NPORT-EX 2 FFAS.htm
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
FAS3-Q1PH
1
Statements
of
Investments
(unaudited)
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
2
Franklin
International
Core
Equity
(IU)
Fund
8
Franklin
U.S.
Core
Equity
(IU)
Fund
14
Notes
to
Statements
of
Investments
21
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited),
October
31,
2021
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
Quarterly
Statements
of
Investments
See
Notes
to
Statements
of
Investments.
2
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
97.2%
Auto
Components
0.7%
a
Fuyao
Glass
Industry
Group
Co.
Ltd.,
H,
144A,
Reg
S
..........
China
48,400
$
278,673
Hankook
Tire
&
Technology
Co.
Ltd.
.......................
South
Korea
15,507
546,609
825,282
Automobiles
0.7%
Kia
Corp.
...........................................
South
Korea
10,408
755,591
Banks
11.7%
Abu
Dhabi
Islamic
Bank
PJSC
...........................
United
Arab
Emirates
289,925
461,616
Akbank
TAS
.........................................
Turkey
565,641
344,786
Al
Rajhi
Bank
........................................
Saudi
Arabia
82,167
3,036,164
Bank
Central
Asia
Tbk
.
PT
..............................
Indonesia
850,500
449,725
Bank
of
Beijing
Co.
Ltd.,
A
...............................
China
272,800
188,628
BDO
Unibank
,
Inc.
....................................
Philippines
109,630
269,299
China
Merchants
Bank
Co.
Ltd.,
A
.........................
China
74,200
624,369
China
Merchants
Bank
Co.
Ltd.,
H
.........................
China
82,000
687,172
Hana
Financial
Group,
Inc.
..............................
South
Korea
55,895
2,144,219
Huaxia
Bank
Co.
Ltd.,
A
................................
China
165,600
145,489
ICICI
Bank
Ltd.
.......................................
India
47,963
515,915
Industrial
Bank
Co.
Ltd.,
A
...............................
China
262,306
762,626
KB
Financial
Group,
Inc.
................................
South
Korea
28,068
1,351,614
Shinhan
Financial
Group
Co.
Ltd.
.........................
South
Korea
24,184
785,474
a
TCS
Group
Holding
plc,
GDR,
Reg
S
......................
Russia
3,188
328,781
Turkiye
Garanti
Bankasi
A/S
.............................
Turkey
113,792
116,590
Woori
Financial
Group,
Inc.
..............................
South
Korea
109,040
1,233,209
13,445,676
Beverages
1.1%
Arca
Continental
SAB
de
CV
.............................
Mexico
93,900
572,546
b
Chongqing
Brewery
Co.
Ltd.,
A
...........................
China
6,300
147,647
JiuGui
Liquor
Co.
Ltd.,
A
................................
China
3,600
120,346
a
Nongfu
Spring
Co.
Ltd.,
H,
144A,
Reg
S
....................
China
86,400
438,270
1,278,809
Biotechnology
0.4%
a,b
3SBio,
Inc.,
144A,
Reg
S
................................
China
136,000
124,455
Chongqing
Zhifei
Biological
Products
Co.
Ltd.,
A
..............
China
13,600
319,403
443,858
Building
Products
0.1%
China
Lesso
Group
Holdings
Ltd.
.........................
China
116,000
179,297
Capital
Markets
1.0%
China
Everbright
Ltd.
..................................
China
200,000
224,890
Guotai
Junan
Securities
Co.
Ltd.,
A
........................
China
97,300
266,165
Haitong
Securities
Co.
Ltd.,
A
............................
China
88,100
169,828
Korea
Investment
Holdings
Co.
Ltd.
.......................
South
Korea
4,451
331,184
Meritz
Securities
Co.
Ltd.
...............................
South
Korea
28,785
114,430
1,106,497
Chemicals
1.9%
Huafon
Chemical
Co.
Ltd.,
A
.............................
China
59,700
110,956
Kumho
Petrochemical
Co.
Ltd.
...........................
South
Korea
3,335
488,180
Ningxia
Baofeng
Energy
Group
Co.
Ltd.,
A
..................
China
76,800
175,645
a
PhosAgro
PJSC,
GDR,
Reg
S
............................
Russia
28,877
690,738
Shandong
Hualu
Hengsheng
Chemical
Co.
Ltd.,
A
.............
China
27,440
133,320
Wanhua
Chemical
Group
Co.
Ltd.,
A
.......................
China
33,800
557,962
2,156,801
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited)
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statements
of
Investments
3
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Communications
Equipment
0.1%
Yealink
Network
Technology
Corp.
Ltd.,
A
...................
China
11,600
$
136,854
Construction
Materials
0.4%
ACC
Ltd.
............................................
India
9,535
297,438
Ambuja
Cements
Ltd.
..................................
India
21,587
116,871
414,309
Consumer
Finance
0.7%
Krungthai
Card
PCL
...................................
Thailand
191,600
332,380
Muangthai
Capital
PCL
.................................
Thailand
64,700
117,754
Srisawad
Corp.
PCL
...................................
Thailand
158,000
303,942
754,076
Diversified
Telecommunication
Services
0.6%
Hellenic
Telecommunications
Organization
SA
................
Greece
10,818
192,044
Telefonica
Brasil
SA
...................................
Brazil
65,000
524,471
716,515
Electric
Utilities
0.6%
Energisa
SA
.........................................
Brazil
24,200
169,956
Inter
RAO
UES
PJSC
..................................
Russia
7,468,200
506,351
676,307
Electrical
Equipment
1.6%
Contemporary
Amperex
Technology
Co.
Ltd.,
A
...............
China
5,200
520,370
Havells
India
Ltd.
.....................................
India
38,695
653,331
WEG
SA
............................................
Brazil
105,900
694,549
1,868,250
Electronic
Equipment,
Instruments
&
Components
1.9%
BOE
Technology
Group
Co.
Ltd.,
A
........................
China
418,500
321,202
Foxconn
Industrial
Internet
Co.
Ltd.,
A
......................
China
93,900
166,424
Hon
Hai
Precision
Industry
Co.
Ltd.
........................
Taiwan
112,000
431,807
Kingboard
Holdings
Ltd.
................................
China
142,500
620,987
Kingboard
Laminates
Holdings
Ltd.
........................
Hong
Kong
213,000
333,901
Synnex
Technology
International
Corp.
.....................
Taiwan
134,000
259,300
2,133,621
Entertainment
1.3%
NetEase
,
Inc.,
ADR
....................................
China
14,900
1,454,091
Food
Products
3.3%
a
China
Feihe
Ltd.,
144A,
Reg
S
...........................
China
357,000
592,725
a
Dali
Foods
Group
Co.
Ltd.,
144A,
Reg
S
....................
China
453,500
252,382
Grupo
Bimbo
SAB
de
CV,
A
..............................
Mexico
329,800
976,226
Henan
Shuanghui
Investment
&
Development
Co.
Ltd.,
A
.......
China
37,200
171,248
JBS
SA
.............................................
United
States
101,300
701,190
Nestle
Malaysia
Bhd.
..................................
Malaysia
15,100
490,550
Thai
Union
Group
PCL,
F
...............................
Thailand
299,400
187,630
Tingyi
Cayman
Islands
Holding
Corp.
......................
China
74,000
138,120
Uni
-President
China
Holdings
Ltd.
.........................
China
271,000
230,971
3,741,042
Gas
Utilities
1.1%
Adani
Total
Gas
Ltd.
...................................
India
5,923
113,746
ENN
Energy
Holdings
Ltd.
...............................
China
57,300
987,192
Indraprastha
Gas
Ltd.
..................................
India
34,802
220,382
1,321,320
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited)
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
(continued)
Quarterly
Statements
of
Investments
See
Notes
to
Statements
of
Investments.
4
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Health
Care
Equipment
&
Supplies
0.7%
Kossan
Rubber
Industries
Bhd.
...........................
Malaysia
207,200
$
118,085
Shenzhen
Mindray
Bio-Medical
Electronics
Co.
Ltd.,
A
..........
China
8,400
491,725
Sri
Trang
Gloves
Thailand
PCL
...........................
Thailand
200,300
183,183
792,993
Health
Care
Providers
&
Services
1.4%
Apollo
Hospitals
Enterprise
Ltd.
...........................
India
2,895
164,978
Dr.
Sulaiman
Al
Habib
Medical
Services
Group
Co.
............
Saudi
Arabia
11,752
519,470
Mouwasat
Medical
Services
Co.
..........................
Saudi
Arabia
10,186
488,268
Sinopharm
Group
Co.
Ltd.,
H
............................
China
206,400
490,100
1,662,816
Hotels,
Restaurants
&
Leisure
0.9%
Yum
China
Holdings,
Inc.
...............................
China
17,900
1,021,732
Household
Durables
0.4%
Midea
Group
Co.
Ltd.,
A
................................
China
41,900
448,992
Household
Products
0.3%
Unilever
Indonesia
Tbk
.
PT
..............................
Indonesia
1,046,500
326,671
Industrial
Conglomerates
0.6%
LG
Corp.
............................................
South
Korea
1,516
117,908
Sime
Darby
Bhd.
......................................
Malaysia
592,100
324,575
Turkiye
Sise
ve
Cam
Fabrikalari
A/S
.......................
Turkey
269,255
242,546
685,029
Insurance
6.5%
Bupa
Arabia
for
Cooperative
Insurance
Co.
..................
Saudi
Arabia
3,883
149,693
Cathay
Financial
Holding
Co.
Ltd.
.........................
Taiwan
468,000
974,299
China
Development
Financial
Holding
Corp.
.................
Taiwan
2,904,000
1,482,425
China
Life
Insurance
Co.
Ltd.
............................
Taiwan
404,560
422,337
DB
Insurance
Co.
Ltd.
..................................
South
Korea
4,291
216,946
Fubon
Financial
Holding
Co.
Ltd.
..........................
Taiwan
862,400
2,276,782
People's
Insurance
Co.
Group
of
China
Ltd.
(The),
H
...........
China
1,822,000
568,325
PICC
Property
&
Casualty
Co.
Ltd.,
H
......................
China
260,000
242,046
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
A
................
China
134,000
1,034,041
Samsung
Life
Insurance
Co.
Ltd.
..........................
South
Korea
2,526
145,368
7,512,262
Interactive
Media
&
Services
5.8%
b
Baidu,
Inc.,
ADR
......................................
China
2,700
438,048
Hello
Group,
Inc.,
ADR
.................................
China
27,000
336,150
NAVER
Corp.
........................................
South
Korea
422
145,968
Tencent
Holdings
Ltd.
..................................
China
93,900
5,711,917
6,632,083
Internet
&
Direct
Marketing
Retail
6.4%
b
Alibaba
Group
Holding
Ltd.
..............................
China
245,600
5,050,189
a,b
Meituan
Dianping
,
B,
Reg
S
.............................
China
42,100
1,432,606
Naspers
Ltd.,
N
.......................................
South
Africa
4,164
705,360
b
Vipshop
Holdings
Ltd.,
ADR
.............................
China
10,700
119,412
7,307,567
IT
Services
6.4%
HCL
Technologies
Ltd.
.................................
India
59,624
912,074
Infosys
Ltd.
..........................................
India
113,704
2,542,057
Tata
Consultancy
Services
Ltd.
...........................
India
49,476
2,246,694
Tech
Mahindra
Ltd.
....................................
India
47,848
946,176
TravelSky
Technology
Ltd.,
H
............................
China
80,000
149,477
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited)
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statements
of
Investments
5
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
IT
Services
(continued)
Wipro
Ltd.
...........................................
India
64,730
$
559,981
7,356,459
Leisure
Products
0.2%
Giant
Manufacturing
Co.
Ltd.
.............................
Taiwan
20,000
231,989
Life
Sciences
Tools
&
Services
1.9%
Divi's
Laboratories
Ltd.
.................................
India
6,918
475,548
a
Pharmaron
Beijing
Co.
Ltd.,
H,
144A,
Reg
S
.................
China
4,900
106,022
a
WuXi
AppTec
Co.
Ltd.,
H,
144A,
Reg
S
.....................
China
31,340
669,146
a,b
Wuxi
Biologics
Cayman,
Inc.,
144A,
Reg
S
..................
China
62,500
946,685
2,197,401
Machinery
0.3%
Haitian
International
Holdings
Ltd.
.........................
China
56,000
163,212
Sany
Heavy
Industry
Co.
Ltd.,
A
..........................
China
52,800
189,151
352,363
Marine
0.8%
Evergreen
Marine
Corp.
Taiwan
Ltd.
.......................
Taiwan
133,000
478,014
b
HMM
Co.
Ltd.
........................................
South
Korea
7,866
179,051
Wan
Hai
Lines
Ltd.
....................................
Taiwan
22,900
131,944
b
Yang
Ming
Marine
Transport
Corp.
........................
Taiwan
38,000
132,482
921,491
Media
0.2%
Megacable
Holdings
SAB
de
CV
..........................
Mexico
66,200
195,055
Metals
&
Mining
5.7%
China
Hongqiao
Group
Ltd.
..............................
China
480,500
533,860
Cia
Siderurgica
Nacional
SA
.............................
Brazil
83,500
337,167
Impala
Platinum
Holdings
Ltd.
............................
South
Africa
20,049
259,544
Kumba
Iron
Ore
Ltd.
...................................
South
Africa
13,235
402,842
MMC
Norilsk
Nickel
PJSC
...............................
Russia
3,330
1,039,645
Novolipetsk
Steel
PJSC
................................
Russia
326,060
1,029,425
POSCO
............................................
South
Korea
3,706
935,126
Severstal
PAO
.......................................
Russia
45,321
1,030,089
Sibanye
Stillwater
Ltd.
..................................
South
Africa
82,038
287,182
Tata
Steel
Ltd.
........................................
India
16,624
292,806
Vale
SA
.............................................
Brazil
30,500
387,150
6,534,836
Multiline
Retail
0.2%
Falabella
SA
.........................................
Chile
72,040
199,215
Oil,
Gas
&
Consumable
Fuels
3.1%
China
Shenhua
Energy
Co.
Ltd.,
A
........................
China
85,200
264,961
China
Shenhua
Energy
Co.
Ltd.,
H
........................
China
197,500
424,684
Exxaro
Resources
Ltd.
.................................
South
Africa
48,475
530,894
MOL
Hungarian
Oil
&
Gas
plc
............................
Hungary
13,081
111,769
Polski
Koncern
Naftowy
ORLEN
SA
.......................
Poland
63,500
1,369,067
Reliance
Industries
Ltd.
.................................
India
23,767
805,744
3,507,119
Personal
Products
1.2%
Colgate-Palmolive
India
Ltd.
.............................
India
26,623
548,651
Marico
Ltd.
..........................................
India
110,191
837,025
1,385,676
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited)
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
(continued)
Quarterly
Statements
of
Investments
See
Notes
to
Statements
of
Investments.
6
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Pharmaceuticals
2.4%
Aurobindo
Pharma
Ltd.
.................................
India
25,225
$
232,336
China
Medical
System
Holdings
Ltd.
.......................
China
300,000
507,966
CSPC
Pharmaceutical
Group
Ltd.
.........................
China
1,105,600
1,153,694
Jiangsu
Hengrui
Medicine
Co.
Ltd.,
A
......................
China
30,708
235,661
Kalbe
Farma
Tbk
.
PT
..................................
Indonesia
2,381,900
269,004
Richter
Gedeon
Nyrt
.
..................................
Hungary
13,463
377,108
2,775,769
Real
Estate
Management
&
Development
1.7%
Agile
Group
Holdings
Ltd.
...............................
China
194,000
152,085
Aldar
Properties
PJSC
.................................
United
Arab
Emirates
837,180
921,142
a
A-Living
Smart
City
Services
Co.
Ltd.,
H,
144A,
Reg
S
.........
China
36,250
120,331
Land
&
Houses
PCL
...................................
Thailand
741,800
188,285
Logan
Group
Co.
Ltd.
..................................
China
224,000
224,382
b
Seazen
Group
Ltd.
....................................
China
372,000
294,281
1,900,506
Semiconductors
&
Semiconductor
Equipment
9.6%
b
Daqo
New
Energy
Corp.,
ADR
...........................
China
7,800
606,762
a,b
Hua
Hong
Semiconductor
Ltd.,
144A,
Reg
S
.................
China
22,000
110,402
LONGi
Green
Energy
Technology
Co.
Ltd.,
A
.................
China
46,620
710,099
MediaTek
,
Inc.
.......................................
Taiwan
11,000
361,578
Novatek
Microelectronics
Corp.
...........................
Taiwan
58,000
868,829
Realtek
Semiconductor
Corp.
............................
Taiwan
22,000
395,224
SK
Hynix,
Inc.
........................................
South
Korea
1,546
135,580
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
...............
Taiwan
368,000
7,799,117
10,987,591
Specialty
Retail
1.7%
Jarir
Marketing
Co.
....................................
Saudi
Arabia
6,810
368,196
JUMBO
SA
..........................................
Greece
7,456
110,968
Mr
Price
Group
Ltd.
....................................
South
Africa
51,378
672,736
a
Topsports
International
Holdings
Ltd.,
144A,
Reg
S
............
China
345,000
419,123
Zhongsheng
Group
Holdings
Ltd.
.........................
China
40,500
365,162
1,936,185
Technology
Hardware,
Storage
&
Peripherals
5.2%
Asustek
Computer,
Inc.
.................................
Taiwan
57,000
723,763
Lenovo
Group
Ltd.
....................................
China
1,042,000
1,131,579
Samsung
Electronics
Co.
Ltd.
............................
South
Korea
69,098
4,115,840
5,971,182
Textiles,
Apparel
&
Luxury
Goods
1.6%
ANTA
Sports
Products
Ltd.
..............................
China
21,600
334,664
Bosideng
International
Holdings
Ltd.
.......................
China
668,000
517,603
Li
Ning
Co.
Ltd.
.......................................
China
60,500
667,621
Pou
Chen
Corp.
......................................
Taiwan
303,000
371,131
1,891,019
Thrifts
&
Mortgage
Finance
0.9%
Housing
Development
Finance
Corp.
Ltd.
...................
India
27,896
1,062,535
Transportation
Infrastructure
0.9%
International
Container
Terminal
Services,
Inc.
................
Philippines
214,530
764,540
Westports
Holdings
Bhd.
................................
Malaysia
220,300
237,803
1,002,343
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited)
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statements
of
Investments
7
See
Abbreviations
on
page
26
.
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Wireless
Telecommunication
Services
1.0%
Mobile
TeleSystems
PJSC,
ADR
..........................
Russia
13,600
$
124,984
b
MTN
Group
Ltd.
......................................
South
Africa
46,995
421,513
c
SK
Telecom
Co.
Ltd.
...................................
South
Korea
739
194,671
Turkcell
Iletisim
Hizmetleri
A/S
............................
Turkey
263,616
419,267
1,160,435
Total
Common
Stocks
(Cost
$96,376,706)
......................................
111,367,510
Preferred
Stocks
2.3%
Banks
1.7%
b
Banco
Bradesco
SA
...................................
Brazil
131,990
465,585
d
Itausa
SA,
0.78%
.....................................
Brazil
824,900
1,498,755
1,964,340
Metals
&
Mining
0.4%
d
Bradespar
SA,
11.07%
.................................
Brazil
52,286
450,986
Personal
Products
0.2%
d
LG
Household
&
Health
Care
Ltd.,
1.84%
...................
South
Korea
339
173,154
Total
Preferred
Stocks
(Cost
$3,286,499)
.......................................
2,588,480
Total
Long
Term
Investments
(Cost
$99,663,205)
................................
113,955,990
a
Short
Term
Investments
0.9%
a
a
Country
Shares
a
Value
a
Money
Market
Funds
0.9%
e,f
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.....
United
States
1,044,553
1,044,553
Total
Money
Market
Funds
(Cost
$1,044,553)
...................................
1,044,553
Total
Short
Term
Investments
(Cost
$1,044,553
)
.................................
1,044,553
a
Total
Investments
(Cost
$100,707,758)
100.4%
..................................
$115,000,543
Other
Assets,
less
Liabilities
(0.4)%
...........................................
(434,959)
Net
Assets
100.0%
...........................................................
$114,565,584
a
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
October
31,
2021,
the
aggregate
value
of
these
securities
was
$6,510,339,
representing
5.7%
of
net
assets.
b
Non-income
producing.
c
Fair
valued
using
significant
unobservable
inputs.
See
Note
6
regarding
fair
value
measurements.
d
Variable
rate
security.
The
rate
shown
represents
the
yield
at
period
end.
e
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
f
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited),
October
31,
2021
Franklin
International
Core
Equity
(IU)
Fund
Quarterly
Statements
of
Investments
See
Notes
to
Statements
of
Investments.
8
I
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
97.8%
Air
Freight
&
Logistics
2.2%
Deutsche
Post
AG
.....................................
Germany
139,204
$
8,616,961
Auto
Components
0.1%
Aisin
Corp.
..........................................
Japan
11,900
435,454
Automobiles
3.5%
Bayerische
Motoren
Werke
AG
...........................
Germany
9,799
989,966
Stellantis
NV
.........................................
United
States
360,142
7,189,417
Toyota
Motor
Corp.
....................................
Japan
291,100
5,136,217
13,315,600
Banks
8.1%
Bank
Leumi
Le-Israel
BM
...............................
Israel
95,560
912,886
Barclays
plc
.........................................
United
Kingdom
975,827
2,692,672
Commonwealth
Bank
of
Australia
.........................
Australia
56,021
4,440,350
DBS
Group
Holdings
Ltd.
...............................
Singapore
246,000
5,748,707
ING
Groep
NV
.......................................
Netherlands
332,993
5,050,703
Mitsubishi
UFJ
Financial
Group,
Inc.
.......................
Japan
267,800
1,468,481
Raiffeisen
Bank
International
AG
..........................
Austria
19,644
573,947
Societe
Generale
SA
...................................
France
141,051
4,711,253
Standard
Chartered
plc
.................................
United
Kingdom
63,123
426,885
Sumitomo
Mitsui
Financial
Group,
Inc.
......................
Japan
156,800
5,088,106
31,113,990
Beverages
1.4%
Anheuser-Busch
InBev
SA/NV
...........................
Belgium
33,870
2,071,555
Pernod
Ricard
SA
.....................................
France
14,329
3,296,249
5,367,804
Biotechnology
0.9%
CSL
Ltd.
............................................
Australia
15,475
3,521,186
Building
Products
4.1%
AGC,
Inc.
...........................................
Japan
65,900
3,281,531
Cie
de
Saint-Gobain
...................................
France
71,817
4,955,846
Geberit
AG
..........................................
Switzerland
7,519
5,870,705
Xinyi
Glass
Holdings
Ltd.
...............................
Hong
Kong
603,000
1,699,222
15,807,304
Capital
Markets
5.7%
3i
Group
plc
.........................................
United
Kingdom
320,750
5,989,792
EQT
AB
............................................
Sweden
8,883
469,193
Partners
Group
Holding
AG
..............................
Switzerland
5,143
8,982,628
UBS
Group
AG
.......................................
Switzerland
357,340
6,503,128
21,944,741
Chemicals
3.3%
BASF
SE
...........................................
Germany
12,038
866,344
a
Covestro
AG,
144A,
Reg
S
..............................
Germany
15,936
1,020,432
EMS-
Chemie
Holding
AG
...............................
Switzerland
1,787
1,772,182
Mitsubishi
Chemical
Holdings
Corp.
.......................
Japan
130,400
1,079,377
Mitsui
Chemicals,
Inc.
..................................
Japan
61,000
1,813,764
Nitto
Denko
Corp.
.....................................
Japan
47,200
3,688,216
Sumitomo
Chemical
Co.
Ltd.
.............................
Japan
213,900
1,053,739
Tosoh
Corp.
.........................................
Japan
86,800
1,461,801
12,755,855
Construction
Materials
0.2%
James
Hardie
Industries
plc,
CDI
.........................
United
States
16,363
642,840
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited)
Franklin
International
Core
Equity
(IU)
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statements
of
Investments
9
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Diversified
Financial
Services
3.0%
Eurazeo
SE
.........................................
France
13,020
$
1,220,310
EXOR
NV
...........................................
Netherlands
4,422
417,095
Investor
AB,
B
........................................
Sweden
264,143
6,094,750
b
Kinnevik
AB,
B
.......................................
Sweden
55,930
2,195,273
Sofina
SA
...........................................
Belgium
3,385
1,497,751
11,425,179
Diversified
Telecommunication
Services
3.6%
Deutsche
Telekom
AG
..................................
Germany
175,926
3,271,440
Nippon
Telegraph
&
Telephone
Corp.
......................
Japan
270,500
7,579,124
Telefonica
SA
........................................
Spain
690,130
2,997,433
13,847,997
Electric
Utilities
0.9%
Electricite
de
France
SA
................................
France
147,442
2,172,807
Red
Electrica
Corp.
SA
.................................
Spain
59,356
1,235,789
3,408,596
Electrical
Equipment
1.1%
Mitsubishi
Electric
Corp.
................................
Japan
323,200
4,340,395
Electronic
Equipment,
Instruments
&
Components
0.4%
Keyence
Corp.
.......................................
Japan
2,800
1,690,121
Entertainment
0.7%
Nintendo
Co.
Ltd.
.....................................
Japan
5,800
2,561,611
Equity
Real
Estate
Investment
Trusts
(REITs)
3.0%
Goodman
Group
......................................
Australia
273,367
4,526,108
Segro
plc
...........................................
United
Kingdom
397,813
7,030,908
11,557,016
Food
&
Staples
Retailing
2.6%
Jeronimo
Martins
SGPS
SA
.............................
Portugal
52,217
1,183,010
Kesko
OYJ,
B
........................................
Finland
15,674
510,058
Koninklijke
Ahold
Delhaize
NV
............................
Netherlands
231,882
7,543,040
Lawson,
Inc.
.........................................
Japan
15,500
749,574
9,985,682
Food
Products
1.5%
Nestle
SA
...........................................
Switzerland
42,653
5,625,010
Gas
Utilities
1.1%
Osaka
Gas
Co.
Ltd.
...................................
Japan
125,000
2,014,748
Tokyo
Gas
Co.
Ltd.
....................................
Japan
120,800
2,096,235
4,110,983
Health
Care
Equipment
&
Supplies
4.0%
Alcon,
Inc.
...........................................
Switzerland
4,720
391,290
DiaSorin
SpA
........................................
Italy
4,521
1,021,947
Fisher
&
Paykel
Healthcare
Corp.
Ltd.
......................
New
Zealand
59,762
1,338,506
Hoya
Corp.
..........................................
Japan
39,400
5,800,017
Koninklijke
Philips
NV
..................................
Netherlands
9,522
449,163
Olympus
Corp.
.......................................
Japan
47,700
1,033,327
a
Siemens
Healthineers
AG,
144A,
Reg
S
....................
Germany
17,563
1,167,943
Sonova
Holding
AG
....................................
Switzerland
10,091
4,180,513
15,382,706
Health
Care
Providers
&
Services
0.3%
Fresenius
SE
&
Co.
KGaA
...............................
Germany
13,802
627,299
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited)
Franklin
International
Core
Equity
(IU)
Fund
(continued)
Quarterly
Statements
of
Investments
See
Notes
to
Statements
of
Investments.
10
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Health
Care
Providers
&
Services
(continued)
Sonic
Healthcare
Ltd.
..................................
Australia
12,906
$
391,626
1,018,925
Hotels,
Restaurants
&
Leisure
0.1%
a
La
Francaise
des
Jeux
SAEM,
144A,
Reg
S
.................
France
7,203
373,987
Household
Durables
1.9%
Barratt
Developments
plc
...............................
United
Kingdom
201,582
1,829,910
Iida
Group
Holdings
Co.
Ltd.
.............................
Japan
48,700
1,200,675
Panasonic
Corp.
......................................
Japan
32,300
399,423
Persimmon
plc
.......................................
United
Kingdom
12,224
455,429
Sekisui
House
Ltd.
....................................
Japan
134,600
2,798,439
Taylor
Wimpey
plc
.....................................
United
Kingdom
330,746
699,770
7,383,646
Industrial
Conglomerates
1.4%
CK
Hutchison
Holdings
Ltd.
..............................
United
Kingdom
400,500
2,685,121
Hitachi
Ltd.
..........................................
Japan
46,100
2,656,493
5,341,614
Insurance
0.8%
Admiral
Group
plc
.....................................
United
Kingdom
36,293
1,425,615
NN
Group
NV
........................................
Netherlands
34,072
1,821,222
3,246,837
Interactive
Media
&
Services
0.4%
a
Auto
Trader
Group
plc,
144A,
Reg
S
.......................
United
Kingdom
176,818
1,465,845
Internet
&
Direct
Marketing
Retail
0.2%
ZOZO,
Inc.
..........................................
Japan
23,200
744,686
IT
Services
1.5%
Fujitsu
Ltd.
..........................................
Japan
31,700
5,478,703
SCSK
Corp.
.........................................
Japan
18,200
368,315
5,847,018
Leisure
Products
0.1%
Shimano,
Inc.
........................................
Japan
1,400
390,619
Life
Sciences
Tools
&
Services
0.9%
Eurofins
Scientific
SE
..................................
Luxembourg
7,285
859,665
Sartorius
Stedim
Biotech
................................
France
4,552
2,508,714
3,368,379
Machinery
4.0%
Atlas
Copco
AB,
A
.....................................
Sweden
76,998
4,958,514
Atlas
Copco
AB,
B
.....................................
Sweden
34,565
1,873,188
CNH
Industrial
NV
.....................................
United
Kingdom
72,745
1,252,966
Epiroc
AB,
A
.........................................
Sweden
140,240
3,489,337
Makita
Corp.
.........................................
Japan
19,300
895,750
Techtronic
Industries
Co.
Ltd.
............................
Hong
Kong
137,000
2,814,700
15,284,455
Marine
1.7%
AP
Moller
-
Maersk
A/S,
A
...............................
Denmark
1,004
2,756,556
AP
Moller
-
Maersk
A/S,
B
...............................
Denmark
1,005
2,912,348
Nippon
Yusen
KK
.....................................
Japan
11,100
799,836
6,468,740
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited)
Franklin
International
Core
Equity
(IU)
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statements
of
Investments
11
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Metals
&
Mining
3.7%
Anglo
American
plc
....................................
South
Africa
24,205
$
920,797
ArcelorMittal
SA
......................................
Luxembourg
133,936
4,529,346
BHP
Group
Ltd.
......................................
Australia
43,578
1,196,957
BlueScope
Steel
Ltd.
...................................
Australia
73,005
1,140,784
Evraz
plc
...........................................
Russia
168,069
1,427,526
Fortescue
Metals
Group
Ltd.
.............................
Australia
79,267
825,965
Rio
Tinto
Ltd.
........................................
Australia
21,410
1,466,858
Rio
Tinto
plc
.........................................
Australia
25,723
1,603,808
Sumitomo
Metal
Mining
Co.
Ltd.
..........................
Japan
10,400
403,440
voestalpine
AG
.......................................
Austria
19,039
723,059
14,238,540
Multiline
Retail
0.8%
Next
plc
............................................
United
Kingdom
27,327
2,978,246
Multi-Utilities
0.7%
E.ON
SE
............................................
Germany
168,219
2,132,801
Suez
SA
............................................
France
28,365
645,414
2,778,215
Oil,
Gas
&
Consumable
Fuels
3.6%
BP
plc
..............................................
United
Kingdom
912,106
4,369,651
Equinor
ASA
.........................................
Norway
101,264
2,565,740
Lundin
Energy
AB
.....................................
Sweden
59,384
2,345,250
TotalEnergies
SE
.....................................
France
89,815
4,497,094
13,777,735
Personal
Products
3.9%
L'Oreal
SA
..........................................
France
23,197
10,610,660
Unilever
plc
..........................................
United
Kingdom
79,545
4,258,833
14,869,493
Pharmaceuticals
6.8%
Astellas
Pharma,
Inc.
..................................
Japan
60,000
1,011,527
AstraZeneca
plc
......................................
United
Kingdom
3,429
428,957
Bayer
AG
...........................................
Germany
15,727
886,261
Ipsen
SA
............................................
France
12,337
1,276,694
Novo
Nordisk
A/S,
B
...................................
Denmark
79,987
8,770,695
Orion
OYJ,
B
........................................
Finland
35,719
1,546,629
Otsuka
Holdings
Co.
Ltd.
...............................
Japan
43,300
1,712,484
Roche
Holding
AG
....................................
Switzerland
20,964
8,119,558
Sanofi
..............................................
France
20,188
2,027,591
Sumitomo
Dainippon
Pharma
Co.
Ltd.
......................
Japan
31,100
439,803
26,220,199
Professional
Services
2.6%
Adecco
Group
AG
.....................................
Switzerland
51,428
2,590,380
Experian
plc
.........................................
United
Kingdom
8,810
403,934
Persol
Holdings
Co.
Ltd.
................................
Japan
28,200
757,978
Randstad
NV
........................................
Netherlands
37,763
2,712,941
SGS
SA
............................................
Switzerland
127
375,904
Wolters
Kluwer
NV
....................................
Netherlands
30,162
3,158,245
9,999,382
Real
Estate
Management
&
Development
1.0%
LEG
Immobilien
SE
....................................
Germany
24,233
3,604,178
Swire
Pacific
Ltd.,
A
...................................
Hong
Kong
60,500
380,339
3,984,517
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited)
Franklin
International
Core
Equity
(IU)
Fund
(continued)
Quarterly
Statements
of
Investments
See
Notes
to
Statements
of
Investments.
12
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Road
&
Rail
0.3%
Nippon
Express
Co.
Ltd.
................................
Japan
21,000
$
1,314,485
Semiconductors
&
Semiconductor
Equipment
2.0%
ASML
Holding
NV
.....................................
Netherlands
3,248
2,640,071
Disco
Corp.
..........................................
Japan
1,400
377,437
Tokyo
Electron
Ltd.
....................................
Japan
10,400
4,846,744
7,864,252
Software
1.2%
b
Check
Point
Software
Technologies
Ltd.
....................
Israel
9,300
1,112,280
SAP
SE
............................................
Germany
25,075
3,630,826
4,743,106
Specialty
Retail
1.1%
Kingfisher
plc
........................................
United
Kingdom
694,668
3,188,126
Yamada
Holdings
Co.
Ltd.
...............................
Japan
227,100
867,818
4,055,944
Technology
Hardware,
Storage
&
Peripherals
0.9%
Brother
Industries
Ltd.
..................................
Japan
58,200
1,125,235
Canon,
Inc.
..........................................
Japan
80,800
1,837,341
Logitech
International
SA
...............................
Switzerland
7,839
655,613
3,618,189
Textiles,
Apparel
&
Luxury
Goods
0.5%
Burberry
Group
plc
....................................
United
Kingdom
17,713
468,121
Pandora
A/S
.........................................
Denmark
11,174
1,563,592
2,031,713
Tobacco
0.3%
Imperial
Brands
plc
....................................
United
Kingdom
54,788
1,156,049
Trading
Companies
&
Distributors
2.6%
Ferguson
plc
.........................................
United
States
10,413
1,566,718
ITOCHU
Corp.
.......................................
Japan
13,000
370,771
Marubeni
Corp.
.......................................
Japan
509,000
4,319,029
Mitsui
&
Co.
Ltd.
......................................
Japan
167,800
3,840,022
10,096,540
Wireless
Telecommunication
Services
1.1%
KDDI
Corp.
..........................................
Japan
142,100
4,345,419
Total
Common
Stocks
(Cost
$319,132,186)
.....................................
376,463,806
Preferred
Stocks
1.0%
Automobiles
0.4%
c
Bayerische
Motoren
Werke
AG,
2.6%
......................
Germany
19,224
1,638,546
Chemicals
0.3%
c
FUCHS
PETROLUB
SE,
2.39%
..........................
Germany
23,169
1,109,806
Health
Care
Equipment
&
Supplies
0.3%
c
Sartorius
AG,
0.13%
...................................
Germany
1,579
1,022,690
Total
Preferred
Stocks
(Cost
$3,773,454)
.......................................
3,771,042
Total
Long
Term
Investments
(Cost
$322,905,640)
...............................
380,234,848
a
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited)
Franklin
International
Core
Equity
(IU)
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statements
of
Investments
13
See
Abbreviations
on
page
26
.
Short
Term
Investments
0.7%
a
a
Country
Shares
a
Value
a
Money
Market
Funds
0.7%
d,e
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.....
United
States
2,776,324
$
2,776,324
Total
Money
Market
Funds
(Cost
$2,776,324)
...................................
2,776,324
Total
Short
Term
Investments
(Cost
$2,776,324
)
.................................
2,776,324
a
Total
Investments
(Cost
$325,681,964)
99.5%
...................................
$383,011,172
Other
Assets,
less
Liabilities
0.5%
.............................................
1,939,365
Net
Assets
100.0%
...........................................................
$384,950,537
a
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
October
31,
2021,
the
aggregate
value
of
these
securities
was
$4,028,207,
representing
1.0%
of
net
assets.
b
Non-income
producing.
c
Variable
rate
security.
The
rate
shown
represents
the
yield
at
period
end.
d
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
e
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited),
October
31,
2021
Franklin
U.S.
Core
Equity
(IU)
Fund
Quarterly
Statements
of
Investments
See
Notes
to
Statements
of
Investments.
14
a
a
Shares
a
Value
a
Common
Stocks
99.0%
Aerospace
&
Defense
1.3%
General
Dynamics
Corp.
..............................................
6,817
$
1,382,147
Huntington
Ingalls
Industries,
Inc.
.......................................
18,689
3,788,821
Lockheed
Martin
Corp.
...............................................
6,900
2,293,008
Northrop
Grumman
Corp.
.............................................
27,343
9,767,466
Textron,
Inc.
.......................................................
18,876
1,393,993
18,625,435
Air
Freight
&
Logistics
0.7%
Expeditors
International
of
Washington,
Inc.
...............................
26
3,205
United
Parcel
Service,
Inc.,
B
..........................................
44,439
9,486,393
9,489,598
Automobiles
0.0%
†
a
General
Motors
Co.
..................................................
5
272
a
Banks
1.1%
Bank
of
America
Corp.
...............................................
48,034
2,295,064
Citigroup,
Inc.
......................................................
19,157
1,324,898
JPMorgan
Chase
&
Co.
...............................................
48,840
8,297,428
Truist
Financial
Corp.
................................................
24,275
1,540,734
US
Bancorp
.......................................................
23,845
1,439,523
14,897,647
Beverages
1.4%
Brown-Forman
Corp.,
B
..............................................
8
543
PepsiCo,
Inc.
......................................................
122,674
19,824,119
19,824,662
Biotechnology
2.8%
AbbVie,
Inc.
.......................................................
97,166
11,142,025
Amgen,
Inc.
.......................................................
12,016
2,486,952
Gilead
Sciences,
Inc.
................................................
86,280
5,597,847
a
Moderna
,
Inc.
......................................................
5,230
1,805,448
a
Regeneron
Pharmaceuticals,
Inc.
.......................................
18,128
11,600,832
a
Vertex
Pharmaceuticals,
Inc.
...........................................
32,698
6,046,841
38,679,945
Building
Products
0.7%
A
O
Smith
Corp.
....................................................
31,860
2,328,010
Fortune
Brands
Home
&
Security,
Inc.
....................................
3
304
Johnson
Controls
International
plc
.......................................
19,026
1,395,938
Masco
Corp.
.......................................................
23,656
1,550,651
Owens
Corning
.....................................................
48,503
4,530,665
9,805,568
Capital
Markets
5.9%
Bank
of
New
York
Mellon
Corp.
(The)
....................................
978
57,897
BlackRock,
Inc.
.....................................................
4
3,774
Goldman
Sachs
Group,
Inc.
(The)
.......................................
78,848
32,591,821
Invesco
Ltd.
.......................................................
153,990
3,912,886
Janus
Henderson
Group
plc
...........................................
68,914
3,204,501
Lazard
Ltd.,
A
......................................................
46,734
2,289,498
Moody's
Corp.
......................................................
3,838
1,551,128
Morgan
Stanley
.....................................................
10
1,028
S&P
Global,
Inc.
....................................................
40,005
18,968,771
T
Rowe
Price
Group,
Inc.
.............................................
91,050
19,746,924
82,328,228
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited)
Franklin
U.S.
Core
Equity
(IU)
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statements
of
Investments
15
a
a
Shares
a
Value
a
Common
Stocks
(continued)
Chemicals
2.4%
Celanese
Corp.
.....................................................
8,256
$
1,333,427
Dow,
Inc.
.........................................................
152,963
8,561,339
LyondellBasell
Industries
NV,
A
.........................................
124,082
11,517,291
Mosaic
Co.
(The)
...................................................
60,039
2,495,821
Sherwin-Williams
Co.
(The)
............................................
23,989
7,595,157
Westlake
Chemical
Corp.
.............................................
15,061
1,466,038
32,969,073
Commercial
Services
&
Supplies
0.2%
Republic
Services,
Inc.
...............................................
11,577
1,558,264
Rollins,
Inc.
........................................................
36,805
1,296,640
2,854,904
Communications
Equipment
0.1%
Cisco
Systems,
Inc.
.................................................
24,099
1,348,821
Consumer
Finance
1.2%
Ally
Financial,
Inc.
...................................................
36,694
1,751,772
Capital
One
Financial
Corp.
...........................................
72,334
10,924,604
Discover
Financial
Services
...........................................
10,645
1,206,291
Santander
Consumer
USA
Holdings,
Inc.
.................................
28,636
1,194,121
SLM
Corp.
........................................................
87,107
1,598,414
16,675,202
Containers
&
Packaging
0.0%
†
Ball
Corp.
.........................................................
2
183
Distributors
0.2%
Genuine
Parts
Co.
..................................................
10,686
1,401,041
a
LKQ
Corp.
........................................................
25,874
1,425,140
2,826,181
Diversified
Financial
Services
0.1%
a
Berkshire
Hathaway,
Inc.,
B
............................................
4,731
1,357,844
a
Electric
Utilities
0.6%
American
Electric
Power
Co.,
Inc.
.......................................
15,920
1,348,583
Exelon
Corp.
.......................................................
41,067
2,184,354
NRG
Energy,
Inc.
...................................................
52,334
2,087,603
PPL
Corp.
.........................................................
46,575
1,341,360
Southern
Co.
(The)
..................................................
21,296
1,327,167
8,289,067
Electrical
Equipment
0.9%
Eaton
Corp.
plc
.....................................................
8,737
1,439,508
Emerson
Electric
Co.
................................................
121,439
11,780,798
13,220,306
Electronic
Equipment,
Instruments
&
Components
0.4%
a
Arrow
Electronics,
Inc.
...............................................
33,748
3,906,331
Jabil,
Inc.
.........................................................
39,718
2,381,491
6,287,822
Entertainment
0.4%
Activision
Blizzard,
Inc.
...............................................
28,737
2,246,946
Electronic
Arts,
Inc.
..................................................
17,086
2,396,311
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited)
Franklin
U.S.
Core
Equity
(IU)
Fund
(continued)
Quarterly
Statements
of
Investments
See
Notes
to
Statements
of
Investments.
16
a
a
Shares
a
Value
a
Common
Stocks
(continued)
Entertainment
(continued)
World
Wrestling
Entertainment,
Inc.,
A
....................................
21,074
$
1,287,411
5,930,668
Equity
Real
Estate
Investment
Trusts
(REITs)
2.7%
Extra
Space
Storage,
Inc.
.............................................
8,273
1,632,842
Public
Storage
.....................................................
72,321
24,023,590
SBA
Communications
Corp.
...........................................
1
345
Weyerhaeuser
Co.
..................................................
357,377
12,765,507
38,422,284
Food
&
Staples
Retailing
2.9%
Albertsons
Cos.,
Inc.,
A
...............................................
74,665
2,310,882
Kroger
Co.
(The)
....................................................
349,695
13,994,794
Walmart,
Inc.
......................................................
162,284
24,248,475
40,554,151
Food
Products
0.8%
Hershey
Co.
(The)
..................................................
1,037
181,838
McCormick
&
Co.,
Inc.
...............................................
3
241
Tyson
Foods,
Inc.,
A
.................................................
136,851
10,943,974
11,126,053
Gas
Utilities
0.3%
UGI
Corp.
.........................................................
97,447
4,230,174
Health
Care
Equipment
&
Supplies
2.6%
Becton
Dickinson
and
Co.
.............................................
9
2,156
Danaher
Corp.
.....................................................
32,570
10,154,349
a
Edwards
Lifesciences
Corp.
...........................................
12,093
1,448,983
a
Hologic
,
Inc.
.......................................................
18,800
1,378,228
a
IDEXX
Laboratories,
Inc.
..............................................
34,452
22,949,855
STERIS
plc
........................................................
6
1,403
Teleflex,
Inc.
.......................................................
1
357
35,935,331
Health
Care
Providers
&
Services
1.5%
HCA
Healthcare,
Inc.
.................................................
14
3,506
a
Laboratory
Corp.
of
America
Holdings
....................................
23,029
6,609,784
Quest
Diagnostics,
Inc.
...............................................
54,885
8,056,020
UnitedHealth
Group,
Inc.
..............................................
14,427
6,643,201
21,312,511
Health
Care
Technology
0.7%
Cerner
Corp.
.......................................................
141,694
10,526,447
Hotels,
Restaurants
&
Leisure
2.1%
a
Chipotle
Mexican
Grill,
Inc.
............................................
1
1,779
Domino's
Pizza,
Inc.
.................................................
17,508
8,560,887
McDonald's
Corp.
...................................................
23,132
5,680,063
Starbucks
Corp.
....................................................
11,789
1,250,459
Yum!
Brands,
Inc.
...................................................
106,580
13,316,105
28,809,293
Household
Durables
0.2%
Lennar
Corp.,
A
.....................................................
28,202
2,818,226
Household
Products
0.9%
Colgate-Palmolive
Co.
...............................................
159,599
12,159,848
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited)
Franklin
U.S.
Core
Equity
(IU)
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statements
of
Investments
17
a
a
Shares
a
Value
a
Common
Stocks
(continued)
Industrial
Conglomerates
0.9%
3M
Co.
...........................................................
67,431
$
12,048,571
Insurance
1.4%
Aflac,
Inc.
.........................................................
26,934
1,445,548
Allstate
Corp.
(The)
..................................................
10,717
1,325,371
Arthur
J
Gallagher
&
Co.
..............................................
1
168
a
Athene
Holding
Ltd.,
A
................................................
34,977
3,043,349
Fidelity
National
Financial,
Inc.
.........................................
128,725
6,167,215
Lincoln
National
Corp.
................................................
21,264
1,534,197
MetLife,
Inc.
.......................................................
33,545
2,106,626
Old
Republic
International
Corp.
........................................
131,300
3,391,479
Unum
Group
.......................................................
47,804
1,217,568
20,231,521
Interactive
Media
&
Services
11.0%
a
Alphabet,
Inc.,
A
....................................................
16,750
49,595,410
a
Alphabet,
Inc.,
C
....................................................
18,647
55,296,000
a
Meta
Platforms,
Inc.,
A
...............................................
154,144
49,876,374
154,767,784
Internet
&
Direct
Marketing
Retail
1.8%
a
Amazon.com,
Inc.
...................................................
7,464
25,171,818
a
IT
Services
3.1%
Accenture
plc,
A
....................................................
101,507
36,419,696
Amdocs
Ltd.
.......................................................
40,840
3,178,986
Cognizant
Technology
Solutions
Corp.,
A
..................................
18,152
1,417,490
a
DXC
Technology
Co.
.................................................
45
1,466
Genpact
Ltd.
.......................................................
50,623
2,498,245
43,515,883
Life
Sciences
Tools
&
Services
2.9%
Agilent
Technologies,
Inc.
.............................................
11,702
1,842,948
a
Bio-Rad
Laboratories,
Inc.,
A
...........................................
8
6,357
a
Charles
River
Laboratories
International,
Inc.
...............................
8
3,590
a
Mettler
-Toledo
International,
Inc.
........................................
10,982
16,263,024
PerkinElmer,
Inc.
....................................................
7,772
1,374,789
Thermo
Fisher
Scientific,
Inc.
..........................................
15,316
9,696,100
a
Waters
Corp.
......................................................
29,660
10,901,533
40,088,341
Machinery
0.7%
Caterpillar,
Inc.
.....................................................
16
3,264
Deere
&
Co.
.......................................................
3,934
1,346,647
Dover
Corp.
.......................................................
8,358
1,413,171
Otis
Worldwide
Corp.
................................................
14,573
1,170,358
Snap-on,
Inc.
......................................................
24,694
5,018,561
Stanley
Black
&
Decker,
Inc.
...........................................
7,490
1,346,178
10,298,179
Media
0.7%
Comcast
Corp.,
A
...................................................
37,768
1,942,408
Fox
Corp.,
A
.......................................................
38,525
1,530,983
Fox
Corp.,
B
.......................................................
81,352
3,006,770
Interpublic
Group
of
Cos.,
Inc.
(The)
.....................................
39,306
1,437,421
Nexstar
Media
Group,
Inc.,
A
...........................................
8,656
1,297,794
9,215,376
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited)
Franklin
U.S.
Core
Equity
(IU)
Fund
(continued)
Quarterly
Statements
of
Investments
See
Notes
to
Statements
of
Investments.
18
a
a
Shares
a
Value
a
Common
Stocks
(continued)
Metals
&
Mining
1.3%
Nucor
Corp.
.......................................................
138,497
$
15,463,190
Steel
Dynamics,
Inc.
.................................................
33,130
2,189,230
United
States
Steel
Corp.
.............................................
5,196
137,123
17,789,543
Multiline
Retail
1.1%
Kohl's
Corp.
.......................................................
48,616
2,359,334
Target
Corp.
.......................................................
48,693
12,641,677
15,001,011
Multi-Utilities
1.1%
Consolidated
Edison,
Inc.
.............................................
32,515
2,451,631
DTE
Energy
Co.
....................................................
44,426
5,035,687
MDU
Resources
Group,
Inc.
...........................................
94,203
2,894,858
NiSource,
Inc.
......................................................
104,832
2,586,206
Public
Service
Enterprise
Group,
Inc.
....................................
21,032
1,341,842
Sempra
Energy
.....................................................
10,102
1,289,318
15,599,542
Oil,
Gas
&
Consumable
Fuels
3.0%
APA
Corp.
.........................................................
145,740
3,819,845
Coterra
Energy,
Inc.
.................................................
22
469
EOG
Resources,
Inc.
................................................
267,762
24,757,275
Exxon
Mobil
Corp.
...................................................
210,413
13,565,326
42,142,915
Personal
Products
0.2%
a
Herbalife
Nutrition
Ltd.
...............................................
50,194
2,329,002
a
Pharmaceuticals
2.8%
Bristol-Myers
Squibb
Co.
..............................................
22,344
1,304,889
Johnson
&
Johnson
.................................................
140,123
22,823,234
Organon
&
Co.
.....................................................
123,801
4,549,687
Pfizer,
Inc.
.........................................................
246,513
10,782,479
39,460,289
Professional
Services
0.5%
a
CACI
International,
Inc.,
A
.............................................
5,015
1,442,515
Robert
Half
International,
Inc.
..........................................
52,002
5,879,866
7,322,381
Real
Estate
Management
&
Development
1.2%
a
CBRE
Group,
Inc.,
A
.................................................
98,329
10,234,083
a
Jones
Lang
LaSalle,
Inc.
..............................................
24,297
6,274,214
16,508,297
Road
&
Rail
0.8%
JB
Hunt
Transport
Services,
Inc.
........................................
7,742
1,526,645
Knight-Swift
Transportation
Holdings,
Inc.
.................................
76,311
4,326,070
Old
Dominion
Freight
Line,
Inc.
.........................................
9,574
3,268,085
Ryder
System,
Inc.
..................................................
24,777
2,104,806
Schneider
National,
Inc.,
B
............................................
23,653
589,906
11,815,512
Semiconductors
&
Semiconductor
Equipment
5.5%
Analog
Devices,
Inc.
.................................................
1
173
Applied
Materials,
Inc.
................................................
43,220
5,906,013
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited)
Franklin
U.S.
Core
Equity
(IU)
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statements
of
Investments
19
a
a
Shares
a
Value
a
Common
Stocks
(continued)
Semiconductors
&
Semiconductor
Equipment
(continued)
Broadcom,
Inc.
.....................................................
2,775
$
1,475,384
Intel
Corp.
.........................................................
269,287
13,195,063
KLA
Corp.
.........................................................
10
3,728
Lam
Research
Corp.
.................................................
14
7,890
Micron
Technology,
Inc.
...............................................
19,369
1,338,398
a
Qorvo
,
Inc.
........................................................
7,021
1,181,143
QUALCOMM,
Inc.
...................................................
96,247
12,804,701
Skyworks
Solutions,
Inc.
..............................................
51,214
8,559,396
Teradyne,
Inc.
......................................................
10,606
1,466,173
Texas
Instruments,
Inc.
...............................................
165,692
31,063,936
77,001,998
Software
12.4%
a
Adobe,
Inc.
........................................................
34,253
22,276,781
a
Cadence
Design
Systems,
Inc.
.........................................
66,256
11,469,576
Dolby
Laboratories,
Inc.,
A
.............................................
5,847
516,583
a
Fair
Isaac
Corp.
....................................................
3,365
1,339,943
Intuit,
Inc.
.........................................................
43,371
27,149,812
Microsoft
Corp.
.....................................................
275,292
91,292,333
Oracle
Corp.
.......................................................
182,598
17,518,452
a
Synopsys,
Inc.
.....................................................
5,222
1,739,866
173,303,346
Specialty
Retail
3.4%
a
AutoNation,
Inc.
....................................................
22,326
2,704,125
a
AutoZone,
Inc.
.....................................................
902
1,609,926
Bath
&
Body
Works,
Inc.
..............................................
2
138
Best
Buy
Co.,
Inc.
...................................................
117,199
14,326,406
Foot
Locker,
Inc.
....................................................
43,967
2,095,907
Home
Depot,
Inc.
(The)
...............................................
64,867
24,113,658
a
O'Reilly
Automotive,
Inc.
..............................................
2,355
1,465,564
Penske
Automotive
Group,
Inc.
.........................................
15,131
1,604,642
Tractor
Supply
Co.
..................................................
6
1,303
Williams-Sonoma,
Inc.
...............................................
319
59,248
47,980,917
Technology
Hardware,
Storage
&
Peripherals
6.0%
Apple,
Inc.
........................................................
445,768
66,776,047
HP,
Inc.
...........................................................
568,116
17,230,958
84,007,005
Thrifts
&
Mortgage
Finance
0.2%
MGIC
Investment
Corp.
...............................................
160,974
2,601,340
New
York
Community
Bancorp,
Inc.
......................................
4,642
57,700
2,659,040
Tobacco
1.5%
Altria
Group,
Inc.
....................................................
28,627
1,262,737
Philip
Morris
International,
Inc.
.........................................
208,104
19,674,152
20,936,889
Trading
Companies
&
Distributors
0.4%
WW
Grainger,
Inc.
...................................................
11,154
5,165,529
Total
Common
Stocks
(Cost
$1,093,600,395)
....................................
1,385,666,433
a
a
a
a
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited)
Franklin
U.S.
Core
Equity
(IU)
Fund
(continued)
Quarterly
Statements
of
Investments
See
Notes
to
Statements
of
Investments.
20
See
Abbreviations
on
page
26
.
Short
Term
Investments
0.8%
a
a
Shares
a
Value
a
Money
Market
Funds
0.8%
b,c
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
...................
11,561,867
$
11,561,867
Total
Money
Market
Funds
(Cost
$11,561,867)
..................................
11,561,867
Total
Short
Term
Investments
(Cost
$11,561,867
)
................................
11,561,867
a
Total
Investments
(Cost
$1,105,162,262)
99.8%
..................................
$1,397,228,300
Other
Assets,
less
Liabilities
0.2%
.............................................
3,022,969
Net
Assets
100.0%
...........................................................
$1,400,251,269
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
c
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Fund
Allocator
Series
21
Quarterly
Statements
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
eighteen
separate
funds, three
of
which
are
included
in
this
report
(Funds)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP). 
2. Financial
Instrument
Valuation
The
Funds’
investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Funds
calculate
the
net
asset
value
(NAV)
per
share
each
business
day
as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the
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. 
Equity
securities
and
exchange
traded
funds
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price
of
the
day,
respectively.
Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m. Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities. 
Investments
in
open-end
mutual
funds
are
valued
at
the
closing
NAV.
The
Funds
have procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the
Funds
primarily employ
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
book
values,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed. 
Trading
in
securities
on
foreign
securities
stock
exchanges
and
OTC
markets
may
be
completed
before
4
p.m.
Eastern
time.
In
addition,
trading
in
certain
foreign
markets
may
not
take
place
on
every
Funds’ business
day.
Events
can
occur
between
the
time
at
which
trading
in
a
foreign
security
is
completed
and
4
p.m.
Eastern
time
that
might
call
into
question
the
reliability
of
the
value
of
a
portfolio
security
held
by
the
Fund.
As
a
result,
differences
may
arise
between
the
value
of
the
Funds’
portfolio
securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time.
In
order
to
minimize
the
potential
for
these
differences,
an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the
Funds'
portfolio
securities
to
the
latest
indications
of
fair
value
at 4
p.m.
Eastern
time.
At
October
31,
2021,
certain
securities
may
have
been
fair
valued
using
these
procedures,
in
which
case
the
securities
were
categorized
as
Level
2
inputs
within
the
fair
value
hierarchy
(referred
to
as
"market
level
fair
value").
See
the
Fair
Value
Measurements
note
for
more
information.
When
the
last
day
of
the
reporting
period
is
a
non-business
day,
certain
foreign
markets
may
be
open
on
those
days
that
the
Funds’
NAV
is
not
calculated,
which
could
result
in
differences
between
the
value
of
the
Funds’
portfolio securities
on
the
last
business
day
and
the
last
calendar
day
of
the
reporting
period.
Any
security
valuation
changes
due
to
an
open
foreign
market
are
adjusted
and
reflected
by
the
Funds for
financial
reporting
purposes.
Franklin
Fund
Allocator
Series
Notes
to
Statements
of
Investments
(unaudited)
22
Quarterly
Statements
of
Investments
3.
Concentration
of
Risk
Investing
in
foreign
securities
may
include
certain
risks
and
considerations
not
typically
associated
with
investing
in
U.S.
securities,
such
as
fluctuating
currency
values
and
changing
local,
regional
and
global
economic,
political
and
social
conditions,
which
may
result
in
greater
market
volatility.
Political
and
financial
uncertainty
in
many
foreign
regions
may
increase
market
volatility
and
the
economic
risk
of
investing
in
foreign
securities.
In
addition,
certain
foreign
securities
may
not
be
as
liquid
as
U.S.
securities.
Investing
in
China
A
shares
may
include
certain
risks
and
considerations
not
typically
associated
with
investing
in
U.S.
securities.
In
general,
A
shares
are
issued
by
companies
incorporated
in
the
People’s
Republic
of
China
(PRC)
and
listed
on
the
Shanghai
and
Shenzhen
Stock
Exchanges
and
available
for
investment
by
domestic
(Chinese)
investors
and
holders
of
a
Qualified
Foreign
Institutional
Investor
(
QFII
)
license
and,
in
the
case
of
certain
eligible
A
shares,
through
the
Shanghai
and
Shenzhen
Stock
Connect
programs.
The
Shanghai
and
Shenzhen
Stock
Exchanges
are,
however,
substantially
smaller,
less
liquid
and
more
volatile
than
the
major
securities
markets
in
the
United
States.
4.
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.
5.
Investments
in
Affiliated
Management
Investment
Companies 
Certain
or
all
Funds
invest
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund’s
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Funds
do
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
During
the
period
ended
October
31,
2021,
investments
in
affiliated
management
investment
companies
were
as
follows: 
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.
$1,279,965
$8,302,818
$(8,538,230)
$—
$—
$1,044,553
1,044,553
$26
Total
Affiliated
Securities
...
$1,279,965
$8,302,818
$(8,538,230)
$—
$—
$1,044,553
$26
Franklin
International
Core
Equity
(IU)
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.
$5,932,836
$44,793,216
$(47,949,728)
$—
$—
$2,776,324
2,776,324
$105
Total
Affiliated
Securities
...
$5,932,836
$44,793,216
$(47,949,728)
$—
$—
$2,776,324
$105
Franklin
Fund
Allocator
Series
Notes
to
Statements
of
Investments
(unaudited)
23
Quarterly
Statements
of
Investments
6. 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
October
31,
2021,
in
valuing
the
Funds’
assets carried
at
fair
value,
is
as
follows:  
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
Franklin
U.S.
Core
Equity
(IU)
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.
$14,712,778
$147,409,175
$(150,560,086)
$—
$—
$11,561,867
11,561,867
$412
Total
Affiliated
Securities
...
$14,712,778
$147,409,175
$(150,560,086)
$—
$—
$11,561,867
$412
Level
1
Level
2
Level
3
Total
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Auto
Components
......................
$
—
$
825,282
$
—
$
825,282
Automobiles
..........................
—
755,591
—
755,591
Banks
...............................
3,497,540
9,948,136
—
13,445,676
Beverages
...........................
572,546
706,263
—
1,278,809
Biotechnology
.........................
124,455
319,403
—
443,858
Building
Products
......................
—
179,297
—
179,297
Capital
Markets
........................
—
1,106,497
—
1,106,497
Chemicals
...........................
690,738
1,466,063
—
2,156,801
Communications
Equipment
..............
—
136,854
—
136,854
Construction
Materials
..................
—
414,309
—
414,309
Consumer
Finance
.....................
—
754,076
—
754,076
Diversified
Telecommunication
Services
.....
524,471
192,044
—
716,515
Electric
Utilities
........................
169,956
506,351
—
676,307
Electrical
Equipment
....................
694,549
1,173,701
—
1,868,250
Electronic
Equipment,
Instruments
&
Components
........................
—
2,133,621
—
2,133,621
Entertainment
.........................
1,454,091
—
—
1,454,091
Food
Products
........................
2,117,428
1,623,614
—
3,741,042
5.
Investments
in
Affiliated
Management
Investment
Companies 
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Statements
of
Investments
(unaudited)
24
Quarterly
Statements
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
Gas
Utilities
..........................
$
113,746
$
1,207,574
$
—
$
1,321,320
Health
Care
Equipment
&
Supplies
.........
301,268
491,725
—
792,993
Health
Care
Providers
&
Services
..........
1,007,738
655,078
—
1,662,816
Hotels,
Restaurants
&
Leisure
.............
1,021,732
—
—
1,021,732
Household
Durables
....................
—
448,992
—
448,992
Household
Products
....................
—
326,671
—
326,671
Industrial
Conglomerates
................
567,121
117,908
—
685,029
Insurance
............................
149,693
7,362,569
—
7,512,262
Interactive
Media
&
Services
..............
774,198
5,857,885
—
6,632,083
Internet
&
Direct
Marketing
Retail
..........
119,412
7,188,155
—
7,307,567
IT
Services
...........................
—
7,356,459
—
7,356,459
Leisure
Products
.......................
—
231,989
—
231,989
Life
Sciences
Tools
&
Services
............
—
2,197,401
—
2,197,401
Machinery
............................
—
352,363
—
352,363
Marine
..............................
—
921,491
—
921,491
Media
...............................
195,055
—
—
195,055
Metals
&
Mining
.......................
724,317
5,810,519
—
6,534,836
Multiline
Retail
........................
199,215
—
—
199,215
Oil,
Gas
&
Consumable
Fuels
.............
530,894
2,976,225
—
3,507,119
Personal
Products
.....................
—
1,385,676
—
1,385,676
Pharmaceuticals
.......................
377,108
2,398,661
—
2,775,769
Real
Estate
Management
&
Development
....
—
1,900,506
—
1,900,506
Semiconductors
&
Semiconductor
Equipment
.
606,762
10,380,829
—
10,987,591
Specialty
Retail
........................
1,040,932
895,253
—
1,936,185
Technology
Hardware,
Storage
&
Peripherals
.
—
5,971,182
—
5,971,182
Textiles,
Apparel
&
Luxury
Goods
..........
—
1,891,019
—
1,891,019
Thrifts
&
Mortgage
Finance
...............
—
1,062,535
—
1,062,535
Transportation
Infrastructure
..............
1,002,343
—
—
1,002,343
Wireless
Telecommunication
Services
.......
544,251
421,513
194,671
1,160,435
Preferred
Stocks
:
Banks
...............................
1,964,340
—
—
1,964,340
Metals
&
Mining
.......................
450,986
—
—
450,986
Personal
Products
.....................
—
173,154
—
173,154
Short
Term
Investments
...................
1,044,553
—
—
1,044,553
Total
Investments
in
Securities
...........
$22,581,438
$92,224,434
a
$194,671
$115,000,543
Franklin
International
Core
Equity
(IU)
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Air
Freight
&
Logistics
...................
—
8,616,961
—
8,616,961
Auto
Components
......................
—
435,454
—
435,454
Automobiles
..........................
—
13,315,600
—
13,315,600
Banks
...............................
—
31,113,990
—
31,113,990
Beverages
...........................
—
5,367,804
—
5,367,804
Biotechnology
.........................
—
3,521,186
—
3,521,186
Building
Products
......................
—
15,807,304
—
15,807,304
Capital
Markets
........................
—
21,944,741
—
21,944,741
Chemicals
...........................
—
12,755,855
—
12,755,855
Construction
Materials
..................
—
642,840
—
642,840
Diversified
Financial
Services
.............
—
11,425,179
—
11,425,179
Diversified
Telecommunication
Services
.....
—
13,847,997
—
13,847,997
Electric
Utilities
........................
—
3,408,596
—
3,408,596
Electrical
Equipment
....................
—
4,340,395
—
4,340,395
6. Fair
Value
Measurements 
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Statements
of
Investments
(unaudited)
25
Quarterly
Statements
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
International
Core
Equity
(IU)
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
Electronic
Equipment,
Instruments
&
Components
........................
$
—
$
1,690,121
$
—
$
1,690,121
Entertainment
.........................
—
2,561,611
—
2,561,611
Equity
Real
Estate
Investment
Trusts
(REITs)
.
—
11,557,016
—
11,557,016
Food
&
Staples
Retailing
.................
1,183,010
8,802,672
—
9,985,682
Food
Products
........................
—
5,625,010
—
5,625,010
Gas
Utilities
..........................
—
4,110,983
—
4,110,983
Health
Care
Equipment
&
Supplies
.........
—
15,382,706
—
15,382,706
Health
Care
Providers
&
Services
..........
—
1,018,925
—
1,018,925
Hotels,
Restaurants
&
Leisure
.............
—
373,987
—
373,987
Household
Durables
....................
—
7,383,646
—
7,383,646
Industrial
Conglomerates
................
—
5,341,614
—
5,341,614
Insurance
............................
—
3,246,837
—
3,246,837
Interactive
Media
&
Services
..............
—
1,465,845
—
1,465,845
Internet
&
Direct
Marketing
Retail
..........
—
744,686
—
744,686
IT
Services
...........................
—
5,847,018
—
5,847,018
Leisure
Products
.......................
—
390,619
—
390,619
Life
Sciences
Tools
&
Services
............
—
3,368,379
—
3,368,379
Machinery
............................
—
15,284,455
—
15,284,455
Marine
..............................
—
6,468,740
—
6,468,740
Metals
&
Mining
.......................
—
14,238,540
—
14,238,540
Multiline
Retail
........................
—
2,978,246
—
2,978,246
Multi-Utilities
..........................
645,414
2,132,801
—
2,778,215
Oil,
Gas
&
Consumable
Fuels
.............
—
13,777,735
—
13,777,735
Personal
Products
.....................
—
14,869,493
—
14,869,493
Pharmaceuticals
.......................
—
26,220,199
—
26,220,199
Professional
Services
...................
—
9,999,382
—
9,999,382
Real
Estate
Management
&
Development
....
—
3,984,517
—
3,984,517
Road
&
Rail
..........................
—
1,314,485
—
1,314,485
Semiconductors
&
Semiconductor
Equipment
.
—
7,864,252
—
7,864,252
Software
.............................
1,112,280
3,630,826
—
4,743,106
Specialty
Retail
........................
—
4,055,944
—
4,055,944
Technology
Hardware,
Storage
&
Peripherals
.
—
3,618,189
—
3,618,189
Textiles,
Apparel
&
Luxury
Goods
..........
—
2,031,713
—
2,031,713
Tobacco
.............................
—
1,156,049
—
1,156,049
Trading
Companies
&
Distributors
..........
—
10,096,540
—
10,096,540
Wireless
Telecommunication
Services
.......
—
4,345,419
—
4,345,419
Preferred
Stocks
:
Automobiles
..........................
—
1,638,546
—
1,638,546
Chemicals
...........................
1,109,806
—
—
1,109,806
Health
Care
Equipment
&
Supplies
.........
—
1,022,690
—
1,022,690
Short
Term
Investments
...................
2,776,324
—
—
2,776,324
Total
Investments
in
Securities
...........
$6,826,834
$376,184,338
b
$—
$383,011,172
Franklin
U.S.
Core
Equity
(IU)
Fund
Assets:
Investments
in
Securities:
c
Common
Stocks
........................
1,385,666,433
—
—
1,385,666,433
Short
Term
Investments
...................
11,561,867
—
—
11,561,867
Total
Investments
in
Securities
...........
$1,397,228,300
$—
$—
$1,397,228,300
6. Fair
Value
Measurements 
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Statements
of
Investments
(unaudited)
26
Quarterly
Statements
of
Investments
7.
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.
Abbreviations
a
Includes
foreign
securities
valued
at
$92,224,434,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
b
Includes
foreign
securities
valued
at
$376,184,338,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
c
For
detailed
categories,
see
the
accompanying
Statement
of
Investments.
Selected
Portfolio
ADR
American
Depositary
Receipt
CDI
CREST
Depository
Interest
GDR
Global
Depositary
Receipt
6. 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.