Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
FAS3-Q1PH
1
Statements
of
Investments
(unaudited)
Franklin
Payout
2021
Fund
2
Franklin
Payout
2022
Fund
4
Notes
to
Statements
of
Investments
7
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited),
August
31,
2021
Franklin
Payout
2021
Fund
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
2
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
42.7%
Aerospace
&
Defense
2.4%
Boeing
Co.
(The)
,
Senior
Note
,
2.35
%
,
10/30/21
..............
United
States
100,000
$
100,331
Beverages
2.4%
PepsiCo,
Inc.
,
Senior
Note
,
1.7
%
,
10/06/21
..................
United
States
100,000
100,018
Biotechnology
3.7%
AbbVie,
Inc.
,
Senior
Note
,
3.375
%
,
11/14/21
.................
United
States
50,000
50,320
Gilead
Sciences,
Inc.
,
Senior
Note
,
4.4
%
,
12/01/21
............
United
States
100,000
100,000
150,320
Chemicals
2.4%
Air
Products
and
Chemicals,
Inc.
,
Senior
Note
,
3
%
,
11/03/21
.....
United
States
100,000
100,474
Consumer
Finance
4.9%
Caterpillar
Financial
Services
Corp.
,
Senior
Note
,
1.931
%
,
10/01/21
United
States
100,000
100,153
John
Deere
Capital
Corp.
,
Senior
Note
,
3.15
%
,
10/15/21
........
United
States
100,000
100,340
200,493
Diversified
Telecommunication
Services
2.5%
a
Telstra
Corp.
Ltd.
,
Senior
Bond
,
144A,
4.8
%
,
10/12/21
..........
Australia
100,000
100,503
Electrical
Equipment
2.4%
Emerson
Electric
Co.
,
Senior
Note
,
2.625
%
,
12/01/21
..........
United
States
100,000
100,414
Food
&
Staples
Retailing
2.4%
Kroger
Co.
(The)
,
Senior
Note
,
2.95
%
,
11/01/21
..............
United
States
50,000
50,111
Walgreens
Boots
Alliance,
Inc.
,
Senior
Note
,
3.3
%
,
11/18/21
.....
United
States
50,000
50,068
100,179
Food
Products
1.2%
General
Mills,
Inc.
,
Senior
Bond
,
3.15
%
,
12/15/21
.............
United
States
50,000
50,126
Health
Care
Providers
&
Services
2.4%
UnitedHealth
Group,
Inc.
,
Senior
Note
,
3.375
%
,
11/15/21
.......
United
States
100,000
100,247
Household
Products
1.2%
Clorox
Co.
(The)
,
Senior
Bond
,
3.8
%
,
11/15/21
...............
United
States
50,000
50,360
Insurance
3.7%
a
New
York
Life
Global
Funding
,
Secured
Note
,
144A,
1.7
%
,
9/14/21
United
States
100,000
100,044
Prudential
Financial,
Inc.
,
Senior
Note
,
4.5
%
,
11/16/21
.........
United
States
50,000
50,419
150,463
Oil,
Gas
&
Consumable
Fuels
2.5%
TotalEnergies
Capital
SA
,
Senior
Bond
,
4.25
%
,
12/15/21
........
France
100,000
101,172
Pharmaceuticals
2.5%
Johnson
&
Johnson
,
Senior
Note
,
2.45
%
,
12/05/21
............
United
States
100,000
100,598
Road
&
Rail
1.2%
Norfolk
Southern
Corp.
,
Senior
Bond
,
3.25
%
,
12/01/21
.........
United
States
50,000
50,000
Semiconductors
&
Semiconductor
Equipment
2.4%
Intel
Corp.
,
Senior
Bond
,
3.3
%
,
10/01/21
....................
United
States
100,000
100,255
Tobacco
2.5%
Philip
Morris
International,
Inc.
,
Senior
Note
,
2.9
%
,
11/15/21
.....
United
States
100,000
100,541
Total
Corporate
Bonds
(Cost
$1,751,591)
.......................................
1,756,494
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited)
Franklin
Payout
2021
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
3
See
Abbreviations
on
page
9
.
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
4.9%
Equinor
ASA,
Senior
Note,
2.75%,
11/10/21
..................
Norway
100,000
$
100,483
European
Investment
Bank,
Senior
Note,
2.125%,
10/15/21
.....
Supranational
b
100,000
100,247
Total
Foreign
Government
and
Agency
Securities
(Cost
$200,006)
................
200,730
U.S.
Government
and
Agency
Securities
17.6%
FFCB,
2%,
12/01/21
...................................
United
States
200,000
200,980
FHLB,
2.625%,
12/10/21
................................
United
States
200,000
201,421
U.S.
Treasury
Notes
,
1.875%,
11/30/21
....................................
United
States
160,000
160,721
2.125%,
12/31/21
....................................
United
States
160,000
161,096
Total
U.S.
Government
and
Agency
Securities
(Cost
$720,203)
....................
724,218
Municipal
Bonds
2.4%
California
2.4%
State
of
California
,
GO
,
5.7
%
,
11/01/21
.....................
United
States
100,000
100,920
Total
Municipal
Bonds
(Cost
$100,500)
.........................................
100,920
Total
Long
Term
Investments
(Cost
$2,772,300)
.................................
2,782,362
a
Short
Term
Investments
32.5%
a
a
Country
Shares
a
Value
a
Money
Market
Funds
32.5%
c,d
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.....
United
States
1,340,136
1,340,136
Total
Money
Market
Funds
(Cost
$1,340,136)
...................................
1,340,136
Total
Short
Term
Investments
(Cost
$1,340,136
)
.................................
1,340,136
a
Total
Investments
(Cost
$4,112,436)
100.1%
....................................
$4,122,498
Other
Assets,
less
Liabilities
(0.1)%
...........................................
(4,795)
Net
Assets
100.0%
...........................................................
$4,117,703
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
a
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
August
31,
2021,
the
aggregate
value
of
these
securities
was
$200,547,
representing
4.9%
of
net
assets.
b
A
supranational
organization
is
an
entity
formed
by
two
or
more
central
governments
through
international
treaties.
c
See
Note
4
regarding
investments
in
affiliated
management
investment
companies.
d
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited),
August
31,
2021
Franklin
Payout
2022
Fund
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
4
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
59.0%
Aerospace
&
Defense
2.8%
General
Dynamics
Corp.
,
Senior
Bond
,
2.25
%
,
11/15/22
........
United
States
100,000
$
101,930
Air
Freight
&
Logistics
2.8%
United
Parcel
Service,
Inc.
,
Senior
Note
,
2.45
%
,
10/01/22
.......
United
States
100,000
102,426
Banks
9.8%
Bank
of
America
Corp.
,
Senior
Note
,
2.503
%
,
10/21/22
.........
United
States
100,000
100,306
Bank
of
Montreal
,
Senior
Note
,
2.55
%
,
11/06/22
..............
Canada
100,000
102,525
Citigroup,
Inc.
,
Senior
Note
,
2.7
%
,
10/27/22
.................
United
States
50,000
51,323
JPMorgan
Chase
&
Co.
,
Senior
Note
,
3.25
%
,
9/23/22
..........
United
States
100,000
103,227
357,381
Biotechnology
1.4%
AbbVie,
Inc.
,
Senior
Note
,
2.9
%
,
11/06/22
...................
United
States
50,000
51,469
Capital
Markets
1.5%
Morgan
Stanley
,
Sub.
Bond
,
4.875
%
,
11/01/22
...............
United
States
50,000
52,573
Consumer
Finance
5.7%
American
Express
Co.
,
Senior
Note
,
2.65
%
,
12/02/22
..........
United
States
100,000
103,040
Caterpillar
Financial
Services
Corp.
,
Senior
Note
,
2.55
%
,
11/29/22
United
States
100,000
102,875
205,915
Electric
Utilities
1.4%
AEP
Texas,
Inc.
,
Senior
Note
,
2.4
%
,
10/01/22
................
United
States
50,000
51,061
Energy
Equipment
&
Services
2.8%
a
Schlumberger
Finance
Canada
Ltd.
,
Senior
Note
,
144A,
2.65
%
,
11/20/22
..........................................
United
States
100,000
102,470
Entertainment
2.8%
TWDC
Enterprises
18
Corp.
,
Senior
Note
,
2.35
%
,
12/01/22
......
United
States
100,000
102,600
Food
&
Staples
Retailing
2.8%
Walmart,
Inc.
,
Senior
Note
,
2.35
%
,
12/15/22
.................
United
States
100,000
102,624
Health
Care
Providers
&
Services
4.2%
CVS
Health
Corp.
,
Senior
Note
,
4.75
%
,
12/01/22
.............
United
States
50,000
52,135
UnitedHealth
Group,
Inc.
,
Senior
Note
,
2.375
%
,
10/15/22
.......
United
States
100,000
102,407
154,542
Household
Products
2.8%
Colgate-Palmolive
Co.
,
Senior
Note
,
2.25
%
,
11/15/22
..........
United
States
100,000
102,529
Insurance
5.6%
a
MassMutual
Global
Funding
II
,
Senior
Secured
Note
,
144A,
2.5
%
,
10/17/22
..........................................
United
States
100,000
102,558
a
Swiss
Re
Treasury
US
Corp.
,
Senior
Note
,
144A,
2.875
%
,
12/06/22
Switzerland
100,000
102,809
205,367
IT
Services
4.2%
Fiserv,
Inc.
,
Senior
Note
,
3.5
%
,
10/01/22
....................
United
States
50,000
51,335
International
Business
Machines
Corp.
,
Senior
Note
,
2.875
%
,
11/09/22
..........................................
United
States
100,000
103,053
154,388
Multi-Utilities
1.4%
Public
Service
Enterprise
Group,
Inc.
,
Senior
Note
,
2.65
%
,
11/15/22
United
States
50,000
51,234
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited)
Franklin
Payout
2022
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
5
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Oil,
Gas
&
Consumable
Fuels
1.4%
ONEOK
Partners
LP
,
Senior
Bond
,
3.375
%
,
10/01/22
..........
United
States
50,000
$
51,189
Professional
Services
1.4%
Equifax,
Inc.
,
Senior
Note
,
3.3
%
,
12/15/22
...................
United
States
50,000
51,477
Technology
Hardware,
Storage
&
Peripherals
1.4%
NetApp,
Inc.
,
Senior
Note
,
3.25
%
,
12/15/22
..................
United
States
50,000
51,262
Tobacco
2.8%
Philip
Morris
International,
Inc.
,
Senior
Note
,
2.5
%
,
11/02/22
.....
United
States
100,000
102,361
Total
Corporate
Bonds
(Cost
$2,099,080)
.......................................
2,154,798
a
Foreign
Government
and
Agency
Securities
5.6%
International
Bank
for
Reconstruction
&
Development,
Senior
Note,
1.875%,
10/07/22
....................................
Supranational
b
100,000
101,942
International
Finance
Corp.,
Senior
Note,
2%,
10/24/22
.........
Supranational
b
100,000
102,144
Total
Foreign
Government
and
Agency
Securities
(Cost
$198,588)
................
204,086
U.S.
Government
and
Agency
Securities
18.0%
FHLB
,
1.875%,
12/09/22
....................................
United
States
150,000
153,317
2.5%,
12/09/22
.....................................
United
States
150,000
154,580
U.S.
Treasury
Note
s
,
1.625%,
11/15/22
....................................
United
States
170,000
173,118
2%,
11/30/22
.......................................
United
States
170,000
174,022
Total
U.S.
Government
and
Agency
Securities
(Cost
$635,203)
....................
655,037
Asset-Backed
Securities
4.2%
Banks
1.4%
Capital
One
Multi-Asset
Execution
Trust
,
2017-A6
,
A6
,
2.29
%
,
7/15/25
...........................................
United
States
50,000
51,101
Consumer
Finance
2.8%
American
Express
Credit
Account
Master
Trust
,
2017-7
,
A
,
2.35
%
,
5/15/25
...........................................
United
States
100,000
102,448
Total
Asset-Backed
Securities
(Cost
$147,176)
..................................
153,549
Total
Long
Term
Investments
(Cost
$3,080,047)
.................................
3,167,470
a
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited)
Franklin
Payout
2022
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
6
See
Abbreviations
on
page
9
.
Short
Term
Investments
13.4%
a
a
Country
Shares
a
Value
a
Money
Market
Funds
13.4%
c,d
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.....
United
States
488,479
$
488,479
Total
Money
Market
Funds
(Cost
$488,479)
.....................................
488,479
Total
Short
Term
Investments
(Cost
$488,479
)
..................................
488,479
a
Total
Investments
(Cost
$3,568,526)
100.2%
....................................
$3,655,949
Other
Assets,
less
Liabilities
(0.2)%
...........................................
(6,114)
Net
Assets
100.0%
...........................................................
$3,649,835
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
a
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
August
31,
2021,
the
aggregate
value
of
these
securities
was
$307,837,
representing
8.4%
of
net
assets.
b
A
supranational
organization
is
an
entity
formed
by
two
or
more
central
governments
through
international
treaties.
c
See
Note
4
regarding
investments
in
affiliated
management
investment
companies.
d
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Fund
Allocator
Series
7
Quarterly
Statement
of
Investments
Notes
to
Statements
of
Investments
(unaudited)
1.
Organization
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 twenty-one
separate
funds, two
of
which
are
included
in
this
report
(Funds)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP).
2. 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
4
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
Funds’
administrator
has
responsibility
for
oversight
of
valuation,
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.
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.
Investments
in
open-end
mutual
funds
are
valued
at
the
closing
NAV.
The
Funds
have procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the
Funds
primarily employ
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
book
values,
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.
3.
Novel
Coronavirus
Pandemic
The
global
outbreak
of
the
novel
coronavirus
disease,
known
as
COVID-19, has
caused
adverse
effects
on
many
companies,
sectors,
nations,
regions
and
the
markets
in
general, and
may
continue for
an unpredictable duration.
The
effects
of
this
pandemic
may
materially
impact
the
value
and
performance
of
the
Funds, their ability
to
buy
and
sell
fund
investments
at
appropriate
valuations
and their ability
to
achieve their investment
objectives.
4.
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.
During
the
period
ended
August
31,
2021,
investments
in
affiliated
management
investment
companies
were
as
follows:
Franklin
Fund
Allocator
Series
Notes
to
Statements
of
Investments
(unaudited)
8
Quarterly
Statement
of
Investments
5. 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
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
• Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
• Level
3
–
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
August
31,
2021,
in
valuing
the
Funds’
assets
and
liabilities carried
at
fair
value,
is
as
follows:
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
a
a
a
a
a
a
a
Franklin
Payout
2021
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
..
$593,455
$768,452
$(21,771)
$—
$—
$1,340,136
1,340,136
$21
Total
Affiliated
Securities
....
$593,455
$768,452
$(21,771)
$—
$—
$1,340,136
$21
Franklin
Payout
2022
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
..
$290,824
$224,490
$(26,835)
$—
$—
$488,479
488,479
$9
Total
Affiliated
Securities
....
$290,824
$224,490
$(26,835)
$—
$—
$488,479
$9
Level
1
Level
2
Level
3
Total
Franklin
Payout
2021
Fund
Assets:
Investments
in
Securities:
a
Corporate
Bonds
........................
$
—
$
1,756,494
$
—
$
1,756,494
Foreign
Government
and
Agency
Securities
....
—
200,730
—
200,730
U.S.
Government
and
Agency
Securities
.......
—
724,218
—
724,218
Municipal
Bonds
.........................
—
100,920
—
100,920
Short
Term
Investments
...................
1,340,136
—
—
1,340,136
Total
Investments
in
Securities
...........
$1,340,136
$2,782,362
$—
$4,122,498
4.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Statements
of
Investments
(unaudited)
9
Quarterly
Statement
of
Investments
6.
Subsequent
Events
The
Funds
have evaluated
subsequent
events
through
the
issuance
of
the
Statements of
Investments
and
determined
that
no
events
have
occurred
that
require
disclosure,
except
for
the
following:
On
July
14,
2021,
the
Board
approved
a
proposal
to
liquidate
the
Funds.
The
Funds
liquidated
on
September
28,
2021.
Level
1
Level
2
Level
3
Total
Franklin
Payout
2022
Fund
Assets:
Investments
in
Securities:
a
Corporate
Bonds
........................
$
—
$
2,154,798
$
—
$
2,154,798
Foreign
Government
and
Agency
Securities
....
—
204,086
—
204,086
U.S.
Government
and
Agency
Securities
.......
—
655,037
—
655,037
Asset-Backed
Securities
..................
—
153,549
—
153,549
Short
Term
Investments
...................
488,479
—
—
488,479
Total
Investments
in
Securities
...........
$488,479
$3,167,470
$—
$3,655,949
a
For
detailed
categories,
see
the
accompanying
Statement
of
Investments.
Selected
Portfolio
FFCB
Federal
Farm
Credit
Banks
Funding
Corp.
FHLB
Federal
Home
Loan
Banks
GO
General
Obligation
5. Fair
Value
Measurements
(continued)
For
additional
information
on
the
Funds'
significant
accounting
policies,
please
refer
to
the Funds'
most
recent
semiannual
or
annual
shareholder
report.