Franklin Growth Allocation Fund Class R (FGTRX) NPORT-P Franklin LifeSmart 2040 Retirement Target Fund (Mar 2024 report)

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.