Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

FAS-Q3PH

1

Schedules

of

Investments

(unaudited)

Franklin

Conservative

Allocation

Fund

2

Franklin

Corefolio

Allocation

Fund

4

Franklin

Global

Allocation

Fund

5

Franklin

Growth

Allocation

Fund

14

Franklin

LifeSmart

™

Retirement

Income

Fund

16

Franklin

LifeSmart

™

2020

Retirement

Target

Fund

18

Franklin

LifeSmart

™

2025

Retirement

Target

Fund

20

Franklin

LifeSmart

™

2030

Retirement

Target

Fund

22

Franklin

LifeSmart

™

2035

Retirement

Target

Fund

24

Franklin

LifeSmart

™

2040

Retirement

Target

Fund

26

Franklin

LifeSmart

™

2045

Retirement

Target

Fund

28

Franklin

LifeSmart

™

2050

Retirement

Target

Fund

30

Franklin

LifeSmart

™

2055

Retirement

Target

Fund

32

Franklin

LifeSmart

™

2060

Retirement

Target

Fund

33

Franklin

Moderate

Allocation

Fund

34

Notes

to

Schedules

of

Investments

36

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited),

September

30,

2023

Franklin

Conservative

Allocation

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

2

See

Abbreviations

on

page

55

.

a

a

Shares

a

Value

a

Investments

In

Underlying

Funds

and

Exchange

Traded

Funds

99.3%

Alternative

Strategies

1.0%

a

Franklin

Systematic

Style

Premia

ETF

....................................

388,176

$

8,737,842

Domestic

Equity

28.5%

a

ClearBridge

Large

Cap

Value

Fund,

Class

IS

...............................

595,462

22,359,583

a

Franklin

Growth

Fund,

Class

R6

........................................

463,165

53,805,931

a

Franklin

U.S.

Core

Equity

(IU)

Fund

.....................................

9,251,163

120,172,609

a

Franklin

U.S.

Equity

Index

ETF

.........................................

321,525

12,024,746

a

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

.............................

644,853

27,773,819

iShares

MSCI

USA

Quality

Factor

ETF

...................................

28,400

3,742,836

iShares

Russell

2000

ETF

.............................................

52,800

9,331,872

249,211,396

Domestic

Fixed

Income

56.1%

a

BrandywineGLOBAL

-

Global

Opportunities

Bond

Fund,

Class

IS

...............

3,175,679

26,485,165

a

Franklin

Investment

Grade

Corporate

ETF

.................................

1,188,814

24,106,533

a

Franklin

U.S.

Core

Bond

ETF

..........................................

9,174,441

188,167,785

a

Franklin

U.S.

Treasury

Bond

ETF

.......................................

2,897,737

57,911,274

iShares

Floating

Rate

Bond

ETF

........................................

474,350

24,139,671

Schwab

U.S.

TIPS

ETF

...............................................

763,025

38,525,132

a

Western

Asset

Core

Plus

Bond

Fund,

Class

IS

.............................

12,046,833

106,734,939

a

Western

Asset

Short-Term

Bond

Fund,

Class

IS

............................

6,759,431

24,266,356

490,336,855

Foreign

Equity

9.5%

a

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

............................

1,344,184

12,178,311

a

Franklin

International

Core

Equity

(IU)

Fund

...............................

3,830,249

40,945,366

a,b

Franklin

International

Growth

Fund,

Class

R6

..............................

312,269

4,449,828

iShares

Core

MSCI

EAFE

ETF

.........................................

126,190

8,120,326

a

Templeton

Developing

Markets

Trust,

Class

R6

.............................

472,757

8,098,332

a

Templeton

Foreign

Fund,

Class

R6

......................................

1,268,859

9,427,621

83,219,784

Foreign

Fixed

Income

4.2%

a

Franklin

High

Yield

Corporate

ETF

......................................

857,783

19,300,117

a

Franklin

International

Aggregate

Bond

ETF

................................

905,266

17,580,266

36,880,383

Total

Investments

In

Underlying

Funds

and

Exchange

Traded

Funds

(Cost

$883,059,682)

...............................................................

868,386,260

a

a

a

a

Short

Term

Investments

0.7%

a

Money

Market

Funds

0.7%

a,c

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.019%

..................

6,125,805

6,125,805

Total

Money

Market

Funds

(Cost

$6,125,805)

...................................

6,125,805

Total

Short

Term

Investments

(Cost

$6,125,805

)

.................................

6,125,805

a

Total

Investments

(Cost

$889,185,487)

100.0%

..................................

$874,512,065

Other

Assets,

less

Liabilities

(0.0)%

†

...........................................

(255,922)

Net

Assets

100.0%

...........................................................

$874,256,143

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

Franklin

Conservative

Allocation

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

3

†

Rounds

to

less

than

0.1%

of

net

assets.

a

See

Note

3

regarding

investments

in

FT

Underlying

Funds.

b

Non-income

producing.

c

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited),

September

30,

2023

Franklin

Corefolio

Allocation

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

4

a

a

Shares

a

Value

a

Investments

In

Underlying

Funds

100.0%

Domestic

Equity

75.4%

a

Franklin

Growth

Fund,

Class

R6

........................................

1,780,748

$

206,869,460

a,b

Franklin

Growth

Opportunities

Fund,

Class

R6

.............................

4,571,289

221,113,266

a

Franklin

Mutual

Shares

Fund,

Class

R6

...................................

8,177,288

193,719,945

621,702,671

Foreign

Equity

24.6%

a

Templeton

Growth

Fund,

Inc.,

Class

R6

...................................

8,696,386

202,190,964

Total

Investments

In

Underlying

Funds

(Cost

$569,601,365)

......................

823,893,635

a

a

a

a

Short

Term

Investments

0.0%

†

a

Money

Market

Funds

0.0%

†

a,c

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.019%

..................

635

635

Total

Money

Market

Funds

(Cost

$635)

.........................................

635

Total

Short

Term

Investments

(Cost

$635

)

......................................

635

a

Total

Investments

(Cost

$569,602,000)

100.0%

..................................

$823,894,270

Other

Assets,

less

Liabilities

0.0%

†

............................................

249,877

Net

Assets

100.0%

...........................................................

$824,144,147

†

Rounds

to

less

than

0.1%

of

net

assets.

a

See

Note

3

regarding

investments

in

FT

Underlying

Funds.

b

Non-income

producing.

c

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited),

September

30,

2023

Franklin

Global

Allocation

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

5

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

55.1%

Aerospace

&

Defense

0.5%

RTX

Corp.

..........................................

United

States

180,000

$

12,954,600

Air

Freight

&

Logistics

0.9%

Deutsche

Post

AG

.....................................

Germany

279,900

11,356,555

United

Parcel

Service,

Inc.,

B

............................

United

States

64,600

10,069,202

21,425,757

Automobiles

1.2%

Mercedes-Benz

Group

AG

..............................

Germany

28,000

1,948,617

a

Tesla,

Inc.

...........................................

United

States

27,409

6,858,280

Toyota

Motor

Corp.

....................................

Japan

1,137,000

20,398,836

29,205,733

Banks

3.3%

Bank

of

America

Corp.

.................................

United

States

530,600

14,527,828

Citigroup,

Inc.

........................................

United

States

207,100

8,518,023

Commonwealth

Bank

of

Australia

.........................

Australia

175,000

11,177,442

JPMorgan

Chase

&

Co.

.................................

United

States

133,300

19,331,166

Royal

Bank

of

Canada

.................................

Canada

118,000

10,311,860

US

Bancorp

.........................................

United

States

596,862

19,732,258

83,598,577

Beverages

1.1%

Coca-Cola

Co.

(The)

...................................

United

States

101,400

5,676,372

Constellation

Brands,

Inc.,

A

.............................

United

States

32,300

8,117,959

PepsiCo,

Inc.

........................................

United

States

75,500

12,792,720

26,587,051

Biotechnology

0.3%

AbbVie,

Inc.

.........................................

United

States

52,600

7,840,556

Broadline

Retail

1.5%

a

Alibaba

Group

Holding

Ltd.,

ADR

.........................

China

27,488

2,384,309

a

Amazon.com,

Inc.

.....................................

United

States

226,934

28,847,850

JD.com,

Inc.,

A

.......................................

China

106,853

1,554,636

a

PDD

Holdings,

Inc.,

ADR

................................

China

51,465

5,047,173

37,833,968

Capital

Markets

2.0%

Charles

Schwab

Corp.

(The)

.............................

United

States

334,604

18,369,759

Morgan

Stanley

.......................................

United

States

244,600

19,976,482

S&P

Global,

Inc.

......................................

United

States

33,700

12,314,317

50,660,558

Chemicals

0.6%

Linde

plc

............................................

United

States

44,000

16,383,400

Communications

Equipment

0.2%

Cisco

Systems,

Inc.

...................................

United

States

112,500

6,048,000

Consumer

Staples

Distribution

&

Retail

0.9%

a

Dollar

Tree,

Inc.

......................................

United

States

60,000

6,387,000

Target

Corp.

.........................................

United

States

63,000

6,965,910

Walmart,

Inc.

........................................

United

States

54,200

8,668,206

22,021,116

Diversified

Telecommunication

Services

0.4%

Verizon

Communications,

Inc.

............................

United

States

311,500

10,095,715

Electric

Utilities

0.9%

Duke

Energy

Corp.

....................................

United

States

36,700

3,239,142

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

Franklin

Global

Allocation

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

6

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Electric

Utilities

(continued)

Iberdrola

SA

.........................................

Spain

1,062,776

$

11,886,000

NextEra

Energy,

Inc.

...................................

United

States

112,816

6,463,229

21,588,371

Electrical

Equipment

0.2%

Mitsubishi

Electric

Corp.

................................

Japan

338,700

4,184,599

Electronic

Equipment,

Instruments

&

Components

0.5%

TE

Connectivity

Ltd.

...................................

United

States

93,000

11,488,290

Entertainment

1.0%

Electronic

Arts,

Inc.

....................................

United

States

87,000

10,474,800

a

Netflix,

Inc.

..........................................

United

States

15,184

5,733,478

Nintendo

Co.

Ltd.

.....................................

Japan

201,000

8,352,426

24,560,704

Financial

Services

0.9%

Mastercard,

Inc.,

A

....................................

United

States

28,000

11,085,480

Visa,

Inc.,

A

..........................................

United

States

54,000

12,420,540

23,506,020

Food

Products

1.5%

Mondelez

International,

Inc.,

A

............................

United

States

148,500

10,305,900

Nestle

SA

...........................................

United

States

233,441

26,423,149

36,729,049

Ground

Transportation

0.3%

Union

Pacific

Corp.

....................................

United

States

38,500

7,839,755

Health

Care

Equipment

&

Supplies

0.5%

Medtronic

plc

........................................

United

States

153,900

12,059,604

Health

Care

Providers

&

Services

1.2%

Elevance

Health,

Inc.

..................................

United

States

23,400

10,188,828

UnitedHealth

Group,

Inc.

................................

United

States

40,000

20,167,600

30,356,428

Hotels,

Restaurants

&

Leisure

0.6%

McDonald's

Corp.

.....................................

United

States

53,000

13,962,320

a,b

Meituan

Dianping,

B,

144A,

Reg

S

........................

China

44,392

642,647

14,604,967

Household

Durables

0.7%

Sony

Group

Corp.

.....................................

Japan

206,600

16,895,401

Household

Products

0.8%

Procter

&

Gamble

Co.

(The)

.............................

United

States

138,000

20,128,680

Independent

Power

and

Renewable

Electricity

Producers

0.7%

RWE

AG

............................................

Germany

447,600

16,614,038

Industrial

Conglomerates

1.0%

Hitachi

Ltd.

..........................................

Japan

69,500

4,307,586

Honeywell

International,

Inc.

.............................

United

States

70,000

12,931,800

Siemens

AG

.........................................

Germany

49,697

7,101,800

24,341,186

Industrial

REITs

0.5%

Prologis,

Inc.

.........................................

United

States

110,000

12,343,100

Insurance

1.7%

AIA

Group

Ltd.

.......................................

Hong

Kong

441,000

3,566,546

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

Franklin

Global

Allocation

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

7

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Insurance

(continued)

Allianz

SE

...........................................

Germany

25,000

$

5,949,124

MetLife,

Inc.

.........................................

United

States

184,011

11,576,132

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen

..

Germany

21,000

8,178,122

Sun

Life

Financial,

Inc.

.................................

Canada

253,000

12,343,599

41,613,523

Interactive

Media

&

Services

1.5%

a

Alphabet,

Inc.,

A

......................................

United

States

281,759

36,870,983

IT

Services

0.8%

Cognizant

Technology

Solutions

Corp.,

A

....................

United

States

145,900

9,883,266

Fujitsu

Ltd.

..........................................

Japan

92,000

10,820,581

20,703,847

Life

Sciences

Tools

&

Services

1.1%

Danaher

Corp.

.......................................

United

States

91,097

22,601,166

a

Illumina,

Inc.

.........................................

United

States

29,000

3,981,120

26,582,286

Machinery

1.2%

Deere

&

Co.

.........................................

United

States

32,171

12,140,692

Stanley

Black

&

Decker,

Inc.

.............................

United

States

68,300

5,708,514

Xylem,

Inc.

..........................................

United

States

125,000

11,378,750

29,227,956

Marine

Transportation

0.2%

AP

Moller

-

Maersk

A/S,

B

...............................

Denmark

3,500

6,295,997

Media

0.4%

Comcast

Corp.,

A

.....................................

United

States

217,700

9,652,818

Metals

&

Mining

2.2%

Agnico

Eagle

Mines

Ltd.

................................

Canada

135,600

6,161,549

BHP

Group

Ltd.

......................................

Australia

665,000

18,873,373

Fortescue

Metals

Group

Ltd.

.............................

Australia

615,000

8,174,589

Newmont

Corp.

.......................................

United

States

220,000

8,129,000

Rio

Tinto

plc

.........................................

Australia

229,000

14,378,302

55,716,813

Multi-Utilities

0.3%

Dominion

Energy,

Inc.

..................................

United

States

150,000

6,700,500

Oil,

Gas

&

Consumable

Fuels

2.6%

Canadian

Natural

Resources

Ltd.

.........................

Canada

160,700

10,392,320

Chevron

Corp.

.......................................

United

States

192,000

32,375,040

TotalEnergies

SE

.....................................

France

301,019

19,790,870

Woodside

Energy

Group

Ltd.

............................

Australia

120,166

2,776,068

65,334,298

Pharmaceuticals

3.7%

AstraZeneca

plc

......................................

United

Kingdom

172,000

23,198,232

Bristol-Myers

Squibb

Co.

................................

United

States

472,595

27,429,414

Eli

Lilly

&

Co.

........................................

United

States

40,000

21,485,200

Novo

Nordisk

A/S,

B

...................................

Denmark

235,256

21,419,901

93,532,747

Semiconductors

&

Semiconductor

Equipment

4.7%

Analog

Devices,

Inc.

...................................

United

States

49,200

8,614,428

Applied

Materials,

Inc.

..................................

United

States

93,000

12,875,850

Broadcom,

Inc.

.......................................

United

States

19,916

16,541,831

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

Franklin

Global

Allocation

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

8

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Semiconductors

&

Semiconductor

Equipment

(continued)

Lam

Research

Corp.

...................................

United

States

9,400

$

5,891,638

NVIDIA

Corp.

........................................

United

States

32,541

14,155,010

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR

...........

Taiwan

407,800

35,437,820

Texas

Instruments,

Inc.

.................................

United

States

83,100

13,213,731

Tokyo

Electron

Ltd.

....................................

Japan

88,900

12,143,459

118,873,767

Software

5.1%

a

Adobe,

Inc.

..........................................

United

States

25,000

12,747,500

Intuit,

Inc.

...........................................

United

States

27,000

13,795,380

Microsoft

Corp.

.......................................

United

States

142,629

45,035,107

Oracle

Corp.

.........................................

United

States

130,182

13,788,877

a

Salesforce,

Inc.

.......................................

United

States

47,000

9,530,660

a

ServiceNow,

Inc.

......................................

United

States

15,000

8,384,400

a

Synopsys,

Inc.

.......................................

United

States

26,948

12,368,324

a

Workday,

Inc.,

A

......................................

United

States

51,000

10,957,350

126,607,598

Specialized

REITs

0.4%

American

Tower

Corp.

..................................

United

States

61,500

10,113,675

Specialty

Retail

1.3%

Lowe's

Cos.,

Inc.

......................................

United

States

63,900

13,280,976

TJX

Cos.,

Inc.

(The)

...................................

United

States

142,924

12,703,085

Tractor

Supply

Co.

....................................

United

States

37,667

7,648,284

33,632,345

Technology

Hardware,

Storage

&

Peripherals

2.5%

Apple,

Inc.

..........................................

United

States

267,459

45,791,655

Samsung

Electronics

Co.

Ltd.

............................

South

Korea

345,600

17,431,528

63,223,183

Textiles,

Apparel

&

Luxury

Goods

0.4%

NIKE,

Inc.,

B

.........................................

United

States

95,000

9,083,900

Trading

Companies

&

Distributors

0.3%

ITOCHU

Corp.

.......................................

Japan

208,300

7,522,784

Wireless

Telecommunication

Services

0.5%

KDDI

Corp.

..........................................

Japan

418,300

12,804,792

Total

Common

Stocks

(Cost

$1,354,530,429)

....................................

1,375,989,035

Management

Investment

Companies

4.7%

Capital

Markets

4.7%

iShares

Core

MSCI

Emerging

Markets

ETF

..................

United

States

1,870,778

89,030,325

c

Templeton

Global

Bond

Fund,

Class

R6

....................

United

States

12,332

88,049

VanEck

J.P.

Morgan

EM

Local

Currency

Bond

ETF

............

United

States

1,208,400

28,844,508

117,962,882

Total

Management

Investment

Companies

(Cost

$157,087,894)

...................

117,962,882

Principal

Amount

*

Corporate

Bonds

7.5%

Automobile

Components

0.1%

b

Dornoch

Debt

Merger

Sub,

Inc.

,

Senior

Note

,

144A,

6.625

%

,

10/15/29

..........................................

United

States

3,250,000

2,690,713

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

Franklin

Global

Allocation

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

9

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Automobiles

0.1%

b

Jaguar

Land

Rover

Automotive

plc

,

Senior

Note

,

144A,

5.5

%

,

7/15/29

...........................................

United

Kingdom

1,600,000

$

1,369,833

Banks

1.5%

b

Australia

&

New

Zealand

Banking

Group

Ltd.

,

Sub.

Bond

,

144A,

2.57%

to

11/24/30,

FRN

thereafter

,

11/25/35

................

Australia

6,687,000

4,956,216

d,e

Bank

of

America

Corp.

,

U

,

Junior

Sub.

Bond

,

FRN

,

8.806

%

,

(

3-month

SOFR

+

3.397

%

),

Perpetual

............................

United

States

3,994,000

3,995,723

Mitsubishi

UFJ

Financial

Group,

Inc.

,

Senior

Bond

,

3.287

%

,

7/25/27

Japan

1,690,000

1,552,574

b

Societe

Generale

SA

,

Senior

Note

,

144A,

2.625

%

,

1/22/25

......

France

6,354,000

6,042,838

Sumitomo

Mitsui

Financial

Group,

Inc.

,

Sub.

Bond

,

2.142

%

,

9/23/30

Japan

5,500,000

4,250,389

b

UniCredit

SpA

,

Senior

Bond

,

144A,

3.127%

to

6/02/31,

FRN

thereafter

,

6/03/32

...................................

Italy

8,500,000

6,505,930

d

US

Bancorp

,

Junior

Sub.

Bond

,

3.7%

to

1/14/27,

FRN

thereafter

,

Perpetual

..........................................

United

States

8,870,000

6,531,328

d,e

Wells

Fargo

&

Co.

,

S

,

Junior

Sub.

Bond

,

FRN

,

5.9

%

,

(

3-month

USD

LIBOR

+

3.11

%

),

Perpetual

............................

United

States

1,504,000

1,477,613

Westpac

Banking

Corp.

,

Sub.

Bond

,

2.894%

to

2/03/25,

FRN

thereafter

,

2/04/30

...................................

Australia

1,503,000

1,417,472

36,730,083

Beverages

0.1%

Anheuser-Busch

InBev

Worldwide,

Inc.

,

Senior

Bond

,

4

%

,

4/13/28

Belgium

4,000,000

3,787,924

Biotechnology

0.0%

†

b

Grifols

SA

,

Senior

Note

,

144A,

4.75

%

,

10/15/28

..............

Spain

1,600,000

1,366,088

Broadline

Retail

0.2%

Alibaba

Group

Holding

Ltd.

,

Senior

Bond

,

3.4

%

,

12/06/27

.......

China

6,300,000

5,796,608

Capital

Markets

0.5%

Deutsche

Bank

AG

,

Senior

Bond,

3.547%

to

9/17/30,

FRN

thereafter,

9/18/31

.....

Germany

5,000,000

4,034,184

Senior

Note,

2.129%

to

11/23/25,

FRN

thereafter,

11/24/26

....

Germany

3,000,000

2,713,989

Nomura

Holdings,

Inc.

,

Senior

Bond

,

3.103

%

,

1/16/30

..........

Japan

6,225,000

5,162,951

11,911,124

Chemicals

0.5%

b

Braskem

Idesa

SAPI

,

Senior

Secured

Bond

,

144A,

6.99

%

,

2/20/32

Mexico

7,600,000

4,576,934

b

Braskem

Netherlands

Finance

BV

,

Senior

Bond

,

144A,

4.5

%

,

1/31/30

...........................................

Brazil

1,258,000

1,026,506

Nutrien

Ltd.

,

Senior

Bond

,

2.95

%

,

5/13/30

...................

Canada

7,800,000

6,517,851

12,121,291

Commercial

Services

&

Supplies

0.1%

b

APX

Group,

Inc.

,

Senior

Note

,

144A,

5.75

%

,

7/15/29

...........

United

States

3,200,000

2,700,119

Communications

Equipment

0.0%

†

b

CommScope

Technologies

LLC

,

Senior

Bond

,

144A,

5

%

,

3/15/27

.

United

States

954,000

542,965

Consumer

Finance

0.4%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

,

Senior

Bond,

3.4%,

10/29/33

...........................

Ireland

3,400,000

2,631,709

Senior

Note,

2.45%,

10/29/26

..........................

Ireland

4,750,000

4,256,909

b,d

Volkswagen

International

Finance

NV

,

Senior

Bond

,

Reg

S,

3.5%

to

6/16/25,

FRN

thereafter

,

Perpetual

.......................

Germany

3,200,000

EUR

3,195,806

10,084,424

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

Franklin

Global

Allocation

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

10

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Containers

&

Packaging

0.1%

b

ARD

Finance

SA

,

Senior

Secured

Note

,

144A,

6.5

%

,

6/30/27

....

Luxembourg

1,500,000

$

1,134,061

b

Mauser

Packaging

Solutions

Holding

Co.

,

Secured

Note

,

144A,

9.25

%

,

4/15/27

.....................................

United

States

954,000

835,203

1,969,264

Diversified

Telecommunication

Services

0.1%

b

Altice

France

Holding

SA

,

Senior

Note

,

144A,

6

%

,

2/15/28

......

Luxembourg

1,243,000

616,454

b

Altice

France

SA

,

Senior

Secured

Note

,

144A,

5.125

%

,

7/15/29

...

France

1,675,000

1,193,280

1,809,734

Financial

Services

0.4%

b

Siemens

Financieringsmaatschappij

NV

,

Senior

Bond

,

144A,

2.35

%

,

10/15/26

..........................................

Germany

5,800,000

5,321,210

b

Woodside

Finance

Ltd.

,

Senior

Bond

,

144A,

4.5

%

,

3/04/29

......

Australia

4,000,000

3,699,497

9,020,707

Food

Products

0.1%

JBS

USA

LUX

SA

/

JBS

USA

Food

Co.

/

JBS

USA

Finance,

Inc.

,

Senior

Note

,

3.75

%

,

12/01/31

...........................

United

States

4,800,000

3,849,120

Ground

Transportation

0.2%

b

Ashtead

Capital,

Inc.

,

Senior

Bond

,

144A,

5.5

%

,

8/11/32

........

United

Kingdom

6,000,000

5,549,812

Health

Care

Providers

&

Services

0.3%

b

DaVita,

Inc.

,

Senior

Note

,

144A,

4.625

%

,

6/01/30

.............

United

States

1,600,000

1,315,778

b

Fresenius

Medical

Care

US

Finance

III,

Inc.

,

Senior

Bond

,

144A,

2.375

%

,

2/16/31

.....................................

Germany

9,000,000

6,527,518

7,843,296

Household

Products

0.2%

b

Kimberly-Clark

de

Mexico

SAB

de

CV

,

Senior

Bond

,

144A,

2.431

%

,

7/01/31

...........................................

Mexico

6,180,000

5,048,923

Interactive

Media

&

Services

0.2%

b

Tencent

Holdings

Ltd.

,

Senior

Bond

,

144A,

2.39

%

,

6/03/30

......

China

6,290,000

5,050,430

Media

0.0%

†

b

DISH

DBS

Corp.

,

Senior

Secured

Note

,

144A,

5.25

%

,

12/01/26

...

United

States

1,600,000

1,362,761

Metals

&

Mining

0.4%

ArcelorMittal

SA

,

Senior

Bond

,

4.25

%

,

7/16/29

...............

Luxembourg

6,000,000

5,607,864

b

Glencore

Funding

LLC

,

Senior

Bond

,

144A,

2.5

%

,

9/01/30

......

Australia

7,000,000

5,538,730

11,146,594

Oil,

Gas

&

Consumable

Fuels

0.5%

b

Aker

BP

ASA

,

Senior

Bond

,

144A,

3.1

%

,

7/15/31

..............

Norway

7,900,000

6,327,345

Canadian

Natural

Resources

Ltd.

,

Senior

Bond

,

3.85

%

,

6/01/27

..

Canada

5,500,000

5,130,530

11,457,875

Paper

&

Forest

Products

0.2%

Suzano

Austria

GmbH

,

Senior

Bond

,

3.75

%

,

1/15/31

...........

Brazil

4,805,000

3,953,726

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

Franklin

Global

Allocation

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

11

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Pharmaceuticals

0.7%

b

1375209

BC

Ltd.

,

Senior

Secured

Note

,

144A,

9

%

,

1/30/28

......

Canada

523,000

$

517,594

AstraZeneca

plc

,

Senior

Bond

,

4

%

,

1/17/29

..................

United

Kingdom

4,000,000

3,772,289

b

Bausch

Health

Cos.,

Inc.

,

Senior

Secured

Note

,

144A,

5.75

%

,

8/15/27

...........................................

United

States

1,200,000

715,992

b

Bayer

US

Finance

II

LLC

,

Senior

Note

,

144A,

4.25

%

,

12/15/25

...

Germany

7,000,000

6,741,112

Takeda

Pharmaceutical

Co.

Ltd.

,

Senior

Note

,

5

%

,

11/26/28

.....

Japan

6,500,000

6,364,115

18,111,102

Semiconductors

&

Semiconductor

Equipment

0.3%

b

SK

Hynix,

Inc.

,

Senior

Note

,

144A,

1.5

%

,

1/19/26

.............

South

Korea

8,000,000

7,190,054

Wireless

Telecommunication

Services

0.3%

Vodafone

Group

plc

,

Senior

Bond

,

6.15

%

,

2/27/37

.............

United

Kingdom

6,500,000

6,406,248

Total

Corporate

Bonds

(Cost

$211,504,868)

.....................................

188,870,818

Foreign

Government

and

Agency

Securities

13.6%

b

Australia

Government

Bond

,

Reg

S,

1.5

%

,

6/21/31

............

Australia

12,170,000

AUD

6,365,106

b

Belgium

Government

Bond

,

Senior

Bond

,

Reg

S,

4

%

,

3/28/32

....

Belgium

3,150,000

EUR

3,489,362

Brazil

Notas

do

Tesouro

Nacional

,

F

,

10

%

,

1/01/29

............

Brazil

32,400,000

BRL

6,145,174

b

Bundesrepublik

Deutschland

,

Reg

S,

Zero

Cpn.,

8/15/30

.............................

Germany

10,500,000

EUR

9,244,002

Reg

S,

2.3%,

2/15/33

.................................

Germany

50,100,000

EUR

50,841,719

Reg

S,

1%,

5/15/38

..................................

Germany

7,400,000

EUR

6,000,354

Canada

Government

Bond

,

2.5%,

12/01/32

.....................................

Canada

18,000,000

CAD

11,691,585

2.75%,

6/01/33

.....................................

Canada

16,400,000

CAD

10,848,534

b

Canada

Housing

Trust

No.

1

,

Senior

Bond

,

144A,

2.65

%

,

12/15/28

Canada

18,100,000

CAD

12,184,553

China

Government

Bond

,

2.5%,

7/25/27

......................................

China

121,580,000

CNY

16,638,589

2.44%,

10/15/27

.....................................

China

47,210,000

CNY

6,439,724

2.6%,

9/01/32

......................................

China

159,360,000

CNY

21,571,014

Ecopetrol

SA

,

Senior

Bond

,

4.625

%

,

11/02/31

................

Colombia

1,650,000

1,261,214

European

Investment

Bank

,

Senior

Bond

,

2.125

%

,

4/13/26

......

Supranational

f

14,750,000

13,773,284

b

Finland

Government

Bond

,

Senior

Bond,

144A,

Reg

S,

0.75%,

4/15/31

................

Finland

1,892,000

EUR

1,667,183

Senior

Bond,

144A,

Reg

S,

1.375%,

4/15/47

...............

Finland

1,567,000

EUR

1,091,382

b

France

Government

Bond

,

Reg

S,

2.5%,

5/25/30

.................................

France

4,120,000

EUR

4,183,772

Reg

S,

Zero

Cpn.,

11/25/30

............................

France

4,350,000

EUR

3,672,241

Reg

S,

1.5%,

5/25/31

.................................

France

4,410,000

EUR

4,130,853

Reg

S,

2%,

11/25/32

.................................

France

13,000,000

EUR

12,319,158

b

Italy

Buoni

Poliennali

del

Tesoro

,

Senior

Bond,

144A,

Reg

S,

4.75%,

9/01/44

................

Italy

1,860,000

EUR

1,889,018

Senior

Bond,

144A,

Reg

S,

3.25%,

9/01/46

................

Italy

1,884,000

EUR

1,515,743

Senior

Bond,

144A,

Reg

S,

1.7%,

9/01/51

.................

Italy

2,786,000

EUR

1,528,441

Japan

Government

Bond

,

0.1%,

6/20/31

......................................

Japan

4,150,000,000

JPY

26,722,870

0.5%,

9/20/46

......................................

Japan

1,435,000,000

JPY

7,708,556

Mexican

Bonos

Desarr

Fixed

Rate

,

M

,

7.5

%

,

5/26/33

...........

Mexico

123,000,000

MXN

5,998,368

Mexico

Government

Bond

,

Senior

Bond

,

3.5

%

,

2/12/34

.........

Mexico

16,500,000

12,942,711

b

Netherlands

Government

Bond

,

144A,

Reg

S,

0.5%,

1/15/40

............................

Netherlands

1,410,000

EUR

973,990

144A,

Reg

S,

3.75%,

1/15/42

...........................

Netherlands

865,000

EUR

971,079

Petroleos

Mexicanos

,

Senior

Note

,

6.5

%

,

3/13/27

.............

Mexico

4,500,000

3,971,291

Spain

Bonos

Y

Obligaciones

del

Estado

,

b

Senior

Bond,

144A,

Reg

S,

1.95%,

4/30/26

................

Spain

2,563,000

EUR

2,609,983

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

Franklin

Global

Allocation

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

12

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Foreign

Government

and

Agency

Securities

(continued)

Spain

Bonos

Y

Obligaciones

del

Estado,

(continued)

b

Senior

Bond,

144A,

Reg

S,

2.9%,

10/31/46

................

Spain

1,610,000

EUR

$

1,340,225

6%,

1/31/29

........................................

Spain

3,760,000

EUR

4,449,894

b

United

Kingdom

Gilt

,

Reg

S,

3.25%,

1/31/33

................................

United

Kingdom

34,400,000

GBP

38,267,613

Reg

S,

1.75%,

9/07/37

................................

United

Kingdom

8,700,000

GBP

7,465,972

Reg

S,

1.25%,

10/22/41

...............................

United

Kingdom

22,300,000

GBP

15,673,376

Reg

S,

1.5%,

7/22/47

.................................

United

Kingdom

5,110,000

GBP

3,296,770

Total

Foreign

Government

and

Agency

Securities

(Cost

$405,117,655)

.............

340,884,703

U.S.

Government

and

Agency

Securities

10.7%

U.S.

Treasury

Bonds

,

4%,

11/15/42

.......................................

United

States

33,500,000

29,739,102

3.875%,

2/15/43

.....................................

United

States

45,500,000

39,606,328

3.875%,

5/15/43

.....................................

United

States

16,200,000

14,086,406

U.S.

Treasury

Notes

,

2.25%,

3/31/24

.....................................

United

States

32,000,000

31,499,508

0.375%,

9/15/24

.....................................

United

States

32,000,000

30,495,163

1.75%,

3/15/25

.....................................

United

States

16,700,000

15,883,266

0.875%,

11/15/30

....................................

United

States

13,000,000

10,116,641

g

Index

Linked,

0.125%,

1/15/31

..........................

United

States

32,100,000

32,254,858

1.875%,

2/15/32

.....................................

United

States

25,000,000

20,311,523

4.125%,

11/15/32

....................................

United

States

15,100,000

14,565,602

3.5%,

2/15/33

......................................

United

States

19,500,000

17,894,297

3.375%,

5/15/33

.....................................

United

States

11,200,000

10,158,750

Total

U.S.

Government

and

Agency

Securities

(Cost

$297,715,552)

................

266,611,444

Mortgage-Backed

Securities

1.6%

Government

National

Mortgage

Association

(GNMA)

Fixed

Rate

1.6%

GNMA

II,

Single-family,

30

Year,

3%,

7/20/51

.................

United

States

28,511,094

24,203,538

GNMA

II,

Single-family,

30

Year,

3%,

8/20/51

.................

United

States

18,482,273

15,725,737

39,929,275

Total

Mortgage-Backed

Securities

(Cost

$49,389,380)

............................

39,929,275

Total

Long

Term

Investments

(Cost

$2,475,345,778)

.............................

2,330,248,157

a

Short

Term

Investments

5.9%

a

a

Country

Shares

a

Value

a

a

a

Money

Market

Funds

5.9%

c,h

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.019%

....

United

States

148,343,801

148,343,801

Total

Money

Market

Funds

(Cost

$148,343,801)

.................................

148,343,801

Total

Short

Term

Investments

(Cost

$148,343,801

)

...............................

148,343,801

a

Total

Investments

(Cost

$2,623,689,579)

99.1%

..................................

$2,478,591,958

Other

Assets,

less

Liabilities

0.9%

.............................................

21,966,312

Net

Assets

100.0%

...........................................................

$2,500,558,270

a

a

a

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

Franklin

Global

Allocation

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

13

At

September

30,

2023,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

Abbreviations

on

page

55

.

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Non-income

producing.

b

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,

2023,

the

aggregate

value

of

these

securities

was

$291,024,244,

representing

11.6%

of

net

assets.

c

See

Note

4

regarding

investments

in

affiliated

management

investment

companies.

d

Perpetual

security

with

no

stated

maturity

date.

e

The

coupon

rate

shown

represents

the

rate

at

period

end.

f

A

supranational

organization

is

an

entity

formed

by

two

or

more

central

governments

through

international

treaties.

g

Principal

amount

of

security

is

adjusted

for

inflation.

h

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Forward

Exchange

Contracts

Currency

Counter-

party

a

Type

Quantity

Contract

Amount

*

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

a

a

a

a

a

a

a

a

OTC

Forward

Exchange

Contracts

British

Pound

......

JPHQ

Buy

2,297,000

2,929,023

10/27/23

$

—

$

(126,261)

British

Pound

......

JPHQ

Sell

55,534,000

71,297,227

10/27/23

3,535,532

—

Canadian

Dollar

....

BZWS

Buy

1,020,000

755,620

10/27/23

—

(4,425)

Canadian

Dollar

....

BZWS

Sell

48,286,000

36,625,569

10/27/23

1,064,572

—

Chinese

Yuan

......

BZWS

Sell

326,723,000

45,686,528

10/27/23

875,557

—

Euro

.............

BZWS

Buy

2,583,000

2,731,111

10/27/23

2,633

—

Euro

.............

BZWS

Sell

111,036,000

123,611,937

10/27/23

6,095,881

—

Japanese

Yen

......

JPHQ

Buy

120,502,000

841,501

10/27/23

—

(31,603)

Japanese

Yen

......

JPHQ

Sell

5,196,915,000

37,274,376

10/27/23

2,345,770

—

Total

Forward

Exchange

Contracts

...................................................

$13,919,945

$(162,289)

Net

unrealized

appreciation

(depreciation)

............................................

$13,757,656

*

In

U.S.

dollars

unless

otherwise

indicated.

a

May

be

comprised

of

multiple

contracts

with

the

same

counterparty,

currency

and

settlement

date.

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited),

September

30,

2023

Franklin

Growth

Allocation

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

14

a

a

Shares

a

Value

a

Investments

In

Underlying

Funds

and

Exchange

Traded

Funds

99.1%

Alternative

Strategies

1.0%

a

Franklin

Systematic

Style

Premia

ETF

....................................

520,107

$

11,707,609

Domestic

Equity

58.5%

a

ClearBridge

Large

Cap

Value

Fund,

Class

IS

...............................

1,637,642

61,493,453

a

Franklin

Growth

Fund,

Class

R6

........................................

1,273,864

147,984,821

a

Franklin

U.S.

Core

Equity

(IU)

Fund

.....................................

21,755,779

282,607,571

a

Franklin

U.S.

Equity

Index

ETF

.........................................

2,168,700

81,107,428

a

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

.............................

1,773,576

76,387,918

iShares

MSCI

USA

Quality

Factor

ETF

...................................

78,150

10,299,389

iShares

Russell

2000

ETF

.............................................

145,275

25,675,905

685,556,485

Domestic

Fixed

Income

18.5%

a

BrandywineGLOBAL

-

Global

Opportunities

Bond

Fund,

Class

IS

...............

1,702,117

14,195,656

a

Franklin

Investment

Grade

Corporate

ETF

.................................

521,322

10,571,263

a

Franklin

U.S.

Core

Bond

ETF

..........................................

4,023,138

82,514,560

a

Franklin

U.S.

Treasury

Bond

ETF

.......................................

1,270,693

25,394,800

iShares

Floating

Rate

Bond

ETF

........................................

208,000

10,585,120

Schwab

U.S.

TIPS

ETF

...............................................

334,590

16,893,449

a

Western

Asset

Core

Plus

Bond

Fund,

Class

IS

.............................

5,281,817

46,796,897

a

Western

Asset

Short-Term

Bond

Fund,

Class

IS

............................

2,971,459

10,667,539

217,619,284

Foreign

Equity

19.6%

a

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

............................

3,680,631

33,346,514

a

Franklin

International

Core

Equity

(IU)

Fund

...............................

10,549,030

112,769,128

a,b

Franklin

International

Growth

Fund,

Class

R6

..............................

860,161

12,257,293

iShares

Core

MSCI

EAFE

ETF

.........................................

347,622

22,369,476

a

Templeton

Developing

Markets

Trust,

Class

R6

.............................

1,294,465

22,174,186

a

Templeton

Foreign

Fund,

Class

R6

......................................

3,494,688

25,965,528

228,882,125

Foreign

Fixed

Income

1.5%

a

Franklin

High

Yield

Corporate

ETF

......................................

376,131

8,462,948

a

Franklin

International

Aggregate

Bond

ETF

................................

485,174

9,422,079

17,885,027

Total

Investments

In

Underlying

Funds

and

Exchange

Traded

Funds

(Cost

$1,011,934,897)

..............................................................

1,161,650,530

a

a

a

a

Short

Term

Investments

0.8%

a

Money

Market

Funds

0.8%

a,c

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.019%

..................

8,691,419

8,691,419

Total

Money

Market

Funds

(Cost

$8,691,419)

...................................

8,691,419

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

Franklin

Growth

Allocation

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

15

See

Abbreviations

on

page

55

.

Short

Term

Investments

(continued)

a

a

Principal

Amount

a

Value

Repurchase

Agreements

0.0%

†

d

Joint

Repurchase

Agreement,

5.212%,

10/02/23

(Maturity

Value

$254,724)

BNP

Paribas

Securities

Corp.

(Maturity

Value

$113,171)

Deutsche

Bank

Securities,

Inc.

(Maturity

Value

$51,016)

HSBC

Securities

(USA),

Inc.

(Maturity

Value

$90,537)

Collateralized

by

U.S.

Government

Agency

Securities,

2%

-

7%,

1/20/27

-

9/20/53;

U.S.

Government

Agency

Strips,

9/15/26

-

11/15/45;

U.S.

Treasury

Bonds,

5.5%

-

6.75%,

2/15/26

-

8/15/28;

and

U.S.

Treasury

Notes,

2.25%,

8/15/27

(valued

at

$259,728)

.......................................................

$

254,614

$

254,614

Total

Repurchase

Agreements

(Cost

$254,614)

..................................

254,614

Total

Short

Term

Investments

(Cost

$8,946,033

)

.................................

8,946,033

a

Total

Investments

(Cost

$1,020,880,930)

99.9%

..................................

$1,170,596,563

Other

Assets,

less

Liabilities

0.1%

.............................................

1,012,777

Net

Assets

100.0%

...........................................................

$1,171,609,340

†

Rounds

to

less

than

0.1%

of

net

assets.

a

See

Note

3

regarding

investments

in

FT

Underlying

Funds.

b

Non-income

producing.

c

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

d

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,

2023,

all

repurchase

agreements

had

been

entered

into

on

September

29,

2023.

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited),

September

30,

2023

Franklin

LifeSmart™

Retirement

Income

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

16

a

a

Shares

a

Value

a

Investments

In

Underlying

Funds

and

Exchange

Traded

Funds

92.8%

Domestic

Equity

28.9%

a

ClearBridge

Tactical

Dividend

Income

Fund,

Class

IS

........................

250,461

$

4,926,567

a

Franklin

U.S.

Core

Equity

(IU)

Fund

.....................................

74,692

970,244

JPMorgan

Equity

Premium

Income

ETF

..................................

86,375

4,626,246

JPMorgan

Nasdaq

Equity

Premium

Income

ETF

............................

44,700

2,097,771

12,620,828

Domestic

Fixed

Income

53.6%

a

BrandywineGLOBAL

-

Global

Opportunities

Bond

Fund,

Class

IS

...............

243,792

2,033,227

a

Franklin

Investment

Grade

Corporate

ETF

.................................

121,704

2,467,889

a

Franklin

U.S.

Core

Bond

ETF

..........................................

238,519

4,892,025

a

Franklin

U.S.

Government

Securities

Fund,

Class

R6

........................

595,925

2,908,116

a

Western

Asset

Income

Fund,

Class

IS

....................................

1,289,376

6,317,943

a

Western

Asset

Short

Duration

High

Income

Fund,

Class

I

.....................

1,016,349

4,797,169

23,416,369

Foreign

Equity

5.8%

a

Franklin

International

Core

Dividend

Tilt

Index

ETF

..........................

42,375

1,182,686

a

Templeton

Developing

Markets

Trust,

Class

R6

.............................

26,109

447,250

a

Templeton

Foreign

Fund,

Class

R6

......................................

123,332

916,358

2,546,294

Foreign

Fixed

Income

4.5%

a

Franklin

High

Yield

Corporate

ETF

......................................

86,880

1,954,800

Total

Investments

In

Underlying

Funds

and

Exchange

Traded

Funds

(Cost

$45,041,757)

................................................................

40,538,291

Units

a

a

a

a

Index-Linked

Notes

5.0%

Capital

Markets

5.0%

b,c,d

UBS

AG

into

S&P

500

Index,

Senior

Note,

144A,

5.68%,

5/07/24

................

2,223

2,168,951

Total

Index-Linked

Notes

(Cost

$2,099,912)

.....................................

2,168,951

Total

Long

Term

Investments

(Cost

$47,141,669)

................................

42,707,242

a

a

a

a

a

Short

Term

Investments

2.5%

Shares

a

Money

Market

Funds

2.5%

a,e

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.019%

..................

1,077,792

1,077,792

Total

Money

Market

Funds

(Cost

$1,077,792)

...................................

1,077,792

Total

Short

Term

Investments

(Cost

$1,077,792

)

.................................

1,077,792

a

Total

Investments

(Cost

$48,219,461)

100.3%

...................................

$43,785,034

Other

Assets,

less

Liabilities

(0.3)%

...........................................

(125,293)

Net

Assets

100.0%

...........................................................

$43,659,741

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

Franklin

LifeSmart™

Retirement

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

17

See

Abbreviations

on

page

55

.

a

See

Note

3

regarding

investments

in

FT

Underlying

Funds.

b

Fair

valued

using

significant

unobservable

inputs.

See

Note

5

regarding

fair

value

measurements.

c

Security

pays

variable

interest

based

on

the

distributions

of

the

strategy

index

and

proceeds

earned

from

related

equity

derivatives.

The

coupon

rate

shown

represents

the

combined

rate

at

period

end.

Cash

payment

at

maturity

or

upon

early

redemption

is

based

on

the

performance

of

the

strategy

index.

d

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

September

30,

2023,

the

value

of

this

security

was

$2,168,951,

representing

5.0%

of

net

assets.

e

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited),

September

30,

2023

Franklin

LifeSmart™

2020

Retirement

Target

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

18

a

a

Shares

a

Value

a

Investments

In

Underlying

Funds

and

Exchange

Traded

Funds

99.2%

Alternative

Strategies

1.0%

a

Franklin

Systematic

Style

Premia

ETF

....................................

13,610

$

306,361

Domestic

Equity

28.8%

a

ClearBridge

Large

Cap

Value

Fund,

Class

IS

...............................

21,114

792,823

a

Franklin

Growth

Fund,

Class

R6

........................................

16,424

1,907,974

a

Franklin

U.S.

Core

Equity

(IU)

Fund

.....................................

327,911

4,259,570

a

Franklin

U.S.

Equity

Index

ETF

.........................................

11,400

426,350

a

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

.............................

22,853

984,279

iShares

MSCI

USA

Quality

Factor

ETF

...................................

1,000

131,790

iShares

Russell

2000

ETF

.............................................

1,850

326,969

8,829,755

Domestic

Fixed

Income

47.9%

a

BrandywineGLOBAL

-

Global

Opportunities

Bond

Fund,

Class

IS

...............

122,580

1,022,319

a

Franklin

Investment

Grade

Corporate

ETF

.................................

35,178

713,332

a

Franklin

U.S.

Core

Bond

ETF

..........................................

271,588

5,570,270

a

Franklin

U.S.

Treasury

Bond

ETF

.......................................

85,773

1,714,173

iShares

Floating

Rate

Bond

ETF

........................................

14,025

713,732

Schwab

U.S.

TIPS

ETF

...............................................

22,579

1,140,014

a

Western

Asset

Core

Plus

Bond

Fund,

Class

IS

.............................

356,644

3,159,862

a

Western

Asset

Short-Term

Bond

Fund,

Class

IS

............................

200,005

718,019

14,751,721

Foreign

Equity

17.4%

a

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

............................

90,241

817,580

a

Franklin

International

Core

Equity

(IU)

Fund

...............................

240,444

2,570,349

a,b

Franklin

International

Growth

Fund,

Class

R6

..............................

19,633

279,774

iShares

Core

MSCI

EAFE

ETF

.........................................

7,979

513,449

a

Templeton

Developing

Markets

Trust,

Class

R6

.............................

31,735

543,615

a

Templeton

Foreign

Fund,

Class

R6

......................................

79,775

592,729

5,317,496

Foreign

Fixed

Income

4.1%

a

Franklin

High

Yield

Corporate

ETF

......................................

25,388

571,230

a

Franklin

International

Aggregate

Bond

ETF

................................

34,921

678,166

1,249,396

Total

Investments

In

Underlying

Funds

and

Exchange

Traded

Funds

(Cost

$31,088,287)

................................................................

30,454,729

a

a

a

a

Short

Term

Investments

0.9%

a

Money

Market

Funds

0.8%

a,c

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.019%

..................

265,856

265,856

Total

Money

Market

Funds

(Cost

$265,856)

.....................................

265,856

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

Franklin

LifeSmart™

2020

Retirement

Target

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

19

See

Abbreviations

on

page

55

.

Short

Term

Investments

(continued)

a

a

Principal

Amount

a

Value

Repurchase

Agreements

0.1%

d

Joint

Repurchase

Agreement,

5.212%,

10/02/23

(Maturity

Value

$20,392)

BNP

Paribas

Securities

Corp.

(Maturity

Value

$9,060)

Deutsche

Bank

Securities,

Inc.

(Maturity

Value

$4,084)

HSBC

Securities

(USA),

Inc.

(Maturity

Value

$7,248)

Collateralized

by

U.S.

Government

Agency

Securities,

2%

-

7%,

1/20/27

-

9/20/53;

U.S.

Government

Agency

Strips,

9/15/26

-

11/15/45;

U.S.

Treasury

Bonds,

5.5%

-

6.75%,

2/15/26

-

8/15/28;

and

U.S.

Treasury

Notes,

2.25%,

8/15/27

(valued

at

$20,792)

........................................................

$

20,383

$

20,383

Total

Repurchase

Agreements

(Cost

$20,383)

...................................

20,383

Total

Short

Term

Investments

(Cost

$286,239

)

..................................

286,239

a

Total

Investments

(Cost

$31,374,526)

100.1%

...................................

$30,740,968

Other

Assets,

less

Liabilities

(0.1)%

...........................................

(25,655)

Net

Assets

100.0%

...........................................................

$30,715,313

a

See

Note

3

regarding

investments

in

FT

Underlying

Funds.

b

Non-income

producing.

c

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

d

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,

2023,

all

repurchase

agreements

had

been

entered

into

on

September

29,

2023.

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited),

September

30,

2023

Franklin

LifeSmart™

2025

Retirement

Target

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

20

a

a

Shares

a

Value

a

Investments

In

Underlying

Funds

and

Exchange

Traded

Funds

99.2%

Alternative

Strategies

1.0%

a

Franklin

Systematic

Style

Premia

ETF

....................................

47,858

$

1,077,284

Domestic

Equity

34.2%

a

ClearBridge

Large

Cap

Value

Fund,

Class

IS

...............................

88,358

3,317,838

a

Franklin

Growth

Fund,

Class

R6

........................................

68,734

7,984,846

a

Franklin

U.S.

Core

Equity

(IU)

Fund

.....................................

1,372,269

17,825,769

a

Franklin

U.S.

Equity

Index

ETF

.........................................

47,700

1,783,937

a

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

.............................

95,686

4,121,196

iShares

MSCI

USA

Quality

Factor

ETF

...................................

4,200

553,518

iShares

Russell

2000

ETF

.............................................

7,825

1,382,990

36,970,094

Domestic

Fixed

Income

40.2%

a

BrandywineGLOBAL

-

Global

Opportunities

Bond

Fund,

Class

IS

...............

313,272

2,612,687

a

Franklin

Investment

Grade

Corporate

ETF

.................................

104,190

2,112,744

a

Franklin

U.S.

Core

Bond

ETF

..........................................

804,208

16,494,306

a

Franklin

U.S.

Treasury

Bond

ETF

.......................................

254,013

5,076,450

iShares

Floating

Rate

Bond

ETF

........................................

41,575

2,115,752

Schwab

U.S.

TIPS

ETF

...............................................

66,886

3,377,074

a

Western

Asset

Core

Plus

Bond

Fund,

Class

IS

.............................

1,056,064

9,356,723

a

Western

Asset

Short-Term

Bond

Fund,

Class

IS

............................

592,331

2,126,467

43,272,203

Foreign

Equity

20.6%

a

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

............................

374,762

3,395,345

a

Franklin

International

Core

Equity

(IU)

Fund

...............................

1,008,613

10,782,070

a,b

Franklin

International

Growth

Fund,

Class

R6

..............................

82,365

1,173,695

iShares

Core

MSCI

EAFE

ETF

.........................................

33,542

2,158,428

a

Templeton

Developing

Markets

Trust,

Class

R6

.............................

131,790

2,257,558

a

Templeton

Foreign

Fund,

Class

R6

......................................

334,638

2,486,364

22,253,460

Foreign

Fixed

Income

3.2%

a

Franklin

High

Yield

Corporate

ETF

......................................

75,178

1,691,505

a

Franklin

International

Aggregate

Bond

ETF

................................

89,283

1,733,876

3,425,381

Total

Investments

In

Underlying

Funds

and

Exchange

Traded

Funds

(Cost

$104,062,412)

...............................................................

106,998,422

a

a

a

a

Short

Term

Investments

0.6%

a

Money

Market

Funds

0.6%

a,c

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.019%

..................

646,663

646,663

Total

Money

Market

Funds

(Cost

$646,663)

.....................................

646,663

Total

Short

Term

Investments

(Cost

$646,663

)

..................................

646,663

a

Total

Investments

(Cost

$104,709,075)

99.8%

...................................

$107,645,085

Other

Assets,

less

Liabilities

0.2%

.............................................

236,585

Net

Assets

100.0%

...........................................................

$107,881,670

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

Franklin

LifeSmart™

2025

Retirement

Target

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

21

See

Abbreviations

on

page

55

.

a

See

Note

3

regarding

investments

in

FT

Underlying

Funds.

b

Non-income

producing.

c

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited),

September

30,

2023

Franklin

LifeSmart™

2030

Retirement

Target

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

22

a

a

Shares

a

Value

a

Investments

In

Underlying

Funds

and

Exchange

Traded

Funds

99.1%

Alternative

Strategies

1.0%

a

Franklin

Systematic

Style

Premia

ETF

....................................

26,361

$

593,386

Domestic

Equity

39.8%

a

ClearBridge

Large

Cap

Value

Fund,

Class

IS

...............................

56,469

2,120,401

a

Franklin

Growth

Fund,

Class

R6

........................................

43,927

5,102,961

a

Franklin

U.S.

Core

Equity

(IU)

Fund

.....................................

877,002

11,392,258

a

Franklin

U.S.

Equity

Index

ETF

.........................................

30,475

1,139,738

a

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

.............................

61,151

2,633,774

iShares

MSCI

USA

Quality

Factor

ETF

...................................

2,675

352,538

iShares

Russell

2000

ETF

.............................................

5,000

883,700

23,625,370

Domestic

Fixed

Income

32.0%

a

BrandywineGLOBAL

-

Global

Opportunities

Bond

Fund,

Class

IS

...............

129,403

1,079,222

a

Franklin

Investment

Grade

Corporate

ETF

.................................

45,942

931,603

a

Franklin

U.S.

Core

Bond

ETF

..........................................

354,579

7,272,415

a

Franklin

U.S.

Treasury

Bond

ETF

.......................................

111,986

2,238,040

iShares

Floating

Rate

Bond

ETF

........................................

18,325

932,559

Schwab

U.S.

TIPS

ETF

...............................................

29,474

1,488,142

a

Western

Asset

Core

Plus

Bond

Fund,

Class

IS

.............................

465,595

4,125,176

a

Western

Asset

Short-Term

Bond

Fund,

Class

IS

............................

261,203

937,719

19,004,876

Foreign

Equity

23.9%

a

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

............................

242,128

2,193,677

a

Franklin

International

Core

Equity

(IU)

Fund

...............................

642,090

6,863,942

a,b

Franklin

International

Growth

Fund,

Class

R6

..............................

52,433

747,177

iShares

Core

MSCI

EAFE

ETF

.........................................

21,353

1,374,066

a

Templeton

Developing

Markets

Trust,

Class

R6

.............................

85,148

1,458,580

a

Templeton

Foreign

Fund,

Class

R6

......................................

213,034

1,582,839

14,220,281

Foreign

Fixed

Income

2.4%

a

Franklin

High

Yield

Corporate

ETF

......................................

33,133

745,493

a

Franklin

International

Aggregate

Bond

ETF

................................

36,875

716,113

1,461,606

Total

Investments

In

Underlying

Funds

and

Exchange

Traded

Funds

(Cost

$56,008,357)

................................................................

58,905,519

a

a

a

a

Short

Term

Investments

0.9%

a

Money

Market

Funds

0.9%

a,c

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.019%

..................

517,160

517,160

Total

Money

Market

Funds

(Cost

$517,160)

.....................................

517,160

Total

Short

Term

Investments

(Cost

$517,160

)

..................................

517,160

a

Total

Investments

(Cost

$56,525,517)

100.0%

...................................

$59,422,679

Other

Assets,

less

Liabilities

0.0%

†

............................................

13,593

Net

Assets

100.0%

...........................................................

$59,436,272

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

Franklin

LifeSmart™

2030

Retirement

Target

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

23

See

Abbreviations

on

page

55

.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

See

Note

3

regarding

investments

in

FT

Underlying

Funds.

b

Non-income

producing.

c

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited),

September

30,

2023

Franklin

LifeSmart™

2035

Retirement

Target

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

24

a

a

Shares

a

Value

a

Investments

In

Underlying

Funds

and

Exchange

Traded

Funds

99.1%

Alternative

Strategies

1.0%

a

Franklin

Systematic

Style

Premia

ETF

....................................

53,125

$

1,195,844

Domestic

Equity

45.0%

a

ClearBridge

Large

Cap

Value

Fund,

Class

IS

...............................

128,981

4,843,225

a

Franklin

Growth

Fund,

Class

R6

........................................

100,334

11,655,857

a

Franklin

U.S.

Core

Equity

(IU)

Fund

.....................................

2,003,172

26,021,208

a

Franklin

U.S.

Equity

Index

ETF

.........................................

69,650

2,604,847

a

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

.............................

139,676

6,015,845

iShares

MSCI

USA

Quality

Factor

ETF

...................................

6,150

810,509

iShares

Russell

2000

ETF

.............................................

11,425

2,019,255

53,970,746

Domestic

Fixed

Income

24.1%

a

BrandywineGLOBAL

-

Global

Opportunities

Bond

Fund,

Class

IS

...............

217,368

1,812,850

a

Franklin

Investment

Grade

Corporate

ETF

.................................

68,921

1,397,566

a

Franklin

U.S.

Core

Bond

ETF

..........................................

532,040

10,912,140

a

Franklin

U.S.

Treasury

Bond

ETF

.......................................

168,037

3,358,219

iShares

Floating

Rate

Bond

ETF

........................................

27,500

1,399,475

Schwab

U.S.

TIPS

ETF

...............................................

44,241

2,233,728

a

Western

Asset

Core

Plus

Bond

Fund,

Class

IS

.............................

698,606

6,189,653

a

Western

Asset

Short-Term

Bond

Fund,

Class

IS

............................

392,074

1,407,547

28,711,178

Foreign

Equity

27.1%

a

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

............................

552,072

5,001,770

a

Franklin

International

Core

Equity

(IU)

Fund

...............................

1,468,762

15,701,069

a,b

Franklin

International

Growth

Fund,

Class

R6

..............................

119,938

1,709,120

iShares

Core

MSCI

EAFE

ETF

.........................................

48,860

3,144,140

a

Templeton

Developing

Markets

Trust,

Class

R6

.............................

194,143

3,325,673

a

Templeton

Foreign

Fund,

Class

R6

......................................

487,307

3,620,694

32,502,466

Foreign

Fixed

Income

1.9%

a

Franklin

High

Yield

Corporate

ETF

......................................

49,745

1,119,263

a

Franklin

International

Aggregate

Bond

ETF

................................

61,962

1,203,302

2,322,565

Total

Investments

In

Underlying

Funds

and

Exchange

Traded

Funds

(Cost

$110,141,503)

...............................................................

118,702,799

a

a

a

a

Short

Term

Investments

0.8%

a

Money

Market

Funds

0.8%

a,c

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.019%

..................

951,395

951,395

Total

Money

Market

Funds

(Cost

$951,395)

.....................................

951,395

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

Franklin

LifeSmart™

2035

Retirement

Target

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

25

See

Abbreviations

on

page

55

.

Short

Term

Investments

(continued)

a

a

Principal

Amount

a

Value

Repurchase

Agreements

0.0%

†

d

Joint

Repurchase

Agreement,

5.212%,

10/02/23

(Maturity

Value

$41,520)

BNP

Paribas

Securities

Corp.

(Maturity

Value

$18,447)

Deutsche

Bank

Securities,

Inc.

(Maturity

Value

$8,316)

HSBC

Securities

(USA),

Inc.

(Maturity

Value

$14,757)

Collateralized

by

U.S.

Government

Agency

Securities,

2%

-

7%,

1/20/27

-

9/20/53;

U.S.

Government

Agency

Strips,

9/15/26

-

11/15/45;

U.S.

Treasury

Bonds,

5.5%

-

6.75%,

2/15/26

-

8/15/28;

and

U.S.

Treasury

Notes,

2.25%,

8/15/27

(valued

at

$42,336)

........................................................

$

41,502

$

41,502

Total

Repurchase

Agreements

(Cost

$41,502)

...................................

41,502

Total

Short

Term

Investments

(Cost

$992,897

)

..................................

992,897

a

Total

Investments

(Cost

$111,134,400)

99.9%

...................................

$119,695,696

Other

Assets,

less

Liabilities

0.1%

.............................................

123,795

Net

Assets

100.0%

...........................................................

$119,819,491

†

Rounds

to

less

than

0.1%

of

net

assets.

a

See

Note

3

regarding

investments

in

FT

Underlying

Funds.

b

Non-income

producing.

c

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

d

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,

2023,

all

repurchase

agreements

had

been

entered

into

on

September

29,

2023.

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited),

September

30,

2023

Franklin

LifeSmart™

2040

Retirement

Target

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

26

See

Abbreviations

on

page

55

.

a

a

Shares

a

Value

a

Investments

In

Underlying

Funds

and

Exchange

Traded

Funds

99.1%

Alternative

Strategies

1.0%

a

Franklin

Systematic

Style

Premia

ETF

....................................

20,087

$

452,158

Domestic

Equity

50.4%

a

ClearBridge

Large

Cap

Value

Fund,

Class

IS

...............................

54,504

2,046,638

a

Franklin

Growth

Fund,

Class

R6

........................................

42,400

4,925,567

a

Franklin

U.S.

Core

Equity

(IU)

Fund

.....................................

723,771

9,401,785

a

Franklin

U.S.

Equity

Index

ETF

.........................................

72,175

2,699,280

a

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

.............................

59,017

2,541,862

iShares

MSCI

USA

Quality

Factor

ETF

...................................

2,600

342,654

iShares

Russell

2000

ETF

.............................................

4,825

852,770

22,810,556

Domestic

Fixed

Income

16.8%

a

Franklin

Investment

Grade

Corporate

ETF

.................................

19,453

394,464

a

Franklin

U.S.

Core

Bond

ETF

..........................................

150,227

3,081,156

a

Franklin

U.S.

Treasury

Bond

ETF

.......................................

47,446

948,208

iShares

Floating

Rate

Bond

ETF

........................................

7,750

394,398

Schwab

U.S.

TIPS

ETF

...............................................

12,481

630,166

a

Western

Asset

Core

Plus

Bond

Fund,

Class

IS

.............................

197,272

1,747,834

a

Western

Asset

Short-Term

Bond

Fund,

Class

IS

............................

110,768

397,656

7,593,882

Foreign

Equity

30.2%

a

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

............................

231,456

2,096,994

a

Franklin

International

Core

Equity

(IU)

Fund

...............................

620,013

6,627,940

a,b

Franklin

International

Growth

Fund,

Class

R6

..............................

50,632

721,507

iShares

Core

MSCI

EAFE

ETF

.........................................

20,609

1,326,189

a

Templeton

Developing

Markets

Trust,

Class

R6

.............................

81,394

1,394,283

a

Templeton

Foreign

Fund,

Class

R6

......................................

205,708

1,528,412

13,695,325

Foreign

Fixed

Income

0.7%

a

Franklin

High

Yield

Corporate

ETF

......................................

14,023

315,518

Total

Investments

In

Underlying

Funds

and

Exchange

Traded

Funds

(Cost

$40,739,963)

................................................................

44,867,439

a

a

a

a

Short

Term

Investments

0.8%

a

Money

Market

Funds

0.8%

a,c

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.019%

..................

380,786

380,786

Total

Money

Market

Funds

(Cost

$380,786)

.....................................

380,786

Total

Short

Term

Investments

(Cost

$380,786

)

..................................

380,786

a

Total

Investments

(Cost

$41,120,749)

99.9%

....................................

$45,248,225

Other

Assets,

less

Liabilities

0.1%

.............................................

24,012

Net

Assets

100.0%

...........................................................

$45,272,237

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

Franklin

LifeSmart™

2040

Retirement

Target

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

27

a

See

Note

3

regarding

investments

in

FT

Underlying

Funds.

b

Non-income

producing.

c

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited),

September

30,

2023

Franklin

LifeSmart™

2045

Retirement

Target

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

28

a

a

Shares

a

Value

a

Investments

In

Underlying

Funds

and

Exchange

Traded

Funds

99.1%

Alternative

Strategies

1.0%

a

Franklin

Systematic

Style

Premia

ETF

....................................

36,359

$

818,441

Domestic

Equity

55.3%

a

ClearBridge

Large

Cap

Value

Fund,

Class

IS

...............................

108,169

4,061,736

a

Franklin

Growth

Fund,

Class

R6

........................................

84,146

9,775,229

a

Franklin

U.S.

Core

Equity

(IU)

Fund

.....................................

1,436,388

18,658,686

a

Franklin

U.S.

Equity

Index

ETF

.........................................

143,250

5,357,421

a

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

.............................

117,142

5,045,306

iShares

MSCI

USA

Quality

Factor

ETF

...................................

5,150

678,719

iShares

Russell

2000

ETF

.............................................

9,575

1,692,285

45,269,382

Domestic

Fixed

Income

9.6%

a

Franklin

U.S.

Core

Bond

ETF

..........................................

192,386

3,945,837

a

Western

Asset

Core

Plus

Bond

Fund,

Class

IS

.............................

447,778

3,967,311

7,913,148

Foreign

Equity

33.2%

a

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

............................

460,105

4,168,548

a

Franklin

International

Core

Equity

(IU)

Fund

...............................

1,231,965

13,169,701

a,b

Franklin

International

Growth

Fund,

Class

R6

..............................

100,604

1,433,611

iShares

Core

MSCI

EAFE

ETF

.........................................

40,977

2,636,870

a

Templeton

Developing

Markets

Trust,

Class

R6

.............................

161,801

2,771,650

a

Templeton

Foreign

Fund,

Class

R6

......................................

408,742

3,036,952

27,217,332

Total

Investments

In

Underlying

Funds

and

Exchange

Traded

Funds

(Cost

$71,177,408)

................................................................

81,218,303

a

a

a

a

Short

Term

Investments

1.1%

a

Money

Market

Funds

1.1%

a,c

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.019%

..................

882,570

882,570

Total

Money

Market

Funds

(Cost

$882,570)

.....................................

882,570

Principal

Amount

Repurchase

Agreements

0.0%

†

d

Joint

Repurchase

Agreement,

5.212%,

10/02/23

(Maturity

Value

$43,305)

BNP

Paribas

Securities

Corp.

(Maturity

Value

$19,240)

Deutsche

Bank

Securities,

Inc.

(Maturity

Value

$8,673)

HSBC

Securities

(USA),

Inc.

(Maturity

Value

$15,392)

Collateralized

by

U.S.

Government

Agency

Securities,

2%

-

7%,

1/20/27

-

9/20/53;

U.S.

Government

Agency

Strips,

9/15/26

-

11/15/45;

U.S.

Treasury

Bonds,

5.5%

-

6.75%,

2/15/26

-

8/15/28;

and

U.S.

Treasury

Notes,

2.25%,

8/15/27

(valued

at

$44,156)

........................................................

$

43,286

43,286

Total

Repurchase

Agreements

(Cost

$43,286)

...................................

43,286

Total

Short

Term

Investments

(Cost

$925,856

)

..................................

925,856

a

Total

Investments

(Cost

$72,103,264)

100.2%

...................................

$82,144,159

Other

Assets,

less

Liabilities

(0.2)%

...........................................

(181,191)

Net

Assets

100.0%

...........................................................

$81,962,968

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

Franklin

LifeSmart™

2045

Retirement

Target

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

29

See

Abbreviations

on

page

55

.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

See

Note

3

regarding

investments

in

FT

Underlying

Funds.

b

Non-income

producing.

c

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

d

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,

2023,

all

repurchase

agreements

had

been

entered

into

on

September

29,

2023.

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited),

September

30,

2023

Franklin

LifeSmart™

2050

Retirement

Target

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

30

a

a

Shares

a

Value

a

Investments

In

Underlying

Funds

and

Exchange

Traded

Funds

99.0%

Alternative

Strategies

1.0%

a

Franklin

Systematic

Style

Premia

ETF

....................................

16,938

$

381,274

Domestic

Equity

58.1%

a

ClearBridge

Large

Cap

Value

Fund,

Class

IS

...............................

52,999

1,990,102

a

Franklin

Growth

Fund,

Class

R6

........................................

41,228

4,789,444

a

Franklin

U.S.

Core

Equity

(IU)

Fund

.....................................

703,776

9,142,047

a

Franklin

U.S.

Equity

Index

ETF

.........................................

70,175

2,624,482

a

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

.............................

57,397

2,472,089

iShares

MSCI

USA

Quality

Factor

ETF

...................................

2,525

332,770

iShares

Russell

2000

ETF

.............................................

4,700

830,678

22,181,612

Domestic

Fixed

Income

5.0%

a

Franklin

U.S.

Core

Bond

ETF

..........................................

46,675

957,304

a

Western

Asset

Core

Plus

Bond

Fund,

Class

IS

.............................

108,634

962,497

a

Western

Asset

Short-Term

Bond

Fund,

Class

IS

............................

2

6

1,919,807

Foreign

Equity

34.9%

a

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

............................

225,856

2,046,257

a

Franklin

International

Core

Equity

(IU)

Fund

...............................

604,156

6,458,429

a,b

Franklin

International

Growth

Fund,

Class

R6

..............................

49,336

703,033

iShares

Core

MSCI

EAFE

ETF

.........................................

20,084

1,292,405

a

Templeton

Developing

Markets

Trust,

Class

R6

.............................

79,425

1,360,553

a

Templeton

Foreign

Fund,

Class

R6

......................................

200,447

1,489,324

13,350,001

Total

Investments

In

Underlying

Funds

and

Exchange

Traded

Funds

(Cost

$33,198,959)

................................................................

37,832,694

a

a

a

a

Short

Term

Investments

1.2%

a

Money

Market

Funds

1.1%

a,c

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.019%

..................

417,847

417,847

Total

Money

Market

Funds

(Cost

$417,847)

.....................................

417,847

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

Franklin

LifeSmart™

2050

Retirement

Target

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

31

See

Abbreviations

on

page

55

.

Short

Term

Investments

(continued)

a

a

Principal

Amount

a

Value

Repurchase

Agreements

0.1%

d

Joint

Repurchase

Agreement,

5.212%,

10/02/23

(Maturity

Value

$45,352)

BNP

Paribas

Securities

Corp.

(Maturity

Value

$20,150)

Deutsche

Bank

Securities,

Inc.

(Maturity

Value

$9,083)

HSBC

Securities

(USA),

Inc.

(Maturity

Value

$16,119)

Collateralized

by

U.S.

Government

Agency

Securities,

2%

-

7%,

1/20/27

-

9/20/53;

U.S.

Government

Agency

Strips,

9/15/26

-

11/15/45;

U.S.

Treasury

Bonds,

5.5%

-

6.75%,

2/15/26

-

8/15/28;

and

U.S.

Treasury

Notes,

2.25%,

8/15/27

(valued

at

$46,242)

........................................................

$

45,332

$

45,332

Total

Repurchase

Agreements

(Cost

$45,332)

...................................

45,332

Total

Short

Term

Investments

(Cost

$463,179

)

..................................

463,179

a

Total

Investments

(Cost

$33,662,138)

100.2%

...................................

$38,295,873

Other

Assets,

less

Liabilities

(0.2)%

...........................................

(93,967)

Net

Assets

100.0%

...........................................................

$38,201,906

a

See

Note

3

regarding

investments

in

FT

Underlying

Funds.

b

Non-income

producing.

c

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

d

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,

2023,

all

repurchase

agreements

had

been

entered

into

on

September

29,

2023.

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited),

September

30,

2023

Franklin

LifeSmart™

2055

Retirement

Target

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

32

See

Abbreviations

on

page

55

.

a

a

Shares

a

Value

a

Investments

In

Underlying

Funds

and

Exchange

Traded

Funds

99.2%

Alternative

Strategies

1.0%

a

Franklin

Systematic

Style

Premia

ETF

....................................

13,138

$

295,736

Domestic

Equity

58.9%

a

ClearBridge

Large

Cap

Value

Fund,

Class

IS

...............................

41,602

1,562,146

a

Franklin

Growth

Fund,

Class

R6

........................................

32,363

3,759,620

a

Franklin

U.S.

Core

Equity

(IU)

Fund

.....................................

552,450

7,176,320

a

Franklin

U.S.

Equity

Index

ETF

.........................................

55,075

2,059,755

a

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

.............................

45,049

1,940,260

iShares

MSCI

USA

Quality

Factor

ETF

...................................

1,975

260,285

iShares

Russell

2000

ETF

.............................................

3,675

649,520

17,407,906

Domestic

Fixed

Income

4.0%

a

Franklin

U.S.

Core

Bond

ETF

..........................................

28,946

593,682

a

Western

Asset

Core

Plus

Bond

Fund,

Class

IS

.............................

67,400

597,160

1,190,842

Foreign

Equity

35.3%

a

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

............................

176,175

1,596,150

a

Franklin

International

Core

Equity

(IU)

Fund

...............................

473,093

5,057,361

a,b

Franklin

International

Growth

Fund,

Class

R6

..............................

38,635

550,555

iShares

Core

MSCI

EAFE

ETF

.........................................

15,730

1,012,226

a

Templeton

Developing

Markets

Trust,

Class

R6

.............................

61,954

1,061,267

a

Templeton

Foreign

Fund,

Class

R6

......................................

156,962

1,166,230

10,443,789

Total

Investments

In

Underlying

Funds

and

Exchange

Traded

Funds

(Cost

$26,628,332)

................................................................

29,338,273

a

a

a

a

Short

Term

Investments

0.8%

a

Money

Market

Funds

0.8%

a,c

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.019%

..................

227,659

227,659

Total

Money

Market

Funds

(Cost

$227,659)

.....................................

227,659

Total

Short

Term

Investments

(Cost

$227,659

)

..................................

227,659

a

Total

Investments

(Cost

$26,855,991)

100.0%

...................................

$29,565,932

Other

Assets,

less

Liabilities

0.0%

†

............................................

23,483

Net

Assets

100.0%

...........................................................

$29,589,415

†

Rounds

to

less

than

0.1%

of

net

assets.

a

See

Note

3

regarding

investments

in

FT

Underlying

Funds.

b

Non-income

producing.

c

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited),

September

30,

2023

Franklin

LifeSmart™

2060

Retirement

Target

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

33

See

Abbreviations

on

page

55

.

a

a

Shares

a

Value

a

Investments

In

Underlying

Funds

and

Exchange

Traded

Funds

96.9%

Alternative

Strategies

1.0%

a

Franklin

Systematic

Style

Premia

ETF

....................................

1,769

$

39,820

Domestic

Equity

57.5%

a

ClearBridge

Large

Cap

Value

Fund,

Class

IS

...............................

5,659

212,510

a

Franklin

Growth

Fund,

Class

R6

........................................

4,402

511,417

a

Franklin

U.S.

Core

Equity

(IU)

Fund

.....................................

75,152

976,229

a

Franklin

U.S.

Equity

Index

ETF

.........................................

7,500

280,493

a

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

.............................

6,105

262,942

iShares

MSCI

USA

Quality

Factor

ETF

...................................

275

36,242

iShares

Russell

2000

ETF

.............................................

500

88,370

2,368,203

Domestic

Fixed

Income

4.0%

a

Franklin

U.S.

Core

Bond

ETF

..........................................

3,925

80,502

a

Western

Asset

Core

Plus

Bond

Fund,

Class

IS

.............................

9,169

81,239

161,741

Foreign

Equity

34.4%

a

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

............................

23,964

217,116

a

Franklin

International

Core

Equity

(IU)

Fund

...............................

64,357

687,976

a,b

Franklin

International

Growth

Fund,

Class

R6

..............................

5,255

74,887

iShares

Core

MSCI

EAFE

ETF

.........................................

2,139

137,646

a

Templeton

Developing

Markets

Trust,

Class

R6

.............................

8,427

144,359

a

Templeton

Foreign

Fund,

Class

R6

......................................

21,352

158,644

1,420,628

Total

Investments

In

Underlying

Funds

and

Exchange

Traded

Funds

(Cost

$4,006,742)

.................................................................

3,990,392

a

a

a

a

Short

Term

Investments

1.7%

a

Money

Market

Funds

1.7%

a,c

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.019%

..................

71,670

71,670

Total

Money

Market

Funds

(Cost

$71,670)

......................................

71,670

Total

Short

Term

Investments

(Cost

$71,670

)

...................................

71,670

a

Total

Investments

(Cost

$4,078,412)

98.6%

.....................................

$4,062,062

Other

Assets,

less

Liabilities

1.4%

.............................................

54,251

Net

Assets

100.0%

...........................................................

$4,116,313

a

See

Note

3

regarding

investments

in

FT

Underlying

Funds.

b

Non-income

producing.

c

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited),

September

30,

2023

Franklin

Moderate

Allocation

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

34

See

Abbreviations

on

page

55

.

a

a

Shares

a

Value

a

Investments

In

Underlying

Funds

and

Exchange

Traded

Funds

99.2%

Alternative

Strategies

1.0%

a

Franklin

Systematic

Style

Premia

ETF

....................................

677,873

$

15,258,921

Domestic

Equity

43.4%

a

ClearBridge

Large

Cap

Value

Fund,

Class

IS

...............................

1,587,190

59,598,999

a

Franklin

Growth

Fund,

Class

R6

........................................

1,234,562

143,419,087

a

Franklin

U.S.

Core

Equity

(IU)

Fund

.....................................

24,658,258

320,310,776

a

Franklin

U.S.

Equity

Index

ETF

.........................................

857,075

32,053,834

a

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

.............................

1,718,842

74,030,525

iShares

MSCI

USA

Quality

Factor

ETF

...................................

75,750

9,983,093

iShares

Russell

2000

ETF

.............................................

140,775

24,880,574

664,276,888

Domestic

Fixed

Income

37.7%

a

BrandywineGLOBAL

-

Global

Opportunities

Bond

Fund,

Class

IS

...............

3,327,567

27,751,911

a

Franklin

Investment

Grade

Corporate

ETF

.................................

1,396,648

28,320,949

a

Franklin

U.S.

Core

Bond

ETF

..........................................

10,778,341

221,063,774

a

Franklin

U.S.

Treasury

Bond

ETF

.......................................

3,404,322

68,035,375

iShares

Floating

Rate

Bond

ETF

........................................

557,275

28,359,725

Schwab

U.S.

TIPS

ETF

...............................................

896,417

45,260,094

a

Western

Asset

Core

Plus

Bond

Fund,

Class

IS

.............................

14,152,252

125,388,955

a

Western

Asset

Short-Term

Bond

Fund,

Class

IS

............................

7,945,716

28,525,120

572,705,903

Foreign

Equity

14.4%

a

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

............................

3,572,254

32,364,625

a

Franklin

International

Core

Equity

(IU)

Fund

...............................

10,219,036

109,241,495

a,b

Franklin

International

Growth

Fund,

Class

R6

..............................

833,180

11,872,812

iShares

Core

MSCI

EAFE

ETF

.........................................

336,747

21,669,669

a

Templeton

Developing

Markets

Trust,

Class

R6

.............................

1,256,348

21,521,248

a

Templeton

Foreign

Fund,

Class

R6

......................................

3,385,396

25,153,496

221,823,345

Foreign

Fixed

Income

2.7%

a

Franklin

High

Yield

Corporate

ETF

......................................

1,007,720

22,673,700

a

Franklin

International

Aggregate

Bond

ETF

................................

948,563

18,421,093

41,094,793

Total

Investments

In

Underlying

Funds

and

Exchange

Traded

Funds

(Cost

$1,426,453,663)

..............................................................

1,515,159,850

a

a

a

a

Short

Term

Investments

0.8%

a

Money

Market

Funds

0.8%

a,c

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.019%

..................

11,603,693

11,603,693

Total

Money

Market

Funds

(Cost

$11,603,693)

..................................

11,603,693

Total

Short

Term

Investments

(Cost

$11,603,693

)

................................

11,603,693

a

Total

Investments

(Cost

$1,438,057,356)

100.0%

................................

$1,526,763,543

Other

Assets,

less

Liabilities

0.0%

†

............................................

567,943

Net

Assets

100.0%

...........................................................

$1,527,331,486

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

Franklin

Moderate

Allocation

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

35

†

Rounds

to

less

than

0.1%

of

net

assets.

a

See

Note

3

regarding

investments

in

FT

Underlying

Funds.

b

Non-income

producing.

c

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Fund

Allocator

Series

Notes

to

Schedules

of

Investments

(unaudited)

36

Quarterly

Schedules

of

Investments

1.

Organization

Franklin

Fund

Allocator

Series (Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company,

consisting

of eighteen

separate

funds, fifteen of

which

are

included

in

this

report

(Funds).

The

Funds

follow

the

accounting

and

reporting

guidance in

Financial

Accounting

Standards Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

apply the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to, ASC

946.

Certain

or

all

Funds

invest

primarily

in

mutual

funds

(Underlying

Funds)

and

exchange

traded

funds

(ETFs),

including

affiliated

funds

managed

by

Franklin

Templeton

(FT

Underlying

Funds).

The

accounting

policies

of

the

Underlying

Funds

are

outlined

in

their

respective

shareholder

reports.

A

copy

of

the

Underlying

Funds’

shareholder

reports,

in

which

each

Fund

invests, is

available

on

the

U.S.

Securities

and

Exchange

Commission

(SEC)

website

at

sec.gov.

The

Underlying

Funds’

shareholder

reports

are

not

covered

by

this

report.

2. Financial

Instrument

Valuation

The

Funds’

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Funds

calculate

the

net

asset

value

(NAV)

per

share

each

business

day

as

of

4

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the

Trust’s

Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Funds'

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Funds'

administrator

in

performing

this

responsibility,

including

leading

the

cross-functional

Valuation

Committee

(VC).

The

Funds

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value. 

Investments

in

the

Underlying

Funds

are

valued

at

their

closing

NAV

each

trading

day.

ETFs

listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price

of

the

day,

respectively.

Equity

securities,

exchange

traded

funds,

and

derivative

financial

instruments

listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price

of

the

day,

respectively.

Foreign

equity

securities

are

valued

as

of

the

close

of

trading

on

the

foreign

stock

exchange

on

which

the

security

is

primarily

traded

or

as

of

4

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

4

p.m. Eastern

time

on

the

day

that

the

value

of

the

security

is

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities. 

Debt

securities

generally

trade

in

the

OTC

market

rather

than

on

a

securities

exchange.

The

Funds’

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

Investments

in

open-end

mutual

funds

are

valued

at

the

closing

NAV. Investments

in

repurchase

agreements

are

valued

at

cost,

which

approximates

fair

value.

Franklin

Fund

Allocator

Series

Notes

to

Schedules

of

Investments

(unaudited)

37

Quarterly

Schedules

of

Investments

Certain

derivative

financial

instruments

trade

in

the

OTC

market.

The

Funds’

pricing

services

use

various

techniques

including

industry

standard

option

pricing

models

and

proprietary

discounted

cash

flow

models

to

determine

the

fair

value

of

those

instruments.

The

Funds’ net

benefit

or

obligation

under

the

derivative

contract,

as

measured

by

the

fair

value

of

the

contract,

is

included

in

net

assets. 

The

Funds

have procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the

Funds

primarily employ

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed. 

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

4

p.m.

Eastern

time.

In

addition,

trading

in

certain

foreign

markets

may

not

take

place

on

every

Funds’ business

day.

Events

can

occur

between

the

time

at

which

trading

in

a

foreign

security

is

completed

and

4

p.m.

Eastern

time

that

might

call

into

question

the

reliability

of

the

value

of

a

portfolio

security

held

by

the

Fund.

As

a

result,

differences

may

arise

between

the

value

of

the

Funds’

portfolio

securities

as

determined

at

the

foreign

market

close

and

the

latest

indications

of

value

at

4

p.m.

Eastern

time.

In

order

to

minimize

the

potential

for

these

differences,

an

independent

pricing

service

may

be

used

to

adjust

the

value

of

the

Funds'

portfolio

securities

to

the

latest

indications

of

fair

value

at 4

p.m.

Eastern

time.

At

September

30,

2023,

certain

securities

may

have

been

fair

valued

using

these

procedures,

in

which

case

the

securities

were

categorized

as

Level

2

within

the

fair

value

hierarchy

(referred

to

as

"market

level

fair

value").

See

the

Fair

Value

Measurements

note

for

more

information.

When

the

last

day

of

the

reporting

period

is

a

non-business

day,

certain

foreign

markets

may

be

open

on

those

days

that

the

Funds’

NAV

is

not

calculated,

which

could

result

in

differences

between

the

value

of

the

Funds’

portfolio securities

on

the

last

business

day

and

the

last

calendar

day

of

the

reporting

period.

Any

security

valuation

changes

due

to

an

open

foreign

market

are

adjusted

and

reflected

by

the

Funds for

financial

reporting

purposes.

3.

Investments

in

FT

Underlying

Funds  

Certain

or

all

Funds

invest

in

FT

Underlying

Funds

which

are

managed

by

Franklin

Advisers,

Inc.

(Advisers),

an

affiliate

of

FT

Services

or

an

affiliate

of

Advisers.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

“Controlled

Affiliate”

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

Underlying

Fund’s

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

Underlying

Fund.

The

Funds

do

not

invest

in

Underlying

Funds

for

the

purpose

of

exercising

a

controlling

influence

over

the

management

or

policies.

Investments

in

FT

Underlying

Funds

for

the period ended September

30,

2023,

were

as

follows:

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Dividend

Income

a

a

a

a

a

a

a

a

a

Franklin

Conservative

Allocation

Fund

Non-Controlled

Affiliates

BrandywineGLOBAL

-

Global

Opportunities

Bond

Fund,

Class

IS

$

30,701,244

$

2,302,298

$

(5,414,046)

$

(1,414,637)

$

310,306

$

26,485,165

3,175,679

$

—

ClearBridge

Large

Cap

Value

Fund,

Class

IS

.................

26,259,497

369,659

(5,041,233)

364,491

407,169

22,359,583

595,462

268,519

2. Financial

Instrument

Valuation

(continued)

Franklin

Fund

Allocator

Series

Notes

to

Schedules

of

Investments

(unaudited)

38

Quarterly

Schedules

of

Investments

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Dividend

Income

a

a

a

a

a

a

a

a

a

Franklin

Conservative

Allocation

Fund

(continued)

Non-Controlled

Affiliates

(continued)

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

...........

$

12,220,962

$

559,861

$

(890,011)

$

(78,061)

$

365,560

$

12,178,311

1,344,184

$

238,755

Franklin

Growth

Fund,

Class

R6

.

62,248,347

1,985,120

(18,302,159)

8,631,788

(757,165)

53,805,931

463,165

—

Franklin

High

Yield

Corporate

ETF

19,487,415

2,286,621

(2,853,124)

(424,959)

804,164

19,300,117

857,783

863,465

Franklin

International

Aggregate

Bond

ETF

................

18,456,792

2,063,154

(3,156,334)

(935,153)

1,151,807

17,580,266

905,266

—

Franklin

International

Core

Equity

(IU)

Fund

................

37,040,769

9,068,157

(7,491,136)

(31,340)

2,358,916

40,945,366

3,830,249

1,018,557

Franklin

International

Growth

Fund,

Class

R6

................

5,491,269

1,833,329

(2,875,347)

22,779

(22,202)

4,449,828

312,269

—

Franklin

Investment

Grade

Corporate

ETF

............

25,563,434

2,968,226

(3,733,470)

(779,043)

87,386

24,106,533

1,188,814

631,458

Franklin

Systematic

Style

Premia

ETF

....................

9,183,135

1,056,262

(2,045,105)

(236,622)

780,172

8,737,842

388,176

—

Franklin

U.S.

Core

Bond

ETF

...

197,196,243

22,727,257

(25,686,812)

(4,549,235)

(1,519,668)

188,167,785

9,174,441

4,196,363

Franklin

U.S.

Core

Equity

(IU)

Fund

145,722,174

3,306,711

(42,051,396)

(2,854,996)

16,050,116

120,172,609

9,251,163

1,828,330

Franklin

U.S.

Equity

Index

ETF

.

11,904,898

3,616,998

(5,025,184)

336,903

1,191,131

12,024,746

321,525

124,124

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

...............

33,567,342

702,853

(9,672,958)

555,198

2,621,384

27,773,819

644,853

350,975

Franklin

U.S.

Low

Volatility

High

Dividend

Index

ETF

.........

5,018,427

352,624

(5,075,610)

(180,990)

(114,451)

—

—

34,582

Franklin

U.S.

Treasury

Bond

ETF

54,806,603

12,380,707

(7,327,401)

(1,575,561)

(373,074)

57,911,274

2,897,737

1,264,673

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.019%

......

21,171,800

87,144,243

(102,190,238)

—

—

6,125,805

6,125,805

717,330

Templeton

Developing

Markets

Trust,

Class

R6

............

8,417,149

863,665

(1,626,111)

(172,126)

615,755

8,098,332

472,757

—

Templeton

Foreign

Fund,

Class

R6

9,012,492

1,273,469

(1,791,925)

196,908

736,677

9,427,621

1,268,859

—

Western

Asset

Core

Plus

Bond

Fund,

Class

IS

............

113,500,451

16,156,099

(17,178,094)

(4,612,063)

(1,131,454)

106,734,939

12,046,833

3,546,796

Western

Asset

Short-Term

Bond

Fund,

Class

IS

............

39,756,727

4,513,902

(19,779,714)

(1,877,174)

1,652,615

24,266,356

6,759,431

1,102,580

Total

Non-Controlled

Affiliates

$886,727,170

$177,531,215

$(289,207,408)

$(9,613,893)

$25,215,144

$790,652,228

$16,186,507

Total

Affiliated

Securities

....

$886,727,170

$177,531,215

$(289,207,408)

$(9,613,893)

$25,215,144

$790,652,228

$16,186,507

Franklin

Corefolio

Allocation

Fund

Non-Controlled

Affiliates

Franklin

Growth

Fund,

Class

R6

.

194,783,881

—

(12,865,327)

(725,090)

25,675,996

206,869,460

1,780,748

—

Franklin

Growth

Opportunities

Fund,

Class

R6

............

193,509,671

—

(13,305,060)

(2,653,605)

43,562,260

221,113,266

4,571,289

—

Franklin

Mutual

Shares

Fund,

Class

R6

.....................

198,576,524

—

(12,259,252)

32,384

7,370,289

193,719,945

8,177,288

—

3.

Investments

in

FT

Underlying

Funds  

(continued)

Franklin

Fund

Allocator

Series

Notes

to

Schedules

of

Investments

(unaudited)

39

Quarterly

Schedules

of

Investments

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Dividend

Income

a

a

a

a

a

a

a

a

a

Franklin

Corefolio

Allocation

Fund

(continued)

Non-Controlled

Affiliates

(continued)

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.019%

......

$

2,229

$

10,695,684

$

(10,697,278)

$

—

$

—

$

635

635

$

3,906

Templeton

Growth

Fund,

Inc.,

Class

R6

.....................

197,855,255

—

(12,930,176)

592,973

16,672,912

202,190,964

8,696,386

—

Total

Non-Controlled

Affiliates

$784,727,560

$10,695,684

$(62,057,093)

$(2,753,338)

$93,281,457

$823,894,270

$3,906

Total

Affiliated

Securities

....

$784,727,560

$10,695,684

$(62,057,093)

$(2,753,338)

$93,281,457

$823,894,270

$3,906

Franklin

Growth

Allocation

Fund

Controlled

Affiliates

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

...........

29,248,769

3,737,687

(172,660)

(39,395)

572,113

33,346,514

3,680,631

624,901

Non-Controlled

Affiliates

BrandywineGLOBAL

-

Global

Opportunities

Bond

Fund,

Class

IS

14,819,283

1,816,952

(1,782,655)

(454,056)

(203,868)

14,195,656

1,702,117

—

ClearBridge

Large

Cap

Value

Fund,

Class

IS

.................

65,445,907

1,554,744

(7,468,750)

228,350

1,733,202

61,493,453

1,637,642

715,350

Franklin

Growth

Fund,

Class

R6

.

155,208,167

4,494,150

(31,647,328)

11,420,882

8,508,950

147,984,821

1,273,864

—

Franklin

High

Yield

Corporate

ETF

6,940,921

2,043,576

(642,640)

(87,303)

208,394

8,462,948

376,131

340,791

Franklin

International

Aggregate

Bond

ETF

................

8,895,257

1,442,964

(1,009,233)

(300,881)

393,972

9,422,079

485,174

—

Franklin

International

Core

Equity

(IU)

Fund

................

93,936,658

25,394,715

(12,105,338)

(951,698)

6,494,791

112,769,128

10,549,030

2,710,335

Franklin

International

Growth

Fund,

Class

R6

................

13,737,178

4,580,973

(5,887,196)

(79,055)

(94,607)

12,257,293

860,161

—

Franklin

Investment

Grade

Corporate

ETF

............

9,106,040

2,826,354

(1,034,214)

(206,504)

(120,413)

10,571,263

521,322

249,952

Franklin

Systematic

Style

Premia

ETF

....................

11,082,650

1,801,618

(1,885,570)

(269,966)

978,877

11,707,609

520,107

—

Franklin

U.S.

Core

Bond

ETF

...

70,247,628

21,771,159

(6,714,550)

(1,155,285)

(1,634,392)

82,514,560

4,023,138

1,652,657

Franklin

U.S.

Core

Equity

(IU)

Fund

337,617,838

5,460,227

(88,009,449)

(13,374,471)

40,913,426

282,607,571

21,755,779

4,014,323

Franklin

U.S.

Equity

Index

ETF

.

34,657,128

64,029,579

(27,476,625)

2,411,785

7,485,561

81,107,428

2,168,700

708,262

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

...............

98,772,934

7,570,430

(38,812,425)

121,987

8,734,992

76,387,918

1,773,576

945,976

Franklin

U.S.

Low

Volatility

High

Dividend

Index

ETF

.........

12,481,875

876,337

(12,596,485)

(479,253)

(282,474)

—

—

90,826

Franklin

U.S.

Treasury

Bond

ETF

19,522,543

8,300,666

(1,555,324)

(241,315)

(631,770)

25,394,800

1,270,693

497,270

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.019%

......

23,941,645

103,543,141

(118,793,367)

—

—

8,691,419

8,691,419

926,711

Templeton

Developing

Markets

Trust,

Class

R6

............

21,426,214

2,879,017

(3,161,900)

(360,990)

1,391,845

22,174,186

1,294,465

—

Templeton

Foreign

Fund,

Class

R6

22,540,275

3,308,888

(2,196,841)

(28,049)

2,341,255

25,965,528

3,494,688

—

3.

Investments

in

FT

Underlying

Funds  

(continued)

Franklin

Fund

Allocator

Series

Notes

to

Schedules

of

Investments

(unaudited)

40

Quarterly

Schedules

of

Investments

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Dividend

Income

a

a

a

a

a

a

a

a

a

Franklin

Growth

Allocation

Fund

(continued)

Non-Controlled

Affiliates

(continued)

Western

Asset

Core

Plus

Bond

Fund,

Class

IS

............

$

40,431,845

$

13,647,096

$

(4,730,073)

$

(1,213,963)

$

(1,338,008)

$

46,796,897

5,281,817

$

1,381,943

Western

Asset

Short-Term

Bond

Fund,

Class

IS

............

22,308,813

4,574,197

(16,061,687)

(1,068,278)

914,494

10,667,539

2,971,459

659,353

Total

Non-Controlled

Affiliates

$1,083,120,799

$281,916,783

$(383,571,650)

$(6,088,063)

$75,794,227

$1,051,172,096

$14,893,749

Total

Affiliated

Securities

....

$1,112,369,568

$285,654,470

$(383,744,310)

$(6,127,458)

$76,366,340

$1,084,518,610

$15,518,650

Franklin

LifeSmart™

Retirement

Income

Fund

Non-Controlled

Affiliates

BrandywineGLOBAL

-

Global

Opportunities

Bond

Fund,

Class

IS

2,252,957

20,268

(147,076)

(33,517)

(59,405)

2,033,227

243,792

—

ClearBridge

Tactical

Dividend

Income

Fund,

Class

IS

.......

4,254,426

1,063,173

(613,943)

(65,024)

287,935

4,926,567

250,461

157,261

Franklin

High

Yield

Corporate

ETF

2,000,045

55,926

(143,083)

(23,944)

65,856

1,954,800

86,880

86,229

Franklin

International

Core

Dividend

Tilt

Index

ETF

.............

—

1,226,073

(1,421)

(24)

(41,942)

1,182,686

42,375

6,434

Franklin

Investment

Grade

Corporate

ETF

............

2,580,137

144,568

(185,670)

(51,935)

(19,211)

2,467,889

121,704

65,962

Franklin

U.S.

Core

Bond

ETF

...

3,983,538

1,440,142

(354,430)

(62,423)

(114,802)

4,892,025

238,519

105,864

Franklin

U.S.

Core

Equity

(IU)

Fund

1,352,460

101,460

(615,466)

95,657

36,133

970,244

74,692

17,871

Franklin

U.S.

Government

Securities

Fund,

Class

R6

.....

2,338,342

985,335

(279,944)

(43,682)

(91,935)

2,908,116

595,925

64,535

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.019%

......

108,271

8,289,882

(7,320,361)

—

—

1,077,792

1,077,792

30,029

Templeton

Developing

Markets

Trust,

Class

R6

............

434,775

40,960

(50,272)

(13,047)

34,834

447,250

26,109

—

Templeton

Foreign

Fund,

Class

R6

993,468

40,440

(218,291)

30,455

70,286

916,358

123,332

—

Western

Asset

Income

Fund,

Class

IS

.....................

6,703,412

415,980

(637,088)

(136,706)

(27,655)

6,317,943

1,289,376

373,187

Western

Asset

Short

Duration

High

Income

Fund,

Class

I

........

5,001,984

312,292

(557,398)

(76,829)

117,120

4,797,169

1,016,349

280,079

Total

Non-Controlled

Affiliates

$32,003,815

$14,136,499

$(11,124,443)

$(381,019)

$257,214

$34,892,066

$1,187,451

Total

Affiliated

Securities

....

$32,003,815

$14,136,499

$(11,124,443)

$(381,019)

$257,214

$34,892,066

$1,187,451

Franklin

LifeSmart™

2020

Retirement

Target

Fund

Non-Controlled

Affiliates

BrandywineGLOBAL

-

Global

Opportunities

Bond

Fund,

Class

IS

1,148,635

81,092

(163,327)

(46,662)

2,581

1,022,319

122,580

—

ClearBridge

Large

Cap

Value

Fund,

Class

IS

.................

993,724

13,022

(245,334)

22,392

9,019

792,823

21,114

9,562

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

...........

796,484

78,969

(76,799)

(8,284)

27,210

817,580

90,241

15,861

3.

Investments

in

FT

Underlying

Funds  

(continued)

Franklin

Fund

Allocator

Series

Notes

to

Schedules

of

Investments

(unaudited)

41

Quarterly

Schedules

of

Investments

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Dividend

Income

a

a

a

a

a

a

a

a

a

Franklin

LifeSmart™

2020

Retirement

Target

Fund

(continued)

Non-Controlled

Affiliates

(continued)

Franklin

Growth

Fund,

Class

R6

.

$

2,365,638

$

54,651

$

(806,475)

$

227,695

$

66,465

$

1,907,974

16,424

$

—

Franklin

High

Yield

Corporate

ETF

564,767

55,422

(59,921)

(8,920)

19,882

571,230

25,388

25,153

Franklin

International

Aggregate

Bond

ETF

................

687,942

69,924

(87,555)

(26,009)

33,864

678,166

34,921

—

Franklin

International

Core

Equity

(IU)

Fund

................

2,121,449

722,254

(405,108)

(28,492)

160,246

2,570,349

240,444

64,194

Franklin

International

Growth

Fund,

Class

R6

................

321,494

117,687

(157,464)

(46)

(1,897)

279,774

19,633

—

Franklin

Investment

Grade

Corporate

ETF

............

740,948

71,248

(78,008)

(17,053)

(3,803)

713,332

35,178

18,394

Franklin

Systematic

Style

Premia

ETF

....................

311,909

35,140

(59,492)

(4,612)

23,416

306,361

13,610

—

Franklin

U.S.

Core

Bond

ETF

...

5,721,468

518,643

(487,859)

(87,800)

(94,182)

5,570,270

271,588

122,323

Franklin

U.S.

Core

Equity

(IU)

Fund

5,318,184

98,158

(1,634,435)

(105,627)

583,290

4,259,570

327,911

65,244

Franklin

U.S.

Equity

Index

ETF

.

462,737

10,600

(104,691)

14,030

43,674

426,350

11,400

4,515

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

...............

1,244,111

7,540

(384,358)

14,680

102,306

984,279

22,853

12,601

Franklin

U.S.

Low

Volatility

High

Dividend

Index

ETF

.........

186,396

13,281

(190,072)

(5,442)

(4,163)

—

—

1,216

Franklin

U.S.

Treasury

Bond

ETF

1,589,201

321,091

(138,047)

(30,172)

(27,900)

1,714,173

85,773

36,856

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.019%

......

365,822

4,582,632

(4,682,598)

—

—

265,856

265,856

14,943

Templeton

Developing

Markets

Trust,

Class

R6

............

556,657

33,428

(75,315)

(7,409)

36,254

543,615

31,735

—

Templeton

Foreign

Fund,

Class

R6

527,165

94,966

(85,251)

883

54,966

592,729

79,775

—

Western

Asset

Core

Plus

Bond

Fund,

Class

IS

............

3,293,679

403,829

(365,241)

(97,558)

(74,847)

3,159,862

356,644

103,563

Western

Asset

Short-Term

Bond

Fund,

Class

IS

............

1,039,466

102,967

(418,393)

(39,894)

33,873

718,019

200,005

29,022

Total

Non-Controlled

Affiliates

$30,357,876

$7,486,544

$(10,705,743)

$(234,300)

$990,254

$27,894,631

$523,447

Total

Affiliated

Securities

....

$30,357,876

$7,486,544

$(10,705,743)

$(234,300)

$990,254

$27,894,631

$523,447

Franklin

LifeSmart™

2025

Retirement

Target

Fund

Non-Controlled

Affiliates

BrandywineGLOBAL

-

Global

Opportunities

Bond

Fund,

Class

IS

2,917,165

277,526

(466,939)

(131,713)

16,648

2,612,687

313,272

—

ClearBridge

Large

Cap

Value

Fund,

Class

IS

.................

4,124,126

117,481

(1,056,149)

61,171

71,209

3,317,838

88,358

40,343

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

...........

3,318,843

383,444

(383,123)

(47,227)

123,408

3,395,345

374,762

66,076

Franklin

Growth

Fund,

Class

R6

.

9,776,078

239,304

(3,262,248)

921,010

310,702

7,984,846

68,734

—

Franklin

High

Yield

Corporate

ETF

1,653,265

234,538

(227,991)

(32,102)

63,795

1,691,505

75,178

75,214

3.

Investments

in

FT

Underlying

Funds  

(continued)

Franklin

Fund

Allocator

Series

Notes

to

Schedules

of

Investments

(unaudited)

42

Quarterly

Schedules

of

Investments

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Dividend

Income

a

a

a

a

a

a

a

a

a

Franklin

LifeSmart™

2025

Retirement

Target

Fund

(continued)

Non-Controlled

Affiliates

(continued)

Franklin

International

Aggregate

Bond

ETF

................

$

1,749,249

$

233,409

$

(268,462)

$

(79,844)

$

99,524

$

1,733,876

89,283

$

—

Franklin

International

Core

Equity

(IU)

Fund

................

8,737,714

3,308,198

(1,807,970)

(114,894)

659,022

10,782,070

1,008,613

272,051

Franklin

International

Growth

Fund,

Class

R6

................

1,334,547

510,136

(657,218)

(5,198)

(8,572)

1,173,695

82,365

—

Franklin

Investment

Grade

Corporate

ETF

............

2,168,184

281,506

(273,032)

(60,646)

(3,268)

2,112,744

104,190

55,034

Franklin

Systematic

Style

Premia

ETF

....................

1,090,313

143,402

(223,840)

(34,482)

101,891

1,077,284

47,858

—

Franklin

U.S.

Core

Bond

ETF

...

16,728,174

2,176,613

(1,856,089)

(344,957)

(209,435)

16,494,306

804,208

365,667

Franklin

U.S.

Core

Equity

(IU)

Fund

22,138,668

373,232

(6,709,225)

(637,926)

2,661,020

17,825,769

1,372,269

275,687

Franklin

U.S.

Equity

Index

ETF

.

1,973,904

13,048

(449,345)

65,319

181,011

1,783,937

47,700

19,163

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

...............

5,175,563

32,410

(1,582,850)

32,872

463,201

4,121,196

95,686

53,498

Franklin

U.S.

Low

Volatility

High

Dividend

Index

ETF

.........

783,624

73,756

(816,246)

(23,526)

(17,608)

—

—

5,121

Franklin

U.S.

Treasury

Bond

ETF

4,648,972

1,138,901

(534,975)

(113,600)

(62,848)

5,076,450

254,013

110,179

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.019%

......

1,580,072

12,186,605

(13,120,014)

—

—

646,663

646,663

54,219

Templeton

Developing

Markets

Trust,

Class

R6

............

2,301,822

220,592

(380,325)

(42,254)

157,723

2,257,558

131,790

—

Templeton

Foreign

Fund,

Class

R6

2,189,180

430,519

(366,139)

2,231

230,573

2,486,364

334,638

—

Western

Asset

Core

Plus

Bond

Fund,

Class

IS

............

9,628,633

1,512,099

(1,262,885)

(345,015)

(176,109)

9,356,723

1,056,064

308,631

Western

Asset

Short-Term

Bond

Fund,

Class

IS

............

3,128,680

459,270

(1,442,054)

(137,250)

117,821

2,126,467

592,331

89,270

Total

Non-Controlled

Affiliates

$107,146,776

$24,345,989

$(37,147,119)

$(1,068,031)

$4,779,708

$98,057,323

$1,790,153

Total

Affiliated

Securities

....

$107,146,776

$24,345,989

$(37,147,119)

$(1,068,031)

$4,779,708

$98,057,323

$1,790,153

Franklin

LifeSmart™

2030

Retirement

Target

Fund

Non-Controlled

Affiliates

BrandywineGLOBAL

-

Global

Opportunities

Bond

Fund,

Class

IS

1,094,160

136,353

(100,862)

(25,848)

(24,581)

1,079,222

129,403

—

ClearBridge

Large

Cap

Value

Fund,

Class

IS

.................

2,391,404

112,934

(459,670)

18,083

57,650

2,120,401

56,469

24,796

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

...........

1,880,693

344,991

(67,447)

849

34,591

2,193,677

242,128

40,630

Franklin

Growth

Fund,

Class

R6

.

5,674,604

239,615

(1,529,477)

259,953

458,266

5,102,961

43,927

—

Franklin

High

Yield

Corporate

ETF

652,305

119,787

(38,350)

(5,762)

17,513

745,493

33,133

31,250

Franklin

International

Aggregate

Bond

ETF

................

650,089

110,637

(51,295)

(14,681)

21,363

716,113

36,875

—

3.

Investments

in

FT

Underlying

Funds  

(continued)

Franklin

Fund

Allocator

Series

Notes

to

Schedules

of

Investments

(unaudited)

43

Quarterly

Schedules

of

Investments

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Dividend

Income

a

a

a

a

a

a

a

a

a

Franklin

LifeSmart™

2030

Retirement

Target

Fund

(continued)

Non-Controlled

Affiliates

(continued)

Franklin

International

Core

Equity

(IU)

Fund

................

$

5,195,817

$

1,933,022

$

(573,269)

$

1,459

$

306,913

$

6,863,942

642,090

$

165,617

Franklin

International

Growth

Fund,

Class

R6

................

781,964

312,606

(332,251)

(8,072)

(7,070)

747,177

52,433

—

Franklin

Investment

Grade

Corporate

ETF

............

856,547

148,610

(44,112)

(9,561)

(19,881)

931,603

45,942

22,903

Franklin

Systematic

Style

Premia

ETF

....................

544,509

87,614

(74,491)

(2,032)

37,786

593,386

26,361

—

Franklin

U.S.

Core

Bond

ETF

...

6,610,946

1,164,016

(252,060)

(44,902)

(205,585)

7,272,415

354,579

151,878

Franklin

U.S.

Core

Equity

(IU)

Fund

12,706,277

425,825

(2,907,264)

(281,072)

1,448,492

11,392,258

877,002

166,884

Franklin

U.S.

Equity

Index

ETF

.

1,099,105

72,548

(172,320)

15,967

124,438

1,139,738

30,475

11,727

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

...............

2,995,238

62,102

(712,656)

13,897

275,193

2,633,774

61,151

32,616

Franklin

U.S.

Low

Volatility

High

Dividend

Index

ETF

.........

453,627

47,090

(475,927)

(14,684)

(10,106)

—

—

3,087

Franklin

U.S.

Treasury

Bond

ETF

1,836,835

555,455

(76,092)

(16,047)

(62,111)

2,238,040

111,986

45,718

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.019%

......

755,711

6,186,074

(6,424,625)

—

—

517,160

517,160

31,312

Templeton

Developing

Markets

Trust,

Class

R6

............

1,334,804

221,294

(158,114)

(686)

61,282

1,458,580

85,148

—

Templeton

Foreign

Fund,

Class

R6

1,274,672

280,826

(106,299)

953

132,687

1,582,839

213,034

—

Western

Asset

Core

Plus

Bond

Fund,

Class

IS

............

3,805,315

783,405

(230,379)

(58,802)

(174,363)

4,125,176

465,595

127,938

Western

Asset

Short-Term

Bond

Fund,

Class

IS

............

1,297,032

235,244

(585,216)

(56,455)

47,114

937,719

261,203

38,666

Total

Non-Controlled

Affiliates

$53,891,654

$13,580,048

$(15,372,176)

$(227,443)

$2,519,591

$54,391,674

$895,022

Total

Affiliated

Securities

....

$53,891,654

$13,580,048

$(15,372,176)

$(227,443)

$2,519,591

$54,391,674

$895,022

Franklin

LifeSmart™

2035

Retirement

Target

Fund

Non-Controlled

Affiliates

BrandywineGLOBAL

-

Global

Opportunities

Bond

Fund,

Class

IS

1,817,990

233,924

(155,279)

(38,225)

(45,560)

1,812,850

217,368

—

ClearBridge

Large

Cap

Value

Fund,

Class

IS

.................

5,384,764

222,162

(934,246)

34,453

136,092

4,843,225

128,981

56,517

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

...........

4,245,221

752,591

(71,705)

(14,966)

90,629

5,001,770

552,072

91,616

Franklin

Growth

Fund,

Class

R6

.

12,769,707

509,925

(3,245,479)

639,620

982,084

11,655,857

100,334

—

Franklin

High

Yield

Corporate

ETF

955,206

185,269

(38,609)

(5,059)

22,456

1,119,263

49,745

46,192

Franklin

International

Aggregate

Bond

ETF

................

1,067,068

206,397

(81,302)

(24,015)

35,154

1,203,302

61,962

—

Franklin

International

Core

Equity

(IU)

Fund

................

11,077,804

5,033,305

(1,048,044)

(83,021)

721,025

15,701,069

1,468,762

375,168

3.

Investments

in

FT

Underlying

Funds  

(continued)

Franklin

Fund

Allocator

Series

Notes

to

Schedules

of

Investments

(unaudited)

44

Quarterly

Schedules

of

Investments

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Dividend

Income

a

a

a

a

a

a

a

a

a

Franklin

LifeSmart™

2035

Retirement

Target

Fund

(continued)

Non-Controlled

Affiliates

(continued)

Franklin

International

Growth

Fund,

Class

R6

................

$

1,745,352

$

733,298

$

(731,455)

$

(33,656)

$

(4,419)

$

1,709,120

119,938

$

—

Franklin

Investment

Grade

Corporate

ETF

............

1,254,204

250,247

(63,312)

(13,474)

(30,099)

1,397,566

68,921

33,866

Franklin

Systematic

Style

Premia

ETF

....................

1,087,488

176,996

(140,587)

(20,041)

91,988

1,195,844

53,125

—

Franklin

U.S.

Core

Bond

ETF

...

9,671,832

1,907,509

(296,141)

(52,005)

(319,055)

10,912,140

532,040

224,350

Franklin

U.S.

Core

Equity

(IU)

Fund

27,947,872

702,386

(5,222,219)

(529,509)

3,122,678

26,021,208

2,003,172

377,475

Franklin

U.S.

Equity

Index

ETF

.

2,853,686

50,109

(639,302)

70,871

269,483

2,604,847

69,650

26,710

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

...............

6,790,007

127,718

(1,558,517)

30,580

626,057

6,015,845

139,676

74,337

Franklin

U.S.

Low

Volatility

High

Dividend

Index

ETF

.........

1,026,129

98,262

(1,068,569)

(33,830)

(21,992)

—

—

6,994

Franklin

U.S.

Treasury

Bond

ETF

2,688,143

863,387

(77,626)

(16,570)

(99,115)

3,358,219

168,037

67,537

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.019%

......

1,530,736

9,728,268

(10,307,609)

—

—

951,395

951,395

64,356

Templeton

Developing

Markets

Trust,

Class

R6

............

3,018,692

463,320

(292,314)

(34,449)

170,424

3,325,673

194,143

—

Templeton

Foreign

Fund,

Class

R6

2,862,874

602,122

(143,381)

(209)

299,288

3,620,694

487,307

—

Western

Asset

Core

Plus

Bond

Fund,

Class

IS

............

5,566,784

1,283,134

(315,176)

(77,434)

(267,655)

6,189,653

698,606

188,892

Western

Asset

Short-Term

Bond

Fund,

Class

IS

............

2,052,794

382,129

(1,012,966)

(94,946)

80,536

1,407,547

392,074

61,516

Total

Non-Controlled

Affiliates

$107,414,353

$24,512,458

$(27,443,838)

$(295,885)

$5,859,999

$110,047,087

$1,695,526

Total

Affiliated

Securities

....

$107,414,353

$24,512,458

$(27,443,838)

$(295,885)

$5,859,999

$110,047,087

$1,695,526

Franklin

LifeSmart™

2040

Retirement

Target

Fund

Non-Controlled

Affiliates

ClearBridge

Large

Cap

Value

Fund,

Class

IS

.................

2,221,231

156,115

(400,807)

16,636

53,463

2,046,638

54,504

23,631

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

...........

1,709,541

409,141

(49,931)

(10,867)

39,110

2,096,994

231,456

38,348

Franklin

Growth

Fund,

Class

R6

.

5,263,064

376,343

(1,380,103)

75,589

590,674

4,925,567

42,400

—

Franklin

High

Yield

Corporate

ETF

255,736

67,250

(11,864)

(1,657)

6,053

315,518

14,023

12,667

Franklin

International

Core

Equity

(IU)

Fund

................

4,544,929

2,249,752

(419,227)

(8,040)

260,526

6,627,940

620,013

156,365

Franklin

International

Growth

Fund,

Class

R6

................

721,611

323,876

(305,477)

(14,505)

(3,998)

721,507

50,632

—

Franklin

Investment

Grade

Corporate

ETF

............

335,548

94,641

(22,979)

(4,827)

(7,919)

394,464

19,453

9,287

Franklin

Systematic

Style

Premia

ETF

....................

402,222

75,231

(52,231)

(120)

27,056

452,158

20,087

—

3.

Investments

in

FT

Underlying

Funds  

(continued)

Franklin

Fund

Allocator

Series

Notes

to

Schedules

of

Investments

(unaudited)

45

Quarterly

Schedules

of

Investments

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Dividend

Income

a

a

a

a

a

a

a

a

a

Franklin

LifeSmart™

2040

Retirement

Target

Fund

(continued)

Non-Controlled

Affiliates

(continued)

Franklin

U.S.

Core

Bond

ETF

...

$

2,584,370

$

719,220

$

(114,629)

$

(20,124)

$

(87,681)

$

3,081,156

150,227

$

61,465

Franklin

U.S.

Core

Equity

(IU)

Fund

10,261,687

400,010

(2,136,787)

(17,848)

894,723

9,401,785

723,771

131,310

Franklin

U.S.

Equity

Index

ETF

.

1,172,213

1,882,189

(678,711)

69,906

253,683

2,699,280

72,175

23,610

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

...............

3,879,808

145,432

(1,782,231)

(52,848)

351,701

2,541,862

59,017

32,316

Franklin

U.S.

Low

Volatility

High

Dividend

Index

ETF

.........

420,342

46,348

(443,266)

(14,400)

(9,024)

—

—

2,905

Franklin

U.S.

Treasury

Bond

ETF

718,725

287,121

(24,306)

(3,950)

(29,382)

948,208

47,446

18,493

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.019%

......

714,891

4,500,113

(4,834,218)

—

—

380,786

380,786

23,768

Templeton

Developing

Markets

Trust,

Class

R6

............

1,238,555

255,765

(154,465)

(17,875)

72,303

1,394,283

81,394

—

Templeton

Foreign

Fund,

Class

R6

1,182,080

289,733

(65,995)

(688)

123,282

1,528,412

205,708

—

Western

Asset

Core

Plus

Bond

Fund,

Class

IS

............

1,488,174

454,702

(96,406)

(24,020)

(74,616)

1,747,834

197,272

51,625

Western

Asset

Short-Term

Bond

Fund,

Class

IS

............

607,513

135,767

(341,025)

(26,479)

21,880

397,656

110,768

18,427

Total

Non-Controlled

Affiliates

$39,722,240

$12,868,749

$(13,314,658)

$(56,117)

$2,481,834

$41,702,048

$604,217

Total

Affiliated

Securities

....

$39,722,240

$12,868,749

$(13,314,658)

$(56,117)

$2,481,834

$41,702,048

$604,217

Franklin

LifeSmart™

2045

Retirement

Target

Fund

Non-Controlled

Affiliates

ClearBridge

Large

Cap

Value

Fund,

Class

IS

.................

4,396,296

338,155

(809,689)

20,658

116,316

4,061,736

108,169

47,490

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

...........

3,534,143

687,768

(115,071)

(16,677)

78,385

4,168,548

460,105

76,430

Franklin

Growth

Fund,

Class

R6

.

10,412,946

662,409

(2,621,627)

367,931

953,570

9,775,229

84,146

—

Franklin

International

Core

Equity

(IU)

Fund

................

9,522,302

4,016,426

(900,861)

(120,567)

652,401

13,169,701

1,231,965

310,612

Franklin

International

Growth

Fund,

Class

R6

................

1,422,808

698,579

(646,963)

(31,837)

(8,976)

1,433,611

100,604

—

Franklin

Systematic

Style

Premia

ETF

....................

726,599

156,774

(114,015)

(13,867)

62,950

818,441

36,359

—

Franklin

U.S.

Core

Bond

ETF

...

3,142,919

1,165,746

(224,839)

(38,370)

(99,619)

3,945,837

192,386

76,871

Franklin

U.S.

Core

Equity

(IU)

Fund

22,078,457

427,183

(5,654,389)

(621,507)

2,428,942

18,658,686

1,436,388

262,009

Franklin

U.S.

Equity

Index

ETF

.

2,322,826

3,723,621

(1,333,024)

141,222

502,776

5,357,421

143,250

47,138

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

...............

6,733,733

245,450

(2,511,996)

(38,969)

617,088

5,045,306

117,142

61,936

Franklin

U.S.

Low

Volatility

High

Dividend

Index

ETF

.........

831,174

104,246

(887,801)

(29,397)

(18,222)

—

—

5,844

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.019%

......

817,913

9,053,503

(8,988,846)

—

—

882,570

882,570

41,120

3.

Investments

in

FT

Underlying

Funds  

(continued)

Franklin

Fund

Allocator

Series

Notes

to

Schedules

of

Investments

(unaudited)

46

Quarterly

Schedules

of

Investments

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Dividend

Income

a

a

a

a

a

a

a

a

a

Franklin

LifeSmart™

2045

Retirement

Target

Fund

(continued)

Non-Controlled

Affiliates

(continued)

Templeton

Developing

Markets

Trust,

Class

R6

............

$

2,447,029

$

474,376

$

(254,907)

$

(32,000)

$

137,152

$

2,771,650

161,801

$

—

Templeton

Foreign

Fund,

Class

R6

2,334,095

634,005

(168,627)

(5,881)

243,360

3,036,952

408,742

—

Western

Asset

Core

Plus

Bond

Fund,

Class

IS

............

3,208,080

1,269,000

(286,373)

(72,651)

(150,745)

3,967,311

447,778

114,090

Western

Asset

Short-Term

Bond

Fund,

Class

IS

............

379,129

75,570

(452,102)

(21,171)

18,574

—

—

11,332

Total

Non-Controlled

Affiliates

$74,310,449

$23,732,811

$(25,971,130)

$(513,083)

$5,533,952

$77,092,999

$1,054,872

Total

Affiliated

Securities

....

$74,310,449

$23,732,811

$(25,971,130)

$(513,083)

$5,533,952

$77,092,999

$1,054,872

Franklin

LifeSmart™

2050

Retirement

Target

Fund

Non-Controlled

Affiliates

ClearBridge

Large

Cap

Value

Fund,

Class

IS

.................

2,059,453

162,744

(295,689)

14,555

49,039

1,990,102

52,999

22,641

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

...........

1,633,694

409,416

(22,665)

(4,249)

30,061

2,046,257

225,856

36,699

Franklin

Growth

Fund,

Class

R6

.

4,882,286

361,788

(1,076,298)

14,650

607,018

4,789,444

41,228

—

Franklin

International

Core

Equity

(IU)

Fund

................

4,361,105

2,122,384

(261,997)

(4,329)

241,266

6,458,429

604,156

148,884

Franklin

International

Growth

Fund,

Class

R6

................

670,060

336,631

(281,559)

(16,323)

(5,776)

703,033

49,336

—

Franklin

Systematic

Style

Premia

ETF

....................

325,248

75,421

(41,775)

521

21,859

381,274

16,938

—

Franklin

U.S.

Core

Bond

ETF

...

637,746

408,755

(55,632)

(2,557)

(31,008)

957,304

46,675

16,748

Franklin

U.S.

Core

Equity

(IU)

Fund

9,106,717

512,604

(1,282,264)

(100,650)

905,640

9,142,047

703,776

123,184

Franklin

U.S.

Equity

Index

ETF

.

1,086,644

1,824,426

(590,990)

62,151

242,251

2,624,482

70,175

22,726

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

...............

4,251,829

372,481

(2,448,134)

(120,052)

415,965

2,472,089

57,397

32,999

Franklin

U.S.

Low

Volatility

High

Dividend

Index

ETF

.........

388,008

43,492

(409,182)

(13,751)

(8,567)

—

—

2,775

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.019%

......

513,740

3,950,661

(4,046,554)

—

—

417,847

417,847

20,047

Templeton

Developing

Markets

Trust,

Class

R6

............

1,147,868

261,025

(97,113)

(10,977)

59,750

1,360,553

79,425

—

Templeton

Foreign

Fund,

Class

R6

1,097,845

325,223

(46,165)

(678)

113,099

1,489,324

200,447

—

Western

Asset

Core

Plus

Bond

Fund,

Class

IS

............

652,179

434,969

(72,624)

(3,654)

(48,373)

962,497

108,634

24,691

3.

Investments

in

FT

Underlying

Funds  

(continued)

Franklin

Fund

Allocator

Series

Notes

to

Schedules

of

Investments

(unaudited)

47

Quarterly

Schedules

of

Investments

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Dividend

Income

a

a

a

a

a

a

a

a

a

Franklin

LifeSmart™

2050

Retirement

Target

Fund

(continued)

Non-Controlled

Affiliates

(continued)

Western

Asset

Short-Term

Bond

Fund,

Class

IS

............

$

170,002

$

37,601

$

(206,399)

$

(9,134)

$

7,936

$

6

2

$

5,128

Total

Non-Controlled

Affiliates

$32,984,424

$11,639,621

$(11,235,040)

$(194,477)

$2,600,160

$35,794,688

$456,522

Total

Affiliated

Securities

....

$32,984,424

$11,639,621

$(11,235,040)

$(194,477)

$2,600,160

$35,794,688

$456,522

Franklin

LifeSmart™

2055

Retirement

Target

Fund

Non-Controlled

Affiliates

ClearBridge

Large

Cap

Value

Fund,

Class

IS

.................

1,535,093

260,480

(281,356)

3,507

44,422

1,562,146

41,602

17,483

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

...........

1,176,660

421,056

(16,722)

(4,259)

19,415

1,596,150

176,175

28,381

Franklin

Growth

Fund,

Class

R6

.

3,635,030

635,332

(982,653)

(49,041)

520,952

3,759,620

32,363

—

Franklin

International

Core

Equity

(IU)

Fund

................

3,177,361

1,935,985

(219,554)

(22,035)

185,604

5,057,361

473,093

114,536

Franklin

International

Growth

Fund,

Class

R6

................

499,649

291,187

(221,566)

(13,741)

(4,974)

550,555

38,635

—

Franklin

Systematic

Style

Premia

ETF

....................

241,350

73,848

(36,599)

61

17,076

295,736

13,138

—

Franklin

U.S.

Core

Bond

ETF

...

409,555

258,921

(55,671)

(2,517)

(16,606)

593,682

28,946

10,248

Franklin

U.S.

Core

Equity

(IU)

Fund

5,986,741

1,015,356

(399,799)

(36,454)

610,476

7,176,320

552,450

93,489

Franklin

U.S.

Equity

Index

ETF

.

808,337

1,526,596

(507,163)

39,824

192,161

2,059,755

55,075

17,657

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

...............

3,730,960

522,277

(2,538,907)

(161,556)

387,486

1,940,260

45,049

28,719

Franklin

U.S.

Low

Volatility

High

Dividend

Index

ETF

.........

290,055

53,263

(325,966)

(11,237)

(6,115)

—

—

2,113

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.019%

......

418,686

3,527,957

(3,718,984)

—

—

227,659

227,659

15,750

Templeton

Developing

Markets

Trust,

Class

R6

............

856,596

316,264

(145,593)

(23,818)

57,818

1,061,267

61,954

—

Templeton

Foreign

Fund,

Class

R6

818,415

305,461

(41,938)

(1,375)

85,667

1,166,230

156,962

—

Western

Asset

Core

Plus

Bond

Fund,

Class

IS

............

419,333

277,707

(69,505)

(3,603)

(26,772)

597,160

67,400

15,244

Western

Asset

Short-Term

Bond

Fund,

Class

IS

............

126,941

37,734

(163,743)

(6,259)

5,327

—

—

3,930

Total

Non-Controlled

Affiliates

$24,130,762

$11,459,424

$(9,725,719)

$(292,503)

$2,071,937

$27,643,901

$347,550

Total

Affiliated

Securities

....

$24,130,762

$11,459,424

$(9,725,719)

$(292,503)

$2,071,937

$27,643,901

$347,550

Franklin

LifeSmart™

2060

Retirement

Target

Fund

Non-Controlled

Affiliates

ClearBridge

Large

Cap

Value

Fund,

Class

IS

.................

168,239

77,450

(39,138)

(695)

6,654

212,510

5,659

2,338

3.

Investments

in

FT

Underlying

Funds  

(continued)

Franklin

Fund

Allocator

Series

Notes

to

Schedules

of

Investments

(unaudited)

48

Quarterly

Schedules

of

Investments

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Dividend

Income

a

a

a

a

a

a

a

a

a

Franklin

LifeSmart™

2060

Retirement

Target

Fund

(continued)

Non-Controlled

Affiliates

(continued)

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

...........

$

127,983

$

99,750

$

(10,184)

$

(3,287)

$

2,854

$

217,116

23,964

$

3,802

Franklin

Growth

Fund,

Class

R6

.

397,047

203,843

(146,901)

(26,389)

83,817

511,417

4,402

—

Franklin

International

Core

Equity

(IU)

Fund

................

349,433

363,132

(39,834)

(7,371)

22,616

687,976

64,357

15,219

Franklin

International

Growth

Fund,

Class

R6

................

54,227

58,916

(34,038)

(8,327)

4,109

74,887

5,255

—

Franklin

Systematic

Style

Premia

ETF

....................

27,485

24,272

(14,276)

(42)

2,381

39,820

1,769

—

Franklin

U.S.

Core

Bond

ETF

...

46,045

50,083

(12,778)

(780)

(2,068)

80,502

3,925

1,368

Franklin

U.S.

Core

Equity

(IU)

Fund

619,279

372,017

(83,086)

(9,520)

77,539

976,229

75,152

12,249

Franklin

U.S.

Equity

Index

ETF

.

88,061

231,734

(68,149)

2,938

25,909

280,493

7,500

2,406

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

...............

433,828

89,468

(288,525)

(18,938)

47,109

262,942

6,105

3,650

Franklin

U.S.

Low

Volatility

High

Dividend

Index

ETF

.........

32,334

16,017

(46,098)

(1,177)

(1,076)

—

—

282

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.019%

......

43,913

918,099

(890,342)

—

—

71,670

71,670

2,387

Templeton

Developing

Markets

Trust,

Class

R6

............

93,071

74,397

(25,810)

(6,989)

9,690

144,359

8,427

—

Templeton

Foreign

Fund,

Class

R6

89,999

74,780

(15,511)

(275)

9,651

158,644

21,352

—

Western

Asset

Core

Plus

Bond

Fund,

Class

IS

............

45,948

51,273

(11,507)

(866)

(3,609)

81,239

9,169

2,014

Western

Asset

Short-Term

Bond

Fund,

Class

IS

............

15,036

13,669

(28,571)

(525)

391

—

—

535

Total

Non-Controlled

Affiliates

$2,631,928

$2,718,900

$(1,754,748)

$(82,243)

$285,967

$3,799,804

$46,250

Total

Affiliated

Securities

....

$2,631,928

$2,718,900

$(1,754,748)

$(82,243)

$285,967

$3,799,804

$46,250

Franklin

Moderate

Allocation

Fund

Controlled

Affiliates

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

...........

30,484,612

2,329,376

(1,097,543)

(183,567)

831,747

32,364,625

3,572,254

619,517

Non-Controlled

Affiliates

BrandywineGLOBAL

-

Global

Opportunities

Bond

Fund,

Class

IS

30,242,539

3,097,923

(4,352,284)

(1,235,725)

(542)

27,751,911

3,327,567

—

ClearBridge

Large

Cap

Value

Fund,

Class

IS

.................

66,028,359

943,358

(9,352,238)

319,771

1,659,749

59,598,999

1,587,190

703,060

Franklin

Growth

Fund,

Class

R6

.

156,477,591

5,232,666

(38,343,553)

16,659,194

3,393,189

143,419,087

1,234,562

—

Franklin

High

Yield

Corporate

ETF

21,023,462

3,753,686

(2,491,888)

(370,832)

759,272

22,673,700

1,007,720

972,947

Franklin

International

Aggregate

Bond

ETF

................

18,200,828

2,603,333

(2,583,665)

(768,068)

968,665

18,421,093

948,563

—

3.

Investments

in

FT

Underlying

Funds  

(continued)

Franklin

Fund

Allocator

Series

Notes

to

Schedules

of

Investments

(unaudited)

49

Quarterly

Schedules

of

Investments

4.

Investments

in

Affiliated

Management

Investment

Companies 

Certain

or

all

Funds

invest

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

“Controlled

Affiliate”

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund’s

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Funds

do

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

During

the

period

ended

September

30,

2023,

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

Dividend

Income

a

a

a

a

a

a

a

a

a

Franklin

Moderate

Allocation

Fund

(continued)

Non-Controlled

Affiliates

(continued)

Franklin

International

Core

Equity

(IU)

Fund

................

$

95,199,975

$

22,878,362

$

(14,654,502)

$

(562,067)

$

6,379,727

$

109,241,495

10,219,036

$

2,677,540

Franklin

International

Growth

Fund,

Class

R6

................

13,932,824

4,582,846

(6,556,884)

(10,367)

(75,607)

11,872,812

833,180

—

Franklin

Investment

Grade

Corporate

ETF

............

27,577,576

4,841,062

(3,244,896)

(667,682)

(185,111)

28,320,949

1,396,648

712,437

Franklin

Systematic

Style

Premia

ETF

....................

15,078,234

2,170,254

(2,922,178)

(418,055)

1,350,666

15,258,921

677,873

—

Franklin

U.S.

Core

Bond

ETF

...

212,737,140

37,583,252

(21,907,483)

(3,968,307)

(3,380,828)

221,063,774

10,778,341

4,725,811

Franklin

U.S.

Core

Equity

(IU)

Fund

366,931,589

7,714,483

(87,783,946)

(9,050,135)

42,498,785

320,310,776

24,658,258

4,777,098

Franklin

U.S.

Equity

Index

ETF

.

30,983,474

8,386,169

(11,292,841)

763,188

3,213,844

32,053,834

857,075

325,477

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

...............

83,628,823

2,494,707

(20,232,799)

528,125

7,611,669

74,030,525

1,718,842

922,662

Franklin

U.S.

Low

Volatility

High

Dividend

Index

ETF

.........

12,629,280

891,543

(12,758,610)

(474,228)

(287,985)

—

—

90,103

Franklin

U.S.

Treasury

Bond

ETF

59,125,865

17,509,993

(6,278,156)

(1,349,883)

(972,444)

68,035,375

3,404,322

1,423,324

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.019%

......

34,816,251

136,938,706

(160,151,264)

—

—

11,603,693

11,603,693

1,229,640

Templeton

Developing

Markets

Trust,

Class

R6

............

21,301,187

2,287,108

(3,144,630)

(334,843)

1,412,426

21,521,248

1,256,348

—

Templeton

Foreign

Fund,

Class

R6

22,864,626

3,186,560

(3,261,345)

101,895

2,261,760

25,153,496

3,385,396

—

Western

Asset

Core

Plus

Bond

Fund,

Class

IS

............

122,445,969

24,859,552

(15,041,568)

(4,048,403)

(2,826,595)

125,388,955

14,152,252

3,976,901

Western

Asset

Short-Term

Bond

Fund,

Class

IS

............

48,281,843

7,761,360

(27,213,890)

(2,379,518)

2,075,325

28,525,120

7,945,716

1,385,417

Total

Non-Controlled

Affiliates

$1,459,507,435

$299,716,923

$(453,568,620)

$(7,265,940)

$65,855,965

$1,364,245,763

$23,922,417

Total

Affiliated

Securities

....

$1,489,992,047

$302,046,299

$(454,666,163)

$(7,449,507)

$66,687,712

$1,396,610,388

$24,541,934

3.

Investments

in

FT

Underlying

Funds  

(continued)

Franklin

Fund

Allocator

Series

Notes

to

Schedules

of

Investments

(unaudited)

50

Quarterly

Schedules

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,

2023,

in

valuing

the

Funds’

assets

and

liabilities carried

at

fair

value,

is

as

follows:  

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Investment

Income

a      

a  

a  

a  

a  

a  

a  

a  

Franklin

Global

Allocation

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.019%

$31,640,989

$617,559,798

$(500,856,986)

$—

$—

$148,343,801

148,343,801

$2,747,138

Templeton

Global

Bond

Fund,

Class

R6

...............

113,052,656

2,886,048

(109,139,964)

(31,083,218)

24,372,527

88,049

12,332

2,886,048

Total

Affiliated

Securities

...

$144,693,645

$620,445,846

$(609,996,950)

$(31,083,218)

$24,372,527

$148,431,850

$5,633,186

Level

1

Level

2

Level

3

Total

Franklin

Conservative

Allocation

Fund

Assets:

Investments

in

Securities:

a

Investments

in

Underlying

Funds

and

Exchange

Traded

Funds

..........................

$

868,386,260

$

—

$

—

$

868,386,260

Short

Term

Investments

...................

6,125,805

—

—

6,125,805

Total

Investments

in

Securities

...........

$874,512,065

$—

$—

$874,512,065

Franklin

Corefolio

Allocation

Fund

Assets:

Investments

in

Securities:

a

Investments

in

Underlying

Funds

and

Exchange

Traded

Funds

..........................

823,893,635

—

—

823,893,635

Short

Term

Investments

...................

635

—

—

635

Total

Investments

in

Securities

...........

$823,894,270

$—

$—

$823,894,270

4.

Investments

in

Affiliated

Management

Investment

Companies 

(continued)

Franklin

Fund

Allocator

Series

Notes

to

Schedules

of

Investments

(unaudited)

51

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

Global

Allocation

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

...................

$

12,954,600

$

—

$

—

$

12,954,600

Air

Freight

&

Logistics

...................

10,069,202

11,356,555

—

21,425,757

Automobiles

..........................

6,858,280

22,347,453

—

29,205,733

Banks

...............................

72,421,135

11,177,442

—

83,598,577

Beverages

...........................

26,587,051

—

—

26,587,051

Biotechnology

.........................

7,840,556

—

—

7,840,556

Broadline

Retail

.......................

36,279,332

1,554,636

—

37,833,968

Capital

Markets

........................

50,660,558

—

—

50,660,558

Chemicals

...........................

16,383,400

—

—

16,383,400

Communications

Equipment

..............

6,048,000

—

—

6,048,000

Consumer

Staples

Distribution

&

Retail

......

22,021,116

—

—

22,021,116

Diversified

Telecommunication

Services

.....

10,095,715

—

—

10,095,715

Electric

Utilities

........................

9,702,371

11,886,000

—

21,588,371

Electrical

Equipment

....................

—

4,184,599

—

4,184,599

Electronic

Equipment,

Instruments

&

Components

........................

11,488,290

—

—

11,488,290

Entertainment

.........................

16,208,278

8,352,426

—

24,560,704

Financial

Services

......................

23,506,020

—

—

23,506,020

Food

Products

........................

10,305,900

26,423,149

—

36,729,049

Ground

Transportation

..................

7,839,755

—

—

7,839,755

Health

Care

Equipment

&

Supplies

.........

12,059,604

—

—

12,059,604

Health

Care

Providers

&

Services

..........

30,356,428

—

—

30,356,428

Hotels,

Restaurants

&

Leisure

.............

13,962,320

642,647

—

14,604,967

Household

Durables

....................

—

16,895,401

—

16,895,401

Household

Products

....................

20,128,680

—

—

20,128,680

Independent

Power

and

Renewable

Electricity

Producers

..........................

—

16,614,038

—

16,614,038

Industrial

Conglomerates

................

12,931,800

11,409,386

—

24,341,186

Industrial

REITs

.......................

12,343,100

—

—

12,343,100

Insurance

............................

23,919,731

17,693,792

—

41,613,523

Interactive

Media

&

Services

..............

36,870,983

—

—

36,870,983

IT

Services

...........................

9,883,266

10,820,581

—

20,703,847

Life

Sciences

Tools

&

Services

............

26,582,286

—

—

26,582,286

Machinery

............................

29,227,956

—

—

29,227,956

Marine

Transportation

...................

—

6,295,997

—

6,295,997

Media

...............................

9,652,818

—

—

9,652,818

Metals

&

Mining

.......................

14,290,549

41,426,264

—

55,716,813

Multi-Utilities

..........................

6,700,500

—

—

6,700,500

Oil,

Gas

&

Consumable

Fuels

.............

42,767,360

22,566,938

—

65,334,298

Pharmaceuticals

.......................

48,914,614

44,618,133

—

93,532,747

Semiconductors

&

Semiconductor

Equipment

.

106,730,308

12,143,459

—

118,873,767

Software

.............................

126,607,598

—

—

126,607,598

Specialized

REITs

......................

10,113,675

—

—

10,113,675

Specialty

Retail

........................

33,632,345

—

—

33,632,345

Technology

Hardware,

Storage

&

Peripherals

.

45,791,655

17,431,528

—

63,223,183

Textiles,

Apparel

&

Luxury

Goods

..........

9,083,900

—

—

9,083,900

Trading

Companies

&

Distributors

..........

—

7,522,784

—

7,522,784

Wireless

Telecommunication

Services

.......

—

12,804,792

—

12,804,792

Management

Investment

Companies

.........

117,962,882

—

—

117,962,882

Corporate

Bonds

........................

—

188,870,818

—

188,870,818

Foreign

Government

and

Agency

Securities

....

—

340,884,703

—

340,884,703

U.S.

Government

and

Agency

Securities

.......

—

266,611,444

—

266,611,444

Mortgage-Backed

Securities

................

—

39,929,275

—

39,929,275

5. Fair

Value

Measurements 

(continued)

Franklin

Fund

Allocator

Series

Notes

to

Schedules

of

Investments

(unaudited)

52

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

Global

Allocation

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

Short

Term

Investments

...................

$

148,343,801

$

—

$

—

$

148,343,801

Total

Investments

in

Securities

...........

$1,306,127,718

$1,172,464,240

b

$—

$2,478,591,958

Other

Financial

Instruments:

Forward

exchange

contracts

...............

$—

$13,919,945

$—

$13,919,945

Total

Other

Financial

Instruments

.........

$—

$13,919,945

$—

$13,919,945

Liabilities:

Other

Financial

Instruments:

Forward

exchange

contracts

................

—

162,289

—

162,289

Total

Other

Financial

Instruments

.........

$—

$162,289

$—

$162,289

Level

1

Level

2

Level

3

Total

Franklin

Growth

Allocation

Fund

Assets:

Investments

in

Securities:

a

Investments

in

Underlying

Funds

and

Exchange

Traded

Funds

..........................

$

1,161,650,530

$

—

$

—

$

1,161,650,530

Short

Term

Investments

...................

8,691,419

254,614

—

8,946,033

Total

Investments

in

Securities

...........

$1,170,341,949

$254,614

$—

$1,170,596,563

Franklin

LifeSmart™

Retirement

Income

Fund

Assets:

Investments

in

Securities:

a

Investments

in

Underlying

Funds

and

Exchange

Traded

Funds

..........................

40,538,291

—

—

40,538,291

Index-Linked

Notes:

Capital

Markets

........................

—

—

2,168,951

2,168,951

Short

Term

Investments

....................

1,077,792

—

—

1,077,792

Total

Investments

in

Securities

...........

$41,616,083

$—

$2,168,951

$43,785,034

Franklin

LifeSmart™

2020

Retirement

Target

Fund

Assets:

Investments

in

Securities:

a

Investments

in

Underlying

Funds

and

Exchange

Traded

Funds

..........................

30,454,729

—

—

30,454,729

Short

Term

Investments

...................

265,856

20,383

—

286,239

Total

Investments

in

Securities

...........

$30,720,585

$20,383

$—

$30,740,968

Franklin

LifeSmart™

2025

Retirement

Target

Fund

Assets:

Investments

in

Securities:

a

Investments

in

Underlying

Funds

and

Exchange

Traded

Funds

..........................

106,998,422

—

—

106,998,422

Short

Term

Investments

...................

646,663

—

—

646,663

Total

Investments

in

Securities

...........

$107,645,085

$—

$—

$107,645,085

Franklin

LifeSmart™

2030

Retirement

Target

Fund

Assets:

Investments

in

Securities:

a

Investments

in

Underlying

Funds

and

Exchange

Traded

Funds

..........................

58,905,519

—

—

58,905,519

Short

Term

Investments

...................

517,160

—

—

517,160

Total

Investments

in

Securities

...........

$59,422,679

$—

$—

$59,422,679

5. Fair

Value

Measurements 

(continued)

Franklin

Fund

Allocator

Series

Notes

to

Schedules

of

Investments

(unaudited)

53

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

LifeSmart™

2035

Retirement

Target

Fund

Assets:

Investments

in

Securities:

a

Investments

in

Underlying

Funds

and

Exchange

Traded

Funds

..........................

$

118,702,799

$

—

$

—

$

118,702,799

Short

Term

Investments

...................

951,395

41,502

—

992,897

Total

Investments

in

Securities

...........

$119,654,194

$41,502

$—

$119,695,696

Franklin

LifeSmart™

2040

Retirement

Target

Fund

Assets:

Investments

in

Securities:

a

Investments

in

Underlying

Funds

and

Exchange

Traded

Funds

..........................

44,867,439

—

—

44,867,439

Short

Term

Investments

...................

380,786

—

—

380,786

Total

Investments

in

Securities

...........

$45,248,225

$—

$—

$45,248,225

Franklin

LifeSmart™

2045

Retirement

Target

Fund

Assets:

Investments

in

Securities:

a

Investments

in

Underlying

Funds

and

Exchange

Traded

Funds

..........................

81,218,303

—

—

81,218,303

Short

Term

Investments

...................

882,570

43,286

—

925,856

Total

Investments

in

Securities

...........

$82,100,873

$43,286

$—

$82,144,159

Franklin

LifeSmart™

2050

Retirement

Target

Fund

Assets:

Investments

in

Securities:

a

Investments

in

Underlying

Funds

and

Exchange

Traded

Funds

..........................

37,832,694

—

—

37,832,694

Short

Term

Investments

...................

417,847

45,332

—

463,179

Total

Investments

in

Securities

...........

$38,250,541

$45,332

$—

$38,295,873

Franklin

LifeSmart™

2055

Retirement

Target

Fund

Assets:

Investments

in

Securities:

a

Investments

in

Underlying

Funds

and

Exchange

Traded

Funds

..........................

29,338,273

—

—

29,338,273

Short

Term

Investments

...................

227,659

—

—

227,659

Total

Investments

in

Securities

...........

$29,565,932

$—

$—

$29,565,932

Franklin

LifeSmart™

2060

Retirement

Target

Fund

Assets:

Investments

in

Securities:

a

Investments

in

Underlying

Funds

and

Exchange

Traded

Funds

..........................

3,990,392

—

—

3,990,392

Short

Term

Investments

...................

71,670

—

—

71,670

Total

Investments

in

Securities

...........

$4,062,062

$—

$—

$4,062,062

Franklin

Moderate

Allocation

Fund

Assets:

Investments

in

Securities:

a

Investments

in

Underlying

Funds

and

Exchange

Traded

Funds

..........................

1,515,159,850

—

—

1,515,159,850

Short

Term

Investments

...................

11,603,693

—

—

11,603,693

Total

Investments

in

Securities

...........

$1,526,763,543

$—

$—

$1,526,763,543

a

For

detailed

categories,

see

the

accompanying

Schedule

of

Investments.

b

Includes

foreign

securities

valued

at

$397,374,257,

which

were

categorized

as

Level

2

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

5. Fair

Value

Measurements 

(continued)

Franklin

Fund

Allocator

Series

Notes

to

Schedules

of

Investments

(unaudited)

54

Quarterly

Schedules

of

Investments

A

reconciliation

in

which

Level

3

inputs

are

used

in

determining

fair

value

is

presented

when

there

are

significant

Level

3

assets

and/or

liabilities

at

the

beginning

and/or

end

of

the period.

At

September

30,

2023,

the

reconciliation

is

as

follows:

The

Level

3

financial

instruments

include

UBS

AG

into

S&P

500

Index

(Senior

Note)

with

value

of

$2,168,951,

which

is

valued

using

recent

transactions,

private

transaction

prices

or

non-public

third-party

pricing

information

which

is

unobservable.

Balance

at

Beginning

of

Period

Purchases

Sales

a

Transfer

Into

Level

3

Transfer

Out

of

Level

3

Net

Accretion

(Amortiza-

tion)

Net

Realized

Gain

(Loss)

Net

Unr

ealized

Appreciatio

n

(

Depreciation

)

Balance

at

End

of

Period

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Assets

Held

at

Period

End

a

a

a

a

a

a

a

a

a

a

a

Franklin

LifeSmart™

Retirement

Income

Fund

Assets:

Investments

in

Securities:

Index-Linked

Notes

:

Capital

Markets

.....

$

4,556,722

$

—

$

(2,559,156)

$

—

$

—

$

—

$

(191,502)

$

362,887

$

2,168,951

$

114,906

Total

Investments

in

Securities

............

$4,556,722

$—

$(2,559,156)

$—

$—

$—

$(191,502)

$362,887

$2,168,951

$114,906

a

Sales

include

all

sales

of

securities,

maturities,

paydowns

and

securities

tendered

in

corporate

actions.

5. Fair

Value

Measurements 

(continued)

Franklin

Fund

Allocator

Series

Notes

to

Schedules

of

Investments

(unaudited)

55

Quarterly

Schedules

of

Investments

Abbreviations

Counterparty

BZWS

Barclays

Bank

plc

JPHQ

JPMorgan

Chase

Bank

NA

Cu

r

rency

AUD

Australian

Dollar

BRL

Brazilian

Real

CAD

Canadian

Dollar

CNY

Chinese

Yuan

EUR

Euro

GBP

British

Pound

JPY

Japanese

Yen

MXN

Mexican

Peso

USD

United

States

Dollar

Selected

Portfolio

ADR

American

Depositary

Receipt

ETF

Exchange-Traded

Fund

FRN

Floating

Rate

Note

GNMA

Government

National

Mortgage

Association

LIBOR

London

Interbank

Offered

Rate

REIT

Real

Estate

Investment

Trust

SOFR

Secured

Overnight

Financing

Rate

TIPS

Treasury

Inflation

Protected

Securities

For

additional

information

on

the

Funds'

significant

accounting

policies,

please

refer

to

the Funds'

most

recent

semiannual

or

annual

shareholder

report.