NPORT-EX 2 FFAS.htm
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited),
September
30,
2020
Franklin
Conservative
Allocation
Fund
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
1
I
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
98.8%
Domestic
Equity
30.4%
a
Franklin
Growth
Fund,
Class
R6
........................................
865,109
$
112,723,759
a
Franklin
LibertyQ
U.S.
Equity
ETF
.......................................
1,845,170
64,138,109
a
Franklin
Rising
Dividends
Fund,
Class
R6
.................................
780,264
56,342,833
a
Franklin
US
Core
Equity
(IU)
Fund
......................................
8,764,713
100,794,198
Invesco
QQQ
Trust
Series
1
ETF
.......................................
125,900
34,980,056
368,978,955
Domestic
Fixed
Income
46.7%
a
Franklin
Liberty
Short
Duration
U.S.
Government
ETF
........................
548,100
52,529,904
a
Franklin
Liberty
U.S.
Core
Bond
ETF
.....................................
11,633,575
305,265,008
a
Franklin
Liberty
U.S.
Treasury
Bond
ETF
..................................
2,598,900
65,557,252
a
Franklin
Low
Duration
Total
Return
Fund,
Class
R6
..........................
6,145,480
59,058,062
iShares
Core
U.S.
Aggregate
Bond
ETF
..................................
430,292
50,800,274
Schwab
U.S.
TIPS
ETF
...............................................
539,875
33,272,496
566,482,996
Foreign
Equity
9.2%
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
............................
1,541,694
16,172,367
a
Franklin
FTSE
Europe
ETF
............................................
503,218
11,513,628
a
Franklin
FTSE
Japan
ETF
.............................................
233,583
6,112,867
a
Franklin
International
Core
Equity
(IU)
Fund
...............................
3,568,815
37,615,308
a
Franklin
International
Growth
Fund,
Class
R6
..............................
608,294
11,770,493
a
Templeton
Developing
Markets
Trust,
Class
R6
.............................
510,602
11,085,171
a
Templeton
Foreign
Fund,
Class
R6
......................................
2,850,645
16,932,833
111,202,667
Foreign
Fixed
Income
12.5%
a
Franklin
Liberty
High
Yield
Corporate
ETF
.................................
744,689
18,839,887
a
Franklin
Liberty
International
Aggregate
Bond
ETF
..........................
2,455,700
62,067,818
a
Franklin
Liberty
Investment
Grade
Corporate
ETF
...........................
1,963,175
52,259,719
a
Franklin
Liberty
Systematic
Style
Premia
ETF
..............................
268,450
6,049,172
a
Templeton
Global
Total
Return
Fund,
Class
R6
.............................
1,219,965
12,224,050
151,440,646
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$1,042,627,351)
..............................................................
1,198,105,264
a
a
a
a
Short
Term
Investments
1.2%
a
Money
Market
Funds
1.1%
a,b
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
......................
13,341,261
13,341,262
Total
Money
Market
Funds
(Cost
$13,341,262)
..................................
13,341,262
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited)
Franklin
Conservative
Allocation
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
2
See
Abbreviations
on
page
40
.
Short
Term
Investments
(continued)
a
a
Principal
Amount
a
Value
a
a
a
a
a
Repurchase
Agreements
0.1%
c
Joint
Repurchase
Agreement,
0.058%,
10/01/20
(Maturity
Value
$911,707)
BNP
Paribas
Securities
Corp.
(Maturity
Value
$353,405)
Deutsche
Bank
Securities,
Inc.
(Maturity
Value
$204,897)
HSBC
Securities
(USA),
Inc.
(Maturity
Value
$353,405)
Collateralized
by
U.S.
Government
Agency
Securities,
3.20%
-
4.00%,
11/29/32
-
3/20/50;
U.S.
Government
Agency
Strips,
11/15/33;
U.S.
Treasury
Bills,
Discount
Notes,
12/31/20
-
2/18/21;
U.S.
Treasury
Bonds,
Index
Linked,
1.75%,
1/15/28;
and
U.S.
Treasury
Notes,
0.32%
-
2.875%,
11/30/20
-
4/30/25
(valued
at
$930,103)
....
$
911,705
$
911,705
Total
Repurchase
Agreements
(Cost
$911,705)
..................................
911,705
Total
Short
Term
Investments
(Cost
$14,252,967
)
................................
14,252,967
a
Total
Investments
(Cost
$1,056,880,318)
100.0%
................................
$1,212,358,231
Other
Assets,
less
Liabilities
(0.0)%
†
...........................................
(155,573)
Net
Assets
100.0%
...........................................................
$1,212,202,658
†
Rounds
to
less
than
0.1%
of
net
assets.
a
See
Note
4
r
egarding
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
September
30,
2020,
all
repurchase
agreements
had
been
entered
into
on
that
date.
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited),
September
30,
2020
Franklin
Corefolio
Allocation
Fund
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
3
I
See
Abbreviations
on
page
40
.
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
99.9%
Domestic
Equity
75.5%
a
Franklin
Growth
Fund,
Class
R6
........................................
1,648,280
$
214,770,904
a,b
Franklin
Growth
Opportunities
Fund,
Class
R6
.............................
3,837,951
217,228,026
a
Franklin
Mutual
Shares
Fund,
Class
R6
...................................
8,913,875
199,849,088
631,848,018
Foreign
Equity
24.4%
a
Templeton
Growth
Fund,
Inc.,
Class
R6
...................................
9,925,728
204,668,512
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$575,557,483)
...............................................................
836,516,530
a
a
a
a
Short
Term
Investments
0.0%
a
Money
Market
Funds
0.0%
†
a,c
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
......................
151,635
151,635
Total
Money
Market
Funds
(Cost
$151,635)
.....................................
151,635
Total
Short
Term
Investments
(Cost
$151,635
)
..................................
151,635
a
Total
Investments
(Cost
$575,709,118)
99.9%
...................................
$836,668,165
Other
Assets,
less
Liabilities
0.1%
.............................................
380,875
Net
Assets
100.0%
...........................................................
$837,049,040
†
Rounds
to
less
than
0.1%
of
net
assets.
a
See
Note
4
r
egarding
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
Statement
of
Investments
(unaudited),
September
30,
2020
Franklin
Founding
Funds
Allocation
Fund
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
4
See
Abbreviations
on
page
40
.
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
100.1%
Domestic
Equity
33.4%
a
Franklin
Mutual
Shares
Fund,
Class
R6
...................................
44,670,315
$
1,001,508,453
Domestic
Hybrid
33.4%
a
Franklin
Income
Fund,
Class
R6
........................................
484,681,407
1,003,290,512
Foreign
Equity
33.3%
a
Templeton
Growth
Fund,
Inc.,
Class
R6
...................................
48,525,326
1,000,592,213
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$3,469,112,554)
..............................................................
3,005,391,178
a
a
a
a
a
Total
Investments
(Cost
$3,469,112,554)
100.1%
.................................
$3,005,391,178
Other
Assets,
less
Liabilities
(0.1)%
...........................................
(2,036,572)
Net
Assets
100.0%
...........................................................
$3,003,354,606
a
See
Note
4
r
egarding
investments
in
FT
Underlying
Funds.
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited),
September
30,
2020
Franklin
Growth
Allocation
Fund
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
5
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
99.3%
Domestic
Equity
58.6%
a
Franklin
Growth
Fund,
Class
R6
........................................
1,713,968
$
223,330,029
a
Franklin
LibertyQ
U.S.
Equity
ETF
.......................................
3,649,614
126,860,583
a
Franklin
Rising
Dividends
Fund,
Class
R6
.................................
1,547,134
111,718,541
a
Franklin
US
Core
Equity
(IU)
Fund
......................................
17,924,389
206,130,477
Invesco
QQQ
Trust
Series
1
ETF
.......................................
262,075
72,814,918
740,854,548
Domestic
Fixed
Income
14.6%
a
Franklin
Liberty
Short
Duration
U.S.
Government
ETF
........................
174,000
16,676,160
a
Franklin
Liberty
U.S.
Core
Bond
ETF
.....................................
3,926,075
103,020,208
a
Franklin
Liberty
U.S.
Treasury
Bond
ETF
..................................
828,900
20,909,002
a
Franklin
Low
Duration
Total
Return
Fund,
Class
R6
..........................
1,960,630
18,841,650
iShares
Core
U.S.
Aggregate
Bond
ETF
..................................
119,394
14,095,656
Schwab
U.S.
TIPS
ETF
...............................................
169,325
10,435,500
183,978,176
Foreign
Equity
21.3%
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
............................
4,148,567
43,518,468
a
Franklin
FTSE
Europe
ETF
............................................
1,188,362
27,189,723
a
Franklin
FTSE
Japan
ETF
.............................................
551,582
14,434,901
a
Franklin
International
Core
Equity
(IU)
Fund
...............................
8,361,953
88,134,983
a
Franklin
International
Growth
Fund,
Class
R6
..............................
1,436,653
27,799,241
a
Templeton
Developing
Markets
Trust,
Class
R6
.............................
1,338,529
29,059,475
a
Templeton
Foreign
Fund,
Class
R6
......................................
6,569,170
39,020,871
269,157,662
Foreign
Fixed
Income
4.8%
a
Franklin
Liberty
High
Yield
Corporate
ETF
.................................
242,035
6,123,243
a
Franklin
Liberty
International
Aggregate
Bond
ETF
..........................
744,475
18,816,606
a
Franklin
Liberty
Investment
Grade
Corporate
ETF
...........................
623,225
16,590,250
a
Franklin
Liberty
Systematic
Style
Premia
ETF
..............................
286,300
6,451,398
a
Templeton
Global
Total
Return
Fund,
Class
R6
.............................
1,301,482
13,040,854
61,022,351
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$968,817,091)
...............................................................
1,255,012,737
a
a
a
a
Short
Term
Investments
0.7%
a
Money
Market
Funds
0.6%
a,b
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
......................
7,977,571
7,977,571
Total
Money
Market
Funds
(Cost
$7,977,571)
...................................
7,977,571
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited)
Franklin
Growth
Allocation
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
6
See
Abbreviations
on
page
40
.
Short
Term
Investments
(continued)
a
a
Principal
Amount
a
Value
a
a
a
a
a
Repurchase
Agreements
0.1%
c
Joint
Repurchase
Agreement,
0.058%,
10/01/20
(Maturity
Value
$839,780)
BNP
Paribas
Securities
Corp.
(Maturity
Value
$325,524)
Deutsche
Bank
Securities,
Inc.
(Maturity
Value
$188,733)
HSBC
Securities
(USA),
Inc.
(Maturity
Value
$325,524)
Collateralized
by
U.S.
Government
Agency
Securities,
3.20%
-
4.00%,
11/29/32
-
3/20/50;
U.S.
Government
Agency
Strips,
11/15/33;
U.S.
Treasury
Bills,
Discount
Notes,
12/31/20
-
2/18/21;
U.S.
Treasury
Bonds,
Index
Linked,
1.75%,
1/15/28;
and
U.S.
Treasury
Notes,
0.32%
-
2.875%,
11/30/20
-
4/30/25
(valued
at
$856,725)
....
$
839,779
$
839,779
Total
Repurchase
Agreements
(Cost
$839,779)
..................................
839,779
Total
Short
Term
Investments
(Cost
$8,817,350
)
.................................
8,817,350
a
Total
Investments
(Cost
$977,634,441)
100.0%
..................................
$1,263,830,087
Other
Assets,
less
Liabilities
(0.0)%
†
...........................................
(130,900)
Net
Assets
100.0%
...........................................................
$1,263,699,187
†
Rounds
to
less
than
0.1%
of
net
assets.
a
See
Note
4
r
egarding
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
September
30,
2020,
all
repurchase
agreements
had
been
entered
into
on
that
date.
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited),
September
30,
2020
Franklin
LifeSmart™
Retirement
Income
Fund
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
7
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
89.6%
Domestic
Equity
11.4%
a
Franklin
LibertyQ
U.S.
Equity
ETF
.......................................
92,917
$
3,229,795
a
Franklin
US
Core
Equity
(IU)
Fund
......................................
246,731
2,837,408
6,067,203
Domestic
Fixed
Income
40.8%
a
Franklin
Liberty
U.S.
Core
Bond
ETF
.....................................
438,161
11,497,345
a
Franklin
Liberty
U.S.
Treasury
Bond
ETF
..................................
116,900
2,948,802
a
Franklin
US
Government
Securities
Fund,
Class
R6
.........................
655,886
4,014,022
iShares
Core
U.S.
Aggregate
Bond
ETF
..................................
12,992
1,533,835
Schwab
U.S.
TIPS
ETF
...............................................
26,200
1,614,706
21,608,710
Domestic
Hybrid
20.1%
a
Franklin
Income
Fund,
Class
R6
........................................
5,162,192
10,685,738
Foreign
Equity
3.8%
a
Franklin
International
Growth
Fund,
Class
R6
..............................
71,534
1,384,179
a
Templeton
Developing
Markets
Trust,
Class
R6
.............................
9,906
215,061
a
Templeton
Foreign
Fund,
Class
R6
......................................
71,357
423,859
2,023,099
Foreign
Fixed
Income
13.5%
a
Franklin
Liberty
High
Yield
Corporate
ETF
.................................
41,375
1,046,746
a
Franklin
Liberty
International
Aggregate
Bond
ETF
..........................
42,475
1,073,556
a
Franklin
Liberty
Investment
Grade
Corporate
ETF
...........................
179,800
4,786,276
iShares
J.P.
Morgan
USD
Emerging
Markets
Bond
ETF
.......................
2,350
260,591
7,167,169
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$46,538,254)
................................................................
47,551,919
Units
a
a
a
a
Index-Linked
Notes
9.2%
Capital
Markets
9.2%
b,c
Credit
Suisse
AG,
Senior
Unsecured
Note,
144A,
11.06%,
2/08/21
..............
800
2,371,368
b,c
UBS
AG,
Senior
Unsecured
Note,
144A,
0%,
5/07/21
........................
2,500
2,475,225
4,846,593
Total
Index-Linked
Notes
(Cost
$4,911,880)
.....................................
4,846,593
Total
Long
Term
Investments
(Cost
$51,450,134)
................................
52,398,512
a
a
a
a
a
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited)
Franklin
LifeSmart™
Retirement
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
8
See
Abbreviations
on
page
40
.
Short
Term
Investments
2.2%
a
a
Shares
a
Value
a
Money
Market
Funds
2.2%
a,d
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
......................
1,161,575
$
1,161,575
Total
Money
Market
Funds
(Cost
$1,161,575)
...................................
1,161,575
Total
Short
Term
Investments
(Cost
$1,161,575
)
.................................
1,161,575
a
Total
Investments
(Cost
$52,611,709)
101.0%
...................................
$53,560,087
Other
Assets,
less
Liabilities
(1.0)%
...........................................
(508,808)
Net
Assets
100.0%
...........................................................
$53,051,279
a
See
Note
4
r
egarding
investments
in
FT
Underlying
Funds.
b
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.
c
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
September
30,
2020,
the
aggregate
value
of
these
securities
was
$4,846,593,
representing
9.1%
of
net
assets.
d
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited),
September
30,
2020
Franklin
LifeSmart™
2020
Retirement
Target
Fund
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
9
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
98.9%
Domestic
Equity
35.1%
a
Franklin
Growth
Fund,
Class
R6
........................................
34,602
$
4,508,676
a
Franklin
LibertyQ
U.S.
Equity
ETF
.......................................
71,812
2,496,185
a
Franklin
Rising
Dividends
Fund,
Class
R6
.................................
30,571
2,207,511
a
Franklin
US
Core
Equity
(IU)
Fund
......................................
355,406
4,087,166
Invesco
QQQ
Trust
Series
1
ETF
.......................................
5,125
1,423,930
14,723,468
Domestic
Fixed
Income
39.8%
a
Franklin
Liberty
Short
Duration
U.S.
Government
ETF
........................
15,750
1,509,480
a
Franklin
Liberty
U.S.
Core
Bond
ETF
.....................................
354,544
9,303,235
a
Franklin
Liberty
U.S.
Treasury
Bond
ETF
..................................
75,100
1,894,398
a
Franklin
Low
Duration
Total
Return
Fund,
Class
R6
..........................
174,818
1,680,005
iShares
Core
U.S.
Aggregate
Bond
ETF
..................................
11,208
1,323,216
Schwab
U.S.
TIPS
ETF
...............................................
15,325
944,480
16,654,814
Foreign
Equity
14.0%
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
............................
84,171
882,957
a
Franklin
FTSE
Europe
ETF
............................................
26,597
608,539
a
Franklin
FTSE
Japan
ETF
.............................................
12,044
315,191
a
Franklin
International
Core
Equity
(IU)
Fund
...............................
188,162
1,983,231
a
Franklin
International
Growth
Fund,
Class
R6
..............................
32,381
626,571
a
Templeton
Developing
Markets
Trust,
Class
R6
.............................
27,022
586,646
a
Templeton
Foreign
Fund,
Class
R6
......................................
146,523
870,345
5,873,480
Foreign
Fixed
Income
10.0%
a
Franklin
Liberty
High
Yield
Corporate
ETF
.................................
21,929
554,782
a
Franklin
Liberty
International
Aggregate
Bond
ETF
..........................
60,225
1,522,187
a
Franklin
Liberty
Investment
Grade
Corporate
ETF
...........................
56,450
1,502,699
a
Franklin
Liberty
Systematic
Style
Premia
ETF
..............................
9,225
207,873
a
Templeton
Global
Total
Return
Fund,
Class
R6
.............................
42,009
420,932
4,208,473
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$37,367,326)
................................................................
41,460,235
a
a
a
a
Short
Term
Investments
1.0%
a
Money
Market
Funds
1.0%
a,b
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
......................
403,594
403,594
Total
Money
Market
Funds
(Cost
$403,594)
.....................................
403,594
Total
Short
Term
Investments
(Cost
$403,594
)
..................................
403,594
a
Total
Investments
(Cost
$37,770,920)
99.9%
....................................
$41,863,829
Other
Assets,
less
Liabilities
0.1%
.............................................
74,773
Net
Assets
100.0%
...........................................................
$41,938,602
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited)
Franklin
LifeSmart™
2020
Retirement
Target
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
10
See
Abbreviations
on
page
40
.
a
See
Note
4
r
egarding
investments
in
FT
Underlying
Funds.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited),
September
30,
2020
Franklin
LifeSmart™
2025
Retirement
Target
Fund
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
11
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
98.8%
Domestic
Equity
41.2%
a
Franklin
Growth
Fund,
Class
R6
........................................
124,898
$
16,274,169
a
Franklin
LibertyQ
U.S.
Equity
ETF
.......................................
266,721
9,271,222
a
Franklin
Rising
Dividends
Fund,
Class
R6
.................................
113,082
8,165,636
a
Franklin
US
Core
Equity
(IU)
Fund
......................................
1,275,650
14,669,976
Invesco
QQQ
Trust
Series
1
ETF
.......................................
18,850
5,237,284
53,618,287
Domestic
Fixed
Income
32.0%
a
Franklin
Liberty
Short
Duration
U.S.
Government
ETF
........................
38,900
3,728,176
a
Franklin
Liberty
U.S.
Core
Bond
ETF
.....................................
886,301
23,256,538
a
Franklin
Liberty
U.S.
Treasury
Bond
ETF
..................................
185,375
4,676,084
a
Franklin
Low
Duration
Total
Return
Fund,
Class
R6
..........................
438,556
4,214,521
iShares
Core
U.S.
Aggregate
Bond
ETF
..................................
27,660
3,265,540
Schwab
U.S.
TIPS
ETF
...............................................
37,500
2,311,125
41,451,984
Foreign
Equity
17.4%
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
............................
361,943
3,796,786
a
Franklin
FTSE
Europe
ETF
............................................
95,796
2,191,812
a
Franklin
FTSE
Japan
ETF
.............................................
44,455
1,163,387
a
Franklin
International
Core
Equity
(IU)
Fund
...............................
688,011
7,251,640
a
Franklin
International
Growth
Fund,
Class
R6
..............................
118,577
2,294,471
a
Templeton
Developing
Markets
Trust,
Class
R6
.............................
121,271
2,632,791
a
Templeton
Foreign
Fund,
Class
R6
......................................
544,145
3,232,221
22,563,108
Foreign
Fixed
Income
8.2%
a
Franklin
Liberty
High
Yield
Corporate
ETF
.................................
54,126
1,369,334
a
Franklin
Liberty
International
Aggregate
Bond
ETF
..........................
139,875
3,535,341
a
Franklin
Liberty
Investment
Grade
Corporate
ETF
...........................
139,375
3,710,163
a
Franklin
Liberty
Systematic
Style
Premia
ETF
..............................
28,600
644,464
a
Templeton
Global
Total
Return
Fund,
Class
R6
.............................
130,055
1,303,151
10,562,453
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$109,536,167)
...............................................................
128,195,832
a
a
a
a
Short
Term
Investments
1.4%
a
Money
Market
Funds
1.2%
a,b
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
......................
1,557,413
1,557,413
Total
Money
Market
Funds
(Cost
$1,557,413)
...................................
1,557,413
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited)
Franklin
LifeSmart™
2025
Retirement
Target
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
12
See
Abbreviations
on
page
40
.
Short
Term
Investments
(continued)
a
a
Principal
Amount
a
Value
a
a
a
a
a
Repurchase
Agreements
0.2%
c
Joint
Repurchase
Agreement,
0.058%,
10/01/20
(Maturity
Value
$298,063)
BNP
Paribas
Securities
Corp.
(Maturity
Value
$115,538)
Deutsche
Bank
Securities,
Inc.
(Maturity
Value
$66,986)
HSBC
Securities
(USA),
Inc.
(Maturity
Value
$115,538)
Collateralized
by
U.S.
Government
Agency
Securities,
3.20%
-
4.00%,
11/29/32
-
3/20/50;
U.S.
Government
Agency
Strips,
11/15/33;
U.S.
Treasury
Bills,
Discount
Notes,
12/31/20
-
2/18/21;
U.S.
Treasury
Bonds,
Index
Linked,
1.75%,
1/15/28;
and
U.S.
Treasury
Notes,
0.32%
-
2.875%,
11/30/20
-
4/30/25
(valued
at
$304,077)
....
$
298,062
$
298,062
Total
Repurchase
Agreements
(Cost
$298,062)
..................................
298,062
Total
Short
Term
Investments
(Cost
$1,855,475
)
.................................
1,855,475
a
Total
Investments
(Cost
$111,391,642)
100.2%
..................................
$130,051,307
Other
Assets,
less
Liabilities
(0.2)%
...........................................
(329,851)
Net
Assets
100.0%
...........................................................
$129,721,456
a
See
Note
4
r
egarding
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
September
30,
2020,
all
repurchase
agreements
had
been
entered
into
on
that
date.
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited),
September
30,
2020
Franklin
LifeSmart™
2030
Retirement
Target
Fund
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
13
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
99.1%
Domestic
Equity
49.3%
a
Franklin
Growth
Fund,
Class
R6
........................................
73,080
$
9,522,339
a
Franklin
LibertyQ
U.S.
Equity
ETF
.......................................
153,553
5,337,502
a
Franklin
Rising
Dividends
Fund,
Class
R6
.................................
65,112
4,701,748
a
Franklin
US
Core
Equity
(IU)
Fund
......................................
759,710
8,736,663
Invesco
QQQ
Trust
Series
1
ETF
.......................................
11,051
3,070,410
31,368,662
Domestic
Fixed
Income
22.6%
a
Franklin
Liberty
Short
Duration
U.S.
Government
ETF
........................
13,481
1,292,019
a
Franklin
Liberty
U.S.
Core
Bond
ETF
.....................................
306,702
8,047,861
a
Franklin
Liberty
U.S.
Treasury
Bond
ETF
..................................
63,791
1,609,128
a
Franklin
Low
Duration
Total
Return
Fund,
Class
R6
..........................
151,143
1,452,488
iShares
Core
U.S.
Aggregate
Bond
ETF
..................................
9,561
1,128,772
Schwab
U.S.
TIPS
ETF
...............................................
13,151
810,496
14,340,764
Foreign
Equity
21.1%
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
............................
234,048
2,455,169
a
Franklin
FTSE
Europe
ETF
............................................
56,256
1,287,137
a
Franklin
FTSE
Japan
ETF
.............................................
24,569
642,971
a
Franklin
International
Core
Equity
(IU)
Fund
...............................
396,985
4,184,224
a
Franklin
International
Growth
Fund,
Class
R6
..............................
68,036
1,316,490
a
Templeton
Developing
Markets
Trust,
Class
R6
.............................
76,691
1,664,961
a
Templeton
Foreign
Fund,
Class
R6
......................................
311,011
1,847,406
13,398,358
Foreign
Fixed
Income
6.1%
a
Franklin
Liberty
High
Yield
Corporate
ETF
.................................
19,661
497,404
a
Franklin
Liberty
International
Aggregate
Bond
ETF
..........................
44,458
1,123,676
a
Franklin
Liberty
Investment
Grade
Corporate
ETF
...........................
48,394
1,288,248
a
Franklin
Liberty
Systematic
Style
Premia
ETF
..............................
14,475
326,175
a
Templeton
Global
Total
Return
Fund,
Class
R6
.............................
62,502
626,271
3,861,774
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$54,732,915)
................................................................
62,969,558
a
a
a
a
Short
Term
Investments
0.8%
a
Money
Market
Funds
0.3%
a,b
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
......................
217,063
217,063
Total
Money
Market
Funds
(Cost
$217,063)
.....................................
217,063
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited)
Franklin
LifeSmart™
2030
Retirement
Target
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
14
See
Abbreviations
on
page
40
.
Short
Term
Investments
(continued)
a
a
Principal
Amount
a
Value
a
a
a
a
a
Repurchase
Agreements
0.5%
c
Joint
Repurchase
Agreement,
0.058%,
10/01/20
(Maturity
Value
$303,458)
BNP
Paribas
Securities
Corp.
(Maturity
Value
$117,629)
Deutsche
Bank
Securities,
Inc.
(Maturity
Value
$68,200)
HSBC
Securities
(USA),
Inc.
(Maturity
Value
$117,629)
Collateralized
by
U.S.
Government
Agency
Securities,
3.20%
-
4.00%,
11/29/32
-
3/20/50;
U.S.
Government
Agency
Strips,
11/15/33;
U.S.
Treasury
Bills,
Discount
Notes,
12/31/20
-
2/18/21;
U.S.
Treasury
Bonds,
Index
Linked,
1.75%,
1/15/28;
and
U.S.
Treasury
Notes,
0.32%
-
2.875%,
11/30/20
-
4/30/25
(valued
at
$309,581)
....
$
303,457
$
303,457
Total
Repurchase
Agreements
(Cost
$303,457)
..................................
303,457
Total
Short
Term
Investments
(Cost
$520,520
)
..................................
520,520
a
Total
Investments
(Cost
$55,253,435)
99.9%
....................................
$63,490,078
Other
Assets,
less
Liabilities
0.1%
.............................................
27,905
Net
Assets
100.0%
...........................................................
$63,517,983
a
See
Note
4
r
egarding
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
September
30,
2020,
all
repurchase
agreements
had
been
entered
into
on
that
date.
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited),
September
30,
2020
Franklin
LifeSmart™
2035
Retirement
Target
Fund
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
15
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
99.1%
Domestic
Equity
53.2%
a
Franklin
Growth
Fund,
Class
R6
........................................
160,580
$
20,923,610
a
Franklin
LibertyQ
U.S.
Equity
ETF
.......................................
342,501
11,905,335
a
Franklin
Rising
Dividends
Fund,
Class
R6
.................................
145,010
10,471,193
a
Franklin
US
Core
Equity
(IU)
Fund
......................................
1,671,210
19,218,918
Invesco
QQQ
Trust
Series
1
ETF
.......................................
24,525
6,814,026
69,333,082
Domestic
Fixed
Income
16.4%
a
Franklin
Liberty
Short
Duration
U.S.
Government
ETF
........................
20,100
1,926,384
a
Franklin
Liberty
U.S.
Core
Bond
ETF
.....................................
453,315
11,894,986
a
Franklin
Liberty
U.S.
Treasury
Bond
ETF
..................................
95,825
2,417,186
a
Franklin
Low
Duration
Total
Return
Fund,
Class
R6
..........................
226,686
2,178,457
iShares
Core
U.S.
Aggregate
Bond
ETF
..................................
13,812
1,630,645
Schwab
U.S.
TIPS
ETF
...............................................
18,900
1,164,807
21,212,465
Foreign
Equity
24.5%
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
............................
621,065
6,514,976
a
Franklin
FTSE
Europe
ETF
............................................
126,032
2,883,612
a
Franklin
FTSE
Japan
ETF
.............................................
58,492
1,530,736
a
Franklin
International
Core
Equity
(IU)
Fund
...............................
887,310
9,352,249
a
Franklin
International
Growth
Fund,
Class
R6
..............................
152,397
2,948,880
a
Templeton
Developing
Markets
Trust,
Class
R6
.............................
203,622
4,420,624
a
Templeton
Foreign
Fund,
Class
R6
......................................
696,698
4,138,384
31,789,461
Foreign
Fixed
Income
5.0%
a
Franklin
Liberty
High
Yield
Corporate
ETF
.................................
27,977
707,790
a
Franklin
Liberty
International
Aggregate
Bond
ETF
..........................
79,875
2,018,841
a
Franklin
Liberty
Investment
Grade
Corporate
ETF
...........................
72,025
1,917,305
a
Franklin
Liberty
Systematic
Style
Premia
ETF
..............................
29,400
662,491
a
Templeton
Global
Total
Return
Fund,
Class
R6
.............................
133,716
1,339,834
6,646,261
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$106,028,719)
...............................................................
128,981,269
a
a
a
a
Short
Term
Investments
1.0%
a
Money
Market
Funds
1.0%
a,b
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
......................
1,316,119
1,316,119
Total
Money
Market
Funds
(Cost
$1,316,119)
...................................
1,316,119
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited)
Franklin
LifeSmart™
2035
Retirement
Target
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
16
See
Abbreviations
on
page
40
.
Short
Term
Investments
(continued)
a
a
Principal
Amount
a
Value
a
a
a
a
a
Repurchase
Agreements
0.0%
†
c
Joint
Repurchase
Agreement,
0.058%,
10/01/20
(Maturity
Value
$21,486)
BNP
Paribas
Securities
Corp.
(Maturity
Value
$8,329)
Deutsche
Bank
Securities,
Inc.
(Maturity
Value
$4,828)
HSBC
Securities
(USA),
Inc.
(Maturity
Value
$8,329)
Collateralized
by
U.S.
Government
Agency
Securities,
3.20%
-
4.00%,
11/29/32
-
3/20/50;
U.S.
Government
Agency
Strips,
11/15/33;
U.S.
Treasury
Bills,
Discount
Notes,
12/31/20
-
2/18/21;
U.S.
Treasury
Bonds,
Index
Linked,
1.75%,
1/15/28;
and
U.S.
Treasury
Notes,
0.32%
-
2.875%,
11/30/20
-
4/30/25
(valued
at
$21,920)
....
$
21,486
$
21,486
Total
Repurchase
Agreements
(Cost
$21,486)
...................................
21,486
Total
Short
Term
Investments
(Cost
$1,337,605
)
.................................
1,337,605
a
Total
Investments
(Cost
$107,366,324)
100.1%
..................................
$130,318,874
Other
Assets,
less
Liabilities
(0.1)%
...........................................
(212,441)
Net
Assets
100.0%
...........................................................
$130,106,433
†
Rounds
to
less
than
0.1%
of
net
assets.
a
See
Note
4
r
egarding
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
September
30,
2020,
all
repurchase
agreements
had
been
entered
into
on
that
date.
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited),
September
30,
2020
Franklin
LifeSmart™
2040
Retirement
Target
Fund
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
17
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
98.9%
Domestic
Equity
59.4%
a
Franklin
Growth
Fund,
Class
R6
........................................
73,281
$
9,548,558
a
Franklin
LibertyQ
U.S.
Equity
ETF
.......................................
154,898
5,384,254
a
Franklin
Rising
Dividends
Fund,
Class
R6
.................................
65,312
4,716,199
a
Franklin
US
Core
Equity
(IU)
Fund
......................................
760,276
8,743,173
Invesco
QQQ
Trust
Series
1
ETF
.......................................
10,900
3,028,456
31,420,640
Domestic
Fixed
Income
10.4%
a
Franklin
Liberty
Short
Duration
U.S.
Government
ETF
........................
5,125
491,180
a
Franklin
Liberty
U.S.
Core
Bond
ETF
.....................................
117,523
3,083,804
a
Franklin
Liberty
U.S.
Treasury
Bond
ETF
..................................
24,500
618,012
a
Franklin
Low
Duration
Total
Return
Fund,
Class
R6
..........................
58,005
557,431
iShares
Core
U.S.
Aggregate
Bond
ETF
..................................
3,653
431,273
Schwab
U.S.
TIPS
ETF
...............................................
5,000
308,150
5,489,850
Foreign
Equity
27.3%
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
............................
271,923
2,852,475
a
Franklin
FTSE
Europe
ETF
............................................
58,352
1,335,094
a
Franklin
FTSE
Japan
ETF
.............................................
27,096
709,102
a
Franklin
International
Core
Equity
(IU)
Fund
...............................
416,308
4,387,890
a
Franklin
International
Growth
Fund,
Class
R6
..............................
71,670
1,386,818
a
Templeton
Developing
Markets
Trust,
Class
R6
.............................
86,381
1,875,339
a
Templeton
Foreign
Fund,
Class
R6
......................................
322,681
1,916,728
14,463,446
Foreign
Fixed
Income
1.8%
a
Franklin
Liberty
High
Yield
Corporate
ETF
.................................
7,155
181,014
a
Franklin
Liberty
Investment
Grade
Corporate
ETF
...........................
18,425
490,474
a
Franklin
Liberty
Systematic
Style
Premia
ETF
..............................
11,775
265,334
936,822
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$44,282,157)
................................................................
52,310,758
a
a
a
a
Short
Term
Investments
1.0%
a
Money
Market
Funds
1.0%
a,b
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
......................
531,686
531,686
Total
Money
Market
Funds
(Cost
$531,686)
.....................................
531,686
Total
Short
Term
Investments
(Cost
$531,686
)
..................................
531,686
a
Total
Investments
(Cost
$44,813,843)
99.9%
....................................
$52,842,444
Other
Assets,
less
Liabilities
0.1%
.............................................
58,697
Net
Assets
100.0%
...........................................................
$52,901,141
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited)
Franklin
LifeSmart™
2040
Retirement
Target
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
18
See
Abbreviations
on
page
40
.
a
See
Note
4
regarding
investments
in
FT
Underlying
Funds.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited),
September
30,
2020
Franklin
LifeSmart™
2045
Retirement
Target
Fund
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
19
See
Abbreviations
on
page
40
.
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
98.9%
Domestic
Equity
64.0%
a
Franklin
Growth
Fund,
Class
R6
........................................
133,829
$
17,437,879
a
Franklin
LibertyQ
U.S.
Equity
ETF
.......................................
285,942
9,939,344
a
Franklin
Rising
Dividends
Fund,
Class
R6
.................................
121,239
8,754,663
a
Franklin
US
Core
Equity
(IU)
Fund
......................................
1,405,561
16,163,956
Invesco
QQQ
Trust
Series
1
ETF
.......................................
20,525
5,702,666
57,998,508
Domestic
Fixed
Income
5.4%
a
Franklin
Liberty
U.S.
Core
Bond
ETF
.....................................
93,471
2,452,679
iShares
Core
U.S.
Aggregate
Bond
ETF
..................................
20,827
2,458,836
4,911,515
Foreign
Equity
29.0%
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
............................
508,852
5,337,861
a
Franklin
FTSE
Europe
ETF
............................................
104,754
2,396,771
a
Franklin
FTSE
Japan
ETF
.............................................
48,618
1,272,333
a
Franklin
International
Core
Equity
(IU)
Fund
...............................
733,723
7,733,437
a
Franklin
International
Growth
Fund,
Class
R6
..............................
126,670
2,451,057
a
Templeton
Developing
Markets
Trust,
Class
R6
.............................
167,688
3,640,507
a
Templeton
Foreign
Fund,
Class
R6
......................................
579,088
3,439,781
26,271,747
Foreign
Fixed
Income
0.5%
a
Franklin
Liberty
Systematic
Style
Premia
ETF
..............................
20,575
463,631
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$71,650,779)
................................................................
89,645,401
a
a
a
a
Short
Term
Investments
1.0%
a
Money
Market
Funds
1.0%
a,b
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
......................
883,929
883,929
Total
Money
Market
Funds
(Cost
$883,929)
.....................................
883,929
Total
Short
Term
Investments
(Cost
$883,929
)
..................................
883,929
a
Total
Investments
(Cost
$72,534,708)
99.9%
....................................
$90,529,330
Other
Assets,
less
Liabilities
0.1%
.............................................
87,248
Net
Assets
100.0%
...........................................................
$90,616,578
a
See
Note
4
regarding
investments
in
FT
Underlying
Funds.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited),
September
30,
2020
Franklin
LifeSmart™
2050
Retirement
Target
Fund
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
20
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
98.9%
Domestic
Equity
64.7%
a
Franklin
Growth
Fund,
Class
R6
........................................
70,608
$
9,200,270
a
Franklin
LibertyQ
U.S.
Equity
ETF
.......................................
149,717
5,204,163
a
Franklin
Rising
Dividends
Fund,
Class
R6
.................................
63,129
4,558,568
a
Franklin
US
Core
Equity
(IU)
Fund
......................................
730,246
8,397,830
Invesco
QQQ
Trust
Series
1
ETF
.......................................
10,875
3,021,510
30,382,341
Domestic
Fixed
Income
3.6%
a
Franklin
Liberty
U.S.
Core
Bond
ETF
.....................................
32,293
847,368
iShares
Core
U.S.
Aggregate
Bond
ETF
..................................
7,171
846,608
1,693,976
Foreign
Equity
30.1%
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
............................
259,310
2,720,157
a
Franklin
FTSE
Europe
ETF
............................................
58,400
1,336,192
a
Franklin
FTSE
Japan
ETF
.............................................
27,089
708,919
a
Franklin
International
Core
Equity
(IU)
Fund
...............................
403,393
4,251,764
a
Franklin
International
Growth
Fund,
Class
R6
..............................
70,616
1,366,412
a
Templeton
Developing
Markets
Trust,
Class
R6
.............................
87,590
1,901,582
a
Templeton
Foreign
Fund,
Class
R6
......................................
322,821
1,917,558
14,202,584
Foreign
Fixed
Income
0.5%
a
Franklin
Liberty
Systematic
Style
Premia
ETF
..............................
10,625
239,421
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$38,949,574)
................................................................
46,518,322
a
a
a
a
Short
Term
Investments
1.0%
a
Money
Market
Funds
1.0%
a,b
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
......................
467,356
467,356
Total
Money
Market
Funds
(Cost
$467,356)
.....................................
467,356
Principal
Amount
a
a
a
a
Repurchase
Agreements
0.0%
†
c
Joint
Repurchase
Agreement,
0.058%,
10/01/20
(Maturity
Value
$24,316)
BNP
Paribas
Securities
Corp.
(Maturity
Value
$9,426)
Deutsche
Bank
Securities,
Inc.
(Maturity
Value
$5,464)
HSBC
Securities
(USA),
Inc.
(Maturity
Value
$9,426)
Collateralized
by
U.S.
Government
Agency
Securities,
3.20%
-
4.00%,
11/29/32
-
3/20/50;
U.S.
Government
Agency
Strips,
11/15/33;
U.S.
Treasury
Bills,
Discount
Notes,
12/31/20
-
2/18/21;
U.S.
Treasury
Bonds,
Index
Linked,
1.75%,
1/15/28;
and
U.S.
Treasury
Notes,
0.32%
-
2.875%,
11/30/20
-
4/30/25
(valued
at
$24,807)
....
$
24,316
24,316
Total
Repurchase
Agreements
(Cost
$24,316)
...................................
24,316
Total
Short
Term
Investments
(Cost
$491,672
)
..................................
491,672
a
Total
Investments
(Cost
$39,441,246)
99.9%
....................................
$47,009,994
Other
Assets,
less
Liabilities
0.1%
.............................................
36,103
Net
Assets
100.0%
...........................................................
$47,046,097
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited)
Franklin
LifeSmart™
2050
Retirement
Target
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
21
See
Abbreviations
on
page
40
.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
See
Note
4
r
egarding
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
September
30,
2020,
all
repurchase
agreements
had
been
entered
into
on
that
date.
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited),
September
30,
2020
Franklin
LifeSmart™
2055
Retirement
Target
Fund
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
22
I
See
Abbreviations
on
page
40
.
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
98.7%
Domestic
Equity
64.7%
a
Franklin
Growth
Fund,
Class
R6
........................................
37,881
$
4,935,843
a
Franklin
LibertyQ
U.S.
Equity
ETF
.......................................
80,325
2,792,097
a
Franklin
Rising
Dividends
Fund,
Class
R6
.................................
33,987
2,454,169
a
Franklin
US
Core
Equity
(IU)
Fund
......................................
396,058
4,554,665
Invesco
QQQ
Trust
Series
1
ETF
.......................................
5,950
1,653,148
16,389,922
Domestic
Fixed
Income
3.6%
a
Franklin
Liberty
U.S.
Core
Bond
ETF
.....................................
17,141
449,780
iShares
Core
U.S.
Aggregate
Bond
ETF
..................................
3,797
448,274
898,054
Foreign
Equity
29.9%
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
............................
138,269
1,450,443
a
Franklin
FTSE
Europe
ETF
............................................
31,008
709,463
a
Franklin
FTSE
Japan
ETF
.............................................
14,400
376,848
a
Franklin
International
Core
Equity
(IU)
Fund
...............................
215,084
2,266,989
a
Franklin
International
Growth
Fund,
Class
R6
..............................
37,737
730,213
a
Templeton
Developing
Markets
Trust,
Class
R6
.............................
47,070
1,021,881
a
Templeton
Foreign
Fund,
Class
R6
......................................
173,164
1,028,592
7,584,429
Foreign
Fixed
Income
0.5%
a
Franklin
Liberty
Systematic
Style
Premia
ETF
..............................
5,650
127,316
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$21,618,115)
................................................................
24,999,721
a
a
a
a
Short
Term
Investments
1.3%
a
Money
Market
Funds
1.3%
a,b
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
......................
338,911
338,911
Total
Money
Market
Funds
(Cost
$338,911)
.....................................
338,911
Total
Short
Term
Investments
(Cost
$338,911
)
..................................
338,911
a
Total
Investments
(Cost
$21,957,026)
100.0%
...................................
$25,338,632
Other
Assets,
less
Liabilities
(0.0)%
†
...........................................
(7,296)
Net
Assets
100.0%
...........................................................
$25,331,336
†
Rounds
to
less
than
0.1%
of
net
assets.
a
See
Note
4
r
egarding
investments
in
FT
Underlying
Funds.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited),
September
30,
2020
Franklin
Moderate
Allocation
Fund
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
23
I
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
99.3%
Domestic
Equity
45.1%
a
Franklin
Growth
Fund,
Class
R6
........................................
1,961,540
$
255,588,708
a
Franklin
LibertyQ
U.S.
Equity
ETF
.......................................
4,178,780
145,254,393
a
Franklin
Rising
Dividends
Fund,
Class
R6
.................................
1,776,856
128,306,745
a
Franklin
US
Core
Equity
(IU)
Fund
......................................
20,321,370
233,695,755
Invesco
QQQ
Trust
Series
1
ETF
.......................................
297,050
82,532,372
845,377,973
Domestic
Fixed
Income
30.9%
a
Franklin
Liberty
Short
Duration
U.S.
Government
ETF
........................
548,100
52,529,904
a
Franklin
Liberty
U.S.
Core
Bond
ETF
.....................................
12,307,198
322,940,875
a
Franklin
Liberty
U.S.
Treasury
Bond
ETF
..................................
2,611,075
65,864,367
a
Franklin
Low
Duration
Total
Return
Fund,
Class
R6
..........................
6,175,964
59,351,018
iShares
Core
U.S.
Aggregate
Bond
ETF
..................................
380,143
44,879,683
Schwab
U.S.
TIPS
ETF
...............................................
533,425
32,874,983
578,440,830
Foreign
Equity
14.7%
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
............................
4,078,504
42,783,509
a
Franklin
FTSE
Europe
ETF
............................................
1,241,021
28,394,560
a
Franklin
FTSE
Japan
ETF
.............................................
576,049
15,075,202
a
Franklin
International
Core
Equity
(IU)
Fund
...............................
8,712,070
91,825,218
a
Franklin
International
Growth
Fund,
Class
R6
..............................
1,500,192
29,028,717
a
Templeton
Developing
Markets
Trust,
Class
R6
.............................
1,284,741
27,891,731
a
Templeton
Foreign
Fund,
Class
R6
......................................
6,859,077
40,742,920
275,741,857
Foreign
Fixed
Income
8.6%
a
Franklin
Liberty
High
Yield
Corporate
ETF
.................................
762,426
19,288,615
a
Franklin
Liberty
International
Aggregate
Bond
ETF
..........................
2,433,575
61,508,608
a
Franklin
Liberty
Investment
Grade
Corporate
ETF
...........................
1,963,200
52,260,384
a
Franklin
Liberty
Systematic
Style
Premia
ETF
..............................
421,300
9,493,448
a
Templeton
Global
Total
Return
Fund,
Class
R6
.............................
1,914,599
19,184,285
161,735,340
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$1,521,009,159)
..............................................................
1,861,296,000
a
a
a
a
Short
Term
Investments
0.8%
a
Money
Market
Funds
0.7%
a,b
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
......................
12,751,909
12,751,909
Total
Money
Market
Funds
(Cost
$12,751,909)
..................................
12,751,909
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited)
Franklin
Moderate
Allocation
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
24
See
Abbreviations
on
page
40
.
Short
Term
Investments
(continued)
a
a
Principal
Amount
a
Value
a
a
a
a
a
Repurchase
Agreements
0.1%
c
Joint
Repurchase
Agreement,
0.058%,
10/01/20
(Maturity
Value
$1,742,133)
BNP
Paribas
Securities
Corp.
(Maturity
Value
$675,303)
Deutsche
Bank
Securities,
Inc.
(Maturity
Value
$391,527)
HSBC
Securities
(USA),
Inc.
(Maturity
Value
$675,303)
Collateralized
by
U.S.
Government
Agency
Securities,
3.20%
-
4.00%,
11/29/32
-
3/20/50;
U.S.
Government
Agency
Strips,
11/15/33;
U.S.
Treasury
Bills,
Discount
Notes,
12/31/20
-
2/18/21;
U.S.
Treasury
Bonds,
Index
Linked,
1.75%,
1/15/28;
and
U.S.
Treasury
Notes,
0.32%
-
2.875%,
11/30/20
-
4/30/25
(valued
at
$1,777,285)
..
$
1,742,130
$
1,742,130
Total
Repurchase
Agreements
(Cost
$1,742,130)
................................
1,742,130
Total
Short
Term
Inves
tments
(Cost
$14,494,039
)
................................
14,494,039
a
Total
Investments
(Cost
$1,535,503,198)
100.1%
................................
$1,875,790,039
Other
Assets,
less
Liabilities
(0.1)%
...........................................
(1,589,285)
Net
Assets
100.0%
...........................................................
$1,874,200,754
a
See
Note
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
September
30,
2020,
all
repurchase
agreements
had
been
entered
into
on
that
date.
Franklin
Fund
Allocator
Series
25
Quarterly
Statement
of
Investments
Notes
to
Statements
of
Investments
(unaudited)
1.
Organization
Franklin
Fund
Allocator
Series (Trust)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company,
consisting
of twenty-five
separate
funds, fourteen
of
which
are
included
in
this
report
(Funds)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP).
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
Fund’s
Board
of
Trustees
(the
Board),
the
Funds’
administrator
has
responsibility
for
oversight
of
valuation,
including
leading
the
cross-functional
Valuation
Committee
(VC).
The
Funds
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value. 
Investments
in
the
Underlying
Funds
are
valued
at
their
closing
NAV
each
trading
day.
ETFs
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price
of
the
day,
respectively.
Debt
securities
generally
trade
in
the
over-the-counter
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
repurchase
agreements
are
valued
at
cost,
which
approximates
fair
value.
The
Funds
have procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the
Funds
primarily employ
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
book
values,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed. 
3.
Novel
Coronavirus
Pandemic 
The
global
outbreak
of
the
novel
coronavirus
disease,
known
as
COVID-19, has
caused
adverse
effects
on
many
companies,
sectors,
nations,
regions
and
the
markets
in
general, and
may
continue for
an unpredictable duration.
The
effects
of
this
pandemic
may
materially
impact
the
value
and
performance
of
the
Funds, their ability
to
buy
and
sell
fund
investments
at
appropriate
valuations
and their ability
to
achieve their investment
objectives.
Franklin
Fund
Allocator
Series
Notes
to
Statements
of
Investments
(unaudited)
26
Quarterly
Statement
of
Investments
4.
Investments
in
FT
Underlying
Funds  
The
Funds,
which
are
managed
by
Franklin
Advisers,
Inc.
(Advisers)
and/or
administered
by
Franklin
Templeton
Services,
LLC
(FT
Services),
invest
in
FT
Underlying
Funds
which
are
managed
by
Advisers
or
an
affiliate
of
Advisers
or
FT
Services.
The
Funds
do
not
invest
in
FT
Underlying
Funds
for
the
purpose
of
exercising
a
controlling
influence
over
the
management
or
policies.
Investments
in
FT
Underlying
Funds
for
the
nine
months
ended
September
30,
2020,
were
as
follows:
a
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
a
Franklin
Conservative
Allocation
Fund
Controlled
Affiliates
Dividends
Franklin
Liberty
International
Aggregate
Bond
ETF
........
$—
$62,307,221
$—
$
—
$
(239,403)
$
62,067,818
2,455,700
$
261,234
Non-Controlled
Affiliates
Dividends
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
...........
$26,164,081
$1,759,605
$(9,774,306)
$
(1,219,038)
$
(757,975)
$
16,172,367
1,541,694
$
318,768
Franklin
FTSE
Europe
ETF
....
$9,768,089
$4,767,590
$(1,883,451)
(378,299)
(760,301)
11,513,628
503,218
102,676
Franklin
FTSE
Japan
ETF
.....
$4,888,926
$2,060,957
$(797,211)
(205,540)
165,735
6,112,867
233,583
49,774
Franklin
Growth
Fund,
Class
R6
.
$100,953,428
$22,333,098
$(28,479,696)
3,791,045
14,125,884
112,723,759
865,109
—
Franklin
International
Core
Equity
(IU)
Fund
................
$44,157,780
$4,084,976
$(8,530,847)
(81,215)
(2,015,386)
37,615,308
3,568,815
451,328
Franklin
International
Growth
Fund,
Class
R6
................
$18,620,806
$1,243,384
$(9,988,283)
1,143,306
751,280
11,770,493
608,294
—
Franklin
Liberty
High
Yield
Corporate
ETF
............
$18,669,307
$2,197,912
$(1,412,052)
(87,557)
(527,723)
18,839,887
744,689
847,075
Franklin
Liberty
Investment
Grade
Corporate
ETF
............
$60,127,611
$23,703,410
$(32,225,453)
(67,717)
721,868
52,259,719
1,963,175
1,244,555
Franklin
Liberty
Short
Duration
U.S.
Government
ETF
...........
$—
$52,463,243
$—
—
66,661
52,529,904
548,100
247,565
Franklin
Liberty
Systematic
Style
Premia
ETF
..............
$—
$6,767,775
$—
—
(718,603)
6,049,172
268,450
12,330
Franklin
Liberty
U.S.
Core
Bond
ETF
....................
$297,650,265
$10,548,141
$(16,201,480)
142,378
13,125,704
305,265,008
11,633,575
5,714,578
Franklin
Liberty
U.S.
Treasury
Bond
ETF
....................
$—
$65,749,817
$—
—
(192,564)
65,557,252
2,598,900
295,314
Franklin
LibertyQ
U.S.
Equity
ETF
$95,440,054
$22,979,738
$(50,987,296)
244,105
(3,538,492)
64,138,109
1,845,170
1,184,781
Franklin
Low
Duration
Total
Return
Fund,
Class
R6
............
$175,003,128
$3,498,145
$(113,246,953)
(6,355,779)
159,521
59,058,062
6,145,480
2,295,759
Franklin
Rising
Dividends
Fund,
Class
R6
................
$50,520,703
$12,149,676
$(9,480,679)
363,729
2,789,404
56,342,833
780,264
375,699
Franklin
US
Core
Equity
(IU)
Fund
$85,739,586
$18,720,516
$(12,638,864)
858,570
8,114,390
100,794,198
8,764,713
910,853
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
.........
$16,214
$112,763,362
$(99,438,315)
—
—
13,341,262
13,341,261
28,274
Templeton
Developing
Markets
Trust,
Class
R6
............
$—
$16,992,791
$(6,250,768)
(585,701)
928,849
11,085,171
510,602
—
Templeton
Foreign
Fund,
Class
R6
$18,827,976
$3,730,946
$(2,564,192)
(229,549)
(2,832,348)
16,932,833
2,850,645
—
Franklin
Fund
Allocator
Series
Notes
to
Statements
of
Investments
(unaudited)
27
Quarterly
Statement
of
Investments
a
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
a
Franklin
Conservative
Allocation
Fund
(continued)
Templeton
Global
Total
Return
Fund,
Class
R6
............
$55,538,436
$2,501,535
$(40,897,127)
$
(5,290,912)
$
372,118
$
12,224,050
1,219,965
$
1,488,362
Total
Non-Controlled
Affiliates
$1,062,086,390
$391,016,617
$(444,796,973)
$
(7,958,174)
$
29,978,022
$1,030,325,882
$
15,567,691
Total
Affiliated
Securities
....
$1,062,086,390
$453,323,838
$(444,796,973)
$(7,958,174)
$29,738,619
$1,092,393,700
$15,828,925
Franklin
Corefolio
Allocation
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Growth
Fund,
Class
R6
.
$214,690,054
$—
$(28,967,476)
13,656,183
15,392,143
214,770,904
1,648,280
—
Franklin
Growth
Opportunities
Fund,
Class
R6
............
$207,896,880
$—
$(43,600,667)
7,892,579
45,039,235
217,228,026
3,837,951
—
Franklin
Mutual
Shares
Fund,
Class
R6
.....................
$214,131,158
$25,362,912
$(2,515,998)
(798,642)
(36,330,342)
199,849,088
8,913,875
—
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
.........
$184
$18,879,050
$(18,727,599)
—
—
151,635
151,635
947
Templeton
Growth
Fund,
Inc.,
Class
R6
.....................
$213,524,625
$9,081,863
$(327,118)
(199,425)
(17,411,433)
204,668,512
9,925,728
—
Total
Non-Controlled
Affiliates
$850,242,901
$53,323,825
$(94,138,858)
20,550,695
6,689,603
$836,668,165
947
Total
Affiliated
Securities
....
$850,242,901
$53,323,825
$(94,138,858)
$20,550,695
$6,689,603
$836,668,165
$947
Franklin
Founding
Funds
Allocation
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Income
Fund,
Class
R6
.
$1,280,803,963
$47,795,746
$(181,826,546)
(20,351,684)
(123,130,967)
1,003,290,512
484,681,407
47,795,747
Franklin
Mutual
Shares
Fund,
Class
R6
.....................
$1,292,229,850
$11,386,297
$(67,947,038)
2,954,084
(237,114,740)
1,001,508,453
44,670,315
—
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
.........
$152
$29,629,577
$(29,629,729)
—
—
—
a
618
Templeton
Growth
Fund,
Inc.,
Class
R6
.....................
$1,288,961,776
$—
$(171,298,363)
(22,924,000)
(94,147,200)
1,000,592,213
48,525,326
—
Total
Non-Controlled
Affiliates
$3,861,995,741
$88,811,620
$(450,701,676)
(40,321,600)
(454,392,907)
$3,005,391,178
47,796,365
Total
Affiliated
Securities
....
$3,861,995,741
$88,811,620
$(450,701,676)
$(40,321,600)
$(454,392,907)
$3,005,391,178
$47,796,365
Franklin
Growth
Allocation
Fund
Controlled
Affiliates
Dividends
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
...........
$55,698,377
$2,366,882
$(11,128,106)
(1,528,541)
(1,890,144)
43,518,468
4,148,567
739,634
Franklin
FTSE
Europe
ETF
....
$21,501,637
$9,420,835
$(1,286,439)
(260,825)
(2,185,485)
27,189,723
1,188,362
234,757
Franklin
International
Core
Equity
(IU)
Fund
................
$96,752,117
$3,208,886
$(7,317,955)
196,425
(4,704,490)
88,134,983
8,361,953
986,697
Franklin
US
Core
Equity
(IU)
Fund
$182,117,237
$23,337,053
$(15,037,133)
1,381,353
14,331,967
206,130,477
17,924,389
1,766,157
Total
Controlled
Affiliates
....
$356,069,368
$38,333,656
$(34,769,633)
$
(211,588)
$
5,551,848
$364,973,651
$
3,727,245
4.
Investments
in
FT
Underlying
Funds  
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Statements
of
Investments
(unaudited)
28
Quarterly
Statement
of
Investments
a
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
Franklin
Growth
Allocation
Fund
(continued)
Non-Controlled
Affiliates
Dividends
Franklin
FTSE
Japan
ETF
.....
$10,760,725
$4,876,782
$(1,128,117)
$
(325,752)
$
251,263
$
14,434,901
551,582
$
112,277
Franklin
Growth
Fund,
Class
R6
.
$217,731,867
$13,388,324
$(41,797,747)
11,630,383
22,377,202
223,330,029
1,713,968
—
Franklin
International
Growth
Fund,
Class
R6
................
$41,904,280
$1,683,927
$(20,197,581)
2,480,939
1,927,676
27,799,241
1,436,653
—
Franklin
Liberty
High
Yield
Corporate
ETF
............
$6,399,714
$1,245,198
$(1,321,492)
(92,643)
(107,534)
6,123,243
242,035
269,439
Franklin
Liberty
International
Aggregate
Bond
ETF
........
$—
$19,759,111
$(879,772)
(3,999)
(58,734)
18,816,606
744,475
79,143
Franklin
Liberty
Investment
Grade
Corporate
ETF
............
$—
$16,842,568
$—
—
(252,318)
16,590,250
623,225
67,793
Franklin
Liberty
Short
Duration
U.S.
Government
ETF
...........
$—
$16,682,190
$(26,380)
28
20,322
16,676,160
174,000
70,921
Franklin
Liberty
Systematic
Style
Premia
ETF
..............
$—
$7,307,313
$(91,890)
(14,216)
(749,809)
6,451,398
286,300
12,848
Franklin
Liberty
U.S.
Core
Bond
ETF
....................
$113,394,431
$19,058,881
$(33,806,861)
95,877
4,277,880
103,020,208
3,926,075
1,890,248
Franklin
Liberty
U.S.
Treasury
Bond
ETF
....................
$—
$21,001,386
$(36,383)
336
(56,336)
20,909,002
828,900
75,335
Franklin
LibertyQ
Emerging
Markets
ETF
..............
$35,017,198
$—
$(30,535,323)
(1,230,256)
(3,251,619)
—
a
—
Franklin
LibertyQ
U.S.
Equity
ETF
$202,717,399
$17,981,672
$(86,215,788)
1,266,709
(8,889,409)
126,860,583
3,649,614
2,350,648
Franklin
Low
Duration
Total
Return
Fund,
Class
R6
............
$42,170,338
$1,437,268
$(23,685,837)
(1,052,248)
(27,871)
18,841,650
1,960,630
607,715
Franklin
Rising
Dividends
Fund,
Class
R6
................
$109,395,743
$7,240,846
$(10,354,191)
587,869
4,848,274
111,718,541
1,547,134
715,135
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
.........
$18,251
$105,322,699
$(97,363,379)
—
—
7,977,571
7,977,571
25,266
Templeton
Developing
Markets
Trust,
Class
R6
............
$—
$34,203,935
$(6,952,181)
(736,266)
2,543,987
29,059,475
1,338,529
—
Templeton
Foreign
Fund,
Class
R6
$43,338,229
$6,189,001
$(3,708,802)
(133,658)
(6,663,899)
39,020,871
6,569,170
—
Templeton
Global
Total
Return
Fund,
Class
R6
............
$19,141,122
$2,924,486
$(7,337,460)
(598,063)
(1,089,231)
13,040,854
1,301,482
534,069
Total
Non-Controlled
Affiliates
$841,989,297
$297,145,587
$(365,439,184)
11,875,040
15,099,844
$800,670,583
6,810,837
Total
Affiliated
Securities
....
$1,198,058,665
$335,479,243
$(400,208,817)
$11,663,452
$20,651,692
$1,165,644,234
$10,538,082
Franklin
LifeSmart™
Retirement
Income
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Income
Fund,
Class
R6
.
$10,341,156
$1,922,604
$(480,100)
(10,343)
(1,087,579)
10,685,738
5,162,192
447,217
Franklin
International
Growth
Fund,
Class
R6
................
$—
$1,364,699
$—
—
19,480
1,384,179
71,534
—
4.
Investments
in
FT
Underlying
Funds  
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Statements
of
Investments
(unaudited)
29
Quarterly
Statement
of
Investments
a
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
Franklin
LifeSmart™
Retirement
Income
Fund
(continued)
Franklin
Liberty
High
Yield
Corporate
ETF
............
$—
$1,065,916
$—
$
—
$
(19,170)
$
1,046,746
41,375
$
7,493
Franklin
Liberty
International
Aggregate
Bond
ETF
........
$—
$1,077,060
$—
—
(3,504)
1,073,556
42,475
1,798
Franklin
Liberty
Investment
Grade
Corporate
ETF
............
$—
$4,868,215
$—
—
(81,940)
4,786,276
179,800
21,950
Franklin
Liberty
U.S.
Core
Bond
ETF
....................
$10,153,406
$2,001,719
$(1,089,912)
183
431,949
11,497,345
438,161
197,897
Franklin
Liberty
U.S.
Treasury
Bond
ETF
....................
$—
$3,639,476
$(681,441)
(921)
(8,312)
2,948,802
116,900
16,002
Franklin
LibertyQ
U.S.
Equity
ETF
$5,190,696
$1,563,673
$(3,367,274)
(35,720)
(121,579)
3,229,795
92,917
53,685
Franklin
US
Core
Equity
(IU)
Fund
$—
$2,515,039
$—
—
322,368
2,837,408
246,731
15,039
Franklin
US
Government
Securities
Fund,
Class
R6
............
$10,217,615
$1,073,017
$(7,451,418)
196,314
(21,506)
4,014,022
655,886
179,935
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
.........
$870,194
$14,661,503
$(14,370,122)
—
—
1,161,575
1,161,575
1,845
Templeton
Developing
Markets
Trust,
Class
R6
............
$—
$214,070
$—
—
991
215,061
9,906
—
Templeton
Foreign
Fund,
Class
R6
$—
$428,141
$—
—
(4,281)
423,859
71,357
—
Total
Non-Controlled
Affiliates
$36,773,067
$36,395,132
$(27,440,267)
149,513
(573,083)
$45,304,362
942,861
Total
Affiliated
Securities
....
$36,773,067
$36,395,132
$(27,440,267)
$149,513
$(573,083)
$45,304,362
$942,861
Franklin
LifeSmart™
2020
Retirement
Target
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
...........
$1,235,597
$374,017
$(589,270)
(110,001)
(27,386)
882,957
84,171
16,123
Franklin
FTSE
Europe
ETF
....
$481,694
$428,548
$(220,326)
(58,079)
(23,299)
608,539
26,597
4,413
Franklin
FTSE
Japan
ETF
.....
$233,206
$192,504
$(101,908)
(17,245)
8,634
315,191
12,044
1,988
Franklin
Growth
Fund,
Class
R6
.
$4,136,520
$1,350,709
$(1,495,509)
202,777
314,178
4,508,676
34,602
—
Franklin
International
Core
Equity
(IU)
Fund
................
$2,199,303
$616,493
$(650,386)
(88,055)
(94,125)
1,983,231
188,162
21,055
Franklin
International
Growth
Fund,
Class
R6
................
$948,429
$187,827
$(567,406)
24,228
33,493
626,571
32,381
—
Franklin
Liberty
High
Yield
Corporate
ETF
............
$555,914
$182,718
$(178,836)
(1,771)
(3,243)
554,782
21,929
20,136
Franklin
Liberty
International
Aggregate
Bond
ETF
........
$—
$1,733,381
$(205,654)
96
(5,637)
1,522,187
60,225
4,387
Franklin
Liberty
Investment
Grade
Corporate
ETF
............
$—
$1,526,666
$—
—
(23,967)
1,502,699
56,450
—
Franklin
Liberty
Short
Duration
U.S.
Government
ETF
...........
$—
$1,648,077
$(141,334)
362
2,375
1,509,480
15,750
3,271
Franklin
Liberty
Systematic
Style
Premia
ETF
..............
$—
$232,056
$—
—
(24,183)
207,873
9,225
414
4.
Investments
in
FT
Underlying
Funds  
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Statements
of
Investments
(unaudited)
30
Quarterly
Statement
of
Investments
a
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
Franklin
LifeSmart™
2020
Retirement
Target
Fund
(continued)
Franklin
Liberty
U.S.
Core
Bond
ETF
....................
$9,127,756
$2,949,858
$(3,150,669)
$
13,738
$
362,551
$
9,303,235
354,544
$
129,249
Franklin
Liberty
U.S.
Treasury
Bond
ETF
....................
$—
$2,101,599
$(201,064)
1,857
(7,995)
1,894,398
75,100
2,142
Franklin
LibertyQ
U.S.
Equity
ETF
$3,843,792
$1,048,829
$(2,189,976)
(38,522)
(167,937)
2,496,185
71,812
21,726
Franklin
Low
Duration
Total
Return
Fund,
Class
R6
............
$3,679,911
$125,729
$(2,083,068)
(35,020)
(7,548)
1,680,005
174,818
55,063
Franklin
Rising
Dividends
Fund,
Class
R6
................
$2,066,897
$680,725
$(596,971)
13,420
43,441
2,207,511
30,571
12,672
Franklin
US
Core
Equity
(IU)
Fund
$3,553,150
$1,147,631
$(834,963)
(12,778)
234,126
4,087,166
355,406
30,037
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
.........
$272,558
$8,477,083
$(8,346,047)
—
—
403,594
403,594
1,026
Templeton
Developing
Markets
Trust,
Class
R6
............
$—
$1,033,565
$(413,261)
(81,681)
48,023
586,646
27,022
—
Templeton
Foreign
Fund,
Class
R6
$944,789
$408,488
$(296,924)
(84,930)
(101,078)
870,345
146,523
—
Templeton
Global
Total
Return
Fund,
Class
R6
............
$1,624,246
$145,107
$(1,174,185)
(106,513)
(67,723)
420,932
42,009
40,962
Total
Non-Controlled
Affiliates
$34,903,762
$26,591,610
$(23,437,757)
(378,117)
492,700
$38,172,203
364,664
Total
Affiliated
Securities
....
$34,903,762
$26,591,610
$(23,437,757)
$(378,117)
$492,700
$38,172,203
$364,664
Franklin
LifeSmart™
2025
Retirement
Target
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
...........
$4,520,225
$1,191,389
$(1,533,675)
(282,117)
(99,036)
3,796,786
361,943
67,473
Franklin
FTSE
Europe
ETF
....
$1,695,209
$1,470,646
$(668,490)
(176,409)
(129,144)
2,191,812
95,796
17,030
Franklin
FTSE
Japan
ETF
.....
$820,404
$751,463
$(379,761)
(58,514)
29,795
1,163,387
44,455
7,947
Franklin
Growth
Fund,
Class
R6
.
$15,490,253
$4,317,451
$(5,428,121)
691,086
1,203,499
16,274,169
124,898
—
Franklin
International
Core
Equity
(IU)
Fund
................
$7,730,338
$2,142,742
$(1,976,781)
(307,471)
(337,187)
7,251,640
688,011
80,584
Franklin
International
Growth
Fund,
Class
R6
................
$3,473,014
$522,610
$(1,935,131)
100,504
133,474
2,294,471
118,577
—
Franklin
Liberty
High
Yield
Corporate
ETF
............
$1,314,947
$572,596
$(510,123)
(11,051)
2,965
1,369,334
54,126
65,159
Franklin
Liberty
International
Aggregate
Bond
ETF
........
$—
$4,308,719
$(761,916)
(43)
(11,420)
3,535,341
139,875
16,911
Franklin
Liberty
Investment
Grade
Corporate
ETF
............
$—
$3,765,220
$—
—
(55,058)
3,710,163
139,375
14,803
Franklin
Liberty
Short
Duration
U.S.
Government
ETF
...........
$—
$4,180,540
$(459,953)
1,332
6,258
3,728,176
38,900
8,678
Franklin
Liberty
Systematic
Style
Premia
ETF
..............
$—
$722,514
$—
—
(78,050)
644,464
28,600
1,341
Franklin
Liberty
U.S.
Core
Bond
ETF
....................
$22,419,105
$11,450,353
$(11,641,453)
116,562
911,971
23,256,538
886,301
446,426
4.
Investments
in
FT
Underlying
Funds  
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Statements
of
Investments
(unaudited)
31
Quarterly
Statement
of
Investments
a
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
Franklin
LifeSmart™
2025
Retirement
Target
Fund
(continued)
Franklin
Liberty
U.S.
Treasury
Bond
ETF
....................
$—
$5,370,258
$(682,927)
$
6,256
$
(17,502)
$
4,676,084
185,375
$
19,727
Franklin
LibertyQ
U.S.
Equity
ETF
$14,316,509
$3,623,878
$(7,812,840)
(149,681)
(706,643)
9,271,222
266,721
163,056
Franklin
Low
Duration
Total
Return
Fund,
Class
R6
............
$8,795,133
$984,188
$(5,443,786)
(161,042)
40,028
4,214,521
438,556
143,314
Franklin
Rising
Dividends
Fund,
Class
R6
................
$7,727,333
$2,168,133
$(1,903,710)
179,216
(5,336)
8,165,636
113,082
49,329
Franklin
US
Core
Equity
(IU)
Fund
$12,862,146
$3,840,121
$(2,842,210)
(133,219)
943,138
14,669,976
1,275,650
117,215
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
.........
$1,981
$19,929,351
$(18,373,919)
—
—
1,557,413
1,557,413
3,561
Templeton
Developing
Markets
Trust,
Class
R6
............
$—
$3,768,423
$(1,110,892)
(217,151)
192,410
2,632,791
121,271
—
Templeton
Foreign
Fund,
Class
R6
$3,424,502
$1,438,731
$(958,016)
(244,988)
(428,008)
3,232,221
544,145
—
Templeton
Global
Total
Return
Fund,
Class
R6
............
$3,958,203
$431,502
$(2,661,590)
(247,107)
(177,857)
1,303,151
130,055
103,427
Total
Non-Controlled
Affiliates
$108,549,302
$76,950,828
$(67,085,294)
(893,837)
1,418,297
$118,939,296
1,325,981
Total
Affiliated
Securities
....
$108,549,302
$76,950,828
$(67,085,294)
$(893,837)
$1,418,297
$118,939,296
$1,325,981
Franklin
LifeSmart™
2030
Retirement
Target
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
...........
$2,399,088
$779,103
$(558,106)
(115,788)
(49,128)
2,455,169
234,048
39,550
Franklin
FTSE
Europe
ETF
....
$909,126
$872,297
$(334,583)
(91,535)
(68,168)
1,287,137
56,256
9,347
Franklin
FTSE
Japan
ETF
.....
$459,325
$415,249
$(219,193)
(30,681)
18,271
642,971
24,569
4,409
Franklin
Growth
Fund,
Class
R6
.
$8,511,403
$2,552,598
$(2,667,340)
104,528
1,021,150
9,522,339
73,080
—
Franklin
International
Core
Equity
(IU)
Fund
................
$4,146,561
$1,498,031
$(1,101,798)
(192,899)
(165,671)
4,184,224
396,985
44,805
Franklin
International
Growth
Fund,
Class
R6
................
$1,862,871
$257,197
$(938,240)
40,318
94,344
1,316,490
68,036
—
Franklin
Liberty
High
Yield
Corporate
ETF
............
$454,394
$238,307
$(197,108)
(5,085)
6,896
497,404
19,661
22,795
Franklin
Liberty
International
Aggregate
Bond
ETF
........
$—
$1,641,209
$(514,875)
(86)
(2,572)
1,123,676
44,458
6,024
Franklin
Liberty
Investment
Grade
Corporate
ETF
............
$—
$1,369,479
$(60,839)
(925)
(19,467)
1,288,248
48,394
5,363
Franklin
Liberty
Short
Duration
U.S.
Government
ETF
...........
$—
$1,568,954
$(279,689)
410
2,344
1,292,019
13,481
5,967
Franklin
Liberty
Systematic
Style
Premia
ETF
..............
$—
$362,971
$—
—
(36,796)
326,175
14,475
627
Franklin
Liberty
U.S.
Core
Bond
ETF
....................
$7,599,279
$6,091,216
$(5,999,795)
48,329
308,831
8,047,861
306,702
159,533
Franklin
Liberty
U.S.
Treasury
Bond
ETF
....................
$—
$1,997,759
$(385,992)
2,127
(4,766)
1,609,128
63,791
6,805
4.
Investments
in
FT
Underlying
Funds  
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Statements
of
Investments
(unaudited)
32
Quarterly
Statement
of
Investments
a
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
Franklin
LifeSmart™
2030
Retirement
Target
Fund
(continued)
Franklin
LibertyQ
U.S.
Equity
ETF
$7,938,636
$2,024,324
$(4,164,795)
$
(144,582)
$
(316,081)
$
5,337,502
153,553
$
94,660
Franklin
Low
Duration
Total
Return
Fund,
Class
R6
............
$3,046,531
$794,637
$(2,359,559)
(55,483)
26,362
1,452,488
151,143
50,020
Franklin
Rising
Dividends
Fund,
Class
R6
................
$4,255,533
$1,333,014
$(1,005,667)
(56,242)
175,110
4,701,748
65,112
28,065
Franklin
US
Core
Equity
(IU)
Fund
$7,042,457
$2,606,311
$(1,360,575)
(115,180)
563,650
8,736,663
759,710
67,455
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
.........
$687,164
$14,375,745
$(14,845,846)
—
—
217,063
217,063
2,155
Templeton
Developing
Markets
Trust,
Class
R6
............
$—
$2,040,772
$(406,385)
(80,780)
111,354
1,664,961
76,691
—
Templeton
Foreign
Fund,
Class
R6
$1,836,950
$392,913
$—
(141,775)
(240,682)
1,847,406
311,011
—
Templeton
Global
Total
Return
Fund,
Class
R6
............
$1,279,699
$270,494
$(799,039)
(61,284)
(63,599)
626,271
62,502
38,112
Total
Non-Controlled
Affiliates
$52,429,017
$43,482,580
$(38,199,424)
(896,613)
1,361,382
$58,176,943
585,692
Total
Affiliated
Securities
....
$52,429,017
$43,482,580
$(38,199,424)
$(896,613)
$1,361,382
$58,176,943
$585,692
Franklin
LifeSmart™
2035
Retirement
Target
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
...........
$5,841,353
$1,196,352
$(306,107)
(52,155)
(164,465)
6,514,976
621,065
99,411
Franklin
FTSE
Europe
ETF
....
$2,174,909
$1,480,465
$(449,116)
(111,816)
(210,830)
2,883,612
126,032
24,564
Franklin
FTSE
Japan
ETF
.....
$1,052,721
$760,637
$(265,335)
(43,135)
25,847
1,530,736
58,492
11,459
Franklin
Growth
Fund,
Class
R6
.
$20,506,241
$1,921,357
$(4,422,822)
625,624
2,293,210
20,923,610
160,580
—
Franklin
International
Core
Equity
(IU)
Fund
................
$9,919,205
$1,483,883
$(1,407,076)
(243,864)
(399,899)
9,352,249
887,310
107,490
Franklin
International
Growth
Fund,
Class
R6
................
$4,457,050
$191,709
$(2,100,501)
175,878
224,744
2,948,880
152,397
—
Franklin
Liberty
High
Yield
Corporate
ETF
............
$694,303
$222,419
$(199,532)
(6,773)
(2,627)
707,790
27,977
31,803
Franklin
Liberty
International
Aggregate
Bond
ETF
........
$—
$2,317,801
$(292,010)
169
(7,119)
2,018,841
79,875
9,167
Franklin
Liberty
Investment
Grade
Corporate
ETF
............
$—
$1,947,243
$—
—
(29,937)
1,917,305
72,025
8,038
Franklin
Liberty
Short
Duration
U.S.
Government
ETF
...........
$—
$2,030,803
$(107,806)
204
3,183
1,926,384
20,100
8,103
Franklin
Liberty
Systematic
Style
Premia
ETF
..............
$—
$740,229
$—
—
(77,739)
662,491
29,400
1,331
Franklin
Liberty
U.S.
Core
Bond
ETF
....................
$11,589,828
$6,028,789
$(6,222,594)
45,497
453,466
11,894,986
453,315
217,239
Franklin
Liberty
U.S.
Treasury
Bond
ETF
....................
$—
$2,586,704
$(162,778)
1,515
(8,256)
2,417,186
95,825
9,694
Franklin
LibertyQ
U.S.
Equity
ETF
$19,129,698
$2,199,774
$(8,527,421)
(129,244)
(767,471)
11,905,335
342,501
218,829
4.
Investments
in
FT
Underlying
Funds  
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Statements
of
Investments
(unaudited)
33
Quarterly
Statement
of
Investments
a
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
Franklin
LifeSmart™
2035
Retirement
Target
Fund
(continued)
Franklin
Low
Duration
Total
Return
Fund,
Class
R6
............
$4,689,585
$458,276
$(2,898,235)
$
(75,559)
$
4,390
$
2,178,457
226,686
$
71,770
Franklin
Rising
Dividends
Fund,
Class
R6
................
$10,199,784
$1,089,865
$(1,192,029)
(49,293)
422,866
10,471,193
145,010
67,379
Franklin
US
Core
Equity
(IU)
Fund
$17,214,672
$3,415,276
$(2,700,866)
(89,429)
1,379,264
19,218,918
1,671,210
162,869
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
.........
$1,866
$17,519,488
$(16,205,234)
—
—
1,316,119
1,316,119
3,933
Templeton
Developing
Markets
Trust,
Class
R6
............
$—
$4,502,570
$(354,374)
(38,371)
310,800
4,420,624
203,622
—
Templeton
Foreign
Fund,
Class
R6
$4,394,327
$1,167,143
$(613,446)
(171,413)
(638,227)
4,138,384
696,698
—
Templeton
Global
Total
Return
Fund,
Class
R6
............
$1,924,420
$236,865
$(644,770)
(33,559)
(143,122)
1,339,834
133,716
57,791
Total
Non-Controlled
Affiliates
$113,789,962
$53,497,648
$(49,072,052)
(195,724)
2,668,078
$120,687,910
1,110,870
Total
Affiliated
Securities
....
$113,789,962
$53,497,648
$(49,072,052)
$(195,724)
$2,668,078
$120,687,910
$1,110,870
Franklin
LifeSmart™
2040
Retirement
Target
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
...........
$2,391,108
$632,067
$(112,590)
(6,420)
(51,690)
2,852,475
271,923
42,312
Franklin
FTSE
Europe
ETF
....
$893,395
$636,199
$(84,383)
(14,782)
(95,335)
1,335,094
58,352
11,328
Franklin
FTSE
Japan
ETF
.....
$431,998
$368,807
$(95,063)
(13,290)
16,650
709,102
27,096
5,244
Franklin
Growth
Fund,
Class
R6
.
$8,663,276
$738,656
$(1,208,211)
92,974
1,261,863
9,548,558
73,281
—
Franklin
International
Core
Equity
(IU)
Fund
................
$4,075,168
$735,764
$(221,861)
(31,665)
(169,516)
4,387,890
416,308
46,926
Franklin
International
Growth
Fund,
Class
R6
................
$1,811,218
$136,807
$(767,780)
71,654
134,919
1,386,818
71,670
—
Franklin
Liberty
High
Yield
Corporate
ETF
............
$172,928
$53,935
$(41,688)
(2,466)
(1,695)
181,014
7,155
7,451
Franklin
Liberty
Investment
Grade
Corporate
ETF
............
$—
$498,254
$—
—
(7,780)
490,474
18,425
2,088
Franklin
Liberty
Short
Duration
U.S.
Government
ETF
...........
$—
$492,877
$(2,399)
3
699
491,180
5,125
1,941
Franklin
Liberty
Systematic
Style
Premia
ETF
..............
$—
$295,181
$—
—
(29,847)
265,334
11,775
508
Franklin
Liberty
U.S.
Core
Bond
ETF
....................
$3,042,427
$1,462,463
$(1,534,113)
3,451
109,576
3,083,804
117,523
50,874
Franklin
Liberty
U.S.
Treasury
Bond
ETF
....................
$—
$622,620
$(2,558)
2
(2,051)
618,012
24,500
2,358
Franklin
LibertyQ
Emerging
Markets
ETF
..............
$1,596,720
$38,288
$(1,425,469)
(69,408)
(140,131)
—
a
—
Franklin
LibertyQ
U.S.
Equity
ETF
$8,091,613
$831,403
$(3,237,744)
(45,098)
(255,920)
5,384,254
154,898
95,795
Franklin
Low
Duration
Total
Return
Fund,
Class
R6
............
$1,215,264
$119,434
$(754,456)
(21,912)
(899)
557,431
58,005
17,169
4.
Investments
in
FT
Underlying
Funds  
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Statements
of
Investments
(unaudited)
34
Quarterly
Statement
of
Investments
a
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
Franklin
LifeSmart™
2040
Retirement
Target
Fund
(continued)
Franklin
Rising
Dividends
Fund,
Class
R6
................
$4,338,643
$463,167
$(305,496)
$
688
$
219,197
$
4,716,199
65,312
$
29,128
Franklin
US
Core
Equity
(IU)
Fund
$7,192,094
$1,512,285
$(601,883)
14,753
625,924
8,743,173
760,276
71,278
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
.........
$800,528
$7,932,491
$(8,201,333)
—
—
531,686
531,686
1,589
Templeton
Developing
Markets
Trust,
Class
R6
............
$—
$1,962,738
$(228,194)
(14,222)
155,017
1,875,339
86,381
—
Templeton
Foreign
Fund,
Class
R6
$1,826,881
$535,810
$(127,534)
(28,551)
(289,878)
1,916,728
322,681
—
Total
Non-Controlled
Affiliates
$46,543,261
$20,069,246
$(18,952,755)
(64,289)
1,479,103
$49,074,565
385,990
Total
Affiliated
Securities
....
$46,543,261
$20,069,246
$(18,952,755)
$(64,289)
$1,479,103
$49,074,565
$385,990
Franklin
LifeSmart™
2045
Retirement
Target
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
...........
$4,842,006
$807,049
$(179,383)
(4,293)
(127,518)
5,337,861
508,852
82,745
Franklin
FTSE
Europe
ETF
....
$1,754,471
$1,073,756
$(198,428)
(39,488)
(193,539)
2,396,771
104,754
20,333
Franklin
FTSE
Japan
ETF
.....
$849,169
$564,610
$(132,725)
(23,976)
15,255
1,272,333
48,618
9,638
Franklin
Growth
Fund,
Class
R6
.
$17,291,424
$410,977
$(2,793,397)
305,290
2,223,586
17,437,879
133,829
—
Franklin
International
Core
Equity
(IU)
Fund
................
$8,000,985
$834,632
$(647,084)
(101,110)
(353,986)
7,733,437
733,723
86,566
Franklin
International
Growth
Fund,
Class
R6
................
$3,595,852
$112,205
$(1,615,943)
164,685
194,258
2,451,057
126,670
—
Franklin
Liberty
Systematic
Style
Premia
ETF
..............
$—
$517,824
$—
—
(54,193)
463,631
20,575
927
Franklin
Liberty
U.S.
Core
Bond
ETF
....................
$2,945,554
$1,259,224
$(1,842,292)
8,944
81,249
2,452,679
93,471
39,114
Franklin
LibertyQ
Emerging
Markets
ETF
..............
$3,264,356
$—
$(2,846,549)
(133,903)
(283,904)
—
a
—
Franklin
LibertyQ
U.S.
Equity
ETF
$16,145,786
$1,060,516
$(6,531,895)
(151,172)
(583,891)
9,939,344
285,942
182,867
Franklin
Rising
Dividends
Fund,
Class
R6
................
$8,659,213
$345,514
$(602,320)
4,696
347,560
8,754,663
121,239
55,544
Franklin
US
Core
Equity
(IU)
Fund
$14,357,868
$1,779,956
$(1,131,345)
50,118
1,107,359
16,163,956
1,405,561
135,787
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
.........
$648,227
$10,289,085
$(10,053,383)
—
—
883,929
883,929
2,312
Templeton
Developing
Markets
Trust,
Class
R6
............
$—
$3,767,909
$(409,969)
(9,646)
292,213
3,640,507
167,688
—
4.
Investments
in
FT
Underlying
Funds  
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Statements
of
Investments
(unaudited)
35
Quarterly
Statement
of
Investments
a
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
Franklin
LifeSmart™
2045
Retirement
Target
Fund
(continued)
Templeton
Foreign
Fund,
Class
R6
$3,544,825
$784,946
$(276,080)
$
(74,329)
$
(539,581)
$
3,439,781
579,088
$
—
Total
Non-Controlled
Affiliates
$85,899,736
$23,608,203
$(29,260,793)
(4,184)
2,124,868
$82,367,828
615,833
Total
Affiliated
Securities
....
$85,899,736
$23,608,203
$(29,260,793)
$(4,184)
$2,124,868
$82,367,828
$615,833
Franklin
LifeSmart™
2050
Retirement
Target
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
...........
$2,269,867
$556,950
$(52,211)
(6,314)
(48,135)
2,720,157
259,310
40,695
Franklin
FTSE
Europe
ETF
....
$839,386
$646,338
$(59,567)
(14,844)
(75,121)
1,336,192
58,400
11,031
Franklin
FTSE
Japan
ETF
.....
$406,266
$349,470
$(52,812)
(10,771)
16,766
708,919
27,089
5,147
Franklin
Growth
Fund,
Class
R6
.
$8,283,790
$762,262
$(1,130,790)
32,973
1,252,035
9,200,270
70,608
—
Franklin
International
Core
Equity
(IU)
Fund
................
$3,829,422
$847,978
$(235,799)
(43,577)
(146,260)
4,251,764
403,393
44,613
Franklin
International
Growth
Fund,
Class
R6
................
$1,721,122
$105,731
$(665,550)
76,440
128,669
1,366,412
70,616
—
Franklin
Liberty
Systematic
Style
Premia
ETF
..............
$—
$265,411
$—
—
(25,990)
239,421
10,625
441
Franklin
Liberty
U.S.
Core
Bond
ETF
....................
$1,143,020
$518,375
$(846,485)
6,945
25,513
847,368
32,293
13,373
Franklin
LibertyQ
Emerging
Markets
ETF
..............
$1,544,628
$25,526
$(1,369,006)
(67,528)
(133,620)
—
a
—
Franklin
LibertyQ
U.S.
Equity
ETF
$7,704,693
$994,638
$(3,188,351)
(71,037)
(235,780)
5,204,163
149,717
92,453
Franklin
Rising
Dividends
Fund,
Class
R6
................
$4,143,530
$392,872
$(182,125)
(3,098)
207,389
4,558,568
63,129
27,588
Franklin
US
Core
Equity
(IU)
Fund
$6,865,361
$1,302,048
$(357,903)
(14,549)
602,873
8,397,830
730,246
67,575
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
.........
$508,225
$6,704,389
$(6,745,258)
—
—
467,356
467,356
1,310
Templeton
Developing
Markets
Trust,
Class
R6
............
$—
$1,915,149
$(154,354)
(8,139)
148,926
1,901,582
87,590
—
Templeton
Foreign
Fund,
Class
R6
$1,696,698
$555,398
$(39,537)
(5,702)
(289,299)
1,917,558
322,821
—
Total
Non-Controlled
Affiliates
$40,956,008
$15,942,535
$(15,079,748)
(129,201)
1,427,966
$43,117,560
304,226
Total
Affiliated
Securities
....
$40,956,008
$15,942,535
$(15,079,748)
$(129,201)
$1,427,966
$43,117,560
$304,226
Franklin
LifeSmart™
2055
Retirement
Target
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
...........
$1,036,424
$418,028
$—
—
(4,009)
1,450,443
138,269
21,005
Franklin
FTSE
Europe
ETF
....
$388,396
$378,091
$(23,022)
(4,256)
(29,746)
709,463
31,008
5,868
Franklin
FTSE
Japan
ETF
.....
$195,314
$194,667
$(20,426)
(3,762)
11,055
376,848
14,400
2,665
Franklin
Growth
Fund,
Class
R6
.
$3,798,188
$920,235
$(496,644)
(1,316)
715,379
4,935,843
37,881
—
4.
Investments
in
FT
Underlying
Funds  
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Statements
of
Investments
(unaudited)
36
Quarterly
Statement
of
Investments
a
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
Franklin
LifeSmart™
2055
Retirement
Target
Fund
(continued)
Franklin
International
Core
Equity
(IU)
Fund
................
$1,747,933
$639,883
$(54,241)
$
(9,614)
$
(56,972)
$
2,266,989
215,084
$
23,038
Franklin
International
Growth
Fund,
Class
R6
................
$780,860
$144,004
$(308,396)
24,413
89,332
730,213
37,737
—
Franklin
Liberty
Systematic
Style
Premia
ETF
..............
$—
$139,827
$—
—
(12,512)
127,316
5,650
209
Franklin
Liberty
U.S.
Core
Bond
ETF
....................
$539,834
$281,718
$(387,678)
3,362
12,544
449,780
17,141
30,991
Franklin
LibertyQ
Emerging
Markets
ETF
..............
$709,395
$18,769
$(634,832)
(50,002)
(43,330)
—
a
—
Franklin
LibertyQ
U.S.
Equity
ETF
$3,540,393
$961,870
$(1,605,226)
(72,312)
(32,628)
2,792,097
80,325
47,804
Franklin
Rising
Dividends
Fund,
Class
R6
................
$1,898,474
$532,490
$(111,490)
(8,413)
143,108
2,454,169
33,987
14,205
Franklin
US
Core
Equity
(IU)
Fund
$3,161,422
$1,201,139
$(154,400)
(13,247)
359,751
4,554,665
396,058
35,099
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
.........
$396,974
$5,346,562
$(5,404,625)
—
—
338,911
338,911
767
Templeton
Developing
Markets
Trust,
Class
R6
............
$—
$1,038,790
$(95,635)
(7,608)
86,334
1,021,881
47,070
—
Templeton
Foreign
Fund,
Class
R6
$779,392
$431,260
$(48,015)
(9,299)
(124,746)
1,028,592
173,164
—
Total
Non-Controlled
Affiliates
$18,972,999
$12,647,333
$(9,344,630)
(152,054)
1,113,560
$23,237,210
181,651
Total
Affiliated
Securities
....
$18,972,999
$12,647,333
$(9,344,630)
$(152,054)
$1,113,560
$23,237,210
$181,651
Franklin
Moderate
Allocation
Fund
Controlled
Affiliates
Dividends
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
...........
$63,064,506
$2,994,325
$(18,689,252)
(2,567,716)
(2,018,353)
42,783,509
4,078,504
784,407
Franklin
Liberty
International
Aggregate
Bond
ETF
........
$—
$62,868,548
$(1,138,457)
(5,434)
(216,049)
61,508,608
2,433,575
261,532
Franklin
US
Core
Equity
(IU)
Fund
$207,136,477
$32,377,807
$(25,209,319)
2,449,568
16,941,222
233,695,755
20,321,370
2,058,540
Total
Controlled
Affiliates
....
$270,200,983
$98,240,680
$(45,037,028)
(123,582)
14,706,820
$337,987,872
3,104,479
Non-Controlled
Affiliates
Dividends
Franklin
FTSE
Europe
ETF
....
$23,110,997
$11,889,189
$(3,712,802)
(831,614)
(2,061,210)
28,394,560
1,241,021
250,514
Franklin
FTSE
Japan
ETF
.....
$11,234,092
$5,882,633
$(1,907,119)
(503,618)
369,214
15,075,202
576,049
121,620
Franklin
Growth
Fund,
Class
R6
.
$245,225,738
$28,471,617
$(58,232,127)
16,036,844
24,086,636
255,588,708
1,961,540
—
Franklin
International
Core
Equity
(IU)
Fund
................
$109,600,441
$6,221,061
$(18,548,998)
(170,754)
(5,276,532)
91,825,218
8,712,070
1,090,297
Franklin
International
Growth
Fund,
Class
R6
................
$46,471,153
$2,607,781
$(24,612,304)
2,823,265
1,738,822
29,028,717
1,500,192
—
Franklin
Liberty
High
Yield
Corporate
ETF
............
$19,730,336
$2,798,847
$(2,569,596)
(186,716)
(484,256)
19,288,615
762,426
866,290
4.
Investments
in
FT
Underlying
Funds  
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Statements
of
Investments
(unaudited)
37
Quarterly
Statement
of
Investments
5. Fair
Value
Measurements 
The
Funds
follow
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the
Funds'
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Funds’
financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
• Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
• Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
• Level
3
–
significant
unobservable
inputs
(including
the
Funds'
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level. 
A
summary
of
inputs
used
as
of
September
30,
2020,
in
valuing
the
Funds’
assets
carried
at
fair
value,
is
as
follows:  
a
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
Franklin
Moderate
Allocation
Fund
(continued)
Franklin
Liberty
Investment
Grade
Corporate
ETF
............
$—
$52,974,799
$—
$
—
$
(714,415)
$
52,260,384
1,963,200
$
192,531
Franklin
Liberty
Short
Duration
U.S.
Government
ETF
...........
$—
$52,466,461
$—
—
63,443
52,529,904
548,100
222,545
Franklin
Liberty
Systematic
Style
Premia
ETF
..............
$—
$10,662,793
$(24,356)
(3,768)
(1,141,221)
9,493,448
421,300
19,611
Franklin
Liberty
U.S.
Core
Bond
ETF
....................
$383,295,216
$38,546,883
$(113,489,501)
84,266
14,504,012
322,940,875
12,307,198
6,375,748
Franklin
Liberty
U.S.
Treasury
Bond
ETF
....................
$—
$66,041,650
$—
—
(177,283)
65,864,367
2,611,075
235,545
Franklin
LibertyQ
U.S.
Equity
ETF
$230,567,515
$34,921,973
$(112,142,623)
2,035,325
(10,127,797)
145,254,393
4,178,780
2,705,762
Franklin
Low
Duration
Total
Return
Fund,
Class
R6
............
$130,010,994
$3,690,947
$(71,139,629)
(3,293,757)
82,463
59,351,018
6,175,964
1,944,199
Franklin
Rising
Dividends
Fund,
Class
R6
................
$122,670,489
$17,648,207
$(18,828,860)
1,677,614
5,139,295
128,306,745
1,776,856
834,205
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
.........
$26,056
$174,471,247
$(161,745,394)
—
—
12,751,909
12,751,909
37,574
Templeton
Developing
Markets
Trust,
Class
R6
............
$—
$39,150,450
$(12,560,410)
(1,139,318)
2,441,009
27,891,731
1,284,741
—
Templeton
Foreign
Fund,
Class
R6
$47,143,784
$6,639,212
$(5,328,655)
(549,886)
(7,161,535)
40,742,920
6,859,077
—
Templeton
Global
Total
Return
Fund,
Class
R6
............
$58,962,107
$3,783,230
$(38,423,570)
(4,768,338)
(369,143)
19,184,285
1,914,599
1,604,022
Total
Non-Controlled
Affiliates
$1,428,048,918
$558,868,980
$(643,265,944)
11,209,545
20,911,502
$1,375,772,999
16,500,463
Total
Affiliated
Securities
....
$1,698,249,901
$657,109,660
$(688,302,972)
$11,085,963
$35,618,322
$1,713,760,871
$19,604,942
a
As
of
September
30,
2020,
no
longer
held
by
the
fund.
4.
Investments
in
FT
Underlying
Funds  
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Statements
of
Investments
(unaudited)
38
Quarterly
Statement
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Conservative
Allocation
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
..........................
$
1,198,105,264
$
—
$
—
$
1,198,105,264
Short
Term
Investments
...................
13,341,262
911,705
—
14,252,967
Total
Investments
in
Securities
...........
$1,211,446,526
$911,705
$—
$1,212,358,231
Franklin
Corefolio
Allocation
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
..........................
836,516,530
—
—
836,516,530
Short
Term
Investments
...................
151,635
—
—
151,635
Total
Investments
in
Securities
...........
$836,668,165
$—
$—
$836,668,165
Franklin
Founding
Funds
Allocation
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
..........................
3,005,391,178
—
—
3,005,391,178
Total
Investments
in
Securities
...........
$3,005,391,178
$—
$—
$3,005,391,178
Franklin
Growth
Allocation
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
..........................
1,255,012,737
—
—
1,255,012,737
Short
Term
Investments
...................
7,977,571
839,779
—
8,817,350
Total
Investments
in
Securities
...........
$1,262,990,308
$839,779
$—
$1,263,830,087
Franklin
LifeSmart™
Retirement
Income
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
..........................
47,551,919
—
—
47,551,919
Index-Linked
Notes
......................
—
4,846,593
—
4,846,593
Short
Term
Investments
...................
1,161,575
—
—
1,161,575
Total
Investments
in
Securities
...........
$48,713,494
$4,846,593
$—
$53,560,087
Franklin
LifeSmart™
2020
Retirement
Target
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
..........................
41,460,235
—
—
41,460,235
Short
Term
Investments
...................
403,594
—
—
403,594
Total
Investments
in
Securities
...........
$41,863,829
$—
$—
$41,863,829
Franklin
LifeSmart™
2025
Retirement
Target
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
..........................
128,195,832
—
—
128,195,832
5. Fair
Value
Measurements 
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Statements
of
Investments
(unaudited)
39
Quarterly
Statement
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
LifeSmart™
2025
Retirement
Target
Fund
(continued)
Assets:
Investments
in
Securities:
a
Short
Term
Investments
...................
$
1,557,413
$
298,062
—
$
1,855,475
Total
Investments
in
Securities
...........
$129,753,245
$298,062
$—
$130,051,307
Franklin
LifeSmart™
2030
Retirement
Target
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
..........................
62,969,558
—
$
—
62,969,558
Short
Term
Investments
...................
217,063
303,457
—
520,520
Total
Investments
in
Securities
...........
$63,186,621
$303,457
$—
$63,490,078
Franklin
LifeSmart™
2035
Retirement
Target
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
..........................
128,981,269
—
—
128,981,269
Short
Term
Investments
...................
1,316,119
21,486
—
1,337,605
Total
Investments
in
Securities
...........
$130,297,388
$21,486
$—
$130,318,874
Franklin
LifeSmart™
2040
Retirement
Target
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
..........................
52,310,758
—
—
52,310,758
Short
Term
Investments
...................
531,686
—
—
531,686
Total
Investments
in
Securities
...........
$52,842,444
$—
$—
$52,842,444
Franklin
LifeSmart™
2045
Retirement
Target
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
..........................
89,645,401
—
—
89,645,401
Short
Term
Investments
...................
883,929
—
—
883,929
Total
Investments
in
Securities
...........
$90,529,330
$—
$—
$90,529,330
Franklin
LifeSmart™
2050
Retirement
Target
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
..........................
46,518,322
—
—
46,518,322
Short
Term
Investments
...................
467,356
24,316
—
491,672
Total
Investments
in
Securities
...........
$46,985,678
$24,316
$—
$47,009,994
Franklin
LifeSmart™
2055
Retirement
Target
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
..........................
24,999,721
—
—
24,999,721
Short
Term
Investments
...................
338,911
—
—
338,911
Total
Investments
in
Securities
...........
$25,338,632
$—
$—
$25,338,632
5. Fair
Value
Measurements 
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Statements
of
Investments
(unaudited)
40
Quarterly
Statement
of
Investments
6.
Subsequent
Events
The
Funds
have evaluated
subsequent
events
through
the
issuance
of
the
Statements of
Investments
and
determined
that
no
events
have
occurred
that
require
disclosure,
except
for
the
following:
The
Board
of
Trustees
of
the
Trust
recently
approved
a
proposal
to
reposition
the
Franklin
Founding
Funds
Allocation
Fund
(Fund),
subject
to
shareholder
approval
of
certain
matters.
Among
other
things,
the
repositioning
of
the
Fund
as
a
directly
managed
allocation
fund
would
involve
entering
into
an
investment
management
agreement
with
Franklin
Advisers,
Inc.,
changing
the
name
of
the
Fund
to
the
“Franklin
Global
Multi-Asset
Fund”
and
modifying
the
Fund’s
principal
investment
strategies
and
goals.
It
is
expected
to
be
completed
early
2021.
Abbreviations
Level
1
Level
2
Level
3
Total
Franklin
LifeSmart™
2055
Retirement
Target
Fund
(continued)
Assets:
Investments
in
Securities:
a
Short
Term
Investments
Franklin
Moderate
Allocation
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
..........................
$
1,861,296,000
$
—
$
—
$
1,861,296,000
Short
Term
Investments
...................
12,751,909
1,742,130
—
14,494,039
Total
Investments
in
Securities
...........
$1,874,047,909
$1,742,130
$—
$1,875,790,039
a
For
detailed
categories,
see
the
accompanying
Statement
of
Investments.
Selected
Portfolio
ETF
Exchange-Traded
Fund
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.