# EDGAR Filing Document

**Accession Number:** 0001022804
**File Stem:** 0001133228-25-009037
**Filing Date:** 2025-8
**Character Count:** 845255
**Document Hash:** 672d8e5336f5909d87a8f5ede1aca499
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-009037.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0001133228-25-009037

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 169

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250827

**DATE AS OF CHANGE**: 20250827

**EFFECTIVENESS DATE**: 20250827

**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:** 251265022

**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 CONSERVATIVE ALLOCATION FUND (Series ID: S000007239)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000019840 | ADVISOR CLASS | FTCZX           |
| C000019841 | CLASS A       | FTCIX           |
| C000019842 | CLASS C       | FTCCX           |
| C000019843 | CLASS R       | FTCRX           |
| C000126011 | Class R6      |  |

### FRANKLIN COREFOLIO ALLOCATION FUND (Series ID: S000007240)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000019844 | CLASS A       | FTCOX           |
| C000019846 | CLASS C       | FTCLX           |
| C000019847 | CLASS R       | FFAYX           |
| C000019848 | ADVISOR CLASS | FCAZX           |
| C000194375 | Class R6      | FTLQX           |

### FRANKLIN GLOBAL ALLOCATION FUND (Series ID: S000007241)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000019849 | CLASS A       | FFALX           |
| C000019851 | CLASS C       | FFACX           |
| C000019852 | CLASS R       | FFARX           |
| C000019853 | ADVISOR CLASS | FFAAX           |
| C000194376 | Class R6      | FFAQX           |

### FRANKLIN GROWTH ALLOCATION FUND (Series ID: S000007242)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000019855 | ADVISOR CLASS | FGTZX           |
| C000019856 | CLASS A       | FGTIX           |
| C000019857 | CLASS C       | FTGTX           |
| C000019858 | CLASS R       | FGTRX           |
| C000126012 | Class R6      |  |

### FRANKLIN MODERATE ALLOCATION FUND (Series ID: S000007243)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000019860 | ADVISOR CLASS | FMTZX           |
| C000019861 | CLASS A       | FMTIX           |
| C000019862 | CLASS C       | FTMTX           |
| C000019863 | CLASS R       | FTMRX           |
| C000126013 | Class R6      |  |

### Franklin LifeSmart Retirement Income Fund (Series ID: S000012937)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000034925 | CLASS A       | FTRAX           |
| C000034926 | CLASS C       | FRTCX           |
| C000034927 | CLASS R       | FBRLX           |
| C000034928 | ADVISOR CLASS | FLRDX           |
| C000126014 | Class R6      | FLMTX           |

### Franklin LifeSmart 2025 Retirement Target Fund (Series ID: S000012938)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000034929 | CLASS A       | FTRTX           |
| C000034930 | CLASS C       | FTTCX           |
| C000034931 | CLASS R       | FRELX           |
| C000034932 | ADVISOR CLASS | FLRFX           |
| C000126015 | Class R6      | FTLMX           |

### Franklin LifeSmart 2035 Retirement Target Fund (Series ID: S000012939)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000034933 | CLASS C       | FTRCX           |
| C000034934 | CLASS R       | FLRGX           |
| C000034935 | ADVISOR CLASS | FLRHX           |
| C000034936 | CLASS A       | FRTAX           |
| C000126016 | Class R6      | FMTLX           |

### Franklin LifeSmart 2045 Retirement Target Fund (Series ID: S000012940)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000034937 | CLASS A       | FTTAX           |
| C000034938 | CLASS C       | FLRIX           |
| C000034939 | CLASS R       | FLRJX           |
| C000034940 | ADVISOR CLASS | FLRLX           |
| C000126017 | Class R6      | FMLTX           |

### Franklin LifeSmart 2020 Retirement Target Fund (Series ID: S000041337)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000128212 | Class A       | FLRMX           |
| C000128213 | Class C       | FLRQX           |
| C000128214 | Class R       | FLRVX           |
| C000128215 | Class R6      | FRTSX           |
| C000128216 | Advisor Class | FLROX           |

### Franklin LifeSmart 2030 Retirement Target Fund (Series ID: S000041338)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000128217 | Advisor Class | FLRZX           |
| C000128218 | Class A       | FLRSX           |
| C000128219 | Class C       | FLRTX           |
| C000128220 | Class R       | FLRWX           |
| C000128221 | Class R6      | FLERX           |

### Franklin LifeSmart 2040 Retirement Target Fund (Series ID: S000041339)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000128222 | Class A       | FLADX           |
| C000128223 | Class C       | FLOLX           |
| C000128224 | Class R       | FLSGX           |
| C000128225 | Class R6      | FLREX           |
| C000128226 | Advisor Class | FLSHX           |

### Franklin LifeSmart 2050 Retirement Target Fund (Series ID: S000041340)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000128227 | Class A       | FLSJX           |
| C000128228 | Class C       | FLSKX           |
| C000128229 | Class R       | FLSNX           |
| C000128230 | Class R6      | FRLEX           |
| C000128231 | Advisor Class | FLSOX           |

### Franklin LifeSmart 2055 Retirement Target Fund (Series ID: S000049109)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000154867 | Class A       | FLTFX           |
| C000154868 | Class C       | FLTNX           |
| C000154869 | Class R       | FLSBX           |
| C000154870 | Class R6      | FLSZX           |
| C000154871 | Advisor Class | FLTKX           |

### Franklin LifeSmart 2060 Retirement Target Fund (Series ID: S000070651)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000224548 | Advisor Class | FLJSX           |
| C000224549 | Class R6      | FLFSX           |
| C000224550 | Class A       | FLASX           |
| C000224551 | Class C       | FLBSX           |
| C000224552 | Class R       | FLESX           |

?xml version='1.0' encoding='ASCII'? 2025-07-1774200033100_FranklinConservativeAllocationFund_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: **December 31**

Date of reporting period: **June 30, 2025**

ITEM 1. REPORT TO STOCKHOLDERS.

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

---

| | |
|:---|:---|
| **Franklin Conservative Allocation Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FTCIX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Conservative Allocation Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class A<sup>1</sup>  | $31 | 0.61% |

---

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

† Annualized.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $853573996 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 20 |
| **Portfolio Turnover Rate** | 9.76% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts4543img003.jpg)

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

---

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

---

Franklin Conservative Allocation Fund PAGE 1 484-STSR-0825

47.328.911.39.91.01.6 ------

---

| | |
|:---|:---|
| **Franklin Conservative Allocation Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FTCCX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Conservative Allocation Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class C<sup>1</sup>  | $69 | 1.36% |

---

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

† Annualized.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $853573996 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 20 |
| **Portfolio Turnover Rate** | 9.76% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts4545img003.jpg)

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

---

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

---

Franklin Conservative Allocation Fund PAGE 1 584-STSR-0825

47.328.911.39.91.01.6 ------

---

| | |
|:---|:---|
| **Franklin Conservative Allocation Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [FTCRX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Conservative Allocation Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R<sup>1</sup>  | $44 | 0.86% |

---

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

† Annualized.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $853573996 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 20 |
| **Portfolio Turnover Rate** | 9.76% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts4549img003.jpg)

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

---

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

---

Franklin Conservative Allocation Fund PAGE 1 884-STSR-0825

47.328.911.39.91.01.6 ------

---

| | |
|:---|:---|
| **Franklin Conservative Allocation Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FTCMX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Conservative Allocation Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R6<sup>1</sup>  | $15 | 0.30% |

---

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

† Annualized.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $853573996 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 20 |
| **Portfolio Turnover Rate** | 9.76% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts4547img003.jpg)

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

---

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

---

Franklin Conservative Allocation Fund PAGE 1 384-STSR-0825

47.328.911.39.91.01.6 ------

---

| | |
|:---|:---|
| **Franklin Conservative Allocation Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FTCZX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Conservative Allocation Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Advisor Class<sup>1</sup>  | $18 | 0.36% |

---

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

† Annualized.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $853573996 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 20 |
| **Portfolio Turnover Rate** | 9.76% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts4541img003.jpg)

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

---

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

---

Franklin Conservative Allocation Fund PAGE 1 641-STSR-0825

47.328.911.39.91.01.6 ------

---

| | |
|:---|:---|
| **Franklin Moderate Allocation Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FMTIX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Moderate Allocation Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class A<sup>1</sup>  | $31 | 0.60% |

---

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

† Annualized.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1676560778 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 20 |
| **Portfolio Turnover Rate** | 11.32% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts4434img003.jpg)

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

---

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

---

Franklin Moderate Allocation Fund PAGE 1 485-STSR-0825

43.530.716.86.41.01.6 ------

---

| | |
|:---|:---|
| **Franklin Moderate Allocation Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FTMTX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Moderate Allocation Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class C<sup>1</sup>  | $69 | 1.35% |

---

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

† Annualized.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1676560778 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 20 |
| **Portfolio Turnover Rate** | 11.32% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts4435img003.jpg)

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

---

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

---

Franklin Moderate Allocation Fund PAGE 1 585-STSR-0825

43.530.716.86.41.01.6 ------

---

| | |
|:---|:---|
| **Franklin Moderate Allocation Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [FTMRX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Moderate Allocation Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R<sup>1</sup>  | $44 | 0.85% |

---

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

† Annualized.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1676560778 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 20 |
| **Portfolio Turnover Rate** | 11.32% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts4438img003.jpg)

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

---

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

---

Franklin Moderate Allocation Fund PAGE 1 885-STSR-0825

43.530.716.86.41.01.6 ------

---

| | |
|:---|:---|
| **Franklin Moderate Allocation Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FTMLX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Moderate Allocation Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R6<sup>1</sup>  | $15 | 0.29% |

---

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

† Annualized.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1676560778 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 20 |
| **Portfolio Turnover Rate** | 11.32% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts4436img003.jpg)

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

---

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

---

Franklin Moderate Allocation Fund PAGE 1 385-STSR-0825

43.530.716.86.41.01.6 ------

---

| | |
|:---|:---|
| **Franklin Moderate Allocation Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FMTZX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Moderate Allocation Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Advisor Class<sup>1</sup>  | $18 | 0.35% |

---

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

† Annualized.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1676560778 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 20 |
| **Portfolio Turnover Rate** | 11.32% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts4433img003.jpg)

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

---

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

---

Franklin Moderate Allocation Fund PAGE 1 642-STSR-0825

43.530.716.86.41.01.6 ------

---

| | |
|:---|:---|
| **Franklin Growth Allocation Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FGTIX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Growth Allocation Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class A<sup>1</sup>  | $32 | 0.62% |

---

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

† Annualized.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1422975820 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 20 |
| **Portfolio Turnover Rate** | 13.24% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts4374img003.jpg)

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

---

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

---

Franklin Growth Allocation Fund PAGE 1 486-STSR-0825

57.922.414.22.91.01.6 ------

---

| | |
|:---|:---|
| **Franklin Growth Allocation Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FTGTX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Growth Allocation Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class C<sup>1</sup>  | $70 | 1.37% |

---

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

† Annualized.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1422975820 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 20 |
| **Portfolio Turnover Rate** | 13.24% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts4375img003.jpg)

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

---

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

---

Franklin Growth Allocation Fund PAGE 1 586-STSR-0825

57.922.414.22.91.01.6 ------

---

| | |
|:---|:---|
| **Franklin Growth Allocation Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [FGTRX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Growth Allocation Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R<sup>1</sup>  | $45 | 0.87% |

---

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

† Annualized.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1422975820 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 20 |
| **Portfolio Turnover Rate** | 13.24% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts4377img003.jpg)

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

---

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

---

Franklin Growth Allocation Fund PAGE 1 886-STSR-0825

57.922.414.22.91.01.6 ------

---

| | |
|:---|:---|
| **Franklin Growth Allocation Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FTGMX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Growth Allocation Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R6<sup>1</sup>  | $15 | 0.30% |

---

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

† Annualized.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1422975820 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 20 |
| **Portfolio Turnover Rate** | 13.24% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts4376img003.jpg)

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

---

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

---

Franklin Growth Allocation Fund PAGE 1 386-STSR-0825

57.922.414.22.91.01.6 ------

---

| | |
|:---|:---|
| **Franklin Growth Allocation Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FGTZX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Growth Allocation Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Advisor Class<sup>1</sup>  | $19 | 0.37% |

---

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

† Annualized.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1422975820 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 20 |
| **Portfolio Turnover Rate** | 13.24% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts4373img003.jpg)

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

---

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

---

Franklin Growth Allocation Fund PAGE 1 643-STSR-0825

57.922.414.22.91.01.6 ------

---

| | |
|:---|:---|
| **Franklin Corefolio Allocation Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FTCOX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Corefolio Allocation Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class A<sup>1</sup>  | $20 | 0.38% |

---

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

† Annualized.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1015243277 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 5 |
| **Portfolio Turnover Rate** | 0% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts4518img003.jpg)

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

---

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

---

Franklin Corefolio Allocation Fund PAGE 1 470-STSR-0825

75.224.70.1 ------

---

| | |
|:---|:---|
| **Franklin Corefolio Allocation Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FTCLX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Corefolio Allocation Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class C<sup>1</sup>  | $58 | 1.13% |

---

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

† Annualized.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1015243277 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 5 |
| **Portfolio Turnover Rate** | 0% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts4525img003.jpg)

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

---

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

---

Franklin Corefolio Allocation Fund PAGE 1 570-STSR-0825

75.224.70.1 ------

---

| | |
|:---|:---|
| **Franklin Corefolio Allocation Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [FFAYX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Corefolio Allocation Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R<sup>1</sup>  | $32 | 0.63% |

---

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

† Annualized.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1015243277 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 5 |
| **Portfolio Turnover Rate** | 0% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts4529img003.jpg)

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

---

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

---

Franklin Corefolio Allocation Fund PAGE 1 870-STSR-0825

75.224.70.1 ------

---

| | |
|:---|:---|
| **Franklin Corefolio Allocation Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FTLQX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Corefolio Allocation Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R6<sup>1</sup>  | $4 | 0.08% |

---

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

† Annualized.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1015243277 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 5 |
| **Portfolio Turnover Rate** | 0% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts4527img003.jpg)

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

---

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

---

Franklin Corefolio Allocation Fund PAGE 1 8470-STSR-0825

75.224.70.1 ------

---

| | |
|:---|:---|
| **Franklin Corefolio Allocation Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FCAZX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Corefolio Allocation Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Advisor Class<sup>1</sup>  | $7 | 0.13% |

---

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

† Annualized.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1015243277 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 5 |
| **Portfolio Turnover Rate** | 0% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts4523img003.jpg)

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

---

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

---

Franklin Corefolio Allocation Fund PAGE 1 670-STSR-0825

75.224.70.1 ------

---

| | |
|:---|:---|
| **Franklin Global Allocation Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FFALX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Global Allocation Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class A | $47 | 0.92% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $2764518235 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 245 |
| **Portfolio Turnover Rate** | 17.06% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts4533img003.jpg)

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

---

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

---

Franklin Global Allocation Fund PAGE 1 481-STSR-0825

60.714.76.64.44.13.30.45.8 ------

---

| | |
|:---|:---|
| **Franklin Global Allocation Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FFACX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Global Allocation Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class C | $86 | 1.67% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $2764518235 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 245 |
| **Portfolio Turnover Rate** | 17.06% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts4535img003.jpg)

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

---

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

---

Franklin Global Allocation Fund PAGE 1 282-STSR-0825

60.714.76.64.44.13.30.45.8 ------

---

| | |
|:---|:---|
| **Franklin Global Allocation Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [FFARX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Global Allocation Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R | $60 | 1.17% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $2764518235 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 245 |
| **Portfolio Turnover Rate** | 17.06% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts4539img003.jpg)

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

---

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

---

Franklin Global Allocation Fund PAGE 1 871-STSR-0825

60.714.76.64.44.13.30.45.8 ------

---

| | |
|:---|:---|
| **Franklin Global Allocation Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FFAQX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Global Allocation Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R6 | $32 | 0.62% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $2764518235 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 245 |
| **Portfolio Turnover Rate** | 17.06% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts4537img003.jpg)

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

---

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

---

Franklin Global Allocation Fund PAGE 1 8481-STSR-0825

60.714.76.64.44.13.30.45.8 ------

---

| | |
|:---|:---|
| **Franklin Global Allocation Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FFAAX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Global Allocation Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Advisor Class | $34 | 0.67% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $2764518235 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 245 |
| **Portfolio Turnover Rate** | 17.06% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts4531img003.jpg)

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

---

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

---

Franklin Global Allocation Fund PAGE 1 671-STSR-0825

60.714.76.64.44.13.30.45.8 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart Retirement Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FTRAX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin LifeSmart Retirement Income Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class A<sup>1</sup>  | $15 | 0.30% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

† Annualized.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $45558534 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 15 |
| **Portfolio Turnover Rate** | 3.38% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts4428img003.jpg)

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

---

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

---

Franklin LifeSmart Retirement Income Fund PAGE 1 427-STSR-0825

30.628.027.86.45.22.0 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart Retirement Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FRTCX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin LifeSmart Retirement Income Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class C<sup>1</sup>  | $53 | 1.05% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

† Annualized.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $45558534 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 15 |
| **Portfolio Turnover Rate** | 3.38% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts4430img003.jpg)

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

---

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

---

Franklin LifeSmart Retirement Income Fund PAGE 1 527-STSR-0825

30.628.027.86.45.22.0 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart Retirement Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [FBRLX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin LifeSmart Retirement Income Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R<sup>1</sup>  | $28 | 0.55% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

† Annualized.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $45558534 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 15 |
| **Portfolio Turnover Rate** | 3.38% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts4432img003.jpg)

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

---

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

---

Franklin LifeSmart Retirement Income Fund PAGE 1 827-STSR-0825

30.628.027.86.45.22.0 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart Retirement Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FLMTX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin LifeSmart Retirement Income Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R6<sup>1</sup>  | $0 | 0.00% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

† Annualized.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $45558534 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 15 |
| **Portfolio Turnover Rate** | 3.38% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts4431img003.jpg)

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

---

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

---

Franklin LifeSmart Retirement Income Fund PAGE 1 327-STSR-0825

30.628.027.86.45.22.0 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart Retirement Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FLRDX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin LifeSmart Retirement Income Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Advisor Class<sup>1</sup>  | $3 | 0.05% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

† Annualized.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $45558534 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 15 |
| **Portfolio Turnover Rate** | 3.38% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts4426img003.jpg)

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

---

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

---

Franklin LifeSmart Retirement Income Fund PAGE 1 627-STSR-0825

30.628.027.86.45.22.0 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2020 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FLRMX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin LifeSmart 2020 Retirement Target Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class A<sup>1</sup>  | $25 | 0.48% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

† Annualized.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $25315994 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 19 |
| **Portfolio Turnover Rate** | 9.42% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts4416img003.jpg)

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

---

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

---

Franklin LifeSmart 2020 Retirement Target Fund PAGE 1 52-STSR-0825

44.228.215.39.31.02.0 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2020 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FLRQX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin LifeSmart 2020 Retirement Target Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class C<sup>1</sup>  | $63 | 1.23% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

† Annualized.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $25315994 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 19 |
| **Portfolio Turnover Rate** | 9.42% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts4417img003.jpg)

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

---

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

---

Franklin LifeSmart 2020 Retirement Target Fund PAGE 1 552-STSR-0825

44.228.215.39.31.02.0 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2020 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [FLRVX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin LifeSmart 2020 Retirement Target Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R<sup>1</sup>  | $37 | 0.73% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

† Annualized.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $25315994 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 19 |
| **Portfolio Turnover Rate** | 9.42% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts4419img003.jpg)

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

---

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

---

Franklin LifeSmart 2020 Retirement Target Fund PAGE 1 852-STSR-0825

44.228.215.39.31.02.0 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2020 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FRTSX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin LifeSmart 2020 Retirement Target Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R6<sup>1</sup>  | $10 | 0.19% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

† Annualized.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $25315994 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 19 |
| **Portfolio Turnover Rate** | 9.42% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts4418img003.jpg)

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

---

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

---

Franklin LifeSmart 2020 Retirement Target Fund PAGE 1 892-STSR-0825

44.228.215.39.31.02.0 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2020 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FLROX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin LifeSmart 2020 Retirement Target Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Advisor Class<sup>1</sup>  | $12 | 0.23% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

† Annualized.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $25315994 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 19 |
| **Portfolio Turnover Rate** | 9.42% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts4415img003.jpg)

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

---

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

---

Franklin LifeSmart 2020 Retirement Target Fund PAGE 1 82-STSR-0825

44.228.215.39.31.02.0 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2025 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FTRTX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin LifeSmart 2025 Retirement Target Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class A<sup>1</sup>  | $25 | 0.49% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

† Annualized.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $109372921 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 20 |
| **Portfolio Turnover Rate** | 9.78% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts4421img003.jpg)

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

---

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

---

Franklin LifeSmart 2025 Retirement Target Fund PAGE 1 445-STSR-0825

37.034.018.67.71.01.7 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2025 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FTTCX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin LifeSmart 2025 Retirement Target Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class C<sup>1</sup>  | $64 | 1.24% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

† Annualized.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $109372921 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 20 |
| **Portfolio Turnover Rate** | 9.78% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts4422img003.jpg)

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

---

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

---

Franklin LifeSmart 2025 Retirement Target Fund PAGE 1 545-STSR-0825

37.034.018.67.71.01.7 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2025 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [FRELX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin LifeSmart 2025 Retirement Target Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R<sup>1</sup>  | $38 | 0.74% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

† Annualized.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $109372921 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 20 |
| **Portfolio Turnover Rate** | 9.78% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts4424img003.jpg)

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

---

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

---

Franklin LifeSmart 2025 Retirement Target Fund PAGE 1 845-STSR-0825

37.034.018.67.71.01.7 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2025 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FTLMX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin LifeSmart 2025 Retirement Target Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R6<sup>1</sup>  | $9 | 0.18% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

† Annualized.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $109372921 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 20 |
| **Portfolio Turnover Rate** | 9.78% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts4423img003.jpg)

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

---

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

---

Franklin LifeSmart 2025 Retirement Target Fund PAGE 1 345-STSR-0825

37.034.018.67.71.01.7 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2025 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FLRFX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin LifeSmart 2025 Retirement Target Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Advisor Class<sup>1</sup>  | $12 | 0.24% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

† Annualized.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $109372921 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 20 |
| **Portfolio Turnover Rate** | 9.78% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts4420img003.jpg)

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

---

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

---

Franklin LifeSmart 2025 Retirement Target Fund PAGE 1 645-STSR-0825

37.034.018.67.71.01.7 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2030 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FLRSX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin LifeSmart 2030 Retirement Target Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class A<sup>1</sup>  | $25 | 0.48% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

† Annualized.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $77682470 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 19 |
| **Portfolio Turnover Rate** | 12.81% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts4396img003.jpg)

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

---

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

---

Franklin LifeSmart 2030 Retirement Target Fund PAGE 1 47-STSR-0825

39.629.521.76.21.02.0 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2030 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FLRTX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin LifeSmart 2030 Retirement Target Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class C<sup>1</sup>  | $63 | 1.23% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

† Annualized.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $77682470 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 19 |
| **Portfolio Turnover Rate** | 12.81% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts4398img003.jpg)

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

---

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

---

Franklin LifeSmart 2030 Retirement Target Fund PAGE 1 553-STSR-0825

39.629.521.76.21.02.0 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2030 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [FLRWX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin LifeSmart 2030 Retirement Target Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R<sup>1</sup>  | $38 | 0.73% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

† Annualized.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $77682470 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 19 |
| **Portfolio Turnover Rate** | 12.81% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts4400img003.jpg)

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

---

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

---

Franklin LifeSmart 2030 Retirement Target Fund PAGE 1 853-STSR-0825

39.629.521.76.21.02.0 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2030 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FLERX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin LifeSmart 2030 Retirement Target Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R6<sup>1</sup>  | $9 | 0.18% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

† Annualized.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $77682470 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 19 |
| **Portfolio Turnover Rate** | 12.81% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts4399img003.jpg)

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

---

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

---

Franklin LifeSmart 2030 Retirement Target Fund PAGE 1 833-STSR-0825

39.629.521.76.21.02.0 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2030 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FLRZX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin LifeSmart 2030 Retirement Target Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Advisor Class<sup>1</sup>  | $12 | 0.23% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

† Annualized.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $77682470 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 19 |
| **Portfolio Turnover Rate** | 12.81% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts4393img003.jpg)

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

---

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

---

Franklin LifeSmart 2030 Retirement Target Fund PAGE 1 83-STSR-0825

39.629.521.76.21.02.0 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2035 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FRTAX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin LifeSmart 2035 Retirement Target Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class A<sup>1</sup>  | $27 | 0.52% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

† Annualized.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $149436133 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 19 |
| **Portfolio Turnover Rate** | 10.60% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts4425img003.jpg)

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

---

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

---

Franklin LifeSmart 2035 Retirement Target Fund PAGE 1 446-STSR-0825

45.224.722.44.71.02.0 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2035 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FTRCX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin LifeSmart 2035 Retirement Target Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class C<sup>1</sup>  | $65 | 1.27% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

† Annualized.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $149436133 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 19 |
| **Portfolio Turnover Rate** | 10.60% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts4381img003.jpg)

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

---

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

---

Franklin LifeSmart 2035 Retirement Target Fund PAGE 1 546-STSR-0825

45.224.722.44.71.02.0 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2035 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [FLRGX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin LifeSmart 2035 Retirement Target Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R<sup>1</sup>  | $40 | 0.77% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

† Annualized.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $149436133 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 19 |
| **Portfolio Turnover Rate** | 10.60% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts4383img003.jpg)

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

---

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

---

Franklin LifeSmart 2035 Retirement Target Fund PAGE 1 846-STSR-0825

45.224.722.44.71.02.0 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2035 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FMTLX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin LifeSmart 2035 Retirement Target Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R6<sup>1</sup>  | $9 | 0.18% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

† Annualized.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $149436133 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 19 |
| **Portfolio Turnover Rate** | 10.60% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts4382img003.jpg)

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

---

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

---

Franklin LifeSmart 2035 Retirement Target Fund PAGE 1 346-STSR-0825

45.224.722.44.71.02.0 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2035 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FLRHX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin LifeSmart 2035 Retirement Target Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Advisor Class<sup>1</sup>  | $14 | 0.27% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

† Annualized.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $149436133 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 19 |
| **Portfolio Turnover Rate** | 10.60% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts4380img003.jpg)

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

---

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

---

Franklin LifeSmart 2035 Retirement Target Fund PAGE 1 646-STSR-0825

45.224.722.44.71.02.0 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2040 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FLADX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin LifeSmart 2040 Retirement Target Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class A<sup>1</sup>  | $25 | 0.49% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

† Annualized.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $68754341 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 17 |
| **Portfolio Turnover Rate** | 14.22% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts4412img003.jpg)

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

---

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

---

Franklin LifeSmart 2040 Retirement Target Fund PAGE 1 49-STSR-0825

50.427.717.41.60.92.0 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2040 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FLOLX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin LifeSmart 2040 Retirement Target Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class C<sup>1</sup>  | $64 | 1.24% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

† Annualized.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $68754341 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 17 |
| **Portfolio Turnover Rate** | 14.22% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts4413img003.jpg)

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

---

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

---

Franklin LifeSmart 2040 Retirement Target Fund PAGE 1 255-STSR-0825

50.427.717.41.60.92.0 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2040 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [FLSGX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin LifeSmart 2040 Retirement Target Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R<sup>1</sup>  | $38 | 0.74% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

† Annualized.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $68754341 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 17 |
| **Portfolio Turnover Rate** | 14.22% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts4414img003.jpg)

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

---

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

---

Franklin LifeSmart 2040 Retirement Target Fund PAGE 1 855-STSR-0825

50.427.717.41.60.92.0 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2040 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FLREX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin LifeSmart 2040 Retirement Target Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R6<sup>1</sup>  | $10 | 0.19% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

† Annualized.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $68754341 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 17 |
| **Portfolio Turnover Rate** | 14.22% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts4448img003.jpg)

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

---

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

---

Franklin LifeSmart 2040 Retirement Target Fund PAGE 1 895-STSR-0825

50.427.717.41.60.92.0 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2040 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FLSHX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin LifeSmart 2040 Retirement Target Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Advisor Class<sup>1</sup>  | $12 | 0.24% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

† Annualized.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $68754341 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 17 |
| **Portfolio Turnover Rate** | 14.22% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts4411img003.jpg)

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

---

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

---

Franklin LifeSmart 2040 Retirement Target Fund PAGE 1 81-STSR-0825

50.427.717.41.60.92.0 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2045 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FTTAX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin LifeSmart 2045 Retirement Target Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class A<sup>1</sup>  | $26 | 0.50% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

† Annualized.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $111737276 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 14 |
| **Portfolio Turnover Rate** | 11.29% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts4385img003.jpg)

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

---

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

---

Franklin LifeSmart 2045 Retirement Target Fund PAGE 1 451-STSR-0825

56.230.710.01.02.1 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2045 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FLRIX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin LifeSmart 2045 Retirement Target Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class C<sup>1</sup>  | $65 | 1.25% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

† Annualized.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $111737276 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 14 |
| **Portfolio Turnover Rate** | 11.29% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts4387img003.jpg)

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

---

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

---

Franklin LifeSmart 2045 Retirement Target Fund PAGE 1 551-STSR-0825

56.230.710.01.02.1 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2045 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [FLRJX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin LifeSmart 2045 Retirement Target Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R<sup>1</sup>  | $39 | 0.75% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

† Annualized.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $111737276 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 14 |
| **Portfolio Turnover Rate** | 11.29% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts4391img003.jpg)

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

---

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

---

Franklin LifeSmart 2045 Retirement Target Fund PAGE 1 851-STSR-0825

56.230.710.01.02.1 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2045 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FMLTX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin LifeSmart 2045 Retirement Target Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R6<sup>1</sup>  | $10 | 0.19% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

† Annualized.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $111737276 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 14 |
| **Portfolio Turnover Rate** | 11.29% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts4389img003.jpg)

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

---

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

---

Franklin LifeSmart 2045 Retirement Target Fund PAGE 1 351-STSR-0825

56.230.710.01.02.1 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2045 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FLRLX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin LifeSmart 2045 Retirement Target Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Advisor Class<sup>1</sup>  | $13 | 0.25% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

† Annualized.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $111737276 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 14 |
| **Portfolio Turnover Rate** | 11.29% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts4384img003.jpg)

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

---

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

---

Franklin LifeSmart 2045 Retirement Target Fund PAGE 1 651-STSR-0825

56.230.710.01.02.1 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2050 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FLSJX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin LifeSmart 2050 Retirement Target Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class A<sup>1</sup>  | $25 | 0.49% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

† Annualized.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $61372409 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 14 |
| **Portfolio Turnover Rate** | 11.91% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts4407img003.jpg)

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

---

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

---

Franklin LifeSmart 2050 Retirement Target Fund PAGE 1 59-STSR-0825

60.032.94.01.02.1 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2050 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FLSKX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin LifeSmart 2050 Retirement Target Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class C<sup>1</sup>  | $64 | 1.24% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

† Annualized.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $61372409 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 14 |
| **Portfolio Turnover Rate** | 11.91% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts4408img003.jpg)

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

---

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

---

Franklin LifeSmart 2050 Retirement Target Fund PAGE 1 259-STSR-0825

60.032.94.01.02.1 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2050 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [FLSNX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin LifeSmart 2050 Retirement Target Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R<sup>1</sup>  | $38 | 0.74% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

† Annualized.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $61372409 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 14 |
| **Portfolio Turnover Rate** | 11.91% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts4410img003.jpg)

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

---

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

---

Franklin LifeSmart 2050 Retirement Target Fund PAGE 1 859-STSR-0825

60.032.94.01.02.1 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2050 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FRLEX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin LifeSmart 2050 Retirement Target Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R6<sup>1</sup>  | $10 | 0.19% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

† Annualized.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $61372409 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 14 |
| **Portfolio Turnover Rate** | 11.91% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts4409img003.jpg)

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

---

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

---

Franklin LifeSmart 2050 Retirement Target Fund PAGE 1 899-STSR-0825

60.032.94.01.02.1 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2050 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FLSOX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin LifeSmart 2050 Retirement Target Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Advisor Class<sup>1</sup>  | $12 | 0.24% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

† Annualized.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $61372409 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 14 |
| **Portfolio Turnover Rate** | 11.91% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts4406img003.jpg)

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

---

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

---

Franklin LifeSmart 2050 Retirement Target Fund PAGE 1 98-STSR-0825

60.032.94.01.02.1 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2055 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FLTFX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin LifeSmart 2055 Retirement Target Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class A<sup>1</sup>  | $25 | 0.49% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

† Annualized.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $46556679 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 14 |
| **Portfolio Turnover Rate** | 12.73% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts4402img003.jpg)

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

---

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

---

Franklin LifeSmart 2055 Retirement Target Fund PAGE 1 959-STSR-0825

61.433.62.00.92.1 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2055 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FLTNX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin LifeSmart 2055 Retirement Target Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class C<sup>1</sup>  | $64 | 1.24% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

† Annualized.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $46556679 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 14 |
| **Portfolio Turnover Rate** | 12.73% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts4403img003.jpg)

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

---

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

---

Franklin LifeSmart 2055 Retirement Target Fund PAGE 1 289-STSR-0825

61.433.62.00.92.1 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2055 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [FLSBX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin LifeSmart 2055 Retirement Target Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R<sup>1</sup>  | $38 | 0.74% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

† Annualized.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $46556679 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 14 |
| **Portfolio Turnover Rate** | 12.73% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts4405img003.jpg)

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

---

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

---

Franklin LifeSmart 2055 Retirement Target Fund PAGE 1 869-STSR-0825

61.433.62.00.92.1 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2055 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FLSZX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin LifeSmart 2055 Retirement Target Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R6<sup>1</sup>  | $10 | 0.19% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

† Annualized.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $46556679 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 14 |
| **Portfolio Turnover Rate** | 12.73% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts4404img003.jpg)

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

---

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

---

Franklin LifeSmart 2055 Retirement Target Fund PAGE 1 879-STSR-0825

61.433.62.00.92.1 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2055 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FLTKX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin LifeSmart 2055 Retirement Target Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Advisor Class<sup>1</sup>  | $12 | 0.24% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

† Annualized.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $46556679 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 14 |
| **Portfolio Turnover Rate** | 12.73% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts4401img003.jpg)

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

---

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

---

Franklin LifeSmart 2055 Retirement Target Fund PAGE 1 999-STSR-0825

61.433.62.00.92.1 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2060 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FLASX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin LifeSmart 2060 Retirement Target Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class A<sup>1</sup>  | $25 | 0.49% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

† Annualized.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $10161829 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 15 |
| **Portfolio Turnover Rate** | 12.00% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts4450img003.jpg)

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

---

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

---

Franklin LifeSmart 2060 Retirement Target Fund PAGE 1 1899-STSR-0825

61.233.52.00.92.4 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2060 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FLBSX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin LifeSmart 2060 Retirement Target Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class C<sup>1</sup>  | $64 | 1.24% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

† Annualized.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $10161829 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 15 |
| **Portfolio Turnover Rate** | 12.00% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts4451img003.jpg)

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

---

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

---

Franklin LifeSmart 2060 Retirement Target Fund PAGE 1 2899-STSR-0825

61.233.52.00.92.4 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2060 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [FLESX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin LifeSmart 2060 Retirement Target Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R<sup>1</sup>  | $38 | 0.74% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

† Annualized.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $10161829 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 15 |
| **Portfolio Turnover Rate** | 12.00% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts4453img003.jpg)

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

---

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

---

Franklin LifeSmart 2060 Retirement Target Fund PAGE 1 8899-STSR-0825

61.233.52.00.92.4 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2060 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FLFSX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin LifeSmart 2060 Retirement Target Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R6<sup>1</sup>  | $10 | 0.19% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

† Annualized.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $10161829 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 15 |
| **Portfolio Turnover Rate** | 12.00% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts4452img003.jpg)

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

---

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

---

Franklin LifeSmart 2060 Retirement Target Fund PAGE 1 3899-STSR-0825

61.233.52.00.92.4 ------

---

| | |
|:---|:---|
| **Franklin LifeSmart 2060 Retirement Target Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FLJSX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin LifeSmart 2060 Retirement Target Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Advisor Class<sup>1</sup>  | $12 | 0.24% |

---

\* Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

† Annualized.

1 Excludes fees and expenses of the underlying funds in which the Fund invests.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $10161829 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 15 |
| **Portfolio Turnover Rate** | 12.00% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts4449img003.jpg)

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

---

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

---

Franklin LifeSmart 2060 Retirement Target Fund PAGE 1 6899-STSR-0825

61.233.52.00.92.4 ------

&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 HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

#### Franklin

#### Fund

#### Allocator

#### Series

#### Financial

#### Statements

#### and

#### Other

#### Important

#### Information

#### Semi-Annual
\|June

30,

2025

#### Franklin

#### Conservative

#### Allocation

#### Fund

#### Franklin

#### Corefolio

#### Allocation

#### Fund

#### Franklin

#### Global

#### Allocation

#### Fund

#### Franklin

#### Growth

#### Allocation

#### Fund

#### Franklin

#### Moderate

#### Allocation

#### Fund

#### Table

#### of

#### Contents
franklintempleton.com

Financial

Statements

and

Other

Important

Information—Semiannual

Financial

Highlights

and

Schedules

of

Investments

#### 2
Financial

Statements

#### 41
Notes

to

Financial

Statements

#### 50
Changes

In

and

Disagreements

with

Accountants

#### 73
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

#### Conservative

#### Allocation

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$13.93

$13.22

$12.17

$14.89

$14.95

$14.08

Income

from

investment

operations

a

:

Net

investment

income

b,c

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

0.14 0.33 0.29 0.27 0.23 0.22 Net

realized

and

unrealized

gains

(losses)

0.67 0.73 1.08 (2.53)

0.99 1.05 Total

from

investment

operations

........

0.81 1.06 1.37 (2.26)

1.22 1.27 Less

distributions

from:

Net

investment

income

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

(0.20)

(0.35)

(0.32)

(0.22)

(0.35)

(0.23)

Net

realized

gains

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

(0.06)

—

—

(0.24)

(0.93)

(0.17)

Total

distributions

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

(0.26)

(0.35)

(0.32)

(0.46)

(1.28)

(0.40)

Net

asset

value,

end

of

period

..........

$14.48

$13.93

$13.22

$12.17

$14.89

$14.95

Total

return

d

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

5.89%

8.06%

11.37%

(15.22)%

8.18%

9.30%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

f

,g

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

0.61%

0.61%

0.61%

h

0.63%

h

0.62%

0.63%

h

Net

investment

income

c

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

2.00%

2.39%

2.27%

2.08%

1.47%

1.54%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$731,586

$731,888

$768,040

$796,888

$1,081,071

$941,777

Portfolio

turnover

rate

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

9.76%

40.01%

19.49%

37.16%

61.92%

48.36%

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

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

g

Does

not

include

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

The

weighted

average

indirect

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

was

0.22%

for

the

period

ended

June

30,

2025. h

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### Conservative

#### Allocation

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$13.59

$12.90

$11.87

$14.54

$14.62

$13.77

Income

from

investment

operations

a

:

Net

investment

income

b,c

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

0.08 0.21 0.18 0.16 0.09 0.10 Net

realized

and

unrealized

gains

(losses)

0.65 0.73 1.07 (2.47)

0.99 1.05 Total

from

investment

operations

........

0.73 0.94 1.25 (2.31)

1.08 1.15 Less

distributions

from:

Net

investment

income

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

(0.15)

(0.25)

(0.22)

(0.12)

(0.23)

(0.13)

Net

realized

gains

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

(0.06)

—

—

(0.24)

(0.93)

(0.17)

Total

distributions

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

(0.21)

(0.25)

(0.22)

(0.36)

(1.16)

(0.30)

Net

asset

value,

end

of

period

..........

$14.11

$13.59

$12.90

$11.87

$14.54

$14.62

Total

return

d

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

5.45%

7.28%

10.62%

(15.90)%

7.40%

8.51%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

f

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

1.36%

1.37%

1.37%

1.38%

1.37%

1.38%

Expenses

net

of

waiver

and

payments

by

affiliates

f

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

1.36%

g

1.36%

1.36%

h

1.38%

g,h

1.37%

g

1.38%

g

Net

investment

income

c

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

1.24%

1.60%

1.45%

1.24%

0.61%

0.76%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$47,891

$51,585

$63,436

$89,012

$152,244

$212,656

Portfolio

turnover

rate

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

9.76%

40.01%

19.49%

37.16%

61.92%

48.36%

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

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Does

not

include

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

The

weighted

average

indirect

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

was

0.22%

for

the

period

ended

June

30,

2025. g

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

h

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### Conservative

#### Allocation

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$13.86

$13.16

$12.11

$14.83

$14.88

$14.02

Income

from

investment

operations

a

:

Net

investment

income

b,c

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

0.12 0.29 0.25 0.24 0.18 0.18 Net

realized

and

unrealized

gains

(losses)

0.67 0.73 1.09 (2.53)

1.01 1.05 Total

from

investment

operations

........

0.79 1.02 1.34 (2.29)

1.19 1.23 Less

distributions

from:

Net

investment

income

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

(0.19)

(0.32)

(0.29)

(0.19)

(0.31)

(0.20)

Net

realized

gains

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

(0.06)

—

—

(0.24)

(0.93)

(0.17)

Total

distributions

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

(0.25)

(0.32)

(0.29)

(0.43)

(1.24)

(0.37)

Net

asset

value,

end

of

period

..........

$14.40

$13.86

$13.16

$12.11

$14.83

$14.88

Total

return

d

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

5.73%

7.75%

11.15%

(15.48)%

7.99%

8.98%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

f

,g

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

0.86%

0.86%

0.86%

h

0.88%

h

0.87%

0.88%

Net

investment

income

c

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

1.76%

2.14%

2.01%

1.87%

1.14%

1.28%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$41,065

$39,818

$41,582

$45,036

$55,629

$66,208

Portfolio

turnover

rate

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

9.76%

40.01%

19.49%

37.16%

61.92%

48.36%

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

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

g

Does

not

include

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

The

weighted

average

indirect

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

was

0.22%

for

the

period

ended

June

30,

2025. h

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### Conservative

#### Allocation

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$13.91

$13.20

$12.14

$14.87

$14.92

$14.06

Income

from

investment

operations

a

:

Net

investment

income

b,c

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

0.15 0.38 0.35 0.32 0.28 0.26 Net

realized

and

unrealized

gains

(losses)

0.67 0.72 1.07 (2.55)

1.00 1.05 Total

from

investment

operations

........

0.82 1.10 1.42 (2.23)

1.28 1.31 Less

distributions

from:

Net

investment

income

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

(0.22)

(0.39)

(0.36)

(0.26)

(0.40)

(0.28)

Net

realized

gains

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

(0.06)

—

—

(0.24)

(0.93)

(0.17)

Total

distributions

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

(0.28)

(0.39)

(0.36)

(0.50)

(1.33)

(0.45)

Net

asset

value,

end

of

period

..........

$14.45

$13.91

$13.20

$12.14

$14.87

$14.92

Total

return

d

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

5.97%

8.40%

11.83%

(15.01)%

8.60%

9.61%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

f

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

0.41%

0.36%

0.38%

0.40%

0.39%

0.40%

Expenses

net

of

waiver

and

payments

by

affiliates

f

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

0.30%

0.31%

0.30%

g

0.29%

g

0.30%

0.30%

Net

investment

income

c

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

2.17%

2.76%

2.78%

2.45%

1.78%

1.86%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$3,601

$6,688

$5,147

$2,274

$2,852

$2,537

Portfolio

turnover

rate

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

9.76%

40.01%

19.49%

37.16%

61.92%

48.36%

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

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Does

not

include

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

The

weighted

average

indirect

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

was

0.22%

for

the

period

ended

June

30,

2025. g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### Conservative

#### Allocation

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$13.93

$13.22

$12.16

$14.89

$14.95

$14.08

Income

from

investment

operations

a

:

Net

investment

income

b,c

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

0.16 0.36 0.32 0.29 0.27 0.25 Net

realized

and

unrealized

gains

(losses)

0.66 0.74 1.09 (2.53)

0.99 1.06 Total

from

investment

operations

........

0.82 1.10 1.41 (2.24)

1.26 1.31 Less

distributions

from:

Net

investment

income

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

(0.22)

(0.39)

(0.35)

(0.25)

(0.39)

(0.27)

Net

realized

gains

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

(0.06)

—

—

(0.24)

(0.93)

(0.17)

Total

distributions

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

(0.28)

(0.39)

(0.35)

(0.49)

(1.32)

(0.44)

Net

asset

value,

end

of

period

..........

$14.47

$13.93

$13.22

$12.16

$14.89

$14.95

Total

return

d

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

5.94%

8.33%

11.75%

(15.07)%

8.45%

9.58%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

f

,g

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

0.36%

0.36%

0.36%

h

0.38%

h

0.37%

0.38%

Net

investment

income

c

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

2.26%

2.63%

2.51%

2.20%

1.72%

1.79%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$29,431

$25,754

$27,713

$30,231

$54,537

$48,041

Portfolio

turnover

rate

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

9.76%

40.01%

19.49%

37.16%

61.92%

48.36%

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

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

g

Does

not

include

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

The

weighted

average

indirect

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

was

0.22%

for

the

period

ended

June

30,

2025. h

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited),

June

30,

2025

#### Franklin

#### Conservative

#### Allocation

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

s

a

a

#### Shares
a

#### Value
a

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### 98.2%

#### Alternative

#### Strategies

#### 1.0%
a

Franklin

Systematic

Style

Premia

ETF

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

344,951

$

8,313,319

#### Domestic

#### Equity

#### 28.9%
a

Franklin

Growth

Fund

,

Class

R6

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

369,138

53,288,767

a

Franklin

U.S.

Core

Equity

(IU)

Fund

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

6,672,248

120,167,192

a

Franklin

U.S.

Equity

Index

ETF

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

236,348

12,848,870

a

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

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

459,627

29,030,041

a

Putnam

Large

Cap

Value

Fund

,

Class

R6

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

852,251

31,371,364

246,706,234

#### Domestic

#### Fixed

#### Income

#### 47.2%
a

Franklin

Investment

Grade

Corporate

ETF

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

4,569,974

98,642,889

a

Franklin

U.S.

Core

Bond

ETF

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

9,379,143

201,839,157

a

Franklin

U.S.

Treasury

Bond

ETF

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

4,997,148

102,691,391

403,173,437

#### Foreign

#### Equity

#### 11.2%
a

ClearBridge

International

Growth

Fund

,

Class

IS

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

93,751

7,096,980

a

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

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

1,273,806

15,018,171

a

Franklin

International

Core

Equity

(IU)

Fund

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

3,357,199

46,597,927

iShares

Core

MSCI

EAFE

ETF

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

78,329

6,538,905

a

Templeton

Developing

Markets

Trust

,

Class

R6

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

438,644

9,869,501

a

Templeton

Foreign

Fund

,

Class

R6

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

1,205,760

10,562,461

95,683,945

#### Foreign

#### Fixed

#### Income

#### 9.9%
a

BrandywineGLOBAL

-

Global

Opportunities

Bond

Fund

,

Class

IS

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

3,763,475

34,247,621

a

Franklin

High

Yield

Corporate

ETF

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

1,469,506

35,782,471

a

Franklin

International

Aggregate

Bond

ETF

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

709,921

14,581,777

84,611,869

#### Total

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### (Cost

#### $

#### 720,348,799

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

#### 838,488,804
a

#### a
a

a

#### Short

#### Term

#### Investments

#### 1.6%
a

#### Money

#### Market

#### Funds

#### 1.6%
a,b

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.332 %

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

13,481,875

13,481,875

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 13,481,875

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

#### 13,481,875

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 13,481,875

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

#### 13,481,875

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 733,830,674

####)
99.8 #### %
...................................

#### $851,970,679

#### Other

#### Assets,

#### less

#### Liabilities
0.2 #### %
.............................................

#### 1,603,317

#### Net

#### Assets

#### 100.0%

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

#### $853,573,996
See

Abbreviations

on

.

a

See

Note

3(f)

regarding

investments

in

FT

Underlying

Funds.

b

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### Corefolio

#### Allocation

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$23.13

$21.40

$17.85

$24.42

$21.92

$20.04

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b,c

........

(0.04)

0.10 0.11 0.05 0.22 0.12 Net

realized

and

unrealized

gains

(losses)

1.83 3.05 4.35 (5.16)

3.21 3.32 Total

from

investment

operations

........

1.79 3.15 4.46 (5.11)

3.43 3.44 Less

distributions

from:

Net

investment

income

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

(—)

d

(0.19)

(0.12)

(0.01)

(0.22)

(0.18)

Net

realized

gains

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

(1.47)

(1.23)

(0.79)

(1.45)

(0.71)

(1.38)

Total

distributions

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

(1.47)

(1.42)

(0.91)

(1.46)

(0.93)

(1.56)

Net

asset

value,

end

of

period

..........

$23.45

$23.13

$21.40

$17.85

$24.42

$21.92

Total

return

e

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

7.94%

14.88%

25.36%

(20.84)%

15.76%

18.28%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

g

,h

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

0.38%

0.39%

0.40%

0.41%

0.42%

0.43%

Net

investment

income

(loss)

c

..........

(0.38)%

0.45%

0.55%

0.26%

0.91%

0.64%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$900,551

$869,673

$805,511

$690,297

$931,489

$812,250

Portfolio

turnover

rate

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

—%

10.38%

6.51%

9.00%

3.58%

9.29%

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

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Amount

rounds

to

less

than

$0.01

per

share.

e

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Does

not

include

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

The

weighted

average

indirect

expenses

of

the

Underlying

Funds

was

0.61%

for

the

period

ended

June

30,

2025. h

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### Corefolio

#### Allocation

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$22.31

$20.68

$17.34

$23.94

$21.57

$19.76

Income

from

investment

operations

a

:

Net

investment

(loss)

b,c

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

(0.12)

(0.07)

(0.05)

(0.10)

(0.01)

(0.03)

Net

realized

and

unrealized

gains

(losses)

1.75 2.95 4.21 (5.05)

3.20 3.25 Total

from

investment

operations

........

1.63 2.88 4.16 (5.15)

3.19 3.22 Less

distributions

from:

Net

investment

income

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

(—)

d

(0.02)

(0.03)

(—)

d

(0.11)

(0.03)

Net

realized

gains

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

(1.47)

(1.23)

(0.79)

(1.45)

(0.71)

(1.38)

Total

distributions

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

(1.47)

(1.25)

(0.82)

(1.45)

(0.82)

(1.41)

Net

asset

value,

end

of

period

..........

$22.47

$22.31

$20.68

$17.34

$23.94

$21.57

Total

return

e

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

7.51%

14.08%

24.38%

(21.44)%

14.88%

17.41%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

g

,h

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

1.13%

1.14%

1.15%

1.16%

1.17%

1.18%

Net

investment

(loss)

c

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

(1.13)%

(0.33)%

(0.26)%

(0.53)%

(0.05)%

(0.18)%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$39,957

$40,821

$41,410

$39,781

$61,517

$73,513

Portfolio

turnover

rate

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

—%

10.38%

6.51%

9.00%

3.58%

9.29%

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

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Amount

rounds

to

less

than

$0.01

per

share.

e

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Does

not

include

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

The

weighted

average

indirect

expenses

of

the

Underlying

Funds

was

0.61%

for

the

period

ended

June

30,

2025. h

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### Corefolio

#### Allocation

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$23.06

$21.34

$17.81

$24.42

$21.95

$20.07

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b,c

........

(0.07)

0.06 0.07 0.01 0.16 0.07 Net

realized

and

unrealized

gains

(losses)

1.81 3.03 4.32 (5.17)

3.21 3.32 Total

from

investment

operations

........

1.74 3.09 4.39 (5.16)

3.37 3.39 Less

distributions

from:

Net

investment

income

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

(—)

d

(0.14)

(0.07)

(—)

d

(0.19)

(0.13)

Net

realized

gains

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

(1.47)

(1.23)

(0.79)

(1.45)

(0.71)

(1.38)

Total

distributions

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

(1.47)

(1.37)

(0.86)

(1.45)

(0.90)

(1.51)

Net

asset

value,

end

of

period

..........

$23.33

$23.06

$21.34

$17.81

$24.42

$21.95

Total

return

e

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

7.74%

14.64%

25.05%

(21.04)%

15.46%

18.00%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

g

,h

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

0.63%

0.64%

0.65%

0.66%

0.66%

0.67%

Net

investment

income

(loss)

c

..........

(0.63)%

0.25%

0.35%

0.04%

0.68%

0.38%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$2,060

$2,257

$1,935

$1,488

$1,764

$1,498

Portfolio

turnover

rate

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

—%

10.38%

6.51%

9.00%

3.58%

9.29%

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

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Amount

rounds

to

less

than

$0.01

per

share.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Does

not

include

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

The

weighted

average

indirect

expenses

of

the

Underlying

Funds

was

0.61%

for

the

period

ended

June

30,

2025. h

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### Corefolio

#### Allocation

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$23.25

$21.49

$17.92

$24.52

$21.97

$20.07

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b,c

........

(0.01)

0.13 0.18 0.12 0.30 0.21 Net

realized

and

unrealized

gains

(losses)

1.84 3.12 4.36 (5.19)

3.23 3.31 Total

from

investment

operations

........

1.83 3.25 4.54 (5.07)

3.53 3.52 Less

distributions

from:

Net

investment

income

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

(—)

d

(0.26)

(0.18)

(0.08)

(0.27)

(0.24)

Net

realized

gains

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

(1.47)

(1.23)

(0.79)

(1.45)

(0.71)

(1.38)

Total

distributions

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

(1.47)

(1.49)

(0.97)

(1.53)

(0.98)

(1.62)

Net

asset

value,

end

of

period

..........

$23.61

$23.25

$21.49

$17.92

$24.52

$21.97

Total

return

e

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

8.07%

15.28%

25.74%

(20.60)%

16.16%

18.69%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

g

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

0.16%

0.14%

0.11%

0.13%

0.13%

0.13%

Expenses

net

of

waiver

and

payments

by

affiliates

g

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

0.08%

0.08%

0.09%

0.08%

0.09%

0.09%

Net

investment

income

(loss)

c

..........

(0.08)%

0.55%

0.92%

0.62%

1.26%

1.05%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$3,393

$3,826

$4,966

$4,379

$5,349

$4,393

Portfolio

turnover

rate

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

—%

10.38%

6.51%

9.00%

3.58%

9.29%

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

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Amount

rounds

to

less

than

$0.01

per

share.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Does

not

include

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

The

weighted

average

indirect

expenses

of

the

Underlying

Funds

was

0.61%

for

the

period

ended

June

30,

2025. Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### Corefolio

#### Allocation

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$23.25

$21.49

$17.93

$24.52

$21.98

$20.08

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b,c

........

(0.01)

0.17 0.16 0.09 0.28 0.17 Net

realized

and

unrealized

gains

(losses)

1.83 3.07 4.36 (5.17)

3.22 3.34 Total

from

investment

operations

........

1.82 3.24 4.52 (5.08)

3.50 3.51 Less

distributions

from:

Net

investment

income

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

(—)

d

(0.25)

(0.17)

(0.06)

(0.25)

(0.23)

Net

realized

gains

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

(1.47)

(1.23)

(0.79)

(1.45)

(0.71)

(1.38)

Total

distributions

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

(1.47)

(1.48)

(0.96)

(1.51)

(0.96)

(1.61)

Net

asset

value,

end

of

period

..........

$23.60

$23.25

$21.49

$17.93

$24.52

$21.98

Total

return

e

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

8.03%

15.24%

25.58%

(20.63)%

16.05%

18.59%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

g

,h

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

0.13%

0.14%

0.15%

0.16%

0.17%

0.18%

Net

investment

income

(loss)

c

..........

(0.13)%

0.71%

0.83%

0.48%

1.16%

0.90%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$69,283

$67,797

$59,702

$48,963

$69,322

$61,166

Portfolio

turnover

rate

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

—%

10.38%

6.51%

9.00%

3.58%

9.29%

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

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

d

Amount

rounds

to

less

than

$0.01

per

share.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Does

not

include

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

The

weighted

average

indirect

expenses

of

the

Underlying

Funds

was

0.61%

for

the

period

ended

June

30,

2025. h

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited),

June

30,

2025

#### Franklin

#### Corefolio

#### Allocation

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Shares
a

#### Value
a

#### Investments

#### In

#### Underlying

#### Funds

#### 100.0%

#### Domestic

#### Equity

#### 75.2%
a

Franklin

Growth

Fund

,

Class

R6

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

1,767,534

$

255,161,176

a,b

Franklin

Growth

Opportunities

Fund

,

Class

R6

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

4,338,395

265,423,019

a

Franklin

Mutual

Shares

Fund

,

Class

R6

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

9,213,990

243,617,883

764,202,078

#### Foreign

#### Equity

#### 24.8%
a

Templeton

Growth

Fund,

Inc.

,

Class

R6

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

8,394,863

251,510,086

#### Total

#### Investments

#### In

#### Underlying

#### Funds

#### (Cost

#### $

#### 581,059,222

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

#### 1,015,712,164
a

#### a
a

a

#### Short

#### Term

#### Investments

#### 0.1%
a

a

#### Shares
a

#### Value
a

#### Money

#### Market

#### Funds

#### 0.1%
a,c

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.332 %

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

926,901

926,901

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 926,901

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

#### 926,901

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 926,901

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

#### 926,901

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 581,986,123

####)
100.1 #### %
..................................

#### $1,016,639,065

#### Other

#### Assets,

#### less

#### Liabilities

#### (0.1 ####)

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

#### (1,395,788)

#### Net

#### Assets

#### 100.0%

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

#### $1,015,243,277
a

See

Note

3(f)

regarding

investments

in

FT

Underlying

Funds.

b

Non-income

producing.

c

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### Global

#### Allocation

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$15.64

$14.01

$12.62

$14.95

$13.49

$14.43

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.16 0.23 0.23 0.18 0.19 c

0.34 c

Net

realized

and

unrealized

gains

(losses)

0.98 1.57 1.39 (1.95)

1.39 (0.27)

Total

from

investment

operations

........

1.14 1.80 1.62 (1.77)

1.58 0.07 Less

distributions

from:

Net

investment

income

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

(0.06)

(0.17)

(0.23)

(0.56)

(0.12)

(0.47)

Net

realized

gains

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

(0.30)

—

—

—

—

(0.54)

Total

distributions

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

(0.36)

(0.17)

(0.23)

(0.56)

(0.12)

(1.01)

Net

asset

value,

end

of

period

..........

$16.42

$15.64

$14.01

$12.62

$14.95

$13.49

Total

return

d

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

7.37%

12.87%

12.92%

(11.83)%

11.74%

1.55%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

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

0.94%

0.95%

0.95%

0.94%

0.94%

f

0.42%

f

Expenses

net

of

waiver

and

payments

by

affiliates

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

0.92%

0.93%

f

0.92%

g

0.91%

g

0.88%

f,g

0.42%

f,h

Net

investment

income

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

2.08%

1.49%

1.75%

1.31%

1.33%

c

2.73%

c

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$2,573,500

$2,520,588

$2,479,455

$2,417,274

$3,006,324

$2,952,287

Portfolio

turnover

rate

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

17.06%

59.82%

76.65%

15.46%

97.19%

i

4.07%

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

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Does

not

include

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

g

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

h

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

i

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### Global

#### Allocation

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$15.48

$13.87

$12.50

$14.79

$13.40

$14.33

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.10 0.11 0.13 0.07 0.08 c

0.23 c

Net

realized

and

unrealized

gains

(losses)

0.97 1.56 1.36 (1.91)

1.38 (0.26)

Total

from

investment

operations

........

1.07 1.67 1.49 (1.84)

1.46 (0.03)

Less

distributions

from:

Net

investment

income

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

(0.06)

(0.06)

(0.12)

(0.45)

(0.07)

(0.36)

Net

realized

gains

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

(0.30)

—

—

—

—

(0.54)

Total

distributions

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

(0.36)

(0.06)

(0.12)

(0.45)

(0.07)

(0.90)

Net

asset

value,

end

of

period

..........

$16.19

$15.48

$13.87

$12.50

$14.79

$13.40

Total

return

d

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

6.99%

12.06%

12.00%

(12.45)%

10.89%

0.79%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

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

1.69%

1.70%

1.70%

1.69%

1.68%

f

1.17%

f

Expenses

net

of

waiver

and

payments

by

affiliates

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

1.67%

1.68%

1.67%

g

1.66%

g

1.62%

f;g

1.17%

f,h

Net

investment

income

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

1.32%

0.73%

1.00%

0.56%

0.58%

c

1.85%

c

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$57,103

$62,592

$71,783

$84,086

$131,347

$201,506

Portfolio

turnover

rate

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

17.06%

59.82%

76.65%

15.46%

97.19%

i

4.07%

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

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Does

not

include

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

g

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

h

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

i

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### Global

#### Allocation

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$15.68

$14.05

$12.66

$14.99

$13.54

$14.48

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.14 0.19 0.20 0.14 0.15 c

0.31 c

Net

realized

and

unrealized

gains

(losses)

0.99 1.57 1.39 (1.95)

1.40 (0.28)

Total

from

investment

operations

........

1.13 1.76 1.59 (1.81)

1.55 0.03 Less

distributions

from:

Net

investment

income

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

(0.06)

(0.13)

(0.20)

(0.52)

(0.10)

(0.43)

Net

realized

gains

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

(0.30)

—

—

—

—

(0.54)

Total

distributions

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

(0.36)

(0.13)

(0.20)

(0.52)

(0.10)

(0.97)

Net

asset

value,

end

of

period

..........

$16.45

$15.68

$14.05

$12.66

$14.99

$13.54

Total

return

d

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

7.29%

12.57%

12.63%

(12.06)%

11.50%

1.28%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

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

1.19%

1.20%

1.20%

1.19%

1.19%

f

0.67%

f

Expenses

net

of

waiver

and

payments

by

affiliates

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

1.17%

1.18%

1.17%

g

1.16%

g

1.13%

f,g

0.67%

f,h

Net

investment

income

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

1.83%

1.25%

1.50%

1.06%

1.08%

c

2.47%

c

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$4,622

$4,671

$4,213

$3,906

$5,229

$4,975

Portfolio

turnover

rate

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

17.06%

59.82%

76.65%

15.46%

97.19%

i

4.07%

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

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Does

not

include

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

g

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

h

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

i

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### Global

#### Allocation

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$16.17

$14.47

$13.03

$15.43

$13.89

$14.81

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.19 0.28 0.28 0.22 0.25 c

0.96 c

Net

realized

and

unrealized

gains

(losses)

1.02 1.64 1.44 (2.02)

1.43 (0.83)

Total

from

investment

operations

........

1.21 1.92 1.72 (1.80)

1.68 0.13 Less

distributions

from:

Net

investment

income

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

(0.06)

(0.22)

(0.28)

(0.60)

(0.14)

(0.51)

Net

realized

gains

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

(0.30)

—

—

—

—

(0.54)

Total

distributions

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

(0.36)

(0.22)

(0.28)

(0.60)

(0.14)

(1.05)

Net

asset

value,

end

of

period

..........

$17.02

$16.17

$14.47

$13.03

$15.43

$13.89

Total

return

d

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

7.56%

13.28%

13.26%

(11.62)%

12.14%

1.94%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

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

0.68%

0.66%

0.65%

0.66%

0.67%

f

0.21%

f

Expenses

net

of

waiver

and

payments

by

affiliates

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

0.62%

0.62%

0.60%

g

0.59%

g

0.54%

f,g

0.07%

f

Net

investment

income

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

2.38%

1.78%

2.06%

1.61%

1.69%

c

7.33%

c

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$5,420

$5,343

$4,018

$1,087

$573

$631

Portfolio

turnover

rate

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

17.06%

59.82%

76.65%

15.46%

97.19%

i

4.07%

c

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

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.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Does

not

include

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

g

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

h

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

i

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### Global

#### Allocation

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$15.78

$14.13

$12.72

$15.07

$13.58

$14.52

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.19 0.27 0.27 0.21 0.23 c

0.37 c

Net

realized

and

unrealized

gains

(losses)

0.98 1.59 1.41 (1.97)

1.40 (0.27)

Total

from

investment

operations

........

1.17 1.86 1.68 (1.76)

1.63 0.10 Less

distributions

from:

Net

investment

income

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

(0.06)

(0.21)

(0.27)

(0.59)

(0.14)

(0.50)

Net

realized

gains

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

(0.30)

—

—

—

—

(0.54)

Total

distributions

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

(0.36)

(0.21)

(0.27)

(0.59)

(0.14)

(1.04)

Net

asset

value,

end

of

period

..........

$16.59

$15.78

$14.13

$12.72

$15.07

$13.58

Total

return

d

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

7.57%

13.11%

13.25%

(11.64)%

12.01%

1.79%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

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

0.69%

0.70%

0.70%

0.69%

0.69%

f

0.17%

f

Expenses

net

of

waiver

and

payments

by

affiliates

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

0.67%

0.68%

f

0.67%

g

0.66%

g

0.63%

f,g

0.17%

f,h

Net

investment

income

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

2.34%

1.75%

2.00%

1.56%

1.58%

c

2.89%

c

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$123,873

$117,356

$103,377

$98,974

$122,896

$123,049

Portfolio

turnover

rate

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

17.06%

59.82%

76.65%

15.46%

97.19%

i

4.07%

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

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Does

not

include

expenses

of

the

Underlying

Funds

in

which

the

Fund

invests.

g

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

h

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

i

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited),

June

30,

2025

#### Franklin

#### Global

#### Allocation

#### 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

#### 60.6%

#### Aerospace

#### &

#### Defense

#### 0.6%
General

Electric

Co.

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

United

States

20,691

$

5,325,657

Lockheed

Martin

Corp.

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

United

States

9,737

4,509,594

Rolls-Royce

Holdings

plc

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

United

Kingdom

571,000

7,567,262

17,402,513

#### Air

#### Freight

#### &

#### Logistics

#### 0.2%
Expeditors

International

of

Washington,

Inc.

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

United

States

43,564

4,977,187

#### Automobiles

#### 1.4%
General

Motors

Co.

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

United

States

65,332

3,214,988

Kia

Corp.

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

South

Korea

206,150

14,750,940

Mercedes-Benz

Group

AG

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

Germany

97,343

5,671,219

Subaru

Corp.

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

Japan

281,700

4,883,662

a

Tesla,

Inc.

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

United

States

33,239

10,558,701

39,079,510

#### Banks

#### 4.0%
AIB

Group

plc

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

Ireland

2,433,100

20,080,013

Citigroup,

Inc.

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

United

States

228,552

19,454,346

ING

Groep

NV

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

Netherlands

454,583

9,963,409

Intesa

Sanpaolo

SpA

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

Italy

2,468,443

14,219,245

JPMorgan

Chase

&

Co.

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

United

States

24,613

7,135,555

NatWest

Group

plc

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

United

Kingdom

1,318,602

9,260,481

UniCredit

SpA

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

Italy

471,238

31,612,239

111,725,288

#### Biotechnology

#### 1.7%
AbbVie,

Inc.

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

United

States

199,757

37,078,894

Gilead

Sciences,

Inc.

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

United

States

84,607

9,380,378

46,459,272

#### Broadline

#### Retail

#### 2.1%
b

Alibaba

Group

Holding

Ltd.

,

ADR

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

China

74,136

8,407,764

a

Amazon.com,

Inc.

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

United

States

151,068

33,142,808

a

MercadoLibre,

Inc.

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

Brazil

5,885

15,381,213

56,931,785

#### Building

#### Products

#### 0.2%
Cie

de

Saint-Gobain

SA

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

France

50,459

5,927,683

#### Capital

#### Markets

#### 1.5%
3i

Group

plc

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

United

Kingdom

265,424

15,020,931

Deutsche

Bank

AG

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

Germany

356,564

10,570,494

SEI

Investments

Co.

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

United

States

142,721

12,824,909

XP,

Inc.

,

A

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

Brazil

176,890

3,573,178

41,989,512

#### Chemicals

#### 0.4%
Corteva,

Inc.

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

United

States

45,189

3,367,936

Nitto

Denko

Corp.

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

Japan

252,000

4,866,491

Sherwin-Williams

Co.

(The)

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

United

States

8,824

3,029,809

11,264,236

#### Commercial

#### Services

#### &

#### Supplies

#### 0.3%
Cintas

Corp.

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

United

States

35,492

7,910,102

#### Communications

#### Equipment

#### 1.1%
a

Arista

Networks,

Inc.

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

United

States

93,300

9,545,523

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Global

#### Allocation

#### 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)

#### Communications

#### Equipment
(continued)

Cisco

Systems,

Inc.

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

United

States

318,889

$

22,124,519

31,670,042

#### Construction

#### Materials

#### 0.3%
Beijing

Oriental

Yuhong

Waterproof

Technology

Co.

Ltd.

,

A

....

China

5,074,500

7,602,935

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 1.7%
Carrefour

SA

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

France

200,479

2,828,003

Koninklijke

Ahold

Delhaize

NV

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

Netherlands

175,585

7,333,562

Kroger

Co.

(The)

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

United

States

198,332

14,226,355

Loblaw

Cos.

Ltd.

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

Canada

76,200

12,604,406

Walmart,

Inc.

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

United

States

117,219

11,461,674

48,454,000

#### Diversified

#### Telecommunication

#### Services

#### 0.6%
Bezeq

The

Israeli

Telecommunication

Corp.

Ltd.

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

Israel

2,216,502

3,787,714

Deutsche

Telekom

AG

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

Germany

252,979

9,259,942

Telkom

Indonesia

Persero

Tbk.

PT

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

Indonesia

13,349,900

2,283,923

15,331,579

#### Electric

#### Utilities

#### 0.6%
Iberdrola

SA

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

Spain

375,036

7,214,954

NRG

Energy,

Inc.

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

United

States

56,818

9,123,835

16,338,789

#### Electrical

#### Equipment

#### 0.2%
Fujikura

Ltd.

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

Japan

83,800

4,408,336

#### Entertainment

#### 1.9%
b

NetEase,

Inc.

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

China

708,800

19,101,712

a

Netflix,

Inc.

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

United

States

21,688

29,043,052

a

Spotify

Technology

SA

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

United

States

5,291

4,059,996

52,204,760

#### Financial

#### Services

#### 1.8%
a

Berkshire

Hathaway,

Inc.

,

B

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

United

States

9,640

4,682,823

Mastercard,

Inc.

,

A

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

United

States

26,943

15,140,350

MGIC

Investment

Corp.

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

United

States

328,187

9,136,726

a

PayPal

Holdings,

Inc.

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

United

States

47,470

3,527,970

Visa,

Inc.

,

A

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

United

States

45,846

16,277,622

48,765,491

#### Food

#### Products

#### 0.1%
a

JBS

NV

,

BDR

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

United

States

228,650

3,291,439

#### Ground

#### Transportation

#### 0.4%
Landstar

System,

Inc.

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

United

States

18,357

2,551,990

Old

Dominion

Freight

Line,

Inc.

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

United

States

52,844

8,576,581

11,128,571

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 2.0%
Abbott

Laboratories

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

United

States

154,153

20,966,349

a

IDEXX

Laboratories,

Inc.

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

United

States

23,390

12,544,993

a

Insulet

Corp.

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

United

States

56,931

17,886,582

STERIS

plc

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

United

States

13,769

3,307,589

54,705,513

#### Health

#### Care

#### Providers

#### &

#### Services

#### 0.1%
Premier,

Inc.

,

A

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

United

States

161,696

3,545,993

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Global

#### Allocation

#### 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)

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 2.1%
Booking

Holdings,

Inc.

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

United

States

9,396

$

54,395,699

a

DoorDash,

Inc.

,

A

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

United

States

17,310

4,267,088

58,662,787

#### Household

#### Products

#### 0.4%
Colgate-Palmolive

Co.

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

United

States

78,603

7,145,013

Kimberly-Clark

Corp.

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

United

States

25,935

3,343,540

10,488,553

#### Industrial

#### Conglomerates

#### 0.3%
Hitachi

Ltd.

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

Japan

285,100

8,286,247

#### Insurance

#### 1.4%
BB

Seguridade

Participacoes

SA

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

Brazil

1,378,500

9,083,267

Erie

Indemnity

Co.

,

A

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

United

States

10,892

3,777,237

iA

Financial

Corp.,

Inc.

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

Canada

124,652

13,665,722

NN

Group

NV

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

Netherlands

84,660

5,633,200

Sompo

Holdings,

Inc.

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

Japan

179,100

5,397,143

37,556,569

#### Interactive

#### Media

#### &

#### Services

#### 3.2%
Alphabet,

Inc.

,

A

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

United

States

225,629

39,762,599

a,b,c

Kuaishou

Technology

,

144A

,

Reg

S

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

China

645,700

5,241,528

Meta

Platforms,

Inc.

,

A

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

United

States

50,147

37,012,999

a

Pinterest,

Inc.

,

A

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

United

States

181,803

6,519,455

88,536,581

#### IT

#### Services

#### 0.9%
Cognizant

Technology

Solutions

Corp.

,

A

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

United

States

43,493

3,393,759

Infosys

Ltd.

,

ADR

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

India

992,866

18,397,807

a

Shopify,

Inc.

,

A

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

Canada

30,230

3,486,634

25,278,200

#### Leisure

#### Products

#### 0.1%
a

Mattel,

Inc.

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

United

States

175,916

3,469,064

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0.3%
a

Mettler-Toledo

International,

Inc.

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

United

States

5,962

7,003,681

#### Machinery

#### 0.5%
Atlas

Copco

AB

,

B

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

Sweden

498,831

7,099,656

Caterpillar,

Inc.

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

United

States

10,210

3,963,624

Illinois

Tool

Works,

Inc.

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

United

States

13,625

3,368,781

14,432,061

#### Marine

#### Transportation

#### 0.6%
AP

Moller

-

Maersk

A/S

,

B

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

Denmark

6,608

12,288,888

d

COSCO

SHIPPING

Holdings

Co.

Ltd.

,

H

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

China

1,933,500

3,366,062

15,654,950

#### Metals

#### &

#### Mining

#### 1.4%
Fortescue

Ltd.

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

Australia

2,881,861

28,969,138

Kumba

Iron

Ore

Ltd.

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

South

Africa

183,731

2,958,169

Reliance,

Inc.

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

United

States

19,628

6,161,229

38,088,536

#### Office

#### REITs

#### 0.1%
Highwoods

Properties,

Inc.

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

United

States

115,272

3,583,807

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Global

#### Allocation

#### 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)

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 2.7%
ORLEN

SA

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

Poland

163,348

$

3,722,943

Parex

Resources,

Inc.

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

Canada

552,062

5,639,201

d

PetroChina

Co.

Ltd.

,

H

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

China

5,946,000

5,124,127

Petroleo

Brasileiro

SA

-

Petrobras

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

Brazil

1,994,600

12,515,123

Suncor

Energy,

Inc.

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

Canada

520,825

19,509,663

Williams

Cos.,

Inc.

(The)

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

United

States

381,335

23,951,651

Yancoal

Australia

Ltd.

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

Australia

949,576

3,608,173

74,070,881

#### Personal

#### Care

#### Products

#### 0.4%
a

Oddity

Tech

Ltd.

,

A

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

Israel

73,762

5,566,818

Unilever

plc

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

United

Kingdom

88,066

5,374,339

10,941,157

#### Pharmaceuticals

#### 2.9%
Chugai

Pharmaceutical

Co.

Ltd.

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

Japan

56,300

2,939,864

Eli

Lilly

&

Co.

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

United

States

4,987

3,887,516

GSK

plc

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

United

States

446,558

8,514,285

Johnson

&

Johnson

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

United

States

290,019

44,300,402

Novartis

AG

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

United

States

71,866

8,722,887

Novo

Nordisk

A/S

,

B

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

Denmark

32,336

2,240,692

Richter

Gedeon

Nyrt.

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

Hungary

142,678

4,205,631

Shionogi

&

Co.

Ltd.

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

Japan

279,900

5,038,838

79,850,115

#### Professional

#### Services

#### 0.8%
Recruit

Holdings

Co.

Ltd.

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

Japan

311,500

18,318,268

RELX

plc

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

United

Kingdom

71,173

3,857,412

22,175,680

#### Real

#### Estate

#### Management

#### &

#### Development

#### 0.1%
Daiwa

House

Industry

Co.

Ltd.

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

Japan

113,000

3,882,997

#### Retail

#### REITs

#### 0.2%
Simon

Property

Group,

Inc.

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

United

States

42,219

6,787,126

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 7.1%
Applied

Materials,

Inc.

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

United

States

18,287

3,347,801

ASML

Holding

NV

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

Netherlands

4,579

3,669,321

Broadcom,

Inc.

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

United

States

60,940

16,798,111

KLA

Corp.

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

United

States

33,633

30,126,424

Lam

Research

Corp.

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

United

States

37,190

3,620,075

MediaTek,

Inc.

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

Taiwan

409,000

17,525,103

Novatek

Microelectronics

Corp.

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

Taiwan

466,000

8,691,311

NVIDIA

Corp.

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

United

States

475,954

75,195,973

QUALCOMM,

Inc.

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

United

States

22,324

3,555,320

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

,

ADR

.........

Taiwan

44,755

10,136,560

Texas

Instruments,

Inc.

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

United

States

47,786

9,921,329

Tokyo

Electron

Ltd.

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

Japan

70,100

13,424,813

196,012,141

#### Software

#### 5.0%
a

Adobe,

Inc.

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

United

States

15,879

6,143,268

a

Atlassian

Corp.

,

A

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

United

States

22,990

4,669,039

a

Cadence

Design

Systems,

Inc.

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

United

States

11,322

3,488,874

a

Check

Point

Software

Technologies

Ltd.

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

Israel

48,794

10,795,673

Constellation

Software,

Inc.

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

Canada

921

3,377,079

a

Dropbox,

Inc.

,

A

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

United

States

118,904

3,400,654

a

Fair

Isaac

Corp.

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

United

States

6,588

12,042,601

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Global

#### Allocation

#### 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)

#### Software
(continued)

a

HubSpot,

Inc.

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

United

States

5,408

$

3,010,255

Microsoft

Corp.

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

United

States

125,071

62,211,566

a

Monday.com

Ltd.

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

United

States

17,636

5,546,169

a

Palantir

Technologies,

Inc.

,

A

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

United

States

48,034

6,547,995

a

ServiceNow,

Inc.

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

United

States

7,935

8,157,815

a

Xero

Ltd.

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

New

Zealand

71,627

8,475,570

137,866,558

#### Specialty

#### Retail

#### 1.2%
a

AutoZone,

Inc.

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

United

States

5,085

18,876,690

Dick's

Sporting

Goods,

Inc.

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

United

States

21,020

4,157,966

Home

Depot,

Inc.

(The)

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

United

States

8,245

3,022,947

Industria

de

Diseno

Textil

SA

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

Spain

67,640

3,528,559

Lowe's

Cos.,

Inc.

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

United

States

13,677

3,034,516

32,620,678

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 2.8%
Apple,

Inc.

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

United

States

336,388

69,016,726

Samsung

Electronics

Co.

Ltd.

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

South

Korea

183,341

8,107,636

77,124,362

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.7%
a

Deckers

Outdoor

Corp.

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

United

States

27,452

2,829,478

a

Lululemon

Athletica,

Inc.

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

United

States

34,952

8,303,896

Pandora

A/S

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

Denmark

21,415

3,773,224

Ralph

Lauren

Corp.

,

A

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

United

States

19,280

5,288,118

20,194,716

#### Tobacco

#### 1.2%
Altria

Group,

Inc.

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

United

States

572,636

33,573,649

#### Trading

#### Companies

#### &

#### Distributors

#### 0.8%
Fastenal

Co.

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

United

States

97,100

4,078,200

MonotaRO

Co.

Ltd.

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

Japan

203,900

4,013,946

WW

Grainger,

Inc.

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

United

States

12,558

13,063,334

21,155,480

#### Wireless

#### Telecommunication

#### Services

#### 0.2%
Vodafone

Group

plc

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

United

Kingdom

5,939,151

6,357,575

#### Total

#### Common

#### Stocks

#### (Cost

#### $

#### 1,301,901,352

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

#### 1,674,768,687

#### Management

#### Investment

#### Companies

#### 4.1%

#### Capital

#### Markets

#### 4.1%
e

Franklin

BSP

Private

Credit

Fund

,

Class

Advisor

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

United

States

2,783,694

29,423,649

e,f,g

Franklin

BSP

Real

Estate

Debt

BDC

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

United

States

33,292

909,402

e

Franklin

FTSE

India

ETF

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

United

States

165,050

6,573,941

e

Franklin

High

Yield

Corporate

ETF

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

United

States

205,000

4,991,750

e

Franklin

Systematic

Style

Premia

ETF

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

United

States

2,225,000

53,622,500

VanEck

J.P.

Morgan

EM

Local

Currency

Bond

ETF

..........

United

States

773,281

19,602,673

115,123,915

#### Total

#### Management

#### Investment

#### Companies

#### (Cost

#### $

#### 115,165,676

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

#### 115,123,915
Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Global

#### Allocation

#### 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

#### Preferred

#### Stocks

#### 0.4%

#### Banks

#### 0.4%
h

Itausa

SA

,

.55

%

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

Brazil

5,120,535

$

10,320,049

#### Total

#### Preferred

#### Stocks

#### (Cost

#### $

#### 10,289,903

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

#### 10,320,049

#### Principal

#### Amount

#### \*

#### Corporate

#### Bonds

#### 6.6%

#### Automobile

#### Components

#### 0.1%
c

Dornoch

Debt

Merger

Sub,

Inc.

,

Senior

Note

,

144A,

6.625 %

,

10/15/29

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

United

States

3,250,000

2,520,817

#### Banks

#### 0.3%
c

UniCredit

SpA

,

Senior

Preferred

Bond

,

144A,

3.127%

to

6/02/31,

FRN

thereafter

,

6/03/32

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

Italy

9,889,000

8,961,203

#### Biotechnology

#### 0.4%
AbbVie,

Inc.

,

Senior

Bond

,

5.4 %

,

3/15/54

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

United

States

9,088,000

8,843,158

c

Grifols

SA

,

Senior

Note

,

144A,

4.75 %

,

10/15/28

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

Spain

1,862,000

1,791,155

10,634,313

#### Broadline

#### Retail

#### 0.2%
b

Alibaba

Group

Holding

Ltd.

,

Senior

Bond

,

3.4 %

,

12/06/27

.....

China

6,300,000

6,193,214

#### Capital

#### Markets

#### 0.4%
c

Amvest

RCF

Custodian

BV

,

Senior

Note

,

Reg

S,

3.875 %

,

3/25/30

Netherlands

1,400,000

EUR

1,667,595

Deutsche

Bank

AG

,

Senior

Non-Preferred

Bond

,

3.547%

to

9/17/30,

FRN

thereafter

,

9/18/31

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

Germany

5,817,000

5,443,217

Senior

Non-Preferred

Note

,

2.129%

to

11/23/25,

FRN

thereafter

,

11/24/26

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

Germany

3,491,000

3,455,977

c

Jane

Street

Group

/

JSG

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

7.125 %

,

4/30/31

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

United

States

1,228,000

1,292,939

11,859,728

#### Chemicals

#### 0.2%
c

Cerdia

Finanz

GmbH

,

Senior

Secured

Note

,

144A,

9.375 %

,

10/03/31

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

Germany

5,825,000

6,052,000

#### Consumer

#### Finance

#### 0.4%
AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

,

Senior

Bond

,

3.4 %

,

10/29/33

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

Ireland

3,956,000

3,490,710

Senior

Note

,

2.45 %

,

10/29/26

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

Ireland

5,527,000

5,386,471

OneMain

Finance

Corp.

,

Senior

Bond

,

5.375 %

,

11/15/29

......

United

States

1,308,000

1,287,524

10,164,705

#### Diversified

#### Telecommunication

#### Services

#### 0.2%
c

Orange

SA

,

Senior

Bond

,

Reg

S,

1.875 %

,

9/12/30

...........

France

4,900,000

EUR

5,490,256

#### Electric

#### Utilities

#### 0.3%
MidAmerican

Energy

Co.

,

Senior

Bond

,

4.25 %

,

5/01/46

.......

United

States

10,392,000

8,626,570

#### Financial

#### Services

#### 0.4%
c

Siemens

Financieringsmaatschappij

NV

,

Senior

Bond

,

144A,

2.35 %

,

10/15/26

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

Germany

6,748,000

6,603,690

c

Woodside

Finance

Ltd.

,

Senior

Bond

,

144A,

4.5 %

,

3/04/29

....

Australia

4,654,000

4,597,643

11,201,333

#### Food

#### Products

#### 0.5%
c

,i

Chobani

Holdco

II

LLC

,

Senior

Note

,

144A,

PIK,

8.75 %

,

10/01/29

United

States

9,006,687

9,451,231

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Global

#### Allocation

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Food

#### Products
(continued)

JBS

USA

Holding

Lux

SARL

/

JBS

USA

Food

Co.

/

JBS

Lux

Co.

SARL

,

Senior

Note

,

3.75 %

,

12/01/31

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

United

States

4,800,000

$

4,476,229

Senior

Note

,

%

,

5/15/32

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

United

States

1,310,362

1,147,991

15,075,451

#### Ground

#### Transportation

#### 0.3%
c

Ashtead

Capital,

Inc.

,

Senior

Bond

,

144A,

5.5 %

,

8/11/32

......

United

Kingdom

6,981,000

7,074,667

#### Hotel

#### &

#### Resort

#### REITs

#### 0.2%
c

RHP

Hotel

Properties

LP

/

RHP

Finance

Corp.

,

Senior

Note

,

144A,

6.5 %

,

6/15/33

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

United

States

5,350,000

5,507,135

#### Machinery

#### 0.2%
c

Terex

Corp.

,

Senior

Note

,

144A,

6.25 %

,

10/15/32

...........

United

States

5,176,000

5,189,954

#### Media

#### 0.5%
Comcast

Corp.

,

Senior

Bond

,

3.75 %

,

4/01/40

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

United

States

6,272,000

5,210,019

Paramount

Global

,

Senior

Bond

,

4.95 %

,

1/15/31

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

United

States

9,346,000

9,090,813

14,300,832

#### Metals

#### &

#### Mining

#### 0.5%
ArcelorMittal

SA

,

Senior

Bond

,

4.25 %

,

7/16/29

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

Luxembourg

6,981,000

6,897,062

c

Glencore

Funding

LLC

,

Senior

Bond

,

144A,

2.5 %

,

9/01/30

....

Australia

8,144,000

7,340,970

14,238,032

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0.8%
c

Aker

BP

ASA

,

Senior

Bond

,

144A,

3.1 %

,

7/15/31

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

Norway

9,191,000

8,212,318

Canadian

Natural

Resources

Ltd.

,

Senior

Bond

,

3.85 %

,

6/01/27

Canada

6,399,000

6,338,697

c

Crescent

Energy

Finance

LLC

,

Senior

Note

,

144A,

7.375 %

,

1/15/33

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

United

States

7,450,000

7,128,053

21,679,068

#### Pharmaceuticals

#### 0.4%
AstraZeneca

plc

,

Senior

Bond

,

%

,

1/17/29

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

United

Kingdom

4,654,000

4,633,022

Takeda

Pharmaceutical

Co.

Ltd.

,

Senior

Note

,

%

,

11/26/28

...

Japan

6,500,000

6,624,148

11,257,170

#### Trading

#### Companies

#### &

#### Distributors

#### 0.2%
c

Herc

Holdings,

Inc.

,

Senior

Note

,

144A,

%

,

6/15/30

.........

United

States

3,876,000

4,050,352

#### Wireless

#### Telecommunication

#### Services

#### 0.1%
Vodafone

Group

plc

,

Senior

Bond

,

6.15 %

,

2/27/37

...........

United

Kingdom

2,680,000

2,877,926

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $

#### 180,103,726

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

#### 182,954,726

#### Foreign

#### Government

#### and

#### Agency

#### Securities

#### 14.6%
Asian

Development

Bank

,

Senior

Note

,

4.875 %

,

5/21/26

......

Supranational

j

16,478,000

16,593,029

Australia

Government

Bond

,

c

Reg

S,

%

,

11/21/31

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

Australia

22,871,000

AUD

12,745,294

c

Belgium

Government

Bond

,

Senior

Bond

,

144A,

Reg

S,

0.35 %

,

6/22/32

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

Belgium

4,833,114

EUR

4,830,679

k

Brazil

Notas

do

Tesouro

Nacional

,

Index

Linked,

%

,

8/15/26

..

Brazil

36,181,328

BRL

6,411,614

c

Bundesrepublik

Deutschland

,

Reg

S,

8/15/30

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

Germany

16,633,000

EUR

17,572,203

Reg

S,

2.3 %

,

2/15/33

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

Germany

47,372,269

EUR

55,352,817

Reg

S,

%

,

5/15/38

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

Germany

38,000,000

EUR

36,010,395

c

Bundesrepublik

Deutschland

Bundesanleihe

,

Reg

S,

2.5 %

,

8/15/54

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

Germany

2,303,832

EUR

2,411,673

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Global

#### Allocation

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Foreign

#### Government

#### and

#### Agency

#### Securities
(continued)

c

Bundesschatzanweisungen

,

Reg

S,

1.7 %

,

6/10/27

..........

Germany

10,373,600

EUR

$

12,184,915

Canada

Government

Bond

,

3.25 %

,

9/01/28

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

Canada

20,600,000

CAD

15,374,929

2.5 %

,

12/01/32

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

Canada

27,072,000

CAD

19,084,294

2.75 %

,

6/01/33

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

Canada

19,081,000

CAD

13,626,223

China

Government

Bond

,

2.5 %

,

7/25/27

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

China

121,580,000

CNY

17,360,519

2.44 %

,

10/15/27

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

China

47,210,000

CNY

6,747,430

c

Finland

Government

Bond

,

Senior

Bond

,

144A,

Reg

S,

0.125 %

,

9/15/31

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

Finland

2,437,000

EUR

2,468,573

Senior

Bond

,

144A,

Reg

S,

0.5 %

,

4/15/43

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

Finland

2,085,000

EUR

1,509,886

c

France

Government

Bond

,

144A,

Reg

S,

2.75 %

,

2/25/30

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

France

4,770,335

EUR

5,678,122

144A,

Reg

S,

1.5 %

,

5/25/31

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

France

4,728,295

EUR

5,212,684

144A,

Reg

S,

11/25/31

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

France

5,786,000

EUR

5,720,138

144A,

Reg

S,

%

,

11/25/32

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

France

15,124,000

EUR

16,727,715

Japan

Government

Bond

,

0.5 %

,

6/20/29

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

Japan

2,802,000,000

19,156,899

1.4 %

,

3/20/35

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

Japan

1,445,850,000

10,014,489

2.4 %

,

3/20/55

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

Japan

707,550,000

4,513,229

c

Netherlands

Government

Bond

,

144A,

Reg

S,

3.25 %

,

1/15/44

..

Netherlands

2,432,271

EUR

2,922,728

Petroleos

Mexicanos

,

Senior

Note

,

6.5 %

,

3/13/27

...........

Mexico

5,236,000

5,202,896

c

Portugal

Obrigacoes

do

Tesouro

,

Senior

Bond

,

144A,

Reg

S,

2.875 %

,

7/21/26

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

Portugal

6,298,945

EUR

7,497,751

Spain

Bonos

Y

Oblig

del

Estado

,

c

Senior

Bond

,

144A,

Reg

S,

2.7 %

,

10/31/48

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

Spain

2,008,000

EUR

1,952,315

Senior

Note

,

2.5 %

,

5/31/27

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

Spain

3,087,000

EUR

3,671,485

Senior

Note

,

3.5 %

,

5/31/29

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

Spain

4,964,000

EUR

6,099,650

c

United

Kingdom

Gilt

,

Reg

S,

4.125 %

,

1/29/27

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

United

Kingdom

22,840,000

GBP

31,495,930

Reg

S,

4.625 %

,

1/31/34

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

United

Kingdom

15,140,000

GBP

21,155,938

Reg

S,

4.5 %

,

12/07/42

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

United

Kingdom

13,370,859

GBP

17,194,468

#### Total

#### Foreign

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $

#### 385,336,221

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

#### 404,500,910

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### 4.4%
U.S.

Treasury

Bonds

,

4.125 %,

8/15/44

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

United

States

15,236,200

13,963,144

1.25 %,

5/15/50

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

United

States

10,770,900

5,178,447

4.75 %,

5/15/55

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

United

States

5,150,100

5,121,935

U.S.

Treasury

Notes

,

3.875 %,

5/31/27

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

United

States

21,009,200

21,060,082

%,

1/31/29

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

United

States

24,915,000

25,145,659

0.625 %,

5/15/30

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

United

States

17,657,600

15,195,882

2.75 %,

8/15/32

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

United

States

19,769,600

18,241,317

3.875 %,

8/15/34

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

United

States

18,808,500

18,369,880

#### Total

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $

#### 120,528,705

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

#### 122,276,346

#### Mortgage-Backed

#### Securities

#### 3.3%

#### Federal

#### Home

#### Loan

#### Mortgage

#### Corp.
(FHLMC)

#### Fixed

#### Rate

#### 1.7%
FHLMC

Pool,

Year

,

%,

7/01/51

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

United

States

5,100,663

4,060,631

FHLMC

Pool,

Year

,

%,

7/01/53

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

United

States

5,130,934

5,050,305

FHLMC

Pool,

Year

,

%,

9/01/53

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

United

States

17,354,917

17,068,304

FHLMC

Pool,

Year

,

%,

3/01/54

-

8/01/54

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

United

States

6,503,893

6,614,537

FHLMC

Pool,

Year

,

6.5 %,

2/01/55

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

United

States

13,184,852

13,625,200

46,418,977

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Global

#### Allocation

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Mortgage-Backed

#### Securities
(continued)

#### Federal

#### National

#### Mortgage

#### Association
(FNMA)

#### Fixed

#### Rate

#### 1.6%
FNMA,

Year

,

%,

4/01/52

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

United

States

3,162,620

$

2,511,986

FNMA,

Year

,

2.5 %,

12/01/51

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

United

States

4,529,189

3,765,320

FNMA,

Year

,

%,

4/01/52

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

United

States

4,233,623

3,667,983

FNMA,

Year

,

5.5 %,

3/01/54

-

12/01/54

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

United

States

20,209,517

20,224,366

FNMA,

Year

,

%,

7/01/55

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

United

States

12,835,000

13,051,444

43,221,099

#### Total

#### Mortgage-Backed

#### Securities

#### (Cost

#### $

#### 88,937,284

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

#### 89,640,076

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 2,202,262,867

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

#### 2,599,584,709

#### a

#### Short

#### Term

#### Investments

#### 5.8%
a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Money

#### Market

#### Funds

#### 5.8%
e,l

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.332 %

..

United

States

159,151,469

159,151,469

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 159,151,469

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

#### 159,151,469

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 159,151,469

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

#### 159,151,469

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 2,361,414,336

####)
99.8 #### %
................................

#### $2,758,736,178

#### Other

#### Assets,

#### less

#### Liabilities
0.2 #### %
...........................................

#### 5,782,057

#### Net

#### Assets

#### 100.0%

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

#### $2,764,518,235

#### a
Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Global

#### Allocation

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Forward

#### Exchange

#### Contracts
Currency

#### Counter-

#### party

#### a
Type

Quantity

#### Contract

#### Amount

#### \*

#### Settlement

#### Date

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation
a

a

a

a

a

a

a

a

#### OTC

#### Forward

#### Exchange

#### Contracts
British

Pound

......

JPHQ

Sell

50,692,000

67,262,625

7/16/25

$

—

$

(2,324,351)

Canadian

Dollar

....

BZWS

Buy

84,588,000

61,502,622

7/16/25

662,114

—

Canadian

Dollar

....

BZWS

Sell

149,352,000

108,062,028

7/16/25

—

(1,698,549)

Chinese

Yuan

......

BZWS

Sell

171,953,000

23,691,317

7/16/25

—

(358,178)

Euro

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

BZWS

Buy

7,851,000

9,130,344

7/16/25

126,843

—

Euro

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

BZWS

Sell

166,663,000

190,324,246

7/16/25

—

(6,189,633)

Total

Forward

Exchange

Contracts

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

$788,957

$(10,570,711)

Net

unrealized

appreciation

(depreciation)

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

$(9,781,754)

\*

In

U.S.

dollars

unless

otherwise

indicated.

a

May

be

comprised

of

multiple

contracts

with

the

same

counterparty,

currency

and

settlement

date.

At

June

30,

2025,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

Note

1(d).

See

Note

regarding

other

derivative

information.

\*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

a

Non-income

producing.

b

Variable

interest

entity

(VIE).

See

Note

regarding

investments

made

through

a

VIE

structure.

At

June

30,

2025,

the

aggregate

value

of

these

securities

was

$38,944,218,

representing

1.4%

of

net

assets.

c

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

June

30,

2025,

the

aggregate

value

of

these

securities

was

$358,817,730,

representing

13.0%

of

net

assets.

d

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

See

Note

1(c).

e

See

Note

3(g)

regarding

investments

in

affiliated

management

investment

companies.

f

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

g

Security

is

a

business

development

company.

See

Note

1(e).

h

Variable

rate

security.

The

rate

shown

represents

the

yield

at

period

end.

i

Income

may

be

received

in

additional

securities

and/or

cash.

j

A

supranational

organization

is

an

entity

formed

by

two

or

more

central

governments

through

international

treaties.

k

Principal

amount

of

security,

redemption

price

at

maturity,

and/or

coupon

payments

are

adjusted

for

inflation.

See

Note

1(g).

l

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

See

Abbreviations

on

page

72. Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### Growth

#### Allocation

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$20.17

$17.92

$15.77

$19.99

$19.64

$18.13

Income

from

investment

operations

a

:

Net

investment

income

b,c

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

0.10 0.27 0.28 0.20 0.23 0.19 Net

realized

and

unrealized

gains

(losses)

1.44 2.43 2.45 (3.65)

2.97 2.32 Total

from

investment

operations

........

1.54 2.70 2.73 (3.45)

3.20 2.51 Less

distributions

from:

Net

investment

income

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

(0.09)

(0.39)

(0.22)

(0.18)

(0.48)

(0.22)

Net

realized

gains

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

(0.88)

(0.06)

(0.36)

(0.59)

(2.37)

(0.78)

Total

distributions

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

(0.97)

(0.45)

(0.58)

(0.77)

(2.85)

(1.00)

Net

asset

value,

end

of

period

..........

$20.74

$20.17

$17.92

$15.77

$19.99

$19.64

Total

return

d

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

7.75%

15.14%

17.59%

(17.16)%

16.41%

14.58%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

f

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

0.62%

0.63%

0.64%

0.67%

0.66%

0.68%

Expenses

net

of

waiver

and

payments

by

affiliates

f

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

0.62%

g

0.63%

g

0.64%

g

0.66%

h

0.66%

g

0.67%

h

Net

investment

income

c

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

0.98%

1.38%

1.65%

1.15%

1.07%

1.07%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$1,224,429

$1,170,322

$1,077,785

$977,212

$1,258,769

$1,074,822

Portfolio

turnover

rate

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

13.24%

33.45%

28.72%

29.59%

59.90%

39.22%

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

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Does

not

include

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

The

weighted

average

indirect

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

was

0.21%

for

the

period

ended

June

30,

2025. g

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

h

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### Growth

#### Allocation

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$19.27

$17.13

$15.12

$19.24

$19.03

$17.62

Income

from

investment

operations

a

:

Net

investment

income

b,c

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

0.02 0.11 0.14 0.06 0.04 0.05 Net

realized

and

unrealized

gains

(losses)

1.37 2.34 2.35 (3.50)

2.91 2.25 Total

from

investment

operations

........

1.39 2.45 2.49 (3.44)

2.95 2.30 Less

distributions

from:

Net

investment

income

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

(0.02)

(0.25)

(0.12)

(0.09)

(0.37)

(0.11)

Net

realized

gains

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

(0.88)

(0.06)

(0.36)

(0.59)

(2.37)

(0.78)

Total

distributions

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

(0.90)

(0.31)

(0.48)

(0.68)

(2.74)

(0.89)

Net

asset

value,

end

of

period

..........

$19.76

$19.27

$17.13

$15.12

$19.24

$19.03

Total

return

d

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

7.36%

14.35%

16.66%

(17.82)%

15.59%

13.74%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

f

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

1.37%

1.38%

1.39%

1.42%

1.41%

1.42%

Expenses

net

of

waiver

and

payments

by

affiliates

f

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

1.37%

g

1.38%

g

1.39%

g

1.41%

h

1.41%

g

1.42%

g,h

Net

investment

income

c

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

0.22%

0.60%

0.87%

0.36%

0.20%

0.28%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$87,331

$90,351

$92,540

$95,210

$141,604

$186,526

Portfolio

turnover

rate

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

13.24%

33.45%

28.72%

29.59%

59.90%

39.22%

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

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Does

not

include

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

The

weighted

average

indirect

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

was

0.21%

for

the

period

ended

June

30,

2025. g

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

h

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### Growth

#### Allocation

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$19.81

$17.60

$15.50

$19.68

$19.38

$17.89

Income

from

investment

operations

a

:

Net

investment

income

b,c

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

0.07 0.21 0.23 0.15 0.16 0.14 Net

realized

and

unrealized

gains

(losses)

1.41 2.40 2.41 (3.59)

2.93 2.30 Total

from

investment

operations

........

1.48 2.61 2.64 (3.44)

3.09 2.44 Less

distributions

from:

Net

investment

income

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

(0.07)

(0.34)

(0.18)

(0.15)

(0.42)

(0.17)

Net

realized

gains

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

(0.88)

(0.06)

(0.36)

(0.59)

(2.37)

(0.78)

Total

distributions

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

(0.95)

(0.40)

(0.54)

(0.74)

(2.79)

(0.95)

Net

asset

value,

end

of

period

..........

$20.34

$19.81

$17.60

$15.50

$19.68

$19.38

Total

return

d

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

7.58%

14.90%

17.30%

(17.40)%

16.14%

14.30%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

f

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

0.87%

0.88%

0.89%

0.92%

0.91%

0.92%

Expenses

net

of

waiver

and

payments

by

affiliates

f

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

0.87%

g

0.88%

g

0.89%

g

0.91%

h

0.91%

g

0.92%

g,h

Net

investment

income

c

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

0.73%

1.10%

1.39%

0.88%

0.77%

0.77%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$41,321

$39,771

$39,993

$37,341

$54,097

$54,297

Portfolio

turnover

rate

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

13.24%

33.45%

28.72%

29.59%

59.90%

39.22%

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

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Does

not

include

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

The

weighted

average

indirect

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

was

0.21%

for

the

period

ended

June

30,

2025. g

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

h

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### Growth

#### Allocation

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$20.30

$18.03

$15.86

$20.10

$19.73

$18.20

Income

from

investment

operations

a

:

Net

investment

income

b,c

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

0.14 0.35 0.36 0.26 0.29 0.26 Net

realized

and

unrealized

gains

(losses)

1.45 2.44 2.45 (3.68)

3.01 2.34 Total

from

investment

operations

........

1.59 2.79 2.81 (3.42)

3.30 2.60 Less

distributions

from:

Net

investment

income

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

(0.12)

(0.46)

(0.28)

(0.23)

(0.56)

(0.29)

Net

realized

gains

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

(0.88)

(0.06)

(0.36)

(0.59)

(2.37)

(0.78)

Total

distributions

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

(1.00)

(0.52)

(0.64)

(0.82)

(2.93)

(1.07)

Net

asset

value,

end

of

period

..........

$20.89

$20.30

$18.03

$15.86

$20.10

$19.73

Total

return

d

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

7.95%

15.52%

18.01%

(16.92)%

16.85%

15.06%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

f

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

0.33%

0.33%

0.33%

0.34%

0.34%

0.35%

Expenses

net

of

waiver

and

payments

by

affiliates

f

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

0.30%

0.30%

0.30%

0.29%

g

0.30%

0.30%

g

Net

investment

income

c

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

1.35%

1.76%

2.12%

1.51%

1.37%

1.44%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$12,334

$10,924

$7,793

$4,071

$5,434

$5,592

Portfolio

turnover

rate

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

13.24%

33.45%

28.72%

29.59%

59.90%

39.22%

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

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Does

not

include

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

The

weighted

average

indirect

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

was

0.21%

for

the

period

ended

June

30,

2025. g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### Growth

#### Allocation

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$20.32

$18.05

$15.88

$20.12

$19.76

$18.22

Income

from

investment

operations

a

:

Net

investment

income

b,c

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

0.13 0.32 0.32 0.24 0.28 0.24 Net

realized

and

unrealized

gains

(losses)

1.45 2.45 2.48 (3.68)

2.98 2.34 Total

from

investment

operations

........

1.58 2.77 2.80 (3.44)

3.26 2.58 Less

distributions

from:

Net

investment

income

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

(0.11)

(0.44)

(0.27)

(0.21)

(0.53)

(0.26)

Net

realized

gains

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

(0.88)

(0.06)

(0.36)

(0.59)

(2.37)

(0.78)

Total

distributions

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

(0.99)

(0.50)

(0.63)

(0.80)

(2.90)

(1.04)

Net

asset

value,

end

of

period

..........

$20.91

$20.32

$18.05

$15.88

$20.12

$19.76

Total

return

d

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

7.91%

15.42%

17.88%

(16.99)%

16.71%

14.90%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

f

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

0.37%

0.38%

0.39%

0.42%

0.41%

0.43%

Expenses

net

of

waiver

and

payments

by

affiliates

f

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

0.37%

g

0.38%

g

0.39%

g

0.41%

h

0.41%

g

0.42%

h

Net

investment

income

c

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

1.24%

1.64%

1.89%

1.39%

1.32%

1.32%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$57,561

$52,456

$47,511

$43,957

$60,851

$51,693

Portfolio

turnover

rate

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

13.24%

33.45%

28.72%

29.59%

59.90%

39.22%

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

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Does

not

include

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

The

weighted

average

indirect

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

was

0.21%

for

the

period

ended

June

30,

2025. g

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

h

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited),

June

30,

2025

#### Franklin

#### Growth

#### Allocation

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

s

a

a

#### Shares
a

#### Value
a

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### 98.1%

#### Alternative

#### Strategies

#### 1.0%
a

Franklin

Systematic

Style

Premia

ETF

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

567,957

$

13,687,764

#### Domestic

#### Equity

#### 57.8%
a

Franklin

Growth

Fund

,

Class

R6

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

1,229,001

177,418,571

a

Franklin

U.S.

Core

Equity

(IU)

Fund

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

17,194,673

309,676,057

a

Franklin

U.S.

Equity

Index

ETF

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

2,450,125

133,199,086

a

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

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

1,530,351

96,656,969

a

Putnam

Large

Cap

Value

Fund

,

Class

R6

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

2,837,535

104,449,669

821,400,352

#### Domestic

#### Fixed

#### Income

#### 14.0%
a

Franklin

Investment

Grade

Corporate

ETF

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

2,269,047

48,977,379

a

Franklin

U.S.

Core

Bond

ETF

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

4,656,888

100,216,230

a

Franklin

U.S.

Treasury

Bond

ETF

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

2,481,168

50,988,002

200,181,611

#### Foreign

#### Equity

#### 22.4%
a

ClearBridge

International

Growth

Fund

,

Class

IS

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

312,141

23,629,062

a

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

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

4,241,187

50,003,598

a

Franklin

International

Core

Equity

(IU)

Fund

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

11,177,858

155,148,668

iShares

Core

MSCI

EAFE

ETF

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

260,847

21,775,508

a

Templeton

Developing

Markets

Trust

,

Class

R6

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

1,460,521

32,861,731

a

Templeton

Foreign

Fund

,

Class

R6

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

4,014,877

35,170,320

318,588,887

#### Foreign

#### Fixed

#### Income

#### 2.9%
a

BrandywineGLOBAL

-

Global

Opportunities

Bond

Fund

,

Class

IS

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

1,868,476

17,003,127

a

Franklin

High

Yield

Corporate

ETF

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

729,631

17,766,515

a

Franklin

International

Aggregate

Bond

ETF

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

352,474

7,239,816

42,009,458

#### Total

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### (Cost

#### $

#### 960,248,554

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

#### 1,395,868,072
a

#### a
a

a

#### Short

#### Term

#### Investments

#### 1.6%
a

#### Money

#### Market

#### Funds

#### 1.6%
a,b

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.332 %

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

22,424,309

22,424,309

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 22,424,309

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

#### 22,424,309

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 22,424,309

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

#### 22,424,309

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 982,672,863

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

#### $1,418,292,381

#### Other

#### Assets,

#### less

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

#### 4,683,439

#### Net

#### Assets

#### 100.0%

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

#### $1,422,975,820
See

Abbreviations

on

.

a

See

Note

3(f)

regarding

investments

in

FT

Underlying

Funds.

b

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### Moderate

#### Allocation

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$15.73

$14.39

$12.93

$16.08

$16.17

$15.08

Income

from

investment

operations

a

:

Net

investment

income

b,c

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

0.12 0.29 0.27 0.22 0.22 0.19 Net

realized

and

unrealized

gains

(losses)

0.94 1.40 1.56 (2.82)

1.77 1.60 Total

from

investment

operations

........

1.06 1.69 1.83 (2.60)

1.99 1.79 Less

distributions

from:

Net

investment

income

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

(0.16)

(0.35)

(0.28)

(0.17)

(0.41)

(0.22)

Net

realized

gains

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

(0.53)

—

(0.09)

(0.38)

(1.67)

(0.48)

Total

distributions

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

(0.69)

(0.35)

(0.37)

(0.55)

(2.08)

(0.70)

Net

asset

value,

end

of

period

..........

$16.10

$15.73

$14.39

$12.93

$16.08

$16.17

Total

return

d

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

6.81%

11.80%

14.37%

(16.14)%

12.38%

12.37%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

f

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

0.61%

0.61%

0.62%

0.63%

0.63%

0.64%

Expenses

net

of

waiver

and

payments

by

affiliates

f

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

0.60%

0.61%

g

0.62%

g

0.63%

g,h

0.62%

0.64%

g,h

Net

investment

income

c

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

1.52%

1.90%

2.02%

1.59%

1.29%

1.29%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$1,467,930

$1,434,337

$1,398,350

$1,349,466

$1,794,149

$1,573,566

Portfolio

turnover

rate

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

11.32%

37.85%

22.15%

33.29%

56.07%

44.49%

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

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Does

not

include

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

The

weighted

average

indirect

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

was

0.21%

for

the

period

ended

June

30,

2025. g

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

h

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### Moderate

#### Allocation

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$15.08

$13.81

$12.41

$15.49

$15.64

$14.60

Income

from

investment

operations

a

:

Net

investment

income

b,c

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

0.06 0.17 0.16 0.11 0.07 0.07 Net

realized

and

unrealized

gains

(losses)

0.88 1.34 1.51 (2.72)

1.73 1.56 Total

from

investment

operations

........

0.94 1.51 1.67 (2.61)

1.80 1.63 Less

distributions

from:

Net

investment

income

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

(0.10)

(0.24)

(0.18)

(0.09)

(0.28)

(0.11)

Net

realized

gains

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

(0.53)

—

(0.09)

(0.38)

(1.67)

(0.48)

Total

distributions

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

(0.63)

(0.24)

(0.27)

(0.47)

(1.95)

(0.59)

Net

asset

value,

end

of

period

..........

$15.39

$15.08

$13.81

$12.41

$15.49

$15.64

Total

return

d

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

6.34%

10.96%

13.62%

(16.85)%

11.55%

11.57%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

f

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

1.36%

1.36%

1.37%

1.38%

1.37%

1.39%

Expenses

net

of

waiver

and

payments

by

affiliates

f

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

1.35%

1.36%

g

1.36%

1.38%

g,h

1.37%

g

1.39%

g,h

Net

investment

income

c

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

0.75%

1.12%

1.22%

0.79%

0.43%

0.50%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$92,601

$99,039

$111,516

$130,268

$205,894

$289,283

Portfolio

turnover

rate

................

11.32%

37.85%

22.15%

33.29%

56.07%

44.49%

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

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Does

not

include

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

The

weighted

average

indirect

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

was

0.21%

for

the

period

ended

June

30,

2025. g

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

h

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### Moderate

#### Allocation

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$15.70

$14.36

$12.90

$16.05

$16.15

$15.05

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.10 0.25 0.24 0.19 0.17 0.15 Net

realized

and

unrealized

gains

(losses)

0.92 1.40 1.56 (2.82)

1.77 1.61 Total

from

investment

operations

........

1.02 1.65 1.80 (2.63)

1.94 1.76 Less

distributions

from:

Net

investment

income

..............

(0.14)

(0.31)

(0.25)

(0.14)

(0.37)

(0.18)

Net

realized

gains

.................

(0.53)

—

(0.09)

(0.38)

(1.67)

(0.48)

Total

distributions

...................

(0.67)

(0.31)

(0.34)

(0.52)

(2.04)

(0.66)

Net

asset

value,

end

of

period

..........

$16.05

$15.70

$14.36

$12.90

$16.05

$16.15

Total

return

d

.......................

6.64%

11.55%

14.12%

(16.37)%

12.05%

12.17%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

f

..........................

0.86%

0.86%

0.87%

0.88%

0.87%

0.89%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.85%

0.86%

g

0.87%

g

0.88%

g,h

0.87%

g

0.89%

g,h

Net

investment

income

c

...............

1.27%

1.64%

1.77%

1.34%

1.01%

1.01%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$54,103

$52,744

$52,883

$52,069

$69,211

$68,789

Portfolio

turnover

rate

................

11.32%

37.85%

22.15%

33.29%

56.07%

44.49%

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

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Does

not

include

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

The

weighted

average

indirect

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

was

0.21%

for

the

period

ended

June

30,

2025. g

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

h

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### Moderate

#### Allocation

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$15.73

$14.39

$12.92

$16.08

$16.17

$15.08

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.14 0.34 0.34 0.27 0.27 0.24 Net

realized

and

unrealized

gains

(losses)

0.93 1.40 1.55 (2.83)

1.78 1.60 Total

from

investment

operations

........

1.07 1.74 1.89 (2.56)

2.05 1.84 Less

distributions

from:

Net

investment

income

..............

(0.18)

(0.40)

(0.33)

(0.22)

(0.47)

(0.27)

Net

realized

gains

.................

(0.53)

—

(0.09)

(0.38)

(1.67)

(0.48)

Total

distributions

...................

(0.71)

(0.40)

(0.42)

(0.60)

(2.14)

(0.75)

Net

asset

value,

end

of

period

..........

$16.09

$15.73

$14.39

$12.92

$16.08

$16.17

Total

return

d

.......................

6.89%

12.15%

14.82%

(15.91)%

12.74%

12.76%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

f

..........................

0.32%

0.31%

0.32%

0.33%

0.33%

0.33%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.29%

0.29%

0.30%

0.28%

g

0.30%

0.30%

g

Net

investment

income

c

...............

1.77%

2.23%

2.48%

1.97%

1.60%

1.61%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$10,630

$13,412

$12,031

$6,065

$7,261

$6,767

Portfolio

turnover

rate

................

11.32%

37.85%

22.15%

33.29%

56.07%

44.49%

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

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Does

not

include

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

The

weighted

average

indirect

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

was

0.21%

for

the

period

ended

June

30,

2025. g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### Moderate

#### Allocation

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$15.75

$14.41

$12.94

$16.10

$16.19

$15.09

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.14 0.33 0.30 0.25 0.27 0.23 Net

realized

and

unrealized

gains

(losses)

0.93 1.40 1.58 (2.83)

1.76 1.61 Total

from

investment

operations

........

1.07 1.73 1.88 (2.58)

2.03 1.84 Less

distributions

from:

Net

investment

income

..............

(0.17)

(0.39)

(0.32)

(0.20)

(0.45)

(0.26)

Net

realized

gains

.................

(0.53)

—

(0.09)

(0.38)

(1.67)

(0.48)

Total

distributions

...................

(0.70)

(0.39)

(0.41)

(0.58)

(2.12)

(0.74)

Net

asset

value,

end

of

period

..........

$16.12

$15.75

$14.41

$12.94

$16.10

$16.19

Total

return

d

.......................

6.92%

12.07%

14.71%

(15.97)%

12.64%

12.72%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

f

..........................

0.36%

0.36%

0.37%

0.38%

0.38%

0.39%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.35%

0.36%

g

0.36%

0.38%

g,h

0.37%

0.39%

g,h

Net

investment

income

c

...............

1.77%

2.17%

2.24%

1.78%

1.55%

1.53%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$51,296

$47,615

$42,895

$48,288

$78,346

$66,421

Portfolio

turnover

rate

................

11.32%

37.85%

22.15%

33.29%

56.07%

44.49%

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

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Does

not

include

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

The

weighted

average

indirect

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

was

0.21%

for

the

period

ended

June

30,

2025. g

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

h

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited),

June

30,

2025

#### Franklin

#### Moderate

#### Allocation

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Shares
a

#### Value
a

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### 98.1%

#### Alternative

#### Strategies

#### 1.0%
a

Franklin

Systematic

Style

Premia

ETF

....................................

674,548

$

16,256,607

#### Domestic

#### Equity

#### 43.4%
a

Franklin

Growth

Fund

,

Class

R6

........................................

1,086,398

156,832,430

a

Franklin

U.S.

Core

Equity

(IU)

Fund

.....................................

19,636,761

353,658,069

a

Franklin

U.S.

Equity

Index

ETF

.........................................

695,625

37,817,097

a

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

.............................

1,352,742

85,439,185

a

Putnam

Large

Cap

Value

Fund

,

Class

R6

.................................

2,508,261

92,329,072

726,075,853

#### Domestic

#### Fixed

#### Income

#### 30.6%
a

Franklin

Investment

Grade

Corporate

ETF

.................................

5,820,523

125,635,989

a

Franklin

U.S.

Core

Bond

ETF

..........................................

11,945,691

257,071,270

a

Franklin

U.S.

Treasury

Bond

ETF

.......................................

6,364,597

130,792,468

513,499,727

#### Foreign

#### Equity

#### 16.7%
a

ClearBridge

International

Growth

Fund

,

Class

IS

............................

275,920

20,887,106

a

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

............................

3,748,981

44,200,491

a

Franklin

International

Core

Equity

(IU)

Fund

...............................

9,880,658

137,143,538

iShares

Core

MSCI

EAFE

ETF

.........................................

230,572

19,248,151

a

Templeton

Developing

Markets

Trust

,

Class

R6

.............................

1,291,005

29,047,614

a

Templeton

Foreign

Fund

,

Class

R6

......................................

3,548,819

31,087,656

281,614,556

#### Foreign

#### Fixed

#### Income

#### 6.4%
a

BrandywineGLOBAL

-

Global

Opportunities

Bond

Fund

,

Class

IS

...............

4,793,145

43,617,619

a

Franklin

High

Yield

Corporate

ETF

......................................

1,871,645

45,574,556

a

Franklin

International

Aggregate

Bond

ETF

................................

904,188

18,572,021

107,764,196

#### Total

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### (Cost

#### $

#### 1,263,320,647

####)
..............................................................

#### 1,645,210,939
a

#### a
a

a

#### Short

#### Term

#### Investments

#### 1.5%
a

#### Money

#### Market

#### Funds

#### 1.5%
a,b

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.332 %

..................

25,945,450

25,945,450

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 25,945,450

####)
..................................

#### 25,945,450

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 25,945,450

####)
................................

#### 25,945,450

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 1,289,266,097

####)
99.6 #### %
..................................

#### $1,671,156,389

#### Other

#### Assets,

#### less

#### Liabilities
0.4 #### %
.............................................

#### 5,404,389

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $1,676,560,778
See

Abbreviations

on

.

a

See

Note

3(f)

regarding

investments

in

FT

Underlying

Funds.

b

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Fund

Allocator

Series

Financial

Statements

Statements

of

Assets

and

Liabilities

June

30,

2025

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Franklin

#### Conservative

#### Allocation

#### Fund

#### Franklin

#### Corefolio

#### Allocation

#### Fund

#### Franklin

#### Global

#### Allocation

#### Fund
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

.................................

$4,139,253

$—

$2,110,167,257

Cost

-

Non-controlled

affiliates

(Note

g)

......................

729,691,421

581,986,123

251,247,079

Value

-

Unaffiliated

issuers

................................

$6,538,905

$—

$2,504,063,467

Value

-

Non-controlled

affiliates

(Note

g)

.....................

845,431,774

1,016,639,065

254,672,711

Cash

..................................................

3,181

174,252

471,593

Receivables:

Investment

securities

sold

.................................

7,730,052

162,734

5,490,267

Capital

shares

sold

......................................

411,225

370,352

1,623,603

Dividends

and

interest

...................................

99,268

4,635

11,567,574

European

Union

tax

reclaims

(Note

f)

.......................

—

—

563,257

Affiliates

..............................................

—

—

Deposits

with

brokers

for:

OTC

derivative

contracts

................................

—

—

8,499,887

Unrealized

appreciation

on

OTC

forward

exchange

contracts

........

—

—

788,957

Total

assets

........................................

860,214,405

1,017,351,347

2,787,741,316

Liabilities:

Payables:

Investment

securities

purchased

............................

4,155,562

—

8,494,598

Capital

shares

redeemed

.................................

1,679,024

598,625

1,577,490

Management

&

Asset

allocation

fees

.........................

169,735

—

1,226,817

Administrative

fees

......................................

—

24,376

—

Distribution

fees

........................................

204,166

213,171

569,314

Transfer

agent

fees

......................................

203,986

164,459

606,129

Trustees'

fees

and

expenses

...............................

794

1,601

Distributions

to

shareholders

...............................

133,712

1,065,273

—

Unrealized

depreciation

on

OTC

forward

exchange

contracts

........

—

—

10,570,711

Accrued

expenses

and

other

liabilities

.........................

93,430

41,673

176,421

Total

liabilities

.......................................

6,640,409

2,108,070

23,223,081

Net

assets,

at

value

...............................

$853,573,996

$1,015,243,277

$2,764,518,235

Net

assets

consist

of:

Paid-in

capital

...........................................

$751,372,813

$589,863,836

$2,344,305,481

Total

distributable

earnings

(losses)

...........................

102,201,183

425,379,441

420,212,754

Net

assets,

at

value

...............................

$853,573,996

$1,015,243,277

$2,764,518,235

Franklin

Fund

Allocator

Series

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

June

30,

2025

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### Conservative

#### Allocation

#### Fund

#### Franklin

#### Corefolio

#### Allocation

#### Fund

#### Franklin

#### Global

#### Allocation

#### Fund

#### Class

#### A:
Net

assets,

at

value

.....................................

$731,585,609

$900,551,017

$2,573,500,397

Shares

outstanding

......................................

50,540,931

38,408,822

156,721,163

Net

asset

value

per

share

a,b

................................

$14.48

$23.45

$16.42

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

94.50%)

b

..............................................

$15.32

$24.81

$17.38

#### Class

#### C:
Net

assets,

at

value

.....................................

$47,891,241

$39,956,677

$57,102,501

Shares

outstanding

......................................

3,395,253

1,778,096

3,526,876

Net

asset

value

and

maximum

offering

price

per

share

a,b

..........

$14.11

$22.47

$16.19

#### Class

#### R:
Net

assets,

at

value

.....................................

$41,064,992

$2,060,112

$4,621,833

Shares

outstanding

......................................

2,851,698

88,290

280,986

Net

asset

value

and

maximum

offering

price

per

share

b

...........

$14.40

$23.33

$16.45

#### Class

#### R6:
Net

assets,

at

value

.....................................

$3,601,305

$3,392,518

$5,420,339

Shares

outstanding

......................................

249,209

143,682

318,559

Net

asset

value

and

maximum

offering

price

per

share

b

...........

$14.45

$23.61

$17.02

#### Advisor

#### Class:
Net

assets,

at

value

.....................................

$29,430,849

$69,282,953

$123,873,165

Shares

outstanding

......................................

2,033,298

2,935,414

7,467,476

Net

asset

value

and

maximum

offering

price

per

share

b

...........

$14.47

$23.60

$16.59

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

b

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

Franklin

Fund

Allocator

Series

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

June

30,

2025

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Franklin

#### Growth

#### Allocation

#### Fund

#### Franklin

#### Moderate

#### Allocation

#### Fund
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

..................................................

$16,819,082

$14,295,262

Cost

-

Controlled

affiliates

(Note

f)

...........................................

333,604,214

337,060,691

Cost

-

Non-controlled

affiliates

(Note

f)

.......................................

632,249,567

937,910,144

Value

-

Unaffiliated

issuers

.................................................

$21,775,508

$19,248,151

Value

-

Controlled

affiliates

(Note

f)

..........................................

514,828,323

535,002,098

Value

-

Non-controlled

affiliates

(Note

f)

.......................................

881,688,550

1,116,906,140

Cash

...................................................................

4,368

5,674

Receivables:

Investment

securities

sold

..................................................

14,058,573

17,492,973

Capital

shares

sold

.......................................................

1,222,158

1,441,132

Dividends

..............................................................

326,809

290,604

Total

assets

.........................................................

1,433,904,289

1,690,386,772

Liabilities:

Payables:

Investment

securities

purchased

.............................................

8,083,792

10,016,892

Capital

shares

redeemed

..................................................

1,636,411

2,404,687

Asset

allocation

fees

......................................................

281,005

332,360

Distribution

fees

.........................................................

333,710

394,314

Transfer

agent

fees

.......................................................

392,758

415,083

Trustees'

fees

and

expenses

................................................

551

1,002

Distributions

to

shareholders

................................................

85,924

140,192

Accrued

expenses

and

other

liabilities

..........................................

114,318

121,464

Total

liabilities

........................................................

10,928,469

13,825,994

Net

assets,

at

value

................................................

$1,422,975,820

$1,676,560,778

Net

assets

consist

of:

Paid-in

capital

............................................................

$983,339,323

$1,303,934,408

Total

distributable

earnings

(losses)

............................................

439,636,497

372,626,370

Net

assets,

at

value

................................................

$1,422,975,820

$1,676,560,778

Franklin

Fund

Allocator

Series

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

June

30,

2025

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### Growth

#### Allocation

#### Fund

#### Franklin

#### Moderate

#### Allocation

#### Fund

#### Class

#### A:
Net

assets,

at

value

......................................................

$1,224,428,544

$1,467,930,061

Shares

outstanding

.......................................................

59,039,899

91,191,625

Net

asset

value

per

share

a,b

.................................................

$20.74

$16.10

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

94.50%)

b

...............

$21.95

$17.04

#### Class

#### C:
Net

assets,

at

value

......................................................

$87,331,380

$92,601,180

Shares

outstanding

.......................................................

4,420,531

6,016,387

Net

asset

value

and

maximum

offering

price

per

share

a,b

...........................

$19.76

$15.39

#### Class

#### R:
Net

assets,

at

value

......................................................

$41,321,335

$54,102,965

Shares

outstanding

.......................................................

2,031,485

3,369,873

Net

asset

value

and

maximum

offering

price

per

share

b

............................

$20.34

$16.05

#### Class

#### R6:
Net

assets,

at

value

......................................................

$12,333,793

$10,630,318

Shares

outstanding

.......................................................

590,490

660,506

Net

asset

value

and

maximum

offering

price

per

share

b

............................

$20.89

$16.09

#### Advisor

#### Class:
Net

assets,

at

value

......................................................

$57,560,768

$51,296,254

Shares

outstanding

.......................................................

2,753,061

3,182,519

Net

asset

value

and

maximum

offering

price

per

share

b

............................

$20.91

$16.12

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

b

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

June

30,

2025

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Franklin

#### Conservative

#### Allocation

#### Fund

#### Franklin

#### Corefolio

#### Allocation

#### Fund

#### Franklin

#### Global

#### Allocation

#### Fund
Investment

income:

Dividends:

(net

of

foreign

taxes

of

$–,

$–

and

$1,375,210,

respectively)

Unaffiliated

issuers

......................................

$149,983

$—

$20,300,559

Non-controlled

affiliates

(Note

g)

...........................

10,715,202

6,651

2,661,881

Interest:

Unaffiliated

issuers

......................................

15,910

—

17,133,491

Other

income

(Note

f)

.....................................

—

—

827

Total

investment

income

.................................

10,881,095

6,651

40,096,758

Expenses:

Management

&

Asset

allocation

fees

(Note

a)

...................

1,043,272

—

7,744,025

Administrative

fees

(Note

b)

................................

—

143,940

—

Distribution

fees:

(Note

3c)

Class

A

..............................................

893,513

1,062,021

3,099,919

Class

C

..............................................

243,119

193,813

290,875

Class

R

..............................................

99,081

4,953

11,132

Transfer

agent

fees:

(Note

3e)

Class

A

..............................................

301,078

317,851

1,027,557

Class

C

..............................................

20,519

14,518

24,163

Class

R

..............................................

16,690

742

1,846

Class

R6

.............................................

2,687

1,917

1,784

Advisor

Class

..........................................

11,602

24,630

48,647

Custodian

fees

..........................................

1,244

—

42,438

Reports

to

shareholders

fees

................................

27,284

26,701

102,409

Registration

and

filing

fees

..................................

39,984

44,682

51,113

Professional

fees

.........................................

26,900

24,842

62,666

Trustees'

fees

and

expenses

................................

5,006

5,574

15,307

Other

..................................................

9,568

5,105

55,291

Total

expenses

.......................................

2,741,547

1,871,289

12,579,172

Expenses

waived/paid

by

affiliates

(Note

g

and

h)

............

(16,247)

(1,869)

(187,385)

Net

expenses

.......................................

2,725,300

1,869,420

12,391,787

Net

investment

income

(loss)

..........................

8,155,795

(1,862,769)

27,704,971

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

....................................

1,014,585

—

35,492,439

Non-controlled

affiliates

(Note

g)

.........................

8,865,504

152,835

73,287

Foreign

currency

transactions

..............................

—

—

7,211

Forward

exchange

contracts

...............................

—

—

(12,046,496)

Futures

contracts

.......................................

—

—

(361,779)

Net

realized

gain

(loss)

................................

9,880,089

152,835

23,164,662

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

....................................

(168,986)

—

161,271,117

Non-controlled

affiliates

(Note

g)

.........................

29,655,746

75,891,566

417,913

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

...........................................

—

—

663,986

Forward

exchange

contracts

...............................

—

—

(20,834,434)

Net

change

in

unrealized

appreciation

(depreciation)

..........

29,486,760

75,891,566

141,518,582

Net

realized

and

unrealized

gain

(loss)

..........................

39,366,849

76,044,401

164,683,244

Net

increase

(decrease)

in

net

assets

resulting

from

operations

........

$47,522,644

$74,181,632

$192,388,215

Franklin

Fund

Allocator

Series

Financial

Statements

Statements

of

Operations

(continued)

for

the

six

months

ended

June

30,

2025

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### Growth

#### Allocation

#### Fund

#### Franklin

#### Moderate

#### Allocation

#### Fund
Investment

income:

Dividends:

Unaffiliated

issuers

.......................................................

$471,037

$426,566

Controlled

affiliates

(Note

f)

................................................

4,384,756

4,633,387

Non-controlled

affiliates

(Note

f)

............................................

5,900,129

12,055,855

Interest:

Unaffiliated

issuers

.......................................................

23,403

26,507

Total

investment

income

..................................................

10,779,325

17,142,315

Expenses:

Asset

allocation

fees

(Note

a)

................................................

1,685,989

2,022,752

Distribution

fees:

(Note

3c)

Class

A

...............................................................

1,449,065

1,766,292

Class

C

...............................................................

428,579

467,188

Class

R

...............................................................

98,260

131,102

Transfer

agent

fees:

(Note

3e)

Class

A

...............................................................

585,972

630,004

Class

C

...............................................................

43,395

41,739

Class

R

...............................................................

19,871

23,377

Class

R6

..............................................................

2,943

3,055

Advisor

Class

...........................................................

27,162

21,670

Custodian

fees

...........................................................

1,366

1,953

Reports

to

shareholders

fees

.................................................

41,386

46,155

Registration

and

filing

fees

...................................................

42,575

44,506

Professional

fees

..........................................................

30,745

27,166

Trustees'

fees

and

expenses

.................................................

7,580

9,331

Other

...................................................................

13,195

15,298

Total

expenses

........................................................

4,478,083

5,251,588

Expenses

waived/paid

by

affiliates

(Note

f

and

h)

.............................

(26,201)

(29,701)

Net

expenses

........................................................

4,451,882

5,221,887

Net

investment

income

...............................................

6,327,443

11,920,428

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

.....................................................

3,314,544

3,098,159

Controlled

affiliates

(Note

f)

..............................................

7,193,811

8,690,559

Non-controlled

affiliates

(Note

f)

...........................................

3,822,810

8,612,629

Net

realized

gain

(loss)

.................................................

14,331,165

20,401,347

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

.....................................................

(218,536)

(303,682)

Controlled

affiliates

(Note

f)

..............................................

34,923,768

31,762,659

Non-controlled

affiliates

(Note

f)

...........................................

47,173,231

42,929,180

Net

change

in

unrealized

appreciation

(depreciation)

...........................

81,878,463

74,388,157

Net

realized

and

unrealized

gain

(loss)

...........................................

96,209,628

94,789,504

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.........................

$102,537,071

$106,709,932

Franklin

Fund

Allocator

Series

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Franklin

#### Conservative

#### Allocation

#### Fund

#### Franklin

#### Corefolio

#### Allocation

#### Fund

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

(loss)

.......

$8,155,795

$20,698,450

$(1,862,769)

$4,292,214

Net

realized

gain

(loss)

............

9,880,089

19,582,695

152,835

73,576,827

Net

change

in

unrealized

appreciation

(depreciation)

.................

29,486,760

28,356,827

75,891,566

56,516,323

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

47,522,644

68,637,972

74,181,632

134,385,364

Distributions

to

shareholders:

Class

A

........................

(13,335,396)

(18,959,519)

(53,575,745)

(52,408,857)

Class

C

........................

(742,393)

(1,010,101)

(2,491,148)

(2,330,249)

Class

R

........................

(704,164)

(914,805)

(122,109)

(125,253)

Class

R6

.......................

(68,419)

(183,761)

(199,076)

(323,118)

Advisor

Class

...................

(564,604)

(748,695)

(4,122,519)

(4,210,566)

Total

distributions

to

shareholders

.....

(15,414,976)

(21,816,881)

(60,510,597)

(59,398,043)

Capital

share

transactions:

(Note

2)

Class

A

........................

(27,873,124)

(76,049,013)

18,650,968

(1,803,386)

Class

C

........................

(5,482,361)

(14,906,242)

(1,174,858)

(3,881,717)

Class

R

........................

(264,724)

(3,871,903)

(237,301)

170,023

Class

R6

.......................

(3,276,103)

1,224,664

(482,253)

(1,614,653)

Advisor

Class

...................

2,629,549

(3,403,335)

441,555

2,993,306

Total

capital

share

transactions

.......

(34,266,763)

(97,005,829)

17,198,111

(4,136,427)

Net

increase

(decrease)

in

net

assets

.....................

(2,159,095)

(50,184,738)

30,869,146

70,850,894

Net

assets:

Beginning

of

period

................

855,733,091

905,917,829

984,374,131

913,523,237

End

of

period

.....................

$853,573,996

$855,733,091

$1,015,243,277

$984,374,131

Franklin

Fund

Allocator

Series

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### Global

#### Allocation

#### Fund

#### Franklin

#### Growth

#### Allocation

#### Fund

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$27,704,971

$40,642,182

$6,327,443

$17,854,734

Net

realized

gain

(loss)

............

23,164,662

78,115,504

14,331,165

73,441,629

Net

change

in

unrealized

appreciation

(depreciation)

.................

141,518,582

211,875,758

81,878,463

95,149,940

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

192,388,215

330,633,444

102,537,071

186,446,303

Distributions

to

shareholders:

Class

A

........................

(56,412,268)

(28,202,493)

(55,312,287)

(26,422,324)

Class

C

........................

(1,278,963)

(272,883)

(3,885,398)

(1,498,663)

Class

R

........................

(100,805)

(39,408)

(1,861,458)

(820,250)

Class

R6

.......................

(115,335)

(68,814)

(566,133)

(258,231)

Advisor

Class

...................

(2,697,200)

(1,550,886)

(2,635,297)

(1,309,949)

Total

distributions

to

shareholders

.....

(60,604,571)

(30,134,484)

(64,260,573)

(30,309,417)

Capital

share

transactions:

(Note

2)

Class

A

........................

(69,846,944)

(238,597,409)

20,949,480

(40,883,835)

Class

C

........................

(8,064,320)

(16,762,298)

(5,243,181)

(13,157,285)

Class

R

........................

(260,834)

(25,879)

542,429

(4,966,805)

Class

R6

.......................

(180,267)

837,322

1,071,726

2,138,737

Advisor

Class

...................

536,219

1,754,246

3,555,512

(1,066,416)

Total

capital

share

transactions

.......

(77,816,146)

(252,794,018)

20,875,966

(57,935,604)

Net

increase

(decrease)

in

net

assets

.....................

53,967,498

47,704,942

59,152,464

98,201,282

Net

assets:

Beginning

of

period

................

2,710,550,737

2,662,845,795

1,363,823,356

1,265,622,074

End

of

period

.....................

$2,764,518,235

$2,710,550,737

$1,422,975,820

$1,363,823,356

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

#### Moderate

#### Allocation

#### Fund

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

.................................................

$11,920,428

$30,833,391

Net

realized

gain

(loss)

.................................................

20,401,347

70,351,258

Net

change

in

unrealized

appreciation

(depreciation)

...........................

74,388,157

83,006,866

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

106,709,932

184,191,515

Distributions

to

shareholders:

Class

A

.............................................................

(60,752,187)

(32,629,335)

Class

C

.............................................................

(3,757,015)

(1,675,254)

Class

R

.............................................................

(2,200,542)

(1,083,731)

Class

R6

............................................................

(453,628)

(342,147)

Advisor

Class

........................................................

(2,186,750)

(1,188,020)

Total

distributions

to

shareholders

..........................................

(69,350,122)

(36,918,487)

Capital

share

transactions:

(Note

2)

Class

A

.............................................................

731,654

(91,615,486)

Class

C

.............................................................

(8,345,769)

(22,086,342)

Class

R

.............................................................

180,529

(4,997,345)

Class

R6

............................................................

(3,088,751)

234,902

Advisor

Class

........................................................

2,576,871

662,962

Total

capital

share

transactions

............................................

(7,945,466)

(117,801,309)

Net

increase

(decrease)

in

net

assets

...................................

29,414,344

29,471,719

Net

assets:

Beginning

of

period

.....................................................

1,647,146,434

1,617,674,715

End

of

period

..........................................................

$1,676,560,778

$1,647,146,434

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, five

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. Certain

or

all

Funds

invest

primarily

in

mutual

funds

(Underlying

Funds)

and

exchange

traded

funds

(ETFs),

including

affiliated

funds

managed

by

Franklin

Templeton

(FT

Underlying

Funds).

The

Funds

offer five classes

of

shares:

Class

A,

Class

C,

Class

R,

Class

R6

and

Advisor

Class. Class

C

shares

automatically

convert

to

Class

A

shares

on

a

monthly

basis,

after

they

have

been

held

for

years.

Each

class

of

shares

may

differ

by

its

initial

sales

load,

contingent

deferred

sales

charges,

voting

rights

on

matters

affecting

a

single

class,

its

exchange

privilege

and

fees

due

to

differing

arrangements

for

distribution

and

transfer

agent

fees.

The

accounting

policies

of

the

Underlying

Funds

are

outlined

in

their

respective

shareholder

reports.

A

copy

of

the

Underlying

Funds'

shareholder

reports

is

available

on

the

U.S.

Securities

and

Exchange

Commission

(SEC)

website

at

sec.gov.

The

Underlying

Funds'

shareholder

reports

are

not

covered

by

this

report.

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.

Investments

in

the

Underlying

Funds

are

valued

at

their

closing

NAV

each

trading

day. ETFs

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.

Equity

securities

and

derivative

financial instruments 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.

Debt

securities

generally

trade

in

the

OTC

market rather

than

on

a

securities

exchange.

The

Funds'

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

Securities

denominated

in

a

foreign

currency

are

converted

into

their

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

p.m.

Eastern

time

on

the

date

that

the

values

of

the

foreign

debt

securities

are

determined.

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Investments

in open-end mutual

funds

are

valued

at

the

closing

NAV.

Certain

derivative

financial

instruments

are

centrally

cleared

or

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

June

30,

2025,

certain

securities

may

have

been

fair

valued

using

these

procedures,

in

which

case

the

securities

were

categorized

as

Level

within

the

fair

value

hierarchy

(referred

to

as

"market

level

fair

value").

See

the

Fair

Value

Measurements

note

for

more

information.

When

the

last

day

of

the

reporting

period

is

a

non-business

day,

certain

foreign

markets

may

be

open

on

those

days

that

the

Funds'

NAV

is

not

calculated,

which

could

result

in

differences

between

the

value

of

the

Funds'

portfolio

securities

on

the

last

business

day

and

the

last

calendar

day

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.

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

c. #### Securities

#### Purchased

#### on

#### a

#### When-Issued,

#### Forward

#### Commitment or

#### Delayed

#### Delivery

#### Basis
Certain

or

all

Funds

may

purchase

securities

on

a

when-

issued,

forward

commitment

or

delayed

delivery

basis,

with

payment

and

delivery

scheduled

for

a

future

date.

These

transactions

are

subject

to

market

fluctuations

and

are

subject

to

the

risk

that

the

value

at

delivery

may

be

more

or

less

than

the

trade

date

purchase

price.

Although

the

Funds

will

generally

purchase

these

securities

with

the

intention

of

holding

the

securities, they

may

sell

the

securities

before

the

settlement

date.

d. #### 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.

At

June

30,

2025,

certain

or

all

Funds

had

OTC

derivatives

in

a

net

liability

position

and

the

aggregate

value

of

collateral

pledged

for

such

contracts

was

as

follows:

Collateral

requirements

differ

by

type

of

derivative.

Collateral

or

initial

margin

requirements

are

set

by

the

broker

or

exchange

clearing

house

for

exchange

traded

and

centrally

cleared

derivatives.

Initial

margin

deposited

is

held

at

the

exchange

and

can

be

in

the

form

of

cash

and/or

securities.

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

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

for

OTC

derivatives,

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

exchange

traded

futures

contracts

primarily

to

manage

and/or

gain

exposure

to equity

price

risk.

A

futures

contract

is

an

agreement

between

the

Fund

and

a

counterparty

to

buy

or

sell

an

asset

at

a

specified

price

on

a

future

date.

Required

initial

margins

are

Net

Liability

Position

Aggregate

Value

of

Collateral

Pledged

Franklin

Global

Allocation

Fund

$9,781,754

$8,499,887

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

pledged

by

the

Fund,

and

the

daily

change

in

fair

value

is

accounted

for

as

a

variation

margin

payable

or

receivable

in

the

Statements

of

Assets

and

Liabilities.

Futures

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Funds'

Schedules

of

Investments.

Certain

or

all

Funds

entered

into

OTC

forward

exchange

contracts

primarily

to

manage

and/or

gain

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.

e. #### Business

#### Development

#### Companies
Certain

or

all

Funds may

invest

in

securities

of

closed-end

investment

companies

that

have

elected

to

be

treated

as

a

business

development

company

under

the

1940

Act.

The

Funds

may

purchase

a

business

development

company

to

gain

exposure

to

the

securities

in

the

underlying

portfolio.

The

risks

of

owning

a

business

development

company

generally

reflect

the

risks

of

owning

the

underlying

securities.

Business

development

companies

have

expenses

that

reduce

their

value.

f. #### Income

#### and

#### Deferred

#### Taxes
It

is each

Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. Each

Fund

intends

to

distribute

to

shareholders

substantially

all

of

its

taxable

income

and

net

realized

gains

to

relieve

it

from

federal

income

and excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

The

Funds

may

be

subject

to

foreign

taxation

related

to

income

received,

capital

gains

on

the

sale

of

securities

and

certain

foreign

currency

transactions

in

the

foreign

jurisdictions

in

which

the

Funds

invest.

Foreign

taxes,

if

any,

are

recorded

based

on

the

tax

regulations

and

rates

that

exist

in

the

foreign

markets

in

which

the

Funds

invest.

When

a

capital

gain

tax

is

determined

to

apply,

certain

or

all

Funds

record

an

estimated

deferred

tax

liability

in

an

amount

that

would

be

payable

if

the

securities

were

disposed

of

on

the

valuation

date.

As

a

result

of

several

court

cases,

in

certain

countries

across

the

European

Union,

certain

or

all

Funds

filed

additional

tax

reclaims

for

previously

withheld

taxes

on

dividends

earned

in

those

countries

(EU

reclaims). Income

recognized,

if

any,

for

EU

reclaims

is

reflected

as

other

income

in

the

Statements of

Operations

and

any

related

receivable,

if

any,

is

reflected

as

European

Union

tax

reclaims

in

the

Statements

of

Assets

and

Liabilities.

Any

fees

associated

with

these

filings

are

reflected

in

other

expenses

in

the

Statements

of

Operations.

When

uncertainty

exists

as

to

the

ultimate

resolution

of

these

proceedings,

the

likelihood

of

receipt

of

these

EU

reclaims,

and

the

potential

timing

of

payment,

no

amounts

are

reflected

in

the

financial

statements.

For

U.S.

income

tax

purposes,

EU

reclaims

received

by

the

Funds,

if

any,

reduce

the

amount

of

foreign

taxes

Fund

shareholders

can

use

as

tax

deductions

or credits

on

their income

tax

returns.

In

the

event

that

EU

reclaims

received

by

the

Funds during a

fiscal

year

exceed

foreign

withholding

taxes

paid

by

the

Funds,

and

the Funds

previously

passed through

to

its

shareholders

foreign

taxes

incurred

by

the

Funds

to

be

used

as

a

credit

or

deduction

on

a

shareholder's

income

tax

return,

the

Funds will

enter

into

a

closing

agreement

with

the

Internal

Revenue

Service

(IRS)

in

order

to

pay

the

associated

tax

liability

on

behalf

of

the Funds'

shareholders.

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

June

30,

2025, each

Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

Open

tax

years

are

those

that

remain

subject

to

examination

and

are

based

on

the

statute

of

limitations

in

each

jurisdiction

in

which

the

Fund

invests.

g. #### 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.

Interest

income

(including

interest

income

from

payment-in-kind

securities,

if

any)

and

estimated

expenses

are

accrued

daily.

Amortization

of

premium

and

accretion

of

discount

on

debt

securities

are

included

in

interest

income.

Paydown

gains

and

losses

are

recorded

as

an

adjustment

to

interest

income. Dividend

income

and

capital

gain

distributions

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

d. #### Derivative

#### Financial

#### Instruments
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

by

Underlying

Funds

and

ETF's

are

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

Fund.

Distributions

to

shareholders

are

recorded

on

the ex-dividend

date.

Distributable

earnings

are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These

reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences

are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

Common

expenses

incurred

by

the

Trust

are

allocated

among

the

Funds

based

on

the

ratio

of

net

assets

of

each

Fund

to

the

combined

net

assets

of

the

Trust

or

based

on

the

ratio

of

number

of

shareholders

of

each

Fund

to

the

combined

number

of

shareholders

of

the

Trust.

Fund

specific

expenses

are

charged

directly

to

the

Fund

that

incurred

the

expense.

The

Funds

indirectly

bear

their

proportionate

share

of

expenses

from

the

Underlying

Funds

and

ETFs.

Since

the

Underlying

Funds

and

ETFs

have

varied

expense

levels

and

the

Funds

may

own

different

proportions

of

the

Underlying

Funds

and

ETFs

at

different

times,

the

amount

of

expenses

incurred

indirectly

by

the

Funds

will

vary.

Realized

and

unrealized

gains

and

losses

and

net

investment

income,

excluding

class

specific

expenses,

are

allocated

daily

to

each

class

of

shares

based

upon

the

relative

proportion

of

net

assets

of

each

class.

Differences

in

per

share

distributions

by

class

are

generally

due

to

differences

in

class

specific

expenses.

Inflation-indexed

bonds

are

adjusted

for

inflation

through

periodic

increases

or

decreases

in

the

security's

interest

accruals,

face

amount,

or

principal

redemption

value,

by

amounts

corresponding

to

the

rate

of

inflation

as

measured

by

an

index.

Any

increase

or

decrease

in

the

face

amount

or

principal

redemption

value

will

be

included

as

interest

income in

the

Statements of

Operations.

h. #### 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.

i. #### 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.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

g. #### Security

#### Transactions,

#### Investment

#### Income,

#### Expenses

#### and

#### Distributions
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

2. #### Shares

#### of

#### Beneficial

#### Interest
At

June

30,

2025,

there

were

an

unlimited

number

of

shares

authorized

(without

par value).

Transactions

in

the

Funds'

shares

were

as

follows:

#### Franklin

#### Conservative

#### Allocation

#### Fund

#### Franklin

#### Corefolio

#### Allocation

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount
Class

A

#### Class

#### A

#### Shares:
Six

Months

ended

June

30,

2025

Shares

sold

a

...................................

2,383,627

$33,565,355

1,367,590

$31,575,406

Shares

issued

in

reinvestment

of

distributions

..........

917,267

13,051,409

2,308,769

52,709,194

Shares

redeemed

...............................

(5,292,252)

(74,489,888)

(2,861,644)

(65,633,632)

Net

increase

(decrease)

..........................

(1,991,358)

$(27,873,124)

814,715

$18,650,968

Year

ended

December

31,

2024

Shares

sold

a

...................................

4,392,631

$60,171,639

2,702,482

$62,501,396

Shares

issued

in

reinvestment

of

distributions

..........

1,336,871

18,544,114

2,247,575

51,472,241

Shares

redeemed

...............................

(11,289,882)

(154,764,766)

(5,005,189)

(115,777,023)

Net

increase

(decrease)

..........................

(5,560,380)

$(76,049,013)

(55,132)

$(1,803,386)

Class

C

#### Class

#### C

#### Shares:
Six

Months

ended

June

30,

2025

Shares

sold

...................................

170,114

$2,335,803

96,315

$2,128,693

Shares

issued

in

reinvestment

of

distributions

..........

52,965

734,304

113,418

2,482,727

Shares

redeemed

a

..............................

(624,723)

(8,552,468)

(261,245)

(5,786,278)

Net

increase

(decrease)

..........................

(401,644)

$(5,482,361)

(51,512)

$(1,174,858)

Year

ended

December

31,

2024

Shares

sold

...................................

452,480

$6,080,993

243,389

$5,393,113

Shares

issued

in

reinvestment

of

distributions

..........

74,000

999,491

105,273

2,315,710

Shares

redeemed

a

..............................

(1,647,439)

(21,986,726)

(521,261)

(11,590,540)

Net

increase

(decrease)

..........................

(1,120,959)

$(14,906,242)

(172,599)

$(3,881,717)

Class

R

#### Class

#### R

#### Shares:
Six

Months

ended

June

30,

2025

Shares

sold

...................................

311,583

$4,364,207

2,242

$51,743

Shares

issued

in

reinvestment

of

distributions

..........

49,533

701,067

5,372

122,109

Shares

redeemed

...............................

(381,572)

(5,329,998)

(17,204)

(411,153)

Net

increase

(decrease)

..........................

(20,456)

$(264,724)

(9,590)

$(237,301)

Year

ended

December

31,

2024

Shares

sold

...................................

519,446

$7,137,798

6,916

$159,339

Shares

issued

in

reinvestment

of

distributions

..........

66,017

910,941

5,491

125,253

Shares

redeemed

...............................

(873,765)

(11,920,642)

(5,210)

(114,569)

Net

increase

(decrease)

..........................

(288,302)

$(3,871,903)

7,197

$170,023

Class

R6

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### Conservative

#### Allocation

#### Fund

#### Franklin

#### Corefolio

#### Allocation

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### R6

#### Shares:
Six

Months

ended

June

30,

2025

Shares

sold

...................................

30,383

$430,504

21,052

$492,714

Shares

issued

in

reinvestment

of

distributions

..........

4,813

68,419

8,620

198,159

Shares

redeemed

...............................

(266,884)

(3,775,026)

(50,519)

(1,173,126)

Net

increase

(decrease)

..........................

(231,688)

$(3,276,103)

(20,847)

$(482,253)

Year

ended

December

31,

2024

Shares

sold

...................................

172,575

$2,343,659

29,445

$692,133

Shares

issued

in

reinvestment

of

distributions

..........

13,249

183,665

13,992

322,070

Shares

redeemed

...............................

(94,915)

(1,302,660)

(109,964)

(2,628,856)

Net

increase

(decrease)

..........................

90,909

$1,224,664

(66,527)

$(1,614,653)

Advisor

Class

#### Advisor

#### Class

#### Shares:
Six

Months

ended

June

30,

2025

Shares

sold

...................................

409,996

$5,781,061

226,128

$5,149,747

Shares

issued

in

reinvestment

of

distributions

..........

36,392

517,829

164,549

3,781,341

Shares

redeemed

...............................

(261,864)

(3,669,341)

(371,359)

(8,489,533)

Net

increase

(decrease)

..........................

184,524

$2,629,549

19,318

$441,555

Year

ended

December

31,

2024

Shares

sold

...................................

381,402

$5,271,282

533,407

$12,237,907

Shares

issued

in

reinvestment

of

distributions

..........

48,548

673,470

166,182

3,830,162

Shares

redeemed

...............................

(677,571)

(9,348,087)

(561,105)

(13,074,763)

Net

increase

(decrease)

..........................

(247,621)

$(3,403,335)

138,484

$2,993,306

#### Franklin

#### Global

#### Allocation

#### Fund

#### Franklin

#### Growth

#### Allocation

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount
Class

A

#### Class

#### A

#### Shares:
Six

Months

ended

June

30,

2025

Shares

sold

a

...................................

2,819,900

$44,789,871

3,079,401

$62,650,853

Shares

issued

in

reinvestment

of

distributions

..........

3,347,813

54,033,702

2,682,279

54,755,471

Shares

redeemed

...............................

(10,624,464)

(168,670,517)

(4,738,909)

(96,456,844)

Net

increase

(decrease)

..........................

(4,456,751)

$(69,846,944)

1,022,771

$20,949,480

Year

ended

December

31,

2024

Shares

sold

a

...................................

5,129,352

$77,516,994

5,274,570

$103,337,576

Shares

issued

in

reinvestment

of

distributions

..........

1,753,340

26,983,547

1,303,861

26,133,891

Shares

redeemed

...............................

(22,724,662)

(343,097,950)

(8,718,738)

(170,355,302)

Net

increase

(decrease)

..........................

(15,841,970)

$(238,597,409)

(2,140,307)

$(40,883,835)

Class

C

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### Global

#### Allocation

#### Fund

#### Franklin

#### Growth

#### Allocation

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### C

#### Shares:
Six

Months

ended

June

30,

2025

Shares

sold

...................................

238,211

$3,739,023

354,426

$6,854,297

Shares

issued

in

reinvestment

of

distributions

..........

79,628

1,267,685

199,789

3,870,020

Shares

redeemed

a

..............................

(833,901)

(13,071,028)

(822,859)

(15,967,498)

Net

increase

(decrease)

..........................

(516,062)

$(8,064,320)

(268,644)

$(5,243,181)

Year

ended

December

31,

2024

Shares

sold

...................................

478,418

$7,140,642

753,997

$14,018,250

Shares

issued

in

reinvestment

of

distributions

..........

17,960

271,007

77,986

1,491,106

Shares

redeemed

a

..............................

(1,627,583)

(24,173,947)

(1,544,079)

(28,666,641)

Net

increase

(decrease)

..........................

(1,131,205)

$(16,762,298)

(712,096)

$(13,157,285)

Class

R

#### Class

#### R

#### Shares:
Six

Months

ended

June

30,

2025

Shares

sold

...................................

20,063

$323,517

124,269

$2,499,421

Shares

issued

in

reinvestment

of

distributions

..........

6,209

100,400

92,828

1,856,260

Shares

redeemed

...............................

(43,097)

(684,751)

(193,594)

(3,813,252)

Net

increase

(decrease)

..........................

(16,825)

$(260,834)

23,503

$542,429

Year

ended

December

31,

2024

Shares

sold

...................................

7,605

$115,593

236,712

$4,580,211

Shares

issued

in

reinvestment

of

distributions

..........

2,547

39,261

41,585

818,211

Shares

redeemed

...............................

(12,235)

(180,733)

(542,759)

(10,365,227)

Net

increase

(decrease)

..........................

(2,083)

$(25,879)

(264,462)

$(4,966,805)

Class

R6

#### Class

#### R6

#### Shares:
Six

Months

ended

June

30,

2025

Shares

sold

...................................

74,997

$1,246,924

170,694

$3,510,761

Shares

issued

in

reinvestment

of

distributions

..........

6,739

112,680

27,494

566,133

Shares

redeemed

...............................

(93,653)

(1,539,871)

(145,694)

(3,005,168)

Net

increase

(decrease)

..........................

(11,917)

$(180,267)

52,494

$1,071,726

Year

ended

December

31,

2024

Shares

sold

...................................

148,967

$2,325,107

182,613

$3,615,392

Shares

issued

in

reinvestment

of

distributions

..........

4,165

66,427

12,781

258,231

Shares

redeemed

...............................

(100,306)

(1,554,212)

(89,632)

(1,734,886)

Net

increase

(decrease)

..........................

52,826

$837,322

105,762

$2,138,737

Advisor

Class

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### Global

#### Allocation

#### Fund

#### Franklin

#### Growth

#### Allocation

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Advisor

#### Class

#### Shares:
Six

Months

ended

June

30,

2025

Shares

sold

...................................

677,571

$10,876,734

323,458

$6,660,513

Shares

issued

in

reinvestment

of

distributions

..........

153,665

2,504,730

113,783

2,344,990

Shares

redeemed

...............................

(803,123)

(12,845,245)

(265,083)

(5,449,991)

Net

increase

(decrease)

..........................

28,113

$536,219

172,158

$3,555,512

Year

ended

December

31,

2024

Shares

sold

...................................

1,642,517

$24,850,693

468,165

$9,238,644

Shares

issued

in

reinvestment

of

distributions

..........

92,599

1,440,046

57,408

1,159,997

Shares

redeemed

...............................

(1,613,172)

(24,536,493)

(577,237)

(11,465,057)

Net

increase

(decrease)

..........................

121,944

$1,754,246

(51,664)

$(1,066,416)

#### Franklin

#### Moderate

#### Allocation

#### Fund

#### Shares

#### Amount
Class

A

#### Class

#### A

#### Shares:
Six

Months

ended

June

30,

2025

Shares

sold

a

...................................

3,776,922

$59,919,523

Shares

issued

in

reinvestment

of

distributions

..........

3,779,587

60,054,078

Shares

redeemed

...............................

(7,525,269)

(119,241,947)

Net

increase

(decrease)

..........................

31,240

$731,654

Year

ended

December

31,

2024

Shares

sold

a

...................................

7,422,491

$114,170,384

Shares

issued

in

reinvestment

of

distributions

..........

2,062,801

32,186,918

Shares

redeemed

...............................

(15,468,865)

(237,972,788)

Net

increase

(decrease)

..........................

(5,983,573)

$(91,615,486)

Class

C

#### Class

#### C

#### Shares:
Six

Months

ended

June

30,

2025

Shares

sold

...................................

434,637

$6,614,253

Shares

issued

in

reinvestment

of

distributions

..........

245,965

3,732,435

Shares

redeemed

a

..............................

(1,232,631)

(18,692,457)

Net

increase

(decrease)

..........................

(552,029)

$(8,345,769)

Year

ended

December

31,

2024

Shares

sold

...................................

907,942

$13,353,030

Shares

issued

in

reinvestment

of

distributions

..........

111,389

1,663,125

Shares

redeemed

a

..............................

(2,527,211)

(37,102,497)

Net

increase

(decrease)

..........................

(1,507,880)

$(22,086,342)

Class

R

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### Moderate

#### Allocation

#### Fund

#### Shares

#### Amount

#### Class

#### R

#### Shares:
Six

Months

ended

June

30,

2025

Shares

sold

...................................

248,586

$3,948,962

Shares

issued

in

reinvestment

of

distributions

..........

138,572

2,195,101

Shares

redeemed

...............................

(377,469)

(5,963,534)

Net

increase

(decrease)

..........................

9,689

$180,529

Year

ended

December

31,

2024

Shares

sold

...................................

637,889

$9,710,308

Shares

issued

in

reinvestment

of

distributions

..........

69,498

1,081,128

Shares

redeemed

...............................

(1,029,642)

(15,788,781)

Net

increase

(decrease)

..........................

(322,255)

$(4,997,345)

Class

R6

#### Class

#### R6

#### Shares:
Six

Months

ended

June

30,

2025

Shares

sold

...................................

33,311

$528,664

Shares

issued

in

reinvestment

of

distributions

..........

28,552

453,628

Shares

redeemed

...............................

(254,034)

(4,071,043)

Net

increase

(decrease)

..........................

(192,171)

$(3,088,751)

Year

ended

December

31,

2024

Shares

sold

...................................

152,775

$2,345,233

Shares

issued

in

reinvestment

of

distributions

..........

21,913

342,147

Shares

redeemed

...............................

(158,090)

(2,452,478)

Net

increase

(decrease)

..........................

16,598

$234,902

Advisor

Class

#### Advisor

#### Class

#### Shares:
Six

Months

ended

June

30,

2025

Shares

sold

...................................

508,942

$8,128,659

Shares

issued

in

reinvestment

of

distributions

..........

127,272

2,025,726

Shares

redeemed

...............................

(476,459)

(7,577,514)

Net

increase

(decrease)

..........................

159,755

$2,576,871

Year

ended

December

31,

2024

Shares

sold

...................................

873,798

$13,443,124

Shares

issued

in

reinvestment

of

distributions

..........

69,885

1,092,290

Shares

redeemed

...............................

(897,647)

(13,872,452)

Net

increase

(decrease)

..........................

46,036

$662,962

a

May

include

a

portion

of

Class

C

shares

that

were

automatically

converted

to

Class

A. 2. #### Shares

#### of

#### Beneficial

#### Interest
(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,

directors, and/or trustees

of

certain

of

the

FT

Underlying

Funds

and

of

the

following

subsidiaries:

a. #### Management

#### and

#### Asset

#### Allocation

#### Fees
The

Funds,

except

Franklin

Corefolio

Allocation

Fund

and

Franklin

Global

Allocation

Fund,

pay

an

asset

allocation

fee

to

Advisers

of

0.25%

per

year

of

the

average

daily

net

assets

of

each

of

the

Funds

for

investment

advisory

services,

consisting

principally

of

determining

the

allocation

of

assets

of

the

Funds

among

the

Underlying

Funds

and

ETFs.

Franklin

Global

Allocation

Fund pays

an

investment

management fee,

calculated

daily

and

paid

monthly,

to Advisers based

on the

average

daily

net

assets

of

the

Fund

as

follows:

For

the

period

ended

June

30,

2025,

the

annualized

gross

effective

investment

management

fee

rate

was 0.581%

of

the

Fund's

average daily

net

assets.

Under

a

subadvisory

agreement,

FTIC,

an

affiliate

of

Advisers,

provides

subadvisory

services

to

the

Fund.

The

subadvisory

fee

is

paid

by

Advisers

based

on

the

Fund's

average

daily

net

assets,

and

is

not

an

additional

expense

of

the

Fund.

b. #### Administrative

#### Fees
Franklin

Corefolio

Allocation

Fund pays

an

administrative

fee

to

FT

Services

of

0.03%

per

year

of

the

average

daily

net

assets

of

the

Fund

for

administrative

services

including

monitoring

and

rebalancing

the

percentage

of

the

Fund's

investment

in

the

Underlying

Funds.

Under

an

agreement

with

Advisers,

FT

Services

provides

administrative

services

to

Franklin

Global

Allocation

Fund.

The

fee

is

paid

by

Advisers

based

on

the

Fund's

average

daily

net

assets,

and

is

not

an

additional

expense

of

the

Fund.

Under

an

agreement

with

Advisers,

FT

Services

provides

administrative

services

to

the

Funds,

except

for

Franklin

Corefolio

Allocation

Fund

and

Franklin

Global

Allocation

Fund and

is

not

paid

by

the

Funds

for

the

services.

c. #### Distribution

#### Fees
The

Board

has

adopted

distribution

plans

for

each

share

class,

with

the

exception

of

Class

R6

and

Advisor

Class

shares,

pursuant

to

Rule

12b-1

under

the

1940

Act.

Under

the

Funds'

Class

A

reimbursement

distribution

plans,

the

Funds

reimburse

Distributors

for

costs

incurred

in

connection

with

the

servicing,

sale

and

distribution

of each

Fund's

shares

up

to

the

maximum

annual

plan

rate.

Under

the

Class

A

reimbursement

distribution

plans,

costs

exceeding

the

maximum

for

the

current

plan

year

cannot

be

reimbursed

in

subsequent

periods.

In

addition,

under

the

Funds'

Class

C

and

R compensation

distribution

plans,

#### Subsidiary

#### Affiliation
Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Franklin

Templeton

Investment

Corp.

(FTIC)

Subadvisor

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

Principal

underwriter

Franklin

Templeton

Investor

Services,

LLC

(Investor

Services)

Transfer

agent

#### Annualized

#### Fee

#### Rate

#### Net

#### Assets
0.600%

Up

to

and

including

$1

billion

0.570%

Over

$1

billion,

up

to

and

including

$5

billion

0.550%

In

excess

of

$5

billion

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

the

Funds

pay

Distributors

for

costs

incurred

in

connection

with

the

servicing,

sale

and

distribution

of each

Fund's

shares

up

to

the

maximum

annual

plan

rate

for

each

class.

The

plan

year,

for

purposes

of

monitoring

compliance

with

the

maximum

annual

plan

rates,

is

February

through

January

for

each

Fund.

The

maximum

annual

plan

rates,

based

on

the

average

daily

net

assets,

for

each

class,

are

as

follows:

The

Board

has

set

the

current

rate

at

0.25%

per

year

for

Class

A

shares,

for

Franklin

Corefolio

Allocation

Fund

and

Franklin

Global

Allocation

Fund,

until

further

notice

and

approval

by

the

Board.

d. #### Sales

#### Charges/Underwriting

#### Agreements
Front-end

sales

charges

and

contingent

deferred

sales

charges

(CDSC)

do

not

represent

expenses

of

the

Funds.

These

charges

are

deducted

from

the

proceeds

of

sales

of

fund

shares

prior

to

investment

or

from

redemption

proceeds

prior

to

remittance,

as

applicable.

Distributors

has

advised

the

Funds

of

the

following

commission

transactions

related

to

the

sales

and

redemptions

of

the

Funds'

shares

for

the

period:

#### Franklin

#### Conservative

#### Allocation

#### Fund

#### Franklin

#### Corefolio

#### Allocation

#### Fund

#### Franklin

#### Global

#### Allocation

#### Fund

#### Franklin

#### Growth

#### Allocation

#### Fund
Class

A

...............................

0.25%

0.35%

0.35%

0.25%

Class

C

...............................

1.00%

1.00%

1.00%

1.00%

Class

R

...............................

0.50%

0.50%

0.50%

0.50%

#### Franklin

#### Moderate

#### Allocation

#### Fund
Class

A

...............................

0.25%

Class

C

...............................

1.00%

Class

R

...............................

0.50%

#### Franklin

#### Conservative

#### Allocation

#### Fund

#### Franklin

#### Corefolio

#### Allocation

#### Fund

#### Franklin

#### Global

#### Allocation

#### Fund

#### Franklin

#### Growth

#### Allocation

#### Fund
Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

..................

$16,249

$43,807

$33,878

$64,733

CDSC

retained

...........................

$3,362

$2,431

$12,083

$11,276

#### Franklin

#### Moderate

#### Allocation

#### Fund
Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

..................

$60,337

CDSC

retained

...........................

$12,005

3. #### Transactions

#### with

#### Affiliates
(continued)

c. #### Distribution

#### Fees
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

e. #### Transfer

#### Agent

#### Fees
Each

class

of

shares

pays

transfer

agent

fees,

calculated

monthly

and

paid

monthly, to

Investor

Services

for

its

performance

of

shareholder

servicing

obligations. The

fees

are based

on

a

fixed

margin

earned

by

Investor

Services

and

are allocated

to

the Funds

based

upon

relative

assets

and

relative

transactions. In

addition,

each

class reimburses

Investor

Services

for

out

of

pocket

expenses

incurred

and,

except

for

Class

R6, reimburses

shareholder

servicing

fees

paid

to

third

parties.

These

fees

paid

to

third

parties

are

accrued

and

allocated

daily

based

upon

their

relative

proportion

of

such

classes'

aggregate

net

assets.

Class

R6

pays

Investor

Services

transfer

agent

fees

allocated

specifically

to

that

class

based

upon

its

relative

assets

and

relative

transactions.

For

the

period

ended

June

30,

2025,

the Funds

paid

transfer

agent

fees

as

noted

in

the

Statements of

Operations

of

which

the

following

amounts

were

retained

by

Investor

Services:

f. #### Investments

#### in

#### FT

#### Underlying

#### Funds
Certain

or

all

Funds

invest

in

FT

Underlying

Funds

which

are

managed

by

Advisers

(or

an

affiliate

of

Advisers).

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

Underlying

Fund's

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

Underlying

Fund.

The

Funds

do

not

invest

in

FT

Underlying

Funds

for

the

purpose

of

exercising

a

controlling

influence

over

the

management

or

policies.

Administrative

fees,

if

any,

paid

by

the

Funds

are

waived

on

assets

invested

in

the

Underlying

Funds,

as

noted

in

the

Statements

of

Operations,

in

an

amount

not

to

exceed

the

administrative

fees,

if

applicable,

paid

directly

or

indirectly

by

the

Underlying

Funds.

Asset

allocation

fees

paid

by

the

Funds,

if

any,

are

waived

on

assets

invested

in

Institutional

Fiduciary

Trust

Money

Market

Portfolio

(Sweep

Money

Fund),

as

noted

in

the

Statements

of

Operations,

in

an

amount

not

to

exceed

the

asset

allocation

fees

paid

directly

or

indirectly

by

the

Sweep

Money

Fund.

Investments

in

FT

Underlying

Funds

for

the

period

ended

June

30,

2025,

were

as

follows:

#### Franklin

#### Conservative

#### Allocation

#### Fund

#### Franklin

#### Corefolio

#### Allocation

#### Fund

#### Franklin

#### Global

#### Allocation

#### Fund

#### Franklin

#### Growth

#### Allocation

#### Fund
Transfer

agent

fees

........................

$124,270

$166,838

$340,357

$257,420

#### Franklin

#### Moderate

#### Allocation

#### Fund
Transfer

agent

fees

........................

$252,930

#### &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

#### Dividend

#### Income

#### a

#### Franklin

#### Conservative

#### Allocation

#### Fund

#### Non-Controlled

#### Affiliates
BrandywineGLOBAL

-

Global

Opportunities

Bond

Fund,

Class

IS

$

32,632,925

$

908,155

$

(2,762,310)

$

(917,262)

$

4,386,113

$

34,247,621

3,763,475

$

629,678

ClearBridge

International

Growth

Fund,

Class

IS

............

5,870,363

1,353,929

(1,204,505)

53,285

1,023,908

7,096,980

93,751

—

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

...........

12,979,823

1,708,997

(1,772,301)

16,364

2,085,288

15,018,171

1,273,806

113,644

3. #### Transactions

#### with

#### Affiliates
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### &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

#### Dividend

#### Income

#### a

#### Franklin

#### Conservative

#### Allocation

#### Fund
(continued)

#### Non-Controlled

#### Affiliates
(continued)

Franklin

Growth

Fund,

Class

R6

.

$

61,035,865

$

2,380,770

$

(13,407,857)

$

2,798,477

$

481,512

$

53,288,767

369,138

$

—

Franklin

High

Yield

Corporate

ETF

37,821,562

448,315

(3,185,965)

(240,276)

938,835

35,782,471

1,469,506

1,004,487

Franklin

International

Aggregate

Bond

ETF

................

14,164,485

2,834,732

(2,609,246)

(637,805)

829,611

14,581,777

709,921

13,171

Franklin

International

Core

Equity

(IU)

Fund

................

38,812,275

8,767,157

(8,363,540)

333,764

7,048,271

46,597,927

3,357,199

578,035

Franklin

Investment

Grade

Corporate

ETF

............

94,539,513

6,873,429

(5,100,460)

(401,101)

2,731,508

98,642,889

4,569,974

1,797,724

Franklin

Systematic

Style

Premia

ETF

....................

8,839,551

141,389

(739,717)

45,835

26,261

8,313,319

344,951

—

Franklin

U.S.

Core

Bond

ETF

...

197,813,507

14,709,424

(14,775,056)

(2,651,494)

6,742,776

201,839,157

9,379,143

3,412,021

Franklin

U.S.

Core

Equity

(IU)

Fund

137,754,964

4,553,422

(26,449,119)

4,728,642

(420,717)

120,167,192

6,672,248

944,801

Franklin

U.S.

Equity

Index

ETF

.

13,989,990

14,398,363

(15,883,249)

3,625,996

(3,282,230)

12,848,870

236,348

70,076

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

...............

32,052,741

7,292,030

(12,048,907)

3,839,500

(2,105,323)

29,030,041

459,627

172,072

Franklin

U.S.

Treasury

Bond

ETF

99,291,154

8,095,402

(6,822,468)

(1,237,439)

3,364,742

102,691,391

4,997,148

1,669,698

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.332%

......

73,842

55,611,360

(42,203,327)

—

—

13,481,875

13,481,875

170,080

Putnam

Large

Cap

Value

Fund,

Class

R6

................

35,392,831

1,355,626

(7,443,368)

(512,705)

2,578,980

31,371,364

852,251

139,715

Templeton

Developing

Markets

Trust,

Class

R6

............

8,390,538

1,833,288

(2,048,749)

4,420

1,690,004

9,869,501

438,644

—

Templeton

Foreign

Fund,

Class

R6

8,943,982

1,685,165

(1,620,196)

17,303

1,536,207

10,562,461

1,205,760

—

#### Total

#### Non-Controlled

#### Affiliates
$840,399,911

$134,950,953

$(168,440,340)

$8,865,504

$29,655,746

$845,431,774

$10,715,202

#### Total

#### Affiliated

#### Securities

#### ....
$840,399,911

$134,950,953

$(168,440,340)

$8,865,504

$29,655,746

$845,431,774

$10,715,202

#### Franklin

#### Corefolio

#### Allocation

#### Fund

#### Non-Controlled

#### Affiliates
Franklin

Growth

Fund,

Class

R6

.

249,254,536

—

(11,042,797)

(327,109)

17,276,546

255,161,176

1,767,534

—

Franklin

Growth

Opportunities

Fund,

Class

R6

............

262,809,393

—

(11,443,436)

(559,571)

14,616,633

265,423,019

4,338,395

—

Franklin

Mutual

Shares

Fund,

Class

R6

.....................

240,349,025

—

(10,951,663)

144,853

14,075,668

243,617,883

9,213,990

—

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.332%

......

1,104

15,936,501

(15,010,704)

—

—

926,901

926,901

6,651

3. #### Transactions

#### with

#### Affiliates
(continued)

f. #### Investments

#### in

#### FT

#### Underlying

#### Funds
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### &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

#### Dividend

#### Income

#### a

#### Franklin

#### Corefolio

#### Allocation

#### Fund
(continued)

#### Non-Controlled

#### Affiliates
(continued)

Templeton

Growth

Fund,

Inc.,

Class

R6

.....................

$

231,465,919

$

—

$

(10,773,214)

$

894,662

$

29,922,719

$

251,510,086

8,394,863

$

—

#### Total

#### Non-Controlled

#### Affiliates
$983,879,977

$15,936,501

$(59,221,814)

$152,835

$75,891,566

$1,016,639,065

$6,651

#### Total

#### Affiliated

#### Securities

#### ....
$983,879,977

$15,936,501

$(59,221,814)

$152,835

$75,891,566

$1,016,639,065

$6,651

#### Franklin

#### Growth

#### Allocation

#### Fund

#### Controlled

#### Affiliates
Franklin

Emerging

Market

Core

Equity

(IU)

Fund

...........

40,250,539

7,223,922

(4,253,300)

40,034

6,742,403

50,003,598

4,241,187

350,792

Franklin

International

Core

Equity

(IU)

Fund

................

120,278,099

27,856,909

(16,382,231)

574,481

22,821,410

155,148,668

11,177,858

1,786,855

Franklin

U.S.

Core

Equity

(IU)

Fund

329,433,361

6,279,966

(37,976,521)

6,579,296

5,359,955

309,676,057

17,194,673

2,247,109

#### Total

#### Controlled

#### Affiliates

#### ....
$489,961,999

$41,360,797

$(58,612,052)

$7,193,811

$34,923,768

$514,828,323

$4,384,756

#### Non-Controlled

#### Affiliates
BrandywineGLOBAL

-

Global

Opportunities

Bond

Fund,

Class

IS

14,291,640

2,455,310

(1,318,332)

(377,485)

1,951,994

17,003,127

1,868,476

281,424

ClearBridge

International

Growth

Fund,

Class

IS

............

18,192,123

4,231,958

(2,209,207)

95,278

3,318,910

23,629,062

312,141

—

Franklin

Growth

Fund,

Class

R6

.

189,184,355

4,926,470

(27,779,825)

(515,141)

11,602,712

177,418,571

1,229,001

—

Franklin

High

Yield

Corporate

ETF

16,562,939

2,187,755

(1,335,426)

(13,858)

365,105

17,766,515

729,631

464,069

Franklin

International

Aggregate

Bond

ETF

................

6,203,125

5,326,677

(4,402,041)

(284,721)

396,776

7,239,816

352,474

6,468

Franklin

Investment

Grade

Corporate

ETF

............

41,402,203

11,167,641

(4,831,497)

(246,378)

1,485,410

48,977,379

2,269,047

831,563

Franklin

Systematic

Style

Premia

ETF

....................

14,172,820

756,108

(1,351,068)

11,895

98,009

13,687,764

567,957

—

Franklin

U.S.

Core

Bond

ETF

...

86,630,085

23,768,383

(12,241,516)

(883,959)

2,943,237

100,216,230

4,656,888

1,576,777

Franklin

U.S.

Equity

Index

ETF

.

140,725,006

27,176,152

(40,889,847)

3,070,431

3,117,344

133,199,086

2,450,125

690,993

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

...............

99,353,811

16,957,970

(25,784,743)

4,200,658

1,929,273

96,656,969

1,530,351

552,947

Franklin

U.S.

Treasury

Bond

ETF

43,483,203

12,245,727

(5,765,876)

(288,484)

1,313,432

50,988,002

2,481,168

773,235

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.332%

......

35,400

72,501,187

(50,112,278)

—

—

22,424,309

22,424,309

289,071

Putnam

Large

Cap

Value

Fund,

Class

R6

................

109,700,695

3,597,915

(15,685,164)

(1,058,149)

7,894,372

104,449,669

2,837,535

433,582

Templeton

Developing

Markets

Trust,

Class

R6

............

26,018,653

10,618,107

(9,664,811)

105,595

5,784,187

32,861,731

1,460,521

—

3. #### Transactions

#### with

#### Affiliates
(continued)

f. #### Investments

#### in

#### FT

#### Underlying

#### Funds
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### &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

#### Dividend

#### Income

#### a

#### Franklin

#### Growth

#### Allocation

#### Fund
(continued)

#### Non-Controlled

#### Affiliates
(continued)

Templeton

Foreign

Fund,

Class

R6

$

27,717,356

$

5,523,086

$

(3,049,720)

$

7,128

$

4,972,470

$

35,170,320

4,014,877

$

—

#### Total

#### Non-Controlled

#### Affiliates
$833,673,414

$203,440,446

$(206,421,351)

$3,822,810

$47,173,231

$881,688,550

$5,900,129

#### Total

#### Affiliated

#### Securities

#### ....
$1,323,635,413

$244,801,243

$(265,033,403)

$11,016,621

$82,096,999

$1,396,516,873

$10,284,885

#### Franklin

#### Moderate

#### Allocation

#### Fund

#### Controlled

#### Affiliates
Franklin

Emerging

Market

Core

Equity

(IU)

Fund

...........

36,748,019

5,455,371

(4,096,341)

47,205

6,046,237

44,200,491

3,748,981

321,721

Franklin

International

Core

Equity

(IU)

Fund

................

109,837,445

25,184,347

(19,063,417)

849,336

20,335,827

137,143,538

9,880,658

1,637,931

Franklin

U.S.

Core

Equity

(IU)

Fund

389,883,942

10,267,916

(59,668,402)

7,794,018

5,380,595

353,658,069

19,636,761

2,673,735

#### Total

#### Controlled

#### Affiliates

#### ....
$536,469,406

$40,907,634

$(82,828,160)

$8,690,559

$31,762,659

$535,002,098

$4,633,387

#### Non-Controlled

#### Affiliates
BrandywineGLOBAL

-

Global

Opportunities

Bond

Fund,

Class

IS

40,115,920

2,444,300

(3,249,954)

(1,014,438)

5,321,791

43,617,619

4,793,145

780,107

ClearBridge

International

Growth

Fund,

Class

IS

............

16,612,800

3,841,368

(2,658,882)

124,308

2,967,512

20,887,106

275,920

—

Franklin

Growth

Fund,

Class

R6

.

172,741,512

5,438,778

(31,112,559)

4,868,966

4,895,733

156,832,430

1,086,398

—

Franklin

High

Yield

Corporate

ETF

46,494,463

1,043,944

(2,853,389)

(205,377)

1,094,915

45,574,556

1,871,645

1,251,887

Franklin

International

Aggregate

Bond

ETF

................

17,413,179

5,394,236

(4,484,173)

(1,081,518)

1,330,297

18,572,021

904,188

16,719

Franklin

Investment

Grade

Corporate

ETF

............

116,218,058

13,154,339

(6,730,577)

(446,243)

3,440,412

125,635,989

5,820,523

2,241,396

Franklin

Systematic

Style

Premia

ETF

....................

17,060,933

538,989

(1,479,164)

60,106

75,743

16,256,607

674,548

—

Franklin

U.S.

Core

Bond

ETF

...

243,173,310

28,587,300

(19,890,346)

(3,568,977)

8,769,983

257,071,270

11,945,691

4,253,343

Franklin

U.S.

Equity

Index

ETF

.

39,598,162

32,341,146

(35,431,921)

7,147,796

(5,838,086)

37,817,097

695,625

202,229

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

...............

90,722,941

15,658,076

(26,303,974)

5,150,440

211,702

85,439,185

1,352,742

497,248

Franklin

U.S.

Treasury

Bond

ETF

122,059,932

15,113,536

(9,060,730)

(1,370,101)

4,049,831

130,792,468

6,364,597

2,082,336

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.332%

......

43,970

94,961,192

(69,059,712)

—

—

25,945,450

25,945,450

334,168

Putnam

Large

Cap

Value

Fund,

Class

R6

................

100,168,991

3,200,702

(17,111,591)

(1,164,090)

7,235,060

92,329,072

2,508,261

396,422

Templeton

Developing

Markets

Trust,

Class

R6

............

23,754,799

5,331,371

(5,038,183)

71,266

4,928,361

29,047,614

1,291,005

—

Templeton

Foreign

Fund,

Class

R6

25,310,968

4,681,999

(3,391,728)

40,491

4,445,926

31,087,656

3,548,819

—

#### Total

#### Non-Controlled

#### Affiliates
$1,071,489,938

$231,731,276

$(237,856,883)

$8,612,629

$42,929,180

$1,116,906,140

$12,055,855

#### Total

#### Affiliated

#### Securities

#### ....
$1,607,959,344

$272,638,910

$(320,685,043)

$17,303,188

$74,691,839

$1,651,908,238

$16,689,242

3. #### Transactions

#### with

#### Affiliates
(continued)

f. #### Investments

#### in

#### FT

#### Underlying

#### Funds
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

g. #### 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.

Management

fees

paid

by

the

Funds

are

waived

on

assets

invested

in

the

affiliated

management

investment

companies,

as

noted

in

the

Statements

of

Operations,

in

an

amount

not

to

exceed

the

management

and

administrative

fees,

if

applicable, paid

directly

or

indirectly

by

each

affiliate.

During

the

period

ended

June

30,

2025,

investments

in

affiliated

management

investment

companies

were

as

follows:

h. #### 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

Franklin

Conservative

Allocation

Fund,

Franklin

Moderate

Allocation

Fund

and

Franklin

Growth

Allocation

Fund

so

that

the

operating

expenses

(excluding

interest

expense,

distribution

fees,

acquired

fund

fees

and

expenses

and

certain

non-routine

expenses

or

costs,

including

those

relating

to

litigation,

indemnification,

reorganizations,

and

liquidations)

for

each

class

of

the

Funds

do

not

exceed

0.45%

based

on

the

average

net

assets

of

each

class

until

April

30,

2026. Total

expenses

waived

or

paid

are

not

subject

to

recapture

subsequent

to

the

Funds'

fiscal

year

end.

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

Franklin

Global

Allocation

Fund

so

that

the

operating

expenses

(excluding

interest

expense,

distribution

fees,

acquired

fund

fees

and

expenses,

and

certain

non-routine

expenses

or

costs,

including

those

relating

to

litigation,

indemnification,

reorganizations,

and

liquidations)

for

each

class

of

the

Fund

do

not

exceed

0.70%

based

on

the

average

net

assets

of

each

class

until

April

30,

2026. Total

expenses

waived

or

paid

are

not

subject

to

recapture

subsequent

to

the

Fund's

fiscal

year

end.

#### &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

#### Global

#### Allocation

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Franklin

BSP

Private

Credit

Fund,

Class

Advisor

........

$

32,922,201

$

—

$

(3,127,878)

$

73,287

$

(443,961)

$

29,423,649

2,783,694

$

1,207,499

Franklin

BSP

Real

Estate

Debt

BDC

..................

—

887,224

—

—

22,178

909,402

33,292

—

Franklin

FTSE

India

ETF

.....

6,255,395

—

—

—

318,546

6,573,941

165,050

10,519

Franklin

High

Yield

Corporate

ETF

...................

4,893,350

—

—

—

98,400

4,991,750

205,000

136,625

Franklin

Systematic

Style

Premia

ETF

...................

53,199,750

—

—

—

422,750

53,622,500

2,225,000

—

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.332%

25,651,499

413,116,699

(279,616,729)

—

—

159,151,469

159,151,469

1,307,238

#### Total

#### Non-Controlled

#### Affiliates
$122,922,195

$

414,003,923

$

(282,744,607)

$

73,287

$

417,913

$254,672,711

$

2,661,881

#### Total

#### Affiliated

#### Securities

#### ...
$122,922,195

$414,003,923

$(282,744,607)

$73,287

$417,913

$254,672,711

$2,661,881

3. #### Transactions

#### with

#### Affiliates
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Transfer

agent

fees

on

Class

R6

shares

of

the

Funds

have

been

capped

so

that

transfer

agent

fees

for

that

class

do

not

exceed

0.03%

based

on

the

average

net

assets

of

the

class

until

April

30,

2026. 4. #### Income

#### Taxes
At

June

30,

2025,

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

foreign

currency

transactions,

wash

sales,

passive

foreign

investment

company

shares,

bond

discounts

and

premiums

and

regulated

investment

companies.

5. #### Investment

#### Transactions
Purchases

and

sales

of

investments

(excluding

short

term

securities)

for

the

period

ended

June

30,

2025,

were

as

follows:

#### Franklin

#### Conservative

#### Allocation

#### Fund

#### Franklin

#### Corefolio

#### Allocation

#### Fund

#### Franklin

#### Global

#### Allocation

#### Fund

#### Franklin

#### Growth

#### Allocation

#### Fund
a

a

a

a

a

Cost

of

investments

.......................

$759,693,260

$589,542,266

$2,380,737,311

$993,418,835

Unrealized

appreciation

.....................

$136,884,442

$434,652,942

$444,047,054

$436,276,753

Unrealized

depreciation

.....................

(44,607,023)

(7,556,143)

(75,829,942)

(11,403,207)

Net

unrealized

appreciation

(depreciation)

.......

$92,277,419

$427,096,799

$368,217,112

$424,873,546

#### Franklin

#### Moderate

#### Allocation

#### Fund
a

a

Cost

of

investments

..........................................................................

$1,318,986,610

Unrealized

appreciation

........................................................................

$398,591,033

Unrealized

depreciation

........................................................................

(46,421,254)

Net

unrealized

appreciation

(depreciation)

..........................................................

$352,169,779

#### Franklin

#### Conservative

#### Allocation

#### Fund

#### Franklin

#### Corefolio

#### Allocation

#### Fund

#### Franklin

#### Global

#### Allocation

#### Fund

#### Franklin

#### Growth

#### Allocation

#### Fund
Purchases

..............................

$81,846,663

$—

$438,480,841

$179,738,907

Sales

..................................

$133,055,623

$44,211,110

$612,673,727

$234,683,653

#### Franklin

#### Moderate

#### Allocation

#### Fund
Purchases

.................................................................................

$184,323,303

Sales

.....................................................................................

$270,135,482

3. #### Transactions

#### with

#### Affiliates
(continued)

h. #### Waiver

#### and

#### Expense

#### Reimbursements
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

6. #### Concentration

#### of

#### Risk
Certain

investments

in

Chinese

companies

are

made

through

a

special

structure

known

as

a

VIE.

In

a

VIE

structure,

foreign

investors,

such

as

Franklin

Global

Allocation

Fund,

will

only

own

stock

in

a

shell

company

rather

than

directly

in

the

VIE,

which

must

be

owned

by

Chinese

nationals

(and/or

Chinese

companies)

to

obtain

the

licenses

and/or

assets

required

to

operate

in

a

restricted

or

prohibited

sector

in

China.

The

value

of

the

shell

company

is

derived

from

its

ability

to

consolidate

the

VIE

into

its

financials

pursuant

to

contractual

arrangements

that

allow

the

shell

company

to

exert

a

degree

of

control

over,

and

obtain

economic

benefits

arising

from,

the

VIE

without

formal

legal

ownership.

While

VIEs

are

a

longstanding

industry

practice

and

are

well

known

by

Chinese

officials

and

regulators,

the

structure

historically

has

not

been

formally

recognized

under

Chinese

law

and

it

is

uncertain

whether

Chinese

officials

or

regulators

will

withdraw

their

implicit

acceptance

of

the

structure.

It

is

also

uncertain

whether

the

contractual

arrangements,

which

may

be

subject

to

conflicts

of

interest

between

the

legal

owners

of

the

VIE

and

foreign

investors,

would

be

enforced

by

Chinese

courts

or

arbitration

bodies.

Prohibitions

of

these

structures

by

the

Chinese

government,

or

the

inability

to

enforce

such

contracts,

from

which

the

shell

company

derives

its

value,

would

likely

cause

the

VIE-structured

holding(s)

to

suffer

significant,

detrimental,

and

possibly

permanent

losses,

and

in

turn,

adversely

affect

the Fund's

returns

and

net

asset

value.

7. #### Other

#### Derivative

#### Information
At

June

30,

2025,

investments

in

derivative

contracts

are

reflected

in

the

Statements

of

Assets

and

Liabilities

as

follows:

For

the

period

ended

June

30,

2025,

the

effect

of

derivative

contracts

in

the

Statements

of

Operations

was

as

follows:

For

the

period

ended

June

30,

2025,

the

average

month

end

notional

amount

of

futures

contracts

and

the

average

month

end

contract

value

for forward

exchange

contracts

were

as

follows:

#### Asset

#### Derivatives

#### Liability

#### Derivatives

#### Derivative

#### Contracts

#### Not

#### Accounted

#### for

#### as

#### Hedging

#### Instruments

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Location

#### Fair

#### Value

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Location

#### Fair

#### Value

#### Franklin

#### Global

#### Allocation

#### Fund
Foreign

exchange

contracts

..

Unrealized

appreciation

on

OTC

forward

exchange

contracts

$

788,957

Unrealized

depreciation

on

OTC

forward

exchange

contracts

$

10,570,711

Total

....................

$788,957

$10,570,711

#### 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

#### Global

#### Allocation

#### Fund
Net

realized

gain

(loss)

from:

Net

change

in

unrealized

&nbsp;&nbsp;&nbsp;&nbsp;appreciation

(depreciation)

on:

Foreign

exchange

contracts

.....

Forward

exchange

contracts

$(12,046,496)

Forward

exchange

contracts

$(20,834,434)

Equity

contracts

..............

Futures

contracts

(361,779)

Futures

contracts

—

Total

.......................

$(12,408,275)

$(20,834,434)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

See

Note

1(d) regarding

derivative

financial

instruments.

8. #### Credit

#### Facility
The

Funds,

together

with

other

U.S.

registered

and

foreign

investment

funds

(collectively,

Borrowers),

managed

by

Franklin

Templeton,

are

borrowers

in

a

joint

syndicated

senior

unsecured

credit

facility

totaling

$2.995

billion

(Global

Credit

Facility)

which

matures

on

January

30,

2026. This

Global

Credit

Facility

provides

a

source

of

funds

to

the

Borrowers

for

temporary

and

emergency

purposes,

including

the

ability

to

meet

future

unanticipated

or

unusually

large

redemption

requests.

Under

the

terms

of

the

Global

Credit

Facility,

the

Funds

may,

in

addition

to

interest

charged

on

any

borrowings

made

by

the

Funds

and

other

costs

incurred

by

the

Funds,

pay

their

share

of

fees

and

expenses

incurred

in

connection

with

the

implementation

and

maintenance

of

the

Global

Credit

Facility,

based

upon

their

relative

share

of

the

aggregate

net

assets

of

all

of

the

Borrowers,

including

an

annual

commitment

fee

of

0.15%

based

upon

the

unused

portion

of

the

Global

Credit

Facility.

These

fees

are

reflected

in

other

expenses

in

the

Statements

of

Operations.

During

the

period ended

June

30,

2025,

the

Funds

did

not

use

the

Global

Credit

Facility.

9. #### Fair

#### Value

#### Measurements
The Funds

follow

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Funds'

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the Funds' financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

–

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)

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

June

30,

2025,

in

valuing

the

Funds'

assets

and

liabilities carried

at

fair

value,

is

as

follows:

#### Franklin

#### Global

#### Allocation

#### Fund
Futures

contracts

..........................................................................

$

7,276,554

Forwards

exchange

contracts

.................................................................

396,895,673

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### Conservative

#### Allocation

#### Fund

#### Assets:
Investments

in

Securities:

a

Investments

in

Underlying

Funds

and

Exchange

Traded

Funds

...........................

$

838,488,804

$

—

$

—

$

838,488,804

Short

Term

Investments

...................

13,481,875

—

—

13,481,875

Total

Investments

in

Securities

...........

$851,970,679

$—

$—

$851,970,679

7. #### Other

#### Derivative

#### Information
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### Corefolio

#### Allocation

#### Fund

#### Assets:
Investments

in

Securities:

a

Investments

in

Underlying

Funds

and

Exchange

Traded

Funds

...........................

$

1,015,712,164

$

—

$

—

$

1,015,712,164

Short

Term

Investments

...................

926,901

—

—

926,901

Total

Investments

in

Securities

...........

$1,016,639,065

$—

$—

$1,016,639,065

#### Franklin

#### Global

#### Allocation

#### Fund

#### Assets:
Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

...................

9,835,251

7,567,262

—

17,402,513

Air

Freight

&

Logistics

...................

4,977,187

—

—

4,977,187

Automobiles

..........................

13,773,689

25,305,821

—

39,079,510

Banks

...............................

26,589,901

85,135,387

—

111,725,288

Biotechnology

.........................

46,459,272

—

—

46,459,272

Broadline

Retail

.......................

56,931,785

—

—

56,931,785

Building

Products

......................

—

5,927,683

—

5,927,683

Capital

Markets

........................

16,398,087

25,591,425

—

41,989,512

Chemicals

...........................

6,397,745

4,866,491

—

11,264,236

Commercial

Services

&

Supplies

...........

7,910,102

—

—

7,910,102

Communications

Equipment

..............

31,670,042

—

—

31,670,042

Construction

Materials

..................

—

7,602,935

—

7,602,935

Consumer

Staples

Distribution

&

Retail

......

38,292,435

10,161,565

—

48,454,000

Diversified

Telecommunication

Services

.....

—

15,331,579

—

15,331,579

Electric

Utilities

........................

9,123,835

7,214,954

—

16,338,789

Electrical

Equipment

....................

—

4,408,336

—

4,408,336

Entertainment

.........................

33,103,048

19,101,712

—

52,204,760

Financial

Services

......................

48,765,491

—

—

48,765,491

Food

Products

........................

3,291,439

—

—

3,291,439

Ground

Transportation

..................

11,128,571

—

—

11,128,571

Health

Care

Equipment

&

Supplies

.........

54,705,513

—

—

54,705,513

Health

Care

Providers

&

Services

..........

3,545,993

—

—

3,545,993

Hotels,

Restaurants

&

Leisure

.............

58,662,787

—

—

58,662,787

Household

Products

....................

10,488,553

—

—

10,488,553

Industrial

Conglomerates

................

—

8,286,247

—

8,286,247

Insurance

............................

26,526,226

11,030,343

—

37,556,569

Interactive

Media

&

Services

..............

83,295,053

5,241,528

—

88,536,581

IT

Services

...........................

25,278,200

—

—

25,278,200

Leisure

Products

.......................

3,469,064

—

—

3,469,064

Life

Sciences

Tools

&

Services

............

7,003,681

—

—

7,003,681

Machinery

............................

7,332,405

7,099,656

—

14,432,061

Marine

Transportation

...................

—

15,654,950

—

15,654,950

Metals

&

Mining

.......................

9,119,398

28,969,138

—

38,088,536

Office

REITs

..........................

3,583,807

—

—

3,583,807

Oil,

Gas

&

Consumable

Fuels

.............

61,615,638

12,455,243

—

74,070,881

Personal

Care

Products

.................

5,566,818

5,374,339

—

10,941,157

Pharmaceuticals

.......................

52,393,549

27,456,566

—

79,850,115

Professional

Services

...................

—

22,175,680

—

22,175,680

Real

Estate

Management

&

Development

....

—

3,882,997

—

3,882,997

Retail

REITs

..........................

6,787,126

—

—

6,787,126

Semiconductors

&

Semiconductor

Equipment

.

152,701,593

43,310,548

—

196,012,141

Software

.............................

129,390,988

8,475,570

—

137,866,558

Specialty

Retail

........................

29,092,119

3,528,559

—

32,620,678

Technology

Hardware,

Storage

&

Peripherals

.

69,016,726

8,107,636

—

77,124,362

Textiles,

Apparel

&

Luxury

Goods

..........

16,421,492

3,773,224

—

20,194,716

Tobacco

.............................

33,573,649

—

—

33,573,649

9. #### 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

.

10. #### Operating

#### Segments
The Funds

have

adopted

the

FASB

Accounting

Standards

Update

(ASU)

2023-07,

*Segment* 

*Reporting* 

*(Topic* 

*280)* 

*-* 

*Improvements* 

*to* 

*Reportable* 

*Segment* 

*Disclosures.*

The

update

is

limited

to

disclosure

requirements

and

does

not

impact

the Funds'

financial

position

or

results

of

operations.

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### Global

#### Allocation

#### Fund
(continued)

#### Assets:
(continued)

Investments

in

Securities:

(continued)

Common

Stocks:

(continued)

Trading

Companies

&

Distributors

..........

$

17,141,534

$

4,013,946

$

—

$

21,155,480

Wireless

Telecommunication

Services

.......

—

6,357,575

—

6,357,575

Management

Investment

Companies

:

Capital

Markets

........................

114,214,513

—

909,402

115,123,915

Preferred

Stocks

.........................

10,320,049

—

—

10,320,049

Corporate

Bonds

........................

—

182,954,726

—

182,954,726

Foreign

Government

and

Agency

Securities

....

—

404,500,910

—

404,500,910

U.S.

Government

and

Agency

Securities

.......

—

122,276,346

—

122,276,346

Mortgage-Backed

Securities

................

—

89,640,076

—

89,640,076

Short

Term

Investments

...................

159,151,469

—

—

159,151,469

Total

Investments

in

Securities

...........

$1,515,045,823

$1,242,780,953

b

$909,402

$2,758,736,178

Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$—

$788,957

$—

$788,957

Total

Other

Financial

Instruments

.........

$—

$788,957

$—

$788,957

#### Liabilities:
Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$—

$10,570,711

$—

$10,570,711

Total

Other

Financial

Instruments

.........

$—

$10,570,711

$—

$10,570,711

#### Franklin

#### Growth

#### Allocation

#### Fund

#### Assets:
Investments

in

Securities:

a

Investments

in

Underlying

Funds

and

Exchange

Traded

Funds

...........................

1,395,868,072

—

—

1,395,868,072

Short

Term

Investments

...................

22,424,309

—

—

22,424,309

Total

Investments

in

Securities

...........

$1,418,292,381

$—

$—

$1,418,292,381

#### Franklin

#### Moderate

#### Allocation

#### Fund

#### Assets:
Investments

in

Securities:

a

Investments

in

Underlying

Funds

and

Exchange

Traded

Funds

...........................

1,645,210,939

—

—

1,645,210,939

Short

Term

Investments

...................

25,945,450

—

—

25,945,450

Total

Investments

in

Securities

...........

$1,671,156,389

$—

$—

$1,671,156,389

a

For

detailed

categories,

see

the

accompanying

Schedules

of

Investments.

b

Includes

foreign

securities

valued

at

$443,408,895,

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.

9. #### Fair

#### Value

#### Measurements
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Each

Fund

operates

as

a

single

operating

segment,

which

is

an

investment

portfolio.

The

Funds'

Investment

manager

serves

as

the

Chief

Operating

Decision

Maker

(CODM),

evaluating

fund-wide

results

and

performance

under

a

unified

investment

strategy.

The

CODM

uses

these

measures

to

assess

fund

performance

and

allocate

resources

effectively.

Internal

reporting

provided

to

the

CODM

aligns

with

the

accounting

policies

and

measurement

principles

used

in

the

financial

statements.

For

information

regarding

segment

assets,

segment

profit

or

loss,

and

significant

expenses,

refer

to

the

Statements

of

Assets

and

Liabilities

and

the

Statements

of

Operations,

along

with

the

related

notes

to

the

financial

statements.

The

Schedules

of

Investments

provides

details

of

the

Funds'

investments

that

generate

returns

such

as

interest,

dividends,

and

realized

and

unrealized

gains

or

losses.

Performance

metrics,

including

portfolio

turnover

and

expense

ratios,

are

disclosed

in

the

Financial

Highlights.

11. #### New

#### Accounting

#### Pronouncements
In

December

2023,

the

FASB

issued

ASU

No.

2023-09,

Income

Taxes

(Topic

740)

–

Improvements

to

Income

Tax

Disclosures.

The

amendments

enhance

income

tax

disclosures

by

requiring

greater

disaggregation

in

the

rate

reconciliation

and

income

taxes

paid

by

jurisdiction,

while

removing

certain

disclosure

requirements.

The

ASU

is

effective

for

annual

periods

beginning

after

December

15,

2024,

with

early

adoption

permitted.

Management

is

currently

evaluating

the

impact

and

believes

that

the

adoption

of

the

ASU

will

not

have

a

material

impact

on

the

financial

statements.

12. #### 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

#### Counterparty

#### BZWS
Barclays

Bank

plc

#### JPHQ
JPMorgan

Chase

Bank

NA

#### Currency

#### AUD
Australian

Dollar

#### BRL
Brazilian

Real

#### CAD
Canadian

Dollar

#### CNY
Chinese

Yuan

#### EUR
Euro

#### GBP
British

Pound

#### Selected

#### Portfolio

#### ADR
American

Depositary

Receipt

#### BDC
Business

Development

Company

#### BDR
Brazilian

Depositary

Receipt

#### ETF
Exchange-Traded

Fund

#### FHLMC
Federal

Home

Loan

Mortgage

Corp.

#### FNMA
Federal

National

Mortgage

Association

#### FRN
Floating

Rate

Note

#### PIK
Payment-In-Kind

#### REIT
Real

Estate

Investment

Trust

10. #### Operating

#### Segments
(continued)

Franklin

Fund

Allocator

Series

franklintempleton.com

Semiannual

Report

#### FRANKLIN

#### FUND

#### ALLOCATOR

#### SERIES

#### Franklin

#### Conservative

#### Allocation

#### Fund

#### Franklin

#### Global

#### Allocation

#### Fund

#### Franklin

#### Growth

#### Allocation

#### Fund

#### Franklin

#### Moderate

#### Allocation

#### Fund
(each

a

Fund)

At

an

in-person

meeting

held

on

April

15,

2025

(Meeting),

the

Board

of

Trustees

(Board)

of

Franklin

Fund

Allocator

Series

(Trust),

including

a

majority

of

the

trustees

who

are

not

"interested

persons"

as

defined

in

the

Investment

Company

Act

of

1940

(Independent

Trustees),

reviewed

and

approved

the

continuance

of

the

investment

management

agreements

between

Franklin

Advisers,

Inc.

(Manager)

and

the

Trust,

on

behalf

of

each

Fund

(each

a

Management

Agreement)

for

an

additional

one-year

period.

The

Independent

Trustees

received

advice

from

and

met

separately

with

Independent

Trustee

counsel

to

consider

the

renewal

of

each

Management

Agreement.

Although

the

Management

Agreements

for

the

Funds

were

considered

at

the

same

Board

meeting,

the

Board

considered

the

information

provided

to

it

about

the

Funds

together

and

with

respect

to

each

Fund

separately

as

the

Board

deemed

appropriate.

In

considering

the

continuance

of

each

Management

Agreement,

the

Board

reviewed

and

considered

information

provided

by

the

Manager

at

the

Meeting

and

throughout

the

year

at

meetings

of

the

Board

and

its

committees.

The

Board

also

reviewed

and

considered

information

provided

in

response

to

a

detailed

set

of

requests

for

information

submitted

to

the

Manager

by

Independent

Trustee

counsel

on

behalf

of

the

Independent

Trustees

in

connection

with

the

annual

contract

renewal

process.

In

addition,

prior

to

the

Meeting,

the

Independent

Trustees

held

a

virtual

contract

renewal

meeting

at

which

the

Independent

Trustees

first

conferred

amongst

themselves

and

Independent

Trustee

counsel

about

contract

renewal

matters,

and

then

met

with

management

to

request

additional

information

that

the

Independent

Trustees

also

considered

prior

to

and

at

the

Meeting.

The

Board

further

considered

all

of

the

factors

it

deemed

relevant

in

approving

the

continuance

of

each

Management

#### Changes

#### In

#### and

#### Disagreements

#### with

#### Accountants
For

the

period

covered

by

this

report

Not

applicable.

#### Results

#### of

#### Meeting(s)

#### of

#### Shareholders
For

the

period

covered

by

this

report

Not

applicable.

#### Remuneration

#### Paid

#### to

#### Directors,

#### Officers

#### and

#### Others
For

the

period

covered

by

this

report

Refer

to

the

financial

statements

included

herein.

Remuneration

to

officers

is

paid

by

the

Fund's

investment

manager

according

to

the

terms

of

the

agreement.

#### Board

#### Approval

#### of

#### Management

#### and

#### Subadvisory

#### Agreements
For

the

period

covered

by

this

report

Franklin

Fund

Allocator

Series

franklintempleton.com

Semiannual

Report

Agreement,

including,

but

not

limited

to:

(i) the

nature,

extent

and

quality

of

the

services

provided

by

the

Manager;

(ii) the

investment

performance

of

each

Fund;

(iii) the

costs

of

the

services

provided

and

profits

realized

by

the

Manager

and

its

affiliates

from

the

relationship

with

each

Fund;

(iv) the

extent

to

which

economies

of

scale

are

realized

as

each

Fund

grows;

and

(v) whether

fee

levels

reflect

these

economies

of

scale

for

the

benefit

of

Fund

investors.

In

approving

the

continuance

of

each

Management

Agreement,

the

Board,

including

a

majority

of

the

Independent

Trustees,

determined,

through

the

exercise

of

its

business

judgment,

that

the

terms

of

the

Management

Agreement

are

fair

and

reasonable

and

that

the

continuance

of

the

Management

Agreement

is

in

the

best

interests

of

the

applicable

Fund

and

its

shareholders.

While

attention

was

given

to

all

information

furnished,

the

following

discusses

some

primary

factors

relevant

to

the

Board's

determination.

#### Nature,

#### Extent

#### and

#### Quality

#### of

#### Services
The

Board

reviewed

the

information

it

received

regarding

the

nature,

extent

and

quality

of

investment

management

services

provided

by

the

Manager

and

its

affiliates

to

the

Funds

and

their

shareholders.

This

information

included,

among

other

things,

the

qualifications,

background

and

experience

of

the

senior

management

and

investment

personnel

of

the

Manager,

as

well

as

information

on

succession

planning

where

appropriate;

the

structure

of

investment

personnel

compensation;

oversight

of

third-

party

service

providers;

investment

performance

reports

and

related

financial

information

for

each

Fund;

reports

on

expenses

and

shareholder

services;

legal

and

compliance

matters;

risk

controls;

pricing

and

other

services

provided

by

the

Manager

and

its

affiliates;

and

management

fees

charged

by

the

Manager

and

its

affiliates

to

US

funds

and

other

accounts,

including

management's

explanation

of

differences

among

accounts

where

relevant.

The

Board

also

reviewed

and

considered

an

annual

report

on

payments

made

by

Franklin

Templeton

(FT)

or

the

Funds

to

financial

intermediaries,

as

well

as

a

memorandum

relating

to

third-party

servicing

arrangements.

The

Board

acknowledged

the

ongoing

integration

of

acquired

third-party

fund

families

into

the

FT

family

of

funds

and

management's

continued

development

of

strategies

to

address

evolving

changes

in

domestic

policy

and

continuing

geopolitical

concerns.

The

Board

noted

that

the

Franklin

Global

Allocation

Fund

employs

a

"manager

of

managers"

structure

pursuant

to

an

exemptive

order

(Order)

granted

to

the

Manager

by

the

U.S.

Securities

and

Exchange

Commission,

whereby

the

Manager

and

the

Fund

may,

without

shareholder

approval,

enter

into

sub-advisory

agreements

with

sub-advisers

that

are

indirect

or

direct

wholly

owned

subsidiaries

of

Franklin

Resources,

Inc.

(FRI).

In

particular,

with

respect

to

the

Fund,

the

Board

took

into

account

the

sub-advisory

agreement

(Sub-Advisory

Agreement)

between

the

Manager

and

Franklin

Templeton

Investments

Corp.

(Sub-Adviser),

an

affiliate

of

the

Manager,

that

permits

a

portfolio

manager

to

act

on

behalf

of

the

Sub-Adviser

for

purposes

of

providing

sub-advisory

services

to

the

Manager.

The

Board

noted

that

the

Sub-Advisory

Agreement

was

effective

May

30,

2024

for

an

initial

two-year

period

and

was

not

considered

for

renewal

at

the

Meeting.

The

Board

also

reviewed

and

considered

the

benefits

provided

to

Fund

shareholders

of

investing

in

a

fund

that

is

part

of

the

FT

family

of

funds.

The

Board

noted

the

financial

position

of

FRI,

the

Manager's

parent,

and

its

commitment

to

the

mutual

fund

business

as

evidenced

by

its

continued

reassessment

of

the

fund

offerings

in

response

to

FT

acquisitions

and

the

market

environment,

as

well

as

its

evaluation

of

ways

to

incorporate

private

assets

into

more

traditional

investment

vehicles.

The

Board

specifically

noted

FT's

commitment

to

technological

innovation

and

advancement,

including

its

continued

focus

on

developing

potential

use

cases

for

tokenization

and

the

blockchain

and

the

use

of

artificial

intelligence

tools

to

help

streamline

day-to-day

tasks.

Following

consideration

of

such

information,

the

Board

was

satisfied

with

the

nature,

extent

and

quality

of

services

provided

by

the

Manager

and

its

affiliates

to

the

Funds

and

their

shareholders.

#### Fund

#### Performance
The

Board

reviewed

and

considered

the

performance

results

of

each

Fund

over

various

time

periods

ended

December

31,

2024. The

Board

considered

the

performance

returns

for

each

Fund

in

comparison

to

the

performance

returns

of

mutual

funds

deemed

comparable

to

the

Fund

included

in

a

universe

(Performance

Universe)

selected

by

Broadridge

Financial

Solutions,

Inc.

(Broadridge),

an

independent

provider

of

investment

company

data.

The

Board

received

a

description

of

the

methodology

Franklin

Fund

Allocator

Series

franklintempleton.com

Semiannual

Report

used

by

Broadridge

to

select

the

mutual

funds

included

in

a

Performance

Universe.

The

Board

also

reviewed

and

considered

Fund

performance

reports

provided

and

discussions

that

occurred

with

portfolio

managers

at

Board

meetings

throughout

the

year.

A

summary

of

each

Fund's

performance

results

is

below.

*Franklin* 

*Conservative* 

*Allocation* 

*Fund,* 

*Franklin* 

*Growth* 

*Allocation* 

*Fund* 

*and* 

*Franklin* 

*Moderate* 

*Allocation* 

*Fund*

-

The

Performance

Universe

for

the

Franklin

Conservative

Allocation

Fund

included

the

Fund

and

all

retail

and

institutional

mixed-

asset

target

allocation

conservative

funds.

The

Performance

Universe

for

the

Franklin

Growth

Allocation

Fund

included

the

Fund

and

all

retail

and

institutional

mixed-asset

target

allocation

growth

funds.

The

Performance

Universe

for

the

Franklin

Moderate

Allocation

Fund

included

the

Fund

and

all

retail

and

institutional

mixed-asset

target

allocation

moderate

funds.

The

Board

noted

that

each

Fund's

annualized

total

return

for

the

one-,

three-,

five-

and

10-year

periods

were

above

the

medians

of

their

respective

Performance

Universes.

The

Board

concluded

that

each

Fund's

performance

was

satisfactory.

*Franklin* 

*Global* 

*Allocation* 

*Fund* 

*-*

The

Performance

Universe

for

the

Fund

included

the

Fund

and

all

retail

and

institutional

flexible

portfolio

funds.

The

Board

noted

that

the

Fund's

annualized

total

return

for

the

one-

and

three-year

periods

was

above

the

median

and

in

the

first

(best)

quintile,

but

for

the

five-

and

10-year

periods

was

below

the

median

and

in

the

third

quintile

of

its

Performance

Universe.

The

Board

further

noted

that,

effective

February

1,

2021,

the

Fund

was

repositioned

from

a

fund-of-

funds

to

a

directly

managed

allocation

fund.

The

Board

also

noted

that

the

Fund's

annualized

total

return

for

each

period

was

positive,

returning

12.87%

for

the

one-year

period.

The

Board

concluded

that

the

Fund's

performance

was

satisfactory.

#### Comparative

#### Fees

#### and

#### Expenses
The

Board

reviewed

and

considered

information

regarding

each

Fund's

actual

total

expense

ratio

and

its

various

components,

including,

as

applicable,

management

fees;

transfer

agent

expenses;

underlying

fund

expenses;

Rule

12b-1

and

non-Rule

12b-1

service

fees;

and

other

non-management

fees.

The

Board

also

noted

the

quarterly

and

annual

reports

it

receives

on

all

marketing

support

payments

made

by

FT

to

financial

intermediaries.

The

Board

considered

the

actual

total

expense

ratio

and,

separately,

the

contractual

management

fee

rate,

without

the

effect

of

fee

waivers,

if

any

(Management

Rate)

of

each

Fund

in

comparison

to

the

median

expense

ratio

and

median

Management

Rate,

respectively,

of

other

mutual

funds

deemed

comparable

to

and

with

a

similar

expense

structure

to

the

Fund

selected

by

Broadridge

(Expense

Group).

Broadridge

fee

and

expense

data

is

based

upon

information

taken

from

each

fund's

most

recent

annual

or

semi-annual

report,

which

reflects

historical

asset

levels

that

may

be

quite

different

from

those

currently

existing,

particularly

in

a

period

of

market

volatility.

While

recognizing

such

inherent

limitation

and

the

fact

that

expense

ratios

and

Management

Rates

generally

increase

as

assets

decline

and

decrease

as

assets

grow,

the

Board

believed

the

independent

analysis

conducted

by

Broadridge

to

be

an

appropriate

measure

of

comparative

fees

and

expenses.

The

Broadridge

Management

Rate

includes

administrative

charges,

and

the

actual

total

expense

ratio,

for

comparative

consistency,

was

shown

for

Class

A

shares

for

each

Fund

and

for

Class

A

shares

and

Investor

Class

shares

for

the

other

funds

in

each

of

the

Franklin

Conservative

Allocation

Fund's,

Franklin

Growth

Allocation

Fund's

and

Franklin

Moderate

Allocation

Fund's

respective

Expense

Group

and

for

Class

A

shares

and

Class

M

shares

for

the

other

funds

in

the

Franklin

Global

Allocation

Fund's

Expense

Group.

The

Board

received

a

description

of

the

methodology

used

by

Broadridge

to

select

the

mutual

funds

included

in

an

Expense

Group.

*Franklin* 

*Conservative* 

*Allocation* 

*Fund,* 

*Franklin* 

*Growth* 

*Allocation* 

*Fund* 

*and* 

*Franklin* 

*Moderate* 

*Allocation* 

*Fund*

-

The

Expense

Group

for

the

Franklin

Conservative

Allocation

Fund

included

the

Fund

and

seven

other

mixed-asset

target

allocation

conservative

funds.

The

Expense

Group

for

the

Franklin

Growth

Allocation

Fund

included

the

Fund

and

six

other

mixed-asset

target

allocation

growth

funds.

The

Expense

Group

for

the

Franklin

Moderate

Allocation

Fund

included

the

Fund

and

seven

other

mixed-asset

target

allocation

moderate

funds.

The

Board

noted

that

the

Management

Rates

and

actual

total

expense

ratios

for

the

Funds

were

above

the

medians

of

their

respective

Expense

Groups.

The

Board

discussed

these

expenses

with

management

and

management

explained

that

the

Management

Rate

paid

by

each

Fund

is

solely

for

asset

allocation

services

as

the

Fund

invests

primarily

in

underlying

funds.

Management

further

explained

that

each

Fund's

total

expenses

(including

underlying

fund

expenses)

were

in

the

first

quintile

(least

expensive)

of

each

Fund's

respective

Expense

Group.

The

Board

noted

that

each

Fund's

actual

total

expense

ratio

reflected

an

expense

cap

on

operating

expenses.

The

Board

further

noted

the

small

size

of

the

Franklin

Growth

Allocation

Fund's

Expense

Group

for

the

Management

Rate

and

that

no

quintile

information

was

provided

for

the

Fund.

The

Board

concluded

that

the

Management

Rate

charged

to

each

Fund

is

reasonable.

Franklin

Fund

Allocator

Series

franklintempleton.com

Semiannual

Report

*Franklin* 

*Global* 

*Allocation* 

*Fund* 

*-*

The

Expense

Group

for

the

Fund

included

the

Fund

and

other

flexible

portfolio

funds.

The

Board

noted

that

the

Fund's

Management

Rate

and

actual

total

expense

ratio

were

below

the

medians

and

in

the

first

(best)

quintile

of

its

Expense

Group.

The

Board

also

noted

that

the

Fund's

actual

total

expense

ratio

reflected

an

expense

cap

on

operating

expenses.

The

Board

concluded

that

the

Management

Rate

charged

to

the

Fund

is

reasonable.

#### Profitability
The

Board

reviewed

and

considered

information

regarding

the

profits

realized

by

the

Manager

and

its

affiliates

in

connection

with

the

operation

of

each

Fund.

In

this

respect,

the

Board

considered

the

Fund

profitability

analysis

provided

by

the

Manager

that

addresses

the

overall

profitability

of

FT's

US

fund

business,

as

well

as

its

profits

in

providing

investment

management

and

other

services

to

each

of

the

individual

funds

during

the

12-month

period

ended

September

30,

2024,

being

the

most

recent

fiscal

year-end

for

FRI.

The

Board

noted

that

although

management

continually

makes

refinements

to

its

methodologies

used

in

calculating

profitability

in

response

to

organizational

and

product-related

changes,

the

overall

methodology

has

remained

consistent

with

that

used

in

the

Funds'

profitability

report

presentations

from

prior

years.

The

Board

also

noted

that

an

independent

registered

public

accounting

firm

has

been

engaged

by

the

Manager

to

periodically

review

and

assess

the

allocation

methodologies

to

be

used

solely

by

the

Funds'

Board

with

respect

to

the

profitability

analysis.

The

Board

noted

management's

belief

that

costs

incurred

in

establishing

the

infrastructure

necessary

for

the

type

of

mutual

fund

operations

conducted

by

the

Manager

and

its

affiliates

may

not

be

fully

reflected

in

the

expenses

allocated

to

each

Fund

in

determining

its

profitability,

as

well

as

the

fact

that

the

level

of

profits,

to

a

certain

extent,

reflected

operational

cost

savings

and

efficiencies

initiated

by

management.

As

part

of

this

evaluation,

the

Board

considered

management's

outsourcing

of

certain

operations,

which

effort

has

required

considerable

up-front

expenditures

by

the

Manager,

but

over

the

long

run

is

expected

to

result

in

greater

efficiencies.

The

Board

also

noted

management's

expenditures

in

improving

shareholder

services

provided

to

the

Funds,

as

well

as

the

need

to

implement

systems

and

meet

additional

regulatory

and

compliance

requirements

resulting

from

recent

US

Securities

and

Exchange

Commission

and

other

regulatory

requirements.

The

Board

also

considered

the

extent

to

which

the

Manager

and

its

affiliates

might

derive

ancillary

benefits

from

fund

operations,

including

revenues

generated

from

transfer

agent

services,

potential

benefits

resulting

from

personnel

and

systems

enhancements

necessitated

by

fund

growth,

as

well

as

increased

leverage

with

service

providers

and

counterparties.

Based

upon

its

consideration

of

all

these

factors,

the

Board

concluded

that

the

level

of

profits

realized

by

the

Manager

and

its

affiliates

from

providing

services

to

each

Fund

was

not

excessive

in

view

of

the

nature,

extent

and

quality

of

services

provided

to

each

Fund.

#### Economies

#### of

#### Scale
The

Board

reviewed

and

considered

the

extent

to

which

the

Manager

may

realize

economies

of

scale,

if

any,

as

each

Fund

grows

larger

and

whether

each

Fund's

management

fee

structure

reflects

any

economies

of

scale

for

the

benefit

of

shareholders.

With

respect

to

possible

economies

of

scale,

the

Board

noted

the

existence

of

management

fee

breakpoints

for

the

Franklin

Global

Allocation

Fund,

which

operate

generally

to

share

any

economies

of

scale

with

the

Fund's

shareholders

by

reducing

the

Fund's

effective

management

fees

as

the

Fund

grows

in

size.

The

Board

considered

the

Manager's

view

that

any

analyses

of

potential

economies

of

scale

in

managing

a

particular

fund

are

inherently

limited

in

light

of

the

joint

and

common

costs

and

investments

the

Manager

incurs

across

the

FT

family

of

funds

as

a

whole.

The

Board

noted

that

the

Franklin

Conservative

Allocation

Fund

had

experienced

a

significant

decrease

in

assets

and

would

not

be

expected

to

demonstrate

additional

economies

of

scale

in

the

near

term.

The

Board

further

noted

that,

due

to

the

use

of

the

Management

Rate

for

allocation

services

for

each

of

the

Franklin

Conservative

Allocation

Fund,

Franklin

Growth

Allocation

Fund

and

Franklin

Moderate

Allocation

Fund,

these

Funds

would

not

likely

experience

economies

of

scale.

The

Board

concluded,

with

respect

to

the

Franklin

Global

Allocation

Fund,

that

to

the

extent

economies

of

scale

may

be

realized

by

the

Manager

and

its

affiliates,

the

Fund's

management

fee

structure

provided

a

sharing

of

benefits

with

the

Fund

and

its

shareholders

as

the

Fund

grows.

Franklin

Fund

Allocator

Series

franklintempleton.com

Semiannual

Report

#### Conclusion
Based

on

its

review,

consideration

and

evaluation

of

all

factors

it

believed

relevant,

including

the

above-described

factors

and

conclusions,

the

Board

unanimously

approved

the

continuance

of

each

Management

Agreement

for

an

additional

one-year

period.

FAS-SFSOI

08/25©

2025

Franklin

Templeton.

All

rights

reserved.

#### Franklin

#### Fund

#### Allocator

#### Series

#### Financial

#### Statements

#### and

#### Other

#### Important

#### Information

#### Semi-Annual
\|

June

30,

2025

#### Franklin

#### LifeSmart

#### TM

#### Retirement

#### Income

#### Fund

#### Franklin

#### LifeSmart

#### TM

#### 2020

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart

#### TM

#### 2025

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart

#### TM

#### 2030

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart

#### TM

#### 2035

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart

#### TM

#### 2040

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart

#### TM

#### 2045

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart

#### TM

#### 2050

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart

#### TM

#### 2055

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart

#### TM

#### 2060

#### Retirement

#### Target

#### Fund

#### Table

#### of

#### Contents
franklintempleton.com

Financial

Statements

and

Other

Important

Information—Semiannual

Financial

Highlights

and

Schedules

of

Investments

#### 2
Financial

Statements

#### 63
Notes

to

Financial

Statements

#### 77
Changes

In

and

Disagreements

with

Accountants

#### 104
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

#### LifeSmart™

#### Retirement

#### Income

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.45

$10.15

$9.59

$11.50

$11.62

$11.15

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.23 0.52 0.52 0.53 0.36 0.39 Net

realized

and

unrealized

gains

(losses)

0.19 0.31 0.57 (1.88)

0.25 0.52 Total

from

investment

operations

........

0.42 0.83 1.09 (1.35)

0.61 0.91 Less

distributions

from:

Net

investment

income

..............

(0.22)

(0.53)

(0.53)

(0.47)

(0.43)

(0.44)

Net

realized

gains

.................

—

—

—

(0.09)

(0.30)

—

Total

distributions

...................

(0.22)

(0.53)

(0.53)

(0.56)

(0.73)

(0.44)

Net

asset

value,

end

of

period

..........

$10.65

$10.45

$10.15

$9.59

$11.50

$11.62

Total

return

d

.......................

4.07%

8.32%

11.61%

(11.83)%

5.41%

8.40%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

f

..........................

0.95%

0.99%

0.94%

0.98%

0.95%

0.94%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.30%

0.30%

0.30%

g

0.30%

g

0.30%

g

0.30%

g

Net

investment

income

c

...............

4.49%

4.97%

5.32%

5.20%

3.05%

3.56%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$38,736

$37,045

$38,172

$36,999

$46,058

$40,343

Portfolio

turnover

rate

................

3.38%

38.32%

26.44%

35.25%

121.26%

51.13%

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

repurchas-

es

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

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Does

not

include

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

The

weighted

average

indirect

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

was

0.41%

for

the

period

ended

June

30,

2025. g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### Retirement

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.32

$10.03

$9.48

$11.36

$11.48

$11.01

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.19 0.43 0.44 0.44 0.25 0.30 Net

realized

and

unrealized

gains

(losses)

0.19 0.31 0.56 (1.86)

0.27 0.52 Total

from

investment

operations

........

0.38 0.74 1.00 (1.42)

0.52 0.82 Less

distributions

from:

Net

investment

income

..............

(0.18)

(0.45)

(0.45)

(0.37)

(0.34)

(0.35)

Net

realized

gains

.................

—

—

—

(0.09)

(0.30)

—

Total

distributions

...................

(0.18)

(0.45)

(0.45)

(0.46)

(0.64)

(0.35)

Net

asset

value,

end

of

period

..........

$10.52

$10.32

$10.03

$9.48

$11.36

$11.48

Total

return

d

.......................

3.71%

7.48%

10.88%

(12.53)%

4.56%

7.62%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

f

..........................

1.70%

1.74%

1.69%

1.73%

1.70%

1.69%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

1.05%

1.05%

1.05%

g

1.05%

g

1.05%

g

1.05%

g

Net

investment

income

c

...............

3.74%

4.21%

4.52%

4.29%

2.20%

2.80%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$2,944

$2,928

$3,415

$4,145

$6,803

$9,355

Portfolio

turnover

rate

................

3.38%

38.32%

26.44%

35.25%

121.26%

51.13%

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

repurchas-

es

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

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Does

not

include

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

The

weighted

average

indirect

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

was

0.41%

for

the

period

ended

June

30,

2025. g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### Retirement

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.42

$10.12

$9.56

$11.47

$11.59

$11.11

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.22 0.49 0.50 0.50 0.33 0.37 Net

realized

and

unrealized

gains

(losses)

0.18 0.32 0.56 (1.88)

0.26 0.52 Total

from

investment

operations

........

0.40 0.81 1.06 (1.38)

0.59 0.89 Less

distributions

from:

Net

investment

income

..............

(0.21)

(0.51)

(0.50)

(0.44)

(0.41)

(0.41)

Net

realized

gains

.................

—

—

—

(0.09)

(0.30)

—

Total

distributions

...................

(0.21)

(0.51)

(0.50)

(0.53)

(0.71)

(0.41)

Net

asset

value,

end

of

period

..........

$10.61

$10.42

$10.12

$9.56

$11.47

$11.59

Total

return

d

.......................

3.95%

7.97%

11.36%

(12.03)%

5.15%

8.22%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

f

..........................

1.20%

1.25%

1.19%

1.23%

1.19%

1.11%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.55%

0.55%

0.55%

g

0.55%

g

0.54%

g

0.47%

g

Net

investment

income

c

...............

4.23%

4.69%

5.06%

4.96%

2.80%

3.39%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$1,333

$1,444

$1,643

$1,748

$2,197

$2,108

Portfolio

turnover

rate

................

3.38%

38.32%

26.44%

35.25%

121.26%

51.13%

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

repurchas-

es

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

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Does

not

include

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

The

weighted

average

indirect

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

was

0.41%

for

the

period

ended

June

30,

2025. g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### Retirement

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.51

$10.21

$9.64

$11.55

$11.67

$11.20

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.25 0.55 0.56 0.55 0.34 0.43 Net

realized

and

unrealized

gains

(losses)

0.19 0.32 0.57 (1.87)

0.31 0.52 Total

from

investment

operations

........

0.44 0.87 1.13 (1.32)

0.65 0.95 Less

distributions

from:

Net

investment

income

..............

(0.24)

(0.57)

(0.56)

(0.50)

(0.47)

(0.48)

Net

realized

gains

.................

—

—

—

(0.09)

(0.30)

—

Total

distributions

...................

(0.24)

(0.57)

(0.56)

(0.59)

(0.77)

(0.48)

Net

asset

value,

end

of

period

..........

$10.71

$10.51

$10.21

$9.64

$11.55

$11.67

Total

return

d

.......................

4.21%

8.73%

12.00%

(11.56)%

5.63%

8.81%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

f

..........................

0.75%

0.82%

0.63%

0.64%

0.57%

0.58%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

—%

—%

—%

g

—%

g

—%

g

—%

g

Net

investment

income

c

...............

4.78%

5.27%

5.65%

5.43%

2.88%

3.84%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$105

$103

$104

$67

$56

$4,092

Portfolio

turnover

rate

................

3.38%

38.32%

26.44%

35.25%

121.26%

51.13%

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

repurchas-

es

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

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Does

not

include

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

The

weighted

average

indirect

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

was

0.41%

for

the

period

ended

June

30,

2025. g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### Retirement

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.50

$10.19

$9.63

$11.55

$11.66

$11.19

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.24 0.54 0.56 0.56 0.39 0.42 Net

realized

and

unrealized

gains

(losses)

0.18 0.33 0.55 (1.89)

0.26 0.52 Total

from

investment

operations

........

0.42 0.87 1.11 (1.33)

0.65 0.94 Less

distributions

from:

Net

investment

income

..............

(0.23)

(0.56)

(0.55)

(0.50)

(0.46)

(0.47)

Net

realized

gains

.................

—

—

—

(0.09)

(0.30)

—

Total

distributions

...................

(0.23)

(0.56)

(0.55)

(0.59)

(0.76)

(0.47)

Net

asset

value,

end

of

period

..........

$10.69

$10.50

$10.19

$9.63

$11.55

$11.66

Total

return

d

.......................

4.19%

8.57%

11.96%

(11.62)%

5.58%

8.75%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

f

..........................

0.70%

0.74%

0.67%

0.73%

0.70%

0.69%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.05%

0.05%

0.05%

g

0.05%

g

0.05%

g

0.05%

g

Net

investment

income

c

...............

4.64%

5.20%

5.67%

5.45%

3.34%

3.83%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$2,440

$3,331

$3,638

$2,414

$2,837

$2,021

Portfolio

turnover

rate

................

3.38%

38.32%

26.44%

35.25%

121.26%

51.13%

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

repurchas-

es

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

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Does

not

include

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

The

weighted

average

indirect

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

was

0.41%

for

the

period

ended

June

30,

2025. g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited),

June

30,

2025

#### Franklin

#### LifeSmart™

#### Retirement

#### Income

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Shares
a

#### Value
a

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### 92.9%

#### Domestic

#### Equity

#### 27.8%
a

ClearBridge

Tactical

Dividend

Income

Fund

,

Class

IS

........................

200,266

$

4,920,537

a

Franklin

U.S.

Core

Equity

(IU)

Fund

.....................................

55,736

1,003,812

JPMorgan

Equity

Premium

Income

ETF

..................................

82,775

4,705,759

JPMorgan

Nasdaq

Equity

Premium

Income

ETF

............................

38,000

2,067,200

12,697,308

#### Domestic

#### Fixed

#### Income

#### 30.7%
a

Franklin

Investment

Grade

Corporate

ETF

.................................

162,579

3,509,268

a

Franklin

U.S.

Core

Bond

ETF

..........................................

297,269

6,397,229

a

Franklin

U.S.

Government

Securities

Fund

,

Class

R6

........................

796,960

4,072,464

13,978,961

#### Foreign

#### Equity

#### 6.4%
a

Franklin

International

Core

Dividend

Tilt

Index

ETF

..........................

40,500

1,443,420

a

Templeton

Developing

Markets

Trust

,

Class

R6

.............................

22,451

505,142

a

Templeton

Foreign

Fund

,

Class

R6

......................................

107,936

945,522

2,894,084

#### Foreign

#### Fixed

#### Income

#### 28.0%
a

BrandywineGLOBAL

-

Global

Opportunities

Bond

Fund

,

Class

IS

...............

249,803

2,273,210

a

BrandywineGLOBAL

High

Yield

Fund

,

Class

IS

.............................

834,868

8,490,608

a

Franklin

High

Yield

Corporate

ETF

......................................

81,705

1,989,517

12,753,335

#### Total

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### (Cost

#### $

#### 41,587,119

####)
................................................................

#### 42,323,688

#### Units
a

#### a
a

b

#### Index-Linked

#### Notes

#### 5.1%

#### Capital

#### Markets

#### 5.1%
c,d

UBS

AG

into

S&P

500

Index

,

Senior

Note

,

7.16 %

,

5/07/27

.....................

1,999

2,346,167

#### Total

#### Index-Linked

#### Notes

#### (Cost

#### $

#### 2,099,709

####)
.....................................

#### 2,346,167

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 43,686,828

####)
................................

#### 44,669,855

#### a
a

a

a

#### Short

#### Term

#### Investments

#### 2.0%

#### Shares
a

#### Money

#### Market

#### Funds

#### 2.0%
a,e

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.332 %

..................

922,222

922,222

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 922,222

####)
.....................................

#### 922,222

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 922,222

####)
..................................

#### 922,222

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 44,609,050

####)
100.0 #### %
...................................

#### $45,592,077

#### Other

#### Assets,

#### less

#### Liabilities

#### (0.0)

#### %

#### †
...........................................

#### (33,543)

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $45,558,534
See

Abbreviations

on

.

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### LifeSmart™

#### Retirement

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

See

Note

3(f)

regarding

investments

in

FT

Underlying

Funds.

b

See

Note

1(b)

regarding

index-linked

notes.

c

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

d

Security

pays

variable

interest

based

on

the

distributions

of

the

strategy

index

and

proceeds

earned

from

related

equity

derivatives.

The

coupon

rate

shown

represents

the

combined

rate

at

period

end.

Cash

payment

at

maturity

or

upon

early

redemption

is

based

on

the

performance

of

the

strategy

index.

e

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2020

#### Retirement

#### Target

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$12.16

$11.59

$10.58

$13.00

$12.99

$12.17

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.13 0.31 0.27 0.25 0.22 0.19 Net

realized

and

unrealized

gains

(losses)

0.66 0.61 1.03 (2.27)

1.02 0.89 Total

from

investment

operations

........

0.79 0.92 1.30 (2.02)

1.24 1.08 Less

distributions

from:

Net

investment

income

..............

(0.08)

(0.35)

(0.29)

(0.16)

(0.34)

(0.26)

Net

realized

gains

.................

(0.23)

—

—

(0.24)

(0.89)

—

Total

distributions

...................

(0.31)

(0.35)

(0.29)

(0.40)

(1.23)

(0.26)

Net

asset

value,

end

of

period

..........

$12.64

$12.16

$11.59

$10.58

$13.00

$12.99

Total

return

d

.......................

6.53%

8.00%

12.47%

(15.58)%

9.62%

9.06%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

f

..........................

1.17%

1.20%

0.99%

0.98%

0.98%

0.98%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.48%

0.49%

0.48%

0.47%

g

0.46%

0.47%

g

Net

investment

income

c

...............

2.08%

2.55%

2.42%

2.19%

1.63%

1.61%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$22,462

$22,170

$26,265

$27,491

$36,698

$30,265

Portfolio

turnover

rate

................

9.42%

38.80%

17.72%

35.46%

79.95%

68.93%

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

repurchas-

es

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

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Does

not

include

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

The

weighted

average

indirect

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

was

0.22%

for

the

period

ended

June

30,

2025. The

weighted

average

indirect

expenses

is

calculated

based

on

the

Form

N1-A

method

which

may

not

correlate

to

the

underlying

fund

fee

waiver

on

the

Statement

of

Operations.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2020

#### Retirement

#### Target

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$12.06

$11.49

$10.50

$12.91

$12.91

$12.09

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.08 0.21 0.13 0.15 0.11 0.10 Net

realized

and

unrealized

gains

(losses)

0.66 0.62 1.07 (2.24)

1.02 0.89 Total

from

investment

operations

........

0.74 0.83 1.20 (2.09)

1.13 0.99 Less

distributions

from:

Net

investment

income

..............

(0.08)

(0.26)

(0.21)

(0.08)

(0.24)

(0.17)

Net

realized

gains

.................

(0.23)

—

—

(0.24)

(0.89)

—

Total

distributions

...................

(0.31)

(0.26)

(0.21)

(0.32)

(1.13)

(0.17)

Net

asset

value,

end

of

period

..........

$12.49

$12.06

$11.49

$10.50

$12.91

$12.91

Total

return

d

.......................

6.17%

7.22%

11.52%

(16.23)%

8.85%

8.29%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

f

..........................

1.92%

1.94%

1.74%

1.73%

1.72%

1.73%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

1.23%

1.24%

1.23%

1.22%

g

1.21%

1.22%

g

Net

investment

income

c

...............

1.30%

1.76%

1.20%

1.36%

0.79%

0.85%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$2,055

$2,357

$3,412

$3,796

$6,235

$7,118

Portfolio

turnover

rate

................

9.42%

38.80%

17.72%

35.46%

79.95%

68.93%

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

repurchas-

es

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

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Does

not

include

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

The

weighted

average

indirect

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

was

0.22%

for

the

period

ended

June

30,

2025. The

weighted

average

indirect

expenses

is

calculated

based

on

the

Form

N1-A

method

which

may

not

correlate

to

the

underlying

fund

fee

waiver

on

the

Statement

of

Operations.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2020

#### Retirement

#### Target

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$12.16

$11.59

$10.57

$13.00

$12.98

$12.16

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.11 0.28 0.19 0.23 0.17 0.16 Net

realized

and

unrealized

gains

(losses)

0.67 0.61 1.08 (2.29)

1.03 0.89 Total

from

investment

operations

........

0.78 0.89 1.27 (2.06)

1.20 1.05 Less

distributions

from:

Net

investment

income

..............

(0.08)

(0.32)

(0.25)

(0.13)

(0.29)

(0.23)

Net

realized

gains

.................

(0.23)

—

—

(0.24)

(0.89)

—

Total

distributions

...................

(0.31)

(0.32)

(0.25)

(0.37)

(1.18)

(0.23)

Net

asset

value,

end

of

period

..........

$12.63

$12.16

$11.59

$10.57

$13.00

$12.98

Total

return

d

.......................

6.45%

7.74%

12.16%

(15.86)%

9.37%

8.79%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

f

..........................

1.42%

1.45%

1.24%

1.23%

1.22%

1.23%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.73%

0.74%

0.73%

0.72%

g

0.71%

0.72%

g

Net

investment

income

c

...............

1.81%

2.32%

1.72%

2.01%

1.23%

1.35%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$249

$360

$392

$650

$758

$786

Portfolio

turnover

rate

................

9.42%

38.80%

17.72%

35.46%

79.95%

68.93%

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

repurchas-

es

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

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Does

not

include

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

The

weighted

average

indirect

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

was

0.22%

for

the

period

ended

June

30,

2025. The

weighted

average

indirect

expenses

is

calculated

based

on

the

Form

N1-A

method

which

may

not

correlate

to

the

underlying

fund

fee

waiver

on

the

Statement

of

Operations.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2020

#### Retirement

#### Target

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$12.50

$11.91

$10.86

$13.04

$13.03

$12.20

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.10 0.33 0.16 0.29 0.19 0.22 Net

realized

and

unrealized

gains

(losses)

0.73 0.65 1.21 (2.29)

1.09 0.90 Total

from

investment

operations

........

0.83 0.98 1.37 (2.00)

1.28 1.12 Less

distributions

from:

Net

investment

income

..............

(0.08)

(0.39)

(0.32)

(0.19)

(0.38)

(0.29)

Net

realized

gains

.................

(0.23)

—

—

(0.24)

(0.89)

—

Total

distributions

...................

(0.31)

(0.39)

(0.32)

(0.43)

(1.27)

(0.29)

Capital

contributions

.................

—

—

—

0.25 —

—

Net

asset

value,

end

of

period

..........

$13.02

$12.50

$11.91

$10.86

$13.04

$13.03

Total

return

d

.......................

6.68%

8.37%

12.75%

(13.38)%

e

9.93%

9.45%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

g

..........................

4.73%

1.53%

1.24%

1.31%

0.59%

0.62%

Expenses

net

of

waiver

and

payments

by

affiliates

g

..........................

0.19%

0.19%

0.18%

0.16%

h

0.16%

0.16%

h

Net

investment

income

c

...............

1.58%

2.67%

1.38%

2.54%

1.40%

1.83%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$2

$9

$18

$4

$5

$4,855

Portfolio

turnover

rate

................

9.42%

38.80%

17.72%

35.46%

79.95%

68.93%

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

repurchas-

es

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

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Includes

the

effect

of

a

capital

contribution.

Absent

the

capital

contribution,

the

total

return

would

have

been

(15.38)%.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Does

not

include

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

The

weighted

average

indirect

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

was

0.22%

for

the

period

ended

June

30,

2025. The

weighted

average

indirect

expenses

is

calculated

based

on

the

Form

N1-A

method

which

may

not

correlate

to

the

underlying

fund

fee

waiver

on

the

Statement

of

Operations.

h

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2020

#### Retirement

#### Target

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$12.20

$11.63

$10.62

$13.05

$13.03

$12.20

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.14 0.33 0.30 0.28 0.26 0.22 Net

realized

and

unrealized

gains

(losses)

0.68 0.62 1.03 (2.28)

1.02 0.90 Total

from

investment

operations

........

0.82 0.95 1.33 (2.00)

1.28 1.12 Less

distributions

from:

Net

investment

income

..............

(0.08)

(0.38)

(0.32)

(0.19)

(0.37)

(0.29)

Net

realized

gains

.................

(0.23)

—

—

(0.24)

(0.89)

—

Total

distributions

...................

(0.31)

(0.38)

(0.32)

(0.43)

(1.26)

(0.29)

Net

asset

value,

end

of

period

..........

$12.71

$12.20

$11.63

$10.62

$13.05

$13.03

Total

return

d

.......................

6.76%

8.25%

12.70%

(15.37)%

9.95%

9.39%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

f

..........................

0.92%

0.95%

0.74%

0.73%

0.73%

0.73%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.23%

0.24%

0.23%

0.22%

g

0.21%

0.21%

g

Net

investment

income

c

...............

2.34%

2.76%

2.73%

2.44%

1.88%

1.80%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$548

$535

$729

$620

$826

$685

Portfolio

turnover

rate

................

9.42%

38.80%

17.72%

35.46%

79.95%

68.93%

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

repurchas-

es

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

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Does

not

include

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

The

weighted

average

indirect

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

was

0.22%

for

the

period

ended

June

30,

2025. The

weighted

average

indirect

expenses

is

calculated

based

on

the

Form

N1-A

method

which

may

not

correlate

to

the

underlying

fund

fee

waiver

on

the

Statement

of

Operations.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited),

June

30,

2025

#### Franklin

#### LifeSmart™

#### 2020

#### Retirement

#### Target

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Shares
a

#### Value
a

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### 98.0%

#### Alternative

#### Strategies

#### 1.0%
a

Franklin

Systematic

Style

Premia

ETF

....................................

10,110

$

243,651

#### Domestic

#### Equity

#### 28.2%
a

Franklin

Growth

Fund

,

Class

R6

........................................

10,655

1,538,197

a

Franklin

U.S.

Core

Equity

(IU)

Fund

.....................................

192,596

3,468,647

a

Franklin

U.S.

Equity

Index

ETF

.........................................

6,800

369,677

a

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

.............................

13,253

837,059

a

Putnam

Large

Cap

Value

Fund

,

Class

R6

.................................

24,601

905,553

7,119,133

#### Domestic

#### Fixed

#### Income

#### 44.2%
a

Franklin

Investment

Grade

Corporate

ETF

.................................

126,978

2,740,820

a

Franklin

U.S.

Core

Bond

ETF

..........................................

260,613

5,608,392

a

Franklin

U.S.

Treasury

Bond

ETF

.......................................

138,848

2,853,326

11,202,538

#### Foreign

#### Equity

#### 15.3%
a

ClearBridge

International

Growth

Fund

,

Class

IS

............................

3,709

280,744

a

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

............................

56,182

662,386

a

Franklin

International

Core

Equity

(IU)

Fund

...............................

132,806

1,843,347

iShares

Core

MSCI

EAFE

ETF

.........................................

3,079

257,035

a

Templeton

Developing

Markets

Trust

,

Class

R6

.............................

19,347

435,306

a

Templeton

Foreign

Fund

,

Class

R6

......................................

47,699

417,845

3,896,663

#### Foreign

#### Fixed

#### Income

#### 9.3%
a

BrandywineGLOBAL

-

Global

Opportunities

Bond

Fund

,

Class

IS

...............

104,579

951,670

a

Franklin

High

Yield

Corporate

ETF

......................................

40,813

993,797

a

Franklin

International

Aggregate

Bond

ETF

................................

19,721

405,069

2,350,536

#### Total

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### (Cost

#### $

#### 21,227,427

####)
................................................................

#### 24,812,521
a

#### a
a

a

#### Short

#### Term

#### Investments

#### 2.0%
a

#### Money

#### Market

#### Funds

#### 2.0%
a,b

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.332 %

..................

497,778

497,778

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 497,778

####)
.....................................

#### 497,778

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 497,778

####)
..................................

#### 497,778

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 21,725,205

####)
100.0 #### %
...................................

#### $25,310,299

#### Other

#### Assets,

#### less

#### Liabilities
0.0 #### %

#### †
............................................

#### 5,695

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $25,315,994
See

Abbreviations

on

.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

See

Note

3(f)

regarding

investments

in

FT

Underlying

Funds.

b

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2025

#### Retirement

#### Target

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$12.92

$12.21

$11.04

$13.67

$13.80

$12.98

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.12 0.30 0.27 0.23 0.23 0.20 Net

realized

and

unrealized

gains

(losses)

0.80 0.85 1.23 (2.43)

1.31 1.08 Total

from

investment

operations

........

0.92 1.15 1.50 (2.20)

1.54 1.28 Less

distributions

from:

Net

investment

income

..............

—

(0.38)

(0.32)

(0.14)

(0.37)

(0.21)

Net

realized

gains

.................

(0.40)

(0.06)

(0.01)

(0.29)

(1.30)

(0.25)

Total

distributions

...................

(0.40)

(0.44)

(0.33)

(0.43)

(1.67)

(0.46)

Net

asset

value,

end

of

period

..........

$13.44

$12.92

$12.21

$11.04

$13.67

$13.80

Total

return

d

.......................

7.21%

9.41%

13.70%

(16.06)%

11.21%

10.26%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

f

..........................

0.75%

0.78%

0.75%

0.76%

0.76%

0.77%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.49%

0.50%

0.49%

0.48%

g

0.47%

0.45%

g

Net

investment

income

c

...............

1.85%

2.31%

2.32%

1.97%

1.57%

1.53%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$94,439

$92,992

$96,649

$97,043

$118,521

$96,973

Portfolio

turnover

rate

................

9.78%

37.51%

20.95%

33.70%

69.35%

66.87%

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

repurchas-

es

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

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Does

not

include

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

The

weighted

average

indirect

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

was

0.22%

for

the

period

ended

June

30,

2025. The

weighted

average

indirect

expenses

is

calculated

based

on

the

Form

N1-A

method

which

may

not

correlate

to

the

underlying

fund

fee

waiver

on

the

Statement

of

Operations.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2025

#### Retirement

#### Target

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$12.63

$11.94

$10.81

$13.40

$13.56

$12.76

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.07 0.20 0.18 0.13 0.10 0.09 Net

realized

and

unrealized

gains

(losses)

0.78 0.83 1.19 (2.36)

1.30 1.08 Total

from

investment

operations

........

0.85 1.03 1.37 (2.23)

1.40 1.17 Less

distributions

from:

Net

investment

income

..............

—

(0.28)

(0.23)

(0.07)

(0.26)

(0.12)

Net

realized

gains

.................

(0.40)

(0.06)

(0.01)

(0.29)

(1.30)

(0.25)

Total

distributions

...................

(0.40)

(0.34)

(0.24)

(0.36)

(1.56)

(0.37)

Net

asset

value,

end

of

period

..........

$13.08

$12.63

$11.94

$10.81

$13.40

$13.56

Total

return

d

.......................

6.82%

8.64%

12.79%

(16.66)%

10.40%

9.44%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

f

..........................

1.50%

1.53%

1.50%

1.51%

1.50%

1.51%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

1.24%

1.25%

1.24%

1.23%

g

1.21%

1.20%

g

Net

investment

income

c

...............

1.09%

1.56%

1.56%

1.16%

0.70%

0.76%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$10,761

$11,299

$11,928

$12,140

$17,778

$21,991

Portfolio

turnover

rate

................

9.78%

37.51%

20.95%

33.70%

69.35%

66.87%

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

repurchas-

es

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

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Does

not

include

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

The

weighted

average

indirect

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

was

0.22%

for

the

period

ended

June

30,

2025. The

weighted

average

indirect

expenses

is

calculated

based

on

the

Form

N1-A

method

which

may

not

correlate

to

the

underlying

fund

fee

waiver

on

the

Statement

of

Operations.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2025

#### Retirement

#### Target

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$12.87

$12.16

$11.00

$13.61

$13.75

$12.93

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.10 0.27 0.24 0.19 0.18 0.16 Net

realized

and

unrealized

gains

(losses)

0.79 0.85 1.22 (2.40)

1.31 1.09 Total

from

investment

operations

........

0.89 1.12 1.46 (2.21)

1.49 1.25 Less

distributions

from:

Net

investment

income

..............

—

(0.35)

(0.29)

(0.11)

(0.33)

(0.18)

Net

realized

gains

.................

(0.40)

(0.06)

(0.01)

(0.29)

(1.30)

(0.25)

Total

distributions

...................

(0.40)

(0.41)

(0.30)

(0.40)

(1.63)

(0.43)

Net

asset

value,

end

of

period

..........

$13.36

$12.87

$12.16

$11.00

$13.61

$13.75

Total

return

d

.......................

7.00%

9.19%

13.37%

(16.21)%

10.89%

10.00%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

f

..........................

1.00%

1.03%

1.00%

1.01%

1.01%

1.02%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.74%

0.75%

0.74%

0.73%

g

0.72%

0.70%

g

Net

investment

income

c

...............

1.60%

2.09%

2.06%

1.61%

1.26%

1.24%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$1,722

$1,707

$1,778

$1,954

$3,069

$3,117

Portfolio

turnover

rate

................

9.78%

37.51%

20.95%

33.70%

69.35%

66.87%

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

repurchas-

es

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

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Does

not

include

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

The

weighted

average

indirect

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

was

0.22%

for

the

period

ended

June

30,

2025. The

weighted

average

indirect

expenses

is

calculated

based

on

the

Form

N1-A

method

which

may

not

correlate

to

the

underlying

fund

fee

waiver

on

the

Statement

of

Operations.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2025

#### Retirement

#### Target

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$12.98

$12.26

$11.09

$13.72

$13.85

$13.02

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.15 0.30 0.30 0.29 0.19 0.23 Net

realized

and

unrealized

gains

(losses)

0.79 0.90 1.23 (2.45)

1.39 1.10 Total

from

investment

operations

........

0.94 1.20 1.53 (2.16)

1.58 1.33 Less

distributions

from:

Net

investment

income

..............

—

(0.42)

(0.35)

(0.18)

(0.41)

(0.25)

Net

realized

gains

.................

(0.40)

(0.06)

(0.01)

(0.29)

(1.30)

(0.25)

Total

distributions

...................

(0.40)

(0.48)

(0.36)

(0.47)

(1.71)

(0.50)

Net

asset

value,

end

of

period

..........

$13.52

$12.98

$12.26

$11.09

$13.72

$13.85

Total

return

d

.......................

7.41%

9.79%

13.99%

(15.71)%

11.49%

10.64%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

f

..........................

0.77%

0.47%

0.41%

0.38%

0.39%

0.39%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.18%

0.19%

0.17%

0.14%

g

0.15%

0.15%

g

Net

investment

income

c

...............

2.29%

2.39%

2.61%

2.48%

1.34%

1.83%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$27

$27

$566

$670

$544

$16,094

Portfolio

turnover

rate

................

9.78%

37.51%

20.95%

33.70%

69.35%

66.87%

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

repurchas-

es

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

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Does

not

include

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

The

weighted

average

indirect

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

was

0.22%

for

the

period

ended

June

30,

2025. The

weighted

average

indirect

expenses

is

calculated

based

on

the

Form

N1-A

method

which

may

not

correlate

to

the

underlying

fund

fee

waiver

on

the

Statement

of

Operations.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2025

#### Retirement

#### Target

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$12.96

$12.25

$11.08

$13.71

$13.83

$13.01

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.14 0.33 0.30 0.27 0.26 0.24 Net

realized

and

unrealized

gains

(losses)

0.80 0.85 1.23 (2.44)

1.32 1.07 Total

from

investment

operations

........

0.94 1.18 1.53 (2.17)

1.58 1.31 Less

distributions

from:

Net

investment

income

..............

—

(0.41)

(0.35)

(0.17)

(0.40)

(0.24)

Net

realized

gains

.................

(0.40)

(0.06)

(0.01)

(0.29)

(1.30)

(0.25)

Total

distributions

...................

(0.40)

(0.47)

(0.36)

(0.46)

(1.70)

(0.49)

Net

asset

value,

end

of

period

..........

$13.50

$12.96

$12.25

$11.08

$13.71

$13.83

Total

return

d

.......................

7.34%

9.65%

13.94%

(15.79)%

11.53%

10.51%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

f

..........................

0.51%

0.53%

0.50%

0.51%

0.51%

0.52%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.24%

0.25%

0.24%

0.23%

g

0.22%

0.20%

g

Net

investment

income

c

...............

2.09%

2.53%

2.61%

2.25%

1.80%

1.90%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$2,423

$2,465

$2,910

$2,572

$3,055

$2,872

Portfolio

turnover

rate

................

9.78%

37.51%

20.95%

33.70%

69.35%

66.87%

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

repurchas-

es

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

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Does

not

include

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

The

weighted

average

indirect

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

was

0.22%

for

the

period

ended

June

30,

2025. The

weighted

average

indirect

expenses

is

calculated

based

on

the

Form

N1-A

method

which

may

not

correlate

to

the

underlying

fund

fee

waiver

on

the

Statement

of

Operations.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited),

June

30,

2025

#### Franklin

#### LifeSmart™

#### 2025

#### Retirement

#### Target

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Shares
a

#### Value
a

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### 98.1%

#### Alternative

#### Strategies

#### 1.0%
a

Franklin

Systematic

Style

Premia

ETF

....................................

44,458

$

1,071,438

#### Domestic

#### Equity

#### 33.9%
a

Franklin

Growth

Fund

,

Class

R6

........................................

55,460

8,006,173

a

Franklin

U.S.

Core

Equity

(IU)

Fund

.....................................

1,002,441

18,053,956

a

Franklin

U.S.

Equity

Index

ETF

.........................................

35,500

1,929,929

a

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

.............................

69,036

4,360,314

a

Putnam

Large

Cap

Value

Fund

,

Class

R6

.................................

128,044

4,713,312

37,063,684

#### Domestic

#### Fixed

#### Income

#### 36.9%
a

Franklin

Investment

Grade

Corporate

ETF

.................................

457,440

9,873,843

a

Franklin

U.S.

Core

Bond

ETF

..........................................

938,833

20,203,686

a

Franklin

U.S.

Treasury

Bond

ETF

.......................................

500,213

10,279,377

40,356,906

#### Foreign

#### Equity

#### 18.6%
a

ClearBridge

International

Growth

Fund

,

Class

IS

............................

19,305

1,461,396

a

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

............................

292,430

3,447,751

a

Franklin

International

Core

Equity

(IU)

Fund

...............................

691,313

9,595,426

iShares

Core

MSCI

EAFE

ETF

.........................................

16,117

1,345,447

a

Templeton

Developing

Markets

Trust

,

Class

R6

.............................

100,702

2,265,784

a

Templeton

Foreign

Fund

,

Class

R6

......................................

248,296

2,175,074

20,290,878

#### Foreign

#### Fixed

#### Income

#### 7.7%
a

BrandywineGLOBAL

-

Global

Opportunities

Bond

Fund

,

Class

IS

...............

376,711

3,428,070

a

Franklin

High

Yield

Corporate

ETF

......................................

147,078

3,581,349

a

Franklin

International

Aggregate

Bond

ETF

................................

71,058

1,459,531

8,468,950

#### Total

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### (Cost

#### $

#### 86,396,479

####)
................................................................

#### 107,251,856
a

#### a
a

a

#### Short

#### Term

#### Investments

#### 1.7%
a

#### Money

#### Market

#### Funds

#### 1.7%
a,b

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.332 %

..................

1,807,934

1,807,934

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 1,807,934

####)
...................................

#### 1,807,934

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 1,807,934

####)
.................................

#### 1,807,934

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 88,204,413

####)
99.8 #### %
....................................

#### $109,059,790

#### Other

#### Assets,

#### less

#### Liabilities
0.2 #### %
.............................................

#### 313,131

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $109,372,921
See

Abbreviations

on

.

a

See

Note

(f)

regarding

investments

in

FT

Underlying

Funds.

b

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2030

#### Retirement

#### Target

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$13.90

$12.85

$11.42

$14.21

$14.40

$13.28

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.12 0.29 0.27 0.22 0.24 0.19 Net

realized

and

unrealized

gains

(losses)

0.94 1.10 1.42 (2.58)

1.61 1.29 Total

from

investment

operations

........

1.06 1.39 1.69 (2.36)

1.85 1.48 Less

distributions

from:

Net

investment

income

..............

(0.07)

(0.34)

(0.26)

(0.13)

(0.41)

(0.22)

Net

realized

gains

.................

(0.20)

—

—

(0.30)

(1.63)

(0.14)

Total

distributions

...................

(0.27)

(0.34)

(0.26)

(0.43)

(2.04)

(0.36)

Net

asset

value,

end

of

period

..........

$14.69

$13.90

$12.85

$11.42

$14.21

$14.40

Total

return

d

.......................

7.65%

10.88%

14.97%

(16.57)%

12.91%

11.52%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

f

..........................

0.84%

0.89%

0.87%

0.94%

0.93%

0.95%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.48%

0.50%

0.50%

0.48%

g

0.46%

0.44%

g

Net

investment

income

c

...............

1.65%

2.14%

2.25%

1.78%

1.57%

1.46%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$61,766

$56,797

$51,566

$44,099

$49,835

$34,019

Portfolio

turnover

rate

................

12.81%

37.55%

22.74%

48.44%

82.69%

67.25%

#### 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
Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

#### d
Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

#### e
Ratios

are

annualized

for

periods

less

than

one

year.

#### f
Does

not

include

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

The

weighted

average

indirect

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

was

0.22%

for

the

period

ended

June

30,

2025. The

weighted

average

indirect

expenses

is

calculated

based

on

the

Form

N1-A

method

which

may

not

correlate

to

the

underlying

fund

fee

waiver

on

the

Statement

of

Operations.

#### g
Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2030

#### Retirement

#### Target

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$13.65

$12.63

$11.23

$14.00

$14.22

$13.13

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.06 0.19 0.17 0.12 0.11 0.09 Net

realized

and

unrealized

gains

(losses)

0.93 1.07 1.40 (2.53)

1.61 1.27 Total

from

investment

operations

........

0.99 1.26 1.57 (2.41)

1.72 1.36 Less

distributions

from:

Net

investment

income

..............

(0.07)

(0.24)

(0.17)

(0.06)

(0.31)

(0.13)

Net

realized

gains

.................

(0.20)

—

—

(0.30)

(1.63)

(0.14)

Total

distributions

...................

(0.27)

(0.24)

(0.17)

(0.36)

(1.94)

(0.27)

Net

asset

value,

end

of

period

..........

$14.37

$13.65

$12.63

$11.23

$14.00

$14.22

Total

return

d

.......................

7.28%

10.01%

14.11%

(17.18)%

12.13%

10.60%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

f

..........................

1.59%

1.64%

1.62%

1.69%

1.68%

1.70%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

1.23%

1.25%

1.25%

1.23%

g

1.21%

1.19%

g

Net

investment

income

c

...............

0.90%

1.40%

1.47%

0.99%

0.74%

0.71%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$10,909

$11,084

$10,343

$9,642

$12,281

$10,937

Portfolio

turnover

rate

................

12.81%

37.55%

22.74%

48.44%

82.69%

67.25%

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

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Does

not

include

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

The

weighted

average

indirect

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

was

0.22%

for

the

period

ended

June

30,

2025. The

weighted

average

indirect

expenses

is

calculated

based

on

the

Form

N1-A

method

which

may

not

correlate

to

the

underlying

fund

fee

waiver

on

the

Statement

of

Operations.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2030

#### Retirement

#### Target

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$13.86

$12.82

$11.39

$14.19

$14.38

$13.27

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.10 0.27 0.24 0.18 0.20 0.15 Net

realized

and

unrealized

gains

(losses)

0.94 1.08 1.42 (2.58)

1.61 1.29 Total

from

investment

operations

........

1.04 1.35 1.66 (2.40)

1.81 1.44 Less

distributions

from:

Net

investment

income

..............

(0.07)

(0.31)

(0.23)

(0.10)

(0.37)

(0.19)

Net

realized

gains

.................

(0.20)

—

—

(0.30)

(1.63)

(0.14)

Total

distributions

...................

(0.27)

(0.31)

(0.23)

(0.40)

(2.00)

(0.33)

Net

asset

value,

end

of

period

..........

$14.63

$13.86

$12.82

$11.39

$14.19

$14.38

Total

return

d

.......................

7.53%

10.58%

14.73%

(16.84)%

12.65%

11.17%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

f

..........................

1.09%

1.14%

1.11%

1.19%

1.18%

1.20%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.73%

0.75%

0.75%

0.74%

g

0.71%

0.69%

g

Net

investment

income

c

...............

1.39%

1.95%

2.00%

1.51%

1.29%

1.19%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$2,133

$2,133

$1,613

$1,295

$1,512

$1,186

Portfolio

turnover

rate

................

12.81%

37.55%

22.74%

48.44%

82.69%

67.25%

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

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Does

not

include

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

The

weighted

average

indirect

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

was

0.22%

for

the

period

ended

June

30,

2025. The

weighted

average

indirect

expenses

is

calculated

based

on

the

Form

N1-A

method

which

may

not

correlate

to

the

underlying

fund

fee

waiver

on

the

Statement

of

Operations.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2030

#### Retirement

#### Target

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$14.10

$13.03

$11.57

$14.28

$14.46

$13.34

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.14 0.31 0.38 0.36 0.18 0.23 Net

realized

and

unrealized

gains

(losses)

0.95 1.14 1.38 (2.67)

1.72 1.29 Total

from

investment

operations

........

1.09 1.45 1.76 (2.31)

1.90 1.52 Less

distributions

from:

Net

investment

income

..............

(0.07)

(0.38)

(0.30)

(0.16)

(0.45)

(0.26)

Net

realized

gains

.................

(0.20)

—

—

(0.30)

(1.63)

(0.14)

Total

distributions

...................

(0.27)

(0.38)

(0.30)

(0.46)

(2.08)

(0.40)

Capital

contributions

.................

—

—

—

0.06 —

—

Net

asset

value,

end

of

period

..........

$14.92

$14.10

$13.03

$11.57

$14.28

$14.46

Total

return

d

.......................

7.75%

11.21%

15.37%

(15.68)%

e

13.24%

11.80%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

g

..........................

0.85%

0.69%

0.61%

1.18%

0.45%

0.50%

Expenses

net

of

waiver

and

payments

by

affiliates

g

..........................

0.18%

0.20%

0.20%

0.15%

h

0.15%

0.15%

h

Net

investment

income

c

...............

1.93%

2.29%

3.08%

3.02%

1.20%

1.72%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$81

$99

$245

$51

$40

$23,717

Portfolio

turnover

rate

................

12.81%

37.55%

22.74%

48.44%

82.69%

67.25%

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

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Includes

the

effect

of

a

capital

contribution.

Absent

the

capital

contribution,

the

total

return

would

have

been

(16.08)%.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Does

not

include

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

The

weighted

average

indirect

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

was

0.22%

for

the

period

ended

June

30,

2025. The

weighted

average

indirect

expenses

is

calculated

based

on

the

Form

N1-A

method

which

may

not

correlate

to

the

underlying

fund

fee

waiver

on

the

Statement

of

Operations.

h

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2030

#### Retirement

#### Target

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$13.97

$12.92

$11.48

$14.27

$14.44

$13.33

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.14 0.33 0.30 0.25 0.28 0.23 Net

realized

and

unrealized

gains

(losses)

0.95 1.10 1.43 (2.59)

1.62 1.28 Total

from

investment

operations

........

1.09 1.43 1.73 (2.34)

1.90 1.51 Less

distributions

from:

Net

investment

income

..............

(0.07)

(0.38)

(0.29)

(0.15)

(0.44)

(0.26)

Net

realized

gains

.................

(0.20)

—

—

(0.30)

(1.63)

(0.14)

Total

distributions

...................

(0.27)

(0.38)

(0.29)

(0.45)

(2.07)

(0.40)

Net

asset

value,

end

of

period

..........

$14.79

$13.97

$12.92

$11.48

$14.27

$14.44

Total

return

d

.......................

7.83%

11.09%

15.26%

(16.34)%

13.28%

11.68%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

f

..........................

0.59%

0.64%

0.61%

0.69%

0.68%

0.70%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.23%

0.25%

0.25%

0.23%

g

0.21%

0.19%

g

Net

investment

income

c

...............

1.93%

2.41%

2.47%

2.05%

1.81%

1.74%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$2,793

$2,163

$1,936

$1,770

$1,937

$1,546

Portfolio

turnover

rate

................

12.81%

37.55%

22.74%

48.44%

82.69%

67.25%

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

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Does

not

include

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

The

weighted

average

indirect

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

was

0.22%

for

the

period

ended

June

30,

2025. The

weighted

average

indirect

expenses

is

calculated

based

on

the

Form

N1-A

method

which

may

not

correlate

to

the

underlying

fund

fee

waiver

on

the

Statement

of

Operations.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited),

June

30,

2025

#### Franklin

#### LifeSmart™

#### 2030

#### Retirement

#### Target

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Shares
a

#### Value
a

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### 98.0%

#### Alternative

#### Strategies

#### 1.0%
a

Franklin

Systematic

Style

Premia

ETF

....................................

30,661

$

738,930

#### Domestic

#### Equity

#### 39.6%
a

Franklin

Growth

Fund

,

Class

R6

........................................

45,978

6,637,390

a

Franklin

U.S.

Core

Equity

(IU)

Fund

.....................................

831,055

14,967,292

a

Franklin

U.S.

Equity

Index

ETF

.........................................

29,421

1,599,449

a

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

.............................

57,245

3,615,594

a

Putnam

Large

Cap

Value

Fund

,

Class

R6

.................................

106,154

3,907,547

30,727,272

#### Domestic

#### Fixed

#### Income

#### 29.5%
a

Franklin

Investment

Grade

Corporate

ETF

.................................

260,679

5,626,756

a

Franklin

U.S.

Core

Bond

ETF

..........................................

535,025

11,513,738

a

Franklin

U.S.

Treasury

Bond

ETF

.......................................

285,043

5,857,634

22,998,128

#### Foreign

#### Equity

#### 21.7%
a

ClearBridge

International

Growth

Fund

,

Class

IS

............................

16,014

1,212,250

a

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

............................

242,480

2,858,836

a

Franklin

International

Core

Equity

(IU)

Fund

...............................

573,460

7,959,627

iShares

Core

MSCI

EAFE

ETF

.........................................

13,382

1,117,129

a

Templeton

Developing

Markets

Trust

,

Class

R6

.............................

83,502

1,878,786

a

Templeton

Foreign

Fund

,

Class

R6

......................................

205,974

1,804,332

16,830,960

#### Foreign

#### Fixed

#### Income

#### 6.2%
a

BrandywineGLOBAL

-

Global

Opportunities

Bond

Fund

,

Class

IS

...............

214,672

1,953,517

a

Franklin

High

Yield

Corporate

ETF

......................................

83,814

2,040,871

a

Franklin

International

Aggregate

Bond

ETF

................................

40,483

831,521

4,825,909

#### Total

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### (Cost

#### $

#### 60,390,772

####)
................................................................

#### 76,121,199
a

#### a
a

a

#### Short

#### Term

#### Investments

#### 2.0%
a

#### Money

#### Market

#### Funds

#### 2.0%
a,b

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.332 %

..................

1,545,431

1,545,431

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 1,545,431

####)
...................................

#### 1,545,431

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 1,545,431

####)
.................................

#### 1,545,431

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 61,936,203

####)
100.0 #### %
...................................

#### $77,666,630

#### Other

#### Assets,

#### less

#### Liabilities
0.0 #### %

#### †
............................................

#### 15,840

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $77,682,470
See

Abbreviations

on

.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

See

Note

3(f)

regarding

investments

in

FT

Underlying

Funds.

b

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2035

#### Retirement

#### Target

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$14.50

$13.28

$11.75

$14.67

$15.18

$13.94

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.10 0.27 0.26 0.20 0.24 0.19 Net

realized

and

unrealized

gains

(losses)

1.08 1.36 1.62 (2.66)

1.90 1.61 Total

from

investment

operations

........

1.18 1.63 1.88 (2.46)

2.14 1.80 Less

distributions

from:

Net

investment

income

..............

—

(0.34)

(0.31)

(0.11)

(0.42)

(0.20)

Net

realized

gains

.................

(0.53)

(0.07)

(0.04)

(0.35)

(2.23)

(0.36)

Total

distributions

...................

(0.53)

(0.41)

(0.35)

(0.46)

(2.65)

(0.56)

Net

asset

value,

end

of

period

..........

$15.15

$14.50

$13.28

$11.75

$14.67

$15.18

Total

return

d

.......................

8.18%

12.27%

16.17%

(16.69)%

14.20%

13.44%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

f

..........................

0.74%

0.77%

0.79%

0.77%

0.81%

0.81%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.52%

0.52%

0.50%

0.49%

g

0.47%

0.43%

g

Net

investment

income

c

...............

1.40%

1.92%

2.12%

1.60%

1.45%

1.38%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$121,489

$112,783

$102,932

$91,064

$104,174

$84,029

Portfolio

turnover

rate

................

10.60%

33.89%

23.54%

29.56%

69.46%

47.82%

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

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Does

not

include

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

The

weighted

average

indirect

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

was

0.22%

for

the

period

ended

June

30,

2025. The

weighted

average

indirect

expenses

is

calculated

based

on

the

Form

N1-A

method

which

may

not

correlate

to

the

underlying

fund

fee

waiver

on

the

Statement

of

Operations.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2035

#### Retirement

#### Target

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$14.00

$12.83

$11.36

$14.23

$14.79

$13.60

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.04 0.16 0.16 0.10 0.09 0.08 Net

realized

and

unrealized

gains

(losses)

1.04 1.31 1.57 (2.57)

1.88 1.58 Total

from

investment

operations

........

1.08 1.47 1.73 (2.47)

1.97 1.66 Less

distributions

from:

Net

investment

income

..............

—

(0.23)

(0.22)

(0.05)

(0.30)

(0.11)

Net

realized

gains

.................

(0.53)

(0.07)

(0.04)

(0.35)

(2.23)

(0.36)

Total

distributions

...................

(0.53)

(0.30)

(0.26)

(0.40)

(2.53)

(0.47)

Net

asset

value,

end

of

period

..........

$14.55

$14.00

$12.83

$11.36

$14.23

$14.79

Total

return

d

.......................

7.76%

11.48%

15.36%

(17.36)%

13.36%

12.62%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

f

..........................

1.49%

1.52%

1.54%

1.53%

1.55%

1.56%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

1.27%

1.27%

1.25%

1.24%

g

1.21%

1.18%

g

Net

investment

income

c

...............

0.63%

1.14%

1.36%

0.81%

0.60%

0.60%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$15,984

$15,892

$16,352

$14,549

$18,502

$21,329

Portfolio

turnover

rate

................

10.60%

33.89%

23.54%

29.56%

69.46%

47.82%

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

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Does

not

include

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

The

weighted

average

indirect

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

was

0.22%

for

the

period

ended

June

30,

2025. The

weighted

average

indirect

expenses

is

calculated

based

on

the

Form

N1-A

method

which

may

not

correlate

to

the

underlying

fund

fee

waiver

on

the

Statement

of

Operations.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2035

#### Retirement

#### Target

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$14.48

$13.26

$11.73

$14.66

$15.17

$13.92

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.08 0.25 0.23 0.17 0.18 0.15 Net

realized

and

unrealized

gains

(losses)

1.08 1.35 1.62 (2.66)

1.91 1.63 Total

from

investment

operations

........

1.16 1.60 1.85 (2.49)

2.09 1.78 Less

distributions

from:

Net

investment

income

..............

—

(0.31)

(0.28)

(0.09)

(0.37)

(0.17)

Net

realized

gains

.................

(0.53)

(0.07)

(0.04)

(0.35)

(2.23)

(0.36)

Total

distributions

...................

(0.53)

(0.38)

(0.32)

(0.44)

(2.60)

(0.53)

Net

asset

value,

end

of

period

..........

$15.11

$14.48

$13.26

$11.73

$14.66

$15.17

Total

return

d

.......................

8.05%

12.03%

15.90%

(16.93)%

13.87%

13.23%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

f

..........................

0.98%

1.02%

1.04%

1.02%

1.05%

1.05%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.77%

0.77%

0.75%

0.74%

g

0.71%

0.68%

g

Net

investment

income

c

...............

1.15%

1.72%

1.85%

1.38%

1.08%

1.07%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$6,316

$5,604

$4,150

$3,881

$4,113

$4,530

Portfolio

turnover

rate

................

10.60%

33.89%

23.54%

29.56%

69.46%

47.82%

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

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Does

not

include

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

The

weighted

average

indirect

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

was

0.22%

for

the

period

ended

June

30,

2025. The

weighted

average

indirect

expenses

is

calculated

based

on

the

Form

N1-A

method

which

may

not

correlate

to

the

underlying

fund

fee

waiver

on

the

Statement

of

Operations.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2035

#### Retirement

#### Target

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$14.68

$13.43

$11.88

$14.81

$15.31

$14.05

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.13 0.34 0.32 0.25 0.18 0.23 Net

realized

and

unrealized

gains

(losses)

1.09 1.37 1.62 (2.68)

2.02 1.63 Total

from

investment

operations

........

1.22 1.71 1.94 (2.43)

2.20 1.86 Less

distributions

from:

Net

investment

income

..............

—

(0.39)

(0.35)

(0.15)

(0.47)

(0.24)

Net

realized

gains

.................

(0.53)

(0.07)

(0.04)

(0.35)

(2.23)

(0.36)

Total

distributions

...................

(0.53)

(0.46)

(0.39)

(0.50)

(2.70)

(0.60)

Net

asset

value,

end

of

period

..........

$15.37

$14.68

$13.43

$11.88

$14.81

$15.31

Total

return

d

.......................

8.35%

12.71%

16.50%

(16.38)%

14.46%

13.82%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

f

..........................

0.76%

0.68%

0.73%

0.79%

0.38%

0.40%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.18%

0.18%

0.19%

0.15%

g

0.14%

0.13%

g

Net

investment

income

c

...............

1.77%

2.32%

2.54%

1.98%

1.10%

1.66%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$264

$222

$160

$91

$93

$30,069

Portfolio

turnover

rate

................

10.60%

33.89%

23.54%

29.56%

69.46%

47.82%

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

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Does

not

include

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

The

weighted

average

indirect

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

was

0.22%

for

the

period

ended

June

30,

2025. The

weighted

average

indirect

expenses

is

calculated

based

on

the

Form

N1-A

method

which

may

not

correlate

to

the

underlying

fund

fee

waiver

on

the

Statement

of

Operations.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2035

#### Retirement

#### Target

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$14.69

$13.45

$11.89

$14.84

$15.33

$14.07

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.12 0.32 0.30 0.23 0.27 0.23 Net

realized

and

unrealized

gains

(losses)

1.10 1.36 1.64 (2.69)

1.93 1.63 Total

from

investment

operations

........

1.22 1.68 1.94 (2.46)

2.20 1.86 Less

distributions

from:

Net

investment

income

..............

—

(0.37)

(0.34)

(0.14)

(0.46)

(0.24)

Net

realized

gains

.................

(0.53)

(0.07)

(0.04)

(0.35)

(2.23)

(0.36)

Total

distributions

...................

(0.53)

(0.44)

(0.38)

(0.49)

(2.69)

(0.60)

Net

asset

value,

end

of

period

..........

$15.38

$14.69

$13.45

$11.89

$14.84

$15.33

Total

return

d

.......................

8.35%

12.53%

16.51%

(16.54)%

14.46%

13.75%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

f

..........................

0.48%

0.52%

0.54%

0.52%

0.56%

0.56%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.27%

0.27%

0.25%

0.24%

g

0.21%

0.18%

g

Net

investment

income

c

...............

1.66%

2.19%

2.36%

1.85%

1.67%

1.67%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$5,383

$4,776

$3,932

$3,496

$3,911

$3,438

Portfolio

turnover

rate

................

10.60%

33.89%

23.54%

29.56%

69.46%

47.82%

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

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Does

not

include

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

The

weighted

average

indirect

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

was

0.22%

for

the

period

ended

June

30,

2025. The

weighted

average

indirect

expenses

is

calculated

based

on

the

Form

N1-A

method

which

may

not

correlate

to

the

underlying

fund

fee

waiver

on

the

Statement

of

Operations.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited),

June

30,

2025

#### Franklin

#### LifeSmart™

#### 2035

#### Retirement

#### Target

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Shares
a

#### Value
a

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### 97.8%

#### Alternative

#### Strategies

#### 1.0%
a

Franklin

Systematic

Style

Premia

ETF

....................................

59,475

$

1,433,348

#### Domestic

#### Equity

#### 45.1%
a

Franklin

Growth

Fund

,

Class

R6

........................................

100,996

14,579,803

a

Franklin

U.S.

Core

Equity

(IU)

Fund

.....................................

1,825,500

32,877,258

a

Franklin

U.S.

Equity

Index

ETF

.........................................

64,662

3,515,298

a

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

.............................

125,749

7,942,307

a

Putnam

Large

Cap

Value

Fund

,

Class

R6

.................................

233,182

8,583,415

67,498,081

#### Domestic

#### Fixed

#### Income

#### 22.3%
a

Franklin

Investment

Grade

Corporate

ETF

.................................

377,546

8,149,330

a

Franklin

U.S.

Core

Bond

ETF

..........................................

774,859

16,674,966

a

Franklin

U.S.

Treasury

Bond

ETF

.......................................

412,843

8,483,924

33,308,220

#### Foreign

#### Equity

#### 24.7%
a

ClearBridge

International

Growth

Fund

,

Class

IS

............................

35,164

2,661,905

a

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

............................

532,586

6,279,186

a

Franklin

International

Core

Equity

(IU)

Fund

...............................

1,259,231

17,478,128

iShares

Core

MSCI

EAFE

ETF

.........................................

29,374

2,452,142

a

Templeton

Developing

Markets

Trust

,

Class

R6

.............................

183,405

4,126,615

a

Templeton

Foreign

Fund

,

Class

R6

......................................

452,295

3,962,102

36,960,078

#### Foreign

#### Fixed

#### Income

#### 4.7%
a

BrandywineGLOBAL

-

Global

Opportunities

Bond

Fund

,

Class

IS

...............

310,897

2,829,163

a

Franklin

High

Yield

Corporate

ETF

......................................

121,387

2,955,773

a

Franklin

International

Aggregate

Bond

ETF

................................

58,652

1,204,712

6,989,648

#### Total

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### (Cost

#### $

#### 110,440,064

####)
...............................................................

#### 146,189,375
a

#### a
a

a

#### Short

#### Term

#### Investments

#### 2.0%
a

#### Money

#### Market

#### Funds

#### 2.0%
a,b

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.332 %

..................

2,944,136

2,944,136

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 2,944,136

####)
...................................

#### 2,944,136

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 2,944,136

####)
.................................

#### 2,944,136

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 113,384,200

####)
99.8 #### %
...................................

#### $149,133,511

#### Other

#### Assets,

#### less

#### Liabilities
0.2 #### %
.............................................

#### 302,622

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $149,436,133
See

Abbreviations

on

.

a

See

Note

3(f)

regarding

investments

in

FT

Underlying

Funds.

b

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2040

#### Retirement

#### Target

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$14.49

$13.15

$11.50

$14.42

$15.30

$13.76

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.09 0.25 0.26 0.16 0.24 0.18 Net

realized

and

unrealized

gains

(losses)

1.14 1.53 1.71 (2.63)

2.19 1.82 Total

from

investment

operations

........

1.23 1.78 1.97 (2.47)

2.43 2.00 Less

distributions

from:

Net

investment

income

..............

—

(0.30)

(0.28)

(0.10)

(0.43)

(0.23)

Net

realized

gains

.................

(0.50)

(0.14)

(0.04)

(0.35)

(2.88)

(0.23)

Total

distributions

...................

(0.50)

(0.44)

(0.32)

(0.45)

(3.31)

(0.46)

Net

asset

value,

end

of

period

..........

$15.22

$14.49

$13.15

$11.50

$14.42

$15.30

Total

return

d

.......................

8.55%

13.58%

17.32%

(17.06)%

15.99%

15.04%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

f

..........................

0.88%

0.96%

0.99%

1.10%

1.11%

1.11%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.49%

0.52%

0.52%

0.50%

g

0.46%

0.43%

g

Net

investment

income

c

...............

1.24%

1.76%

2.09%

1.31%

1.43%

1.30%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$55,621

$50,894

$43,076

$32,112

$35,193

$24,809

Portfolio

turnover

rate

................

14.22%

31.39%

26.09%

30.11%

86.92%

37.54%

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

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Does

not

include

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

The

weighted

average

indirect

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

was

0.21%

for

the

period

ended

June

30,

2025. The

weighted

average

indirect

expenses

is

calculated

based

on

the

Form

N1-A

method

which

may

not

correlate

to

the

underlying

fund

fee

waiver

on

the

Statement

of

Operations.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2040

#### Retirement

#### Target

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$14.12

$12.83

$11.23

$14.10

$15.02

$13.52

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.04 0.14 0.15 0.06 0.10 0.07 Net

realized

and

unrealized

gains

(losses)

1.11 1.48 1.68 (2.56)

2.18 1.79 Total

from

investment

operations

........

1.15 1.62 1.83 (2.50)

2.28 1.86 Less

distributions

from:

Net

investment

income

..............

—

(0.19)

(0.19)

(0.02)

(0.32)

(0.13)

Net

realized

gains

.................

(0.50)

(0.14)

(0.04)

(0.35)

(2.88)

(0.23)

Total

distributions

...................

(0.50)

(0.33)

(0.23)

(0.37)

(3.20)

(0.36)

Net

asset

value,

end

of

period

..........

$14.77

$14.12

$12.83

$11.23

$14.10

$15.02

Total

return

d

.......................

8.20%

12.69%

16.44%

(17.70)%

15.25%

14.15%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

f

..........................

1.63%

1.71%

1.75%

1.85%

1.85%

1.86%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

1.24%

1.27%

1.27%

1.25%

g

1.21%

1.18%

g

Net

investment

income

c

...............

0.50%

0.98%

1.29%

0.53%

0.62%

0.55%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$8,509

$8,041

$7,737

$6,697

$7,989

$6,867

Portfolio

turnover

rate

................

14.22%

31.39%

26.09%

30.11%

86.92%

37.54%

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

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Does

not

include

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

The

weighted

average

indirect

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

was

0.21%

for

the

period

ended

June

30,

2025. The

weighted

average

indirect

expenses

is

calculated

based

on

the

Form

N1-A

method

which

may

not

correlate

to

the

underlying

fund

fee

waiver

on

the

Statement

of

Operations.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2040

#### Retirement

#### Target

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$14.48

$13.15

$11.50

$14.41

$15.28

$13.74

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.08 0.22 0.21 0.12 0.18 0.14 Net

realized

and

unrealized

gains

(losses)

1.14 1.51 1.73 (2.62)

2.21 1.82 Total

from

investment

operations

........

1.22 1.73 1.94 (2.50)

2.39 1.96 Less

distributions

from:

Net

investment

income

..............

—

(0.26)

(0.25)

(0.06)

(0.38)

(0.19)

Net

realized

gains

.................

(0.50)

(0.14)

(0.04)

(0.35)

(2.88)

(0.23)

Total

distributions

...................

(0.50)

(0.40)

(0.29)

(0.41)

(3.26)

(0.42)

Net

asset

value,

end

of

period

..........

$15.20

$14.48

$13.15

$11.50

$14.41

$15.28

Total

return

d

.......................

8.48%

13.22%

17.00%

(17.29)%

15.78%

14.74%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

f

..........................

1.13%

1.21%

1.24%

1.35%

1.35%

1.36%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.74%

0.77%

0.77%

0.75%

g

0.71%

0.68%

g

Net

investment

income

c

...............

1.14%

1.51%

1.75%

0.96%

1.09%

1.02%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$2,023

$1,260

$1,121

$1,114

$1,806

$1,540

Portfolio

turnover

rate

................

14.22%

31.39%

26.09%

30.11%

86.92%

37.54%

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

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Does

not

include

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

The

weighted

average

indirect

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

was

0.21%

for

the

period

ended

June

30,

2025. The

weighted

average

indirect

expenses

is

calculated

based

on

the

Form

N1-A

method

which

may

not

correlate

to

the

underlying

fund

fee

waiver

on

the

Statement

of

Operations.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2040

#### Retirement

#### Target

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$14.63

$13.28

$11.60

$14.54

$15.40

$13.85

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.11 0.30 0.30 0.19 0.17 0.21 Net

realized

and

unrealized

gains

(losses)

1.16 1.53 1.74 (2.64)

2.33 1.84 Total

from

investment

operations

........

1.27 1.83 2.04 (2.45)

2.50 2.05 Less

distributions

from:

Net

investment

income

..............

—

(0.34)

(0.32)

(0.14)

(0.48)

(0.27)

Net

realized

gains

.................

(0.50)

(0.14)

(0.04)

(0.35)

(2.88)

(0.23)

Total

distributions

...................

(0.50)

(0.48)

(0.36)

(0.49)

(3.36)

(0.50)

Net

asset

value,

end

of

period

..........

$15.40

$14.63

$13.28

$11.60

$14.54

$15.40

Total

return

d

.......................

8.74%

13.85%

17.76%

(16.86)%

16.42%

15.35%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

f

..........................

0.59%

0.59%

0.59%

0.57%

0.49%

0.55%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.19%

0.22%

0.22%

0.20%

g

0.14%

0.13%

g

Net

investment

income

c

...............

1.55%

2.08%

2.40%

1.54%

1.01%

1.58%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$393

$339

$272

$213

$310

$25,450

Portfolio

turnover

rate

................

14.22%

31.39%

26.09%

30.11%

86.92%

37.54%

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

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Does

not

include

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

The

weighted

average

indirect

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

was

0.21%

for

the

period

ended

June

30,

2025. The

weighted

average

indirect

expenses

is

calculated

based

on

the

Form

N1-A

method

which

may

not

correlate

to

the

underlying

fund

fee

waiver

on

the

Statement

of

Operations.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2040

#### Retirement

#### Target

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$14.59

$13.25

$11.58

$14.52

$15.37

$13.82

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.11 0.29 0.29 0.19 0.29 0.22 Net

realized

and

unrealized

gains

(losses)

1.16 1.53 1.73 (2.65)

2.21 1.82 Total

from

investment

operations

........

1.27 1.82 2.02 (2.46)

2.50 2.04 Less

distributions

from:

Net

investment

income

..............

—

(0.34)

(0.31)

(0.13)

(0.47)

(0.26)

Net

realized

gains

.................

(0.50)

(0.14)

(0.04)

(0.35)

(2.88)

(0.23)

Total

distributions

...................

(0.50)

(0.48)

(0.35)

(0.48)

(3.35)

(0.49)

Net

asset

value,

end

of

period

..........

$15.36

$14.59

$13.25

$11.58

$14.52

$15.37

Total

return

d

.......................

8.76%

13.75%

17.65%

(16.87)%

16.40%

15.33%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

f

..........................

0.63%

0.71%

0.74%

0.85%

0.86%

0.86%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.24%

0.27%

0.27%

0.25%

g

0.22%

0.18%

g

Net

investment

income

c

...............

1.48%

2.02%

2.35%

1.54%

1.75%

1.60%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$2,207

$1,649

$1,430

$1,156

$937

$506

Portfolio

turnover

rate

................

14.22%

31.39%

26.09%

30.11%

86.92%

37.54%

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

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Does

not

include

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

The

weighted

average

indirect

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

was

0.21%

for

the

period

ended

June

30,

2025. The

weighted

average

indirect

expenses

is

calculated

based

on

the

Form

N1-A

method

which

may

not

correlate

to

the

underlying

fund

fee

waiver

on

the

Statement

of

Operations.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited),

June

30,

2025

#### Franklin

#### LifeSmart™

#### 2040

#### Retirement

#### Target

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Shares
a

#### Value
a

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### 98.0%

#### Alternative

#### Strategies

#### 0.9%
a

Franklin

Systematic

Style

Premia

ETF

....................................

26,987

$

650,387

#### Domestic

#### Equity

#### 50.4%
a

Franklin

Growth

Fund

,

Class

R6

........................................

51,880

7,489,456

a

Franklin

U.S.

Core

Equity

(IU)

Fund

.....................................

725,845

13,072,471

a

Franklin

U.S.

Equity

Index

ETF

.........................................

103,425

5,622,617

a

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

.............................

64,592

4,079,631

a

Putnam

Large

Cap

Value

Fund

,

Class

R6

.................................

119,783

4,409,216

34,673,391

#### Domestic

#### Fixed

#### Income

#### 17.4%
a

Franklin

Investment

Grade

Corporate

ETF

.................................

136,078

2,937,244

a

Franklin

U.S.

Core

Bond

ETF

..........................................

279,302

6,010,579

a

Franklin

U.S.

Treasury

Bond

ETF

.......................................

148,796

3,057,758

12,005,581

#### Foreign

#### Equity

#### 27.7%
a

ClearBridge

International

Growth

Fund

,

Class

IS

............................

18,063

1,367,394

a

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

............................

273,585

3,225,572

a

Franklin

International

Core

Equity

(IU)

Fund

...............................

646,857

8,978,376

iShares

Core

MSCI

EAFE

ETF

.........................................

15,084

1,259,212

a

Templeton

Developing

Markets

Trust

,

Class

R6

.............................

94,214

2,119,822

a

Templeton

Foreign

Fund

,

Class

R6

......................................

232,343

2,035,323

18,985,699

#### Foreign

#### Fixed

#### Income

#### 1.6%
a

Franklin

High

Yield

Corporate

ETF

......................................

43,748

1,065,264

#### Total

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### (Cost

#### $

#### 50,618,728

####)
................................................................

#### 67,380,322
a

#### a
a

a

#### Short

#### Term

#### Investments

#### 2.0%
a

#### Money

#### Market

#### Funds

#### 2.0%
a,b

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.332 %

..................

1,374,928

1,374,928

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 1,374,928

####)
...................................

#### 1,374,928

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 1,374,928

####)
.................................

#### 1,374,928

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 51,993,656

####)
100.0 #### %
...................................

#### $68,755,250

#### Other

#### Assets,

#### less

#### Liabilities

#### (0.0)

#### %

#### †
...........................................

(909) #### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $68,754,341
See

Abbreviations

on

.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

See

Note

3(f)

regarding

investments

in

FT

Underlying

Funds.

b

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2045

#### Retirement

#### Target

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$15.48

$13.90

$12.00

$15.19

$15.80

$14.27

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.08 0.23 0.25 0.14 0.23 0.17 Net

realized

and

unrealized

gains

(losses)

1.34 1.81 1.97 (2.84)

2.45 1.98 Total

from

investment

operations

........

1.42 2.04 2.22 (2.70)

2.68 2.15 Less

distributions

from:

Net

investment

income

..............

—

(0.32)

(0.25)

(0.08)

(0.45)

(0.19)

Net

realized

gains

.................

(0.62)

(0.14)

(0.07)

(0.41)

(2.84)

(0.43)

Total

distributions

...................

(0.62)

(0.46)

(0.32)

(0.49)

(3.29)

(0.62)

Net

asset

value,

end

of

period

..........

$16.28

$15.48

$13.90

$12.00

$15.19

$15.80

Total

return

d

.......................

9.25%

14.69%

18.65%

(17.67)%

17.06%

15.76%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

f

..........................

0.79%

0.84%

0.89%

0.91%

0.91%

0.94%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.50%

0.52%

0.51%

0.50%

g

0.46%

0.43%

g

Net

investment

income

c

...............

0.98%

1.52%

1.93%

1.13%

1.32%

1.22%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$94,691

$87,733

$75,190

$62,061

$72,764

$59,801

Portfolio

turnover

rate

................

11.29%

30.84%

28.98%

26.96%

70.40%

36.61%

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

repurchas-

es

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

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Does

not

include

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

The

weighted

average

indirect

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

was

0.21%

for

the

period

ended

June

30,

2025. The

weighted

average

indirect

expenses

is

calculated

based

on

the

Form

N1-A

method

which

may

not

correlate

to

the

underlying

fund

fee

waiver

on

the

Statement

of

Operations.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2045

#### Retirement

#### Target

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$14.81

$13.31

$11.51

$14.61

$15.33

$13.88

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.02 0.11 0.14 0.04 0.08 0.06 Net

realized

and

unrealized

gains

(losses)

1.27 1.74 1.89 (2.71)

2.38 1.94 Total

from

investment

operations

........

1.29 1.85 2.03 (2.67)

2.46 2.00 Less

distributions

from:

Net

investment

income

..............

—

(0.21)

(0.16)

(0.02)

(0.34)

(0.12)

Net

realized

gains

.................

(0.62)

(0.14)

(0.07)

(0.41)

(2.84)

(0.43)

Total

distributions

...................

(0.62)

(0.35)

(0.23)

(0.43)

(3.18)

(0.55)

Net

asset

value,

end

of

period

..........

$15.48

$14.81

$13.31

$11.51

$14.61

$15.33

Total

return

d

.......................

8.79%

13.89%

17.71%

(18.25)%

16.10%

15.00%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

f

..........................

1.54%

1.59%

1.64%

1.66%

1.66%

1.68%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

1.25%

1.28%

1.26%

1.25%

g

1.21%

1.17%

g

Net

investment

income

c

...............

0.22%

0.74%

1.14%

0.36%

0.48%

0.46%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$11,965

$11,573

$11,414

$10,537

$13,509

$14,502

Portfolio

turnover

rate

................

11.29%

30.84%

28.98%

26.96%

70.40%

36.61%

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

repurchas-

es

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

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Does

not

include

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

The

weighted

average

indirect

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

was

0.21%

for

the

period

ended

June

30,

2025. The

weighted

average

indirect

expenses

is

calculated

based

on

the

Form

N1-A

method

which

may

not

correlate

to

the

underlying

fund

fee

waiver

on

the

Statement

of

Operations.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2045

#### Retirement

#### Target

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$15.38

$13.82

$11.93

$15.11

$15.74

$14.20

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.06 0.18 0.21 0.10 0.19 0.11 Net

realized

and

unrealized

gains

(losses)

1.33 1.80 1.97 (2.81)

2.43 2.01 Total

from

investment

operations

........

1.39 1.98 2.18 (2.71)

2.62 2.12 Less

distributions

from:

Net

investment

income

..............

—

(0.28)

(0.22)

(0.06)

(0.41)

(0.15)

Net

realized

gains

.................

(0.62)

(0.14)

(0.07)

(0.41)

(2.84)

(0.43)

Total

distributions

...................

(0.62)

(0.42)

(0.29)

(0.47)

(3.25)

(0.58)

Net

asset

value,

end

of

period

..........

$16.15

$15.38

$13.82

$11.93

$15.11

$15.74

Total

return

d

.......................

9.12%

14.35%

18.39%

(17.87)%

16.73%

15.55%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

f

..........................

1.04%

1.09%

1.14%

1.16%

1.16%

1.18%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.75%

0.77%

0.76%

0.75%

g

0.71%

0.67%

g

Net

investment

income

c

...............

0.75%

1.20%

1.63%

0.81%

1.08%

0.80%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$1,913

$1,574

$2,009

$2,178

$3,348

$2,620

Portfolio

turnover

rate

................

11.29%

30.84%

28.98%

26.96%

70.40%

36.61%

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

repurchas-

es

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

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Does

not

include

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

The

weighted

average

indirect

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

was

0.21%

for

the

period

ended

June

30,

2025. The

weighted

average

indirect

expenses

is

calculated

based

on

the

Form

N1-A

method

which

may

not

correlate

to

the

underlying

fund

fee

waiver

on

the

Statement

of

Operations.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2045

#### Retirement

#### Target

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$16.22

$14.54

$12.55

$15.34

$15.93

$14.38

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.11 0.31 0.34 0.24 0.15 0.21 Net

realized

and

unrealized

gains

(losses)

1.40 1.87 2.01 (2.81)

2.60 2.01 Total

from

investment

operations

........

1.51 2.18 2.35 (2.57)

2.75 2.22 Less

distributions

from:

Net

investment

income

..............

—

(0.36)

(0.29)

(0.11)

(0.50)

(0.24)

Net

realized

gains

.................

(0.62)

(0.14)

(0.07)

(0.41)

(2.84)

(0.43)

Total

distributions

...................

(0.62)

(0.50)

(0.36)

(0.52)

(3.34)

(0.67)

Capital

contributions

.................

—

—

—

0.30 —

—

Net

asset

value,

end

of

period

..........

$17.11

$16.22

$14.54

$12.55

$15.34

$15.93

Total

return

d

.......................

9.39%

15.05%

18.88%

(14.60)%

e

17.37%

16.11%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

g

..........................

0.47%

0.50%

0.67%

1.25%

0.41%

0.44%

Expenses

net

of

waiver

and

payments

by

affiliates

g

..........................

0.19%

0.23%

0.21%

0.19%

0.14%

0.13%

h

Net

investment

income

c

...............

1.29%

1.93%

2.50%

1.85%

0.87%

1.52%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$930

$798

$140

$15

$4

$23,504

Portfolio

turnover

rate

................

11.29%

30.84%

28.98%

26.96%

70.40%

36.61%

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

repurchas-

es

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

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Includes

the

effect

of

a

capital

contribution.

Absent

the

capital

contribution,

the

total

return

would

have

been

(16.64)%.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Does

not

include

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

The

weighted

average

indirect

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

was

0.21%

for

the

period

ended

June

30,

2025. The

weighted

average

indirect

expenses

is

calculated

based

on

the

Form

N1-A

method

which

may

not

correlate

to

the

underlying

fund

fee

waiver

on

the

Statement

of

Operations.

h

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2045

#### Retirement

#### Target

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$15.67

$14.06

$12.14

$15.34

$15.93

$14.38

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.10 0.27 0.28 0.18 0.28 0.21 Net

realized

and

unrealized

gains

(losses)

1.35 1.84 1.99 (2.86)

2.46 2.00 Total

from

investment

operations

........

1.45 2.11 2.27 (2.68)

2.74 2.21 Less

distributions

from:

Net

investment

income

..............

—

(0.36)

(0.28)

(0.11)

(0.49)

(0.23)

Net

realized

gains

.................

(0.62)

(0.14)

(0.07)

(0.41)

(2.84)

(0.43)

Total

distributions

...................

(0.62)

(0.50)

(0.35)

(0.52)

(3.33)

(0.66)

Net

asset

value,

end

of

period

..........

$16.50

$15.67

$14.06

$12.14

$15.34

$15.93

Total

return

d

.......................

9.33%

15.01%

18.88%

(17.40)%

17.32%

16.06%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

f

..........................

0.54%

0.59%

0.64%

0.66%

0.67%

0.69%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.25%

0.27%

0.26%

0.25%

g

0.22%

0.18%

g

Net

investment

income

c

...............

1.21%

1.77%

2.17%

1.37%

1.63%

1.49%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$2,237

$1,895

$1,574

$1,279

$1,584

$1,089

Portfolio

turnover

rate

................

11.29%

30.84%

28.98%

26.96%

70.40%

36.61%

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

repurchas-

es

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

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Does

not

include

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

The

weighted

average

indirect

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

was

0.21%

for

the

period

ended

June

30,

2025. The

weighted

average

indirect

expenses

is

calculated

based

on

the

Form

N1-A

method

which

may

not

correlate

to

the

underlying

fund

fee

waiver

on

the

Statement

of

Operations.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited),

June

30,

2025

#### Franklin

#### LifeSmart™

#### 2045

#### Retirement

#### Target

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

See

Abbreviations

on

.

a

a

#### Shares
a

#### Value
a

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### 98.0%

#### Alternative

#### Strategies

#### 1.0%
a

Franklin

Systematic

Style

Premia

ETF

....................................

44,234

$

1,066,039

#### Domestic

#### Equity

#### 56.3%
a

Franklin

Growth

Fund

,

Class

R6

........................................

94,047

13,576,588

a

Franklin

U.S.

Core

Equity

(IU)

Fund

.....................................

1,315,776

23,697,126

a

Franklin

U.S.

Equity

Index

ETF

.........................................

187,475

10,191,928

a

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

.............................

117,092

7,395,531

a

Putnam

Large

Cap

Value

Fund

,

Class

R6

.................................

217,140

7,992,920

62,854,093

#### Domestic

#### Fixed

#### Income

#### 10.0%
a

Franklin

U.S.

Core

Bond

ETF

..........................................

519,436

11,178,263

#### Foreign

#### Equity

#### 30.7%
a

ClearBridge

International

Growth

Fund

,

Class

IS

............................

32,755

2,479,556

a

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

............................

495,997

5,847,809

a

Franklin

International

Core

Equity

(IU)

Fund

...............................

1,172,983

16,281,000

iShares

Core

MSCI

EAFE

ETF

.........................................

27,352

2,283,345

a

Templeton

Developing

Markets

Trust

,

Class

R6

.............................

170,808

3,843,175

a

Templeton

Foreign

Fund

,

Class

R6

......................................

421,332

3,690,869

34,425,754

#### Total

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### (Cost

#### $

#### 77,031,206

####)
................................................................

#### 109,524,149
a

#### a
a

a

#### Short

#### Term

#### Investments

#### 2.1%
a

#### Money

#### Market

#### Funds

#### 2.1%
a,b

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.332 %

..................

2,399,171

2,399,171

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 2,399,171

####)
...................................

#### 2,399,171

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 2,399,171

####)
.................................

#### 2,399,171

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 79,430,377

####)
100.1 #### %
...................................

#### $111,923,320

#### Other

#### Assets,

#### less

#### Liabilities

#### (0.1 ####)

#### %
...........................................

#### (186,044)

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $111,737,276
a

See

Note

3(f)

regarding

investments

in

FT

Underlying

Funds.

b

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2050

#### Retirement

#### Target

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$15.25

$13.52

$11.55

$14.60

$15.76

$14.01

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.07 0.22 0.23 0.14 0.24 0.17 Net

realized

and

unrealized

gains

(losses)

1.38 1.88 1.97 (2.71)

2.51 2.03 Total

from

investment

operations

........

1.45 2.10 2.20 (2.57)

2.75 2.20 Less

distributions

from:

Net

investment

income

..............

(—)

d

(0.33)

(0.19)

(0.08)

(0.43)

(0.22)

Net

realized

gains

.................

(0.62)

(0.04)

(0.04)

(0.40)

(3.48)

(0.23)

Total

distributions

...................

(0.62)

(0.37)

(0.23)

(0.48)

(3.91)

(0.45)

Net

asset

value,

end

of

period

..........

$16.08

$15.25

$13.52

$11.55

$14.60

$15.76

Total

return

e

.......................

9.63%

15.53%

19.28%

(17.52)%

17.58%

16.22%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

g

..........................

0.97%

1.06%

1.16%

1.31%

1.28%

1.28%

Expenses

net

of

waiver

and

payments

by

affiliates

g

..........................

0.49%

0.52%

0.50%

0.49%

h

0.45%

0.42%

h

Net

investment

income

c

...............

0.85%

1.46%

1.89%

1.11%

1.42%

1.23%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$48,316

$43,472

$31,778

$24,594

$30,413

$20,709

Portfolio

turnover

rate

................

11.91%

25.21%

27.46%

43.95%

85.61%

35.30%

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

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Amount

rounds

to

less

than

$0.01

per

share.

e

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Does

not

include

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

The

weighted

average

indirect

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

was

0.21%

for

the

period

ended

June

30,

2025. The

weighted

average

indirect

expenses

is

calculated

based

on

the

Form

N1-A

method

which

may

not

correlate

to

the

underlying

fund

fee

waiver

on

the

Statement

of

Operations.

h

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2050

#### Retirement

#### Target

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$14.98

$13.30

$11.37

$14.40

$15.61

$13.91

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.01 0.09 0.13 0.04 0.10 0.07 Net

realized

and

unrealized

gains

(losses)

1.35 1.86 1.94 (2.66)

2.49 2.00 Total

from

investment

operations

........

1.36 1.95 2.07 (2.62)

2.59 2.07 Less

distributions

from:

Net

investment

income

..............

(—)

d

(0.23)

(0.10)

(0.01)

(0.32)

(0.14)

Net

realized

gains

.................

(0.62)

(0.04)

(0.04)

(0.40)

(3.48)

(0.23)

Total

distributions

...................

(0.62)

(0.27)

(0.14)

(0.41)

(3.80)

(0.37)

Net

asset

value,

end

of

period

..........

$15.72

$14.98

$13.30

$11.37

$14.40

$15.61

Total

return

e

.......................

9.20%

14.70%

18.38%

(18.13)%

16.66%

15.35%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

g

..........................

1.72%

1.81%

1.91%

2.06%

2.02%

2.03%

Expenses

net

of

waiver

and

payments

by

affiliates

g

..........................

1.24%

1.27%

1.25%

1.24%

h

1.20%

1.17%

h

Net

investment

income

c

...............

0.10%

0.64%

1.10%

0.36%

0.57%

0.48%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$9,078

$8,609

$7,947

$6,564

$8,038

$7,014

Portfolio

turnover

rate

................

11.91%

25.21%

27.46%

43.95%

85.61%

35.30%

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

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Amount

rounds

to

less

than

$0.01

per

share.

e

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Does

not

include

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

The

weighted

average

indirect

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

was

0.21%

for

the

period

ended

June

30,

2025. The

weighted

average

indirect

expenses

is

calculated

based

on

the

Form

N1-A

method

which

may

not

correlate

to

the

underlying

fund

fee

waiver

on

the

Statement

of

Operations.

h

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2050

#### Retirement

#### Target

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$15.28

$13.54

$11.57

$14.61

$15.76

$14.01

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.05 0.17 0.20 0.10 0.17 0.13 Net

realized

and

unrealized

gains

(losses)

1.38 1.90 1.97 (2.68)

2.54 2.03 Total

from

investment

operations

........

1.43 2.07 2.17 (2.58)

2.71 2.16 Less

distributions

from:

Net

investment

income

..............

(—)

d

(0.29)

(0.16)

(0.06)

(0.38)

(0.18)

Net

realized

gains

.................

(0.62)

(0.04)

(0.04)

(0.40)

(3.48)

(0.23)

Total

distributions

...................

(0.62)

(0.33)

(0.20)

(0.46)

(3.86)

(0.41)

Net

asset

value,

end

of

period

..........

$16.09

$15.28

$13.54

$11.57

$14.61

$15.76

Total

return

e

.......................

9.48%

15.29%

18.96%

(17.64)%

17.23%

15.92%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

g

..........................

1.22%

1.31%

1.41%

1.56%

1.51%

1.53%

Expenses

net

of

waiver

and

payments

by

affiliates

g

..........................

0.74%

0.77%

0.75%

0.74%

h

0.70%

0.67%

h

Net

investment

income

c

...............

0.60%

1.17%

1.60%

0.84%

0.97%

0.91%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$2,361

$2,261

$1,868

$1,608

$1,857

$2,468

Portfolio

turnover

rate

................

11.91%

25.21%

27.46%

43.95%

85.61%

35.30%

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

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Amount

rounds

to

less

than

$0.01

per

share.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Does

not

include

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

The

weighted

average

indirect

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

was

0.21%

for

the

period

ended

June

30,

2025. The

weighted

average

indirect

expenses

is

calculated

based

on

the

Form

N1-A

method

which

may

not

correlate

to

the

underlying

fund

fee

waiver

on

the

Statement

of

Operations.

h

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2050

#### Retirement

#### Target

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$15.41

$13.65

$11.66

$14.72

$15.87

$14.10

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.09 0.31 0.34 0.20 0.14 0.21 Net

realized

and

unrealized

gains

(losses)

1.40 1.86 1.92 (2.76)

2.68 2.05 Total

from

investment

operations

........

1.49 2.17 2.26 (2.56)

2.82 2.26 Less

distributions

from:

Net

investment

income

..............

(—)

d

(0.37)

(0.23)

(0.12)

(0.49)

(0.26)

Net

realized

gains

.................

(0.62)

(0.04)

(0.04)

(0.40)

(3.48)

(0.23)

Total

distributions

...................

(0.62)

(0.41)

(0.27)

(0.52)

(3.97)

(0.49)

Capital

contributions

.................

—

—

—

0.02 —

—

Net

asset

value,

end

of

period

..........

$16.28

$15.41

$13.65

$11.66

$14.72

$15.87

Total

return

e

.......................

9.79%

15.92%

19.60%

(17.18)%

f

17.84%

16.59%

#### Ratios

#### to

#### average

#### net

#### assets

#### g
Expenses

before

waiver

and

payments

by

affiliates

h

..........................

0.95%

0.92%

0.78%

0.43%

0.51%

0.59%

Expenses

net

of

waiver

and

payments

by

affiliates

h

..........................

0.19%

0.21%

0.21%

0.19%

i

0.14%

0.12%

i

Net

investment

income

c

...............

1.15%

2.05%

2.69%

1.66%

0.85%

1.54%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$252

$222

$91

$5

$2

$22,839

Portfolio

turnover

rate

................

11.91%

25.21%

27.46%

43.95%

85.61%

35.30%

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

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Amount

rounds

to

less

than

$0.01

per

share.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Includes

the

effect

of

a

capital

contribution.

Absent

the

capital

contribution,

the

total

return

would

have

been

(17.32)%.

g

Ratios

are

annualized

for

periods

less

than

one

year.

h

Does

not

include

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

The

weighted

average

indirect

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

was

0.21%

for

the

period

ended

June

30,

2025. The

weighted

average

indirect

expenses

is

calculated

based

on

the

Form

N1-A

method

which

may

not

correlate

to

the

underlying

fund

fee

waiver

on

the

Statement

of

Operations.

i

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2050

#### Retirement

#### Target

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$15.40

$13.64

$11.65

$14.72

$15.87

$14.10

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.08 0.25 0.27 0.17 0.28 0.20 Net

realized

and

unrealized

gains

(losses)

1.40 1.91 1.98 (2.73)

2.53 2.05 Total

from

investment

operations

........

1.48 2.16 2.25 (2.56)

2.81 2.25 Less

distributions

from:

Net

investment

income

..............

(—)

d

(0.36)

(0.22)

(0.11)

(0.48)

(0.25)

Net

realized

gains

.................

(0.62)

(0.04)

(0.04)

(0.40)

(3.48)

(0.23)

Total

distributions

...................

(0.62)

(0.40)

(0.26)

(0.51)

(3.96)

(0.48)

Net

asset

value,

end

of

period

..........

$16.26

$15.40

$13.64

$11.65

$14.72

$15.87

Total

return

e

.......................

9.73%

15.87%

19.56%

(17.30)%

17.77%

16.54%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

g

..........................

0.72%

0.81%

0.91%

1.06%

1.03%

1.03%

Expenses

net

of

waiver

and

payments

by

affiliates

g

..........................

0.24%

0.27%

0.25%

0.25%

h

0.20%

0.18%

h

Net

investment

income

c

...............

1.07%

1.68%

2.16%

1.41%

1.62%

1.45%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$1,365

$1,655

$1,330

$978

$942

$720

Portfolio

turnover

rate

................

11.91%

25.21%

27.46%

43.95%

85.61%

35.30%

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

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Amount

rounds

to

less

than

$0.01

per

share.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Does

not

include

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

The

weighted

average

indirect

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

was

0.21%

for

the

period

ended

June

30,

2025. The

weighted

average

indirect

expenses

is

calculated

based

on

the

Form

N1-A

method

which

may

not

correlate

to

the

underlying

fund

fee

waiver

on

the

Statement

of

Operations.

h

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited),

June

30,

2025

#### Franklin

#### LifeSmart™

#### 2050

#### Retirement

#### Target

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

See

Abbreviations

on

.

a

a

#### Shares
a

#### Value
a

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### 98.0%

#### Alternative

#### Strategies

#### 0.9%
a

Franklin

Systematic

Style

Premia

ETF

....................................

24,238

$

584,136

#### Domestic

#### Equity

#### 60.1%
a

Franklin

Growth

Fund

,

Class

R6

........................................

55,210

7,970,118

a

Franklin

U.S.

Core

Equity

(IU)

Fund

.....................................

772,422

13,911,312

a

Franklin

U.S.

Equity

Index

ETF

.........................................

110,055

5,983,052

a

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

.............................

68,737

4,341,429

a

Putnam

Large

Cap

Value

Fund

,

Class

R6

.................................

127,472

4,692,240

36,898,151

#### Domestic

#### Fixed

#### Income

#### 4.0%
a

Franklin

U.S.

Core

Bond

ETF

..........................................

114,084

2,455,088

#### Foreign

#### Equity

#### 33.0%
a

ClearBridge

International

Growth

Fund

,

Class

IS

............................

19,228

1,455,592

a

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

............................

291,174

3,432,946

a

Franklin

International

Core

Equity

(IU)

Fund

...............................

688,587

9,557,583

iShares

Core

MSCI

EAFE

ETF

.........................................

16,057

1,340,438

a

Templeton

Developing

Markets

Trust

,

Class

R6

.............................

100,273

2,256,136

a

Templeton

Foreign

Fund

,

Class

R6

......................................

247,341

2,166,704

20,209,399

#### Total

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### (Cost

#### $

#### 43,258,371

####)
................................................................

#### 60,146,774
a

#### a
a

a

#### Short

#### Term

#### Investments

#### 2.1%
a

#### Money

#### Market

#### Funds

#### 2.1%
a,b

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.332 %

..................

1,317,151

1,317,151

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 1,317,151

####)
...................................

#### 1,317,151

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 1,317,151

####)
.................................

#### 1,317,151

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 44,575,522

####)
100.1 #### %
...................................

#### $61,463,925

#### Other

#### Assets,

#### less

#### Liabilities

#### (0.1 ####)

#### %
...........................................

#### (91,516)

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $61,372,409
a

See

Note

3(f)

regarding

investments

in

FT

Underlying

Funds.

b

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2055

#### Retirement

#### Target

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$13.81

$12.23

$10.48

$13.21

$13.41

$11.86

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.06 0.19 0.21 0.13 0.20 0.15 Net

realized

and

unrealized

gains

(losses)

1.27 1.73 1.79 (2.46)

2.12 1.69 Total

from

investment

operations

........

1.33 1.92 2.00 (2.33)

2.32 1.84 Less

distributions

from:

Net

investment

income

..............

(—)

d

(0.29)

(0.17)

(0.07)

(0.40)

(0.19)

Net

realized

gains

.................

(0.55)

(0.05)

(0.08)

(0.33)

(2.12)

(0.10)

Total

distributions

...................

(0.55)

(0.34)

(0.25)

(0.40)

(2.52)

(0.29)

Net

asset

value,

end

of

period

..........

$14.59

$13.81

$12.23

$10.48

$13.21

$13.41

Total

return

e

.......................

9.74%

15.73%

19.32%

(17.54)%

17.34%

15.95%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

g

..........................

1.15%

1.23%

1.43%

1.65%

1.79%

2.03%

Expenses

net

of

waiver

and

payments

by

affiliates

g

..........................

0.49%

0.52%

0.50%

h

0.49%

h

0.46%

h

0.43%

h

Net

investment

income

c

...............

0.82%

1.40%

1.90%

1.16%

1.38%

1.27%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$35,147

$30,422

$24,201

$17,210

$17,727

$12,408

Portfolio

turnover

rate

................

12.73%

27.08%

29.62%

28.43%

87.74%

32.75%

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

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Amount

rounds

to

less

than

$0.01

per

share.

e

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Does

not

include

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

The

weighted

average

indirect

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

was

0.21%

for

the

period

ended

June

30,

2025. The

weighted

average

indirect

expenses

is

calculated

based

on

the

Form

N1-A

method

which

may

not

correlate

to

the

underlying

fund

fee

waiver

on

the

Statement

of

Operations.

h

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2055

#### Retirement

#### Target

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$13.43

$11.92

$10.22

$12.92

$13.18

$11.69

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

—

d

0.08 0.12 0.05 0.09 0.06 Net

realized

and

unrealized

gains

(losses)

1.24 1.69 1.75 (2.41)

2.08 1.66 Total

from

investment

operations

........

1.24 1.77 1.87 (2.36)

2.17 1.72 Less

distributions

from:

Net

investment

income

..............

(—)

d

(0.21)

(0.09)

(0.01)

(0.31)

(0.13)

Net

realized

gains

.................

(0.55)

(0.05)

(0.08)

(0.33)

(2.12)

(0.10)

Total

distributions

...................

(0.55)

(0.26)

(0.17)

(0.34)

(2.43)

(0.23)

Net

asset

value,

end

of

period

..........

$14.12

$13.43

$11.92

$10.22

$12.92

$13.18

Total

return

e

.......................

9.34%

14.86%

18.48%

(18.19)%

16.49%

15.07%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

g

..........................

1.90%

1.98%

2.19%

2.40%

2.54%

2.78%

Expenses

net

of

waiver

and

payments

by

affiliates

g

..........................

1.24%

1.27%

1.25%

h

1.24%

h

1.21%

h

1.18%

h

Net

investment

income

c

...............

0.07%

0.62%

1.12%

0.42%

0.60%

0.51%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$8,446

$7,828

$7,243

$5,880

$6,236

$5,083

Portfolio

turnover

rate

................

12.73%

27.08%

29.62%

28.43%

87.74%

32.75%

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

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Amount

rounds

to

less

than

$0.01

per

share.

e

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Does

not

include

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

The

weighted

average

indirect

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

was

0.21%

for

the

period

ended

June

30,

2025. The

weighted

average

indirect

expenses

is

calculated

based

on

the

Form

N1-A

method

which

may

not

correlate

to

the

underlying

fund

fee

waiver

on

the

Statement

of

Operations.

h

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2055

#### Retirement

#### Target

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$13.73

$12.16

$10.42

$13.15

$13.36

$11.82

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.04 0.16 0.18 0.10 0.17 0.11 Net

realized

and

unrealized

gains

(losses)

1.26 1.72 1.79 (2.45)

2.10 1.69 Total

from

investment

operations

........

1.30 1.88 1.97 (2.35)

2.27 1.80 Less

distributions

from:

Net

investment

income

..............

(—)

d

(0.26)

(0.15)

(0.05)

(0.36)

(0.16)

Net

realized

gains

.................

(0.55)

(0.05)

(0.08)

(0.33)

(2.12)

(0.10)

Total

distributions

...................

(0.55)

(0.31)

(0.23)

(0.38)

(2.48)

(0.26)

Net

asset

value,

end

of

period

..........

$14.48

$13.73

$12.16

$10.42

$13.15

$13.36

Total

return

e

.......................

9.58%

15.47%

19.07%

(17.79)%

17.07%

15.61%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

g

..........................

1.40%

1.47%

1.68%

1.89%

2.04%

2.29%

Expenses

net

of

waiver

and

payments

by

affiliates

g

..........................

0.74%

0.77%

0.75%

h

0.74%

h

0.71%

h

0.67%

h

Net

investment

income

c

...............

0.57%

1.17%

1.64%

0.94%

1.16%

0.95%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$1,967

$1,684

$1,321

$996

$936

$580

Portfolio

turnover

rate

................

12.73%

27.08%

29.62%

28.43%

87.74%

32.75%

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

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Amount

rounds

to

less

than

$0.01

per

share.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Does

not

include

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

The

weighted

average

indirect

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

was

0.21%

for

the

period

ended

June

30,

2025. The

weighted

average

indirect

expenses

is

calculated

based

on

the

Form

N1-A

method

which

may

not

correlate

to

the

underlying

fund

fee

waiver

on

the

Statement

of

Operations.

h

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2055

#### Retirement

#### Target

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$14.12

$12.49

$10.69

$13.24

$13.43

$11.87

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.08 0.27 0.31 0.15 0.13 0.18 Net

realized

and

unrealized

gains

(losses)

1.30 1.74 1.77 (2.44)

2.24 1.70 Total

from

investment

operations

........

1.38 2.01 2.08 (2.29)

2.37 1.88 Less

distributions

from:

Net

investment

income

..............

(—)

d

(0.33)

(0.20)

(0.09)

(0.44)

(0.22)

Net

realized

gains

.................

(0.55)

(0.05)

(0.08)

(0.33)

(2.12)

(0.10)

Total

distributions

...................

(0.55)

(0.38)

(0.28)

(0.42)

(2.56)

(0.32)

Capital

contributions

.................

—

—

—

0.16 —

—

Net

asset

value,

end

of

period

..........

$14.95

$14.12

$12.49

$10.69

$13.24

$13.43

Total

return

e

.......................

9.88%

16.13%

19.74%

(15.90)%

f

17.72%

16.34%

#### Ratios

#### to

#### average

#### net

#### assets

#### g
Expenses

before

waiver

and

payments

by

affiliates

g

..........................

1.30%

1.90%

2.37%

0.59%

0.67%

0.87%

Expenses

net

of

waiver

and

payments

by

affiliates

g

..........................

0.19%

0.22%

0.20%

i

0.15%

i

0.12%

i

0.13%

i

Net

investment

income

c

...............

1.15%

1.96%

2.64%

1.29%

0.87%

1.57%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$110

$76

$27

$4

$8

$12,017

Portfolio

turnover

rate

................

12.73%

27.08%

29.62%

28.43%

87.74%

32.75%

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

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Amount

rounds

to

less

than

$0.01

per

share.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Includes

the

effect

of

a

capital

contribution.

Absent

the

capital

contribution,

the

total

return

would

have

been

(17.14)%.

g

Ratios

are

annualized

for

periods

less

than

one

year.

h

Does

not

include

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

The

weighted

average

indirect

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

was

0.21%

for

the

period

ended

June

30,

2025. The

weighted

average

indirect

expenses

is

calculated

based

on

the

Form

N1-A

method

which

may

not

correlate

to

the

underlying

fund

fee

waiver

on

the

Statement

of

Operations.

i

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2055

#### Retirement

#### Target

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$13.84

$12.25

$10.50

$13.22

$13.42

$11.87

Income

from

investment

operations

a

:

Net

investment

income

b,c

............

0.08 0.23 0.23 0.16 0.24 0.21 Net

realized

and

unrealized

gains

(losses)

1.27 1.73 1.80 (2.46)

2.11 1.66 Total

from

investment

operations

........

1.35 1.96 2.03 (2.30)

2.35 1.87 Less

distributions

from:

Net

investment

income

..............

(—)

d

(0.32)

(0.20)

(0.09)

(0.43)

(0.22)

Net

realized

gains

.................

(0.55)

(0.05)

(0.08)

(0.33)

(2.12)

(0.10)

Total

distributions

...................

(0.55)

(0.37)

(0.28)

(0.42)

(2.55)

(0.32)

Net

asset

value,

end

of

period

..........

$14.64

$13.84

$12.25

$10.50

$13.22

$13.42

Total

return

e

.......................

9.87%

16.07%

19.56%

(17.30)%

17.60%

16.19%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

g

..........................

0.90%

0.98%

1.21%

1.39%

1.54%

1.77%

Expenses

net

of

waiver

and

payments

by

affiliates

g

..........................

0.24%

0.27%

0.25%

h

0.24%

h

0.21%

h

0.19%

h

Net

investment

income

c

...............

1.09%

1.68%

2.05%

1.43%

1.61%

1.74%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$887

$809

$579

$519

$505

$378

Portfolio

turnover

rate

................

12.73%

27.08%

29.62%

28.43%

87.74%

32.75%

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

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

d

Amount

rounds

to

less

than

$0.01

per

share.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Does

not

include

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

The

weighted

average

indirect

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

was

0.21%

for

the

period

ended

June

30,

2025. The

weighted

average

indirect

expenses

is

calculated

based

on

the

Form

N1-A

method

which

may

not

correlate

to

the

underlying

fund

fee

waiver

on

the

Statement

of

Operations.

h

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited),

June

30,

2025

#### Franklin

#### LifeSmart™

#### 2055

#### Retirement

#### Target

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Shares
a

#### Value
a

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### 97.9%

#### Alternative

#### Strategies

#### 0.9%
a

Franklin

Systematic

Style

Premia

ETF

....................................

18,138

$

437,126

#### Domestic

#### Equity

#### 61.4%
a

Franklin

Growth

Fund

,

Class

R6

........................................

42,764

6,173,344

a

Franklin

U.S.

Core

Equity

(IU)

Fund

.....................................

598,289

10,775,184

a

Franklin

U.S.

Equity

Index

ETF

.........................................

85,250

4,634,548

a

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

.............................

53,249

3,363,207

a

Putnam

Large

Cap

Value

Fund

,

Class

R6

.................................

98,735

3,634,439

28,580,722

#### Domestic

#### Fixed

#### Income

#### 2.0%
a

Franklin

U.S.

Core

Bond

ETF

..........................................

43,246

930,654

#### Foreign

#### Equity

#### 33.6%
a

ClearBridge

International

Growth

Fund

,

Class

IS

............................

14,885

1,126,792

a

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

............................

225,496

2,658,600

a

Franklin

International

Core

Equity

(IU)

Fund

...............................

533,044

7,398,655

iShares

Core

MSCI

EAFE

ETF

.........................................

12,430

1,037,656

a

Templeton

Developing

Markets

Trust

,

Class

R6

.............................

77,655

1,747,235

a

Templeton

Foreign

Fund

,

Class

R6

......................................

191,470

1,677,276

15,646,214

#### Total

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### (Cost

#### $

#### 33,394,461

####)
................................................................

#### 45,594,716
a

#### a
a

a

#### Short

#### Term

#### Investments

#### 2.1%
a

#### Money

#### Market

#### Funds

#### 2.1%
a,b

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.332 %

..................

998,426

998,426

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 998,426

####)
.....................................

#### 998,426

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 998,426

####)
..................................

#### 998,426

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 34,392,887

####)
100.0 #### %
...................................

#### $46,593,142

#### Other

#### Assets,

#### less

#### Liabilities

#### (0.0)

#### %

#### †
...........................................

#### (36,463)

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $46,556,679
See

Abbreviations

on

.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

See

Note

3(f)

regarding

investments

in

FT

Underlying

Funds.

b

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2060

#### Retirement

#### Target

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### Year

#### Ended

#### December

#### 31,

#### 2021

#### a

#### 2024

#### 2023

#### 2022

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.................

$11.88

$10.48

$9.00

$11.26

$10.00

Income

from

investment

operations

b

:

Net

investment

income

c,d

........................

0.05 0.17 0.19 0.14 0.27 Net

realized

and

unrealized

gains

(losses)

...........

1.09 1.48 1.49 (2.15)

1.58 Total

from

investment

operations

....................

1.14 1.65 1.68 (2.01)

1.85 Less

distributions

from:

Net

investment

income

..........................

(—)

e

(0.22)

(0.17)

(0.07)

(0.32)

Net

realized

gains

.............................

(0.39)

(0.03)

(0.03)

(0.18)

(0.27)

Total

distributions

...............................

(0.39)

(0.25)

(0.20)

(0.25)

(0.59)

Net

asset

value,

end

of

period

......................

$12.63

$11.88

$10.48

$9.00

$11.26

Total

return

f

....................................

9.64%

15.71%

18.80%

(17.81)%

18.52%

#### Ratios

#### to

#### average

#### net

#### assets

#### g
Expenses

before

waiver

and

payments

by

affiliates

h

.....

2.65%

2.63%

4.63%

7.64%

13.83%

Expenses

net

of

waiver

and

payments

by

affiliates

h

......

0.49%

0.52%

0.51%

i

0.44%

i

0.21%

Net

investment

income

d

...........................

0.84%

1.49%

1.93%

1.47%

2.34%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

....................

$7,638

$5,929

$3,364

$1,631

$325

Portfolio

turnover

rate

............................

12.00%

27.48%

31.87%

34.77%

77.89%

a

For

the

period

January

29,

2021

(commencement

of

operations)

to

December

31,

2021. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Amount

rounds

to

less

than

$0.01

per

share.

f

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

g

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

h

Does

not

include

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

The

weighted

average

indirect

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

was

0.21%

for

the

period

ended

June

30,

2025. The

weighted

average

indirect

expenses

is

calculated

based

on

the

Form

N1-A

method

which

may

not

correlate

to

the

underlying

fund

fee

waiver

on

the

Statement

of

Operations.

i

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2060

#### Retirement

#### Target

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### Year

#### Ended

#### December

#### 31,

#### 2021

#### a

#### 2024

#### 2023

#### 2022

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.................

$11.82

$10.45

$8.99

$11.25

$10.00

Income

from

investment

operations

b

:

Net

investment

income

c,d

........................

0.01 0.08 0.13 0.07 0.28 Net

realized

and

unrealized

gains

(losses)

...........

1.09 1.47 1.47 (2.13)

1.56 Total

from

investment

operations

....................

1.10 1.55 1.60 (2.06)

1.84 Less

distributions

from:

Net

investment

income

..........................

(—)

e

(0.15)

(0.11)

(0.02)

(0.32)

Net

realized

gains

.............................

(0.39)

(0.03)

(0.03)

(0.18)

(0.27)

Total

distributions

...............................

(0.39)

(0.18)

(0.14)

(0.20)

(0.59)

Net

asset

value,

end

of

period

......................

$12.53

$11.82

$10.45

$8.99

$11.25

Total

return

f

....................................

9.35%

14.79%

17.90%

(18.23)%

18.43%

#### Ratios

#### to

#### average

#### net

#### assets

#### g
Expenses

before

waiver

and

payments

by

affiliates

h

.....

3.40%

3.39%

5.05%

8.76%

14.00%

Expenses

net

of

waiver

and

payments

by

affiliates

h

......

1.24%

1.27%

1.27%

i

1.10%

i

0.21%

Net

investment

income

d

...........................

0.10%

0.73%

1.32%

0.80%

2.49%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

....................

$967

$767

$475

$176

$68

Portfolio

turnover

rate

............................

12.00%

27.48%

31.87%

34.77%

77.89%

a

For

the

period

January

29,

2021

(commencement

of

operations)

to

December

31,

2021. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Amount

rounds

to

less

than

$0.01

per

share.

f

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

g

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

h

Does

not

include

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

The

weighted

average

indirect

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

was

0.21%

for

the

period

ended

June

30,

2025. The

weighted

average

indirect

expenses

is

calculated

based

on

the

Form

N1-A

method

which

may

not

correlate

to

the

underlying

fund

fee

waiver

on

the

Statement

of

Operations.

i

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2060

#### Retirement

#### Target

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### Year

#### Ended

#### December

#### 31,

#### 2021

#### a

#### 2024

#### 2023

#### 2022

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.................

$11.86

$10.48

$9.00

$11.25

$10.00

Income

from

investment

operations

b

:

Net

investment

income

c,d

........................

0.04 0.17 0.16 0.09 0.23 Net

realized

and

unrealized

gains

(losses)

...........

1.09 1.43 1.49 (2.11)

1.61 Total

from

investment

operations

....................

1.13 1.60 1.65 (2.02)

1.84 Less

distributions

from:

Net

investment

income

..........................

(—)

e

(0.19)

(0.14)

(0.05)

(0.32)

Net

realized

gains

.............................

(0.39)

(0.03)

(0.03)

(0.18)

(0.27)

Total

distributions

...............................

(0.39)

(0.22)

(0.17)

(0.23)

(0.59)

Net

asset

value,

end

of

period

......................

$12.60

$11.86

$10.48

$9.00

$11.25

Total

return

f

....................................

9.57%

15.29%

18.54%

(17.91)%

18.42%

#### Ratios

#### to

#### average

#### net

#### assets

#### g
Expenses

before

waiver

and

payments

by

affiliates

h

.....

2.90%

2.67%

4.79%

7.79%

12.86%

Expenses

net

of

waiver

and

payments

by

affiliates

h

......

0.74%

0.77%

0.76%

i

0.61%

i

0.21%

Net

investment

income

d

...........................

0.59%

1.45%

1.68%

1.00%

2.02%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

....................

$166

$121

$54

$32

$37

Portfolio

turnover

rate

............................

12.00%

27.48%

31.87%

34.77%

77.89%

a

For

the

period

January

29,

2021

(commencement

of

operations)

to

December

31,

2021. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Amount

rounds

to

less

than

$0.01

per

share.

f

Total

return

is

not

annualized

for

periods

less

than

one

year.

g

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

h

Does

not

include

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

The

weighted

average

indirect

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

was

0.21%

for

the

period

ended

June

30,

2025. The

weighted

average

indirect

expenses

is

calculated

based

on

the

Form

N1-A

method

which

may

not

correlate

to

the

underlying

fund

fee

waiver

on

the

Statement

of

Operations.

i

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2060

#### Retirement

#### Target

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### Year

#### Ended

#### December

#### 31,

#### 2021

#### a

#### 2024

#### 2023

#### 2022

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.................

$11.91

$10.50

$9.02

$11.26

$10.00

Income

from

investment

operations

b

:

Net

investment

income

c,d

........................

0.07 0.20 0.20 0.13 0.16 Net

realized

and

unrealized

gains

(losses)

...........

1.09 1.49 1.50 (2.13)

1.69 Total

from

investment

operations

....................

1.16 1.69 1.70 (2.00)

1.85 Less

distributions

from:

Net

investment

income

..........................

(—)

e

(0.25)

(0.19)

(0.08)

(0.32)

Net

realized

gains

.............................

(0.39)

(0.03)

(0.03)

(0.18)

(0.27)

Total

distributions

...............................

(0.39)

(0.28)

(0.22)

(0.26)

(0.59)

Capital

contributions

.............................

—

—

—

0.02 —

Net

asset

value,

end

of

period

......................

$12.68

$11.91

$10.50

$9.02

$11.26

Total

return

f

....................................

9.78%

16.08%

19.08%

(17.45)%

g

18.56%

#### Ratios

#### to

#### average

#### net

#### assets

#### h
Expenses

before

waiver

and

payments

by

affiliates

i

......

2.77%

2.52%

4.35%

6.87%

13.90%

Expenses

net

of

waiver

and

payments

by

affiliates

i

......

0.19%

0.22%

0.21%

0.20%

j

0.15%

Net

investment

income

d

...........................

1.19%

1.75%

2.10%

1.39%

1.38%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

....................

$26

$16

$11

$9

$11

Portfolio

turnover

rate

............................

12.00%

27.48%

31.87%

34.77%

77.89%

a

For

the

period

January

29,

2021

(commencement

of

operations)

to

December

31,

2021. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Amount

rounds

to

less

than

$0.01

per

share.

f

Total

return

is

not

annualized

for

periods

less

than

one

year.

g

Includes

the

effect

of

a

capital

contribution.

Absent

the

capital

contribution,

the

total

return

would

have

been

(17.62)%.

h

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

i

Does

not

include

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

The

weighted

average

indirect

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

was

0.21%

for

the

period

ended

June

30,

2025. The

weighted

average

indirect

expenses

is

calculated

based

on

the

Form

N1-A

method

which

may

not

correlate

to

the

underlying

fund

fee

waiver

on

the

Statement

of

Operations.

j

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Financial

Highlights

#### Franklin

#### LifeSmart™

#### 2060

#### Retirement

#### Target

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### Year

#### Ended

#### December

#### 31,

#### 2021

#### a

#### 2024

#### 2023

#### 2022

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.................

$11.88

$10.48

$9.00

$11.25

$10.00

Income

from

investment

operations

b

:

Net

investment

income

c,d

........................

0.06 0.19 0.20 0.13 0.20 Net

realized

and

unrealized

gains

(losses)

...........

1.10 1.48 1.50 (2.12)

1.64 Total

from

investment

operations

....................

1.16 1.67 1.70 (1.99)

1.84 Less

distributions

from:

Net

investment

income

..........................

(—)

e

(0.24)

(0.19)

(0.08)

(0.32)

Net

realized

gains

.............................

(0.39)

(0.03)

(0.03)

(0.18)

(0.27)

Total

distributions

...............................

(0.39)

(0.27)

(0.22)

(0.26)

(0.59)

Net

asset

value,

end

of

period

......................

$12.65

$11.88

$10.48

$9.00

$11.25

Total

return

f

....................................

9.80%

15.96%

19.07%

(17.59)%

18.41%

#### Ratios

#### to

#### average

#### net

#### assets

#### g
Expenses

before

waiver

and

payments

by

affiliates

h

.....

2.40%

2.50%

4.51%

7.40%

14.59%

Expenses

net

of

waiver

and

payments

by

affiliates

h

......

0.24%

0.27%

0.25%

i

0.25%

i

0.20%

Net

investment

income

d

...........................

1.06%

1.63%

2.06%

1.35%

1.75%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

....................

$1,365

$1,239

$1,054

$888

$1,096

Portfolio

turnover

rate

............................

12.00%

27.48%

31.87%

34.77%

77.89%

a

For

the

period

January

29,

2021

(commencement

of

operations)

to

December

31,

2021. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

declaration

of

dividends

by

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

e

Amount

rounds

to

less

than

$0.01

per

share.

f

Total

return

is

not

annualized

for

periods

less

than

one

year.

g

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

h

Does

not

include

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

in

which

the

Fund

invests.

The

weighted

average

indirect

expenses

of

the

Underlying

Funds

and

exchange

traded

funds

was

0.21%

for

the

period

ended

June

30,

2025. The

weighted

average

indirect

expenses

is

calculated

based

on

the

Form

N1-A

method

which

may

not

correlate

to

the

underlying

fund

fee

waiver

on

the

Statement

of

Operations.

i

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited),

June

30,

2025

#### Franklin

#### LifeSmart™

#### 2060

#### Retirement

#### Target

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Shares
a

#### Value
a

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### 97.7%

#### Alternative

#### Strategies

#### 0.9%
a

Franklin

Systematic

Style

Premia

ETF

....................................

3,944

$

95,050

#### Domestic

#### Equity

#### 61.2%
a

Franklin

Growth

Fund

,

Class

R6

........................................

9,316

1,344,873

a

Franklin

U.S.

Core

Equity

(IU)

Fund

.....................................

130,338

2,347,383

a

Franklin

U.S.

Equity

Index

ETF

.........................................

18,550

1,008,456

a

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

.............................

11,580

731,393

a

Putnam

Large

Cap

Value

Fund

,

Class

R6

.................................

21,510

791,772

6,223,877

#### Domestic

#### Fixed

#### Income

#### 2.0%
a

Franklin

U.S.

Core

Bond

ETF

..........................................

9,400

202,288

#### Foreign

#### Equity

#### 33.6%
a

ClearBridge

International

Growth

Fund

,

Class

IS

............................

3,243

245,475

a

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

............................

49,125

579,187

a

Franklin

International

Core

Equity

(IU)

Fund

...............................

116,126

1,611,826

iShares

Core

MSCI

EAFE

ETF

.........................................

2,714

226,565

a

Templeton

Developing

Markets

Trust

,

Class

R6

.............................

16,918

380,646

a

Templeton

Foreign

Fund

,

Class

R6

......................................

41,713

365,405

3,409,104

#### Total

#### Investments

#### In

#### Underlying

#### Funds

#### and

#### Exchange

#### Traded

#### Funds

#### (Cost

#### $

#### 8,246,631

####)
.................................................................

#### 9,930,319
a

#### a
a

a

#### Short

#### Term

#### Investments

#### 2.4%
a

#### Money

#### Market

#### Funds

#### 2.4%
a,b

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.332 %

..................

248,659

248,659

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 248,659

####)
.....................................

#### 248,659

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 248,659

####)
..................................

#### 248,659

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 8,495,290

####)
100.1 #### %
....................................

#### $10,178,978

#### Other

#### Assets,

#### less

#### Liabilities

#### (0.1 ####)

#### %
...........................................

#### (17,149)

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $10,161,829
See

Abbreviations

on

.

a

See

Note

3(f)

regarding

investments

in

FT

Underlying

Funds.

b

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Fund

Allocator

Series

Financial

Statements

Statements

of

Assets

and

Liabilities

June

30,

2025

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Franklin

#### LifeSmart™

#### Retirement

#### Income

#### Fund

#### Franklin

#### LifeSmart™

#### 2020

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2025

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2030

#### Retirement

#### Target

#### Fund
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

................

$8,180,410

$199,917

$999,740

$814,612

Cost

-

Non-controlled

affiliates

(Note

f)

.....

36,428,640

21,525,288

87,204,673

61,121,591

Value

-

Unaffiliated

issuers

...............

$9,119,126

$257,035

$1,345,447

$1,117,129

Value

-

Non-controlled

affiliates

(Note

f)

.....

36,472,951

25,053,264

107,714,343

76,549,501

Cash

.................................

—

Receivables:

Investment

securities

sold

................

—

207,031

1,079,012

661,194

Capital

shares

sold

.....................

17,516

18,370

68,762

98,476

Dividends

and

interest

..................

1,642

2,847

14,841

12,233

Affiliates

.............................

14,142

9,133

5,959

Other

assets

...........................

24,937

21,595

—

23,167

Total

assets

.......................

45,650,314

25,569,313

110,222,780

78,467,800

Liabilities:

Payables:

Investment

securities

purchased

...........

—

191,851

711,314

642,194

Capital

shares

redeemed

................

35,327

21,377

66,592

64,882

Distribution

fees

.......................

10,792

6,299

28,733

22,009

Transfer

agent

fees

.....................

13,666

9,827

41,036

30,534

Reports

to

shareholders

fees

.............

8,791

6,056

—

8,002

Professional

fees

......................

23,058

17,757

—

17,566

Trustees'

fees

and

expenses

..............

Accrued

expenses

and

other

liabilities

........

—

—

1,977

—

Total

liabilities

......................

91,780

253,319

849,859

785,330

Net

assets,

at

value

..............

$45,558,534

$25,315,994

$109,372,921

$77,682,470

Net

assets

consist

of:

Paid-in

capital

..........................

$48,776,892

$22,382,234

$90,079,316

$62,578,994

Total

distributable

earnings

(losses)

..........

(3,218,358)

2,933,760

19,293,605

15,103,476

Net

assets,

at

value

..............

$45,558,534

$25,315,994

$109,372,921

$77,682,470

Franklin

Fund

Allocator

Series

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

June

30,

2025

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### LifeSmart™

#### Retirement

#### Income

#### Fund

#### Franklin

#### LifeSmart™

#### 2020

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2025

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2030

#### Retirement

#### Target

#### Fund

#### Class

#### A:
Net

assets,

at

value

....................

$38,736,337

$22,462,309

$94,439,366

$61,766,381

Shares

outstanding

.....................

3,636,324

1,776,751

7,027,921

4,204,096

Net

asset

value

per

share

a

,b

...............

$10.65

$12.64

$13.44

$14.69

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

.50

%)

b

...............

$11.27

$13.38

$14.22

$15.54

#### Class

#### C:
Net

assets,

at

value

....................

$2,943,928

$2,054,563

$10,761,092

$10,908,678

Shares

outstanding

.....................

279,833

164,472

822,985

759,282

Net

asset

value

and

maximum

offering

price

per

share

a

,b

..............................

$10.52

$12.49

$13.08

$14.37

#### Class

#### R:
Net

assets,

at

value

....................

$1,332,755

$249,065

$1,722,137

$2,132,913

Shares

outstanding

.....................

125,575

19,714

128,894

145,824

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$10.61

$12.63

$13.36

$14.63

#### Class

#### R6:
Net

assets,

at

value

....................

$105,292

$2,457

$27,316

$81,226

Shares

outstanding

.....................

9,832

2,020

5,442

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$10.71

$13.02

$13.52

$14.92

#### Advisor

#### Class:
Net

assets,

at

value

....................

$2,440,222

$547,600

$2,423,010

$2,793,272

Shares

outstanding

.....................

228,179

43,092

179,519

188,890

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$10.69

$12.71

$13.50

$14.79

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

b

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

Franklin

Fund

Allocator

Series

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

June

30,

2025

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Franklin

#### LifeSmart™

#### 2035

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2040

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2045

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2050

#### Retirement

#### Target

#### Fund
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

................

$1,799,116

$956,883

$1,770,526

$1,037,446

Cost

-

Non-controlled

affiliates

(Note

f)

.....

111,585,084

51,036,773

77,659,851

43,538,076

Value

-

Unaffiliated

issuers

...............

$2,452,142

$1,259,212

$2,283,345

$1,340,438

Value

-

Non-controlled

affiliates

(Note

f)

.....

146,681,369

67,496,038

109,639,975

60,123,487

Cash

.................................

Receivables:

Investment

securities

sold

................

1,253,400

554,184

718,971

374,552

Capital

shares

sold

.....................

600,357

61,150

134,661

146,806

Dividends

and

interest

..................

26,824

13,746

24,814

14,535

Affiliates

.............................

—

6,776

1,222

12,280

Other

assets

...........................

—

—

3,063

2,542

Total

assets

.......................

151,014,559

69,391,179

112,806,308

62,014,812

Liabilities:

Payables:

Investment

securities

purchased

...........

1,213,224

542,290

875,791

458,361

Capital

shares

redeemed

................

253,083

46,290

121,570

133,713

Management

&

Asset

allocation

fees

........

6,622

—

—

2,516

Distribution

fees

.......................

39,767

18,818

29,351

17,966

Transfer

agent

fees

.....................

57,745

26,851

42,186

29,732

Trustees'

fees

and

expenses

..............

Distributions

to

shareholders

..............

4,150

—

—

—

Accrued

expenses

and

other

liabilities

........

3,668

2,470

—

—

Total

liabilities

......................

1,578,426

636,838

1,069,032

642,403

Net

assets,

at

value

..............

$149,436,133

$68,754,341

$111,737,276

$61,372,409

Net

assets

consist

of:

Paid-in

capital

..........................

$114,476,930

$52,331,176

$79,532,187

$44,776,462

Total

distributable

earnings

(losses)

..........

34,959,203

16,423,165

32,205,089

16,595,947

Net

assets,

at

value

..............

$149,436,133

$68,754,341

$111,737,276

$61,372,409

Franklin

Fund

Allocator

Series

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

June

30,

2025

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### LifeSmart™

#### 2035

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2040

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2045

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2050

#### Retirement

#### Target

#### Fund

#### Class

#### A:
Net

assets,

at

value

....................

$121,489,370

$55,621,338

$94,691,285

$48,315,671

Shares

outstanding

.....................

8,018,426

3,653,630

5,817,870

3,005,330

Net

asset

value

per

share

a

,b

...............

$15.15

$15.22

$16.28

$16.08

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

.50

%)

b

...............

$16.03

$16.11

$17.23

$17.02

#### Class

#### C:
Net

assets,

at

value

....................

$15,983,680

$8,509,349

$11,965,040

$9,077,581

Shares

outstanding

.....................

1,098,727

576,175

772,909

577,396

Net

asset

value

and

maximum

offering

price

per

share

a

,b

..............................

$14.55

$14.77

$15.48

$15.72

#### Class

#### R:
Net

assets,

at

value

....................

$6,316,070

$2,023,082

$1,913,397

$2,361,270

Shares

outstanding

.....................

418,022

133,094

118,482

146,767

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$15.11

$15.20

$16.15

$16.09

#### Class

#### R6:
Net

assets,

at

value

....................

$264,350

$393,127

$930,376

$252,486

Shares

outstanding

.....................

17,202

25,528

54,377

15,514

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$15.37

$15.40

$17.11

$16.28

#### Advisor

#### Class:
Net

assets,

at

value

....................

$5,382,663

$2,207,445

$2,237,178

$1,365,401

Shares

outstanding

.....................

350,003

143,733

135,572

83,968

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$15.38

$15.36

$16.50

$16.26

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

b

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

Franklin

Fund

Allocator

Series

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

June

30,

2025

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Franklin

#### LifeSmart™

#### 2055

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2060

#### Retirement

#### Target

#### Fund
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

..................................................

$810,631

$186,630

Cost

-

Non-controlled

affiliates

(Note

f)

.......................................

33,582,256

8,308,660

Value

-

Unaffiliated

issuers

.................................................

$1,037,656

$226,565

Value

-

Non-controlled

affiliates

(Note

f)

.......................................

45,555,486

9,952,413

Receivables:

Investment

securities

sold

..................................................

283,997

54,531

Capital

shares

sold

.......................................................

82,797

9,135

Dividends

and

interest

....................................................

11,253

2,435

Affiliates

...............................................................

14,288

52,290

Other

assets

.............................................................

6,376

—

Total

assets

.........................................................

46,991,853

10,297,369

Liabilities:

Payables:

Investment

securities

purchased

.............................................

342,536

95,840

Capital

shares

redeemed

..................................................

48,357

898

Distribution

fees

.........................................................

14,508

2,355

Transfer

agent

fees

.......................................................

29,655

12,758

Professional

fees

........................................................

—

12,348

Trustees'

fees

and

expenses

................................................

Accrued

expenses

and

other

liabilities

..........................................

—

11,223

Total

liabilities

........................................................

435,174

135,540

Net

assets,

at

value

................................................

$46,556,679

$10,161,829

Net

assets

consist

of:

Paid-in

capital

............................................................

$34,682,074

$8,606,086

Total

distributable

earnings

(losses)

............................................

11,874,605

1,555,743

Net

assets,

at

value

................................................

$46,556,679

$10,161,829

Franklin

Fund

Allocator

Series

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

June

30,

2025

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### LifeSmart™

#### 2055

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2060

#### Retirement

#### Target

#### Fund

#### Class

#### A:
Net

assets,

at

value

......................................................

$35,146,907

$7,637,936

Shares

outstanding

.......................................................

2,409,183

604,639

Net

asset

value

per

share

a

,b

.................................................

$14.59

$12.63

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

.50

%)

b

...............

$15.44

$13.37

#### Class

#### C:
Net

assets,

at

value

......................................................

$8,445,754

$966,888

Shares

outstanding

.......................................................

598,274

77,195

Net

asset

value

and

maximum

offering

price

per

share

a

,b

...........................

$14.12

$12.53

#### Class

#### R:
Net

assets,

at

value

......................................................

$1,967,315

$165,924

Shares

outstanding

.......................................................

135,860

13,166

Net

asset

value

and

maximum

offering

price

per

share

b

............................

$14.48

$12.60

#### Class

#### R6:
Net

assets,

at

value

......................................................

$110,079

$26,157

Shares

outstanding

.......................................................

7,365

2,062

Net

asset

value

and

maximum

offering

price

per

share

b

............................

$14.95

$12.68

#### Advisor

#### Class:
Net

assets,

at

value

......................................................

$886,624

$1,364,924

Shares

outstanding

.......................................................

60,561

107,917

Net

asset

value

and

maximum

offering

price

per

share

b

............................

$14.64

$12.65

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

b

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

June

30,

2025

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Franklin

#### LifeSmart™

#### Retirement

#### Income

#### Fund

#### Franklin

#### LifeSmart™

#### 2020

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2025

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2030

#### Retirement

#### Target

#### Fund
Investment

income:

Dividends:

Unaffiliated

issuers

.....................

$277,848

$5,550

$29,474

$23,542

Non-controlled

affiliates

(Note

f)

..........

791,214

310,079

1,211,902

752,899

Interest:

Unaffiliated

issuers

.....................

—

698

2,606

1,361

Total

investment

income

................

1,069,062

316,327

1,243,982

777,802

Expenses:

Management

&

Asset

allocation

fees

(Note

a)

..

55,863

31,001

132,938

91,159

Distribution

fees:

(Note

3c)

Class

A

.............................

46,834

27,266

114,367

71,975

Class

C

.............................

14,523

10,666

53,829

53,672

Class

R

.............................

3,388

788

4,160

5,045

Transfer

agent

fees:

(Note

3e)

Class

A

.............................

21,207

11,741

52,251

38,845

Class

C

.............................

1,645

1,155

6,160

7,260

Class

R

.............................

772

952

1,364

Class

R6

............................

Advisor

Class

.........................

1,639

1,375

1,691

Custodian

fees

.........................

—

—

Reports

to

shareholders

fees

...............

5,309

3,582

6,567

5,796

Registration

and

filing

fees

.................

36,212

36,666

37,218

36,853

Professional

fees

........................

25,770

21,777

21,819

21,733

Trustees'

fees

and

expenses

...............

738

511

Other

.................................

7,915

7,767

8,426

8,119

Total

expenses

......................

221,582

153,221

440,859

344,191

Expenses

waived/paid

by

affiliates

(Note

f

and

g)

...........................

(145,691)

(86,441)

(141,235)

(129,702)

Net

expenses

......................

75,891

66,780

299,624

214,489

Net

investment

income

.............

993,171

249,547

944,358

563,313

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

...................

77,131

35,065

187,330

136,889

Non-controlled

affiliates

(Note

f)

.........

(147,561)

104,786

230,122

(116,415)

Net

realized

gain

(loss)

...............

(70,430)

139,851

417,452

20,474

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

...................

(121,139)

(2,213)

(13,056)

7,404

Non-controlled

affiliates

(Note

f)

.........

964,917

1,193,315

6,053,793

4,843,321

Net

change

in

unrealized

appreciation

(depreciation)

......................

843,778

1,191,102

6,040,737

4,850,725

Net

realized

and

unrealized

gain

(loss)

.........

773,348

1,330,953

6,458,189

4,871,199

Net

increase

(decrease)

in

net

assets

resulting

from

operations

...............................

$1,766,519

$1,580,500

$7,402,547

$5,434,512

Franklin

Fund

Allocator

Series

Financial

Statements

Statements

of

Operations

(continued)

for

the

six

months

ended

June

30,

2025

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### LifeSmart™

#### 2035

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2040

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2045

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2050

#### Retirement

#### Target

#### Fund
Investment

income:

Dividends:

Unaffiliated

issuers

.....................

$51,807

$26,198

$47,653

$27,824

Non-controlled

affiliates

(Note

f)

..........

1,289,913

521,353

719,845

349,371

Interest:

Unaffiliated

issuers

.....................

2,488

1,769

2,230

1,545

Total

investment

income

................

1,344,208

549,320

769,728

378,740

Expenses:

Management

&

Asset

allocation

fees

(Note

a)

..

175,082

79,178

130,361

70,873

Distribution

fees:

(Note

3c)

Class

A

.............................

142,077

64,691

110,742

55,482

Class

C

.............................

77,619

40,407

56,807

42,880

Class

R

.............................

14,491

3,997

3,934

5,587

Transfer

agent

fees:

(Note

3e)

Class

A

.............................

72,243

38,674

65,850

46,072

Class

C

.............................

9,883

6,044

8,449

8,908

Class

R

.............................

3,680

1,175

1,167

2,322

Class

R6

............................

504

Advisor

Class

.........................

3,074

1,152

1,415

1,326

Custodian

fees

.........................

—

—

—

Reports

to

shareholders

fees

...............

7,132

5,759

6,952

5,863

Registration

and

filing

fees

.................

37,244

36,521

36,962

38,029

Professional

fees

........................

21,862

21,704

21,757

21,788

Trustees'

fees

and

expenses

...............

884

674

Other

.................................

8,616

8,020

7,845

7,396

Total

expenses

......................

574,366

307,964

453,263

307,443

Expenses

waived/paid

by

affiliates

(Note

f

and

g)

...........................

(148,232)

(124,152)

(151,878)

(136,383)

Net

expenses

......................

426,134

183,812

301,385

171,060

Net

investment

income

.............

918,074

365,508

468,343

207,680

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

...................

274,392

129,370

254,966

125,389

Non-controlled

affiliates

(Note

f)

.........

(97,499)

(294,742)

(100,449)

(168,029)

Net

realized

gain

(loss)

...............

176,893

(165,372)

154,517

(42,640)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

...................

60,360

41,094

58,001

54,582

Non-controlled

affiliates

(Note

f)

.........

10,132,254

5,131,919

8,731,759

5,105,898

Net

change

in

unrealized

appreciation

(depreciation)

......................

10,192,614

5,173,013

8,789,760

5,160,480

Net

realized

and

unrealized

gain

(loss)

.........

10,369,507

5,007,641

8,944,277

5,117,840

Net

increase

(decrease)

in

net

assets

resulting

from

operations

...............................

$11,287,581

$5,373,149

$9,412,620

$5,325,520

Franklin

Fund

Allocator

Series

Financial

Statements

Statements

of

Operations

(continued)

for

the

six

months

ended

June

30,

2025

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Franklin

#### LifeSmart™

#### 2055

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2060

#### Retirement

#### Target

#### Fund
Investment

income:

Dividends:

Unaffiliated

issuers

.......................................................

$21,691

$4,568

Non-controlled

affiliates

(Note

f)

............................................

252,586

53,466

Total

investment

income

..................................................

274,277

58,034

Expenses:

Management

fees

(Note

a)

..................................................

52,610

10,990

Distribution

fees:

(Note

3c)

Class

A

...............................................................

39,433

8,136

Class

C

...............................................................

39,340

4,277

Class

R

...............................................................

4,368

Transfer

agent

fees:

(Note

3e)

Class

A

...............................................................

44,455

20,729

Class

C

...............................................................

11,104

2,724

Class

R

...............................................................

2,461

Class

R6

..............................................................

Advisor

Class

...........................................................

1,174

4,066

Custodian

fees

...........................................................

—

Reports

to

shareholders

fees

.................................................

6,108

3,510

Registration

and

filing

fees

...................................................

41,088

37,032

Professional

fees

..........................................................

21,752

18,370

Trustees'

fees

and

expenses

.................................................

Other

...................................................................

7,281

7,268

Total

expenses

........................................................

271,827

118,132

Expenses

waived/paid

by

affiliates

(Note

f

and

g)

.............................

(139,090)

(95,015)

Net

expenses

........................................................

132,737

23,117

Net

investment

income

...............................................

141,540

34,917

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

.....................................................

100,969

12,586

Non-controlled

affiliates

(Note

f)

...........................................

(111,669)

(37,535)

Net

realized

gain

(loss)

.................................................

(10,700)

(24,949)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

.....................................................

32,905

15,203

Non-controlled

affiliates

(Note

f)

...........................................

3,882,309

852,265

Net

change

in

unrealized

appreciation

(depreciation)

...........................

3,915,214

867,468

Net

realized

and

unrealized

gain

(loss)

...........................................

3,904,514

842,519

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.........................

$4,046,054

$877,436

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

#### LifeSmart™

#### Retirement

#### Income

#### Fund

#### Franklin

#### LifeSmart™

#### 2020

#### Retirement

#### Target

#### Fund

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$993,171

$2,231,694

$249,547

$682,966

Net

realized

gain

(loss)

............

(70,430)

(516,959)

139,851

908,663

Net

change

in

unrealized

appreciation

(depreciation)

.................

843,778

1,870,194

1,191,102

533,415

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

1,766,519

3,584,929

1,580,500

2,125,044

Distributions

to

shareholders:

Class

A

........................

(794,079)

(1,905,349)

(535,348)

(690,697)

Class

C

........................

(50,387)

(133,213)

(49,993)

(56,591)

Class

R

........................

(26,850)

(66,791)

(5,895)

(9,696)

Class

R6

.......................

(2,315)

(5,531)

(56) (246) Advisor

Class

...................

(62,925)

(163,095)

(13,054)

(17,717)

Total

distributions

to

shareholders

.....

(936,556)

(2,273,979)

(604,346)

(774,947)

Capital

share

transactions:

(Note

2)

Class

A

........................

989,689

(2,230,836)

(580,344)

(5,265,482)

Class

C

........................

(36,050)

(582,119)

(373,279)

(1,190,939)

Class

R

........................

(134,870)

(233,898)

(121,407)

(46,260)

Class

R6

.......................

675

(4,140)

(6,662)

(9,805)

Advisor

Class

...................

(940,978)

(381,854)

(9,484)

(222,270)

Total

capital

share

transactions

.......

(121,534)

(3,432,847)

(1,091,176)

(6,734,756)

Net

increase

(decrease)

in

net

assets

.....................

708,429

(2,121,897)

(115,022)

(5,384,659)

Net

assets:

Beginning

of

period

................

44,850,105

46,972,002

25,431,016

30,815,675

End

of

period

.....................

$45,558,534

$44,850,105

$25,315,994

$25,431,016

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

#### LifeSmart™

#### 2025

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2030

#### Retirement

#### Target

#### Fund

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$944,358

$2,529,379

$563,313

$1,439,094

Net

realized

gain

(loss)

............

417,452

4,433,973

20,474

2,575,780

Net

change

in

unrealized

appreciation

(depreciation)

.................

6,040,737

3,160,731

4,850,725

3,082,274

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

7,402,547

10,124,083

5,434,512

7,097,148

Distributions

to

shareholders:

Class

A

........................

(2,794,620)

(3,186,835)

(1,102,346)

(1,382,415)

Class

C

........................

(327,085)

(306,056)

(199,376)

(200,470)

Class

R

........................

(50,448)

(53,349)

(38,401)

(46,815)

Class

R6

.......................

(790) (8,582)

(1,433)

(5,112)

Advisor

Class

...................

(70,470)

(96,504)

(49,591)

(57,714)

Total

distributions

to

shareholders

.....

(3,243,413)

(3,651,326)

(1,391,147)

(1,692,526)

Capital

share

transactions:

(Note

2)

Class

A

........................

(2,211,451)

(9,171,472)

1,723,451

1,016,986

Class

C

........................

(894,484)

(1,287,961)

(713,694)

(130,280)

Class

R

........................

(45,197)

(156,278)

(106,570)

380,496

Class

R6

.......................

(975) (570,013)

(23,160)

(162,531)

Advisor

Class

...................

(124,700)

(627,860)

482,019

65,138

Total

capital

share

transactions

.......

(3,276,807)

(11,813,584)

1,362,046

1,169,809

Net

increase

(decrease)

in

net

assets

.....................

882,327

(5,340,827)

5,405,411

6,574,431

Net

assets:

Beginning

of

period

................

108,490,594

113,831,421

72,277,059

65,702,628

End

of

period

.....................

$109,372,921

$108,490,594

$77,682,470

$72,277,059

Franklin

Fund

Allocator

Series

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### LifeSmart™

#### 2035

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2040

#### Retirement

#### Target

#### Fund

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$918,074

$2,503,630

$365,508

$976,774

Net

realized

gain

(loss)

............

176,893

6,132,004

(165,372)

2,728,323

Net

change

in

unrealized

appreciation

(depreciation)

.................

10,192,614

6,862,482

5,173,013

3,432,608

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

11,287,581

15,498,116

5,373,149

7,137,705

Distributions

to

shareholders:

Class

A

........................

(4,057,336)

(3,130,673)

(1,762,510)

(1,496,476)

Class

C

........................

(558,598)

(343,708)

(278,844)

(189,699)

Class

R

........................

(212,492)

(138,931)

(63,425)

(34,731)

Class

R6

.......................

(8,700)

(6,304)

(12,291)

(10,637)

Advisor

Class

...................

(177,925)

(136,989)

(69,120)

(53,374)

Total

distributions

to

shareholders

.....

(5,015,051)

(3,756,605)

(2,186,190)

(1,784,917)

Capital

share

transactions:

(Note

2)

Class

A

........................

3,559,172

325,122

2,085,615

3,503,497

Class

C

........................

(511,092)

(1,899,153)

109,637

(447,766)

Class

R

........................

459,024

1,046,435

683,742

28,794

Class

R6

.......................

30,496

47,651

35,068

39,736

Advisor

Class

...................

348,628

489,343

469,994

69,999

Total

capital

share

transactions

.......

3,886,228

9,398

3,384,056

3,194,260

Net

increase

(decrease)

in

net

assets

.....................

10,158,758

11,750,909

6,571,015

8,547,048

Net

assets:

Beginning

of

period

................

139,277,375

127,526,466

62,183,326

53,636,278

End

of

period

.....................

$149,436,133

$139,277,375

$68,754,341

$62,183,326

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

#### LifeSmart™

#### 2045

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2050

#### Retirement

#### Target

#### Fund

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$468,343

$1,418,610

$207,680

$681,812

Net

realized

gain

(loss)

............

154,517

5,495,609

(42,640)

2,654,429

Net

change

in

unrealized

appreciation

(depreciation)

.................

8,789,760

6,255,792

5,160,480

3,630,892

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

9,412,620

13,170,011

5,325,520

6,967,133

Distributions

to

shareholders:

Class

A

........................

(3,460,635)

(2,530,504)

(1,799,318)

(986,261)

Class

C

........................

(462,731)

(272,032)

(351,424)

(156,345)

Class

R

........................

(71,294)

(42,933)

(89,810)

(47,290)

Class

R6

.......................

(32,416)

(24,180)

(9,142)

(4,386)

Advisor

Class

...................

(77,483)

(57,444)

(50,317)

(41,947)

Total

distributions

to

shareholders

.....

(4,104,559)

(2,927,093)

(2,300,011)

(1,236,229)

Capital

share

transactions:

(Note

2)

Class

A

........................

2,395,554

4,000,159

2,438,261

7,396,617

Class

C

........................

(128,358)

(1,138,997)

41,453

(337,740)

Class

R

........................

258,484

(591,754)

(12,002)

147,665

Class

R6

.......................

85,545

588,876

17,007

124,093

Advisor

Class

...................

245,729

144,270

(357,115)

144,102

Total

capital

share

transactions

.......

2,856,954

3,002,554

2,127,604

7,474,737

Net

increase

(decrease)

in

net

assets

.....................

8,165,015

13,245,472

5,153,113

13,205,641

Net

assets:

Beginning

of

period

................

103,572,261

90,326,789

56,219,296

43,013,655

End

of

period

.....................

$111,737,276

$103,572,261

$61,372,409

$56,219,296

Franklin

Fund

Allocator

Series

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### LifeSmart™

#### 2055

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2060

#### Retirement

#### Target

#### Fund

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$141,540

$473,701

$34,917

$95,470

Net

realized

gain

(loss)

............

(10,700)

1,977,328

(24,949)

321,453

Net

change

in

unrealized

appreciation

(depreciation)

.................

3,915,214

2,865,574

867,468

445,234

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

4,046,054

5,316,603

877,436

862,157

Distributions

to

shareholders:

Class

A

........................

(1,263,058)

(721,918)

(223,926)

(110,189)

Class

C

........................

(318,460)

(149,574)

(29,359)

(10,383)

Class

R

........................

(71,879)

(36,454)

(4,827)

(1,943)

Class

R6

.......................

(3,883)

(1,691)

(720) (330) Advisor

Class

...................

(32,119)

(20,004)

(41,469)

(27,802)

Total

distributions

to

shareholders

.....

(1,689,399)

(929,641)

(300,301)

(150,647)

Capital

share

transactions:

(Note

2)

Class

A

........................

2,918,499

2,990,907

1,275,977

2,068,674

Class

C

........................

218,088

(312,039)

148,132

226,134

Class

R

........................

185,596

181,382

36,269

58,905

Class

R6

.......................

28,411

45,344

9,196

3,820

Advisor

Class

...................

30,035

156,708

43,586

45,013

Total

capital

share

transactions

.......

3,380,629

3,062,302

1,513,160

2,402,546

Net

increase

(decrease)

in

net

assets

.....................

5,737,284

7,449,264

2,090,295

3,114,056

Net

assets:

Beginning

of

period

................

40,819,395

33,370,131

8,071,534

4,957,478

End

of

period

.....................

$46,556,679

$40,819,395

$10,161,829

$8,071,534

Franklin

Fund

Allocator

Series

franklintempleton.com

Semiannual

Report

Notes

to

Financial

Statements

(unaudited)

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
Franklin

Fund

Allocator

Series (Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company,

consisting

of eighteen separate

funds, ten

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. Certain

or

all

Funds

invest

primarily

in

mutual

funds

(Underlying

Funds)

and

exchange

traded

funds

(ETFs),

including

affiliated

funds

managed

by

Franklin

Templeton

(FT

Underlying

Funds).

The

Funds

offer five classes

of

shares:

Class

A,

Class

C,

Class

R,

Class

R6

and

Advisor

Class. Class

C

shares

automatically

convert

to

Class

A

shares

on

a

monthly

basis,

after

they

have

been

held

for

years.

Each

class

of

shares

may

differ

by

its

initial

sales

load,

contingent

deferred

sales

charges,

voting

rights

on

matters

affecting

a

single

class,

its

exchange

privilege

and

fees

due

to

differing

arrangements

for

distribution

and

transfer

agent

fees.

The

accounting

policies

of

the

Underlying

Funds

are

outlined

in

their

respective

shareholder

reports.

A

copy

of

the

Underlying

Funds'

shareholder

reports

is

available

on

the

U.S.

Securities

and

Exchange

Commission

(SEC)

website

at

sec.gov.

The

Underlying

Funds'

shareholder

reports

are

not

covered

by

this

report.

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.

Investments

in

the

Underlying

Funds

are

valued

at

their

closing

NAV

each

trading

day. ETFs

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.

Debt

securities

generally

trade

in

the over-the-counter

(OTC)

market

rather

than

on

a

securities

exchange.

The

Funds'

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

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.

b. #### Index-Linked

#### Notes
Certain

or

all

Funds

invest

in

index-linked

notes.

Index-linked

notes

are

senior,

unsecured,

subordinated

debt

securities

issued

by

a

financial

institution,

and

the

value

is

based

on

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

the

price

movements

of

the

underlying

index.

Index-linked

notes

are

designed

to

provide

investors

access

to

the

returns

of

various

market

benchmarks

and

intended

to

replicate

the

economic

effects

that

would

apply

had

the

Fund

directly

purchased

the

underlying

referenced

asset

or

basket

of

assets.

The

risks

of

investing

in

index-linked

notes

include

unfavorable

price

movements

in

the

underlying

index

and

the

credit

risk

of

the

issuing

financial

institution.

There

may

be

no

guarantee

of

a

return

of

principal

with

index-linked

notes

and

the

appreciation

potential

may

be

limited.

Index-linked

notes

may

be

more

volatile

and

less

liquid

than

other

investments

held

by

the

Funds.

c. #### Income

#### Taxes
It

is each

Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. Each

Fund

intends

to

distribute

to

shareholders

substantially

all

of

its

taxable

income

and

net

realized

gains

to

relieve

it

from

federal

income

and excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

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

June

30,

2025, each

Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

Open

tax

years

are

those

that

remain

subject

to

examination

and

are

based

on

the

statute

of

limitations

in

each

jurisdiction

in

which

the

Fund

invests.

d. #### Security

#### Transactions,

#### Investment

#### Income,

#### Expenses

#### and

#### Distributions
Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis.

Interest

income

(including

interest

income

from

payment-in-kind

securities,

if

any)

and

estimated

expenses

are

accrued

daily.

Dividend

income

and

realized

capital

gain

distributions

are

recorded

on

the

ex-dividend

date.

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

The

Franklin

LifeSmart

TM

Retirement

Income

Fund

employs

a

managed

distribution

policy.

Under

this

policy,

the

Fund

will

distribute

level

monthly

distributions

in

any

given

year

regardless

of

the

performance

of

the

Fund;

however,

the

twelfth

monthly

payment

may

be

greater

than

the

initially

anticipated

amount

if

additional

income

or

capital

gains

are

required

to

be

distributed.

These

distributions

may

include

income

and

capital

gains

generated

by

the

Underlying

Funds,

as

well

as

a

possible

return

of

capital

component,

if

necessary,

to

meet

the

annual

distribution

rate.

The

annual

payout

rate

may

be

adjusted

higher

or

lower

from

year

to

year

in

response

to

market

conditions.

Distributable

earnings

are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These

reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences

are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

Common

expenses

incurred

by

the

Trust

are

allocated

among

the

Funds

based

on

the

ratio

of

net

assets

of

each

Fund

to

the

combined

net

assets

of

the

Trust

or

based

on

the

ratio

of

number

of

shareholders

of

each

Fund

to

the

combined

number

of

shareholders

of

the

Trust.

Fund

specific

expenses

are

charged

directly

to

the

Fund

that

incurred

the

expense.

The

Funds

indirectly

bear

their

proportionate

share

of

expenses

from

the

Underlying

Funds

and

ETFs.

Since

the

Underlying

Funds

and

ETFs

have

varied

expense

levels

and

the

Funds

may

own

different

proportions

of

the

Underlying

Funds

and

ETFs

at

different

times,

the

amount

of

expenses

incurred

indirectly

by

the

Funds

will

vary.

Realized

and

unrealized

gains

and

losses

and

net

investment

income,

excluding

class

specific

expenses,

are

allocated

daily

to

each

class

of

shares

based

upon

the

relative

proportion

of

net

assets

of

each

class.

Differences

in

per

share

distributions

by

class

are

generally

due

to

differences

in

class

specific

expenses.

e. #### Accounting

#### Estimates
The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

b. #### Index-Linked

#### Notes
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

f. #### Guarantees

#### and

#### Indemnifications
Under

the Trust's

organizational

documents,

its

officers

and trustees

are

indemnified

by

the Trust against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

Additionally,

in

the

normal

course

of

business,

the Trust,

on

behalf

of

the

Funds, enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The Trust's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the Trust

that

have

not

yet

occurred.

Currently,

the Trust

expects

the

risk

of

loss

to

be

remote.

2. #### Shares

#### of

#### Beneficial

#### Interest
At

June

30,

2025,

there

were

an

unlimited

number

of

shares

authorized

(without

par value).

Transactions

in

the

Funds'

shares

were

as

follows:

#### Franklin

#### LifeSmart™

#### Retirement

#### Income

#### Fund

#### Franklin

#### LifeSmart™

#### 2020

#### Retirement

#### Target

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount
Class

A

#### Class

#### A

#### Shares:
Six

Months

ended

June

30,

2025

Shares

sold

a

...................................

276,633

$2,910,602

114,103

$1,414,316

Shares

issued

in

reinvestment

of

distributions

..........

74,321

778,863

43,089

535,165

Shares

redeemed

...............................

(258,090)

(2,699,776)

(204,297)

(2,529,825)

Net

increase

(decrease)

..........................

92,864

$989,689

(47,105)

$(580,344)

Year

ended

December

31,

2024

Shares

sold

a

...................................

331,077

$3,459,146

307,385

$3,687,346

Shares

issued

in

reinvestment

of

distributions

..........

178,817

1,865,598

56,868

689,303

Shares

redeemed

...............................

(726,012)

(7,555,580)

(807,167)

(9,642,131)

Net

increase

(decrease)

..........................

(216,118)

$(2,230,836)

(442,914)

$(5,265,482)

Class

C

#### Class

#### C

#### Shares:
Six

Months

ended

June

30,

2025

Shares

sold

...................................

20,499

$212,404

10,608

$130,164

Shares

issued

in

reinvestment

of

distributions

..........

4,850

50,201

4,071

49,993

Shares

redeemed

a

..............................

(29,076)

(298,655)

(45,639)

(553,436)

Net

increase

(decrease)

..........................

(3,727)

$(36,050)

(30,960)

$(373,279)

Year

ended

December

31,

2024

Shares

sold

...................................

40,039

$410,612

22,509

$268,364

Shares

issued

in

reinvestment

of

distributions

..........

12,879

132,712

4,713

56,591

Shares

redeemed

a

..............................

(109,857)

(1,125,443)

(128,596)

(1,515,894)

Net

increase

(decrease)

..........................

(56,939)

$(582,119)

(101,374)

$(1,190,939)

Class

R

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### LifeSmart™

#### Retirement

#### Income

#### Fund

#### Franklin

#### LifeSmart™

#### 2020

#### Retirement

#### Target

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### R

#### Shares:
Six

Months

ended

June

30,

2025

Shares

sold

...................................

3,379

$34,763

3,755

$46,669

Shares

issued

in

reinvestment

of

distributions

..........

2,570

26,850

5,895

Shares

redeemed

...............................

(18,996)

(196,483)

(14,135)

(173,971)

Net

increase

(decrease)

..........................

(13,047)

$(134,870)

(9,905)

$(121,407)

Year

ended

December

31,

2024

Shares

sold

...................................

27,766

$286,143

13,604

$160,399

Shares

issued

in

reinvestment

of

distributions

..........

6,419

66,791

800

9,696

Shares

redeemed

...............................

(57,887)

(586,832)

(18,592)

(216,355)

Net

increase

(decrease)

..........................

(23,702)

$(233,898)

(4,188)

$(46,260)

Class

R6

#### Class

#### R6

#### Shares:
Six

Months

ended

June

30,

2025

Shares

sold

...................................

$10

$915

Shares

issued

in

reinvestment

of

distributions

..........

2,315

Shares

redeemed

...............................

(157) (1,650)

(597) (7,633)

Net

increase

(decrease)

..........................

$675

(520) $(6,662)

Year

ended

December

31,

2024

Shares

sold

...................................

—

$—

$3,873

Shares

issued

in

reinvestment

of

distributions

..........

526

5,515

Shares

redeemed

...............................

(931) (9,655)

(1,158)

(13,924)

Net

increase

(decrease)

..........................

(405) $(4,140)

(828) $(9,805)

Advisor

Class

#### Advisor

#### Class

#### Shares:
Six

Months

ended

June

30,

2025

Shares

sold

...................................

5,221

$55,136

3,712

$45,993

Shares

issued

in

reinvestment

of

distributions

..........

5,809

61,160

1,046

13,054

Shares

redeemed

...............................

(100,230)

(1,057,274)

(5,516)

(68,531)

Net

increase

(decrease)

..........................

(89,200)

$(940,978)

(758) $(9,484)

Year

ended

December

31,

2024

Shares

sold

...................................

105,270

$1,125,024

3,537

$41,749

Shares

issued

in

reinvestment

of

distributions

..........

15,075

157,886

1,456

17,717

Shares

redeemed

...............................

(159,943)

(1,664,764)

(23,785)

(281,736)

Net

increase

(decrease)

..........................

(39,598)

$(381,854)

(18,792)

$(222,270)

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### LifeSmart™

#### 2025

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2030

#### Retirement

#### Target

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount
Class

A

#### Class

#### A

#### Shares:
Six

Months

ended

June

30,

2025

Shares

sold

a

...................................

376,628

$4,936,415

379,705

$5,391,604

Shares

issued

in

reinvestment

of

distributions

..........

211,256

2,786,464

76,436

1,101,441

Shares

redeemed

...............................

(755,678)

(9,934,330)

(337,321)

(4,769,594)

Net

increase

(decrease)

..........................

(167,794)

$(2,211,451)

118,820

$1,723,451

Year

ended

December

31,

2024

Shares

sold

a

...................................

793,798

$10,179,063

663,169

$9,025,455

Shares

issued

in

reinvestment

of

distributions

..........

245,068

3,177,790

100,024

1,381,171

Shares

redeemed

...............................

(1,758,678)

(22,528,325)

(690,146)

(9,389,640)

Net

increase

(decrease)

..........................

(719,812)

$(9,171,472)

73,047

$1,016,986

Class

C

#### Class

#### C

#### Shares:
Six

Months

ended

June

30,

2025

Shares

sold

...................................

43,136

$549,366

75,166

$1,043,220

Shares

issued

in

reinvestment

of

distributions

..........

25,444

326,694

14,140

199,376

Shares

redeemed

a

..............................

(140,065)

(1,770,544)

(141,945)

(1,956,290)

Net

increase

(decrease)

..........................

(71,485)

$(894,484)

(52,639)

$(713,694)

Year

ended

December

31,

2024

Shares

sold

...................................

138,478

$1,741,384

153,773

$2,051,583

Shares

issued

in

reinvestment

of

distributions

..........

24,141

305,745

14,813

200,386

Shares

redeemed

a

..............................

(266,797)

(3,335,090)

(175,813)

(2,382,249)

Net

increase

(decrease)

..........................

(104,178)

$(1,287,961)

(7,227)

$(130,280)

Class

R

#### Class

#### R

#### Shares:
Six

Months

ended

June

30,

2025

Shares

sold

...................................

9,712

$127,823

11,385

$160,972

Shares

issued

in

reinvestment

of

distributions

..........

3,845

50,448

2,676

38,401

Shares

redeemed

...............................

(17,358)

(223,468)

(22,178)

(305,943)

Net

increase

(decrease)

..........................

(3,801)

$(45,197)

(8,117)

$(106,570)

Year

ended

December

31,

2024

Shares

sold

...................................

30,244

$392,755

56,056

$755,329

Shares

issued

in

reinvestment

of

distributions

..........

4,137

53,349

3,403

46,815

Shares

redeemed

...............................

(47,938)

(602,382)

(31,387)

(421,648)

Net

increase

(decrease)

..........................

(13,557)

$(156,278)

28,072

$380,496

Class

R6

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### LifeSmart™

#### 2025

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2030

#### Retirement

#### Target

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### R6

#### Shares:
Six

Months

ended

June

30,

2025

Shares

sold

...................................

1,019

$13,790

1,862

$26,622

Shares

issued

in

reinvestment

of

distributions

..........

790

1,433

Shares

redeemed

...............................

(1,146)

(15,555)

(3,546)

(51,215)

Net

increase

(decrease)

..........................

(67) $(975)

(1,586)

$(23,160)

Year

ended

December

31,

2024

Shares

sold

...................................

$7,789

3,570

$50,956

Shares

issued

in

reinvestment

of

distributions

..........

667

8,582

5,112

Shares

redeemed

...............................

(45,083)

(586,384)

(15,698)

(218,599)

Net

increase

(decrease)

..........................

(44,106)

$(570,013)

(11,759)

$(162,531)

Advisor

Class

#### Advisor

#### Class

#### Shares:
Six

Months

ended

June

30,

2025

Shares

sold

...................................

36,712

$495,625

34,533

$487,068

Shares

issued

in

reinvestment

of

distributions

..........

4,792

63,499

3,406

49,393

Shares

redeemed

...............................

(52,147)

(683,824)

(3,841)

(54,442)

Net

increase

(decrease)

..........................

(10,643)

$(124,700)

34,098

$482,019

Year

ended

December

31,

2024

Shares

sold

...................................

50,892

$656,810

38,290

$523,974

Shares

issued

in

reinvestment

of

distributions

..........

6,805

88,598

4,133

57,448

Shares

redeemed

...............................

(105,137)

(1,373,268)

(37,513)

(516,284)

Net

increase

(decrease)

..........................

(47,440)

$(627,860)

4,910

$65,138

#### Franklin

#### LifeSmart™

#### 2035

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2040

#### Retirement

#### Target

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount
Class

A

#### Class

#### A

#### Shares:
Six

Months

ended

June

30,

2025

Shares

sold

a

...................................

569,365

$8,374,531

347,404

$5,039,060

Shares

issued

in

reinvestment

of

distributions

..........

271,821

4,036,544

118,210

1,762,509

Shares

redeemed

...............................

(599,873)

(8,851,903)

(325,389)

(4,715,954)

Net

increase

(decrease)

..........................

241,313

$3,559,172

140,225

$2,085,615

Year

ended

December

31,

2024

Shares

sold

a

...................................

1,052,543

$15,059,271

596,372

$8,552,544

Shares

issued

in

reinvestment

of

distributions

..........

214,224

3,112,782

103,177

1,496,384

Shares

redeemed

...............................

(1,241,143)

(17,846,931)

(460,826)

(6,545,431)

Net

increase

(decrease)

..........................

25,624

$325,122

238,723

$3,503,497

Class

C

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### LifeSmart™

#### 2035

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2040

#### Retirement

#### Target

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### C

#### Shares:
Six

Months

ended

June

30,

2025

Shares

sold

...................................

79,164

$1,129,778

44,525

$637,944

Shares

issued

in

reinvestment

of

distributions

..........

39,162

558,451

19,270

278,844

Shares

redeemed

a

..............................

(155,136)

(2,199,321)

(57,127)

(807,151)

Net

increase

(decrease)

..........................

(36,810)

$(511,092)

6,668

$109,637

Year

ended

December

31,

2024

Shares

sold

...................................

203,586

$2,780,766

77,400

$1,070,589

Shares

issued

in

reinvestment

of

distributions

..........

24,499

343,515

13,423

189,699

Shares

redeemed

a

..............................

(367,193)

(5,023,434)

(124,298)

(1,708,054)

Net

increase

(decrease)

..........................

(139,108)

$(1,899,153)

(33,475)

$(447,766)

Class

R

#### Class

#### R

#### Shares:
Six

Months

ended

June

30,

2025

Shares

sold

...................................

60,787

$883,548

47,792

$704,890

Shares

issued

in

reinvestment

of

distributions

..........

14,348

212,492

4,260

63,425

Shares

redeemed

...............................

(44,092)

(637,016)

(5,951)

(84,573)

Net

increase

(decrease)

..........................

31,043

$459,024

46,101

$683,742

Year

ended

December

31,

2024

Shares

sold

...................................

91,912

$1,302,455

20,540

$292,949

Shares

issued

in

reinvestment

of

distributions

..........

9,573

138,931

2,397

34,731

Shares

redeemed

...............................

(27,442)

(394,951)

(21,153)

(298,886)

Net

increase

(decrease)

..........................

74,043

$1,046,435

1,784

$28,794

Class

R6

#### Class

#### R6

#### Shares:
Six

Months

ended

June

30,

2025

Shares

sold

...................................

2,011

$30,009

1,560

$23,448

Shares

issued

in

reinvestment

of

distributions

..........

578

8,700

815

12,291

Shares

redeemed

...............................

(533) (8,213)

(47) (671) Net

increase

(decrease)

..........................

2,056

$30,496

2,328

$35,068

Year

ended

December

31,

2024

Shares

sold

...................................

3,025

$44,663

2,080

$30,883

Shares

issued

in

reinvestment

of

distributions

..........

6,304

726

10,637

Shares

redeemed

...............................

(224) (3,316)

(119) (1,784)

Net

increase

(decrease)

..........................

3,230

$47,651

2,687

$39,736

Advisor

Class

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### LifeSmart™

#### 2035

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2040

#### Retirement

#### Target

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Advisor

#### Class

#### Shares:
Six

Months

ended

June

30,

2025

Shares

sold

...................................

41,476

$592,493

56,619

$859,902

Shares

issued

in

reinvestment

of

distributions

..........

11,575

174,430

4,596

69,120

Shares

redeemed

...............................

(28,105)

(418,295)

(30,514)

(459,028)

Net

increase

(decrease)

..........................

24,946

$348,628

30,701

$469,994

Year

ended

December

31,

2024

Shares

sold

...................................

56,540

$829,117

21,702

$310,310

Shares

issued

in

reinvestment

of

distributions

..........

9,071

133,564

3,653

53,374

Shares

redeemed

...............................

(32,880)

(473,338)

(20,271)

(293,685)

Net

increase

(decrease)

..........................

32,731

$489,343

5,084

$69,999

#### Franklin

#### LifeSmart™

#### 2045

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2050

#### Retirement

#### Target

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount
Class

A

#### Class

#### A

#### Shares:
Six

Months

ended

June

30,

2025

Shares

sold

a

...................................

436,044

$6,842,296

233,545

$3,620,103

Shares

issued

in

reinvestment

of

distributions

..........

215,127

3,426,970

114,386

1,798,148

Shares

redeemed

...............................

(501,320)

(7,873,712)

(192,593)

(2,979,990)

Net

increase

(decrease)

..........................

149,851

$2,395,554

155,338

$2,438,261

Year

ended

December

31,

2024

Shares

sold

a

...................................

936,906

$14,324,401

918,879

$13,714,472

Shares

issued

in

reinvestment

of

distributions

..........

162,028

2,509,138

65,002

985,848

Shares

redeemed

...............................

(840,118)

(12,833,380)

(484,335)

(7,303,703)

Net

increase

(decrease)

..........................

258,816

$4,000,159

499,546

$7,396,617

Class

C

#### Class

#### C

#### Shares:
Six

Months

ended

June

30,

2025

Shares

sold

...................................

53,305

$797,783

62,602

$958,831

Shares

issued

in

reinvestment

of

distributions

..........

30,467

461,577

22,850

351,424

Shares

redeemed

a

..............................

(92,489)

(1,387,718)

(82,597)

(1,268,802)

Net

increase

(decrease)

..........................

(8,717)

$(128,358)

2,855

$41,453

Year

ended

December

31,

2024

Shares

sold

...................................

126,729

$1,826,699

95,059

$1,373,778

Shares

issued

in

reinvestment

of

distributions

..........

18,392

271,953

10,550

156,343

Shares

redeemed

a

..............................

(220,736)

(3,237,649)

(128,432)

(1,867,861)

Net

increase

(decrease)

..........................

(75,615)

$(1,138,997)

(22,823)

$(337,740)

Class

R

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### LifeSmart™

#### 2045

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2050

#### Retirement

#### Target

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### R

#### Shares:
Six

Months

ended

June

30,

2025

Shares

sold

...................................

24,394

$387,488

11,486

$177,100

Shares

issued

in

reinvestment

of

distributions

..........

4,512

71,294

5,706

89,810

Shares

redeemed

...............................

(12,753)

(200,298)

(18,364)

(278,912)

Net

increase

(decrease)

..........................

16,153

$258,484

(1,172)

$(12,002)

Year

ended

December

31,

2024

Shares

sold

...................................

38,035

$574,744

20,693

$302,044

Shares

issued

in

reinvestment

of

distributions

..........

2,793

42,933

3,119

47,290

Shares

redeemed

...............................

(83,923)

(1,209,431)

(13,821)

(201,669)

Net

increase

(decrease)

..........................

(43,095)

$(591,754)

9,991

$147,665

Class

R6

#### Class

#### R6

#### Shares:
Six

Months

ended

June

30,

2025

Shares

sold

...................................

3,974

$65,290

1,118

$17,614

Shares

issued

in

reinvestment

of

distributions

..........

1,936

32,416

574

9,142

Shares

redeemed

...............................

(725) (12,161)

(612) (9,749)

Net

increase

(decrease)

..........................

5,185

$85,545

1,080

$17,007

Year

ended

December

31,

2024

Shares

sold

...................................

39,406

$585,100

8,229

$130,275

Shares

issued

in

reinvestment

of

distributions

..........

1,490

24,180

4,386

Shares

redeemed

...............................

(1,303)

(20,404)

(717) (10,568)

Net

increase

(decrease)

..........................

39,593

$588,876

7,797

$124,093

Advisor

Class

#### Advisor

#### Class

#### Shares:
Six

Months

ended

June

30,

2025

Shares

sold

...................................

20,087

$326,715

35,653

$554,207

Shares

issued

in

reinvestment

of

distributions

..........

4,798

77,483

3,164

50,317

Shares

redeemed

...............................

(10,257)

(158,469)

(62,292)

(961,639)

Net

increase

(decrease)

..........................

14,628

$245,729

(23,475)

$(357,115)

Year

ended

December

31,

2024

Shares

sold

...................................

20,429

$316,149

42,164

$655,452

Shares

issued

in

reinvestment

of

distributions

..........

3,662

57,444

2,734

41,863

Shares

redeemed

...............................

(15,085)

(229,323)

(34,910)

(553,213)

Net

increase

(decrease)

..........................

9,006

$144,270

9,988

$144,102

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### LifeSmart™

#### 2055

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2060

#### Retirement

#### Target

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount
Class

A

#### Class

#### A

#### Shares:
Six

Months

ended

June

30,

2025

Shares

sold

a

...................................

290,473

$4,057,825

121,436

$1,457,416

Shares

issued

in

reinvestment

of

distributions

..........

88,572

1,263,038

18,132

223,926

Shares

redeemed

...............................

(172,105)

(2,402,364)

(34,099)

(405,365)

Net

increase

(decrease)

..........................

206,940

$2,918,499

105,469

$1,275,977

Year

ended

December

31,

2024

Shares

sold

a

...................................

558,090

$7,458,291

211,735

$2,449,876

Shares

issued

in

reinvestment

of

distributions

..........

52,557

721,865

9,293

110,189

Shares

redeemed

...............................

(387,248)

(5,189,249)

(42,794)

(491,391)

Net

increase

(decrease)

..........................

223,399

$2,990,907

178,234

$2,068,674

Class

C

#### Class

#### C

#### Shares:
Six

Months

ended

June

30,

2025

Shares

sold

...................................

48,944

$665,666

16,050

$193,334

Shares

issued

in

reinvestment

of

distributions

..........

23,060

318,460

2,397

29,359

Shares

redeemed

a

..............................

(56,475)

(766,038)

(6,139)

(74,561)

Net

increase

(decrease)

..........................

15,529

$218,088

12,308

$148,132

Year

ended

December

31,

2024

Shares

sold

...................................

111,393

$1,444,771

27,650

$318,959

Shares

issued

in

reinvestment

of

distributions

..........

11,242

149,565

882

10,383

Shares

redeemed

a

..............................

(147,567)

(1,906,375)

(9,111)

(103,208)

Net

increase

(decrease)

..........................

(24,932)

$(312,039)

19,421

$226,134

Class

R

#### Class

#### R

#### Shares:
Six

Months

ended

June

30,

2025

Shares

sold

...................................

16,164

$226,744

2,952

$35,664

Shares

issued

in

reinvestment

of

distributions

..........

5,076

71,878

4,827

Shares

redeemed

...............................

(8,029)

(113,026)

(351) (4,222)

Net

increase

(decrease)

..........................

13,211

$185,596

2,993

$36,269

Year

ended

December

31,

2024

Shares

sold

...................................

41,759

$553,696

7,289

$85,313

Shares

issued

in

reinvestment

of

distributions

..........

2,671

36,453

1,943

Shares

redeemed

...............................

(30,399)

(408,767)

(2,451)

(28,351)

Net

increase

(decrease)

..........................

14,031

$181,382

5,002

$58,905

Class

R6

2. #### Shares

#### of

#### Beneficial

#### Interest
(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,

directors, and/or trustees

of

certain

of

the

FT

Underlying

Funds

and

of

the

following

subsidiaries:

a. #### Management

#### and

#### Asset

#### Allocation

#### Fees
The

Funds,

except

Franklin

LifeSmart

TM

Retirement

Income

Fund,

pay

an

asset

allocation

fee,

calculated

daily

and

paid

monthly,

to

Advisers

of

0.25%

per

year

of

the

average

daily

net

assets

of

each

of

the

Funds

for

investment

advisory

services,

consisting

principally

of

determining

the

allocation

of

assets

of

the

Funds

among

the

Underlying

Funds

and

ETFs.

#### Franklin

#### LifeSmart™

#### 2055

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2060

#### Retirement

#### Target

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### R6

#### Shares:
Six

Months

ended

June

30,

2025

Shares

sold

...................................

3,646

$53,260

756

$9,360

Shares

issued

in

reinvestment

of

distributions

..........

3,660

Shares

redeemed

...............................

(1,902)

(28,509)

(39) (498) Net

increase

(decrease)

..........................

1,994

$28,411

744

$9,196

Year

ended

December

31,

2024

Shares

sold

...................................

3,695

$51,908

$3,764

Shares

issued

in

reinvestment

of

distributions

..........

1,538

Shares

redeemed

...............................

(566) (8,102)

—

—

Net

increase

(decrease)

..........................

3,238

$45,344

$3,820

Advisor

Class

#### Advisor

#### Class

#### Shares:
Six

Months

ended

June

30,

2025

Shares

sold

...................................

4,629

$65,313

3,303

$40,507

Shares

issued

in

reinvestment

of

distributions

..........

2,244

32,119

4,413

Shares

redeemed

...............................

(4,777)

(67,397)

(111) (1,334)

Net

increase

(decrease)

..........................

2,096

$30,035

3,549

$43,586

Year

ended

December

31,

2024

Shares

sold

...................................

17,903

$250,755

3,997

$47,272

Shares

issued

in

reinvestment

of

distributions

..........

1,452

20,004

1,920

Shares

redeemed

...............................

(8,161)

(114,051)

(348) (4,179)

Net

increase

(decrease)

..........................

11,194

$156,708

3,811

$45,013

a

May

include

a

portion

of

Class

C

shares

that

were

automatically

converted

to

Class

A. #### 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

Franklin

LifeSmart

TM

Retirement

Income

Fund

pays

an

investment

management

fee,

calculated

daily

and

paid

monthly,

to

Advisers

of

0.25%

per

year

of

the

average

daily

net

assets

of

the

Fund.

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. #### Distribution

#### Fees
The

Board

has

adopted

distribution

plans

for

each

share

class,

with

the

exception

of

Class

R6

and

Advisor

Class

shares,

pursuant

to

Rule

12b-1

under

the

1940

Act.

Under

the

Funds'

Class

A

reimbursement

distribution

plans,

the

Funds

reimburse

Distributors

for

costs

incurred

in

connection

with

the

servicing,

sale

and

distribution

of each

Fund's

shares

up

to

the

maximum

annual

plan

rate.

Under

the

Class

A

reimbursement

distribution

plans,

costs

exceeding

the

maximum

for

the

current

plan

year

cannot

be

reimbursed

in

subsequent

periods.

In

addition,

under

the

Funds'

Class

C

and

R compensation

distribution

plans,

the

Funds

pay

Distributors

for

costs

incurred

in

connection

with

the

servicing,

sale

and

distribution

of each

Fund's

shares

up

to

the

maximum

annual

plan

rate

for

each

class.

The

plan

year,

for

purposes

of

monitoring

compliance

with

the

maximum

annual

plan

rates,

is

February

through

January

for

each

Fund.

The

maximum

annual

plan

rates,

based

on

the

average

daily

net

assets,

for

each

class,

are

as

follows:

The

Board

has

set

the

current

rate

at

0.25%

per

year

for

Class

A

shares

until

further

notice

and

approval

by

the

Board.

d. #### Sales

#### Charges/Underwriting

#### Agreements
Front-end

sales

charges

and

contingent

deferred

sales

charges

(CDSC)

do

not

represent

expenses

of

the

Funds.

These

charges

are

deducted

from

the

proceeds

of

sales

of

fund

shares

prior

to

investment

or

from

redemption

proceeds

prior

to

remittance,

as

applicable.

Distributors

has

advised

the

Funds

of

the

following

commission

transactions

related

to

the

sales

and

redemptions

of

the

Funds'

shares

for

the

period:

Class

A

....................................................................................

0.35%

Class

C

....................................................................................

1.00%

Class

R

....................................................................................

0.50%

#### Franklin

#### LifeSmart™

#### Retirement

#### Income

#### Fund

#### Franklin

#### LifeSmart™

#### 2020

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2025

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2030

#### Retirement

#### Target

#### Fund
Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

..................

$3,199

$234

$3,382

$5,890

CDSC

retained

...........................

$28

$217

$473

$1,676

#### Franklin

#### LifeSmart™

#### 2035

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2040

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2045

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2050

#### Retirement

#### Target

#### Fund
Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

..................

$9,037

$6,818

$13,490

$8,961

3. #### Transactions

#### with

#### Affiliates
(continued)

a. #### Management

#### and

#### Asset

#### Allocation

#### Fees
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

e. #### Transfer

#### Agent

#### Fees
Each

class

of

shares

pays

transfer

agent

fees,

calculated

monthly

and

paid

monthly, to

Investor

Services

for

its

performance

of

shareholder

servicing

obligations. The

fees

are based

on

a

fixed

margin

earned

by

Investor

Services

and

are allocated

to

the Funds

based

upon

relative

assets

and

relative

transactions. In

addition,

each

class reimburses

Investor

Services

for

out

of

pocket

expenses

incurred

and,

except

for

Class

R6, reimburses

shareholder

servicing

fees

paid

to

third

parties.

These

fees

paid

to

third

parties

are

accrued

and

allocated

daily

based

upon

their

relative

proportion

of

such

classes'

aggregate

net

assets.

Class

R6

pays

Investor

Services

transfer

agent

fees

allocated

specifically

to

that

class

based

upon

its

relative

assets

and

relative

transactions.

For

the

period

ended

June

30,

2025,

the Funds

paid

transfer

agent

fees

as

noted

in

the

Statements of

Operations

of

which

the

following

amounts

were

retained

by

Investor

Services:

#### Franklin

#### LifeSmart™

#### 2035

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2040

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2045

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2050

#### Retirement

#### Target

#### Fund
CDSC

retained

...........................

$609

$316

$763

$736

#### Franklin

#### LifeSmart™

#### 2055

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2060

#### Retirement

#### Target

#### Fund
Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

.............

$9,871

$4,828

CDSC

retained

.............................................................

$790

$186

#### Franklin

#### LifeSmart™

#### Retirement

#### Income

#### Fund

#### Franklin

#### LifeSmart™

#### 2020

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2025

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2030

#### Retirement

#### Target

#### Fund
Transfer

agent

fees

........................

$12,819

$6,597

$27,991

$24,014

#### Franklin

#### LifeSmart™

#### 2035

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2040

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2045

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2050

#### Retirement

#### Target

#### Fund
Transfer

agent

fees

........................

$40,508

$28,247

$44,480

$37,368

#### Franklin

#### LifeSmart™

#### 2055

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2060

#### Retirement

#### Target

#### Fund
Transfer

agent

fees

..........................................................

$38,263

$18,601

3. #### Transactions

#### with

#### Affiliates
(continued)

d. #### Sales

#### Charges/Underwriting

#### Agreements
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

f. #### Investments

#### in

#### FT

#### Underlying

#### Funds
The

Funds

invest

in

FT

Underlying

Funds

which

are

managed

by

Advisers

(or

an

affiliate

of

Advisers).

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

Underlying

Fund's

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

Underlying

Fund.

The

Funds

do

not

invest

in

FT

Underlying

Funds

for

the

purpose

of

exercising

a

controlling

influence

over

the

management

or

policies.

Management

fees

and

asset

allocation

fees

paid

by

the

Funds

are

waived

on

assets

invested

in

the

Underlying

Funds,

as

noted

in

the

Statements

of

Operations,

in

an

amount

not

to

exceed

the

management

and

administrative

fees,

if

applicable, paid

directly

or

indirectly

by

the

Underlying

Funds.

Investments

in

FT

Underlying

Funds

for

the

period

ended

June

30,

2025,

were

as

follows:

#### &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

#### Dividend

#### Income

#### a

#### Franklin

#### LifeSmart™

#### Retirement

#### Income

#### Fund

#### Non-Controlled

#### Affiliates
BrandywineGLOBAL

-

Global

Opportunities

Bond

Fund,

Class

IS

$

2,022,702

$

101,906

$

(76,442)

$

(22,048)

$

247,092

$

2,273,210

249,803

$

40,779

BrandywineGLOBAL

High

Yield

Fund,

Class

IS

............

8,372,835

546,025

(302,029)

(5,603)

(120,620)

8,490,608

834,868

302,837

ClearBridge

Tactical

Dividend

Income

Fund,

Class

IS

.......

4,967,756

228,132

(173,840)

(7,651)

(93,860)

4,920,537

200,266

84,021

Franklin

High

Yield

Corporate

ETF

1,965,814

56,454

(71,352)

(7,630)

46,231

1,989,517

81,705

55,033

Franklin

International

Core

Dividend

Tilt

Index

ETF

.............

1,227,409

35,437

(49,200)

(890) 230,664

1,443,420

40,500

27,841

Franklin

Investment

Grade

Corporate

ETF

............

3,455,370

99,805

(127,037)

(34,751)

115,881

3,509,268

162,579

66,482

Franklin

U.S.

Core

Bond

ETF

...

6,317,383

181,971

(231,302)

(41,983)

171,160

6,397,229

297,269

111,854

Franklin

U.S.

Core

Equity

(IU)

Fund

958,533

37,305

(33,356)

(1,928)

43,258

1,003,812

55,736

6,842

Franklin

U.S.

Government

Securities

Fund,

Class

R6

.....

3,953,901

190,649

(144,341)

(23,624)

95,879

4,072,464

796,960

74,218

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.332%

......

1,066,597

3,637,888

(3,782,263)

—

—

922,222

922,222

21,307

Templeton

Developing

Markets

Trust,

Class

R6

............

418,046

15,307

(16,285)

(1,837)

89,911

505,142

22,451

—

Templeton

Foreign

Fund,

Class

R6

810,980

26,610

(31,773)

139,321

945,522

107,936

—

#### Total

#### Non-Controlled

#### Affiliates
$35,537,326

$5,157,489

$(5,039,220)

$(147,561)

$964,917

$36,472,951

$791,214

#### Total

#### Affiliated

#### Securities

#### ....
$35,537,326

$5,157,489

$(5,039,220)

$(147,561)

$964,917

$36,472,951

$791,214

#### Franklin

#### LifeSmart™

#### 2020

#### Retirement

#### Target

#### Fund

#### Non-Controlled

#### Affiliates
BrandywineGLOBAL

-

Global

Opportunities

Bond

Fund,

Class

IS

918,807

63,810

(128,996)

(38,050)

136,099

951,670

104,579

17,694

ClearBridge

International

Growth

Fund,

Class

IS

............

269,385

24,355

(56,385)

5,929

37,460

280,744

3,709

—

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

...........

645,141

53,216

(132,224)

2,946

93,307

662,386

56,182

5,404

3. #### Transactions

#### with

#### Affiliates
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### &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

#### Dividend

#### Income

#### a

#### Franklin

#### LifeSmart™

#### 2020

#### Retirement

#### Target

#### Fund
(continued)

#### Non-Controlled

#### Affiliates
(continued)

Franklin

Growth

Fund,

Class

R6

.

$

1,675,891

$

116,566

$

(353,001)

$

15,006

$

83,735

$

1,538,197

10,655

$

—

Franklin

High

Yield

Corporate

ETF

1,064,912

31,483

(121,499)

(5,860)

24,761

993,797

40,813

28,188

Franklin

International

Aggregate

Bond

ETF

................

398,421

31,099

(29,369)

(6,935)

11,853

405,069

19,721

Franklin

International

Core

Equity

(IU)

Fund

................

1,781,603

147,675

(392,750)

62,692

244,127

1,843,347

132,806

22,477

Franklin

Investment

Grade

Corporate

ETF

............

2,661,381

222,386

(206,432)

(11,891)

75,376

2,740,820

126,978

50,439

Franklin

Systematic

Style

Premia

ETF

....................

263,249

3,003

(24,800)

1,880

243,651

10,110

—

Franklin

U.S.

Core

Bond

ETF

...

5,569,089

414,384

(487,699)

(87,721)

200,339

5,608,392

260,613

95,747

Franklin

U.S.

Core

Equity

(IU)

Fund

3,782,224

255,699

(700,747)

80,795

50,676

3,468,647

192,596

26,933

Franklin

U.S.

Equity

Index

ETF

.

382,516

370,828

(387,496)

65,560

(61,731)

369,677

6,800

1,964

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

...............

879,776

90,286

(191,988)

40,702

18,283

837,059

13,253

4,848

Franklin

U.S.

Treasury

Bond

ETF

2,795,131

254,953

(255,322)

(20,652)

79,216

2,853,326

138,848

46,842

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.332%

......

20,292

2,495,200

(2,017,714)

—

—

497,778

497,778

5,293

Putnam

Large

Cap

Value

Fund,

Class

R6

................

972,028

50,444

(175,382)

(12,813)

71,276

905,553

24,601

3,887

Templeton

Developing

Markets

Trust,

Class

R6

............

417,074

53,667

(111,552)

(1,032)

77,149

435,306

19,347

—

Templeton

Foreign

Fund,

Class

R6

410,420

22,475

(80,350)

14,230

51,070

417,845

47,699

—

#### Total

#### Non-Controlled

#### Affiliates
$24,907,340

$4,701,529

$(5,853,706)

$104,786

$1,193,315

$25,053,264

$310,079

#### Total

#### Affiliated

#### Securities

#### ....
$24,907,340

$4,701,529

$(5,853,706)

$104,786

$1,193,315

$25,053,264

$310,079

#### Franklin

#### LifeSmart™

#### 2025

#### Retirement

#### Target

#### Fund

#### Non-Controlled

#### Affiliates
BrandywineGLOBAL

-

Global

Opportunities

Bond

Fund,

Class

IS

3,278,382

260,018

(460,440)

(151,127)

501,237

3,428,070

376,711

62,917

ClearBridge

International

Growth

Fund,

Class

IS

............

1,377,313

133,890

(273,687)

24,465

199,415

1,461,396

19,305

—

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

...........

3,299,462

297,392

(649,582)

14,437

486,042

3,447,751

292,430

27,629

Franklin

Growth

Fund,

Class

R6

.

8,577,095

515,479

(1,628,891)

32,898

509,592

8,006,173

55,460

—

Franklin

High

Yield

Corporate

ETF

3,799,579

94,900

(383,056)

(20,043)

89,969

3,581,349

147,078

100,552

Franklin

International

Aggregate

Bond

ETF

................

1,422,804

124,189

(105,469)

(26,494)

44,501

1,459,531

71,058

1,328

Franklin

International

Core

Equity

(IU)

Fund

................

9,108,851

806,587

(1,894,266)

234,580

1,339,674

9,595,426

691,313

115,035

3. #### Transactions

#### with

#### Affiliates
(continued)

f. #### Investments

#### in

#### FT

#### Underlying

#### Funds
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### &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

#### Dividend

#### Income

#### a

#### Franklin

#### LifeSmart™

#### 2025

#### Retirement

#### Target

#### Fund
(continued)

#### Non-Controlled

#### Affiliates
(continued)

Franklin

Investment

Grade

Corporate

ETF

............

$

9,497,342

$

929,927

$

(781,614)

$

(57,822)

$

286,010

$

9,873,843

457,440

$

179,994

Franklin

Systematic

Style

Premia

ETF

....................

1,125,755

24,917

(88,106)

6,367

2,505

1,071,438

44,458

—

Franklin

U.S.

Core

Bond

ETF

...

19,872,748

1,709,869

(1,779,292)

(331,875)

732,236

20,203,686

938,833

341,604

Franklin

U.S.

Core

Equity

(IU)

Fund

19,356,229

1,093,754

(3,148,622)

274,290

478,305

18,053,956

1,002,441

137,792

Franklin

U.S.

Equity

Index

ETF

.

1,965,211

1,677,758

(1,751,674)

276,209

(237,575)

1,929,929

35,500

10,158

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

...............

4,502,731

410,251

(873,991)

100,605

220,718

4,360,314

69,036

24,989

Franklin

U.S.

Treasury

Bond

ETF

9,974,752

1,023,843

(927,348)

(149,841)

357,971

10,279,377

500,213

167,166

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.332%

......

3,765

8,687,307

(6,883,138)

—

—

1,807,934

1,807,934

23,332

Putnam

Large

Cap

Value

Fund,

Class

R6

................

4,973,056

222,923

(794,523)

(53,562)

365,418

4,713,312

128,044

19,406

Templeton

Developing

Markets

Trust,

Class

R6

............

2,132,981

287,878

(553,663)

(4,820)

403,408

2,265,784

100,702

—

Templeton

Foreign

Fund,

Class

R6

2,098,352

120,028

(379,528)

61,855

274,367

2,175,074

248,296

—

#### Total

#### Non-Controlled

#### Affiliates
$106,366,408

$18,420,910

$(23,356,890)

$230,122

$6,053,793

$107,714,343

$1,211,902

#### Total

#### Affiliated

#### Securities

#### ....
$106,366,408

$18,420,910

$(23,356,890)

$230,122

$6,053,793

$107,714,343

$1,211,902

#### Franklin

#### LifeSmart™

#### 2030

#### Retirement

#### Target

#### Fund

#### Non-Controlled

#### Affiliates
BrandywineGLOBAL

-

Global

Opportunities

Bond

Fund,

Class

IS

1,725,932

207,524

(172,117)

(56,125)

248,303

1,953,517

214,672

34,567

ClearBridge

International

Growth

Fund,

Class

IS

............

1,061,794

139,712

(167,175)

13,685

164,234

1,212,250

16,014

—

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

...........

2,541,869

304,154

(388,356)

27,142

374,027

2,858,836

242,480

22,028

Franklin

Growth

Fund,

Class

R6

.

6,610,430

557,872

(968,092)

(54,002)

491,182

6,637,390

45,978

—

Franklin

High

Yield

Corporate

ETF

2,000,043

114,863

(112,723)

(2,845)

41,533

2,040,871

83,814

55,052

Franklin

International

Aggregate

Bond

ETF

................

749,001

101,428

(28,917)

(6,862)

16,871

831,521

40,483

736

Franklin

International

Core

Equity

(IU)

Fund

................

7,022,113

871,766

(1,187,775)

126,401

1,127,122

7,959,627

573,460

91,729

Franklin

Investment

Grade

Corporate

ETF

............

4,999,546

741,085

(241,432)

(20,263)

147,820

5,626,756

260,679

98,566

Franklin

Systematic

Style

Premia

ETF

....................

749,842

30,303

(46,963)

(140) 5,888

738,930

30,661

—

Franklin

U.S.

Core

Bond

ETF

...

10,461,695

1,449,840

(621,069)

(112,422)

335,694

11,513,738

535,025

186,977

Franklin

U.S.

Core

Equity

(IU)

Fund

14,910,025

1,224,552

(1,773,437)

(54,721)

660,873

14,967,292

831,055

109,871

3. #### Transactions

#### with

#### Affiliates
(continued)

f. #### Investments

#### in

#### FT

#### Underlying

#### Funds
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### &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

#### Dividend

#### Income

#### a

#### Franklin

#### LifeSmart™

#### 2030

#### Retirement

#### Target

#### Fund
(continued)

#### Non-Controlled

#### Affiliates
(continued)

Franklin

U.S.

Equity

Index

ETF

.

$

1,513,174

$

1,222,915

$

(1,180,413)

$

109,311

$

(65,538)

$

1,599,449

29,421

$

8,237

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

...............

3,468,263

406,901

(516,737)

(7,256)

264,423

3,615,594

57,245

20,353

Franklin

U.S.

Treasury

Bond

ETF

5,251,179

820,107

(328,900)

(58,490)

173,738

5,857,634

285,043

91,549

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.332%

......

2,084

5,767,596

(4,224,249)

—

—

1,545,431

1,545,431

17,736

Putnam

Large

Cap

Value

Fund,

Class

R6

................

3,830,736

257,164

(428,484)

(32,081)

280,212

3,907,547

106,154

15,498

Templeton

Developing

Markets

Trust,

Class

R6

............

1,643,183

272,415

(358,139)

2,964

318,363

1,878,786

83,502

—

Templeton

Foreign

Fund,

Class

R6

1,617,683

140,802

(222,018)

9,289

258,576

1,804,332

205,974

—

#### Total

#### Non-Controlled

#### Affiliates
$70,158,592

$14,630,999

$(12,966,996)

$(116,415)

$4,843,321

$76,549,501

$752,899

#### Total

#### Affiliated

#### Securities

#### ....
$70,158,592

$14,630,999

$(12,966,996)

$(116,415)

$4,843,321

$76,549,501

$752,899

#### Franklin

#### LifeSmart™

#### 2035

#### Retirement

#### Target

#### Fund

#### Non-Controlled

#### Affiliates
BrandywineGLOBAL

-

Global

Opportunities

Bond

Fund,

Class

IS

2,494,370

289,819

(233,682)

(76,224)

354,880

2,829,163

310,897

49,286

ClearBridge

International

Growth

Fund,

Class

IS

............

2,334,167

261,599

(326,522)

30,058

362,603

2,661,905

35,164

—

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

...........

5,595,906

550,220

(754,226)

17,777

869,509

6,279,186

532,586

47,963

Franklin

Growth

Fund,

Class

R6

.

14,531,587

858,159

(1,793,439)

(111,689)

1,095,185

14,579,803

100,996

—

Franklin

High

Yield

Corporate

ETF

2,890,347

146,582

(138,826)

(9,309)

66,979

2,955,773

121,387

79,455

Franklin

International

Aggregate

Bond

ETF

................

1,081,979

143,663

(35,464)

(8,882)

23,416

1,204,712

58,652

1,076

Franklin

International

Core

Equity

(IU)

Fund

................

15,436,666

1,602,124

(2,323,605)

278,789

2,484,154

17,478,128

1,259,231

199,443

Franklin

Investment

Grade

Corporate

ETF

............

7,225,226

1,044,628

(308,832)

(27,383)

215,691

8,149,330

377,546

142,307

Franklin

Systematic

Style

Premia

ETF

....................

1,445,360

87,565

(110,537)

501

10,459

1,433,348

59,475

—

Franklin

U.S.

Core

Bond

ETF

...

15,118,556

2,047,348

(815,735)

(147,779)

472,576

16,674,966

774,859

269,972

Franklin

U.S.

Core

Equity

(IU)

Fund

32,785,330

1,805,779

(3,104,352)

(85,272)

1,475,773

32,877,258

1,825,500

238,913

Franklin

U.S.

Equity

Index

ETF

.

3,327,740

2,249,737

(2,194,231)

163,613

(31,561)

3,515,298

64,662

17,978

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

...............

7,627,539

696,124

(960,394)

(7,732)

586,770

7,942,307

125,749

44,408

Franklin

U.S.

Treasury

Bond

ETF

7,588,620

1,163,188

(434,165)

(76,843)

243,124

8,483,924

412,843

132,219

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.332%

......

4,644

8,240,429

(5,300,937)

—

—

2,944,136

2,944,136

33,145

3. #### Transactions

#### with

#### Affiliates
(continued)

f. #### Investments

#### in

#### FT

#### Underlying

#### Funds
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### &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

#### Dividend

#### Income

#### a

#### Franklin

#### LifeSmart™

#### 2035

#### Retirement

#### Target

#### Fund
(continued)

#### Non-Controlled

#### Affiliates
(continued)

Putnam

Large

Cap

Value

Fund,

Class

R6

................

$

8,423,320

$

360,430

$

(756,924)

$

(58,024)

$

614,613

$

8,583,415

233,182

$

33,748

Templeton

Developing

Markets

Trust,

Class

R6

............

3,617,465

506,102

(712,794)

(2,125)

717,967

4,126,615

183,405

—

Templeton

Foreign

Fund,

Class

R6

3,556,166

225,509

(412,714)

23,025

570,116

3,962,102

452,295

—

#### Total

#### Non-Controlled

#### Affiliates
$135,084,988

$22,279,005

$(20,717,379)

$(97,499)

$10,132,254

$146,681,369

$1,289,913

#### Total

#### Affiliated

#### Securities

#### ....
$135,084,988

$22,279,005

$(20,717,379)

$(97,499)

$10,132,254

$146,681,369

$1,289,913

#### Franklin

#### LifeSmart™

#### 2040

#### Retirement

#### Target

#### Fund

#### Non-Controlled

#### Affiliates
ClearBridge

International

Growth

Fund,

Class

IS

............

1,159,418

190,184

(178,723)

12,139

184,376

1,367,394

18,063

—

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

...........

2,780,521

421,626

(424,025)

3,585

443,865

3,225,572

273,585

24,391

Franklin

Growth

Fund,

Class

R6

.

7,218,172

764,949

(986,841)

(85,067)

578,243

7,489,456

51,880

—

Franklin

High

Yield

Corporate

ETF

982,203

146,433

(83,882)

(1,720)

22,230

1,065,264

43,748

27,778

Franklin

International

Core

Equity

(IU)

Fund

................

7,667,478

1,195,793

(1,269,092)

90,961

1,293,236

8,978,376

646,857

101,577

Franklin

Investment

Grade

Corporate

ETF

............

2,455,772

596,763

(182,207)

(13,520)

80,436

2,937,244

136,078

49,771

Franklin

Systematic

Style

Premia

ETF

....................

646,455

45,533

(46,469)

(268) 5,136

650,387

26,987

—

Franklin

U.S.

Core

Bond

ETF

...

5,139,148

1,199,130

(441,430)

(79,337)

193,068

6,010,579

279,302

94,380

Franklin

U.S.

Core

Equity

(IU)

Fund

12,567,362

1,225,939

(1,262,633)

(57,817)

599,620

13,072,471

725,845

93,717

Franklin

U.S.

Equity

Index

ETF

.

5,368,067

1,319,826

(1,347,336)

(71,953)

354,013

5,622,617

103,425

28,080

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

...............

3,789,141

503,838

(503,792)

(18,377)

308,821

4,079,631

64,592

22,569

Franklin

U.S.

Treasury

Bond

ETF

2,579,304

652,954

(231,953)

(35,302)

92,755

3,057,758

148,796

46,263

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.332%

......

2,091

5,849,856

(4,477,019)

—

—

1,374,928

1,374,928

15,839

Putnam

Large

Cap

Value

Fund,

Class

R6

................

4,184,970

381,040

(434,941)

(39,074)

317,221

4,409,216

119,783

16,989

Templeton

Developing

Markets

Trust,

Class

R6

............

1,797,269

362,393

(402,691)

(643) 363,494

2,119,822

94,214

—

3. #### Transactions

#### with

#### Affiliates
(continued)

f. #### Investments

#### in

#### FT

#### Underlying

#### Funds
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### &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

#### Dividend

#### Income

#### a

#### Franklin

#### LifeSmart™

#### 2040

#### Retirement

#### Target

#### Fund
(continued)

#### Non-Controlled

#### Affiliates
(continued)

Templeton

Foreign

Fund,

Class

R6

$

1,766,373

$

198,333

$

(226,439)

$

1,651

$

295,405

$

2,035,323

232,343

$

—

#### Total

#### Non-Controlled

#### Affiliates
$60,103,744

$15,054,590

$(12,499,473)

$(294,742)

$5,131,919

$67,496,038

$521,354

#### Total

#### Affiliated

#### Securities

#### ....
$60,103,744

$15,054,590

$(12,499,473)

$(294,742)

$5,131,919

$67,496,038

$521,354

#### Franklin

#### LifeSmart™

#### 2045

#### Retirement

#### Target

#### Fund

#### Non-Controlled

#### Affiliates
ClearBridge

International

Growth

Fund,

Class

IS

............

2,145,437

269,602

(295,640)

26,508

333,649

2,479,556

32,755

—

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

...........

5,141,151

572,788

(683,390)

13,250

804,010

5,847,809

495,997

43,929

Franklin

Growth

Fund,

Class

R6

.

13,352,489

798,131

(1,480,348)

(97,626)

1,003,942

13,576,588

94,047

—

Franklin

International

Core

Equity

(IU)

Fund

................

14,188,351

1,705,924

(2,148,642)

186,919

2,348,448

16,281,000

1,172,983

182,787

Franklin

Systematic

Style

Premia

ETF

....................

1,076,165

69,905

(88,208)

(126) 8,303

1,066,039

44,234

—

Franklin

U.S.

Core

Bond

ETF

...

9,431,153

2,565,032

(1,026,313)

(64,781)

273,172

11,178,263

519,436

175,666

Franklin

U.S.

Core

Equity

(IU)

Fund

23,247,645

1,223,842

(1,777,175)

(29,696)

1,032,510

23,697,126

1,315,776

168,646

Franklin

U.S.

Equity

Index

ETF

.

9,930,026

2,100,095

(2,371,747)

(86,751)

620,305

10,191,928

187,475

51,083

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

...............

7,009,943

607,834

(758,414)

(11,902)

548,070

7,395,531

117,092

41,015

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.332%

......

3,409

7,731,917

(5,336,155)

—

—

2,399,171

2,399,171

25,719

Putnam

Large

Cap

Value

Fund,

Class

R6

................

7,741,603

356,091

(618,412)

(44,562)

558,200

7,992,920

217,140

31,000

Templeton

Developing

Markets

Trust,

Class

R6

............

3,323,480

514,675

(659,020)

(2,153)

666,193

3,843,175

170,808

—

Templeton

Foreign

Fund,

Class

R6

3,268,624

237,013

(360,196)

10,471

534,957

3,690,869

421,332

—

#### Total

#### Non-Controlled

#### Affiliates
$99,859,476

$18,752,849

$(17,603,660)

$(100,449)

$8,731,759

$109,639,975

$719,845

#### Total

#### Affiliated

#### Securities

#### ....
$99,859,476

$18,752,849

$(17,603,660)

$(100,449)

$8,731,759

$109,639,975

$719,845

#### Franklin

#### LifeSmart™

#### 2050

#### Retirement

#### Target

#### Fund

#### Non-Controlled

#### Affiliates
ClearBridge

International

Growth

Fund,

Class

IS

............

1,244,154

165,558

(162,252)

7,993

200,139

1,455,592

19,228

—

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

...........

2,981,930

367,359

(391,145)

3,795

471,007

3,432,946

291,174

25,287

Franklin

Growth

Fund,

Class

R6

.

7,746,621

436,267

(739,960)

(73,629)

600,819

7,970,118

55,210

—

Franklin

International

Core

Equity

(IU)

Fund

................

8,228,200

1,023,416

(1,160,951)

34,378

1,432,540

9,557,583

688,587

105,201

3. #### Transactions

#### with

#### Affiliates
(continued)

f. #### Investments

#### in

#### FT

#### Underlying

#### Funds
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### &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

#### Dividend

#### Income

#### a

#### Franklin

#### LifeSmart™

#### 2050

#### Retirement

#### Target

#### Fund
(continued)

#### Non-Controlled

#### Affiliates
(continued)

Franklin

Systematic

Style

Premia

ETF

....................

$

587,301

$

43,872

$

(51,336)

$

(177) $

4,476

$

584,136

24,238

$

—

Franklin

U.S.

Core

Bond

ETF

...

1,729,570

1,315,325

(638,385)

(25,258)

73,836

2,455,088

114,084

36,155

Franklin

U.S.

Core

Equity

(IU)

Fund

13,487,178

646,419

(808,597)

(15,055)

601,367

13,911,312

772,422

97,122

Franklin

U.S.

Equity

Index

ETF

.

5,761,110

1,282,483

(1,369,991)

(58,265)

367,715

5,983,052

110,055

29,780

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

...............

4,065,922

327,533

(363,875)

(12,288)

324,137

4,341,429

68,737

23,883

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.332%

......

1,844

4,380,900

(3,065,593)

—

—

1,317,151

1,317,151

13,987

Putnam

Large

Cap

Value

Fund,

Class

R6

................

4,492,188

239,909

(338,737)

(26,199)

325,079

4,692,240

127,472

17,956

Templeton

Developing

Markets

Trust,

Class

R6

............

1,927,623

311,440

(368,359)

(1,515)

386,947

2,256,136

100,273

—

Templeton

Foreign

Fund,

Class

R6

1,895,517

139,652

(184,492)

(1,809)

317,836

2,166,704

247,341

—

#### Total

#### Non-Controlled

#### Affiliates
$54,149,158

$10,680,133

$(9,643,673)

$(168,029)

$5,105,898

$60,123,487

$349,371

#### Total

#### Affiliated

#### Securities

#### ....
$54,149,158

$10,680,133

$(9,643,673)

$(168,029)

$5,105,898

$60,123,487

$349,371

#### Franklin

#### LifeSmart™

#### 2055

#### Retirement

#### Target

#### Fund

#### Non-Controlled

#### Affiliates
ClearBridge

International

Growth

Fund,

Class

IS

............

916,277

156,051

(103,238)

5,270

152,432

1,126,792

14,885

—

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

...........

2,198,072

349,225

(250,598)

673

361,228

2,658,600

225,496

19,172

Franklin

Growth

Fund,

Class

R6

.

5,705,557

501,947

(444,755)

(51,991)

462,586

6,173,344

42,764

—

Franklin

International

Core

Equity

(IU)

Fund

................

6,059,827

980,891

(752,019)

30,588

1,079,368

7,398,655

533,044

79,808

Franklin

Systematic

Style

Premia

ETF

....................

423,518

41,347

(30,833)

(116) 3,210

437,126

18,138

—

Franklin

U.S.

Core

Bond

ETF

...

626,816

1,088,626

(808,083)

1,696

21,599

930,654

43,246

14,267

Franklin

U.S.

Core

Equity

(IU)

Fund

9,933,899

790,341

(410,208)

(13,321)

474,473

10,775,184

598,289

73,657

Franklin

U.S.

Equity

Index

ETF

.

4,241,056

1,172,220

(1,019,565)

(57,186)

298,023

4,634,548

85,250

22,651

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

...............

2,993,513

333,162

(204,915)

(10,416)

251,863

3,363,207

53,249

18,304

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.332%

......

1,420

3,403,676

(2,406,670)

—

—

998,426

998,426

11,232

Putnam

Large

Cap

Value

Fund,

Class

R6

................

3,308,306

268,780

(170,944)

(14,515)

242,812

3,634,439

98,735

13,495

Templeton

Developing

Markets

Trust,

Class

R6

............

1,421,049

296,131

(262,869)

(2,165)

295,089

1,747,235

77,655

—

3. #### Transactions

#### with

#### Affiliates
(continued)

f. #### Investments

#### in

#### FT

#### Underlying

#### Funds
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

g. #### 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

Franklin

LifeSmart

TM

Retirement

Income

Fund

so

that

the

operating

expenses

(excluding

interest

expense,

distribution

fees,

acquired

fund

fees

and

expenses

and

certain

non-routine

expenses

or

costs,

including

those

relating

to

litigation,

indemnification,

reorganizations,

and

liquidations)

for

each

class

of

the

Fund do

not

exceed

0.05%

and

for

Class

R6

do

not

exceed

0.00%

based

on

the

average

net

assets

of

each

class

until

April

30,

2026. Total

expenses

waived

or

paid

are

not

subject

to

recapture

subsequent

to

the

Fund's

fiscal

year

end.

#### &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

#### Dividend

#### Income

#### a

#### Franklin

#### LifeSmart™

#### 2055

#### Retirement

#### Target

#### Fund
(continued)

#### Non-Controlled

#### Affiliates
(continued)

Templeton

Foreign

Fund,

Class

R6

$

1,396,537

$

153,413

$

(112,114)

$

(186) $

239,626

$

1,677,276

191,470

$

—

#### Total

#### Non-Controlled

#### Affiliates
$39,225,847

$9,535,810

$(6,976,811)

$(111,669)

$3,882,309

$45,555,486

$252,586

#### Total

#### Affiliated

#### Securities

#### ....
$39,225,847

$9,535,810

$(6,976,811)

$(111,669)

$3,882,309

$45,555,486

$252,586

#### Franklin

#### LifeSmart™

#### 2060

#### Retirement

#### Target

#### Fund

#### Non-Controlled

#### Affiliates
ClearBridge

International

Growth

Fund,

Class

IS

............

180,502

51,244

(19,379)

32,779

245,475

3,243

—

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

...........

434,220

119,256

(51,224)

(4,146)

81,081

579,187

49,125

4,044

Franklin

Growth

Fund,

Class

R6

.

1,125,755

213,844

(87,299)

(11,483)

104,056

1,344,873

9,316

—

Franklin

International

Core

Equity

(IU)

Fund

................

1,195,263

330,775

(145,440)

1,300

229,928

1,611,826

116,126

16,811

Franklin

Systematic

Style

Premia

ETF

....................

81,748

14,595

(1,825)

(1) 533

95,050

3,944

—

Franklin

U.S.

Core

Bond

ETF

...

123,377

244,146

(170,142)

4,423

202,288

9,400

2,985

Franklin

U.S.

Core

Equity

(IU)

Fund

1,958,206

360,990

(78,120)

(3,020)

109,327

2,347,383

130,338

15,501

Franklin

U.S.

Equity

Index

ETF

.

834,348

312,488

(193,359)

(15,510)

70,489

1,008,456

18,550

4,809

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

...............

588,159

119,239

(29,185)

(1,419)

54,599

731,393

11,580

3,876

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.332%

......

1,244,112

(995,798)

—

—

248,659

248,659

2,685

Putnam

Large

Cap

Value

Fund,

Class

R6

................

652,646

122,308

(32,105)

(2,830)

51,753

791,772

21,510

2,755

Templeton

Developing

Markets

Trust,

Class

R6

............

281,047

88,025

(50,411)

(829) 62,814

380,646

16,918

—

Templeton

Foreign

Fund,

Class

R6

276,020

63,487

(24,175)

(410) 50,483

365,405

41,713

—

#### Total

#### Non-Controlled

#### Affiliates
$7,731,636

$3,284,509

$(1,878,462)

$(37,535)

$852,265

$9,952,413

$53,466

#### Total

#### Affiliated

#### Securities

#### ....
$7,731,636

$3,284,509

$(1,878,462)

$(37,535)

$852,265

$9,952,413

$53,466

3. #### Transactions

#### with

#### Affiliates
(continued)

f. #### Investments

#### in

#### FT

#### Underlying

#### Funds
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

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,

except

Franklin

LifeSmart

TM

Retirement

Income

Fund

so

that

the

operating

expenses

(excluding

interest

expense,

distribution

fees

and

certain

non-routine

expenses

or

costs,

including

those

relating

to

litigation,

indemnification,

reorganizations,

and

liquidations)

and

acquired

fund

fees

and

expenses

for

each

class

of

the

Funds do

not

exceed

0.45%

and

for

Class

R6

do

not

exceed

0.40%

based

on

the

average

net

assets

of

each

class

until

April

30,

2026. Total

expenses

waived

or

paid

are

not

subject

to

recapture

subsequent

to

the

Funds'

fiscal

year

end.

Transfer

agent

fees

on

Class

R6

shares

of

the

Funds have

been

capped

so

that

transfer

agent

fees

for

that

class

do

not

exceed

0.00%

based

on

the

average

net

assets

of

the

class

until

April

30,

2026. h. #### Other

#### Affiliated

#### Transactions
At

June

30,

2025, Templeton

International

Inc.

owned

12.1%

of

Franklin

LifeSmart

TM

2060

Retirement

Target

Fund's

outstanding

shares.

4. #### Income

#### Taxes
For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains.

At

December

31,

2024,

the

capital

loss

carryforwards

were

as

follows:

At

June

30,

2025,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation) for

income

tax

purposes

were

as

follows:

#### Franklin

#### LifeSmart™

#### Retirement

#### Income

#### Fund

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

................................................................................

$

592,753

Long

term

................................................................................

3,302,667

Total

capital

loss

carryforwards

...............................................................

$3,895,420

#### Franklin

#### LifeSmart™

#### Retirement

#### Income

#### Fund

#### Franklin

#### LifeSmart™

#### 2020

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2025

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2030

#### Retirement

#### Target

#### Fund
a

a

a

a

a

Cost

of

investments

.......................

$45,331,532

$22,759,490

$91,142,776

$63,142,153

Unrealized

appreciation

.....................

$2,748,489

$3,996,698

$22,371,655

$16,396,640

Unrealized

depreciation

.....................

(2,487,944)

(1,445,889)

(4,454,641)

(1,872,163)

Net

unrealized

appreciation

(depreciation)

.......

$260,545

$2,550,809

$17,917,014

$14,524,477

3. #### Transactions

#### with

#### Affiliates
(continued)

g. #### Waiver

#### and

#### Expense

#### Reimbursements
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Differences

between

income

and/or

capital

gains

as

determined

on

a

book

basis

and

a

tax

basis

are

primarily

due

to

differing

treatments

of

wash

sales,

regulated

investment

companies

and

equity-linked

securities.

5. #### Investment

#### Transactions
Purchases

and

sales

of

investments

(excluding

short

term

securities)

for

the

period

ended

June

30,

2025,

were

as

follows:

#### Franklin

#### LifeSmart™

#### 2035

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2040

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2045

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2050

#### Retirement

#### Target

#### Fund
a

a

a

a

a

Cost

of

investments

.......................

$115,267,947

$52,531,711

$80,340,382

$45,029,062

Unrealized

appreciation

.....................

$36,870,969

$16,882,743

$32,595,332

$16,906,447

Unrealized

depreciation

.....................

(3,005,405)

(659,204)

(1,012,394)

(471,584)

Net

unrealized

appreciation

(depreciation)

.......

$33,865,564

$16,223,539

$31,582,938

$16,434,863

#### Franklin

#### LifeSmart™

#### 2055

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2060

#### Retirement

#### Target

#### Fund
a

a

a

Cost

of

investments

.........................................................

$34,856,443

$8,632,956

Unrealized

appreciation

.......................................................

$12,210,065

$1,683,688

Unrealized

depreciation

.......................................................

(473,366)

(137,666)

Net

unrealized

appreciation

(depreciation)

.........................................

$11,736,699

$1,546,022

#### Franklin

#### LifeSmart™

#### Retirement

#### Income

#### Fund

#### Franklin

#### LifeSmart™

#### 2020

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2025

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2030

#### Retirement

#### Target

#### Fund
Purchases

..............................

$1,713,028

$2,348,579

$10,442,748

$9,381,705

Sales

..................................

$1,494,662

$4,133,642

$17,957,104

$9,785,447

#### Franklin

#### LifeSmart™

#### 2035

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2040

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2045

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2050

#### Retirement

#### Target

#### Fund
Purchases

..............................

$14,918,629

$9,678,073

$11,827,109

$6,787,072

Sales

..................................

$17,473,538

$9,045,775

$14,132,591

$7,664,196

4. #### Income

#### Taxes
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

6. #### Credit

#### Facility
The

Funds,

together

with

other

U.S.

registered

and

foreign

investment

funds

(collectively,

Borrowers),

managed

by

Franklin

Templeton,

are

borrowers

in

a

joint

syndicated

senior

unsecured

credit

facility

totaling

$2.995

billion

(Global

Credit

Facility)

which

matures

on

January

30,

2026. This

Global

Credit

Facility

provides

a

source

of

funds

to

the

Borrowers

for

temporary

and

emergency

purposes,

including

the

ability

to

meet

future

unanticipated

or

unusually

large

redemption

requests.

Under

the

terms

of

the

Global

Credit

Facility,

the

Funds

may,

in

addition

to

interest

charged

on

any

borrowings

made

by

the

Funds

and

other

costs

incurred

by

the

Funds,

pay

their

share

of

fees

and

expenses

incurred

in

connection

with

the

implementation

and

maintenance

of

the

Global

Credit

Facility,

based

upon

their

relative

share

of

the

aggregate

net

assets

of

all

of

the

Borrowers,

including

an

annual

commitment

fee

of

0.15%

based

upon

the

unused

portion

of

the

Global

Credit

Facility.

These

fees

are

reflected

in

other

expenses

in

the

Statements

of

Operations.

During

the

period ended

June

30,

2025,

the

Funds

did

not

use

the

Global

Credit

Facility.

7. #### Fair

#### Value

#### Measurements
The Funds

follow

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Funds'

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the Funds' financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

–

significant

unobservable

inputs

(including

the Funds'

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

A

summary

of

inputs

used

as

of June

30,

2025,

in

valuing

the

Funds'

assets

carried

at

fair

value,

is

as

follows:

#### Franklin

#### LifeSmart™

#### 2055

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart™

#### 2060

#### Retirement

#### Target

#### Fund
Purchases

................................................................

$6,553,868

$2,160,888

Sales

....................................................................

$5,382,500

$1,054,991

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### LifeSmart™

#### Retirement

#### Income

#### Fund

#### Assets:
Investments

in

Securities:

a

Investments

in

Underlying

Funds

and

Exchange

Traded

Funds

...........................

$

42,323,688

$

—

$

—

$

42,323,688

Index-Linked

Notes

:

Capital

Markets

........................

—

—

2,346,167

2,346,167

Short

Term

Investments

...................

922,222

—

—

922,222

Total

Investments

in

Securities

...........

$43,245,910

$—

$2,346,167

$45,592,077

5. #### Investment

#### Transactions
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### LifeSmart™

#### 2020

#### Retirement

#### Target

#### Fund

#### Assets:
Investments

in

Securities:

a

Investments

in

Underlying

Funds

and

Exchange

Traded

Funds

...........................

$

24,812,521

$

—

$

—

$

24,812,521

Short

Term

Investments

...................

497,778

—

—

497,778

Total

Investments

in

Securities

...........

$25,310,299

$—

$—

$25,310,299

#### Franklin

#### LifeSmart™

#### 2025

#### Retirement

#### Target

#### Fund

#### Assets:
Investments

in

Securities:

a

Investments

in

Underlying

Funds

and

Exchange

Traded

Funds

...........................

107,251,856

—

—

107,251,856

Short

Term

Investments

...................

1,807,934

—

—

1,807,934

Total

Investments

in

Securities

...........

$109,059,790

$—

$—

$109,059,790

#### Franklin

#### LifeSmart™

#### 2030

#### Retirement

#### Target

#### Fund

#### Assets:
Investments

in

Securities:

a

Investments

in

Underlying

Funds

and

Exchange

Traded

Funds

...........................

76,121,199

—

—

76,121,199

Short

Term

Investments

...................

1,545,431

—

—

1,545,431

Total

Investments

in

Securities

...........

$77,666,630

$—

$—

$77,666,630

#### Franklin

#### LifeSmart™

#### 2035

#### Retirement

#### Target

#### Fund

#### Assets:
Investments

in

Securities:

a

Investments

in

Underlying

Funds

and

Exchange

Traded

Funds

...........................

146,189,375

—

—

146,189,375

Short

Term

Investments

...................

2,944,136

—

—

2,944,136

Total

Investments

in

Securities

...........

$149,133,511

$—

$—

$149,133,511

#### Franklin

#### LifeSmart™

#### 2040

#### Retirement

#### Target

#### Fund

#### Assets:
Investments

in

Securities:

a

Investments

in

Underlying

Funds

and

Exchange

Traded

Funds

...........................

67,380,322

—

—

67,380,322

Short

Term

Investments

...................

1,374,928

—

—

1,374,928

Total

Investments

in

Securities

...........

$68,755,250

$—

$—

$68,755,250

#### Franklin

#### LifeSmart™

#### 2045

#### Retirement

#### Target

#### Fund

#### Assets:
Investments

in

Securities:

a

Investments

in

Underlying

Funds

and

Exchange

Traded

Funds

...........................

109,524,149

—

—

109,524,149

Short

Term

Investments

...................

2,399,171

—

—

2,399,171

Total

Investments

in

Securities

...........

$111,923,320

$—

$—

$111,923,320

#### Franklin

#### LifeSmart™

#### 2050

#### Retirement

#### Target

#### Fund

#### Assets:
Investments

in

Securities:

a

Investments

in

Underlying

Funds

and

Exchange

Traded

Funds

...........................

60,146,774

—

—

60,146,774

Short

Term

Investments

...................

1,317,151

—

—

1,317,151

Total

Investments

in

Securities

...........

$61,463,925

$—

$—

$61,463,925

7. #### 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.

At

June

30,

2025,

the

reconciliation

is

as

follows:

Level

financial

instruments,

for

the

Franklin

LifeSmart™

Retirement

Income

Fund,

include

the

fair

value

of

assets

and/

or

liabilities

derived

from

recent

transactions,

private

transaction

prices,

or

non-public

third-party

pricing

information

that

is

unobservable.

8. #### Operating

#### Segments
The Funds

have

adopted

the

FASB

Accounting

Standards

Update

(ASU)

2023-07,

*Segment* 

*Reporting* 

*(Topic* 

*280)* 

*-* 

*Improvements* 

*to* 

*Reportable* 

*Segment* 

*Disclosures.*

The

update

is

limited

to

disclosure

requirements

and

does

not

impact

the Funds'

financial

position

or

results

of

operations.

Each

Fund

operates

as

a

single

operating

segment,

which

is

an

investment

portfolio.

The

Funds'

Investment

manager

serves

as

the

Chief

Operating

Decision

Maker

(CODM),

evaluating

fund-wide

results

and

performance

under

a

unified

investment

strategy.

The

CODM

uses

these

measures

to

assess

fund

performance

and

allocate

resources

effectively.

Internal

reporting

provided

to

the

CODM

aligns

with

the

accounting

policies

and

measurement

principles

used

in

the

financial

statements.

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### LifeSmart™

#### 2055

#### Retirement

#### Target

#### Fund

#### Assets:
Investments

in

Securities:

a

Investments

in

Underlying

Funds

and

Exchange

Traded

Funds

...........................

$

45,594,716

$

—

$

—

$

45,594,716

Short

Term

Investments

...................

998,426

—

—

998,426

Total

Investments

in

Securities

...........

$46,593,142

$—

$—

$46,593,142

#### Franklin

#### LifeSmart™

#### 2060

#### Retirement

#### Target

#### Fund

#### Assets:
Investments

in

Securities:

a

Investments

in

Underlying

Funds

and

Exchange

Traded

Funds

...........................

9,930,319

—

—

9,930,319

Short

Term

Investments

...................

248,659

—

—

248,659

Total

Investments

in

Securities

...........

$10,178,978

$—

$—

$10,178,978

a

For

detailed

categories,

see

the

accompanying

Schedule

of

Investments.

#### Balance

#### at

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Transfer

#### Into

#### Level

#### 3

#### Transfer

#### Out

#### of

#### Level

#### 3

#### Net

#### Accretion

#### (#### Amortiza

#### -

#### tion

####)

#### Net

#### Realized

#### Gain
(Loss)

#### Net

#### Unr

#### ealized

#### Appreciatio

#### n

#### (#### Depreciation

####)

#### Balance

#### at

#### End

#### of

#### Period

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### on

#### Assets

#### Held

#### at

#### Period

#### End

#### a

#### Franklin

#### LifeSmart™

#### Retirement

#### Income

#### Fund

#### Assets:
Investments

in

Securities:

Index-Linked

Notes

:

Capital

Markets

.....

$

2,335,071

$

—

$

—

$

—

$

—

$

—

$

—

$

11,096

$

2,346,167

$

11,096

Total

Investments

in

Securities

............

$2,335,071

$—

$—

$—

$—

$—

$—

$11,096

$2,346,167

$11,096

7. #### Fair

#### Value

#### Measurements
(continued)

Franklin

Fund

Allocator

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

For

information

regarding

segment

assets,

segment

profit

or

loss,

and

significant

expenses,

refer

to

the

Statements

of

Assets

and

Liabilities

and

the

Statements

of

Operations,

along

with

the

related

notes

to

the

financial

statements.

The

Schedules

of

Investments

provides

details

of

the

Funds'

investments

that

generate

returns

such

as

interest,

dividends,

and

realized

and

unrealized

gains

or

losses.

Performance

metrics,

including

portfolio

turnover

and

expense

ratios,

are

disclosed

in

the

Financial

Highlights.

9. #### 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

#### ETF
Exchange-Traded

Fund

8. #### Operating

#### Segments
(continued)

Franklin

Fund

Allocator

Series

franklintempleton.com

Semiannual

Report

#### FRANKLIN

#### FUND

#### ALLOCATOR

#### SERIES

#### Franklin

#### LifeSmart

#### Retirement

#### Income

#### Fund

#### Franklin

#### LifeSmart

#### 2020

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart

#### 2025

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart

#### 2030

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart

#### 2035

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart

#### 2040

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart

#### 2045

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart

#### 2050

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart

#### 2055

#### Retirement

#### Target

#### Fund

#### Franklin

#### LifeSmart

#### 2060

#### Retirement

#### Target

#### Fund
(each

a

Fund)

At

an

in-person

meeting

held

on

April

15,

2025

(Meeting),

the

Board

of

Trustees

(Board)

of

Franklin

Fund

Allocator

Series

(Trust),

including

a

majority

of

the

trustees

who

are

not

"interested

persons"

(Independent

Trustees)

as

defined

in

the

Investment

Company

Act

of

1940

(1940

Act),

reviewed

and

approved

the

continuance

of

the

investment

management

agreements

between

Franklin

Advisers,

Inc.

(Manager)

and

the

Trust,

on

behalf

of

each

Fund

(each

a

Management

Agreement)

for

an

additional

one-year

period.

The

Independent

Trustees

received

advice

from

and

met

separately

with

Independent

Trustee

counsel

to

consider

the

renewal

of

each

Management

Agreement.

Although

the

Management

Agreements

for

the

Funds

were

considered

at

the

same

Board

meeting,

the

Board

considered

the

information

provided

to

it

about

the

Funds

together

and

with

respect

to

each

Fund

separately

as

the

Board

deemed

appropriate.

In

considering

the

continuance

of

each

Management

Agreement,

the

Board

reviewed

and

considered

information

provided

by

the

Manager

at

the

Meeting

and

throughout

the

year

at

meetings

of

the

Board

and

its

committees.

The

Board

also

reviewed

and

considered

information

provided

in

response

to

a

detailed

set

of

requests

for

information

submitted

to

the

Manager

by

Independent

Trustee

counsel

on

behalf

of

the

Independent

Trustees

in

connection

with

the

annual

contract

renewal

process.

#### Changes

#### In

#### and

#### Disagreements

#### with

#### Accountants
For

the

period

covered

by

this

report

Not

applicable.

#### Results

#### of

#### Meeting(s)

#### of

#### Shareholders
For

the

period

covered

by

this

report

Not

applicable.

#### Remuneration

#### Paid

#### to

#### Directors,

#### Officers

#### and

#### Others
For

the

period

covered

by

this

report

Refer

to

the

financial

statements

included

herein.

Remuneration

to

officers

is

paid

by

the

Fund's

investment

manager

according

to

the

terms

of

the

agreement.

#### Board

#### Approval

#### of

#### Management

#### and

#### Subadvisory

#### Agreements
For

the

period

covered

by

this

report

Franklin

Fund

Allocator

Series

franklintempleton.com

Semiannual

Report

In

addition,

prior

to

the

Meeting,

the

Independent

Trustees

held

a

virtual

contract

renewal

meeting

at

which

the

Independent

Trustees

first

conferred

amongst

themselves

and

Independent

Trustee

counsel

about

contract

renewal

matters,

and

then

met

with

management

to

request

additional

information

that

the

Independent

Trustees

also

considered

prior

to

and

at

the

Meeting.

The

Board

further

considered

all

of

the

factors

it

deemed

relevant

in

approving

the

continuance

of

each

Management

Agreement,

including,

but

not

limited

to:

(i) the

nature,

extent

and

quality

of

the

services

provided

by

the

Manager;

(ii) the

investment

performance

of

each

Fund;

(iii) the

costs

of

the

services

provided

and

profits

realized

by

the

Manager

and

its

affiliates

from

the

relationship

with

each

Fund;

(iv) the

extent

to

which

economies

of

scale

are

realized

as

each

Fund

grows;

and

(v) whether

fee

levels

reflect

these

economies

of

scale

for

the

benefit

of

Fund

investors.

In

approving

the

continuance

of

each

Management

Agreement,

the

Board,

including

a

majority

of

the

Independent

Trustees,

determined,

through

the

exercise

of

its

business

judgment,

that

the

terms

of

each

Management

Agreement

are

fair

and

reasonable

and

that

the

continuance

of

the

Management

Agreement

is

in

the

best

interests

of

the

applicable

Fund

and

its

shareholders.

While

attention

was

given

to

all

information

furnished,

the

following

discusses

some

primary

factors

relevant

to

the

Board's

determination.

#### Nature,

#### Extent

#### and

#### Quality

#### of

#### Services
The

Board

reviewed

the

information

it

received

regarding

the

nature,

extent

and

quality

of

investment

management

services

provided

by

the

Manager

and

its

affiliates

to

the

Funds

and

their

shareholders.

This

information

included,

among

other

things,

the

qualifications,

background

and

experience

of

the

senior

management

and

investment

personnel

of

the

Manager,

as

well

as

information

on

succession

planning

where

appropriate;

the

structure

of

investment

personnel

compensation;

oversight

of

third-

party

service

providers;

investment

performance

reports

and

related

financial

information

for

each

Fund;

reports

on

expenses

and

shareholder

services;

legal

and

compliance

matters;

risk

controls;

pricing

and

other

services

provided

by

the

Manager

and

its

affiliates;

and

management

fees

charged

by

the

Manager

and

its

affiliates

to

US

funds

and

other

accounts,

including

management's

explanation

of

differences

among

accounts

where

relevant.

The

Board

also

reviewed

and

considered

an

annual

report

on

payments

made

by

Franklin

Templeton

(FT)

or

the

Funds

to

financial

intermediaries,

as

well

as

a

memorandum

relating

to

third-party

servicing

arrangements.

The

Board

acknowledged

the

ongoing

integration

of

acquired

third-party

fund

families

into

the

FT

family

of

funds

and

management's

continued

development

of

strategies

to

address

evolving

changes

in

domestic

policy

and

continuing

geopolitical

concerns.

The

Board

also

reviewed

and

considered

the

benefits

provided

to

Fund

shareholders

of

investing

in

a

fund

that

is

part

of

the

FT

family

of

funds.

The

Board

noted

the

financial

position

of

Franklin

Resources,

Inc.

(FRI),

the

Manager's

parent,

and

its

commitment

to

the

mutual

fund

business

as

evidenced

by

its

continued

reassessment

of

the

fund

offerings

in

response

to

FT

acquisitions

and

the

market

environment,

as

well

as

its

evaluation

of

ways

to

incorporate

private

assets

into

more

traditional

investment

vehicles.

The

Board

specifically

noted

FT's

commitment

to

technological

innovation

and

advancement,

including

its

continued

focus

on

developing

potential

use

cases

for

tokenization

and

the

blockchain

and

the

use

of

artificial

intelligence

tools

to

help

streamline

day-to-day

tasks.

Following

consideration

of

such

information,

the

Board

was

satisfied

with

the

nature,

extent

and

quality

of

services

provided

by

the

Manager

and

its

affiliates

to

the

Funds

and

their

shareholders.

#### Fund

#### Performance
The

Board

reviewed

and

considered

the

performance

results

of

each

Fund

over

various

time

periods

ended

December

31,

2024. The

Board

considered

the

performance

returns

for

each

Fund

in

comparison

to

the

performance

returns

of

mutual

funds

deemed

comparable

to

the

Fund

included

in

a

universe

(Performance

Universe)

selected

by

Broadridge

Financial

Solutions,

Inc.

(Broadridge),

an

independent

provider

of

investment

company

data.

The

Board

received

a

description

of

the

methodology

used

by

Broadridge

to

select

the

mutual

funds

included

in

a

Performance

Universe.

The

Board

also

reviewed

and

considered

Fund

performance

reports

provided

and

discussions

that

occurred

with

portfolio

managers

at

Board

meetings

throughout

the

year.

A

summary

of

each

Fund's

performance

results

is

below.

Franklin

Fund

Allocator

Series

franklintempleton.com

Semiannual

Report

*Franklin* 

*LifeSmart* 

*Retirement* 

*Income* 

*Fund*

-

The

Performance

Universe

for

the

Fund

included

the

Fund

and

all

retail

and

institutional

retirement

income

funds.

The

Board

noted

that

the

Fund's

annualized

income

return

for

the

one-,

three-,

five-

and

10-year

periods

was

above

the

median

and

in

the

first

(best)

quintile

of

its

Performance

Universe.

The

Board

also

noted

that

the

Fund's

annualized

total

return

for

the

one-

and

three-year

periods

was

above

the

median

and

in

the

second

quintile

of

its

Performance

Universe,

but

for

the

five-

and

10-year

periods

was

below

the

median

of

its

Performance

Universe.

The

Board

further

noted

management's

view

regarding

the

income-related

attributes

of

the

Fund

(e.g.,

a

fund's

investment

objective)

as

set

forth

in

the

Fund's

registration

statement

and

that

the

evaluation

of

the

Fund's

performance

relative

to

its

peers

on

an

income

return

basis

was

appropriate

given

these

attributes.

The

Board

concluded

that

the

Fund's

performance

was

satisfactory.

*Franklin* 

*LifeSmart* 

*2020* 

*Retirement* 

*Target* 

*Fund*

-

The

Performance

Universe

for

the

Fund

included

the

Fund

and

all

retail

and

institutional

mixed-asset

target

2020

funds.

The

Board

noted

that

the

Fund's

annualized

total

return

for

the

one-year

period

was

above

the

median

and

in

the

second

quintile

of

its

Performance

Universe,

but

for

the

three-,

five-

and

10-year

periods

was

below

the

median

of

its

Performance

Universe.

The

Board

discussed

this

performance

with

management

and

management

explained

that

the

Fund

maintains

an

allocation

along

the

glide

path

consistent

with

the

2020

target

year,

with

the

Fund

reaching

its

most

conservative

asset

allocation

in

approximately

eight

years

after

the

target

year.

Management

further

explained

that

certain

of

the

Performance

Universe

peers,

unlike

the

Fund,

move

to

a

more

conservative

retirement

income

focus

sooner.

Management

also

explained

that

manager

selection

had

been

a

main

detractor

of

Fund

performance

for

longer

periods,

primarily

in

the

US

growth

equity

portion

of

the

Fund's

portfolio,

and

that

the

Fund

had

a

higher

allocation

to

non-US

securities

relative

to

peers

which

have

underperformed

US

securities

over

the

last

several

years.

Management

discussed

with

the

Board

the

actions

that

are

being

taken/have

been

taken

in

an

effort

to

improve

the

overall

performance

of

the

Fund,

including

enhancements

to

the

Fund's

portfolio

construction.

The

Board

noted

that,

for

the

one-year

period,

the

Fund's

annualized

total

return

was

8.00%,

and

for

each

other

period,

although

below

median,

the

Fund's

annualized

total

return

was

positive.

The

Board

concluded

that

the

Fund's

performance

was

acceptable.

*Franklin* 

*LifeSmart* 

*2025* 

*Retirement* 

*Target* 

*Fund*

-

The

Performance

Universe

for

the

Fund

included

the

Fund

and

all

retail

and

institutional

mixed-asset

target

2025

funds.

The

Board

noted

that

the

Fund's

annualized

total

return

for

the

one-

and

three-

year

periods

was

above

the

median

of

its

Performance

Universe,

and

for

the

five-year

period

was

equal

to

the

median

of

its

Performance

Universe,

but

for

the

10-year

period

was

below

the

median

of

its

Performance

Universe.

The

Board

concluded

that

the

Fund's

performance

was

satisfactory.

*Franklin* 

*LifeSmart* 

*2030* 

*Retirement* 

*Target* 

*Fund,* 

*Franklin* 

*LifeSmart* 

*2035* 

*Retirement* 

*Target* 

*Fund,* 

*Franklin* 

*LifeSmart* 

*2040* 

*Retirement* 

*Target* 

*Fund,* 

*Franklin* 

*LifeSmart* 

*2045* 

*Retirement* 

*Target* 

*Fund* 

*and* 

*Franklin* 

*LifeSmart* 

*2050* 

*Retirement* 

*Target* 

*Fund*

-

The

Performance

Universe

for

each

of

the

Franklin

LifeSmart

2030

Retirement

Target

Fund,

Franklin

LifeSmart

2035

Retirement

Target

Fund,

Franklin

LifeSmart

2040

Retirement

Target

Fund,

Franklin

LifeSmart

2045

Retirement

Target

Fund

and

Franklin

LifeSmart

2050

Retirement

Target

Fund

included

the

Fund

and

all

retail

and

institutional

mixed-asset

target

2030

funds,

2035

funds,

2040

funds,

2045

funds

and

2050

funds,

respectively.

The

Board

noted

that

each

Fund's

annualized

total

return

for

the

one-,

three-

and

five-year

periods

was

above

the

median

of

its

respective

Performance

Universe,

but

for

the

10-year

period

was

below

the

median

of

its

respective

Performance

Universe.

The

Board

concluded

that

each

Fund's

performance

was

satisfactory.

*Franklin* 

*LifeSmart* 

*2055* 

*Retirement* 

*Target* 

*Fund*

-

The

Performance

Universe

for

the

Fund

included

the

Fund

and

all

retail

and

institutional

mixed-asset

target

2055

funds.

The

Fund

commenced

operations

on

May

1,

2015,

thus

the

Fund

has

been

in

operation

for

less

than

ten

years.

The

Board

noted

that

the

Fund's

annualized

total

return

for

the

one,

three-

and

five-year

periods

was

above

the

median

and

in

either

the

first

(best)

quintile

or

second

quintile

of

its

Performance

Universe.

The

Board

concluded

that

the

Fund's

performance

was

satisfactory.

Franklin

Fund

Allocator

Series

franklintempleton.com

Semiannual

Report

*Franklin* 

*LifeSmart* 

*2060* 

*Retirement* 

*Target* 

*Fund*

-

The

Performance

Universe

for

the

Fund

included

the

Fund

and

all

retail

and

institutional

mixed-asset

target

2060

funds.

The

Fund

commenced

operations

on

January

29,

2021,

thus

the

Fund

has

been

in

operation

for

less

than

five

years.

The

Board

noted

that

the

Fund's

annualized

total

return

for

the

one-

and

three-year

periods

was

above

the

median

of

its

Performance

Universe.

The

Board

further

noted

the

Fund's

short

operating

history,

the

Fund's

return

for

the

one-year

period

was

15.71%

and

the

Fund's

annualized

total

return

for

the

one-

and

three-year

periods

was

in

the

first

(best)

quintile

and

second

quintile,

respectively,

of

its

Performance

Universe.

The

Board

concluded

that

the

Fund's

performance

was

satisfactory.

#### Comparative

#### Fees

#### and

#### Expenses
The

Board

reviewed

and

considered

information

regarding

each

Fund's

actual

total

expense

ratio

and

its

various

components,

including,

as

applicable,

management

fees;

transfer

agent

expenses;

underlying

fund

expenses;

Rule

12b-1

and

non-Rule

12b-1

service

fees;

and

other

non-management

fees.

The

Board

also

noted

the

quarterly

and

annual

reports

it

receives

on

all

marketing

support

payments

made

by

FT

to

financial

intermediaries.

The

Board

considered

the

actual

total

expense

ratio

and,

separately,

the

contractual

management

fee

rate,

without

the

effect

of

fee

waivers,

if

any

(Management

Rate)

of

each

Fund

in

comparison

to

the

median

expense

ratio

and

median

Management

Rate,

respectively,

of

other

mutual

funds

deemed

comparable

to

and

with

a

similar

expense

structure

to

the

Fund

selected

by

Broadridge

(Expense

Group).

Broadridge

fee

and

expense

data

is

based

upon

information

taken

from

each

fund's

most

recent

annual

or

semi-annual

report,

which

reflects

historical

asset

levels

that

may

be

quite

different

from

those

currently

existing,

particularly

in

a

period

of

market

volatility.

While

recognizing

such

inherent

limitation

and

the

fact

that

expense

ratios

and

Management

Rates

generally

increase

as

assets

decline

and

decrease

as

assets

grow,

the

Board

believed

the

independent

analysis

conducted

by

Broadridge

to

be

an

appropriate

measure

of

comparative

fees

and

expenses.

The

Broadridge

Management

Rate

includes

administrative

charges,

and

the

actual

total

expense

ratio,

for

comparative

consistency,

was

shown

for

Class

A

shares

for

each

Fund

and

for

each

other

fund

in

each

Fund's

respective

Expense

Group.

The

Board

received

a

description

of

the

methodology

used

by

Broadridge

to

select

the

mutual

funds

included

in

an

Expense

Group.

*Franklin* 

*LifeSmart* 

*Retirement* 

*Income* 

*Fund*

-

The

Expense

Group

for

the

Franklin

LifeSmart

Retirement

Income

Fund

included

the

Fund,

currently

classified

as

a

retirement

income

fund,

and

nine

mixed-asset

target

today

funds.

The

Board

noted

that

the

Management

Rate

and

actual

total

expense

ratio

were

below

the

medians

and

in

the

first

(least

expensive)

quintile

of

its

Expense

Group.

The

Board

also

noted

that

the

Fund's

actual

total

expense

ratio

reflected

an

expense

cap

on

operating

expenses.

The

Board

further

noted

that

the

Fund

invests

in

third-party

mutual

funds

or

exchange-traded

funds

in

excess

of

the

statutory

limitations

under

the

1940

Act

in

reliance

on

Rule

12d1-4

under

the

1940

Act.

The

Board,

including

a

majority

of

the

Independent

Trustees,

determined

that

the

Management

Rate

paid

by

the

Fund

is

based

on

services

provided

that

are

in

addition

to,

rather

than

duplicative

of,

the

services

provided

under

the

investment

management

agreements

of

the

underlying

funds

in

which

the

Fund

invests.

The

Board

concluded

that

the

Management

Rate

charged

to

the

Fund

is

reasonable.

*Franklin* 

*LifeSmart* 

*2020* 

*Retirement* 

*Target* 

*Fund*

-

The

Expense

Group

for

the

Franklin

LifeSmart

2020

Retirement

Target

Fund

included

the

Fund

and

six

other

mixed-asset

target

2020

funds.

The

Board

noted

that

the

Management

Rate

and

actual

total

expense

ratio

were

equal

to

the

medians

of

its

Expense

Group.

The

Board

also

noted

that

the

Fund's

actual

total

expense

ratio

reflected

an

expense

cap

on

operating

expenses.

The

Board

further

noted

that

the

Management

Rate

paid

by

the

Fund

is

solely

for

asset

allocation

services

as

the

Fund

invests

primarily

in

underlying

funds.

The

Board

further

noted

the

small

size

of

the

Fund's

Expense

Group

for

the

Management

Rate

and

that

no

quintile

information

was

provided

for

the

Fund.

The

Board

concluded

that

the

Management

Rate

charged

to

the

Fund

is

reasonable.

*Franklin* 

*LifeSmart* 

*2025* 

*Retirement* 

*Target* 

*Fund*

-

The

Expense

Group

for

the

Franklin

LifeSmart

2025

Retirement

Target

Fund

included

the

Fund

and

nine

other

mixed-asset

target

2025

funds.

The

Board

noted

that

the

Management

Rate

was

equal

to

the

median

of

its

Expense

Group

and

actual

total

expense

ratio

was

below

the

median

of

its

Expense

Group.

The

Board

also

noted

that

the

Fund's

actual

total

expense

ratio

reflected

an

expense

cap

on

operating

expenses.

The

Board

further

noted

that

the

Management

Rate

paid

by

the

Fund

is

solely

for

asset

allocation

services

as

the

Fund

invests

primarily

in

underlying

funds.

The

Board

concluded

that

the

Management

Rate

charged

to

the

Fund

is

reasonable.

Franklin

Fund

Allocator

Series

franklintempleton.com

Semiannual

Report

*Franklin* 

*LifeSmart* 

*2030* 

*Retirement* 

*Target* 

*Fund,* 

*Franklin* 

*LifeSmart* 

*2040* 

*Retirement* 

*Target* 

*Fund,* 

*Franklin* 

*LifeSmart* 

*2050* 

*Retirement* 

*Target* 

*Fund,* 

*Franklin* 

*LifeSmart* 

*2055* 

*Retirement* 

*Target* 

*Fund* 

*and* 

*Franklin* 

*LifeSmart* 

*2060* 

*Retirement* 

*Target* 

*Fund*

-

The

Expense

Group

for

each

of

the

Franklin

LifeSmart

2030

Retirement

Target

Fund,

Franklin

LifeSmart

2040

Retirement

Target

Fund

and

Franklin

LifeSmart

2050

Retirement

Target

Fund

included

the

Fund

and

other

mixed-asset

target

2030

funds,

2040

funds

and

2050

funds,

respectively.

The

Expense

Group

for

the

Franklin

LifeSmart

2055

Retirement

Target

Fund

and

Franklin

LifeSmart

2060

Retirement

Target

Fund

included

the

Fund

and

other

mixed-asset

target

2055

funds

or

2060

funds,

respectively.

The

Board

noted

that

the

Management

Rate

for

each

Fund

was

below

the

median

of

its

respective

Expense

Group

and

the

actual

total

expense

ratio

was

above

the

median

and

in

the

third

quintile

of

its

respective

Expense

Group.

The

Board

also

noted

that

each

Fund's

actual

total

expense

ratio

was

within

4.4 basis

points

of

the

median

of

its

respective

Expense

Group.

The

Board

further

noted

that

each

Fund's

actual

total

expense

ratio

reflected

an

expense

cap

on

operating

expenses.

The

Board

also

noted

that

the

Management

Rate

paid

by

each

Fund

is

solely

for

asset

allocation

services

as

each

Fund

invests

primarily

in

underlying

funds.

The

Board

concluded

that

the

Management

Rate

charged

to

each

Fund

is

reasonable.

*Franklin* 

*LifeSmart* 

*2035* 

*Retirement* 

*Target* 

*Fund* 

*and* 

*Franklin* 

*LifeSmart* 

*2045* 

*Retirement* 

*Target* 

*Fund*

-

The

Expense

Group

for

the

Franklin

LifeSmart

2035

Retirement

Target

Fund

and

Franklin

LifeSmart

2045

Retirement

Target

Fund

included

the

Fund

and

other

mixed-asset

target

2035

funds

or

2045

funds,

respectively.

The

Board

noted

that

the

Management

Rate

for

each

Fund

was

below

the

median

of

its

respective

Expense

Group

and

the

actual

total

expense

ratio

was

equal

to

the

median

of

its

respective

Expense

Group.

The

Board

also

noted

that

each

Fund's

actual

total

expense

ratio

reflected

an

expense

cap

on

operating

expenses.

The

Board

further

noted

that

the

Management

Rate

paid

by

each

Fund

is

solely

for

asset

allocation

services

as

each

Fund

invests

primarily

in

underlying

funds.

The

Board

concluded

that

the

Management

Rate

charged

to

each

Fund

is

reasonable.

#### Profitability
The

Board

reviewed

and

considered

information

regarding

the

profits

realized

by

the

Manager

and

its

affiliates

in

connection

with

the

operation

of

each

Fund.

In

this

respect,

the

Board

considered

the

Fund

profitability

analysis

provided

by

the

Manager

that

addresses

the

overall

profitability

of

FT's

US

fund

business,

as

well

as

its

profits

in

providing

investment

management

and

other

services

to

each

of

the

individual

funds

during

the

12-month

period

ended

September

30,

2024,

being

the

most

recent

fiscal

year-end

for

FRI.

The

Board

noted

that

although

management

continually

makes

refinements

to

its

methodologies

used

in

calculating

profitability

in

response

to

organizational

and

product-related

changes,

the

overall

methodology

has

remained

consistent

with

that

used

in

the

Funds'

profitability

report

presentations

from

prior

years.

The

Board

also

noted

that

an

independent

registered

public

accounting

firm

has

been

engaged

by

the

Manager

to

periodically

review

and

assess

the

allocation

methodologies

to

be

used

solely

by

the

Funds'

Board

with

respect

to

the

profitability

analysis.

The

Board

noted

management's

belief

that

costs

incurred

in

establishing

the

infrastructure

necessary

for

the

type

of

mutual

fund

operations

conducted

by

the

Manager

and

its

affiliates

may

not

be

fully

reflected

in

the

expenses

allocated

to

each

Fund

in

determining

its

profitability,

as

well

as

the

fact

that

the

level

of

profits,

to

a

certain

extent,

reflected

operational

cost

savings

and

efficiencies

initiated

by

management.

As

part

of

this

evaluation,

the

Board

considered

management's

outsourcing

of

certain

operations,

which

effort

has

required

considerable

up-front

expenditures

by

the

Manager,

but

over

the

long

run

is

expected

to

result

in

greater

efficiencies.

The

Board

also

noted

management's

expenditures

in

improving

shareholder

services

provided

to

the

Funds,

as

well

as

the

need

to

implement

systems

and

meet

additional

regulatory

and

compliance

requirements

resulting

from

recent

US

Securities

and

Exchange

Commission

and

other

regulatory

requirements.

The

Board

also

considered

the

extent

to

which

the

Manager

and

its

affiliates

might

derive

ancillary

benefits

from

fund

operations,

including

revenues

generated

from

transfer

agent

services,

potential

benefits

resulting

from

personnel

and

systems

enhancements

necessitated

by

fund

growth,

as

well

as

increased

leverage

with

service

providers

and

counterparties.

Based

upon

its

consideration

of

all

these

factors,

the

Board

concluded

that

the

level

of

profits

realized

by

the

Manager

and

its

affiliates

from

providing

services

to

each

Fund

was

not

excessive

in

view

of

the

nature,

extent

and

quality

of

services

provided

to

each

Fund.

Franklin

Fund

Allocator

Series

franklintempleton.com

Semiannual

Report

#### Economies

#### of

#### Scale
The

Board

reviewed

and

considered

the

extent

to

which

the

Manager

may

realize

economies

of

scale,

if

any,

as

each

Fund

grows

larger

and

whether

each

Fund's

management

fee

structure

reflects

any

economies

of

scale

for

the

benefit

of

shareholders.

The

Board

considered

the

Manager's

view

that

any

analyses

of

potential

economies

of

scale

in

managing

a

particular

fund

are

inherently

limited

in

light

of

the

joint

and

common

costs

and

investments

the

Manager

incurs

across

the

FT

family

of

funds

as

a

whole.

The

Board

noted

that

the

Funds

do

not

currently

have

an

asset

size

that

would

likely

enable

the

Funds

to

achieve

economies

of

scale

and

that

the

asset

allocation

services

covered

by

the

current

Management

Rate

may

be

less

likely

to

experience

economies

of

scale

as

assets

grow.

#### Conclusion
Based

on

its

review,

consideration

and

evaluation

of

all

factors

it

believed

relevant,

including

the

above-described

factors

and

conclusions,

the

Board

unanimously

approved

the

continuance

of

each

Management

Agreement

for

an

additional

one-year

period.

RTF-SFSOI

08/25©

2025

Franklin

Templeton.

All

rights

reserved.

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR, as applicable.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

---

| | |
|:---|:---|
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |

---

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.

ITEM 16. CONTROLS AND PROCEDURES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's chief executive officer and chief financial officer have concluded that the Registrant's disclosure controls
 and procedures (as defined in Rule 30a- 3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective
 as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their
 evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange
 Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940
 Act) that occurred during the period covered by this report that have materially affected, or are likely to materially affect the Registrant's
 internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 19. EXHIBITS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) 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.](asf-efp17104_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.](asf-efp17104_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: | August 26, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Christopher Kings |
|  | Christopher Kings |
|  | Chief Executive Officer - Finance and Administration |
| Date: | August 26, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/ Jeffrey White |
|  | Jeffrey White |
|  | Chief Financial Officer, Chief Accounting Officer and Treasurer |
| Date: | August 26, 2025 |

---

## 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: August 26, 2025

---

| |
|:---|
| /s/ Christopher Kings |
| Christopher Kings |
| 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: August 26, 2025

---

| |
|:---|
| /s/ Jeffrey White |
| Jeffrey White |
| Chief Financial Officer, Chief Accounting Officer and Treasurer |

---

## Exhibit 99.906

CERTIFICATIONS PURSUANT TO SECTION 906

EX-99.906CERT

**CERTIFICATION**

**Christopher Kings,** Chief Executive Officer – Finance and Administration, and **Jeffrey White,** Chief Financial Officer, Chief Accounting Officer and Treasurer of **Franklin Fund Allocator Series** (the "Registrant"), each certify to the best of their knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended **June 30, 2025** (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| **Chief Executive Officer – Finance and Administration** | **Chief Financial Officer, Chief Accounting Officer and Treasurer** |
| Franklin Fund Allocator Series | Franklin Fund Allocator Series |
| /s/ Christopher Kings | /s/ Jeffrey White |
| Christopher Kings | Jeffrey White |
| Date: August 26, 2025 | Date: August 26, 2025 |

---

This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.