Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
FAS-Q1PH
1
Schedules
of
Investments
(unaudited)
Franklin
Conservative
Allocation
Fund
2
Franklin
Corefolio
Allocation
Fund
4
Franklin
Global
Allocation
Fund
5
Franklin
Growth
Allocation
Fund
17
Franklin
LifeSmart
™
Retirement
Income
Fund
19
Franklin
LifeSmart
™
2020
Retirement
Target
Fund
21
Franklin
LifeSmart
™
2025
Retirement
Target
Fund
23
Franklin
LifeSmart
™
2030
Retirement
Target
Fund
25
Franklin
LifeSmart
™
2035
Retirement
Target
Fund
27
Franklin
LifeSmart
™
2040
Retirement
Target
Fund
29
Franklin
LifeSmart
™
2045
Retirement
Target
Fund
31
Franklin
LifeSmart
™
2050
Retirement
Target
Fund
33
Franklin
LifeSmart
™
2055
Retirement
Target
Fund
35
Franklin
LifeSmart
™
2060
Retirement
Target
Fund
36
Franklin
Moderate
Allocation
Fund
37
Notes
to
Schedules
of
Investments
39
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited),
March
31,
2024
Franklin
Conservative
Allocation
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
2
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
99.2%
Alternative
Strategies
1.0%
a
Franklin
Systematic
Style
Premia
ETF
....................................
376,176
$
9,011,484
Domestic
Equity
33.1%
a
ClearBridge
Large
Cap
Value
Fund
,
Class
IS
...............................
624,618
27,070,937
a
Franklin
Growth
Fund
,
Class
R6
........................................
470,410
64,469,668
a
Franklin
U.S.
Core
Equity
(IU)
Fund
.....................................
8,782,246
143,677,551
a
Franklin
U.S.
Equity
Index
ETF
.........................................
335,925
15,412,239
a
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
.............................
633,703
33,744,685
iShares
MSCI
USA
Quality
Factor
ETF
...................................
27,375
4,499,081
iShares
Russell
2000
ETF
.............................................
53,625
11,277,338
300,151,499
Domestic
Fixed
Income
51.5%
a
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund
,
Class
IS
...............
3,920,216
34,811,522
a
Franklin
Investment
Grade
Corporate
ETF
.................................
1,050,514
22,428,474
a
Franklin
U.S.
Core
Bond
ETF
..........................................
8,397,091
179,193,922
a
Franklin
U.S.
Treasury
Bond
ETF
.......................................
4,369,412
89,529,252
iShares
Floating
Rate
Bond
ETF
........................................
438,700
22,400,022
a
Western
Asset
Core
Plus
Bond
Fund
,
Class
IS
.............................
10,084,129
94,387,447
a
Western
Asset
Short-Term
Bond
Fund
,
Class
IS
............................
6,160,626
22,486,284
465,236,923
Foreign
Equity
9.9%
a
ClearBridge
International
Growth
Fund
,
Class
IS
............................
100,158
6,592,429
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
............................
1,412,862
14,043,843
a
Franklin
International
Core
Equity
(IU)
Fund
...............................
3,469,103
43,363,786
iShares
Core
MSCI
EAFE
ETF
.........................................
82,440
6,118,697
a
Templeton
Developing
Markets
Trust
,
Class
R6
.............................
513,605
9,378,422
a
Templeton
Foreign
Fund
,
Class
R6
......................................
1,247,385
9,966,608
89,463,785
Foreign
Fixed
Income
3.7%
a
Franklin
High
Yield
Corporate
ETF
......................................
754,533
17,905,068
a
Franklin
International
Aggregate
Bond
ETF
................................
737,766
14,925,006
32,830,074
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$
801,300,297
)
...............................................................
896,693,765
a
a
a
a
Short
Term
Investments
0.7%
a
Money
Market
Funds
0.6%
a,b
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.997
%
..................
5,732,843
5,732,843
Total
Money
Market
Funds
(Cost
$
5,732,843
)
...................................
5,732,843
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
Conservative
Allocation
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
3
See
Abbreviations
on
page
57
.
Short
Term
Investments
(continued)
a
a
Principal
Amount
a
Value
Repurchase
Agreements
0.1%
c
Joint
Repurchase
Agreement
,
5.232
%
,
4/01/24
(Maturity
Value
$
386,192
)
BNP
Paribas
Securities
Corp.
(Maturity
Value
$190,323)
Deutsche
Bank
Securities,
Inc.
(Maturity
Value
$81,676)
HSBC
Securities
(USA),
Inc.
(Maturity
Value
$114,193)
Collateralized
by
U.S.
Government
Agency
Securities,
3%
-
7%,
9/20/45
-
3/20/54;
and
U.S.
Treasury
Notes,
0.5%
-
4.38%,
4/30/25
-
8/31/28
(valued
at
$
393,846
)
...
$
385,967
$
385,967
Total
Repurchase
Agreements
(Cost
$
385,967
)
..................................
385,967
Total
Short
Term
Investments
(Cost
$
6,118,810
)
.................................
6,118,810
a
Total
Investments
(Cost
$
807,419,107
)
99.9
%
...................................
$902,812,575
Other
Assets,
less
Liabilities
0.1
%
.............................................
1,041,280
Net
Assets
100.0%
...........................................................
$903,853,855
a
See
Note
3
regarding
investments
in
FT
Underlying
Funds.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
c
Investment
is
through
participation
in
a
joint
account
with
other
funds
managed
by
the
investment
manager
or
an
affiliate
of
the
investment
manager.
At
March
31,
2024,
all
repurchase
agreements
had
been
entered
into
on
March
28,
2024.
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited),
March
31,
2024
Franklin
Corefolio
Allocation
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
4
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
100.0%
Domestic
Equity
75.0%
a
Franklin
Growth
Fund
,
Class
R6
........................................
1,803,619
$
247,186,003
a,b
Franklin
Growth
Opportunities
Fund
,
Class
R6
.............................
4,411,769
250,412,027
a
Franklin
Mutual
Shares
Fund
,
Class
R6
...................................
9,292,970
246,914,224
744,512,254
Foreign
Equity
25.0%
a
Templeton
Growth
Fund,
Inc.
,
Class
R6
...................................
9,026,100
247,946,969
Total
Investments
In
Underlying
Funds
(Cost
$
601,612,560
)
......................
992,459,223
a
a
a
a
Short
Term
Investments
0.0%
†
a
Money
Market
Funds
0.0%
†
a,c
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.997
%
..................
823
823
Total
Money
Market
Funds
(Cost
$
823
)
.........................................
823
Total
Short
Term
Investments
(Cost
$
823
)
......................................
823
a
Total
Investments
(Cost
$
601,613,383
)
100.0
%
..................................
$992,460,046
Other
Assets,
less
Liabilities
0.0
%
†
............................................
407,371
Net
Assets
100.0%
...........................................................
$992,867,417
†
Rounds
to
less
than
0.1%
of
net
assets.
a
See
Note
3
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
Schedule
of
Investments
(unaudited),
March
31,
2024
Franklin
Global
Allocation
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
5
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
63.3%
Aerospace
&
Defense
0.5%
BAE
Systems
plc
.....................................
United
Kingdom
464,266
$
7,912,985
a
Rolls-Royce
Holdings
plc
...............................
United
Kingdom
1,210,285
6,511,261
14,424,246
Air
Freight
&
Logistics
0.2%
Expeditors
International
of
Washington,
Inc.
.................
United
States
43,564
5,296,076
Automobile
Components
0.3%
Cie
Generale
des
Etablissements
Michelin
SCA
..............
France
102,304
3,920,453
Hankook
Tire
&
Technology
Co.
Ltd.
.......................
South
Korea
88,762
3,557,488
7,477,941
Automobiles
1.1%
General
Motors
Co.
....................................
United
States
377,852
17,135,588
Honda
Motor
Co.
Ltd.
..................................
Japan
302,400
3,741,557
a
Tesla,
Inc.
...........................................
United
States
60,263
10,593,633
31,470,778
Banks
3.5%
Bank
Rakyat
Indonesia
Persero
Tbk
.
PT
....................
Indonesia
9,963,400
3,809,755
BNP
Paribas
SA
......................................
France
123,040
8,759,414
Citigroup,
Inc.
........................................
United
States
376,163
23,788,548
JPMorgan
Chase
&
Co.
.................................
United
States
61,884
12,395,365
KB
Financial
Group,
Inc.
................................
South
Korea
145,093
7,562,847
Shinhan
Financial
Group
Co.
Ltd.
.........................
South
Korea
335,219
11,794,698
Sumitomo
Mitsui
Financial
Group,
Inc.
......................
Japan
301,800
17,645,897
UniCredit
SpA
........................................
Italy
282,154
10,715,515
96,472,039
Beverages
0.5%
Coca-Cola
Europacific
Partners
plc
........................
United
Kingdom
62,660
4,383,067
Fomento
Economico
Mexicano
SAB
de
CV
..................
Mexico
620,600
8,111,386
12,494,453
Biotechnology
1.6%
AbbVie,
Inc.
.........................................
United
States
226,914
41,321,039
a
Regeneron
Pharmaceuticals,
Inc.
.........................
United
States
4,098
3,944,284
45,265,323
Broadline
Retail
2.5%
Alibaba
Group
Holding
Ltd.,
ADR
.........................
China
156,438
11,319,854
a
Amazon.com,
Inc.
.....................................
United
States
221,528
39,959,221
a
MercadoLibre
,
Inc.
....................................
Brazil
5,885
8,897,884
a
PDD
Holdings,
Inc.,
ADR
................................
China
78,065
9,075,056
69,252,015
Building
Products
0.6%
Cie
de
Saint-Gobain
SA
................................
France
50,459
3,916,132
Owens
Corning
.......................................
United
States
28,943
4,827,692
a
Trex
Co.,
Inc.
........................................
United
States
37,465
3,737,134
UFP
Industries,
Inc.
....................................
United
States
28,947
3,560,771
16,041,729
Capital
Markets
1.5%
3i
Group
plc
.........................................
United
Kingdom
314,701
11,157,599
Deutsche
Bank
AG
....................................
Germany
356,564
5,615,715
Nomura
Holdings,
Inc.
..................................
Japan
951,800
6,091,614
Partners
Group
Holding
AG
..............................
Switzerland
6,603
9,432,814
SEI
Investments
Co.
...................................
United
States
51,698
3,717,086
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
Global
Allocation
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
6
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Capital
Markets
(continued)
UBS
Group
AG
.......................................
Switzerland
205,565
$
6,329,889
42,344,717
Chemicals
1.2%
CF
Industries
Holdings,
Inc.
.............................
United
States
60,373
5,023,637
LyondellBasell
Industries
NV,
A
...........................
United
States
75,560
7,728,277
Nitto
Denko
Corp.
.....................................
Japan
50,400
4,608,371
Shin-Etsu
Chemical
Co.
Ltd.
.............................
Japan
353,500
15,504,175
32,864,460
Commercial
Services
&
Supplies
0.2%
Cintas
Corp.
.........................................
United
States
8,873
6,096,017
Communications
Equipment
0.6%
a
Arista
Networks,
Inc.
...................................
United
States
23,325
6,763,783
Cisco
Systems,
Inc.
...................................
United
States
177,913
8,879,638
15,643,421
Construction
&
Engineering
0.1%
Stantec,
Inc.
.........................................
Canada
42,300
3,512,170
Construction
Materials
0.2%
CRH
plc
............................................
United
States
55,800
4,813,308
Consumer
Finance
0.2%
Capital
One
Financial
Corp.
.............................
United
States
45,893
6,833,009
Consumer
Staples
Distribution
&
Retail
1.2%
Koninklijke
Ahold
Delhaize
NV
............................
Netherlands
175,585
5,253,576
Kroger
Co.
(The)
......................................
United
States
198,332
11,330,707
Loblaw
Cos.
Ltd.
......................................
Canada
48,700
5,396,929
Tesco
plc
...........................................
United
Kingdom
1,122,240
4,202,987
Walmart,
Inc.
........................................
United
States
117,219
7,053,067
33,237,266
Distributors
0.2%
Pool
Corp.
..........................................
United
States
10,782
4,350,537
Diversified
Telecommunication
Services
0.4%
Deutsche
Telekom
AG
..................................
Germany
295,996
7,184,824
Telkom
Indonesia
Persero
Tbk
.
PT
........................
Indonesia
13,349,900
2,936,251
10,121,075
Electric
Utilities
0.3%
Endesa
SA
..........................................
Spain
187,599
3,478,197
Iberdrola
SA
.........................................
Spain
375,036
4,657,864
8,136,061
Electrical
Equipment
1.4%
Eaton
Corp.
plc
.......................................
United
States
53,000
16,572,040
a
NEXTracker,
Inc.,
A
....................................
United
States
55,917
3,146,449
Sociedad
Quimica
y
Minera
de
Chile
SA,
ADR
................
Chile
229,900
11,301,884
Vertiv
Holdings
Co.,
A
..................................
United
States
52,406
4,279,998
WEG
SA
............................................
Brazil
504,700
3,844,107
39,144,478
Electronic
Equipment,
Instruments
&
Components
0.4%
Hon
Hai
Precision
Industry
Co.
Ltd.
........................
Taiwan
1,301,000
6,319,127
Jabil,
Inc.
...........................................
United
States
31,571
4,228,935
10,548,062
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
Global
Allocation
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
7
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Entertainment
1.0%
NetEase,
Inc.
........................................
China
559,100
$
11,585,545
a
Netflix,
Inc.
..........................................
United
States
25,088
15,236,695
26,822,240
Financial
Services
1.9%
a
Berkshire
Hathaway,
Inc.,
B
..............................
United
States
27,948
11,752,693
Equitable
Holdings,
Inc.
.................................
United
States
111,383
4,233,668
Investor
AB,
B
........................................
Sweden
287,821
7,221,426
Mastercard,
Inc.,
A
....................................
United
States
16,880
8,128,902
MGIC
Investment
Corp.
.................................
United
States
328,187
7,338,261
Visa,
Inc.,
A
..........................................
United
States
45,846
12,794,702
51,469,652
Food
Products
0.2%
Associated
British
Foods
plc
.............................
United
Kingdom
207,969
6,561,083
Ground
Transportation
0.7%
Old
Dominion
Freight
Line,
Inc.
...........................
United
States
52,844
11,589,218
a
Uber
Technologies,
Inc.
.................................
United
States
97,060
7,472,649
19,061,867
Health
Care
Equipment
&
Supplies
1.2%
Abbott
Laboratories
....................................
United
States
154,153
17,521,030
a
IDEXX
Laboratories,
Inc.
................................
United
States
23,390
12,628,962
Sonova
Holding
AG
....................................
Switzerland
10,553
3,056,245
33,206,237
Health
Care
Providers
&
Services
2.1%
Cardinal
Health,
Inc.
...................................
United
States
78,533
8,787,843
Cigna
Group
(The)
....................................
United
States
54,341
19,736,108
McKesson
Corp.
......................................
United
States
39,237
21,064,383
UnitedHealth
Group,
Inc.
................................
United
States
19,742
9,766,367
59,354,701
Hotels,
Restaurants
&
Leisure
1.4%
Booking
Holdings,
Inc.
.................................
United
States
9,396
34,087,561
a
Expedia
Group,
Inc.
...................................
United
States
41,788
5,756,297
39,843,858
Household
Durables
0.7%
Haier
Smart
Home
Co.
Ltd.,
H
............................
China
1,128,200
3,510,758
a
NVR,
Inc.
...........................................
United
States
455
3,685,482
Panasonic
Holdings
Corp.
...............................
Japan
481,300
4,593,112
PulteGroup,
Inc.
......................................
United
States
61,365
7,401,846
19,191,198
Household
Products
0.8%
Procter
&
Gamble
Co.
(The)
.............................
United
States
137,160
22,254,210
Independent
Power
and
Renewable
Electricity
Producers
0.4%
Vistra
Corp.
..........................................
United
States
144,859
10,089,429
Industrial
Conglomerates
0.7%
Hitachi
Ltd.
..........................................
Japan
205,000
18,731,755
Insurance
1.1%
Erie
Indemnity
Co.,
A
...................................
United
States
22,694
9,113,229
Medibank
Pvt
Ltd.
.....................................
Australia
1,837,323
4,501,676
Muenchener
Rueckversicherungs
-Gesellschaft
AG
in
Muenchen
..
Germany
16,696
8,149,622
NN
Group
NV
........................................
Netherlands
84,660
3,908,155
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
Global
Allocation
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
8
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Insurance
(continued)
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
H
................
China
1,359,000
$
5,769,918
31,442,600
Interactive
Media
&
Services
2.5%
a
Alphabet,
Inc.,
A
......................................
United
States
261,519
39,471,063
Meta
Platforms,
Inc.,
A
.................................
United
States
50,147
24,350,380
a
Pinterest,
Inc.,
A
......................................
United
States
181,803
6,303,110
70,124,553
IT
Services
1.1%
Infosys
Ltd.,
ADR
.....................................
India
1,547,100
27,739,503
a
Shopify,
Inc.,
A
.......................................
Canada
42,100
3,248,145
30,987,648
Life
Sciences
Tools
&
Services
0.6%
Danaher
Corp.
.......................................
United
States
38,215
9,543,050
a
Mettler-Toledo
International,
Inc.
..........................
United
States
5,962
7,937,151
17,480,201
Machinery
1.2%
Caterpillar,
Inc.
.......................................
United
States
39,416
14,443,205
PACCAR,
Inc.
........................................
United
States
146,772
18,183,583
32,626,788
Media
0.5%
Comcast
Corp.,
A
.....................................
United
States
287,629
12,468,717
Metals
&
Mining
0.7%
Fortescue
Ltd.
........................................
Australia
234,543
3,925,086
Reliance,
Inc.
........................................
United
States
19,628
6,559,285
Steel
Dynamics,
Inc.
...................................
United
States
59,001
8,745,718
19,230,089
Multi-Utilities
0.3%
Centrica
plc
.........................................
United
Kingdom
2,018,575
3,253,806
E.ON
SE
............................................
Germany
348,211
4,847,543
8,101,349
Oil,
Gas
&
Consumable
Fuels
3.3%
BP
plc
..............................................
United
Kingdom
1,646,410
10,327,818
Exxon
Mobil
Corp.
.....................................
United
States
83,253
9,677,329
HF
Sinclair
Corp.
.....................................
United
States
81,365
4,912,005
Inpex
Corp.
..........................................
Japan
338,400
5,143,743
Marathon
Petroleum
Corp.
..............................
United
States
107,124
21,585,486
Petroleo
Brasileiro
SA
..................................
Brazil
2,504,600
19,116,530
Suncor
Energy,
Inc.
....................................
Canada
107,900
3,982,370
Valero
Energy
Corp.
...................................
United
States
94,397
16,112,624
90,857,905
Paper
&
Forest
Products
0.1%
a
Suzano
SA
..........................................
Brazil
323,900
4,131,939
Personal
Care
Products
0.3%
a
BellRing
Brands,
Inc.
...................................
United
States
58,222
3,436,845
L'Oreal
SA
..........................................
France
9,921
4,698,086
8,134,931
Pharmaceuticals
2.4%
Eli
Lilly
&
Co.
........................................
United
States
21,938
17,066,886
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
Global
Allocation
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
9
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Pharmaceuticals
(continued)
GSK
plc
............................................
United
States
409,205
$
8,785,098
Johnson
&
Johnson
...................................
United
States
58,519
9,257,121
Merck
&
Co.,
Inc.
.....................................
United
States
86,694
11,439,273
Novartis
AG
.........................................
Switzerland
71,866
6,961,215
Novo
Nordisk
A/S,
B
...................................
Denmark
62,622
8,032,215
Shionogi
&
Co.
Ltd.
....................................
Japan
93,300
4,767,480
66,309,288
Professional
Services
0.6%
Recruit
Holdings
Co.
Ltd.
...............................
Japan
211,600
9,290,067
Verisk
Analytics,
Inc.,
A
.................................
United
States
33,038
7,788,048
17,078,115
Real
Estate
Management
&
Development
0.3%
CK
Asset
Holdings
Ltd.
.................................
Hong
Kong
850,500
3,504,657
Daiwa
House
Industry
Co.
Ltd.
...........................
Japan
132,400
3,940,681
7,445,338
Retail
REITs
0.2%
Simon
Property
Group,
Inc.
..............................
United
States
42,219
6,606,851
Semiconductors
&
Semiconductor
Equipment
6.2%
Applied
Materials,
Inc.
..................................
United
States
18,287
3,771,328
BE
Semiconductor
Industries
NV
..........................
Netherlands
20,507
3,141,088
Broadcom,
Inc.
.......................................
United
States
12,294
16,294,590
KLA
Corp.
...........................................
United
States
33,633
23,495,005
Lam
Research
Corp.
...................................
United
States
3,719
3,613,269
MediaTek,
Inc.
.......................................
Taiwan
1,171,000
42,431,036
Novatek
Microelectronics
Corp.
...........................
Taiwan
466,000
8,579,093
NVIDIA
Corp.
........................................
United
States
62,265
56,260,163
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.,
ADR
...........
Taiwan
110,800
15,074,340
172,659,912
Software
5.3%
a
Adobe,
Inc.
..........................................
United
States
15,879
8,012,543
a
Atlassian
Corp.,
A
.....................................
United
States
22,990
4,485,579
a
Cadence
Design
Systems,
Inc.
...........................
United
States
11,322
3,524,312
a
Crowdstrike
Holdings,
Inc.,
A
.............................
United
States
11,385
3,649,917
a
Dropbox,
Inc.,
A
......................................
United
States
118,904
2,889,367
a
Fair
Isaac
Corp.
......................................
United
States
6,588
8,232,431
a
HubSpot,
Inc.
........................................
United
States
5,408
3,388,437
Microsoft
Corp.
.......................................
United
States
178,354
75,037,095
a
Monday.com
Ltd.
......................................
United
States
17,636
3,983,443
a
ServiceNow,
Inc.
......................................
United
States
5,415
4,128,396
a
Synopsys,
Inc.
.......................................
United
States
38,834
22,193,631
a
Xero
Ltd.
............................................
New
Zealand
71,627
6,219,332
145,744,483
Specialized
REITs
0.3%
Public
Storage
.......................................
United
States
24,032
6,970,722
Specialty
Retail
1.7%
a
AutoZone,
Inc.
.......................................
United
States
5,085
16,026,140
Dick's
Sporting
Goods,
Inc.
..............................
United
States
21,020
4,726,557
Ross
Stores,
Inc.
.....................................
United
States
95,893
14,073,257
a
Vibra
Energia
SA
......................................
Brazil
1,116,300
5,566,643
Williams-Sonoma,
Inc.
.................................
United
States
22,917
7,276,835
47,669,432
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
Global
Allocation
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
10
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Technology
Hardware,
Storage
&
Peripherals
2.6%
Apple,
Inc.
..........................................
United
States
381,840
$
65,477,923
Samsung
Electronics
Co.
Ltd.
............................
South
Korea
91,900
5,508,865
70,986,788
Textiles,
Apparel
&
Luxury
Goods
0.9%
a
Deckers
Outdoor
Corp.
.................................
United
States
7,959
7,491,488
a
Lululemon
Athletica,
Inc.
................................
United
States
28,464
11,119,462
Pandora
A/S
.........................................
Denmark
21,415
3,456,285
Ralph
Lauren
Corp.,
A
..................................
United
States
19,280
3,620,013
25,687,248
Tobacco
0.2%
Japan
Tobacco,
Inc.
...................................
Japan
245,000
6,531,741
Trading
Companies
&
Distributors
0.8%
Fastenal
Co.
.........................................
United
States
48,550
3,745,147
Toyota
Tsusho
Corp.
...................................
Japan
68,500
4,703,643
WW
Grainger,
Inc.
.....................................
United
States
12,558
12,775,253
21,224,043
Wireless
Telecommunication
Services
0.3%
SoftBank
Corp.
.......................................
Japan
286,300
3,685,853
Vodafone
Group
plc
...................................
United
Kingdom
5,939,151
5,267,166
8,953,019
Total
Common
Stocks
(Cost
$1,530,275,484)
....................................
1,751,879,111
Management
Investment
Companies
4.4%
Capital
Markets
4.4%
b
Franklin
Senior
Loan
ETF
...............................
United
States
210,000
5,143,950
b
Franklin
Systematic
Style
Premia
ETF
......................
United
States
2,225,000
53,300,988
iShares
MSCI
India
ETF
................................
United
States
653,816
33,730,367
VanEck
J.P.
Morgan
EM
Local
Currency
Bond
ETF
............
United
States
1,208,400
29,617,884
121,793,189
Total
Management
Investment
Companies
(Cost
$126,717,545)
...................
121,793,189
Preferred
Stocks
0.4%
Banks
0.4%
c
Itausa
SA,
3.54%
.....................................
Brazil
4,876,700
10,209,726
Total
Preferred
Stocks
(Cost
$10,289,903)
......................................
10,209,726
Principal
Amount
*
Corporate
Bonds
7.1%
Automobile
Components
0.1%
d
Dornoch
Debt
Merger
Sub,
Inc.
,
Senior
Note
,
144A,
6.625
%
,
10/15/29
..........................................
United
States
3,250,000
2,892,070
Automobiles
0.1%
d
Jaguar
Land
Rover
Automotive
plc
,
Senior
Note
,
144A,
5.5
%
,
7/15/29
...........................................
United
Kingdom
1,600,000
1,541,355
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
Global
Allocation
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
11
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Banks
1.4%
d
Australia
&
New
Zealand
Banking
Group
Ltd.
,
Sub.
Bond
,
144A,
2.57%
to
11/24/30,
FRN
thereafter
,
11/25/35
................
Australia
6,687,000
$
5,487,766
e,f
Bank
of
America
Corp.
,
U
,
Junior
Sub.
Bond
,
FRN
,
8.738
%
,
(
3-month
SOFR
+
3.397
%
),
Perpetual
............................
United
States
3,994,000
4,009,205
Mitsubishi
UFJ
Financial
Group,
Inc.
,
Senior
Bond
,
3.287
%
,
7/25/27
Japan
1,690,000
1,604,310
d
Societe
Generale
SA
,
Senior
Note
,
144A,
2.625
%
,
1/22/25
......
France
6,354,000
6,193,596
Sumitomo
Mitsui
Financial
Group,
Inc.
,
Sub.
Bond
,
2.142
%
,
9/23/30
Japan
5,500,000
4,560,876
d
UniCredit
SpA
,
Senior
Bond
,
144A,
3.127%
to
6/02/31,
FRN
thereafter
,
6/03/32
...................................
Italy
8,500,000
7,201,685
e
US
Bancorp
,
Junior
Sub.
Bond
,
3.7%
to
1/14/27,
FRN
thereafter
,
Perpetual
..........................................
United
States
8,870,000
7,715,216
e,f
Wells
Fargo
&
Co.
,
S
,
Junior
Sub.
Bond
,
FRN
,
5.9
%
,
Perpetual
...
United
States
1,504,000
1,501,408
Westpac
Banking
Corp.
,
Sub.
Bond
,
2.894%
to
2/03/25,
FRN
thereafter
,
2/04/30
...................................
Australia
1,503,000
1,462,424
39,736,486
Beverages
0.1%
Anheuser-Busch
InBev
Worldwide,
Inc.
,
Senior
Bond
,
4
%
,
4/13/28
Belgium
4,000,000
3,903,472
Biotechnology
0.1%
d
Grifols
SA
,
Senior
Note
,
144A,
4.75
%
,
10/15/28
..............
Spain
1,600,000
1,325,793
Broadline
Retail
0.2%
Alibaba
Group
Holding
Ltd.
,
Senior
Bond
,
3.4
%
,
12/06/27
.......
China
6,300,000
5,959,025
Capital
Markets
0.5%
Deutsche
Bank
AG
,
Senior
Bond,
3.547%
to
9/17/30,
FRN
thereafter,
9/18/31
.....
Germany
5,000,000
4,406,170
Senior
Note,
2.129%
to
11/23/25,
FRN
thereafter,
11/24/26
....
Germany
3,000,000
2,830,237
Nomura
Holdings,
Inc.
,
Senior
Bond
,
3.103
%
,
1/16/30
..........
Japan
6,225,000
5,531,626
12,768,033
Chemicals
0.4%
d
Braskem
Idesa
SAPI
,
Senior
Secured
Bond
,
144A,
6.99
%
,
2/20/32
Mexico
3,800,000
2,952,259
Nutrien
Ltd.
,
Senior
Bond
,
2.95
%
,
5/13/30
...................
Canada
7,800,000
6,959,922
9,912,181
Commercial
Services
&
Supplies
0.1%
d
APX
Group,
Inc.
,
Senior
Note
,
144A,
5.75
%
,
7/15/29
...........
United
States
3,200,000
3,080,210
Communications
Equipment
0.1%
d
CommScope,
Inc.
,
Senior
Secured
Note
,
144A,
4.75
%
,
9/01/29
...
United
States
4,800,000
3,468,000
Consumer
Finance
0.4%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
,
Senior
Bond,
3.4%,
10/29/33
...........................
Ireland
3,400,000
2,865,456
Senior
Note,
2.45%,
10/29/26
..........................
Ireland
4,750,000
4,412,798
d,e
Volkswagen
International
Finance
NV
,
Senior
Bond
,
Reg
S,
3.5%
to
6/16/25,
FRN
thereafter
,
Perpetual
.......................
Germany
3,200,000
EUR
3,391,574
10,669,828
Containers
&
Packaging
0.0%
†
d
Mauser
Packaging
Solutions
Holding
Co.
,
Secured
Note
,
144A,
9.25
%
,
4/15/27
.....................................
United
States
954,000
947,479
Diversified
Telecommunication
Services
0.0%
†
d
Altice
France
SA
,
Senior
Secured
Note
,
144A,
5.125
%
,
7/15/29
...
France
1,675,000
1,134,140
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
Global
Allocation
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
12
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Financial
Services
0.3%
d
Siemens
Financieringsmaatschappij
NV
,
Senior
Bond
,
144A,
2.35
%
,
10/15/26
..........................................
Germany
5,800,000
$
5,454,579
d
Woodside
Finance
Ltd.
,
Senior
Bond
,
144A,
4.5
%
,
3/04/29
......
Australia
4,000,000
3,860,039
9,314,618
Food
Products
0.2%
JBS
USA
LUX
SA
/
JBS
USA
Food
Co.
/
JBS
USA
Finance,
Inc.
,
Senior
Note,
3.75%,
12/01/31
..........................
United
States
4,800,000
4,153,241
Senior
Note,
3%,
5/15/32
.............................
United
States
1,310,362
1,069,525
5,222,766
Ground
Transportation
0.2%
d
Ashtead
Capital,
Inc.
,
Senior
Bond
,
144A,
5.5
%
,
8/11/32
........
United
Kingdom
6,000,000
5,870,069
Health
Care
Providers
&
Services
0.3%
d
DaVita,
Inc.
,
Senior
Note
,
144A,
4.625
%
,
6/01/30
.............
United
States
1,600,000
1,433,510
d
Fresenius
Medical
Care
US
Finance
III,
Inc.
,
Senior
Bond
,
144A,
2.375
%
,
2/16/31
.....................................
Germany
9,000,000
7,098,082
8,531,592
Household
Products
0.2%
d
Kimberly-Clark
de
Mexico
SAB
de
CV
,
Senior
Bond
,
144A,
2.431
%
,
7/01/31
...........................................
Mexico
6,180,000
5,251,731
Interactive
Media
&
Services
0.2%
d
Tencent
Holdings
Ltd.
,
Senior
Bond
,
144A,
2.39
%
,
6/03/30
......
China
6,290,000
5,377,509
Metals
&
Mining
0.4%
ArcelorMittal
SA
,
Senior
Bond
,
4.25
%
,
7/16/29
...............
Luxembourg
6,000,000
5,730,634
d
Glencore
Funding
LLC
,
Senior
Bond
,
144A,
2.5
%
,
9/01/30
......
Australia
7,000,000
5,947,350
11,677,984
Oil,
Gas
&
Consumable
Fuels
0.4%
d
Aker
BP
ASA
,
Senior
Bond
,
144A,
3.1
%
,
7/15/31
..............
Norway
7,900,000
6,755,532
Canadian
Natural
Resources
Ltd.
,
Senior
Bond
,
3.85
%
,
6/01/27
..
Canada
5,500,000
5,305,840
12,061,372
Paper
&
Forest
Products
0.2%
Suzano
Austria
GmbH
,
Senior
Bond
,
3.75
%
,
1/15/31
...........
Brazil
4,805,000
4,250,725
Pharmaceuticals
0.6%
d
1375209
BC
Ltd.
,
Senior
Secured
Note
,
144A,
9
%
,
1/30/28
......
Canada
523,000
513,109
AstraZeneca
plc
,
Senior
Bond
,
4
%
,
1/17/29
..................
United
Kingdom
4,000,000
3,880,438
d
Bayer
US
Finance
II
LLC
,
Senior
Note
,
144A,
4.25
%
,
12/15/25
...
Germany
7,000,000
6,827,594
Takeda
Pharmaceutical
Co.
Ltd.
,
Senior
Note
,
5
%
,
11/26/28
.....
Japan
6,500,000
6,512,119
17,733,260
Semiconductors
&
Semiconductor
Equipment
0.3%
d
SK
Hynix,
Inc.
,
Senior
Note
,
144A,
1.5
%
,
1/19/26
.............
South
Korea
8,000,000
7,455,367
Wireless
Telecommunication
Services
0.3%
Vodafone
Group
plc
,
Senior
Bond
,
6.15
%
,
2/27/37
.............
United
Kingdom
6,500,000
6,942,445
Total
Corporate
Bonds
(Cost
$205,718,369)
.....................................
197,027,510
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
Global
Allocation
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
13
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Foreign
Government
and
Agency
Securities
11.3%
d
Australia
Government
Bond
,
Reg
S,
1.5
%
,
6/21/31
............
Australia
12,170,000
AUD
$
6,780,401
d
Belgium
Government
Bond
,
Senior
Bond
,
Reg
S,
4
%
,
3/28/32
....
Belgium
3,150,000
EUR
3,706,231
Brazil
Notas
do
Tesouro
Nacional
,
F
,
10
%
,
1/01/29
............
Brazil
32,400,000
BRL
6,340,293
d
Bundesrepublik
Deutschland
,
Reg
S,
Zero
Cpn
.,
8/15/30
.............................
Germany
10,500,000
EUR
9,848,574
Reg
S,
2.3%,
2/15/33
.................................
Germany
50,100,000
EUR
54,242,450
Reg
S,
1%,
5/15/38
..................................
Germany
7,400,000
EUR
6,623,427
Canada
Government
Bond
,
2.5%,
12/01/32
.....................................
Canada
18,000,000
CAD
12,347,299
2.75%,
6/01/33
.....................................
Canada
16,400,000
CAD
11,446,400
d
Canada
Housing
Trust
No.
1
,
Senior
Bond
,
144A,
2.65
%
,
12/15/28
Canada
18,100,000
CAD
12,741,694
China
Government
Bond
,
2.5%,
7/25/27
......................................
China
121,580,000
CNY
16,985,191
2.44%,
10/15/27
.....................................
China
47,210,000
CNY
6,580,531
Ecopetrol
SA
,
Senior
Bond
,
4.625
%
,
11/02/31
................
Colombia
1,650,000
1,373,756
European
Investment
Bank
,
Senior
Bond
,
2.125
%
,
4/13/26
......
Supranational
g
14,750,000
14,031,597
d
Export-Import
Bank
of
Korea
,
Senior
Note
,
Reg
S,
7.15
%
,
4/18/25
.
South
Korea
263,000,000
INR
3,152,323
d
Finland
Government
Bond
,
Senior
Bond,
144A,
Reg
S,
0.75%,
4/15/31
................
Finland
1,892,000
EUR
1,793,657
Senior
Bond,
144A,
Reg
S,
1.375%,
4/15/47
...............
Finland
1,567,000
EUR
1,251,639
d
France
Government
Bond
,
144A,
Reg
S,
2.5%,
5/25/30
............................
France
4,120,000
EUR
4,412,938
144A,
Reg
S,
Zero
Cpn
.,
11/25/30
.......................
France
4,350,000
EUR
3,947,928
144A,
Reg
S,
1.5%,
5/25/31
............................
France
4,410,000
EUR
4,407,326
144A,
Reg
S,
2%,
11/25/32
............................
France
13,000,000
EUR
13,243,395
International
Bank
for
Reconstruction
&
Development
,
Senior
Note
,
6
%
,
1/16/25
........................................
Supranational
g
236,500,000
INR
2,823,686
d
Italy
Buoni
Poliennali
del
Tesoro
,
Senior
Bond,
144A,
Reg
S,
4.75%,
9/01/44
................
Italy
1,860,000
EUR
2,193,030
Senior
Bond,
144A,
Reg
S,
3.25%,
9/01/46
................
Italy
1,884,000
EUR
1,796,788
Senior
Bond,
144A,
Reg
S,
1.7%,
9/01/51
.................
Italy
2,786,000
EUR
1,876,315
Japan
Government
Bond
,
0.1%,
6/20/31
......................................
Japan
4,150,000,000
JPY
26,685,651
0.5%,
9/20/46
......................................
Japan
1,435,000,000
JPY
7,609,418
Mexican
Bonos
Desarr
Fixed
Rate
,
M
,
7.5
%
,
5/26/33
...........
Mexico
123,000,000
MXN
6,592,614
Mexico
Government
Bond
,
Senior
Bond
,
3.5
%
,
2/12/34
.........
Mexico
16,500,000
13,764,573
d
Netherlands
Government
Bond
,
144A,
Reg
S,
0.5%,
1/15/40
............................
Netherlands
1,410,000
EUR
1,100,059
144A,
Reg
S,
3.75%,
1/15/42
...........................
Netherlands
865,000
EUR
1,072,196
Petroleos
Mexicanos
,
Senior
Note
,
6.5
%
,
3/13/27
.............
Mexico
4,500,000
4,241,759
Spain
Bonos
Y
Obligaciones
del
Estado
,
d
Senior
Bond,
144A,
Reg
S,
1.95%,
4/30/26
................
Spain
2,563,000
EUR
2,707,232
d
Senior
Bond,
144A,
Reg
S,
2.9%,
10/31/46
................
Spain
1,610,000
EUR
1,549,104
6%,
1/31/29
........................................
Spain
3,760,000
EUR
4,639,764
d
United
Kingdom
Gilt
,
Reg
S,
3.25%,
1/31/33
................................
United
Kingdom
6,900,000
GBP
8,307,649
Reg
S,
1.75%,
9/07/37
................................
United
Kingdom
8,700,000
GBP
8,312,833
Reg
S,
1.25%,
10/22/41
...............................
United
Kingdom
22,300,000
GBP
17,654,552
Reg
S,
1.5%,
7/22/47
.................................
United
Kingdom
5,110,000
GBP
3,747,790
Total
Foreign
Government
and
Agency
Securities
(Cost
$357,122,305)
............
311,932,063
U.S.
Government
and
Agency
Securities
7.0%
U.S.
Treasury
Bonds
,
4%,
11/15/42
.......................................
United
States
19,500,000
18,374,180
3.875%,
2/15/43
.....................................
United
States
25,500,000
23,580,527
3.875%,
5/15/43
.....................................
United
States
16,200,000
14,956,523
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
Global
Allocation
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
14
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
U.S.
Government
and
Agency
Securities
(continued)
U.S.
Treasury
Notes
,
0.375%,
9/15/24
.....................................
United
States
32,000,000
$
31,305,069
1.75%,
3/15/25
.....................................
United
States
16,700,000
16,188,913
4%,
1/31/29
........................................
United
States
47,020,000
46,542,453
0.875%,
11/15/30
....................................
United
States
13,000,000
10,525,430
1.875%,
2/15/32
.....................................
United
States
25,000,000
21,120,605
3.375%,
5/15/33
.....................................
United
States
11,200,000
10,494,094
Total
U.S.
Government
and
Agency
Securities
(Cost
$203,292,106)
................
193,087,794
Mortgage-Backed
Securities
2.4%
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Fixed
Rate
0.3%
FHLMC
Pool,
30
Year,
5%,
7/01/53
........................
United
States
5,583,934
5,449,807
FHLMC
Pool,
30
Year,
6%,
3/01/54
........................
United
States
2,662,432
2,687,115
8,136,922
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
0.7%
FNMA,
30
Year,
2%,
4/01/52
.............................
United
States
3,432,377
2,722,924
FNMA,
30
Year,
2.5%,
12/01/51
...........................
United
States
4,918,787
4,072,785
FNMA,
30
Year,
3%,
4/01/52
.............................
United
States
4,715,410
4,063,732
FNMA,
30
Year,
5.5%,
3/01/54
...........................
United
States
8,133,627
8,094,530
18,953,971
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
1.4%
GNMA
II,
Single-family,
30
Year,
3%,
7/20/51
.................
United
States
27,355,458
24,133,301
GNMA
II,
Single-family,
30
Year,
3%,
8/20/51
.................
United
States
17,751,306
15,660,358
39,793,659
Total
Mortgage-Backed
Securities
(Cost
$74,277,996)
............................
66,884,552
Total
Long
Term
Investments
(Cost
$2,507,693,708)
.............................
2,652,813,945
a
Number
of
Contracts
Notional
Amount
#
a
a
a
aa
Options
Purchased
0.1%
Puts
-
Exchange-Traded
Equity
Options
S&P
500
Index,
September
Strike
Price
$4,850.00,
Expires
9/20/24
247
129,782,445
1,546,220
Total
Options
Purchased
(Cost
$2,354,448)
.....................................
1,546,220
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
Global
Allocation
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
15
Short
Term
Investments
3.2%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
3.2%
b,h
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.997%
....
United
States
87,229,727
$
87,229,727
Total
Money
Market
Funds
(Cost
$87,229,727)
..................................
87,229,727
Total
Short
Term
Investments
(Cost
$87,229,727
)
................................
87,229,727
a
Total
Investments
(Cost
$2,597,277,883)
99.2%
..................................
$2,741,589,892
Options
Written
(0.0)%
†
......................................................
(645,905)
Other
Assets,
less
Liabilities
0.8%
.............................................
24,231,024
Net
Assets
100.0%
...........................................................
$2,765,175,011
a
a
a
Number
of
Contracts
Notional
Amount
#
a
a
a
Options
Written
(0.0)%
†
Puts
-
Exchange-Traded
Equity
Options
S&P
500
Index,
September
Strike
Price
$4,325.00,
Expires
9/20/24
247
129,782,445
(645,905)
(645,905)
Total
Options
Written
(Premiums
received
$962,762)
............................
$
(645,905)
#
Notional
amount
is
the
number
of
contracts
multiplied
by
contract
size,
and
may
be
multiplied
by
the
underlying
price.
May
include
currency
units,
bushels,
shares,
pounds,
barrels
or
other
units.
Currency
units
are
stated
in
U.S.
dollars
unless
otherwise
indicated.
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
See
Note
4
regarding
investments
in
affiliated
management
investment
companies.
c
Variable
rate
security.
The
rate
shown
represents
the
yield
at
period
end.
d
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
March
31,
2024,
the
aggregate
value
of
these
securities
was
$277,929,929,
representing
10.1%
of
net
assets.
e
Perpetual
security
with
no
stated
maturity
date.
f
The
coupon
rate
shown
represents
the
rate
at
period
end.
g
A
supranational
organization
is
an
entity
formed
by
two
or
more
central
governments
through
international
treaties.
h
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
Global
Allocation
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
16
At
March
31,
2024,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
See
Abbreviations
on
page
57
.
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
28,927,000
36,905,104
4/26/24
$
393,040
$
—
Canadian
Dollar
....
BZWS
Sell
48,496,000
36,116,943
4/26/24
298,357
—
Chinese
Yuan
......
BZWS
Buy
157,226,000
21,913,948
4/26/24
—
(244,515)
Chinese
Yuan
......
BZWS
Sell
325,800,000
45,857,549
4/26/24
954,664
—
Euro
.............
BZWS
Buy
2,501,000
2,708,908
4/26/24
—
(8,239)
Euro
.............
BZWS
Sell
114,201,000
125,107,767
4/26/24
1,789,421
—
Japanese
Yen
......
JPHQ
Sell
5,087,046,000
35,106,309
4/26/24
1,379,855
—
Total
Forward
Exchange
Contracts
...................................................
$4,815,337
$(252,754)
Net
unrealized
appreciation
(depreciation)
............................................
$4,562,583
*
In
U.S.
dollars
unless
otherwise
indicated.
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited),
March
31,
2024
Franklin
Growth
Allocation
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
17
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
99.1%
Alternative
Strategies
1.0%
a
Franklin
Systematic
Style
Premia
ETF
....................................
556,157
$
13,323,019
Domestic
Equity
64.1%
a
ClearBridge
Large
Cap
Value
Fund
,
Class
IS
...............................
1,782,461
77,251,841
a
Franklin
Growth
Fund
,
Class
R6
........................................
1,342,447
183,982,348
a
Franklin
U.S.
Core
Equity
(IU)
Fund
.....................................
19,564,529
320,075,697
a
Franklin
U.S.
Equity
Index
ETF
.........................................
2,919,300
133,937,484
a
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
.............................
1,808,501
96,302,678
iShares
MSCI
USA
Quality
Factor
ETF
...................................
78,150
12,843,953
iShares
Russell
2000
ETF
.............................................
153,025
32,181,158
856,575,159
Domestic
Fixed
Income
14.0%
a
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund
,
Class
IS
...............
1,580,730
14,036,879
a
Franklin
Investment
Grade
Corporate
ETF
.................................
423,572
9,043,262
a
Franklin
U.S.
Core
Bond
ETF
..........................................
3,385,863
72,254,316
a
Franklin
U.S.
Treasury
Bond
ETF
.......................................
1,761,818
36,099,651
iShares
Floating
Rate
Bond
ETF
........................................
176,875
9,031,238
a
Western
Asset
Core
Plus
Bond
Fund
,
Class
IS
.............................
4,065,950
38,057,295
a
Western
Asset
Short-Term
Bond
Fund
,
Class
IS
............................
2,483,969
9,066,486
187,589,127
Foreign
Equity
19.1%
a
ClearBridge
International
Growth
Fund
,
Class
IS
............................
285,844
18,814,261
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
............................
3,981,713
39,578,224
a
Franklin
International
Core
Equity
(IU)
Fund
...............................
9,900,448
123,755,605
iShares
Core
MSCI
EAFE
ETF
.........................................
235,297
17,463,743
a
Templeton
Developing
Markets
Trust
,
Class
R6
.............................
1,492,979
27,261,792
a
Templeton
Foreign
Fund
,
Class
R6
......................................
3,559,618
28,441,351
255,314,976
Foreign
Fixed
Income
0.9%
a
Franklin
High
Yield
Corporate
ETF
......................................
304,231
7,219,402
a
Franklin
International
Aggregate
Bond
ETF
................................
297,474
6,017,899
13,237,301
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$
964,026,261
)
...............................................................
1,326,039,582
a
a
a
a
Short
Term
Investments
0.7%
a
Money
Market
Funds
0.7%
a,b
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.997
%
..................
9,188,560
9,188,560
Total
Money
Market
Funds
(Cost
$
9,188,560
)
...................................
9,188,560
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
Growth
Allocation
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
18
See
Abbreviations
on
page
57
.
Short
Term
Investments
(continued)
a
a
Principal
Amount
a
Value
Repurchase
Agreements
0.0%
†
c
Joint
Repurchase
Agreement
,
5.232
%
,
4/01/24
(Maturity
Value
$
442,135
)
BNP
Paribas
Securities
Corp.
(Maturity
Value
$217,893)
Deutsche
Bank
Securities,
Inc.
(Maturity
Value
$93,507)
HSBC
Securities
(USA),
Inc.
(Maturity
Value
$130,735)
Collateralized
by
U.S.
Government
Agency
Securities,
3%
-
7%,
9/20/45
-
3/20/54;
and
U.S.
Treasury
Notes,
0.5%
-
4.38%,
4/30/25
-
8/31/28
(valued
at
$
450,899
)
...
$
441,878
$
441,878
Total
Repurchase
Agreements
(Cost
$
441,878
)
..................................
441,878
Total
Short
Term
Investments
(Cost
$
9,630,438
)
.................................
9,630,438
a
Total
Investments
(Cost
$
973,656,699
)
99.8
%
...................................
$1,335,670,020
Other
Assets,
less
Liabilities
0.2
%
.............................................
1,975,715
Net
Assets
100.0%
...........................................................
$1,337,645,735
†
Rounds
to
less
than
0.1%
of
net
assets.
a
See
Note
3
regarding
investments
in
FT
Underlying
Funds.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
c
Investment
is
through
participation
in
a
joint
account
with
other
funds
managed
by
the
investment
manager
or
an
affiliate
of
the
investment
manager.
At
March
31,
2024,
all
repurchase
agreements
had
been
entered
into
on
March
28,
2024.
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited),
March
31,
2024
Franklin
LifeSmart™
Retirement
Income
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
19
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
92.6%
Domestic
Equity
30.4%
a
ClearBridge
Tactical
Dividend
Income
Fund
,
Class
IS
........................
244,042
$
5,598,328
a
Franklin
U.S.
Core
Equity
(IU)
Fund
.....................................
71,663
1,172,403
JPMorgan
Equity
Premium
Income
ETF
..................................
82,675
4,783,575
JPMorgan
Nasdaq
Equity
Premium
Income
ETF
............................
42,725
2,317,404
13,871,710
Domestic
Fixed
Income
51.9%
a
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund
,
Class
IS
...............
234,712
2,084,240
a
Franklin
Investment
Grade
Corporate
ETF
.................................
116,129
2,479,354
a
Franklin
U.S.
Core
Bond
ETF
..........................................
227,819
4,861,658
a
Franklin
U.S.
Government
Securities
Fund
,
Class
R6
........................
579,662
2,938,887
a
Western
Asset
Income
Fund
,
Class
IS
....................................
1,282,067
6,538,539
a
Western
Asset
Short
Duration
High
Income
Fund
,
Class
I
.....................
1,009,546
4,845,820
23,748,498
Foreign
Equity
6.0%
a
Franklin
International
Core
Dividend
Tilt
Index
ETF
..........................
40,475
1,302,890
a
Templeton
Developing
Markets
Trust
,
Class
R6
.............................
26,053
475,735
a
Templeton
Foreign
Fund
,
Class
R6
......................................
121,387
969,882
2,748,507
Foreign
Fixed
Income
4.3%
a
Franklin
High
Yield
Corporate
ETF
......................................
82,930
1,967,929
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$
43,418,962
)
................................................................
42,336,644
Units
a
a
a
a
Index-Linked
Notes
5.3%
Capital
Markets
5.3%
b,c,d
UBS
AG
into
S&P
500
Index
,
Senior
Note
,
144A,
6.45
%
,
5/07/24
................
2,223
2,431,089
Total
Index-Linked
Notes
(Cost
$
2,099,912
)
.....................................
2,431,089
Total
Long
Term
Investments
(Cost
$
45,518,874
)
................................
44,767,733
a
a
a
a
a
Short
Term
Investments
2.4%
Shares
a
Money
Market
Funds
2.4%
a,e
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.997
%
..................
1,081,125
1,081,125
Total
Money
Market
Funds
(Cost
$
1,081,125
)
...................................
1,081,125
Total
Short
Term
Investments
(Cost
$
1,081,125
)
.................................
1,081,125
a
Total
Investments
(Cost
$
46,599,999
)
100.3
%
...................................
$45,848,858
Other
Assets,
less
Liabilities
(
0.3
)
%
...........................................
(102,639)
Net
Assets
100.0%
...........................................................
$45,746,219
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
LifeSmart™
Retirement
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
20
See
Abbreviations
on
page
57
.
a
See
Note
3
regarding
investments
in
FT
Underlying
Funds.
b
Fair
valued
using
significant
unobservable
inputs.
See
Note
5
regarding
fair
value
measurements.
c
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.
d
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
March
31,
2024,
the
value
of
this
security
was
$2,431,089,
representing
5.3%
of
net
assets.
e
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited),
March
31,
2024
Franklin
LifeSmart™
2020
Retirement
Target
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
21
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
99.2%
Alternative
Strategies
1.0%
a
Franklin
Systematic
Style
Premia
ETF
....................................
12,110
$
290,101
Domestic
Equity
30.8%
a
ClearBridge
Large
Cap
Value
Fund
,
Class
IS
...............................
18,699
810,427
a
Franklin
Growth
Fund
,
Class
R6
........................................
14,083
1,930,020
a
Franklin
U.S.
Core
Equity
(IU)
Fund
.....................................
263,654
4,313,377
a
Franklin
U.S.
Equity
Index
ETF
.........................................
9,775
448,477
a
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
.............................
18,953
1,009,247
iShares
MSCI
USA
Quality
Factor
ETF
...................................
800
131,480
iShares
Russell
2000
ETF
.............................................
1,600
336,480
8,979,508
Domestic
Fixed
Income
47.2%
a
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund
,
Class
IS
...............
115,492
1,025,567
a
Franklin
Investment
Grade
Corporate
ETF
.................................
30,928
660,313
a
Franklin
U.S.
Core
Bond
ETF
..........................................
247,363
5,278,727
a
Franklin
U.S.
Treasury
Bond
ETF
.......................................
128,723
2,637,534
iShares
Floating
Rate
Bond
ETF
........................................
12,900
658,674
a
Western
Asset
Core
Plus
Bond
Fund
,
Class
IS
.............................
297,083
2,780,700
a
Western
Asset
Short-Term
Bond
Fund
,
Class
IS
............................
181,496
662,459
13,703,974
Foreign
Equity
16.9%
a
ClearBridge
International
Growth
Fund
,
Class
IS
............................
5,473
360,232
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
............................
80,078
795,972
a
Franklin
International
Core
Equity
(IU)
Fund
...............................
187,459
2,343,243
iShares
Core
MSCI
EAFE
ETF
.........................................
4,854
360,264
a
Templeton
Developing
Markets
Trust
,
Class
R6
.............................
28,960
528,816
a
Templeton
Foreign
Fund
,
Class
R6
......................................
68,163
544,622
4,933,149
Foreign
Fixed
Income
3.3%
a
Franklin
High
Yield
Corporate
ETF
......................................
22,213
527,115
a
Franklin
International
Aggregate
Bond
ETF
................................
21,721
439,416
966,531
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$
25,955,550
)
................................................................
28,873,263
a
a
a
a
Short
Term
Investments
0.6%
a
Money
Market
Funds
0.6%
a,b
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.997
%
..................
181,376
181,376
Total
Money
Market
Funds
(Cost
$
181,376
)
.....................................
181,376
Total
Short
Term
Investments
(Cost
$
181,376
)
..................................
181,376
a
Total
Investments
(Cost
$
26,136,926
)
99.8
%
....................................
$29,054,639
Other
Assets,
less
Liabilities
0.2
%
.............................................
38,050
Net
Assets
100.0%
...........................................................
$29,092,689
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
LifeSmart™
2020
Retirement
Target
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
22
See
Abbreviations
on
page
57
.
a
See
Note
3
regarding
investments
in
FT
Underlying
Funds.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited),
March
31,
2024
Franklin
LifeSmart™
2025
Retirement
Target
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
23
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
99.1%
Alternative
Strategies
1.0%
a
Franklin
Systematic
Style
Premia
ETF
....................................
48,033
$
1,150,655
Domestic
Equity
36.4%
a
ClearBridge
Large
Cap
Value
Fund
,
Class
IS
...............................
87,796
3,805,066
a
Franklin
Growth
Fund
,
Class
R6
........................................
66,121
9,061,886
a
Franklin
U.S.
Core
Equity
(IU)
Fund
.....................................
1,237,907
20,252,164
a
Franklin
U.S.
Equity
Index
ETF
.........................................
45,975
2,109,333
a
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
.............................
89,061
4,742,498
iShares
MSCI
USA
Quality
Factor
ETF
...................................
3,850
632,748
iShares
Russell
2000
ETF
.............................................
7,525
1,582,508
42,186,203
Domestic
Fixed
Income
38.9%
a
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund
,
Class
IS
...............
377,782
3,354,706
a
Franklin
Investment
Grade
Corporate
ETF
.................................
101,215
2,160,940
a
Franklin
U.S.
Core
Bond
ETF
..........................................
809,183
17,267,965
a
Franklin
U.S.
Treasury
Bond
ETF
.......................................
421,063
8,627,581
iShares
Floating
Rate
Bond
ETF
........................................
42,275
2,158,562
a
Western
Asset
Core
Plus
Bond
Fund
,
Class
IS
.............................
971,779
9,095,856
a
Western
Asset
Short-Term
Bond
Fund
,
Class
IS
............................
593,681
2,166,934
44,832,544
Foreign
Equity
20.1%
a
ClearBridge
International
Growth
Fund
,
Class
IS
............................
25,706
1,691,998
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
............................
376,342
3,740,843
a
Franklin
International
Core
Equity
(IU)
Fund
...............................
880,486
11,006,074
iShares
Core
MSCI
EAFE
ETF
.........................................
22,817
1,693,478
a
Templeton
Developing
Markets
Trust
,
Class
R6
.............................
136,108
2,485,335
a
Templeton
Foreign
Fund
,
Class
R6
......................................
320,143
2,557,942
23,175,670
Foreign
Fixed
Income
2.7%
a
Franklin
High
Yield
Corporate
ETF
......................................
72,703
1,725,242
a
Franklin
International
Aggregate
Bond
ETF
................................
71,083
1,438,009
3,163,251
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$
97,566,692
)
................................................................
114,508,323
a
a
a
a
Short
Term
Investments
0.7%
a
Money
Market
Funds
0.5%
a,b
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.997
%
..................
513,622
513,622
Total
Money
Market
Funds
(Cost
$
513,622
)
.....................................
513,622
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
LifeSmart™
2025
Retirement
Target
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
24
See
Abbreviations
on
page
57
.
Short
Term
Investments
(continued)
a
a
Principal
Amount
a
Value
Repurchase
Agreements
0.2%
c
Joint
Repurchase
Agreement
,
5.232
%
,
4/01/24
(Maturity
Value
$
271,357
)
BNP
Paribas
Securities
Corp.
(Maturity
Value
$133,730)
Deutsche
Bank
Securities,
Inc.
(Maturity
Value
$57,389)
HSBC
Securities
(USA),
Inc.
(Maturity
Value
$80,238)
Collateralized
by
U.S.
Government
Agency
Securities,
3%
-
7%,
9/20/45
-
3/20/54;
and
U.S.
Treasury
Notes,
0.5%
-
4.38%,
4/30/25
-
8/31/28
(valued
at
$
276,736
)
...
$
271,200
$
271,200
Total
Repurchase
Agreements
(Cost
$
271,200
)
..................................
271,200
Total
Short
Term
Investments
(Cost
$
784,822
)
..................................
784,822
a
Total
Investments
(Cost
$
98,351,514
)
99.8
%
....................................
$115,293,145
Other
Assets,
less
Liabilities
0.2
%
.............................................
236,599
Net
Assets
100.0%
...........................................................
$115,529,744
a
See
Note
3
regarding
investments
in
FT
Underlying
Funds.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
c
Investment
is
through
participation
in
a
joint
account
with
other
funds
managed
by
the
investment
manager
or
an
affiliate
of
the
investment
manager.
At
March
31,
2024,
all
repurchase
agreements
had
been
entered
into
on
March
28,
2024.
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited),
March
31,
2024
Franklin
LifeSmart™
2030
Retirement
Target
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
25
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
99.1%
Alternative
Strategies
1.0%
a
Franklin
Systematic
Style
Premia
ETF
....................................
28,886
$
691,979
Domestic
Equity
42.1%
a
ClearBridge
Large
Cap
Value
Fund
,
Class
IS
...............................
61,064
2,646,495
a
Franklin
Growth
Fund
,
Class
R6
........................................
45,989
6,302,843
a
Franklin
U.S.
Core
Equity
(IU)
Fund
.....................................
861,000
14,085,956
a
Franklin
U.S.
Equity
Index
ETF
.........................................
31,975
1,467,013
a
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
.............................
61,951
3,298,891
iShares
MSCI
USA
Quality
Factor
ETF
...................................
2,675
439,636
iShares
Russell
2000
ETF
.............................................
5,225
1,098,817
29,339,651
Domestic
Fixed
Income
30.7%
a
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund
,
Class
IS
...............
179,124
1,590,622
a
Franklin
Investment
Grade
Corporate
ETF
.................................
47,992
1,024,629
a
Franklin
U.S.
Core
Bond
ETF
..........................................
383,654
8,187,176
a
Franklin
U.S.
Treasury
Bond
ETF
.......................................
199,636
4,090,542
iShares
Floating
Rate
Bond
ETF
........................................
20,025
1,022,477
a
Western
Asset
Core
Plus
Bond
Fund
,
Class
IS
.............................
460,745
4,312,578
a
Western
Asset
Short-Term
Bond
Fund
,
Class
IS
............................
281,479
1,027,397
21,255,421
Foreign
Equity
23.1%
a
ClearBridge
International
Growth
Fund
,
Class
IS
............................
17,880
1,176,891
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
............................
261,455
2,598,864
a
Franklin
International
Core
Equity
(IU)
Fund
...............................
612,430
7,655,378
iShares
Core
MSCI
EAFE
ETF
.........................................
15,853
1,176,610
a
Templeton
Developing
Markets
Trust
,
Class
R6
.............................
94,560
1,726,670
a
Templeton
Foreign
Fund
,
Class
R6
......................................
222,668
1,779,114
16,113,527
Foreign
Fixed
Income
2.2%
a
Franklin
High
Yield
Corporate
ETF
......................................
34,458
817,688
a
Franklin
International
Aggregate
Bond
ETF
................................
33,700
681,751
1,499,439
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$
57,314,091
)
................................................................
68,900,017
a
a
a
a
Short
Term
Investments
0.9%
a
Money
Market
Funds
0.5%
a,b
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.997
%
..................
378,180
378,180
Total
Money
Market
Funds
(Cost
$
378,180
)
.....................................
378,180
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
LifeSmart™
2030
Retirement
Target
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
26
See
Abbreviations
on
page
57
.
Short
Term
Investments
(continued)
a
a
Principal
Amount
a
Value
Repurchase
Agreements
0.4%
c
Joint
Repurchase
Agreement
,
5.232
%
,
4/01/24
(Maturity
Value
$
278,373
)
BNP
Paribas
Securities
Corp.
(Maturity
Value
$137,188)
Deutsche
Bank
Securities,
Inc.
(Maturity
Value
$58,873)
HSBC
Securities
(USA),
Inc.
(Maturity
Value
$82,312)
Collateralized
by
U.S.
Government
Agency
Securities,
3%
-
7%,
9/20/45
-
3/20/54;
and
U.S.
Treasury
Notes,
0.5%
-
4.38%,
4/30/25
-
8/31/28
(valued
at
$
283,891
)
...
$
278,212
$
278,212
Total
Repurchase
Agreements
(Cost
$
278,212
)
..................................
278,212
Total
Short
Term
Investments
(Cost
$
656,392
)
..................................
656,392
a
Total
Investments
(Cost
$
57,970,483
)
100.0
%
...................................
$69,556,409
Other
Assets,
less
Liabilities
(0.0)
%
†
...........................................
(39,266)
Net
Assets
100.0%
...........................................................
$69,517,143
†
Rounds
to
less
than
0.1%
of
net
assets.
a
See
Note
3
regarding
investments
in
FT
Underlying
Funds.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
c
Investment
is
through
participation
in
a
joint
account
with
other
funds
managed
by
the
investment
manager
or
an
affiliate
of
the
investment
manager.
At
March
31,
2024,
all
repurchase
agreements
had
been
entered
into
on
March
28,
2024.
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited),
March
31,
2024
Franklin
LifeSmart™
2035
Retirement
Target
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
27
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
99.1%
Alternative
Strategies
1.0%
a
Franklin
Systematic
Style
Premia
ETF
....................................
56,175
$
1,345,700
Domestic
Equity
47.8%
a
ClearBridge
Large
Cap
Value
Fund
,
Class
IS
...............................
134,344
5,822,451
a
Franklin
Growth
Fund
,
Class
R6
........................................
101,180
13,866,706
a
Franklin
U.S.
Core
Equity
(IU)
Fund
.....................................
1,894,258
30,990,066
a
Franklin
U.S.
Equity
Index
ETF
.........................................
70,350
3,227,658
a
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
.............................
136,301
7,258,028
iShares
MSCI
USA
Quality
Factor
ETF
...................................
5,875
965,556
iShares
Russell
2000
ETF
.............................................
11,525
2,423,708
64,554,173
Domestic
Fixed
Income
22.6%
a
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund
,
Class
IS
...............
256,628
2,278,858
a
Franklin
Investment
Grade
Corporate
ETF
.................................
68,746
1,467,727
a
Franklin
U.S.
Core
Bond
ETF
..........................................
549,665
11,729,851
a
Franklin
U.S.
Treasury
Bond
ETF
.......................................
286,012
5,860,386
iShares
Floating
Rate
Bond
ETF
........................................
28,700
1,465,422
a
Western
Asset
Core
Plus
Bond
Fund
,
Class
IS
.............................
660,096
6,178,498
a
Western
Asset
Short-Term
Bond
Fund
,
Class
IS
............................
403,266
1,471,920
30,452,662
Foreign
Equity
26.1%
a
ClearBridge
International
Growth
Fund
,
Class
IS
............................
39,323
2,588,264
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
............................
575,467
5,720,139
a
Franklin
International
Core
Equity
(IU)
Fund
...............................
1,346,879
16,835,983
iShares
Core
MSCI
EAFE
ETF
.........................................
34,910
2,591,020
a
Templeton
Developing
Markets
Trust
,
Class
R6
.............................
208,130
3,800,447
a
Templeton
Foreign
Fund
,
Class
R6
......................................
489,694
3,912,653
35,448,506
Foreign
Fixed
Income
1.6%
a
Franklin
High
Yield
Corporate
ETF
......................................
49,370
1,171,550
a
Franklin
International
Aggregate
Bond
ETF
................................
48,287
976,846
2,148,396
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$
106,691,278
)
...............................................................
133,949,437
a
a
a
a
Short
Term
Investments
1.0%
a
Money
Market
Funds
0.8%
a,b
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.997
%
..................
1,006,708
1,006,708
Total
Money
Market
Funds
(Cost
$
1,006,708
)
...................................
1,006,708
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
LifeSmart™
2035
Retirement
Target
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
28
See
Abbreviations
on
page
57
.
Short
Term
Investments
(continued)
a
a
Principal
Amount
a
Value
Repurchase
Agreements
0.2%
c
Joint
Repurchase
Agreement
,
5.232
%
,
4/01/24
(Maturity
Value
$
286,191
)
BNP
Paribas
Securities
Corp.
(Maturity
Value
$141,040)
Deutsche
Bank
Securities,
Inc.
(Maturity
Value
$60,527)
HSBC
Securities
(USA),
Inc.
(Maturity
Value
$84,624)
Collateralized
by
U.S.
Government
Agency
Securities,
3%
-
7%,
9/20/45
-
3/20/54;
and
U.S.
Treasury
Notes,
0.5%
-
4.38%,
4/30/25
-
8/31/28
(valued
at
$
291,864
)
...
$
286,025
$
286,025
Total
Repurchase
Agreements
(Cost
$
286,025
)
..................................
286,025
Total
Short
Term
Investments
(Cost
$
1,292,733
)
.................................
1,292,733
a
Total
Investments
(Cost
$
107,984,011
)
100.1
%
..................................
$135,242,170
Other
Assets,
less
Liabilities
(
0.1
)
%
...........................................
(87,243)
Net
Assets
100.0%
...........................................................
$135,154,927
a
See
Note
3
regarding
investments
in
FT
Underlying
Funds.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
c
Investment
is
through
participation
in
a
joint
account
with
other
funds
managed
by
the
investment
manager
or
an
affiliate
of
the
investment
manager.
At
March
31,
2024,
all
repurchase
agreements
had
been
entered
into
on
March
28,
2024.
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited),
March
31,
2024
Franklin
LifeSmart™
2040
Retirement
Target
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
29
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
99.1%
Alternative
Strategies
1.0%
a
Franklin
Systematic
Style
Premia
ETF
....................................
23,812
$
570,428
Domestic
Equity
53.2%
a
ClearBridge
Large
Cap
Value
Fund
,
Class
IS
...............................
63,338
2,745,053
a
Franklin
Growth
Fund
,
Class
R6
........................................
47,703
6,537,690
a
Franklin
U.S.
Core
Equity
(IU)
Fund
.....................................
697,716
11,414,638
a
Franklin
U.S.
Equity
Index
ETF
.........................................
102,825
4,717,611
a
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
.............................
64,242
3,420,887
iShares
MSCI
USA
Quality
Factor
ETF
...................................
2,775
456,071
iShares
Russell
2000
ETF
.............................................
5,425
1,140,877
30,432,827
Domestic
Fixed
Income
15.2%
a
Franklin
Investment
Grade
Corporate
ETF
.................................
21,228
453,218
a
Franklin
U.S.
Core
Bond
ETF
..........................................
169,727
3,621,974
a
Franklin
U.S.
Treasury
Bond
ETF
.......................................
88,321
1,809,697
iShares
Floating
Rate
Bond
ETF
........................................
8,850
451,881
a
Western
Asset
Core
Plus
Bond
Fund
,
Class
IS
.............................
203,824
1,907,789
a
Western
Asset
Short-Term
Bond
Fund
,
Class
IS
............................
124,520
454,497
8,699,056
Foreign
Equity
29.1%
a
ClearBridge
International
Growth
Fund
,
Class
IS
............................
18,544
1,220,538
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
............................
271,383
2,697,548
a
Franklin
International
Core
Equity
(IU)
Fund
...............................
635,140
7,939,251
iShares
Core
MSCI
EAFE
ETF
.........................................
16,459
1,221,587
a
Templeton
Developing
Markets
Trust
,
Class
R6
.............................
98,153
1,792,274
a
Templeton
Foreign
Fund
,
Class
R6
......................................
230,914
1,845,005
16,716,203
Foreign
Fixed
Income
0.6%
a
Franklin
High
Yield
Corporate
ETF
......................................
15,248
361,835
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$
44,634,524
)
................................................................
56,780,349
a
a
a
a
Short
Term
Investments
1.3%
a
Money
Market
Funds
1.1%
a,b
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.997
%
..................
640,999
640,999
Total
Money
Market
Funds
(Cost
$
640,999
)
.....................................
640,999
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
LifeSmart™
2040
Retirement
Target
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
30
See
Abbreviations
on
page
57
.
Short
Term
Investments
(continued)
a
a
Principal
Amount
a
Value
Repurchase
Agreements
0.2%
c
Joint
Repurchase
Agreement
,
5.232
%
,
4/01/24
(Maturity
Value
$
84,956
)
BNP
Paribas
Securities
Corp.
(Maturity
Value
$41,868)
Deutsche
Bank
Securities,
Inc.
(Maturity
Value
$17,967)
HSBC
Securities
(USA),
Inc.
(Maturity
Value
$25,121)
Collateralized
by
U.S.
Government
Agency
Securities,
3%
-
7%,
9/20/45
-
3/20/54;
and
U.S.
Treasury
Notes,
0.5%
-
4.38%,
4/30/25
-
8/31/28
(valued
at
$
86,640
)
....
$
84,907
$
84,907
Total
Repurchase
Agreements
(Cost
$
84,907
)
...................................
84,907
Total
Short
Term
Investments
(Cost
$
725,906
)
..................................
725,906
a
Total
Investments
(Cost
$
45,360,430
)
100.4
%
...................................
$57,506,255
Other
Assets,
less
Liabilities
(
0.4
)
%
...........................................
(195,173)
Net
Assets
100.0%
...........................................................
$57,311,082
a
See
Note
3
regarding
investments
in
FT
Underlying
Funds.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
c
Investment
is
through
participation
in
a
joint
account
with
other
funds
managed
by
the
investment
manager
or
an
affiliate
of
the
investment
manager.
At
March
31,
2024,
all
repurchase
agreements
had
been
entered
into
on
March
28,
2024.
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited),
March
31,
2024
Franklin
LifeSmart™
2045
Retirement
Target
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
31
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
99.1%
Alternative
Strategies
1.0%
a
Franklin
Systematic
Style
Premia
ETF
....................................
40,609
$
972,809
Domestic
Equity
58.4%
a
ClearBridge
Large
Cap
Value
Fund
,
Class
IS
...............................
118,623
5,141,104
a
Franklin
Growth
Fund
,
Class
R6
........................................
89,341
12,244,247
a
Franklin
U.S.
Core
Equity
(IU)
Fund
.....................................
1,306,730
21,378,100
a
Franklin
U.S.
Equity
Index
ETF
.........................................
192,600
8,836,488
a
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
.............................
120,342
6,408,212
iShares
MSCI
USA
Quality
Factor
ETF
...................................
5,200
854,620
iShares
Russell
2000
ETF
.............................................
10,175
2,139,803
57,002,574
Domestic
Fixed
Income
7.8%
a
Franklin
U.S.
Core
Bond
ETF
..........................................
176,286
3,761,943
a
Western
Asset
Core
Plus
Bond
Fund
,
Class
IS
.............................
403,239
3,774,320
7,536,263
Foreign
Equity
31.9%
a
ClearBridge
International
Growth
Fund
,
Class
IS
............................
34,739
2,286,510
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
............................
508,327
5,052,767
a
Franklin
International
Core
Equity
(IU)
Fund
...............................
1,189,847
14,873,085
iShares
Core
MSCI
EAFE
ETF
.........................................
30,827
2,287,979
a
Templeton
Developing
Markets
Trust
,
Class
R6
.............................
183,851
3,357,117
a
Templeton
Foreign
Fund
,
Class
R6
......................................
432,582
3,456,327
31,313,785
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$
72,153,412
)
................................................................
96,825,431
a
a
a
a
Short
Term
Investments
1.1%
a
Money
Market
Funds
1.1%
a,b
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.997
%
..................
1,051,951
1,051,951
Total
Money
Market
Funds
(Cost
$
1,051,951
)
...................................
1,051,951
Principal
Amount
Repurchase
Agreements
0.0%
†
c
Joint
Repurchase
Agreement
,
5.232
%
,
4/01/24
(Maturity
Value
$
65,426
)
BNP
Paribas
Securities
Corp.
(Maturity
Value
$32,243)
Deutsche
Bank
Securities,
Inc.
(Maturity
Value
$13,837)
HSBC
Securities
(USA),
Inc.
(Maturity
Value
$19,346)
Collateralized
by
U.S.
Government
Agency
Securities,
3%
-
7%,
9/20/45
-
3/20/54;
and
U.S.
Treasury
Notes,
0.5%
-
4.38%,
4/30/25
-
8/31/28
(valued
at
$
66,723
)
....
$
65,388
65,388
Total
Repurchase
Agreements
(Cost
$
65,388
)
...................................
65,388
Total
Short
Term
Investments
(Cost
$
1,117,339
)
.................................
1,117,339
a
Total
Investments
(Cost
$
73,270,751
)
100.2
%
...................................
$97,942,770
Other
Assets,
less
Liabilities
(
0.2
)
%
...........................................
(272,659)
Net
Assets
100.0%
...........................................................
$97,670,111
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
LifeSmart™
2045
Retirement
Target
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
32
See
Abbreviations
on
page
57
.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
See
Note
3
regarding
investments
in
FT
Underlying
Funds.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
c
Investment
is
through
participation
in
a
joint
account
with
other
funds
managed
by
the
investment
manager
or
an
affiliate
of
the
investment
manager.
At
March
31,
2024,
all
repurchase
agreements
had
been
entered
into
on
March
28,
2024.
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited),
March
31,
2024
Franklin
LifeSmart™
2050
Retirement
Target
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
33
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
99.1%
Alternative
Strategies
1.0%
a
Franklin
Systematic
Style
Premia
ETF
....................................
19,938
$
477,625
Domestic
Equity
61.7%
a
ClearBridge
Large
Cap
Value
Fund
,
Class
IS
...............................
61,628
2,670,948
a
Franklin
Growth
Fund
,
Class
R6
........................................
46,416
6,361,315
a
Franklin
U.S.
Core
Equity
(IU)
Fund
.....................................
678,889
11,106,624
a
Franklin
U.S.
Equity
Index
ETF
.........................................
100,050
4,590,294
a
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
.............................
62,522
3,329,296
iShares
MSCI
USA
Quality
Factor
ETF
...................................
2,700
443,745
iShares
Russell
2000
ETF
.............................................
5,275
1,109,332
29,611,554
Domestic
Fixed
Income
2.5%
a
Franklin
U.S.
Core
Bond
ETF
..........................................
28,100
599,654
a
Western
Asset
Core
Plus
Bond
Fund
,
Class
IS
.............................
64,308
601,919
a
Western
Asset
Short-Term
Bond
Fund
,
Class
IS
............................
2
6
1,201,579
Foreign
Equity
33.9%
a
ClearBridge
International
Growth
Fund
,
Class
IS
............................
18,045
1,187,722
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
............................
263,944
2,623,602
a
Franklin
International
Core
Equity
(IU)
Fund
...............................
618,061
7,725,765
iShares
Core
MSCI
EAFE
ETF
.........................................
16,009
1,188,188
a
Templeton
Developing
Markets
Trust
,
Class
R6
.............................
95,464
1,743,177
a
Templeton
Foreign
Fund
,
Class
R6
......................................
224,696
1,795,323
16,263,777
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$
35,545,645
)
................................................................
47,554,535
a
a
a
a
Short
Term
Investments
1.4%
a
Money
Market
Funds
1.1%
a,b
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.997
%
..................
555,427
555,427
Total
Money
Market
Funds
(Cost
$
555,427
)
.....................................
555,427
Principal
Amount
Repurchase
Agreements
0.3%
c
Joint
Repurchase
Agreement
,
5.232
%
,
4/01/24
(Maturity
Value
$
137,156
)
BNP
Paribas
Securities
Corp.
(Maturity
Value
$67,593)
Deutsche
Bank
Securities,
Inc.
(Maturity
Value
$29,007)
HSBC
Securities
(USA),
Inc.
(Maturity
Value
$40,556)
Collateralized
by
U.S.
Government
Agency
Securities,
3%
-
7%,
9/20/45
-
3/20/54;
and
U.S.
Treasury
Notes,
0.5%
-
4.38%,
4/30/25
-
8/31/28
(valued
at
$
139,874
)
...
$
137,076
137,076
Total
Repurchase
Agreements
(Cost
$
137,076
)
..................................
137,076
Total
Short
Term
Investments
(Cost
$
692,503
)
..................................
692,503
a
Total
Investments
(Cost
$
36,238,148
)
100.5
%
...................................
$48,247,038
Other
Assets,
less
Liabilities
(
0.5
)
%
...........................................
(253,192)
Net
Assets
100.0%
...........................................................
$47,993,846
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
LifeSmart™
2050
Retirement
Target
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
34
See
Abbreviations
on
page
57
.
a
See
Note
3
regarding
investments
in
FT
Underlying
Funds.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
c
Investment
is
through
participation
in
a
joint
account
with
other
funds
managed
by
the
investment
manager
or
an
affiliate
of
the
investment
manager.
At
March
31,
2024,
all
repurchase
agreements
had
been
entered
into
on
March
28,
2024.
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited),
March
31,
2024
Franklin
LifeSmart™
2055
Retirement
Target
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
35
See
Abbreviations
on
page
57
.
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
99.1%
Alternative
Strategies
1.0%
a
Franklin
Systematic
Style
Premia
ETF
....................................
15,313
$
366,830
Domestic
Equity
62.3%
a
ClearBridge
Large
Cap
Value
Fund
,
Class
IS
...............................
47,822
2,072,627
a
Franklin
Growth
Fund
,
Class
R6
........................................
36,018
4,936,225
a
Franklin
U.S.
Core
Equity
(IU)
Fund
.....................................
526,804
8,618,520
a
Franklin
U.S.
Equity
Index
ETF
.........................................
77,625
3,561,435
a
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
.............................
48,499
2,582,572
iShares
MSCI
USA
Quality
Factor
ETF
...................................
2,075
341,026
iShares
Russell
2000
ETF
.............................................
4,100
862,230
22,974,635
Domestic
Fixed
Income
1.5%
a
Franklin
U.S.
Core
Bond
ETF
..........................................
12,946
276,268
a
Western
Asset
Core
Plus
Bond
Fund
,
Class
IS
.............................
29,633
277,362
553,630
Foreign
Equity
34.3%
a
ClearBridge
International
Growth
Fund
,
Class
IS
............................
14,003
921,696
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
............................
204,947
2,037,177
a
Franklin
International
Core
Equity
(IU)
Fund
...............................
479,630
5,995,370
iShares
Core
MSCI
EAFE
ETF
.........................................
12,430
922,555
a
Templeton
Developing
Markets
Trust
,
Class
R6
.............................
74,125
1,353,516
a
Templeton
Foreign
Fund
,
Class
R6
......................................
174,377
1,393,269
12,623,583
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$
28,024,962
)
................................................................
36,518,678
a
a
a
a
Short
Term
Investments
0.9%
a
Money
Market
Funds
0.9%
a,b
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.997
%
..................
339,942
339,942
Total
Money
Market
Funds
(Cost
$
339,942
)
.....................................
339,942
Total
Short
Term
Investments
(Cost
$
339,942
)
..................................
339,942
a
Total
Investments
(Cost
$
28,364,904
)
100.0
%
...................................
$36,858,620
Other
Assets,
less
Liabilities
(0.0)
%
†
...........................................
(23,729)
Net
Assets
100.0%
...........................................................
$36,834,891
†
Rounds
to
less
than
0.1%
of
net
assets.
a
See
Note
3
regarding
investments
in
FT
Underlying
Funds.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited),
March
31,
2024
Franklin
LifeSmart™
2060
Retirement
Target
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
36
See
Abbreviations
on
page
57
.
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
98.7%
Alternative
Strategies
1.0%
a
Franklin
Systematic
Style
Premia
ETF
....................................
2,369
$
56,751
Domestic
Equity
62.1%
a
ClearBridge
Large
Cap
Value
Fund
,
Class
IS
...............................
7,467
323,602
a
Franklin
Growth
Fund
,
Class
R6
........................................
5,624
770,705
a
Franklin
U.S.
Core
Equity
(IU)
Fund
.....................................
82,251
1,345,628
a
Franklin
U.S.
Equity
Index
ETF
.........................................
12,100
555,148
a
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
.............................
7,580
403,635
iShares
MSCI
USA
Quality
Factor
ETF
...................................
325
53,414
iShares
Russell
2000
ETF
.............................................
650
136,695
3,588,827
Domestic
Fixed
Income
1.4%
a
Franklin
U.S.
Core
Bond
ETF
..........................................
2,000
42,680
a
Western
Asset
Core
Plus
Bond
Fund
,
Class
IS
.............................
4,627
43,304
85,984
Foreign
Equity
34.2%
a
ClearBridge
International
Growth
Fund
,
Class
IS
............................
2,186
143,908
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
............................
31,999
318,072
a
Franklin
International
Core
Equity
(IU)
Fund
...............................
74,886
936,075
iShares
Core
MSCI
EAFE
ETF
.........................................
1,939
143,913
a
Templeton
Developing
Markets
Trust
,
Class
R6
.............................
11,573
211,328
a
Templeton
Foreign
Fund
,
Class
R6
......................................
27,227
217,541
1,970,837
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$
4,853,293
)
.................................................................
5,702,399
a
a
a
a
Short
Term
Investments
1.1%
a
Money
Market
Funds
1.1%
a,b
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.997
%
..................
65,348
65,348
Total
Money
Market
Funds
(Cost
$
65,348
)
......................................
65,348
Total
Short
Term
Investments
(Cost
$
65,348
)
...................................
65,348
a
Total
Investments
(Cost
$
4,918,641
)
99.8
%
.....................................
$5,767,747
Other
Assets,
less
Liabilities
0.2
%
.............................................
9,133
Net
Assets
100.0%
...........................................................
$5,776,880
a
See
Note
3
regarding
investments
in
FT
Underlying
Funds.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited),
March
31,
2024
Franklin
Moderate
Allocation
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
37
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
99.2%
Alternative
Strategies
1.0%
a
Franklin
Systematic
Style
Premia
ETF
....................................
698,198
$
16,725,682
Domestic
Equity
48.6%
a
ClearBridge
Large
Cap
Value
Fund
,
Class
IS
...............................
1,692,520
73,353,800
a
Franklin
Growth
Fund
,
Class
R6
........................................
1,279,196
175,313,820
a
Franklin
U.S.
Core
Equity
(IU)
Fund
.....................................
23,881,600
390,702,977
a
Franklin
U.S.
Equity
Index
ETF
.........................................
913,575
41,914,821
a
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
.............................
1,723,292
91,765,299
iShares
MSCI
USA
Quality
Factor
ETF
...................................
74,475
12,239,966
iShares
Russell
2000
ETF
.............................................
145,825
30,666,998
815,957,681
Domestic
Fixed
Income
32.7%
a
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund
,
Class
IS
...............
4,630,293
41,117,003
a
Franklin
Investment
Grade
Corporate
ETF
.................................
1,240,773
26,490,504
a
Franklin
U.S.
Core
Bond
ETF
..........................................
9,917,991
211,649,928
a
Franklin
U.S.
Treasury
Bond
ETF
.......................................
5,160,822
105,745,243
iShares
Floating
Rate
Bond
ETF
........................................
518,175
26,458,016
a
Western
Asset
Core
Plus
Bond
Fund
,
Class
IS
.............................
11,910,318
111,480,578
a
Western
Asset
Short-Term
Bond
Fund
,
Class
IS
............................
7,276,264
26,558,363
549,499,635
Foreign
Equity
14.5%
a
ClearBridge
International
Growth
Fund
,
Class
IS
............................
272,371
17,927,441
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
............................
3,818,802
37,958,895
a
Franklin
International
Core
Equity
(IU)
Fund
...............................
9,433,818
117,922,722
iShares
Core
MSCI
EAFE
ETF
.........................................
224,197
16,639,901
a
Templeton
Developing
Markets
Trust
,
Class
R6
.............................
1,409,248
25,732,869
a
Templeton
Foreign
Fund
,
Class
R6
......................................
3,391,963
27,101,788
243,283,616
Foreign
Fixed
Income
2.4%
a
Franklin
High
Yield
Corporate
ETF
......................................
891,195
21,148,057
a
Franklin
International
Aggregate
Bond
ETF
................................
871,388
17,628,179
38,776,236
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$
1,341,858,362
)
..............................................................
1,664,242,850
a
a
a
a
Short
Term
Investments
0.7%
a
Money
Market
Funds
0.6%
a,b
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.997
%
..................
10,490,605
10,490,605
Total
Money
Market
Funds
(Cost
$
10,490,605
)
..................................
10,490,605
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
Moderate
Allocation
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
38
See
Abbreviations
on
page
57
.
Short
Term
Investments
(continued)
a
a
Principal
Amount
a
Value
Repurchase
Agreements
0.1%
c
Joint
Repurchase
Agreement
,
5.232
%
,
4/01/24
(Maturity
Value
$
1,899,529
)
BNP
Paribas
Securities
Corp.
(Maturity
Value
$936,126)
Deutsche
Bank
Securities,
Inc.
(Maturity
Value
$401,731)
HSBC
Securities
(USA),
Inc.
(Maturity
Value
$561,672)
Collateralized
by
U.S.
Government
Agency
Securities,
3%
-
7%,
9/20/45
-
3/20/54;
and
U.S.
Treasury
Notes,
0.5%
-
4.38%,
4/30/25
-
8/31/28
(valued
at
$
1,937,179
)
.
$
1,898,425
$
1,898,425
Total
Repurchase
Agreements
(Cost
$
1,898,425
)
................................
1,898,425
Total
Short
Term
Investments
(Cost
$
12,389,030
)
................................
12,389,030
a
Total
Investments
(Cost
$
1,354,247,392
)
99.9
%
..................................
$1,676,631,880
Other
Assets,
less
Liabilities
0.1
%
.............................................
1,541,883
Net
Assets
100.0%
...........................................................
$1,678,173,763
a
See
Note
3
regarding
investments
in
FT
Underlying
Funds.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
c
Investment
is
through
participation
in
a
joint
account
with
other
funds
managed
by
the
investment
manager
or
an
affiliate
of
the
investment
manager.
At
March
31,
2024,
all
repurchase
agreements
had
been
entered
into
on
March
28,
2024.
Franklin
Fund
Allocator
Series
39
Quarterly
Schedules
of
Investments
Notes
to
Schedules
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 eighteen
separate
funds, fifteen 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
accounting
policies
of
the
Underlying
Funds
are
outlined
in
their
respective
shareholder
reports.
A
copy
of
the
Underlying
Funds’
shareholder
reports,
in
which
each
Fund
invests, 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.
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
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,
exchange
traded
funds,
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
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
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.
Investments
in
open-end
mutual
funds
are
valued
at
the
closing
NAV. Investments
in
repurchase
agreements
are
valued
at
cost,
which
approximates
fair
value.
Franklin
Fund
Allocator
Series
Notes
to
Schedules
of
Investments
(unaudited)
40
Quarterly
Schedules
of
Investments
Certain
derivative
financial
instruments
trade
in
the
OTC
market.
The
Funds’
pricing
services
use
various
techniques
including
industry
standard
option
pricing
models
and
proprietary
discounted
cash
flow
models
to
determine
the
fair
value
of
those
instruments.
The
Funds’ net
benefit
or
obligation
under
the
derivative
contract,
as
measured
by
the
fair
value
of
the
contract,
is
included
in
net
assets.
The
Funds
have procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the
Funds
primarily employ
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed.
Trading
in
securities
on
foreign
securities
stock
exchanges
and
OTC
markets
may
be
completed
before
4
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
4
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
4
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 4
p.m.
Eastern
time.
At
March
31,
2024,
certain
securities
may
have
been
fair
valued
using
these
procedures,
in
which
case
the
securities
were
categorized
as
Level
2
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.
3.
Investments
in
FT
Underlying
Funds
Certain
or
all
Funds
invest
in
FT
Underlying
Funds
which
are
managed
by
Franklin
Advisers,
Inc.
(Advisers),
an
affiliate
of
FT
Services
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
Underlying
Funds
for
the
purpose
of
exercising
a
controlling
influence
over
the
management
or
policies.
Investments
in
FT
Underlying
Funds
for
the period ended March
31,
2024,
were
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
Dividend
Income
a
a
a
a
a
a
a
a
a
Franklin
Conservative
Allocation
Fund
Non-Controlled
Affiliates
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund,
Class
IS
$
35,532,536
$
2,266,902
$
(1,082,940)
$
(292,347)
$
(1,612,629)
$
34,811,522
3,920,216
$
183,016
2. Financial
Instrument
Valuation
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Schedules
of
Investments
(unaudited)
41
Quarterly
Schedules
of
Investments
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
a
a
a
a
a
a
a
a
Franklin
Conservative
Allocation
Fund
(continued)
Non-Controlled
Affiliates
(continued)
ClearBridge
International
Growth
Fund,
Class
IS
............
$
6,472,793
$
100,104
$
(492,341)
$
32,575
$
479,298
$
6,592,429
100,158
$
—
ClearBridge
Large
Cap
Value
Fund,
Class
IS
.................
26,439,391
889,675
(2,025,295)
70,611
1,696,555
27,070,937
624,618
95,990
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
...........
13,340,652
958,898
(861,695)
(62,088)
668,076
14,043,843
1,412,862
—
Franklin
Growth
Fund,
Class
R6
.
63,091,507
826,053
(6,143,947)
561,045
6,135,010
64,469,668
470,410
—
Franklin
High
Yield
Corporate
ETF
18,243,540
374,846
(929,979)
(99,379)
316,040
17,905,068
754,533
190,065
Franklin
International
Aggregate
Bond
ETF
................
15,322,392
350,352
(622,880)
(164,457)
39,599
14,925,006
737,766
—
Franklin
International
Core
Equity
(IU)
Fund
................
42,320,816
840,339
(2,983,993)
209,425
2,977,199
43,363,786
3,469,103
—
Franklin
Investment
Grade
Corporate
ETF
............
22,880,435
804,919
(935,867)
(106,932)
(214,081)
22,428,474
1,050,514
205,892
Franklin
Systematic
Style
Premia
ETF
....................
8,696,285
167,195
(759,603)
33,831
873,776
9,011,484
376,176
—
Franklin
U.S.
Core
Bond
ETF
...
179,960,360
7,170,881
(5,590,812)
(1,028,983)
(1,317,524)
179,193,922
8,397,091
1,045,415
Franklin
U.S.
Core
Equity
(IU)
Fund
140,498,475
5,396,686
(21,844,663)
3,566,523
16,060,530
143,677,551
8,782,246
—
Franklin
U.S.
Equity
Index
ETF
.
14,968,633
2,778,221
(3,585,038)
392,833
857,590
15,412,239
335,925
33,134
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
...............
33,011,646
—
(2,949,496)
405,615
3,276,920
33,744,685
633,703
68,879
Franklin
U.S.
Treasury
Bond
ETF
59,583,178
34,326,065
(3,157,876)
(739,621)
(482,494)
89,529,252
4,369,412
425,593
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.997%
......
2,128,612
22,985,762
(19,381,531)
—
—
5,732,843
5,732,843
72,862
Templeton
Developing
Markets
Trust,
Class
R6
............
9,751,940
392,602
(1,049,468)
(124,397)
407,745
9,378,422
513,605
—
Templeton
Foreign
Fund,
Class
R6
9,717,617
692,456
(632,412)
5,313
183,634
9,966,608
1,247,385
—
Western
Asset
Core
Plus
Bond
Fund,
Class
IS
............
100,478,405
3,754,571
(7,586,084)
(2,048,142)
(211,303)
94,387,447
10,084,129
1,077,400
Western
Asset
Short-Term
Bond
Fund,
Class
IS
............
22,616,221
733,254
(802,542)
(35,172)
(25,477)
22,486,284
6,160,626
219,694
Total
Non-Controlled
Affiliates
$825,055,434
$85,809,781
$(83,418,462)
$576,253
$30,108,464
$858,131,470
$3,617,940
Total
Affiliated
Securities
....
$825,055,434
$85,809,781
$(83,418,462)
$576,253
$30,108,464
$858,131,470
$3,617,940
Franklin
Corefolio
Allocation
Fund
Non-Controlled
Affiliates
Franklin
Growth
Fund,
Class
R6
.
230,947,089
—
(8,313,014)
410,489
24,141,439
247,186,003
1,803,619
—
Franklin
Growth
Opportunities
Fund,
Class
R6
............
251,269,180
—
(31,754,250)
2,248,035
28,649,062
250,412,027
4,411,769
—
Franklin
Mutual
Shares
Fund,
Class
R6
.....................
209,518,825
21,149,587
(3,015,428)
92,379
19,168,861
246,914,224
9,292,970
—
3.
Investments
in
FT
Underlying
Funds
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Schedules
of
Investments
(unaudited)
42
Quarterly
Schedules
of
Investments
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
a
a
a
a
a
a
a
a
Franklin
Corefolio
Allocation
Fund
(continued)
Non-Controlled
Affiliates
(continued)
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.997%
......
$
1,179
$
4,924,785
$
(4,925,141)
$
—
$
—
$
823
823
$
2,069
Templeton
Growth
Fund,
Inc.,
Class
R6
.....................
222,226,088
12,029,522
(3,070,112)
119,223
16,642,248
247,946,969
9,026,100
—
Total
Non-Controlled
Affiliates
$913,962,361
$38,103,894
$(51,077,945)
$2,870,126
$88,601,610
$992,460,046
$2,069
Total
Affiliated
Securities
....
$913,962,361
$38,103,894
$(51,077,945)
$2,870,126
$88,601,610
$992,460,046
$2,069
Franklin
Growth
Allocation
Fund
Controlled
Affiliates
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
...........
36,237,958
2,742,846
(1,103,962)
(124,080)
1,825,462
39,578,224
3,981,713
—
Non-Controlled
Affiliates
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund,
Class
IS
14,223,395
1,067,454
(503,057)
(129,602)
(621,311)
14,036,879
1,580,730
72,959
ClearBridge
International
Growth
Fund,
Class
IS
............
17,656,450
252,947
(513,464)
30,593
1,387,735
18,814,261
285,844
—
ClearBridge
Large
Cap
Value
Fund,
Class
IS
.................
72,098,193
2,982,160
(2,768,876)
78,871
4,861,493
77,251,841
1,782,461
270,832
Franklin
Growth
Fund,
Class
R6
.
174,044,468
374,370
(8,903,584)
574,109
17,892,985
183,982,348
1,342,447
—
Franklin
High
Yield
Corporate
ETF
7,304,631
382,436
(553,421)
(40,131)
125,887
7,219,402
304,231
74,409
Franklin
International
Aggregate
Bond
ETF
................
6,135,331
315,487
(382,907)
(96,153)
46,141
6,017,899
297,474
—
Franklin
International
Core
Equity
(IU)
Fund
................
115,442,847
2,877,984
(3,441,498)
92,729
8,783,543
123,755,605
9,900,448
—
Franklin
Investment
Grade
Corporate
ETF
............
9,161,624
609,611
(602,987)
(59,107)
(65,879)
9,043,262
423,572
80,948
Franklin
Systematic
Style
Premia
ETF
....................
12,133,894
352,902
(454,440)
14,364
1,276,299
13,323,019
556,157
—
Franklin
U.S.
Core
Bond
ETF
...
72,059,201
4,560,471
(3,453,480)
(600,842)
(311,034)
72,254,316
3,385,863
409,642
Franklin
U.S.
Core
Equity
(IU)
Fund
305,126,935
—
(26,937,480)
2,088,898
39,797,344
320,075,697
19,564,529
—
Franklin
U.S.
Equity
Index
ETF
.
116,704,561
13,299,236
(8,460,408)
148,387
12,245,708
133,937,484
2,919,300
296,610
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
...............
90,020,249
272,825
(4,196,278)
353,400
9,852,482
96,302,678
1,808,501
193,962
Franklin
U.S.
Treasury
Bond
ETF
23,858,015
14,397,415
(1,680,078)
(282,627)
(193,074)
36,099,651
1,761,818
167,171
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.997%
......
6,207,441
35,297,233
(32,316,114)
—
—
9,188,560
9,188,560
111,710
Templeton
Developing
Markets
Trust,
Class
R6
............
26,787,077
981,830
(1,311,223)
(171,457)
975,565
27,261,792
1,492,979
—
Templeton
Foreign
Fund,
Class
R6
26,507,551
2,222,548
(851,532)
2,985
559,799
28,441,351
3,559,618
—
Western
Asset
Core
Plus
Bond
Fund,
Class
IS
............
40,233,942
2,537,027
(3,830,798)
(923,924)
41,048
38,057,295
4,065,950
424,259
3.
Investments
in
FT
Underlying
Funds
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Schedules
of
Investments
(unaudited)
43
Quarterly
Schedules
of
Investments
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
a
a
a
a
a
a
a
a
Franklin
Growth
Allocation
Fund
(continued)
Non-Controlled
Affiliates
(continued)
Western
Asset
Short-Term
Bond
Fund,
Class
IS
............
$
9,057,382
$
579,659
$
(548,074)
$
(11,886)
$
(10,595)
$
9,066,486
2,483,969
$
86,536
Total
Non-Controlled
Affiliates
$1,144,763,187
$83,363,595
$(101,709,699)
$1,068,607
$96,644,136
$1,224,129,826
$2,189,038
Total
Affiliated
Securities
....
$1,181,001,145
$86,106,441
$(102,813,661)
$944,527
$98,469,598
$1,263,708,050
$2,189,038
Franklin
LifeSmart™
Retirement
Income
Fund
Non-Controlled
Affiliates
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund,
Class
IS
2,313,314
11,093
(118,155)
(27,783)
(94,229)
2,084,240
234,712
11,093
ClearBridge
Tactical
Dividend
Income
Fund,
Class
IS
.......
5,526,588
49,948
(301,449)
677
322,564
5,598,328
244,042
49,948
Franklin
High
Yield
Corporate
ETF
2,055,805
—
(111,781)
(14,315)
38,220
1,967,929
82,930
21,324
Franklin
International
Core
Dividend
Tilt
Index
ETF
.............
1,316,440
—
(71,666)
3,751
54,365
1,302,890
40,475
752
Franklin
Investment
Grade
Corporate
ETF
............
2,661,486
—
(144,065)
(39,385)
1,318
2,479,354
116,129
23,276
Franklin
U.S.
Core
Bond
ETF
...
5,208,669
—
(278,246)
(51,710)
(17,055)
4,861,658
227,819
29,119
Franklin
U.S.
Core
Equity
(IU)
Fund
1,084,545
—
(61,549)
16,025
133,382
1,172,403
71,663
—
Franklin
U.S.
Government
Securities
Fund,
Class
R6
.....
3,133,651
25,619
(165,996)
(27,939)
(26,448)
2,938,887
579,662
25,619
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.997%
......
1,101,739
2,024,633
(2,045,247)
—
—
1,081,125
1,081,125
12,783
Templeton
Developing
Markets
Trust,
Class
R6
............
487,991
—
(25,220)
(6,882)
19,846
475,735
26,053
—
Templeton
Foreign
Fund,
Class
R6
1,008,454
—
(52,260)
2,133
11,555
969,882
121,387
—
Western
Asset
Income
Fund,
Class
IS
.....................
6,817,371
127,395
(364,694)
(77,990)
36,457
6,538,539
1,282,067
128,789
Western
Asset
Short
Duration
High
Income
Fund,
Class
I
........
5,025,310
92,128
(270,375)
(33,149)
31,906
4,845,820
1,009,546
93,119
Total
Non-Controlled
Affiliates
$37,741,363
$2,330,816
$(4,010,703)
$(256,567)
$511,881
$36,316,790
$395,822
Total
Affiliated
Securities
....
$37,741,363
$2,330,816
$(4,010,703)
$(256,567)
$511,881
$36,316,790
$395,822
Franklin
LifeSmart™
2020
Retirement
Target
Fund
Non-Controlled
Affiliates
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund,
Class
IS
1,087,048
103,416
(107,173)
(28,454)
(29,270)
1,025,567
115,492
5,409
ClearBridge
International
Growth
Fund,
Class
IS
............
381,221
5,779
(54,804)
2,485
25,551
360,232
5,473
—
ClearBridge
Large
Cap
Value
Fund,
Class
IS
.................
852,285
35,929
(130,312)
13,970
38,555
810,427
18,699
2,882
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
...........
824,345
34,189
(94,715)
(10,478)
42,631
795,972
80,078
—
3.
Investments
in
FT
Underlying
Funds
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Schedules
of
Investments
(unaudited)
44
Quarterly
Schedules
of
Investments
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
a
a
a
a
a
a
a
a
Franklin
LifeSmart™
2020
Retirement
Target
Fund
(continued)
Non-Controlled
Affiliates
(continued)
Franklin
Growth
Fund,
Class
R6
.
$
2,033,799
$
31,165
$
(337,765)
$
113,279
$
89,542
$
1,930,020
14,083
$
—
Franklin
High
Yield
Corporate
ETF
558,177
21,234
(58,698)
(6,137)
12,539
527,115
22,213
5,644
Franklin
International
Aggregate
Bond
ETF
................
468,379
23,700
(48,657)
(12,398)
8,392
439,416
21,721
—
Franklin
International
Core
Equity
(IU)
Fund
................
2,492,364
41,397
(363,681)
27,823
145,340
2,343,243
187,459
—
Franklin
Investment
Grade
Corporate
ETF
............
700,604
41,034
(71,639)
(10,975)
1,289
660,313
30,928
6,094
Franklin
Systematic
Style
Premia
ETF
....................
295,198
5,536
(40,594)
1,653
28,308
290,101
12,110
—
Franklin
U.S.
Core
Bond
ETF
...
5,511,219
398,223
(558,813)
(99,527)
27,625
5,278,727
247,363
31,042
Franklin
U.S.
Core
Equity
(IU)
Fund
4,528,984
176,049
(986,859)
253,399
341,804
4,313,377
263,654
—
Franklin
U.S.
Equity
Index
ETF
.
481,751
82,310
(153,050)
27,487
9,979
448,477
9,775
979
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
...............
1,063,106
15,458
(180,907)
34,365
77,225
1,009,247
18,953
2,053
Franklin
U.S.
Treasury
Bond
ETF
1,824,228
1,088,350
(238,103)
(41,737)
4,796
2,637,534
128,723
12,612
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.997%
......
164,927
2,144,411
(2,127,962)
—
—
181,376
181,376
2,264
Templeton
Developing
Markets
Trust,
Class
R6
............
582,832
48,925
(118,182)
(13,470)
28,711
528,816
28,960
—
Templeton
Foreign
Fund,
Class
R6
572,338
37,233
(73,548)
5,097
3,502
544,622
68,163
—
Western
Asset
Core
Plus
Bond
Fund,
Class
IS
............
3,077,238
177,006
(404,780)
(109,977)
41,213
2,780,700
297,083
32,161
Western
Asset
Short-Term
Bond
Fund,
Class
IS
............
692,612
41,205
(69,603)
(5,372)
3,617
662,459
181,496
6,558
Total
Non-Controlled
Affiliates
$28,192,655
$4,552,549
$(6,219,845)
$141,033
$901,349
$27,567,741
$107,698
Total
Affiliated
Securities
....
$28,192,655
$4,552,549
$(6,219,845)
$141,033
$901,349
$27,567,741
$107,698
Franklin
LifeSmart™
2025
Retirement
Target
Fund
Non-Controlled
Affiliates
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund,
Class
IS
3,319,712
320,179
(105,728)
(27,991)
(151,466)
3,354,706
377,782
17,581
ClearBridge
International
Growth
Fund,
Class
IS
............
1,671,512
2,642
(112,271)
7,347
122,768
1,691,998
25,706
—
ClearBridge
Large
Cap
Value
Fund,
Class
IS
.................
3,735,880
116,827
(294,852)
16,454
230,757
3,805,066
87,796
13,451
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
...........
3,609,671
177,047
(201,910)
(19,779)
175,814
3,740,843
376,342
—
Franklin
Growth
Fund,
Class
R6
.
8,914,864
—
(783,628)
126,227
804,423
9,061,886
66,121
—
Franklin
High
Yield
Corporate
ETF
1,706,502
55,551
(57,492)
(5,442)
26,123
1,725,242
72,703
18,223
Franklin
International
Aggregate
Bond
ETF
................
1,431,031
66,203
(47,767)
(12,504)
1,046
1,438,009
71,083
—
3.
Investments
in
FT
Underlying
Funds
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Schedules
of
Investments
(unaudited)
45
Quarterly
Schedules
of
Investments
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
a
a
a
a
a
a
a
a
Franklin
LifeSmart™
2025
Retirement
Target
Fund
(continued)
Non-Controlled
Affiliates
(continued)
Franklin
International
Core
Equity
(IU)
Fund
................
$
10,928,089
$
205,271
$
(940,042)
$
77,139
$
735,617
$
11,006,074
880,486
$
—
Franklin
Investment
Grade
Corporate
ETF
............
2,140,380
121,728
(70,856)
(15,150)
(15,162)
2,160,940
101,215
19,775
Franklin
Systematic
Style
Premia
ETF
....................
1,092,957
20,484
(77,435)
3,132
111,517
1,150,655
48,033
—
Franklin
U.S.
Core
Bond
ETF
...
16,834,046
1,200,680
(545,404)
(101,381)
(119,976)
17,267,965
809,183
100,279
Franklin
U.S.
Core
Equity
(IU)
Fund
19,852,245
467,500
(2,801,746)
525,858
2,208,307
20,252,164
1,237,907
—
Franklin
U.S.
Equity
Index
ETF
.
2,114,296
353,086
(531,788)
90,764
82,975
2,109,333
45,975
4,608
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
...............
4,663,962
—
(433,661)
71,747
440,450
4,742,498
89,061
9,641
Franklin
U.S.
Treasury
Bond
ETF
5,573,561
3,414,095
(244,469)
(42,297)
(73,309)
8,627,581
421,063
40,863
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.997%
......
404,403
4,736,190
(4,626,971)
—
—
513,622
513,622
10,382
Templeton
Developing
Markets
Trust,
Class
R6
............
2,565,806
184,359
(341,148)
(43,469)
119,787
2,485,335
136,108
—
Templeton
Foreign
Fund,
Class
R6
2,509,499
140,126
(139,622)
4,179
43,760
2,557,942
320,143
—
Western
Asset
Core
Plus
Bond
Fund,
Class
IS
............
9,399,396
537,225
(628,572)
(171,357)
(40,836)
9,095,856
971,779
102,712
Western
Asset
Short-Term
Bond
Fund,
Class
IS
............
2,115,581
125,172
(68,029)
(5,345)
(445)
2,166,934
593,681
20,946
Total
Non-Controlled
Affiliates
$104,583,393
$12,244,365
$(13,053,391)
$478,132
$4,702,150
$108,954,649
$358,461
Total
Affiliated
Securities
....
$104,583,393
$12,244,365
$(13,053,391)
$478,132
$4,702,150
$108,954,649
$358,461
Franklin
LifeSmart™
2030
Retirement
Target
Fund
Non-Controlled
Affiliates
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund,
Class
IS
1,511,702
181,682
(20,210)
(5,492)
(77,060)
1,590,622
179,124
8,279
ClearBridge
International
Growth
Fund,
Class
IS
............
1,111,715
19,474
(42,893)
2,024
86,571
1,176,891
17,880
—
ClearBridge
Large
Cap
Value
Fund,
Class
IS
.................
2,486,207
91,694
(100,406)
2,543
166,457
2,646,495
61,064
9,291
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
...........
2,392,445
177,309
(78,304)
1,836
105,578
2,598,864
261,455
—
Franklin
Growth
Fund,
Class
R6
.
5,932,774
87,982
(351,105)
18,445
614,747
6,302,843
45,989
—
Franklin
High
Yield
Corporate
ETF
774,294
46,635
(12,929)
(1,254)
10,942
817,688
34,458
8,437
Franklin
International
Aggregate
Bond
ETF
................
651,460
44,412
(9,031)
(2,268)
(2,822)
681,751
33,700
—
Franklin
International
Core
Equity
(IU)
Fund
................
7,268,271
137,158
(304,482)
16,737
537,694
7,655,378
612,430
—
Franklin
Investment
Grade
Corporate
ETF
............
971,595
80,585
(13,847)
(2,966)
(10,738)
1,024,629
47,992
9,175
3.
Investments
in
FT
Underlying
Funds
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Schedules
of
Investments
(unaudited)
46
Quarterly
Schedules
of
Investments
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
a
a
a
a
a
a
a
a
Franklin
LifeSmart™
2030
Retirement
Target
Fund
(continued)
Non-Controlled
Affiliates
(continued)
Franklin
Systematic
Style
Premia
ETF
....................
$
628,629
$
25,351
$
(29,010)
$
866
$
66,143
$
691,979
28,886
$
—
Franklin
U.S.
Core
Bond
ETF
...
7,642,216
750,410
(105,349)
(19,378)
(80,723)
8,187,176
383,654
46,456
Franklin
U.S.
Core
Equity
(IU)
Fund
13,211,611
529,689
(1,515,722)
185,749
1,674,629
14,085,956
861,000
—
Franklin
U.S.
Equity
Index
ETF
.
1,406,756
258,930
(317,059)
48,452
69,934
1,467,013
31,975
3,181
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
...............
3,103,041
11,644
(164,454)
14,680
333,980
3,298,891
61,951
6,653
Franklin
U.S.
Treasury
Bond
ETF
2,529,946
1,657,900
(44,562)
(8,045)
(44,697)
4,090,542
199,636
18,951
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.997%
......
712,937
2,916,952
(3,251,709)
—
—
378,180
378,180
7,401
Templeton
Developing
Markets
Trust,
Class
R6
............
1,719,622
124,633
(170,246)
(2,316)
54,977
1,726,670
94,560
—
Templeton
Foreign
Fund,
Class
R6
1,669,040
126,765
(51,064)
63
34,310
1,779,114
222,668
—
Western
Asset
Core
Plus
Bond
Fund,
Class
IS
............
4,267,097
302,853
(161,025)
(43,335)
(53,012)
4,312,578
460,745
47,584
Western
Asset
Short-Term
Bond
Fund,
Class
IS
............
960,425
82,683
(13,097)
(791)
(1,823)
1,027,397
281,479
9,705
Total
Non-Controlled
Affiliates
$60,951,783
$7,654,741
$(6,756,504)
$205,550
$3,485,087
$65,540,657
$175,113
Total
Affiliated
Securities
....
$60,951,783
$7,654,741
$(6,756,504)
$205,550
$3,485,087
$65,540,657
$175,113
Franklin
LifeSmart™
2035
Retirement
Target
Fund
Non-Controlled
Affiliates
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund,
Class
IS
2,160,214
246,771
(10,321)
(2,897)
(114,909)
2,278,858
256,628
11,844
ClearBridge
International
Growth
Fund,
Class
IS
............
2,443,406
20,483
(70,309)
4,258
190,426
2,588,264
39,323
—
ClearBridge
Large
Cap
Value
Fund,
Class
IS
.................
5,462,294
182,376
(193,568)
5,517
365,832
5,822,451
134,344
20,411
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
...........
5,255,477
340,032
(112,191)
(9,624)
246,445
5,720,139
575,467
—
Franklin
Growth
Fund,
Class
R6
.
13,034,561
101,846
(659,236)
42,720
1,346,815
13,866,706
101,180
—
Franklin
High
Yield
Corporate
ETF
1,111,525
61,446
(15,314)
(1,383)
15,276
1,171,550
49,370
12,058
Franklin
International
Aggregate
Bond
ETF
................
931,048
57,554
(4,520)
(1,190)
(6,046)
976,846
48,287
—
Franklin
International
Core
Equity
(IU)
Fund
................
15,974,688
192,820
(549,859)
37,393
1,180,941
16,835,983
1,346,879
—
Franklin
Investment
Grade
Corporate
ETF
............
1,393,954
104,504
(11,199)
(2,381)
(17,151)
1,467,727
68,746
13,112
Franklin
Systematic
Style
Premia
ETF
....................
1,220,519
45,408
(50,142)
1,481
128,434
1,345,700
56,175
—
Franklin
U.S.
Core
Bond
ETF
...
10,965,448
961,145
(54,082)
(10,344)
(132,316)
11,729,851
549,665
66,391
Franklin
U.S.
Core
Equity
(IU)
Fund
29,026,351
890,733
(3,010,359)
225,338
3,858,003
30,990,066
1,894,258
—
3.
Investments
in
FT
Underlying
Funds
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Schedules
of
Investments
(unaudited)
47
Quarterly
Schedules
of
Investments
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
a
a
a
a
a
a
a
a
Franklin
LifeSmart™
2035
Retirement
Target
Fund
(continued)
Non-Controlled
Affiliates
(continued)
Franklin
U.S.
Equity
Index
ETF
.
$
3,092,366
$
561,825
$
(686,814)
$
122,232
$
138,049
$
3,227,658
70,350
$
6,981
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
...............
6,819,236
2,583
(329,997)
39,428
726,778
7,258,028
136,301
14,604
Franklin
U.S.
Treasury
Bond
ETF
3,630,568
2,332,151
(26,999)
(4,864)
(70,470)
5,860,386
286,012
27,082
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.997%
......
167,891
4,956,695
(4,117,878)
—
—
1,006,708
1,006,708
13,442
Templeton
Developing
Markets
Trust,
Class
R6
............
3,784,328
251,118
(351,115)
(45,577)
161,693
3,800,447
208,130
—
Templeton
Foreign
Fund,
Class
R6
3,668,343
244,398
(75,951)
2,101
73,762
3,912,653
489,694
—
Western
Asset
Core
Plus
Bond
Fund,
Class
IS
............
6,122,530
404,245
(210,479)
(57,084)
(80,714)
6,178,498
660,096
68,106
Western
Asset
Short-Term
Bond
Fund,
Class
IS
............
1,378,083
106,520
(8,956)
(364)
(3,363)
1,471,920
403,266
13,890
Total
Non-Controlled
Affiliates
$117,642,830
$12,064,653
$(10,549,289)
$344,760
$8,007,485
$127,510,439
$267,921
Total
Affiliated
Securities
....
$117,642,830
$12,064,653
$(10,549,289)
$344,760
$8,007,485
$127,510,439
$267,921
Franklin
LifeSmart™
2040
Retirement
Target
Fund
Non-Controlled
Affiliates
ClearBridge
International
Growth
Fund,
Class
IS
............
1,143,148
9,712
(23,349)
1,489
89,538
1,220,538
18,544
—
ClearBridge
Large
Cap
Value
Fund,
Class
IS
.................
2,555,586
98,150
(82,687)
1,321
172,683
2,745,053
63,338
9,576
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
...........
2,441,885
192,555
(48,570)
(6,867)
118,545
2,697,548
271,383
—
Franklin
Growth
Fund,
Class
R6
.
6,169,181
42,027
(322,107)
15,699
632,890
6,537,690
47,703
—
Franklin
High
Yield
Corporate
ETF
342,177
21,289
(5,867)
(547)
4,783
361,835
15,248
3,699
Franklin
International
Core
Equity
(IU)
Fund
................
7,473,832
147,499
(252,451)
6,359
564,012
7,939,251
635,140
—
Franklin
Investment
Grade
Corporate
ETF
............
428,834
35,179
(4,781)
(1,013)
(5,001)
453,218
21,228
4,024
Franklin
Systematic
Style
Premia
ETF
....................
512,824
20,057
(17,076)
28
54,595
570,428
23,812
—
Franklin
U.S.
Core
Bond
ETF
...
3,375,466
319,571
(29,112)
(5,438)
(38,513)
3,621,974
169,727
20,376
Franklin
U.S.
Core
Equity
(IU)
Fund
10,815,466
—
(873,941)
152,871
1,320,242
11,414,638
697,716
—
Franklin
U.S.
Equity
Index
ETF
.
4,135,988
234,458
(89,224)
4,385
432,004
4,717,611
102,825
10,430
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
...............
3,189,700
16,915
(144,544)
7,504
351,312
3,420,887
64,242
6,833
Franklin
U.S.
Treasury
Bond
ETF
1,117,178
729,956
(14,249)
(2,584)
(20,604)
1,809,697
88,321
8,314
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.997%
......
308,445
1,928,101
(1,595,547)
—
—
640,999
640,999
6,078
Templeton
Developing
Markets
Trust,
Class
R6
............
1,781,865
129,423
(173,280)
(23,531)
77,797
1,792,274
98,153
—
3.
Investments
in
FT
Underlying
Funds
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Schedules
of
Investments
(unaudited)
48
Quarterly
Schedules
of
Investments
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
a
a
a
a
a
a
a
a
Franklin
LifeSmart™
2040
Retirement
Target
Fund
(continued)
Non-Controlled
Affiliates
(continued)
Templeton
Foreign
Fund,
Class
R6
$
1,716,215
$
125,370
$
(32,597)
$
154
$
35,863
$
1,845,005
230,914
$
—
Western
Asset
Core
Plus
Bond
Fund,
Class
IS
............
1,884,719
143,940
(78,507)
(22,065)
(20,298)
1,907,789
203,824
20,883
Western
Asset
Short-Term
Bond
Fund,
Class
IS
............
424,242
34,897
(3,498)
(150)
(994)
454,497
124,520
4,260
Total
Non-Controlled
Affiliates
$49,816,751
$4,229,099
$(3,791,387)
$127,615
$3,768,854
$54,150,932
$94,473
Total
Affiliated
Securities
....
$49,816,751
$4,229,099
$(3,791,387)
$127,615
$3,768,854
$54,150,932
$94,473
Franklin
LifeSmart™
2045
Retirement
Target
Fund
Non-Controlled
Affiliates
ClearBridge
International
Growth
Fund,
Class
IS
............
2,116,749
47,624
(47,489)
1,615
168,011
2,286,510
34,739
—
ClearBridge
Large
Cap
Value
Fund,
Class
IS
.................
4,733,010
227,900
(144,258)
1,652
322,800
5,141,104
118,623
17,911
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
...........
4,514,017
408,927
(79,399)
(8,491)
217,713
5,052,767
508,327
—
Franklin
Growth
Fund,
Class
R6
.
11,425,471
198,503
(586,463)
21,840
1,184,896
12,244,247
89,341
—
Franklin
International
Core
Equity
(IU)
Fund
................
13,839,193
337,117
(367,831)
8,322
1,056,284
14,873,085
1,189,847
—
Franklin
Systematic
Style
Premia
ETF
....................
864,571
35,443
(19,680)
243
92,232
972,809
40,609
—
Franklin
U.S.
Core
Bond
ETF
...
3,590,239
314,828
(97,661)
(16,669)
(28,794)
3,761,943
176,286
21,063
Franklin
U.S.
Core
Equity
(IU)
Fund
20,030,536
—
(1,396,909)
452,470
2,292,003
21,378,100
1,306,730
—
Franklin
U.S.
Equity
Index
ETF
.
7,661,202
544,524
(181,735)
5,009
807,488
8,836,488
192,600
19,503
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
...............
5,908,547
120,025
(288,175)
12,795
655,020
6,408,212
120,342
12,782
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.997%
......
349,503
3,235,853
(2,533,405)
—
—
1,051,951
1,051,951
10,264
Templeton
Developing
Markets
Trust,
Class
R6
............
3,318,948
250,993
(314,254)
(43,427)
144,857
3,357,117
183,851
—
Templeton
Foreign
Fund,
Class
R6
3,177,885
274,183
(64,076)
495
67,840
3,456,327
432,582
—
Western
Asset
Core
Plus
Bond
Fund,
Class
IS
............
3,600,983
328,419
(74,132)
(17,768)
(63,182)
3,774,320
403,239
41,000
Total
Non-Controlled
Affiliates
$85,130,854
$6,324,339
$(6,195,467)
$418,086
$6,917,168
$92,594,980
$122,523
Total
Affiliated
Securities
....
$85,130,854
$6,324,339
$(6,195,467)
$418,086
$6,917,168
$92,594,980
$122,523
Franklin
LifeSmart™
2050
Retirement
Target
Fund
Non-Controlled
Affiliates
ClearBridge
International
Growth
Fund,
Class
IS
............
1,064,121
41,002
(4,514)
66
87,047
1,187,722
18,045
—
3.
Investments
in
FT
Underlying
Funds
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Schedules
of
Investments
(unaudited)
49
Quarterly
Schedules
of
Investments
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
a
a
a
a
a
a
a
a
Franklin
LifeSmart™
2050
Retirement
Target
Fund
(continued)
Non-Controlled
Affiliates
(continued)
ClearBridge
Large
Cap
Value
Fund,
Class
IS
.................
$
2,378,783
$
160,125
$
(35,184)
$
243
$
166,981
$
2,670,948
61,628
$
9,265
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
...........
2,263,490
267,881
(16,065)
(1,630)
109,926
2,623,602
263,944
—
Franklin
Growth
Fund,
Class
R6
.
5,742,365
181,301
(182,588)
6,006
614,231
6,361,315
46,416
—
Franklin
International
Core
Equity
(IU)
Fund
................
6,957,196
320,501
(98,905)
4
546,969
7,725,765
618,061
—
Franklin
Systematic
Style
Premia
ETF
....................
410,549
28,222
(5,629)
67
44,416
477,625
19,938
—
Franklin
U.S.
Core
Bond
ETF
...
589,686
64,968
(47,937)
(1,764)
(5,299)
599,654
28,100
3,285
Franklin
U.S.
Core
Equity
(IU)
Fund
10,067,241
179,174
(547,360)
72,790
1,334,779
11,106,624
678,889
—
Franklin
U.S.
Equity
Index
ETF
.
3,849,850
351,120
(27,784)
763
416,345
4,590,294
100,050
10,090
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
...............
2,969,234
103,835
(86,430)
2,800
339,857
3,329,296
62,522
6,610
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.997%
......
313,460
1,365,936
(1,123,969)
—
—
555,427
555,427
5,277
Templeton
Developing
Markets
Trust,
Class
R6
............
1,666,680
161,062
(137,588)
(19,533)
72,556
1,743,177
95,464
—
Templeton
Foreign
Fund,
Class
R6
1,597,562
168,934
(7,625)
70
36,382
1,795,323
224,696
—
Western
Asset
Core
Plus
Bond
Fund,
Class
IS
............
591,854
67,391
(44,467)
(657)
(12,202)
601,919
64,308
6,558
Western
Asset
Short-Term
Bond
Fund,
Class
IS
............
6
—
—
—
—
6
2
—
Total
Non-Controlled
Affiliates
$40,462,077
$3,461,452
$(2,366,045)
$59,225
$3,751,988
$45,368,697
$41,085
Total
Affiliated
Securities
....
$40,462,077
$3,461,452
$(2,366,045)
$59,225
$3,751,988
$45,368,697
$41,085
Franklin
LifeSmart™
2055
Retirement
Target
Fund
Non-Controlled
Affiliates
ClearBridge
International
Growth
Fund,
Class
IS
............
837,457
23,238
(7,004)
367
67,638
921,696
14,003
—
ClearBridge
Large
Cap
Value
Fund,
Class
IS
.................
1,871,945
120,915
(50,860)
569
130,058
2,072,627
47,822
7,231
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
...........
1,783,287
186,700
(17,393)
(2,862)
87,445
2,037,177
204,947
—
Franklin
Growth
Fund,
Class
R6
.
4,518,859
111,177
(176,973)
5,636
477,526
4,936,225
36,018
—
Franklin
International
Core
Equity
(IU)
Fund
................
5,475,307
216,635
(123,906)
1,969
425,365
5,995,370
479,630
—
Franklin
Systematic
Style
Premia
ETF
....................
319,619
16,169
(3,377)
23
34,396
366,830
15,313
—
Franklin
U.S.
Core
Bond
ETF
...
292,324
32,994
(45,773)
(354)
(2,923)
276,268
12,946
1,512
Franklin
U.S.
Core
Equity
(IU)
Fund
7,922,253
137,879
(538,878)
36,790
1,060,476
8,618,520
526,804
—
Franklin
U.S.
Equity
Index
ETF
.
3,029,936
238,641
(32,401)
1,256
324,003
3,561,435
77,625
7,823
3.
Investments
in
FT
Underlying
Funds
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Schedules
of
Investments
(unaudited)
50
Quarterly
Schedules
of
Investments
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
a
a
a
a
a
a
a
a
Franklin
LifeSmart™
2055
Retirement
Target
Fund
(continued)
Non-Controlled
Affiliates
(continued)
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
...............
$
2,337,039
$
66,469
$
(87,991)
$
2,070
$
264,985
$
2,582,572
48,499
$
5,124
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.997%
......
236,168
1,326,886
(1,223,112)
—
—
339,942
339,942
3,772
Templeton
Developing
Markets
Trust,
Class
R6
............
1,311,487
120,079
(119,603)
(16,340)
57,893
1,353,516
74,125
—
Templeton
Foreign
Fund,
Class
R6
1,257,276
126,950
(19,428)
120
28,351
1,393,269
174,377
—
Western
Asset
Core
Plus
Bond
Fund,
Class
IS
............
293,346
33,288
(43,178)
(508)
(5,586)
277,362
29,633
3,093
Total
Non-Controlled
Affiliates
$31,486,303
$2,758,020
$(2,489,877)
$28,736
$2,949,627
$34,732,809
$28,555
Total
Affiliated
Securities
....
$31,486,303
$2,758,020
$(2,489,877)
$28,736
$2,949,627
$34,732,809
$28,555
Franklin
LifeSmart™
2060
Retirement
Target
Fund
Non-Controlled
Affiliates
ClearBridge
International
Growth
Fund,
Class
IS
............
121,671
14,024
(2,126)
40
10,299
143,908
2,186
—
ClearBridge
Large
Cap
Value
Fund,
Class
IS
.................
271,967
39,572
(7,931)
(6)
20,000
323,602
7,467
1,126
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
...........
258,560
52,532
(6,091)
(1,590)
14,661
318,072
31,999
—
Franklin
Growth
Fund,
Class
R6
.
656,526
69,207
(28,314)
(1,189)
74,475
770,705
5,624
—
Franklin
International
Core
Equity
(IU)
Fund
................
795,474
98,146
(22,840)
(858)
66,153
936,075
74,886
—
Franklin
Systematic
Style
Premia
ETF
....................
46,418
5,800
(563)
(3)
5,099
56,751
2,369
—
Franklin
U.S.
Core
Bond
ETF
...
42,159
9,587
(8,595)
30
(501)
42,680
2,000
227
Franklin
U.S.
Core
Equity
(IU)
Fund
1,150,996
112,120
(83,830)
1,114
165,228
1,345,628
82,251
—
Franklin
U.S.
Equity
Index
ETF
.
440,132
73,472
(7,647)
132
49,059
555,148
12,100
1,200
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
...............
339,051
38,022
(13,709)
322
39,949
403,635
7,580
786
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.997%
......
94,853
273,600
(303,105)
—
—
65,348
65,348
773
Templeton
Developing
Markets
Trust,
Class
R6
............
191,056
32,656
(18,888)
(3,981)
10,485
211,328
11,573
—
Templeton
Foreign
Fund,
Class
R6
182,664
36,302
(6,150)
(77)
4,802
217,541
27,227
—
3.
Investments
in
FT
Underlying
Funds
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Schedules
of
Investments
(unaudited)
51
Quarterly
Schedules
of
Investments
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
a
a
a
a
a
a
a
a
Franklin
LifeSmart™
2060
Retirement
Target
Fund
(continued)
Non-Controlled
Affiliates
(continued)
Western
Asset
Core
Plus
Bond
Fund,
Class
IS
............
$
42,616
$
9,150
$
(7,570)
$
(18)
$
(874)
$
43,304
4,627
$
473
Total
Non-Controlled
Affiliates
$4,634,143
$864,190
$(517,359)
$(6,084)
$458,835
$5,433,725
$4,585
Total
Affiliated
Securities
....
$4,634,143
$864,190
$(517,359)
$(6,084)
$458,835
$5,433,725
$4,585
Franklin
Moderate
Allocation
Fund
Controlled
Affiliates
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
...........
35,295,411
2,369,148
(1,334,167)
(130,273)
1,758,776
37,958,895
3,818,802
—
Non-Controlled
Affiliates
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund,
Class
IS
40,799,789
3,178,315
(670,976)
(179,679)
(2,010,446)
41,117,003
4,630,293
214,783
ClearBridge
International
Growth
Fund,
Class
IS
............
17,065,760
226,790
(731,761)
50,958
1,315,694
17,927,441
272,371
—
ClearBridge
Large
Cap
Value
Fund,
Class
IS
.................
71,152,721
2,282,706
(4,829,115)
119,477
4,628,011
73,353,800
1,692,520
259,353
Franklin
Growth
Fund,
Class
R6
.
166,310,770
1,729,029
(10,541,956)
745,373
17,070,604
175,313,820
1,279,196
—
Franklin
High
Yield
Corporate
ETF
20,948,797
792,830
(846,260)
(83,598)
336,288
21,148,057
891,195
220,453
Franklin
International
Aggregate
Bond
ETF
................
17,594,286
708,697
(533,888)
(140,519)
(397)
17,628,179
871,388
—
Franklin
International
Core
Equity
(IU)
Fund
................
111,579,997
2,338,200
(4,538,066)
152,813
8,389,778
117,922,722
9,433,818
—
Franklin
Investment
Grade
Corporate
ETF
............
26,273,427
1,374,738
(791,578)
(89,008)
(277,075)
26,490,504
1,240,773
239,445
Franklin
Systematic
Style
Premia
ETF
....................
15,518,135
344,153
(778,087)
28,688
1,612,793
16,725,682
698,198
—
Franklin
U.S.
Core
Bond
ETF
...
206,644,306
11,136,777
(3,460,723)
(636,654)
(2,033,778)
211,649,928
9,917,991
1,213,226
Franklin
U.S.
Core
Equity
(IU)
Fund
370,356,559
13,196,087
(45,119,974)
4,544,334
47,725,971
390,702,977
23,881,600
—
Franklin
U.S.
Equity
Index
ETF
.
39,457,841
8,135,231
(9,014,423)
1,076,035
2,260,137
41,914,821
913,575
89,414
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
...............
87,019,424
—
(5,059,195)
602,061
9,203,009
91,765,299
1,723,292
185,841
Franklin
U.S.
Treasury
Bond
ETF
68,417,872
41,331,131
(2,604,153)
(602,935)
(796,672)
105,745,243
5,160,822
494,656
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.997%
......
6,534,089
42,863,405
(38,906,889)
—
—
10,490,605
10,490,605
144,015
Templeton
Developing
Markets
Trust,
Class
R6
............
25,614,321
1,109,358
(1,770,685)
(210,824)
990,699
25,732,869
1,409,248
—
Templeton
Foreign
Fund,
Class
R6
25,621,000
1,924,030
(976,870)
14,162
519,466
27,101,788
3,391,963
—
Western
Asset
Core
Plus
Bond
Fund,
Class
IS
............
115,377,631
6,287,844
(7,606,558)
(2,035,826)
(542,513)
111,480,578
11,910,318
1,248,278
3.
Investments
in
FT
Underlying
Funds
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Schedules
of
Investments
(unaudited)
52
Quarterly
Schedules
of
Investments
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
March
31,
2024,
investments
in
affiliated
management
investment
companies
were
as
follows:
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.)
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
a
a
a
a
a
a
a
a
Franklin
Moderate
Allocation
Fund
(continued)
Non-Controlled
Affiliates
(continued)
Western
Asset
Short-Term
Bond
Fund,
Class
IS
............
$
25,970,221
$
1,297,380
$
(640,279)
$
(25,522)
$
(43,437)
$
26,558,363
7,276,264
$
254,577
Total
Non-Controlled
Affiliates
$1,458,256,946
$140,256,701
$(139,421,436)
$3,329,336
$88,348,132
$1,550,769,679
$4,564,041
Total
Affiliated
Securities
....
$1,493,552,357
$142,625,849
$(140,755,603)
$3,199,063
$90,106,908
$1,588,728,574
$4,564,041
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
Global
Allocation
Fund
Controlled
Affiliates
Dividends
Franklin
Systematic
Style
Premia
ETF
...................
$
48,171,250
$
—
$
—
$
—
$
5,129,738
$
53,300,988
2,225,000
$
—
Non-Controlled
Affiliates
Dividends
Franklin
Senior
Loan
ETF
....
$
5,100,900
$
—
$
—
$
—
$
43,050
$
5,143,950
210,000
$
73,395
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.997%
73,636,327
119,926,149
(106,332,749)
—
—
87,229,727
87,229,727
1,124,070
Total
Non-Controlled
Affiliates
$78,737,227
$
119,926,149
$
(106,332,749)
$
—
$
43,050
$92,373,677
$
1,197,465
Total
Affiliated
Securities
...
$126,908,477
119,926,149
(106,332,749)
—
$5,172,788
$145,674,665
1,197,465
3.
Investments
in
FT
Underlying
Funds
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Schedules
of
Investments
(unaudited)
53
Quarterly
Schedules
of
Investments
• 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
March
31,
2024,
in
valuing
the
Funds’
assets
and
liabilities
carried
at
fair
value,
is
as
follows:
Level
1
Level
2
Level
3
Total
Franklin
Conservative
Allocation
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
..........................
$
896,693,765
$
—
$
—
$
896,693,765
Short
Term
Investments
...................
5,732,843
385,967
—
6,118,810
Total
Investments
in
Securities
...........
$902,426,608
$385,967
$—
$902,812,575
Franklin
Corefolio
Allocation
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
..........................
992,459,223
—
—
992,459,223
Short
Term
Investments
...................
823
—
—
823
Total
Investments
in
Securities
...........
$992,460,046
$—
$—
$992,460,046
Level
1
Level
2
Level
3
Total
Franklin
Global
Allocation
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
$
—
$
14,424,246
$
—
$
14,424,246
Air
Freight
&
Logistics
...................
5,296,076
—
—
5,296,076
Automobile
Components
.................
—
7,477,941
—
7,477,941
Automobiles
..........................
27,729,221
3,741,557
—
31,470,778
Banks
...............................
36,183,913
60,288,126
—
96,472,039
Beverages
...........................
4,383,067
8,111,386
—
12,494,453
Biotechnology
.........................
45,265,323
—
—
45,265,323
Broadline
Retail
.......................
69,252,015
—
—
69,252,015
Building
Products
......................
12,125,597
3,916,132
—
16,041,729
Capital
Markets
........................
3,717,086
38,627,631
—
42,344,717
Chemicals
...........................
12,751,914
20,112,546
—
32,864,460
Commercial
Services
&
Supplies
...........
6,096,017
—
—
6,096,017
Communications
Equipment
..............
15,643,421
—
—
15,643,421
Construction
&
Engineering
...............
3,512,170
—
—
3,512,170
Construction
Materials
..................
4,813,308
—
—
4,813,308
Consumer
Finance
.....................
6,833,009
—
—
6,833,009
Consumer
Staples
Distribution
&
Retail
......
23,780,703
9,456,563
—
33,237,266
Distributors
...........................
4,350,537
—
—
4,350,537
Diversified
Telecommunication
Services
.....
—
10,121,075
—
10,121,075
Electric
Utilities
........................
—
8,136,061
—
8,136,061
Electrical
Equipment
....................
39,144,478
—
—
39,144,478
Electronic
Equipment,
Instruments
&
Components
........................
4,228,935
6,319,127
—
10,548,062
Entertainment
.........................
15,236,695
11,585,545
—
26,822,240
Financial
Services
......................
44,248,226
7,221,426
—
51,469,652
Food
Products
........................
—
6,561,083
—
6,561,083
Ground
Transportation
..................
19,061,867
—
—
19,061,867
Health
Care
Equipment
&
Supplies
.........
30,149,992
3,056,245
—
33,206,237
5. Fair
Value
Measurements
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Schedules
of
Investments
(unaudited)
54
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Global
Allocation
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
Health
Care
Providers
&
Services
..........
$
59,354,701
$
—
$
—
$
59,354,701
Hotels,
Restaurants
&
Leisure
.............
39,843,858
—
—
39,843,858
Household
Durables
....................
11,087,328
8,103,870
—
19,191,198
Household
Products
....................
22,254,210
—
—
22,254,210
Independent
Power
and
Renewable
Electricity
Producers
..........................
10,089,429
—
—
10,089,429
Industrial
Conglomerates
................
—
18,731,755
—
18,731,755
Insurance
............................
9,113,229
22,329,371
—
31,442,600
Interactive
Media
&
Services
..............
70,124,553
—
—
70,124,553
IT
Services
...........................
30,987,648
—
—
30,987,648
Life
Sciences
Tools
&
Services
............
17,480,201
—
—
17,480,201
Machinery
............................
32,626,788
—
—
32,626,788
Media
...............................
12,468,717
—
—
12,468,717
Metals
&
Mining
.......................
15,305,003
3,925,086
—
19,230,089
Multi-Utilities
..........................
—
8,101,349
—
8,101,349
Oil,
Gas
&
Consumable
Fuels
.............
75,386,344
15,471,561
—
90,857,905
Paper
&
Forest
Products
.................
4,131,939
—
—
4,131,939
Personal
Care
Products
.................
3,436,845
4,698,086
—
8,134,931
Pharmaceuticals
.......................
37,763,280
28,546,008
—
66,309,288
Professional
Services
...................
7,788,048
9,290,067
—
17,078,115
Real
Estate
Management
&
Development
....
—
7,445,338
—
7,445,338
Retail
REITs
..........................
6,606,851
—
—
6,606,851
Semiconductors
&
Semiconductor
Equipment
.
118,508,695
54,151,217
—
172,659,912
Software
.............................
139,525,151
6,219,332
—
145,744,483
Specialized
REITs
......................
6,970,722
—
—
6,970,722
Specialty
Retail
........................
47,669,432
—
—
47,669,432
Technology
Hardware,
Storage
&
Peripherals
.
65,477,923
5,508,865
—
70,986,788
Textiles,
Apparel
&
Luxury
Goods
..........
22,230,963
3,456,285
—
25,687,248
Tobacco
.............................
—
6,531,741
—
6,531,741
Trading
Companies
&
Distributors
..........
16,520,400
4,703,643
—
21,224,043
Wireless
Telecommunication
Services
.......
—
8,953,019
—
8,953,019
Management
Investment
Companies
.........
121,793,189
—
—
121,793,189
Preferred
Stocks
.........................
10,209,726
—
—
10,209,726
Corporate
Bonds
........................
—
197,027,510
—
197,027,510
Foreign
Government
and
Agency
Securities
....
—
311,932,063
—
311,932,063
U.S.
Government
and
Agency
Securities
.......
—
193,087,794
—
193,087,794
Mortgage-Backed
Securities
................
—
66,884,552
—
66,884,552
Options
purchased
.......................
1,546,220
—
—
1,546,220
Short
Term
Investments
...................
87,229,727
—
—
87,229,727
Total
Investments
in
Securities
...........
$1,537,334,690
$1,204,255,202
b
$—
$2,741,589,892
Other
Financial
Instruments:
Forward
exchange
contracts
...............
$—
$4,815,337
$—
$4,815,337
Total
Other
Financial
Instruments
.........
$—
$4,815,337
$—
$4,815,337
Liabilities:
Other
Financial
Instruments:
Forward
exchange
contracts
................
$
—
$
252,754
$
—
$
252,754
Options
written
..........................
645,905
—
—
645,905
Total
Other
Financial
Instruments
.........
$645,905
$252,754
$—
$898,659
5. Fair
Value
Measurements
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Schedules
of
Investments
(unaudited)
55
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Growth
Allocation
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
..........................
$
1,326,039,582
$
—
$
—
$
1,326,039,582
Short
Term
Investments
...................
9,188,560
441,878
—
9,630,438
Total
Investments
in
Securities
...........
$1,335,228,142
$441,878
$—
$1,335,670,020
Franklin
LifeSmart™
Retirement
Income
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
..........................
42,336,644
—
—
42,336,644
Index-Linked
Notes
:
Capital
Markets
........................
—
—
2,431,089
2,431,089
Short
Term
Investments
...................
1,081,125
—
—
1,081,125
Total
Investments
in
Securities
...........
$43,417,769
$—
$2,431,089
$45,848,858
Franklin
LifeSmart™
2020
Retirement
Target
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
..........................
28,873,263
—
—
28,873,263
Short
Term
Investments
...................
181,376
—
—
181,376
Total
Investments
in
Securities
...........
$29,054,639
$—
$—
$29,054,639
Franklin
LifeSmart™
2025
Retirement
Target
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
..........................
114,508,323
—
—
114,508,323
Short
Term
Investments
...................
513,622
271,200
—
784,822
Total
Investments
in
Securities
...........
$115,021,945
$271,200
$—
$115,293,145
Franklin
LifeSmart™
2030
Retirement
Target
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
..........................
68,900,017
—
—
68,900,017
Short
Term
Investments
...................
378,180
278,212
—
656,392
Total
Investments
in
Securities
...........
$69,278,197
$278,212
$—
$69,556,409
Franklin
LifeSmart™
2035
Retirement
Target
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
..........................
133,949,437
—
—
133,949,437
Short
Term
Investments
...................
1,006,708
286,025
—
1,292,733
Total
Investments
in
Securities
...........
$134,956,145
$286,025
$—
$135,242,170
Franklin
LifeSmart™
2040
Retirement
Target
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
..........................
56,780,349
—
—
56,780,349
Short
Term
Investments
...................
640,999
84,907
—
725,906
Total
Investments
in
Securities
...........
$57,421,348
$84,907
$—
$57,506,255
5. Fair
Value
Measurements
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Schedules
of
Investments
(unaudited)
56
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
LifeSmart™
2045
Retirement
Target
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
..........................
$
96,825,431
$
—
$
—
$
96,825,431
Short
Term
Investments
...................
1,051,951
65,388
—
1,117,339
Total
Investments
in
Securities
...........
$97,877,382
$65,388
$—
$97,942,770
Franklin
LifeSmart™
2050
Retirement
Target
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
..........................
47,554,535
—
—
47,554,535
Short
Term
Investments
...................
555,427
137,076
—
692,503
Total
Investments
in
Securities
...........
$48,109,962
$137,076
$—
$48,247,038
Franklin
LifeSmart™
2055
Retirement
Target
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
..........................
36,518,678
—
—
36,518,678
Short
Term
Investments
...................
339,942
—
—
339,942
Total
Investments
in
Securities
...........
$36,858,620
$—
$—
$36,858,620
Franklin
LifeSmart™
2060
Retirement
Target
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
..........................
5,702,399
—
—
5,702,399
Short
Term
Investments
...................
65,348
—
—
65,348
Total
Investments
in
Securities
...........
$5,767,747
$—
$—
$5,767,747
Franklin
Moderate
Allocation
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
..........................
1,664,242,850
—
—
1,664,242,850
Short
Term
Investments
...................
10,490,605
1,898,425
—
12,389,030
Total
Investments
in
Securities
...........
$1,674,733,455
$1,898,425
$—
$1,676,631,880
a
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
b
Includes
foreign
securities
valued
at
$435,323,283,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
5. Fair
Value
Measurements
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Schedules
of
Investments
(unaudited)
57
Quarterly
Schedules
of
Investments
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the period.
At
March
31,
2024,
the
reconciliation
is
as
follows:
Level
3
financial
instruments,
for
the
Franklin
LifeSmart™
Retirement
Income
Fund,
include
fair
value
of
immaterial
assets
and/or
liabilities
developed
using
various
valuation
techniques
and
unobservable
inputs.
May
also
include
values
derived
using
recent
transactions,
private
transaction
prices
or
non-public
third-party
pricing
information
which
is
unobservable.
Abbreviations
Balance
at
Beginning
of
Period
Purchases
Sales
a
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
a
a
a
a
a
a
a
a
a
a
Franklin
LifeSmart™
Retirement
Income
Fund
Assets:
Investments
in
Securities:
Index-Linked
Notes
:
Capital
Markets
.....
$
2,270,512
$
—
$
(180)
$
—
$
—
$
—
$
180
$
160,577
$
2,431,089
$
160,577
Total
Investments
in
Securities
............
$2,270,512
$—
$(180)
$—
$—
$—
$180
$160,577
$2,431,089
$160,577
a
Sales
include
all
sales
of
securities,
maturities,
paydowns
and
securities
tendered
in
corporate
actions.
Counterparty
BZWS
Barclays
Bank
plc
JPHQ
JPMorgan
Chase
Bank
NA
Cu
r
rency
AUD
Australian
Dollar
BRL
Brazilian
Real
CAD
Canadian
Dollar
CNY
Chinese
Yuan
EUR
Euro
GBP
British
Pound
INR
Indian
Rupee
JPY
Japanese
Yen
MXN
Mexican
Peso
Selected
Portfolio
ADR
American
Depositary
Receipt
ETF
Exchange-Traded
Fund
FHLMC
Federal
Home
Loan
Mortgage
Corp.
FNMA
Federal
National
Mortgage
Association
FRN
Floating
Rate
Note
GNMA
Government
National
Mortgage
Association
REIT
Real
Estate
Investment
Trust
SOFR
Secured
Overnight
Financing
Rate
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.