verb (used with object), allocated, allocating.
to set apart for a particular purpose; assign or allot: to allocate funds for new projects.
to fix the place of; locate.

1630–40; < Medieval Latin allocātus (past participle of allocāre), equivalent to al- al- + loc(us) place + -ātus -ate1

allocator, noun
deallocate, verb (used with object), deallocated, deallocating.
reallocate, verb (used with object), reallocated, reallocating.
unallocated, adjective

1. See assign. Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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World English Dictionary
allocate (ˈæləˌkeɪt)
1.  to assign or allot for a particular purpose
2.  a less common word for locate
[C17: from Medieval Latin allocāre, from Latin locāre to place, from locus a place]

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009
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Word Origin & History

1630s, from adj. (mid-15c.), from M.L. allocate (the common first word of writs authorizing payment), imperative plural of allocare "allocate," from L. ad- "to" + locare "to place" (see locate).
Online Etymology Dictionary, © 2010 Douglas Harper
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Example sentences
They do not want us to allocate all that money until a review has been made.
What matters most is how you allocate your overall savings — and how much
  you save.
Best plan is to allocate regular hours each day for studying, whether there's
  an exam corning or not.
Dozens of Federal programs use census figures in order to allocate local aid.
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