B

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

Sweden

456,980

4,949,169

5,327,914

#### Construction

#### &

#### Engineering

#### 0.9%
ACS

Actividades

de

Construccion

y

Servicios

SA

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

Spain

25,012

2,806,253

Eiffage

SA

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

France

2,616

387,972

Skanska

AB

,

B

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

Sweden

13,473

409,205

3,603,430

#### Construction

#### Materials

#### 0.9%
Heidelberg

Materials

AG

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

Germany

5,781

1,583,247

Holcim

AG

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

United

States

18,748

1,932,335

3,515,582

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 1.4%
Carrefour

SA

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

France

27,546

451,181

Coles

Group

Ltd.

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

Australia

75,606

1,117,067

Koninklijke

Ahold

Delhaize

NV

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

Netherlands

81,761

3,196,868

Tesco

plc

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

United

Kingdom

107,960

628,198

5,393,314

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### International

#### Core

#### Equity
(IU)

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Diversified

#### Consumer

#### Services

#### 0.1%
Pearson

plc

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

United

Kingdom

25,023

$

329,126

#### Diversified

#### REITs

#### 0.8%
Stockland

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

Australia

813,669

3,044,429

#### Diversified

#### Telecommunication

#### Services

#### 2.6%
Deutsche

Telekom

AG

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

Germany

143,086

4,801,721

Telenor

ASA

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

Norway

33,220

558,812

Telia

Co.

AB

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

Sweden

384,706

1,757,515

Telstra

Group

Ltd.

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

Australia

982,862

3,339,072

10,457,120

#### Electric

#### Utilities

#### 3.0%
Endesa

SA

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

Spain

10,708

394,617

Enel

SpA

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

Italy

502,746

5,554,620

Iberdrola

SA

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

Spain

260,241

5,850,934

11,800,171

#### Electrical

#### Equipment

#### 4.0%
ABB

Ltd.

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

Switzerland

74,148

6,384,001

Fujikura

Ltd.

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

Japan

35,700

4,487,025

Mitsubishi

Electric

Corp.

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

Japan

125,685

3,929,153

Schneider

Electric

SE

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

United

States

1,387

397,656

a

Siemens

Energy

AG

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

Germany

2,730

465,138

15,662,973

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0.3%
Yokogawa

Electric

Corp.

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

Japan

41,647

1,388,465

#### Entertainment

#### 0.2%
Nintendo

Co.

Ltd.

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

Japan

4,727

292,722

Toho

Co.

Ltd.

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

Japan

6,300

320,659

613,381

#### Financial

#### Services

#### 0.4%
EXOR

NV

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

Netherlands

4,406

361,760

Industrivarden

AB

,

A

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

Sweden

9,650

482,408

ORIX

Corp.

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

Japan

22,100

673,506

1,517,674

#### Food

#### Products

#### 3.1%
Ajinomoto

Co.,

Inc.

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

Japan

196,400

4,493,011

Nestle

SA

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

United

States

62,708

5,984,008

b

WH

Group

Ltd.

,

144A

,

Reg

S

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

Hong

Kong

1,493,192

1,762,110

12,239,129

#### Gas

#### Utilities

#### 0.7%
Tokyo

Gas

Co.

Ltd.

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

Japan

62,345

2,765,977

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 1.8%
Cochlear

Ltd.

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

Australia

3,810

710,158

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

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

New

Zealand

39,924

932,679

Hoya

Corp.

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

Japan

30,159

5,059,350

Sonova

Holding

AG

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

Switzerland

1,469

402,041

7,104,228

#### Health

#### Care

#### Technology

#### 0.2%
Pro

Medicus

Ltd.

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

Australia

6,341

810,655

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0.4%
Aristocrat

Leisure

Ltd.

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

Australia

29,863

1,109,403

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### International

#### Core

#### Equity
(IU)

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Hotels,

#### Restaurants

#### &

#### Leisure
(continued)

Compass

Group

plc

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

United

Kingdom

11,679

$

350,200

1,459,603

#### Household

#### Durables

#### 0.9%
Sony

Group

Corp.

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

Japan

166,800

3,677,591

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0.4%
RWE

AG

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

Germany

25,052

1,590,900

#### Industrial

#### Conglomerates

#### 1.2%
Hitachi

Ltd.

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

Japan

55,507

1,926,100

Siemens

AG

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

Germany

8,982

2,715,531

4,641,631

#### Industrial

#### REITs

#### 0.1%
CapitaLand

Ascendas

REIT

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

Singapore

172,300

385,583

#### Insurance

#### 4.6%
Aegon

Ltd.

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

United

States

71,128

558,674

AIA

Group

Ltd.

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

Hong

Kong

547,946

6,321,917

Allianz

SE

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

Germany

864

380,438

AXA

SA

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

France

112,519

5,130,770

Insurance

Australia

Group

Ltd.

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

Australia

71,771

378,387

Medibank

Pvt

Ltd.

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

Australia

119,101

382,155

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen

Germany

3,349

2,029,751

QBE

Insurance

Group

Ltd.

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

Australia

28,855

395,480

Sompo

Holdings,

Inc.

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

Japan

10,465

360,881

Suncorp

Group

Ltd.

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

Australia

193,693

2,280,141

18,218,594

#### IT

#### Services

#### 0.8%
Fujitsu

Ltd.

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

Japan

13,600

377,887

NEC

Corp.

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

Japan

78,120

2,648,241

3,026,128

#### Leisure

#### Products

#### 1.0%
Bandai

Namco

Holdings,

Inc.

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

Japan

151,400

3,928,637

#### Machinery

#### 4.0%
Atlas

Copco

AB

,

A

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

Sweden

122,404

2,524,240

Atlas

Copco

AB

,

B

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

Sweden

23,350

420,012

GEA

Group

AG

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

Germany

26,500

1,894,826

Komatsu

Ltd.

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

Japan

11,032

422,252

Kone

OYJ

,

B

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

Finland

5,341

383,830

Makita

Corp.

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

Japan

14,271

495,854

Schindler

Holding

AG

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

Switzerland

3,697

1,426,460

Schindler

Holding

AG

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

Switzerland

4,118

1,514,524

SMC

Corp.

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

Japan

1,000

388,771

Techtronic

Industries

Co.

Ltd.

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

Hong

Kong

123,500

1,685,960

Volvo

AB

,

B

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

Sweden

11,335

411,885

Wartsila

OYJ

Abp

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

Finland

79,443

3,220,624

Yangzijiang

Shipbuilding

Holdings

Ltd.

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

China

427,500

1,122,749

15,911,987

#### Marine

#### Transportation

#### 0.2%
Kuehne

+

Nagel

International

AG

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

Switzerland

1,825

422,601

SITC

International

Holdings

Co.

Ltd.

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

China

91,000

339,810

762,411

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### International

#### Core

#### Equity
(IU)

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Media

#### 0.1%
Publicis

Groupe

SA

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

France

3,751

$

374,906

#### Metals

#### &

#### Mining

#### 2.0%
BHP

Group

Ltd.

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

Australia

12,296

423,503

a

Boliden

AB

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

Sweden

6,081

425,833

Evolution

Mining

Ltd.

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

Australia

44,299

425,413

Fortescue

Ltd.

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

Australia

167,556

2,426,356

Fresnillo

plc

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

Mexico

9,992

492,072

Glencore

plc

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

Australia

483,468

3,295,974

JX

Advanced

Metals

Corp.

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

Japan

27,800

449,842

7,938,993

#### Multi-Utilities

#### 0.7%
Centrica

plc

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

United

Kingdom

870,690

2,279,911

E.ON

SE

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

Germany

19,670

417,198

2,697,109

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 2.6%
BP

plc

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

United

States

58,575

371,398

ENEOS

Holdings,

Inc.

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

Japan

50,600

427,667

Equinor

ASA

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

Norway

106,053

2,850,549

Idemitsu

Kosan

Co.

Ltd.

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

Japan

64,269

545,340

Shell

plc

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

United

States

97,049

3,730,516

TotalEnergies

SE

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

France

34,365

2,499,324

10,424,794

#### Passenger

#### Airlines

#### 1.2%
International

Consolidated

Airlines

Group

SA

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

United

Kingdom

411,279

2,359,021

Qantas

Airways

Ltd.

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

Australia

366,535

2,562,678

4,921,699

#### Personal

#### Care

#### Products

#### 1.7%
L'Oreal

SA

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

France

8,623

3,961,747

Unilever

plc

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

United

Kingdom

38,029

2,587,091

6,548,838

#### Pharmaceuticals

#### 9.5%
AstraZeneca

plc

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

United

Kingdom

17,520

3,264,223

Chugai

Pharmaceutical

Co.

Ltd.

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

Japan

40,800

2,330,526

GSK

plc

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

United

States

232,586

6,015,060

Ipsen

SA

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

France

6,799

1,110,721

Novartis

AG

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

United

States

62,069

9,209,166

Novo

Nordisk

A/S

,

B

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

Denmark

45,117

2,679,014

Orion

OYJ

,

B

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

Finland

5,035

416,385

Roche

Holding

AG

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

United

States

5,342

2,468,652

Roche

Holding

AG

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

United

States

16,919

7,693,745

Sanofi

SA

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

United

States

10,228

964,743

UCB

SA

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

Belgium

4,579

1,395,339

37,547,574

#### Professional

#### Services

#### 1.3%
Recruit

Holdings

Co.

Ltd.

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

Japan

63,353

3,337,042

RELX

plc

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

United

Kingdom

34,310

1,216,359

Wolters

Kluwer

NV

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

Netherlands

7,915

743,243

5,296,644

#### Real

#### Estate

#### Management

#### &

#### Development

#### 1.6%
CK

Asset

Holdings

Ltd.

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

Hong

Kong

269,288

1,577,527

Mitsubishi

Estate

Co.

Ltd.

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

Japan

14,756

376,070

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### International

#### Core

#### Equity
(IU)

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Real

#### Estate

#### Management

#### &

#### Development
(continued)

Mitsui

Fudosan

Co.

Ltd.

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

Japan

351,900

$

4,035,204

Sun

Hung

Kai

Properties

Ltd.

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

Hong

Kong

31,500

505,855

6,494,656

#### Retail

#### REITs

#### 0.1%
Klepierre

SA

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

France

9,321

359,077

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 4.4%
Advantest

Corp.

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

Japan

15,600

2,580,031

ASML

Holding

NV

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

Netherlands

6,331

9,078,059

Tokyo

Electron

Ltd.

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

Japan

21,438

5,712,350

17,370,440

#### Software

#### 1.9%
a

Check

Point

Software

Technologies

Ltd.

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

Israel

7,941

1,425,489

Sage

Group

plc

(The)

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

United

Kingdom

133,064

1,744,895

SAP

SE

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

Germany

19,761

3,947,624

a

Trend

Micro,

Inc.

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

Japan

7,700

302,055

a

Xero

Ltd.

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

New

Zealand

4,780

311,519

7,731,582

#### Specialty

#### Retail

#### 0.1%
Industria

de

Diseno

Textil

SA

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

Spain

5,737

373,307

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 0.2%
Canon,

Inc.

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

Japan

12,200

371,355

Logitech

International

SA

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

Switzerland

6,135

528,543

899,898

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 1.9%
adidas

AG

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

Germany

5,757

1,020,737

Asics

Corp.

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

Japan

122,317

2,944,498

Hermes

International

SCA

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

France

502

1,207,812

LVMH

Moet

Hennessy

Louis

Vuitton

SE

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

France

2,188

1,412,145

Pandora

A/S

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

Denmark

13,740

1,112,166

7,697,358

#### Tobacco

#### 0.6%
Imperial

Brands

plc

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

United

Kingdom

58,172

2,450,075

#### Trading

#### Companies

#### &

#### Distributors

#### 1.1%
AerCap

Holdings

NV

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

Ireland

5,198

746,745

MonotaRO

Co.

Ltd.

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

Japan

25,000

337,224

Rexel

SA

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

France

31,844

1,334,441

Toyota

Tsusho

Corp.

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

Japan

52,200

1,901,084

4,319,494

#### Transportation

#### Infrastructure

#### 0.9%
b

Aena

SME

SA

,

144A

,

Reg

S

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

Spain

118,670

3,685,603

#### Wireless

#### Telecommunication

#### Services

#### 0.8%
SoftBank

Group

Corp.

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

Japan

12,900

352,265

Tele2

AB

,

B

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

Sweden

23,216

427,140

Vodafone

Group

plc

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

United

Kingdom

1,625,236

2,393,528

3,172,933

#### Total

#### Common

#### Stocks

#### (Cost

#### $

#### 274,681,709

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

#### 390,316,893
Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### International

#### Core

#### Equity
(IU)

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Short

#### Term

#### Investments

#### 1.1%
a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Money

#### Market

#### Funds

#### 1.1%
c,d

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

3.603 %

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

United

States

4,527,487

$

4,527,487

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 4,527,487

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

#### 4,527,487

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 4,527,487

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

#### 4,527,487

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 279,209,196

####)
99.6 #### %
.................................

#### $394,844,380

#### Other

#### Assets,

#### less

#### Liabilities
0.4 #### %
...........................................

#### 1,253,757

#### Net

#### Assets

#### 100.0%

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

#### $396,098,137

#### a
See

Abbreviations

on

.

a

Non-income

producing.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933. 144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933. Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

January

31,

2026,

the

aggregate

value

of

these

securities

was

$5,447,713,

representing

1.4%

of

net

assets.

c

See

Note

3(d)

regarding

investments

in

affiliated

management

investment

companies.

d

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### U.S.

#### Core

#### Equity
(IU)

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$18.27

$17.10

$13.64

$13.12

$14.99

$11.31

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.12 0.23 0.19 0.20 0.24 0.21 Net

realized

and

unrealized

gains

(losses)

2.05 2.50 3.45 0.94 (0.81)

3.74 Total

from

investment

operations

........

2.17 2.73 3.64 1.14 (0.57)

3.95 Less

distributions

from:

Net

investment

income

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

(0.08)

(0.24)

(0.18)

(0.21)

(0.20)

(0.20)

Net

realized

gains

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

(0.45)

(1.32)

—

(0.41)

(1.10)

(0.07)

Total

distributions

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

(0.53)

(1.56)

(0.18)

(0.62)

(1.30)

(0.27)

Net

asset

value,

end

of

period

..........

$19.91

$18.27

$17.10

$13.64

$13.12

$14.99

Total

return

c

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

11.93%

16.70%

26.88%

9.31%

(4.42)%

35.39%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

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

0.01%

0.01%

0.01%

0.01%

0.01%

0.01%

Expenses

net

of

waiver

and

payments

by

affiliates

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

—%

—%

—%

—%

e

—%

e

—%

e

Net

investment

income

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

1.25%

1.31%

1.31%

1.59%

1.73%

1.60%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$1,180,679

$1,084,222

$2,022,211

$1,802,029

$2,053,864

$1,316,677

Portfolio

turnover

rate

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

46.10%

63.98%

f

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

Total

return

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

See

Note

3(f)

for

prior

year

information.

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited),

January

31,

2026

#### Franklin

#### U.S.

#### Core

#### Equity
(IU)

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Shares
a

#### Value
a

#### Common

#### Stocks

#### 99.0%

#### Aerospace

#### &

#### Defense

#### 3.1%
General

Dynamics

Corp.

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

37,276

$

13,087,231

General

Electric

Co.

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

56,908

17,458,805

Howmet

Aerospace,

Inc.

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

6,108

1,270,953

Lockheed

Martin

Corp.

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

2,450

1,553,839

Northrop

Grumman

Corp.

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

1,961

1,357,522

RTX

Corp.

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

7,315

1,469,803

36,198,153

#### Air

#### Freight

#### &

#### Logistics

#### 1.3%
Expeditors

International

of

Washington,

Inc.

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

7,756

1,245,148

FedEx

Corp.

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

41,576

13,397,866

United

Parcel

Service,

Inc.

,

B

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

11,887

1,262,637

15,905,651

#### Automobiles

#### 3.3%
Ford

Motor

Co.

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

703,421

9,763,484

General

Motors

Co.

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

156,964

13,184,976

a

Tesla,

Inc.

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

37,537

16,156,300

39,104,760

#### Banks

#### 3.9%
Bank

of

America

Corp.

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

21,329

1,134,703

Citigroup,

Inc.

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

132,697

15,354,370

First

Horizon

Corp.

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

47,291

1,158,156

JPMorgan

Chase

&

Co.

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

30,558

9,347,387

a

NU

Holdings

Ltd.

,

A

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

71,634

1,271,503

PNC

Financial

Services

Group,

Inc.

(The)

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

5,319

1,187,733

Wells

Fargo

&

Co.

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

182,504

16,514,787

45,968,639

#### Beverages

#### 1.0%
a

Boston

Beer

Co.,

Inc.

(The)

,

A

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

5,568

1,189,436

a

Monster

Beverage

Corp.

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

93,616

7,560,428

PepsiCo,

Inc.

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

18,875

2,899,767

11,649,631

#### Biotechnology

#### 2.8%
AbbVie,

Inc.

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

5,258

1,172,586

Amgen,

Inc.

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

3,549

1,213,332

a

BioMarin

Pharmaceutical,

Inc.

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

21,081

1,191,920

a

Exelixis,

Inc.

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

87,660

3,625,618

Gilead

Sciences,

Inc.

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

119,746

16,997,945

a

Incyte

Corp.

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

17,100

1,711,197

Regeneron

Pharmaceuticals,

Inc.

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

8,580

6,361,641

a

Vertex

Pharmaceuticals,

Inc.

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

2,685

1,261,681

33,535,920

#### Broadline

#### Retail

#### 4.0%
a

Amazon.com,

Inc.

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

193,562

46,319,386

eBay,

Inc.

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

12,895

1,176,282

47,495,668

#### Building

#### Products

#### 0.3%
Allegion

plc

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

6,921

1,144,664

Johnson

Controls

International

plc

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

10,552

1,258,432

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### U.S.

#### Core

#### Equity
(IU)

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Shares
a

#### Value
a

#### Common

#### Stocks
(continued)

#### Building

#### Products
(continued)

Trane

Technologies

plc

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

2,611

$

1,098,134

3,501,230

#### Capital

#### Markets

#### 2.5%
Ameriprise

Financial,

Inc.

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

2,488

1,311,649

Bank

of

New

York

Mellon

Corp.

(The)

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

10,136

1,215,509

Charles

Schwab

Corp.

(The)

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

11,305

1,174,816

Evercore,

Inc.

,

A

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

3,803

1,343,486

Goldman

Sachs

Group,

Inc.

(The)

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

1,717

1,606,099

Janus

Henderson

Group

plc

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

154,649

7,443,256

Moody's

Corp.

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

2,329

1,200,739

Morgan

Stanley

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

17,397

3,180,171

a

Robinhood

Markets,

Inc.

,

A

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

9,194

914,619

SEI

Investments

Co.

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

87,729

7,706,993

State

Street

Corp.

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

8,729

1,142,277

Stifel

Financial

Corp.

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

9,476

1,168,391

29,408,005

#### Chemicals

#### 0.4%
Corteva,

Inc.

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

40,676

2,961,213

Sherwin-Williams

Co.

(The)

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

3,367

1,194,073

4,155,286

#### Commercial

#### Services

#### &

#### Supplies

#### 0.1%
Cintas

Corp.

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

5,992

1,146,809

#### Communications

#### Equipment

#### 0.9%
a

Arista

Networks,

Inc.

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

49,310

6,989,199

Cisco

Systems,

Inc.

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

24,462

1,915,864

Ubiquiti,

Inc.

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

2,067

1,139,785

10,044,848

#### Construction

#### &

#### Engineering

#### 0.2%
EMCOR

Group,

Inc.

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

1,710

1,232,448

Valmont

Industries,

Inc.

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

2,719

1,211,478

2,443,926

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 2.1%
Kroger

Co.

(The)

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

16,948

1,065,182

Target

Corp.

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

10,967

1,156,689

Walmart,

Inc.

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

189,969

22,632,907

24,854,778

#### Diversified

#### Telecommunication

#### Services

#### 2.4%
AT&T,

Inc.

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

632,208

16,570,172

Comcast

Corp.

,

A

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

388,023

11,543,684

28,113,856

#### Electric

#### Utilities

#### 2.0%
American

Electric

Power

Co.,

Inc.

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

9,529

1,141,336

Duke

Energy

Corp.

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

10,021

1,216,048

Edison

International

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

19,255

1,199,201

Exelon

Corp.

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

25,161

1,126,710

NRG

Energy,

Inc.

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

36,437

5,561,379

PG&E

Corp.

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

779,264

12,016,251

Southern

Co.

(The)

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

12,760

1,139,596

23,400,521

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### U.S.

#### Core

#### Equity
(IU)

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Shares
a

#### Value
a

#### Common

#### Stocks
(continued)

#### Electrical

#### Equipment

#### 1.4%
GE

Vernova,

Inc.

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

21,728

$

15,782,568

Vertiv

Holdings

Co.

,

A

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

7,074

1,317,037

17,099,605

#### Energy

#### Equipment

#### &

#### Services

#### 0.1%
TechnipFMC

plc

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

25,067

1,396,733

#### Entertainment

#### 1.4%
a

Netflix,

Inc.

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

168,335

14,054,289

a

Spotify

Technology

SA

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

2,145

1,073,251

Walt

Disney

Co.

(The)

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

9,349

1,054,567

16,182,107

#### Financial

#### Services

#### 4.2%
a

Berkshire

Hathaway,

Inc.

,

B

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

13,585

6,528,000

Mastercard,

Inc.

,

A

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

37,612

20,264,969

MGIC

Investment

Corp.

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

406,163

10,933,908

PayPal

Holdings,

Inc.

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

167,781

8,840,381

a

Toast,

Inc.

,

A

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

33,582

1,044,736

Visa,

Inc.

,

A

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

6,967

2,242,190

49,854,184

#### Food

#### Products

#### 0.1%
Archer-Daniels-Midland

Co.

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

18,825

1,267,111

#### Gas

#### Utilities

#### 0.1%
National

Fuel

Gas

Co.

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

13,998

1,172,332

#### Ground

#### Transportation

#### 0.2%
a

Lyft,

Inc.

,

A

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

65,158

1,099,216

a

Uber

Technologies,

Inc.

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

13,544

1,084,197

2,183,413

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 1.3%
Abbott

Laboratories

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

8,994

983,044

a

Dexcom,

Inc.

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

18,500

1,351,240

a

IDEXX

Laboratories,

Inc.

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

1,879

1,259,794

a

Insulet

Corp.

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

3,238

828,313

a

Intuitive

Surgical,

Inc.

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

19,006

9,583,205

Medtronic

plc

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

11,135

1,146,460

15,152,056

#### Health

#### Care

#### Providers

#### &

#### Services

#### 1.1%
Cardinal

Health,

Inc.

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

5,754

1,236,419

Cencora,

Inc.

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

3,441

1,236,076

a

Centene

Corp.

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

24,828

1,075,549

CVS

Health

Corp.

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

14,411

1,073,908

Elevance

Health,

Inc.

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

3,104

1,073,177

HCA

Healthcare,

Inc.

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

2,717

1,326,630

McKesson

Corp.

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

4,644

3,860,139

UnitedHealth

Group,

Inc.

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

3,421

981,587

Universal

Health

Services,

Inc.

,

B

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

5,737

1,154,629

13,018,114

#### Health

#### Care

#### Technology

#### 0.1%
a

Veeva

Systems,

Inc.

,

A

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

4,819

982,690

a

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### U.S.

#### Core

#### Equity
(IU)

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Shares
a

#### Value
a

#### Common

#### Stocks
(continued)

#### Hotel

#### &

#### Resort

#### REITs

#### 0.1%
Host

Hotels

&

Resorts,

Inc.

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

64,809

$

1,200,911

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 2.0%
a

Airbnb,

Inc.

,

A

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

54,133

7,003,186

Booking

Holdings,

Inc.

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

2,736

13,685,034

a

Chipotle

Mexican

Grill,

Inc.

,

A

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

33,276

1,293,438

Expedia

Group,

Inc.

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

4,231

1,120,538

Las

Vegas

Sands

Corp.

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

19,630

1,035,090

24,137,286

#### Household

#### Durables

#### 0.1%
DR

Horton,

Inc.

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

6,047

900,035

#### Household

#### Products

#### 1.3%
Colgate-Palmolive

Co.

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

110,142

9,944,721

Procter

&

Gamble

Co.

(The)

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

35,946

5,455,525

15,400,246

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0.2%
Vistra

Corp.

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

15,525

2,458,384

#### Industrial

#### Conglomerates

#### 0.2%
3M

Co.

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

6,622

1,014,226

Honeywell

International,

Inc.

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

5,083

1,156,484

2,170,710

#### Industrial

#### REITs

#### 0.1%
Prologis,

Inc.

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

8,943

1,167,598

#### Insurance

#### 1.2%
Allstate

Corp.

(The)

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

5,406

1,075,740

American

International

Group,

Inc.

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

14,022

1,049,967

Axis

Capital

Holdings

Ltd.

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

13,648

1,408,201

Globe

Life,

Inc.

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

8,267

1,159,199

Hanover

Insurance

Group,

Inc.

(The)

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

6,682

1,163,603

Hartford

Insurance

Group,

Inc.

(The)

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

23,381

3,157,838

Old

Republic

International

Corp.

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

26,977

1,056,689

Progressive

Corp.

(The)

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

4,967

1,033,136

RenaissanceRe

Holdings

Ltd.

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

4,286

1,207,366

Travelers

Cos.,

Inc.

(The)

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

4,104

1,167,629

Unum

Group

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

14,544

1,104,908

14,584,276

#### Interactive

#### Media

#### &

#### Services

#### 8.7%
Alphabet,

Inc.

,

A

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

92,332

31,208,216

Alphabet,

Inc.

,

C

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

82,434

27,906,382

Meta

Platforms,

Inc.

,

A

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

61,101

43,778,867

102,893,465

#### IT

#### Services

#### 0.4%
Accenture

plc

,

A

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

4,483

1,181,898

VeriSign,

Inc.

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

13,281

3,243,619

4,425,517

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0.2%
a

Illumina,

Inc.

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

11,233

1,626,651

a

Medpace

Holdings,

Inc.

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

1,945

1,132,923

2,759,574

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### U.S.

#### Core

#### Equity
(IU)

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Shares
a

#### Value
a

#### Common

#### Stocks
(continued)

#### Machinery

#### 0.7%
Allison

Transmission

Holdings,

Inc.

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

11,509

$

1,251,028

Caterpillar,

Inc.

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

2,586

1,699,933

Cummins,

Inc.

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

2,265

1,311,027

Otis

Worldwide

Corp.

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

30,004

2,562,942

Toro

Co.

(The)

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

12,994

1,188,951

8,013,881

#### Media

#### 0.3%
Fox

Corp.

,

A

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

23,328

1,697,812

New

York

Times

Co.

(The)

,

A

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

17,720

1,299,053

2,996,865

#### Metals

#### &

#### Mining

#### 1.3%
Freeport-McMoRan,

Inc.

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

29,262

1,762,450

Newmont

Corp.

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

125,722

14,124,867

15,887,317

#### Multi-Utilities

#### 0.3%
CMS

Energy

Corp.

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

16,534

1,182,015

Consolidated

Edison,

Inc.

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

11,203

1,194,576

Public

Service

Enterprise

Group,

Inc.

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

13,833

1,139,286

3,515,877

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 1.9%
Cheniere

Energy,

Inc.

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

6,236

1,319,039

Chevron

Corp.

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

7,138

1,262,712

ConocoPhillips

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

11,868

1,237,002

EOG

Resources,

Inc.

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

93,833

10,521,494

Exxon

Mobil

Corp.

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

49,992

7,068,869

Valero

Energy

Corp.

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

6,694

1,214,492

22,623,608

#### Passenger

#### Airlines

#### 0.2%
Southwest

Airlines

Co.

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

25,993

1,235,187

a

United

Airlines

Holdings,

Inc.

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

9,864

1,009,285

2,244,472

#### Pharmaceuticals

#### 3.5%
Bristol-Myers

Squibb

Co.

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

255,182

14,047,769

Eli

Lilly

&

Co.

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

19,192

19,904,983

Johnson

&

Johnson

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

22,905

5,205,161

Merck

&

Co.,

Inc.

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

11,244

1,239,876

Pfizer,

Inc.

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

44,027

1,164,074

41,561,863

#### Professional

#### Services

#### 0.2%
Automatic

Data

Processing,

Inc.

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

3,633

896,697

Genpact

Ltd.

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

28,957

1,277,004

2,173,701

#### Real

#### Estate

#### Management

#### &

#### Development

#### 0.7%
a

CBRE

Group,

Inc.

,

A

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

7,474

1,273,047

a

Jones

Lang

LaSalle,

Inc.

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

21,030

7,526,847

8,799,894

#### Residential

#### REITs

#### 0.2%
Mid-America

Apartment

Communities,

Inc.

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

7,514

1,009,130

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### U.S.

#### Core

#### Equity
(IU)

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Shares
a

#### Value
a

#### Common

#### Stocks
(continued)

#### Residential

#### REITs
(continued)

Sun

Communities,

Inc.

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

9,176

$

1,169,298

2,178,428

#### Retail

#### REITs

#### 0.1%
Simon

Property

Group,

Inc.

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

6,266

1,198,748

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 14.8%
Applied

Materials,

Inc.

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

47,302

15,246,381

Broadcom,

Inc.

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

67,739

22,441,931

KLA

Corp.

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

9,143

13,055,655

Lam

Research

Corp.

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

18,297

4,271,618

Micron

Technology,

Inc.

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

8,541

3,543,490

NVIDIA

Corp.

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

540,126

103,234,282

QUALCOMM,

Inc.

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

88,023

13,343,406

175,136,763

#### Software

#### 9.4%
a

Adobe,

Inc.

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

43,862

12,862,531

a

AppLovin

Corp.

,

A

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

1,740

823,211

a

Atlassian

Corp.

,

A

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

7,903

933,977

a

Autodesk,

Inc.

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

3,366

851,160

a

Cadence

Design

Systems,

Inc.

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

3,086

914,567

a

Fair

Isaac

Corp.

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

703

1,028,608

a

Fortinet,

Inc.

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

13,383

1,087,503

a

HubSpot,

Inc.

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

3,114

871,920

Intuit,

Inc.

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

17,679

8,820,407

Microsoft

Corp.

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

172,015

74,016,334

Oracle

Corp.

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

8,643

1,422,465

a

Palantir

Technologies,

Inc.

,

A

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

25,771

3,777,771

Salesforce,

Inc.

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

4,444

943,417

a

ServiceNow,

Inc.

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

6,890

806,199

a

Teradata

Corp.

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

36,436

1,039,155

a

Zoom

Communications,

Inc.

,

A

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

13,436

1,237,456

111,436,681

#### Specialized

#### REITs

#### 0.2%
Public

Storage

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

4,160

1,148,950

VICI

Properties,

Inc.

,

A

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

41,686

1,170,543

2,319,493

#### Specialty

#### Retail

#### 0.8%
a

AutoZone,

Inc.

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

1,281,684

Best

Buy

Co.,

Inc.

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

16,389

1,066,924

Home

Depot,

Inc.

(The)

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

2,606

976,182

Lowe's

Cos.,

Inc.

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

16,255

4,341,060

TJX

Cos.,

Inc.

(The)

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

8,174

1,224,547

8,890,397

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 7.5%
Apple,

Inc.

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

338,533

87,842,543

HP,

Inc.

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

45,173

878,163

88,720,706

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.1%
a

Deckers

Outdoor

Corp.

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

9,184

1,096,019

a

#### Tobacco

#### 1.6%
Altria

Group,

Inc.

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

183,686

11,386,695

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### U.S.

#### Core

#### Equity
(IU)

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

See

Abbreviations

on

.

a

a

#### Shares
a

#### Value
a

#### Common

#### Stocks
(continued)

#### Tobacco
(continued)

Philip

Morris

International,

Inc.

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

39,885

$

7,156,965

18,543,660

#### Trading

#### Companies

#### &

#### Distributors

#### 0.3%
Fastenal

Co.

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

27,404

1,188,237

Ferguson

Enterprises,

Inc.

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

4,845

1,223,169

WW

Grainger,

Inc.

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

1,124

1,213,853

3,625,259

#### Wireless

#### Telecommunication

#### Services

#### 0.1%
T-Mobile

US,

Inc.

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

5,488

1,082,288

#### Total

#### Common

#### Stocks

#### (Cost

#### $

#### 768,310,844

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

#### 1,169,379,948
a

#### a
a

a

#### Short

#### Term

#### Investments

#### 0.9%
a

#### Money

#### Market

#### Funds

#### 0.9%
b,c

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

3.603 %

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

10,058,105

10,058,105

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 10,058,105

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

#### 10,058,105

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 10,058,105

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

#### 10,058,105

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 778,368,949

####)
99.9 #### %
...................................

#### $1,179,438,053

#### Other

#### Assets,

#### less

#### Liabilities
0.1 #### %
.............................................

#### 1,241,127

#### Net

#### Assets

#### 100.0%

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

#### $1,180,679,180
a

Non-income

producing.

b

See

Note

3(d)

regarding

investments

in

affiliated

management

investment

companies.

c

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Fund

Allocator

Series

Financial

Statements

Statements

of

Assets

and

Liabilities

January

31,

2026

(unaudited)

franklintempleton.com

Semiannual

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
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

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

$141,324,402

$274,681,709

$768,310,844

Cost

-

Non-controlled

affiliates

(Note

d)

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

6,775,904

4,527,487

10,058,105

Value

-

Unaffiliated

issuers

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

$207,146,937

$390,316,893

$1,169,379,948

Value

-

Non-controlled

affiliates

(Note

d)

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

6,775,904

4,527,487

10,058,105

Cash

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

—

164,682

Foreign

currency,

at

value

(cost

$

2,357,265

,

$

and

$

–

,

respectively)

2,357,261

—

Receivables:

Investment

securities

sold

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

9,102,495

25,451,350

—

Capital

shares

sold

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

6,329,306

2,106,716

20,510,085

Dividends

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

273,883

1,225,524

753,034

European

Union

tax

reclaims

(Note

d)

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

—

805,026

—

Affiliates

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

19,392

18,422

15,907

Total

assets

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

232,005,206

424,451,567

1,200,881,761

Liabilities:

Payables:

Investment

securities

purchased

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

1,719

—

19,228,776

Capital

shares

redeemed

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

22,911,040

28,224,180

917,081

Trustees'

fees

and

expenses

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

1,296

3,131

Deferred

taxes

on

unrealized

appreciation

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

598,437

—

—

Accrued

expenses

and

other

liabilities

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

95,401

127,954

53,593

Total

liabilities

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

23,606,779

28,353,430

20,202,581

Net

assets,

at

value

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

$208,398,427

$396,098,137

$1,180,679,180

Net

assets

consist

of:

Paid-in

capital

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

$145,811,500

$244,822,261

$718,463,305

Total

distributable

earnings

(losses)

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

62,586,927

151,275,876

462,215,875

Net

assets,

at

value

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

$208,398,427

$396,098,137

$1,180,679,180

Shares

outstanding

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

14,541,486

27,650,448

59,302,621

Net

asset

value

per

share

a

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

$14.33

$14.33

$19.91

a

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

Franklin

Fund

Allocator

Series

Financial

Statements

Statements

of

Operations

for

the

six

months

ended

January

31,

2026

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### 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

$255,347,

$1,798,350

and

$–,

respectively)

Unaffiliated

issuers

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

$1,965,963

$2,380,025

$6,897,864

Non-controlled

affiliates

(Note

d)

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

35,363

63,419

171,486

Other

income

a

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

3,677

13,326

15,427

Total

investment

income

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

2,005,003

2,456,770

7,084,777

Expenses:

Custodian

fees

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

37,423

28,337

3,247

Reports

to

shareholders

fees

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

2,198

2,136

2,136

Registration

and

filing

fees

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

6,785

6,526

6,014

Professional

fees

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

45,654

50,989

46,016

Trustees'

fees

and

expenses

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

1,066

2,726

6,322

Pricing

fees

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

12,181

11,796

16,360

European

Union

tax

reclaims

filing

fees

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

—

20,804

—

Other

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

3,128

3,899

2,644

Total

expenses

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

108,435

127,213

82,739

Expenses

waived/paid

by

affiliates

(Note

d

and

e)

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

(108,435)

(127,213)

(82,739)

Net

expenses

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

—

—

—

Net

investment

income

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

2,005,003

2,456,770

7,084,777

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

(net

of

foreign

taxes

of

$135,979,

$–

and

$–,

respectively)

Unaffiliated

issuers

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

10,681,268

56,497,411

89,418,090

Foreign

currency

transactions

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

(79,175)

609,723

—

Forward

exchange

contracts

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

(1,746)

(1,592)

—

Net

realized

gain

(loss)

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

10,600,347

57,105,542

89,418,090

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

29,715,703

14,887,577

30,857,555

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

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

(41,790)

(630,347)

—

Change

in

deferred

taxes

on

unrealized

appreciation

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

(323,984)

—

—

Net

change

in

unrealized

appreciation

(depreciation)

..........

29,349,929

14,257,230

30,857,555

Net

realized

and

unrealized

gain

(loss)

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

39,950,276

71,362,772

120,275,645

Net

increase

(decrease)

in

net

assets

resulting

from

operations

........

$41,955,279

$73,819,542

$127,360,422

a

Other

income

includes

payments

by

Advisers

for

acquired

fund

fees

and

expenses

(See

Note

3e).

Franklin

Fund

Allocator

Series

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### Emerging

#### Market

#### Core

#### Equity
(IU)

#### Fund

#### Franklin

#### International

#### Core

#### Equity
(IU)

#### Fund

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### 2025
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$2,005,003

$4,359,129

$2,456,770

$16,676,216

Net

realized

gain

(loss)

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

10,600,347

5,851,877

57,105,542

118,105,176

Net

change

in

unrealized

appreciation

(depreciation)

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

29,349,929

14,838,973

14,257,230

(93,956,007)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

41,955,279

25,049,979

73,819,542

40,825,385

Distributions

to

shareholders

.........

(3,603,747)

(6,382,997)

(45,429,994)

(32,243,985)

Capital

share

transactions

(Note

2)

.....

8,080,987

4,018,185

(68,045,049)

(514,146,022)

Net

increase

(decrease)

in

net

assets

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

46,432,519

22,685,167

(39,655,501)

(505,564,622)

Net

assets:

Beginning

of

period

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

161,965,908

139,280,741

435,753,638

941,318,260

End

of

period

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

$208,398,427

$161,965,908

$396,098,137

$435,753,638

Franklin

Fund

Allocator

Series

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Franklin

#### U.S.

#### Core

#### Equity
(IU)

#### Fund

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### 2025
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$7,084,777

$18,092,225

Net

realized

gain

(loss)

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

89,418,090

546,161,122

Net

change

in

unrealized

appreciation

(depreciation)

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

30,857,555

(304,971,931)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

127,360,422

259,281,416

Distributions

to

shareholders

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

(30,601,696)

(165,818,825)

Capital

share

transactions

(Note

2)

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

(301,337)

(1,031,451,524)

Net

increase

(decrease)

in

net

assets

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

96,457,389

(937,988,933)

Net

assets:

Beginning

of

period

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

1,084,221,791

2,022,210,724

End

of

period

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

$1,180,679,180

$1,084,221,791

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
Franklin

Fund

Allocator

Series (Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company,

consisting

of 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.

Certain

derivative

financial

instruments

trade

in

the

OTC

market.

The

Funds'

pricing

services

use

various

techniques

including

industry

standard

option

pricing

models

and

proprietary

discounted

cash

flow

models

to

determine

the

fair

value

of

those

instruments.

The

Funds'

net

benefit

or

obligation

under

the

derivative

contract,

as

measured

by

the

fair

value

of

the

contract,

is

included

in

net

assets.

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

January

31,

2026,

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.

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

When

the

last

day

of

the

reporting

period

is

a

non-business

day,

certain

foreign

markets

may

be

open

on

those

days

that

the

Funds'

NAV

is

not

calculated,

which

could

result

in

differences

between

the

value

of

the

Funds'

portfolio

securities

on

the

last

business

day

and

the

last

calendar

day

of

the

reporting

period.

Any

security

valuation

changes

due

to

an

open

foreign

market

are

adjusted

and

reflected

by

the

Funds

for

financial

reporting

purposes.

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. #### Derivative

#### Financial

#### Instruments
Certain

or

all

Funds

invested

in

derivative

financial

instruments

in

order

to

manage

risk

or

gain

exposure

to

various

other

investments

or

markets.

Derivatives

are

financial

contracts

based

on

an

underlying

or

notional

amount,

require

no

initial

investment

or

an

initial

net

investment

that

is

smaller

than

would

normally

be

required

to

have

a

similar

response

to

changes

in

market

factors,

and

require

or

permit

net

settlement.

Derivatives

contain

various

risks

including

the

potential

inability

of

the

counterparty

to

fulfill

their

obligations

under

the

terms

of

the

contract,

the

potential

for

an

illiquid

secondary

market,

and/or

the

potential

for

market

movements

which

expose

the

Fund

to

gains

or

losses

in

excess

of

the

amounts

shown

in

the

Statements

of

Assets

and

Liabilities.

Realized

gain

and

loss

and

unrealized

appreciation

and

depreciation

on

these

contracts

for

the

period

are

included

in

the

Statements

of

Operations.

Derivative

counterparty

credit

risk

is

managed

through

a

formal

evaluation

of

the

creditworthiness

of

all

potential

counterparties.

Certain

or

all Funds

attempt

to

reduce their

exposure

to

counterparty

credit

risk

on

OTC

derivatives,

whenever

possible,

by

entering

into

International

Swaps

and

Derivatives

Association

(ISDA)

master

agreements

with

certain

counterparties.

These

agreements

contain

various

provisions,

including

but

not

limited

to

collateral

requirements,

events

of

default,

or

early

termination.

Termination

events

applicable

to

the

counterparty

include

certain

deteriorations

in

the

credit

quality

of

the

counterparty.

Termination

events

applicable

to

the

Funds

include

failure

of

the

Funds

to

maintain

certain

net

asset

levels

and/or

limit

the

decline

in

net

assets

over

various

periods

of

time.

In

the

event

of

default

or

early

termination,

the

ISDA

master

agreement

gives

the

non-defaulting

party

the

right

to

net

and

close-out

all

transactions

traded,

whether

or

not

arising

under

the

ISDA

agreement,

to

one

net

amount

payable

by

one

counterparty

to

the

other.

However,

absent

an

event

of

default

or

early

termination,

OTC

derivative

assets

and

liabilities

are

presented

gross

and

not

offset

in

the

Statements

of

Assets

and

Liabilities.

Early

termination

by

the

counterparty

may

result

in

an

immediate

payment

by

the

Funds

of

any

net

liability

owed

to

that

counterparty

under

the

ISDA

agreement.

Collateral

requirements

differ

by

type

of

derivative.

Collateral

terms

are

contract

specific

for

OTC

derivatives.

For

OTC

derivatives

traded

under

an

ISDA

master

agreement,

posting

of

collateral

is

required

by

either

the

Fund

or

the

applicable

counterparty

if

the

total

net

exposure

of

all

OTC

derivatives

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

a. #### Financial

#### Instrument

#### Valuation
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

with

the

applicable

counterparty

exceeds

the

minimum

transfer

amount,

which

typically

ranges

from

$100,000

to

$250,000,

and

can

vary

depending

on

the

counterparty

and

the

type

of agreement.

Generally,

collateral

is

determined

at

the

close

of

Fund

business

each

day

and

any

additional

collateral

required

due

to

changes

in

derivative

values

may

be

delivered

by

the

Fund

or

the

counterparty

the

next

business

day,

or

within

a

few

business

days.

Collateral

pledged

and/or

received

by

the

Fund,

if

any,

is

held

in

segregated

accounts

with

the

Fund's

custodian/counterparty

broker

and

can

be

in

the

form

of

cash

and/or

securities.

Unrestricted

cash

may

be

invested

according

to

the

Funds'

investment

objectives.

To

the

extent

that

the

amounts

due

to

the

Fund

from

its

counterparties

are

not

subject

to

collateralization

or

are

not

fully

collateralized,

the

Fund

bears

the

risk

of

loss

from

counterparty

non-performance.

Certain

or

all

Funds

entered

into

OTC forward

exchange

contracts

primarily

to

manage exposure

to

certain

foreign

currencies.

A

forward

exchange

contract

is

an

agreement

between

the

Fund

and

a

counterparty

to

buy

or

sell

a

foreign

currency at

a

specific

exchange

rate

on

a

future

date. Forward

exchange

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Funds'

Schedules

of

Investments.

See

Note

7 regarding

other

derivative

information.

d. #### Income

#### and

#### Deferred

#### Taxes
It

is each

Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. Each

Fund

intends

to

distribute

to

shareholders

substantially

all

of

its

taxable

income

and

net

realized

gains

to

relieve

it

from

federal

income

and excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

The

Funds

may

be

subject

to

foreign

taxation

related

to

income

received,

capital

gains

on

the

sale

of

securities

and

certain

foreign

currency

transactions

in

the

foreign

jurisdictions

in

which

the

Funds

invest.

Foreign

taxes,

if

any,

are

recorded

based

on

the

tax

regulations

and

rates

that

exist

in

the

foreign

markets

in

which

the

Funds

invest.

In

some

cases,

the

Funds

may

be

entitled

to

reclaim

all

or

a

portion

of

such

taxes,

and

such

reclaim

amounts,

if

any,

are

reflected

as

a

dividend

receivable

in

the

Statements

of

Assets

and

Liabilities

and

dividend

income

in

the

Statements

of

Operations.

In

many

cases,

however,

the

Funds

may

not

receive

such

amounts

for

an

extended

period

of

time,

depending

on

the

country

of

investment.

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

as

European

Union

tax

reclaim

filing

fees

in

the

Statements

of

Operations.

When

uncertainty

exists

as

to

the

ultimate

resolution

of

these

proceedings,

the

likelihood

of

receipt

of

these

EU

reclaims,

and

the

potential

timing

of

payment,

no

amounts

are

reflected

in

the

financial

statements.

For

U.S.

income

tax

purposes,

EU

reclaims

received

by

the

Funds,

if

any,

reduce

the

amount

of

foreign

taxes

Fund

shareholders

can

use

as

tax

deductions

or credits

on

their income

tax

returns.

Each

Fund

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

January

31,

2026,

each

Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

e. #### Security

#### Transactions,

#### Investment

#### Income,

#### Expenses

#### and

#### Distributions
Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis. 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

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

c. #### Derivative

#### Financial

#### Instruments
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

may

be

permanent

or

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These

reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences

are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

Common

expenses

incurred

by

the

Trust

are

allocated

among

the

Funds

based

on

the

ratio

of

net

assets

of

each

Fund

to

the

combined

net

assets

of

the

Trust

or

based

on

the

ratio

of

number

of

shareholders

of

each

Fund

to

the

combined

number

of

shareholders

of

the

Trust.

Fund

specific

expenses

are

charged

directly

to

the

Fund

that

incurred

the

expense.

f. #### Accounting

#### Estimates
The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

g. #### Guarantees

#### and

#### Indemnifications
Under

the Trust's

organizational

documents,

its

officers

and trustees

are

indemnified

by

the Trust against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

Additionally,

in

the

normal

course

of

business,

the Trust,

on

behalf

of

the

Funds, enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The Trust's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the Trust

that

have

not

yet

occurred.

Currently,

the Trust

expects

the

risk

of

loss

to

be

remote.

2. #### Shares

#### of

#### Beneficial

#### Interest
At

January

31,

2026,

there

were

an

unlimited

number

of

shares

authorized

(without

par value).

Transactions

in

the

Funds'

shares

were

as

follows:

#### Franklin

#### Emerging

#### Market

#### Core

#### Equity
(IU)

#### Fund

#### Franklin

#### International

#### Core

#### Equity
(IU)

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount
Class

A

Six

Months

ended

January

31,

2026

Shares

sold

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

3,247,731

$42,453,172

646,784

$9,271,621

Shares

issued

in

reinvestment

of

distributions

..........

275,682

3,603,747

3,335,956

45,429,994

Shares

redeemed

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

(2,730,109)

(37,975,932)

(8,668,719)

(122,746,664)

Net

increase

(decrease)

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

793,304

$8,080,987

(4,685,979)

$(68,045,049)

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

(Note

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)

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

e. #### Security

#### Transactions,

#### Investment

#### Income,

#### Expenses

#### and

#### Distributions
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

3. #### Transactions

#### with

#### Affiliates
Franklin

Resources,

Inc.

is

the

holding

company

for

various

subsidiaries

that

together

are

referred

to

as

Franklin

Templeton.

Certain

officers

and

trustees

of

the Funds are

also

officers

and/or

trustees of

the

following

subsidiaries:

a. #### Management

#### Fees
Advisers provides

investment

management

services

to

the

Funds.

The

Funds

do

not

pay

a

fee

for

these

services.

Advisers

and

its

affiliates,

receive

compensation

from

the

investment

companies

that

invest

in

the

Funds.

b. #### Administrative

#### Fees
Under

an

agreement

with

Advisers,

FT

Services

provides

administrative

services

to

the

Funds

and

is

not

paid

by

the

Funds

for

the

services.

c. #### Transfer

#### Agent

#### Fees
Investor

Services

provides

shareholder

services

to

the

Funds.

The

Funds

do

not

pay

a

fee

for

these

services.

d. #### Investments

#### in

#### Affiliated

#### Management

#### Investment

#### Companies
Certain

or

all

Funds

invest

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

"Controlled

Affiliate"

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund's

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Funds

do

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies. Advisers

has

contractually

#### Franklin

#### U.S.

#### Core

#### Equity
(IU)

#### Fund

#### Shares

#### Amount
Class

A

Six

Months

ended

January

31,

2026

Shares

sold

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

2,449,432

$48,331,643

Shares

issued

in

reinvestment

of

distributions

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

1,544,533

30,601,696

Shares

redeemed

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

(4,054,353)

(79,234,676)

Net

increase

(decrease)

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

(60,388)

$(301,337)

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

(Note

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)

#### Subsidiary

#### Affiliation
Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

Principal

underwriter

Franklin

Templeton

Investor

Services,

LLC

(Investor

Services)

Transfer

agent

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

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 period

ended

January

31,

2026,

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,

2026. Total

expenses

waived

or

paid

are

not

subject

to

recapture

subsequent

to

the

Funds'

fiscal

year

end.

Acquired

fund

fees

and

expenses

are

indirect

expenses,

and

therefore

Advisers

may

make

payments,

if

necessary,

to

the

Funds

to

offset

these

estimated

indirect

expenses.

Payments

by

Advisers for

the period

ended

January

31,

2026,

are

reflected

as

other

income

in

the

Statements

of

Operations.

#### &nbsp;&nbsp;&nbsp;&nbsp;aa

#### Value

#### at

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Period

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Period

#### Investment

#### Income

#### a&nbsp;&nbsp;&nbsp;&nbsp;

#### a

#### Franklin

#### Emerging

#### Market

#### Core

#### Equity
(IU)

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

3.603%

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

$1,968,230

$52,052,915

$(47,245,241)

$—

$—

$6,775,904

6,775,904

$35,363

#### Total

#### Affiliated

#### Securities

#### ...
$1,968,230

$52,052,915

$(47,245,241)

$—

$—

$6,775,904

$35,363

#### Franklin

#### International

#### Core

#### Equity
(IU)

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

3.603%

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

$11,251,179

$23,326,132

$(30,049,824)

$—

$—

$4,527,487

4,527,487

$63,419

#### Total

#### Affiliated

#### Securities

#### ...
$11,251,179

$23,326,132

$(30,049,824)

$—

$—

$4,527,487

$63,419

#### Franklin

#### U.S.

#### Core

#### Equity
(IU)

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

3.603%

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

$6,286,619

$26,383,948

$(22,612,462)

$—

$—

$10,058,105

10,058,105

$171,486

#### Total

#### Affiliated

#### Securities

#### ...
$6,286,619

$26,383,948

$(22,612,462)

$—

$—

$10,058,105

$171,486

3. #### Transactions

#### with

#### Affiliates
(continued)

d. #### Investments

#### in

#### Affiliated

#### Management

#### Investment

#### Companies
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

f. #### Other

#### Affiliated

#### Transactions
At

January

31,

2026,

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

4,482,307

30.8%

Franklin

Moderate

Allocation

Fund

3,851,424

26.5%

Superior

Officer

Council

Balanced

Fund

1,838,565

12.6%

Franklin

Conservative

Allocation

Fund

1,316,172

9.1%

Other

affiliates

~

b

3,053,018

21.0%

Total

14,541,486

100.0%

#### Franklin

#### International

#### Core

#### Equity
(IU)

#### Fund
Franklin

Growth

Allocation

Fund

7,620,481

27.6%

Franklin

Moderate

Allocation

Fund

6,553,022

23.7%

Superior

Officer

Council

Balanced

Fund

3,557,374

12.9%

Franklin

Conservative

Allocation

Fund

2,237,007

8.1%

Other

affiliates

~

b

7,682,564

27.7%

Total

27,650,448

100.0%

#### Franklin

#### U.S.

#### Core

#### Equity
(IU)

#### Fund
Franklin

Moderate

Allocation

Fund

20,771,216

35.0%

Franklin

Growth

Allocation

Fund

18,517,880

31.2%

Franklin

Conservative

Allocation

Fund

7,095,278

12.0%

Superior

Officer

Council

Balanced

Fund

3,083,757

5.2%

Other

affiliates

~

b

9,834,490

16.6%

Total

59,302,621

100.0%

3. #### Transactions

#### with

#### Affiliates
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

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:

At

January

31,

2026,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Differences

between

income

and/or

capital

gains

as

determined

on

a

book

basis

and

a

tax

basis

are

primarily

due

to

differing

treatments

of

wash

sales,

EU

reclaims,

passive

foreign

investment

company

shares,

foreign

capital

gains

tax,

corporate

actions

and

in-kind

transactions.

5. #### Investment

#### Transactions
Purchases

and

sales

of

investments

(excluding

short

term

securities

and

in-kind

transactions)

for

the

period

ended

January

31,

2026,

were

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

#### Franklin

#### U.S.

#### Core

#### Equity
(IU)

#### Fund
a

a

a

a

Cost

of

investments

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

$152,684,238

$287,144,895

$783,111,983

Unrealized

appreciation

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

$72,570,559

$118,507,977

$422,139,075

Unrealized

depreciation

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

(11,331,956)

(10,808,492)

(25,813,005)

Net

unrealized

appreciation

(depreciation)

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

$61,238,603

$107,699,485

$396,326,070

#### Franklin

#### Emerging

#### Market

#### Core

#### Equity
(IU)

#### Fund

#### Franklin

#### International

#### Core

#### Equity
(IU)

#### Fund

#### Franklin

#### U.S.

#### Core

#### Equity
(IU)

#### Fund
Purchases

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

$118,027,655

$204,307,872

$517,992,256

Sales

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

$111,302,999

$312,060,784

$542,985,742

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

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.

Investing

in

China

A

shares

may

include

certain

risks

and

considerations

not

typically

associated

with

investing

in

U.S.

securities.

In

general,

A

shares

are

issued

by

companies

incorporated

in

the People's

Republic

of

China

(PRC)

and

listed

on

the

Shanghai

and

Shenzhen

Stock

Exchanges

and

available

for

investment

by

domestic

(Chinese)

investors

and

holders

of

a Qualified

Foreign

Institutional

Investor

(QFII)

license

and,

in

the

case

of

certain

eligible

A

shares,

through

the

Shanghai

and

Shenzhen

Stock

Connect

programs.

The

Shanghai

and

Shenzhen

Stock

Exchanges

are,

however,

substantially

smaller,

less

liquid

and

more

volatile

than

the

major

securities

markets

in

the

United

States.

Russia's

military

invasion

of

Ukraine

in

February

2022,

the

resulting

responses

by

the

United

States

and

other

countries,

and

the

potential

for

wider

conflict

could

increase

volatility

and

uncertainty

in

the

financial

markets

and

adversely

affect

regional

and

global

economies.

The

United

States

and

other

countries

have

imposed

broad-ranging

economic

sanctions

on

Russia

and

certain

Russian

individuals,

banking

entities

and

corporations

as

a

response

to

its

invasion

of

Ukraine.

The

United

States

and

other

countries

have

also

imposed

economic

sanctions

on

Belarus

and

may

impose

sanctions

on

other

countries

that

support

Russia's

military

invasion.

These

sanctions,

as

well

as

any

other

economic

consequences

related

to

the

invasion,

such

as

additional

sanctions,

boycotts

or

changes

in

consumer

or

purchaser

preferences

or

cyberattacks

on

governments,

companies

or

individuals,

may

further

decrease

the

value

and

liquidity

of

certain

Russian

securities

and

securities

of

issuers

in

other

countries

that

are

subject

to

economic

sanctions

related

to

the

invasion.

To

the

extent

that

the

Funds

have

exposure

to

Russian

investments

or

investments

in

countries

affected

by

the

invasion,

the

Funds'

ability

to

price,

buy,

sell,

receive

or

deliver

such

investments

was

impaired.

The

Funds

could

determine

at

any

time

that

certain

of

the

most

affected

securities

have

little

or

no

value.

In

addition,

any

exposure

that

the

Funds

may

have

to

counterparties

in

Russia

or

in

countries

affected

by

the

invasion

could

negatively

impact

the

Funds'

portfolio.

The

extent

and

duration

of

Russia's

military

actions

and

the

repercussions

of

such

actions

(including

any

retaliatory

actions

or

countermeasures

that

may

be

taken

by

those

subject

to

sanctions)

are

impossible

to

predict,

but

could

result

in

significant

market

disruptions,

including

in

the

oil

and

natural

gas

markets,

and

may

negatively

affect

global

supply

chains,

inflation

and

global

growth.

These

and

any

related

events

could

significantly

impact

the

Funds'

performance

and

the

value

of

an

investment

in

the

Funds,

even

beyond

any

direct

exposure

the

Funds

may

have

to

Russian

issuers

or

issuers

in

other

countries

affected

by

the

invasion.

The

Valuation

Committee

determined

that

based

on

their

analysis

of

the

market

and

access

to

market

participants,

the

Russian

financial

instruments

held

by

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

had

little

or

no

value

at

January

31,

2026. 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.

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

7. #### Other

#### Derivative

#### Information
For

the

period

ended

January

31,

2026,

the

effect

of

derivative

contracts

in

the

Statements

of

Operations

was

as

follows:

For

the

period

ended

January

31,

2026,

the

average

month

contract

value

of

forward

exchange

contracts

were

as

follows:

See

Note

1(c) regarding

derivative

financial

instruments.

8. #### 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

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)

#### Derivative

#### Contracts

#### Not

#### Accounted

#### for

#### as

#### Hedging

#### Instruments

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Realized

#### Gain
(Loss)

#### for

#### the

#### Period

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### for

#### the

#### Period

#### Franklin

#### Emerging

#### Market

#### Core

#### Equity
(IU)

#### Fund
Net

realized

gain

(loss)

from:

Net

change

in

unrealized

&nbsp;&nbsp;&nbsp;&nbsp;appreciation

(depreciation)

on:

Foreign

exchange

contracts

.....

Forward

exchange

contracts

$(1,746)

Forward

exchange

contracts

$—

Total

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

$(1,746)

$–

#### Franklin

#### International

#### Core

#### Equity
(IU)

#### Fund
Net

realized

gain

(loss)

from:

Net

change

in

unrealized

&nbsp;&nbsp;&nbsp;&nbsp;appreciation

(depreciation)

on:

Foreign

exchange

contracts

.....

Forward

exchange

contracts

(1,592)

Forward

exchange

contracts

—

Total

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

$(1,592)

$–

#### Franklin

#### International

#### Core

#### Equity
(IU)

#### Fund
Forward

exchange

contracts

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

$16,780

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

A

summary

of

inputs

used

as

of

January

31,

2026,

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:

a

Common

Stocks

:

Aerospace

&

Defense

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

$

—

$

1,064,214

$

—

$

1,064,214

Air

Freight

&

Logistics

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

—

384,011

—

384,011

Automobile

Components

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

—

1,846,296

—

1,846,296

Automobiles

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

146,711

4,612,803

—

4,759,514

Banks

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

3,751,455

20,965,084

—

24,716,539

Beverages

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

—

1,002,611

—

1,002,611

Biotechnology

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

—

757,746

—

757,746

Broadline

Retail

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

1,799,609

6,328,892

—

8,128,501

Capital

Markets

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

214,083

3,588,829

—

3,802,912

Chemicals

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

—

4,279,705

—

b

4,279,705

Communications

Equipment

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

—

183,510

—

183,510

Construction

&

Engineering

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

—

1,071,463

—

1,071,463

Construction

Materials

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

244,514

—

—

244,514

Consumer

Finance

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

—

978,933

—

978,933

Consumer

Staples

Distribution

&

Retail

......

1,374,137

927,284

—

2,301,421

Diversified

Consumer

Services

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

—

224,984

—

224,984

Diversified

REITs

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

193,476

—

—

193,476

Diversified

Telecommunication

Services

.....

885,472

698,609

—

1,584,081

Electric

Utilities

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

416,550

1,929,534

—

b

2,346,084

Electrical

Equipment

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

3,101,282

2,026,447

—

5,127,729

Electronic

Equipment,

Instruments

&

Components

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

—

4,931,942

—

4,931,942

Entertainment

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

—

2,963,077

—

2,963,077

Financial

Services

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

—

725,374

—

725,374

Food

Products

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

2,274,002

1,220,667

—

3,494,669

Gas

Utilities

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

—

325,817

—

325,817

Health

Care

Equipment

&

Supplies

.........

—

244,966

—

244,966

Health

Care

Providers

&

Services

..........

—

769,962

—

769,962

Hotels,

Restaurants

&

Leisure

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

651,379

730,923

—

1,382,302

Household

Durables

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

—

372,154

—

372,154

Household

Products

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

193,373

—

—

193,373

Independent

Power

and

Renewable

Electricity

Producers

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

—

1,090,284

—

1,090,284

Industrial

Conglomerates

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

—

192,013

—

192,013

Insurance

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

1,635,779

4,950,079

—

6,585,858

Interactive

Media

&

Services

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

—

11,920,310

—

11,920,310

IT

Services

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

—

3,519,246

—

3,519,246

Life

Sciences

Tools

&

Services

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

—

242,585

—

242,585

Machinery

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

1,514,456

1,809,208

—

3,323,664

Marine

Transportation

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

—

482,286

—

482,286

Metals

&

Mining

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

1,573,365

7,071,542

—

b

8,644,907

Oil,

Gas

&

Consumable

Fuels

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

—

8,904,381

—

8,904,381

Passenger

Airlines

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

—

1,862,831

—

1,862,831

Personal

Care

Products

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

—

516,118

—

516,118

Pharmaceuticals

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

—

4,029,166

—

4,029,166

Real

Estate

Management

&

Development

....

889,600

2,250,176

—

3,139,776

Semiconductors

&

Semiconductor

Equipment

.

—

38,883,085

—

38,883,085

Software

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

539,472

199,028

—

738,500

Specialty

Retail

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

226,790

2,882,339

—

3,109,129

8. #### Fair

#### Value

#### Measurements
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### Emerging

#### Market

#### Core

#### Equity
(IU)

#### Fund
(continued)

#### Assets:
(continued)

Investments

in

Securities:

a

(continued)

Common

Stocks:

(continued)

Technology

Hardware,

Storage

&

Peripherals

.

$

—

$

15,123,944

$

—

$

15,123,944

Textiles,

Apparel

&

Luxury

Goods

..........

—

1,108,521

—

1,108,521

Transportation

Infrastructure

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

211,036

2,159,593

—

2,370,629

Wireless

Telecommunication

Services

.......

832,126

2,591,418

—

3,423,544

Preferred

Stocks

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

7,534,280

—

—

7,534,280

Short

Term

Investments

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

6,775,904

—

—

6,775,904

Total

Investments

in

Securities

...........

$36,978,851

$176,943,990

c

$—

$213,922,841

#### Franklin

#### International

#### Core

#### Equity
(IU)

#### Fund

#### Assets:
Investments

in

Securities:

a

Common

Stocks

:

Aerospace

&

Defense

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

—

11,041,539

—

11,041,539

Air

Freight

&

Logistics

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

—

1,903,527

—

1,903,527

Automobile

Components

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

—

2,741,909

—

2,741,909

Automobiles

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

—

5,083,510

—

5,083,510

Banks

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

—

64,436,653

—

64,436,653

Beverages

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

—

2,116,230

—

2,116,230

Biotechnology

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

—

954,971

—

954,971

Broadline

Retail

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

756,603

5,257,964

—

6,014,567

Building

Products

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

—

3,709,827

—

3,709,827

Capital

Markets

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

—

14,602,686

—

14,602,686

Chemicals

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

—

7,866,893

—

7,866,893

Commercial

Services

&

Supplies

...........

—

362,968

—

362,968

Communications

Equipment

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

—

5,327,914

—

5,327,914

Construction

&

Engineering

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

—

3,603,430

—

3,603,430

Construction

Materials

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

—

3,515,582

—

3,515,582

Consumer

Staples

Distribution

&

Retail

......

—

5,393,314

—

5,393,314

Diversified

Consumer

Services

............

—

329,126

—

329,126

Diversified

REITs

......................

—

3,044,429

—

3,044,429

Diversified

Telecommunication

Services

.....

558,812

9,898,308

—

10,457,120

Electric

Utilities

........................

394,617

11,405,554

—

11,800,171

Electrical

Equipment

....................

—

15,662,973

—

15,662,973

Electronic

Equipment,

Instruments

&

Components

........................

—

1,388,465

—

1,388,465

Entertainment

.........................

320,659

292,722

—

613,381

Financial

Services

......................

—

1,517,674

—

1,517,674

Food

Products

........................

—

12,239,129

—

12,239,129

Gas

Utilities

..........................

—

2,765,977

—

2,765,977

Health

Care

Equipment

&

Supplies

.........

—

7,104,228

—

7,104,228

Health

Care

Technology

.................

—

810,655

—

810,655

Hotels,

Restaurants

&

Leisure

.............

—

1,459,603

—

1,459,603

Household

Durables

....................

—

3,677,591

—

3,677,591

Independent

Power

and

Renewable

Electricity

Producers

..........................

—

1,590,900

—

1,590,900

Industrial

Conglomerates

................

—

4,641,631

—

4,641,631

Industrial

REITs

.......................

—

385,583

—

385,583

Insurance

............................

—

18,218,594

—

18,218,594

IT

Services

...........................

—

3,026,128

—

3,026,128

Leisure

Products

.......................

—

3,928,637

—

3,928,637

Machinery

............................

—

15,911,987

—

15,911,987

Marine

Transportation

...................

—

762,411

—

762,411

Media

...............................

—

374,906

—

374,906

Metals

&

Mining

.......................

—

7,938,993

—

7,938,993

8. #### Fair

#### Value

#### Measurements
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

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 period.

9. #### Operating

#### Segments
Each

Fund

operates

as

a

single

operating

segment,

which

is

an

investment

portfolio.

The

portfolio

managers

assigned

to

the

Fund

within the

Funds'

Investment

manager

serve

as

the

Chief

Operating

Decision

Maker

("CODM")

and are

responsible

for

evaluating each

Fund's

operating

results

and

allocating

resources

in

accordance

with each

Fund's

investment

strategy.

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.

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### International

#### Core

#### Equity
(IU)

#### Fund
(continued)

#### Assets:
(continued)

Investments

in

Securities:

a

(continued)

Common

Stocks:

(continued)

Multi-Utilities

..........................

$

—

$

2,697,109

$

—

$

2,697,109

Oil,

Gas

&

Consumable

Fuels

.............

—

10,424,794

—

10,424,794

Passenger

Airlines

.....................

—

4,921,699

—

4,921,699

Personal

Care

Products

.................

—

6,548,838

—

6,548,838

Pharmaceuticals

.......................

—

37,547,574

—

37,547,574

Professional

Services

...................

—

5,296,644

—

5,296,644

Real

Estate

Management

&

Development

....

—

6,494,656

—

6,494,656

Retail

REITs

..........................

—

359,077

—

359,077

Semiconductors

&

Semiconductor

Equipment

.

—

17,370,440

—

17,370,440

Software

.............................

1,425,489

6,306,093

—

7,731,582

Specialty

Retail

........................

—

373,307

—

373,307

Technology

Hardware,

Storage

&

Peripherals

.

—

899,898

—

899,898

Textiles,

Apparel

&

Luxury

Goods

..........

—

7,697,358

—

7,697,358

Tobacco

.............................

—

2,450,075

—

2,450,075

Trading

Companies

&

Distributors

..........

746,745

3,572,749

—

4,319,494

Transportation

Infrastructure

..............

—

3,685,603

—

3,685,603

Wireless

Telecommunication

Services

.......

—

3,172,933

—

3,172,933

Short

Term

Investments

...................

4,527,487

—

—

4,527,487

Total

Investments

in

Securities

...........

$8,730,412

$386,113,968

d

$—

$394,844,380

#### Franklin

#### U.S.

#### Core

#### Equity
(IU)

#### Fund

#### Assets:
Investments

in

Securities:

a

Common

Stocks

.........................

1,169,379,948

—

—

1,169,379,948

Short

Term

Investments

...................

10,058,105

—

—

10,058,105

Total

Investments

in

Securities

...........

$1,179,438,053

$—

$—

$1,179,438,053

a

For

detailed

categories,

see

the

accompanying

Schedule

of

Investments.

b

Includes

financial

instruments

determined

to

have

no

value.

c

Includes

foreign

securities

valued

at

$176,943,990,

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

Includes

foreign

securities

valued

at

$386,113,968,

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.

8. #### Fair

#### Value

#### Measurements
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

10. #### Subsequent

#### Events
The

Funds

have

evaluated

subsequent

events

through

the

issuance

of

the

financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure.

#### Abbreviations

#### Selected

#### Portfolio

#### ADR
American

Depositary

Receipt

#### GDR
Global

Depositary

Receipt

#### REIT
Real

Estate

Investment

Trust

Franklin

Fund

Allocator

Series

franklintempleton.com

Semiannual

Report

#### 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

Funds'

investment

manager

according

to

the

terms

of

the

agreement.

#### Board

#### Approval

#### of

#### Management

#### and

#### Subadvisory

#### Agreements
For

the

period

covered

by

this

report

Not

applicable.

FAS6-SFSOI

03/26©

2026

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) Not applicable

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-efp23265_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-efp23265_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: | March 27, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Christopher Kings |
|  | Christopher Kings |
|  | Chief Executive Officer – Finance and Administration |
| Date: | March 27, 2026 |
| By: | /s/ Jeffrey White |
|  | Jeffrey White |
|  | Chief Financial Officer, Chief Accounting Officer and Treasurer |
| Date: | March 27, 2026 |

---

## 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: March 27, 2026

---

| |
|:---|
| /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: March 27, 2026

---

| |
|:---|
| /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 **January 31, 2026** (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: March 27, 2026 | Date: March 27, 2026 |

---

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.