Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

FAS3-Q1PH

1

Schedules

of

Investments

(unaudited)

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

2

Franklin

International

Core

Equity

(IU)

Fund

10

Franklin

U.S.

Core

Equity

(IU)

Fund

17

Notes

to

Schedules

of

Investments

24

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited),

October

31,

2023

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

2

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

94.9%

Aerospace

&

Defense

0.1%

Hanwha

Aerospace

Co.

Ltd.

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

South

Korea

1,430

$

107,336

Air

Freight

&

Logistics

0.4%

ZTO

Express

Cayman,

Inc.,

ADR

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

China

18,000

424,260

Automobile

Components

0.7%

Hankook

Tire

&

Technology

Co.

Ltd.

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

South

Korea

6,856

194,203

Hyundai

Mobis

Co.

Ltd.

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

South

Korea

3,084

476,835

Tube

Investments

of

India

Ltd.

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

India

3,684

139,330

810,368

Automobiles

3.0%

BYD

Co.

Ltd.,

A

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

China

19,700

642,941

BYD

Co.

Ltd.,

H

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

China

39,000

1,185,980

a

Li

Auto,

Inc.,

A

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

China

78,200

1,322,629

b

Yadea

Group

Holdings

Ltd.,

144A,

Reg

S

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

China

218,000

397,923

3,549,473

Banks

14.2%

Akbank

TAS

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

Turkey

493,346

513,091

Banco

de

Chile

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

Chile

1,773,001

182,115

b

Banco

del

Bajio

SA,

144A,

Reg

S

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

Mexico

136,187

416,782

Bancolombia

SA

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

Colombia

18,481

131,783

Bank

Central

Asia

Tbk.

PT

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

Indonesia

1,943,400

1,070,659

Bank

of

Beijing

Co.

Ltd.,

A

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

China

231,195

144,182

Bank

of

Shanghai

Co.

Ltd.,

A

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

China

154,400

128,150

Bank

Polska

Kasa

Opieki

SA

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

Poland

33,599

1,020,992

BDO

Unibank,

Inc.

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

Philippines

130,822

293,778

China

Merchants

Bank

Co.

Ltd.,

A

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

China

181,000

761,661

China

Minsheng

Banking

Corp.

Ltd.,

A

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

China

386,700

196,614

China

Minsheng

Banking

Corp.

Ltd.,

H

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

China

1,122,500

373,182

Commercial

International

Bank

Egypt

SAE

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

Egypt

450,270

879,599

Emirates

NBD

Bank

PJSC

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

United

Arab

Emirates

48,628

224,406

a

Eurobank

Ergasias

Services

and

Holdings

SA

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

Greece

189,934

310,423

Hana

Financial

Group,

Inc.

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

South

Korea

44,379

1,288,324

ICICI

Bank

Ltd.

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

India

109,671

1,206,220

KB

Financial

Group,

Inc.

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

South

Korea

36,669

1,395,511

Komercni

Banka

A/S

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

Czech

Republic

4,863

142,518

Nedbank

Group

Ltd.

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

South

Africa

57,795

621,942

OTP

Bank

Nyrt.

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

Hungary

30,149

1,121,867

a

Santander

Bank

Polska

SA

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

Poland

6,709

728,653

Shinhan

Financial

Group

Co.

Ltd.

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

South

Korea

49,799

1,277,986

Standard

Bank

Group

Ltd.

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

South

Africa

64,947

637,298

Taiwan

Business

Bank

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

Taiwan

1,118,584

440,665

TMBThanachart

Bank

PCL

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

Thailand

3,105,900

143,473

Woori

Financial

Group,

Inc.

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

South

Korea

99,209

874,880

Yapi

ve

Kredi

Bankasi

A/S

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

Turkey

594,927

363,001

16,889,755

Beverages

1.4%

Arca

Continental

SAB

de

CV

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

Mexico

92,900

832,983

Fomento

Economico

Mexicano

SAB

de

CV

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

Mexico

11,600

131,282

b

Nongfu

Spring

Co.

Ltd.,

H,

144A,

Reg

S

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

China

25,400

144,670

a

United

Spirits

Ltd.

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

India

49,132

609,117

1,718,052

Biotechnology

0.9%

b

3SBio,

Inc.,

144A,

Reg

S

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

China

335,000

298,026

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

3

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Biotechnology

(continued)

a,b

Akeso,

Inc.,

144A,

Reg

S

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

China

88,000

$

494,163

Celltrion,

Inc.

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

South

Korea

2,944

326,415

1,118,604

Broadline

Retail

4.7%

a

Alibaba

Group

Holding

Ltd.

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

China

249,000

2,563,442

momo.com,

Inc.

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

Taiwan

16,500

271,808

a

PDD

Holdings,

Inc.,

ADR

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

China

11,600

1,176,472

a

Vipshop

Holdings

Ltd.,

ADR

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

China

63,435

904,583

Woolworths

Holdings

Ltd.

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

South

Africa

175,534

653,509

5,569,814

Capital

Markets

1.3%

Guotai

Junan

Securities

Co.

Ltd.,

A

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

China

61,200

123,633

b

HDFC

Asset

Management

Co.

Ltd.,

144A,

Reg

S

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

India

15,352

504,120

Hithink

RoyalFlush

Information

Network

Co.

Ltd.,

A

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

China

6,000

115,259

Huatai

Securities

Co.

Ltd.,

A

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

China

80,700

176,897

Korea

Investment

Holdings

Co.

Ltd.

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

South

Korea

7,516

280,524

Samsung

Securities

Co.

Ltd.

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

South

Korea

11,276

294,915

1,495,348

Chemicals

3.4%

Asian

Paints

Ltd.

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

India

27,488

989,857

Berger

Paints

India

Ltd.

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

India

52,672

353,308

Dongyue

Group

Ltd.

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

China

144,000

114,702

Orbia

Advance

Corp.

SAB

de

CV

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

Mexico

100,500

162,813

a,b,c

PhosAgro

PJSC,

GDR,

Reg

S

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

Russia

32,310

—

PI

Industries

Ltd.

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

India

12,678

517,637

Pidilite

Industries

Ltd.

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

India

5,595

165,143

Sahara

International

Petrochemical

Co.

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

Saudi

Arabia

59,089

508,958

Saudi

Aramco

Base

Oil

Co.

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

Saudi

Arabia

3,110

107,094

Supreme

Industries

Ltd.

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

India

11,832

615,043

Tianqi

Lithium

Corp.,

A

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

China

16,000

120,411

Wanhua

Chemical

Group

Co.

Ltd.,

A

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

China

33,500

406,446

4,061,412

Communications

Equipment

0.2%

Zhongji

Innolight

Co.

Ltd.,

A

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

China

9,000

108,445

ZTE

Corp.,

A

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

China

45,000

160,928

269,373

Construction

&

Engineering

0.6%

Larsen

&

Toubro

Ltd.

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

India

19,742

694,532

Construction

Materials

0.7%

a

Cemex

SAB

de

CV

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

Mexico

901,800

541,664

Shree

Cement

Ltd.

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

India

974

300,110

841,774

Consumer

Finance

0.5%

Lufax

Holding

Ltd.,

ADR

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

China

131,100

125,174

Muangthai

Capital

PCL

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

Thailand

132,800

134,112

Muthoot

Finance

Ltd.

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

India

21,734

339,019

598,305

Consumer

Staples

Distribution

&

Retail

1.8%

BGF

retail

Co.

Ltd.

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

South

Korea

1,146

117,003

Bid

Corp.

Ltd.

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

South

Africa

18,817

399,181

Nahdi

Medical

Co.

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

Saudi

Arabia

6,315

238,771

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

4

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Consumer

Staples

Distribution

&

Retail

(continued)

President

Chain

Store

Corp.

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

Taiwan

20,000

$

158,960

Raia

Drogasil

SA

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

Brazil

38,200

195,540

Sumber

Alfaria

Trijaya

Tbk.

PT

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

Indonesia

2,748,300

500,006

Wal-Mart

de

Mexico

SAB

de

CV

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

Mexico

138,300

494,965

2,104,426

Containers

&

Packaging

0.1%

Klabin

SA

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

Brazil

27,700

117,610

Diversified

Consumer

Services

0.2%

a,b

East

Buy

Holding

Ltd.,

144A,

Reg

S

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

China

60,500

246,807

Diversified

REITs

0.1%

Fibra

Uno

Administracion

SA

de

CV

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

Mexico

88,300

134,038

Diversified

Telecommunication

Services

1.6%

b

China

Tower

Corp.

Ltd.,

H,

144A,

Reg

S

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

China

7,664,000

714,666

Chunghwa

Telecom

Co.

Ltd.

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

Taiwan

210,000

750,472

LG

Uplus

Corp.

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

South

Korea

38,484

287,963

Telekom

Malaysia

Bhd.

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

Malaysia

113,800

121,143

1,874,244

Electric

Utilities

0.6%

Enel

Chile

SA

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

Chile

5,178,743

306,519

c

Inter

RAO

UES

PJSC

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

Russia

8,656,700

—

a

Public

Power

Corp.

SA

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

Greece

37,866

386,464

692,983

Electrical

Equipment

1.5%

ABB

India

Ltd.

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

India

5,241

258,413

CG

Power

&

Industrial

Solutions

Ltd.

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

India

110,039

515,170

Havells

India

Ltd.

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

India

35,966

538,307

NARI

Technology

Co.

Ltd.,

A

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

China

38,160

117,846

Voltronic

Power

Technology

Corp.

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

Taiwan

10,000

400,718

1,830,454

Electronic

Equipment,

Instruments

&

Components

2.3%

Delta

Electronics,

Inc.

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

Taiwan

36,000

324,168

Foxconn

Industrial

Internet

Co.

Ltd.,

A

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

China

111,500

224,703

Hon

Hai

Precision

Industry

Co.

Ltd.

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

Taiwan

144,000

429,455

Largan

Precision

Co.

Ltd.

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

Taiwan

12,000

767,947

WPG

Holdings

Ltd.

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

Taiwan

283,000

625,728

Zhen

Ding

Technology

Holding

Ltd.

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

Taiwan

119,000

359,501

2,731,502

Energy

Equipment

&

Services

0.1%

Dialog

Group

Bhd.

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

Malaysia

267,500

120,694

Entertainment

1.7%

NetEase,

Inc.

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

China

93,900

2,009,580

Financial

Services

1.0%

Bajaj

Holdings

&

Investment

Ltd.

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

India

4,861

404,296

a

Jio

Financial

Services

Ltd.

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

India

40,048

105,309

Power

Finance

Corp.

Ltd.

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

India

241,060

713,686

1,223,291

Food

Products

2.0%

Almarai

Co.

JSC

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

Saudi

Arabia

8,963

133,551

Britannia

Industries

Ltd.

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

India

18,609

989,618

IOI

Corp.

Bhd.

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

Malaysia

217,300

179,292

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

(continued)

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

(continued)

Food

Products

(continued)

Nestle

India

Ltd.

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

India

1,189

$

346,121

Nestle

Malaysia

Bhd.

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

Malaysia

12,200

317,003

Orion

Corp.

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

South

Korea

4,208

371,831

2,337,416

Gas

Utilities

0.3%

ENN

Energy

Holdings

Ltd.

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

China

29,400

222,706

Kunlun

Energy

Co.

Ltd.

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

China

160,000

133,295

356,001

Health

Care

Equipment

&

Supplies

0.2%

Shandong

Weigao

Group

Medical

Polymer

Co.

Ltd.,

H

.........

China

134,400

124,747

Shenzhen

Mindray

Bio-Medical

Electronics

Co.

Ltd.,

A

..........

China

3,400

132,918

257,665

Health

Care

Providers

&

Services

1.1%

Bumrungrad

Hospital

PCL

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

Thailand

56,900

408,941

Dr.

Sulaiman

Al

Habib

Medical

Services

Group

Co.

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

Saudi

Arabia

8,246

553,871

Sinopharm

Group

Co.

Ltd.,

H

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

China

125,200

299,385

1,262,197

Hotels,

Restaurants

&

Leisure

2.8%

Americana

Restaurants

International

plc

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

United

Arab

Emirates

457,235

460,596

b

Haidilao

International

Holding

Ltd.,

144A,

Reg

S

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

China

45,000

112,670

Indian

Hotels

Co.

Ltd.,

A

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

India

125,876

579,582

a,b

Meituan

Dianping,

B,

144A,

Reg

S

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

China

58,010

822,282

OPAP

SA

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

Greece

22,459

380,381

Yum

China

Holdings,

Inc.

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

China

16,501

867,293

a

Zomato

Ltd.

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

India

104,036

131,548

3,354,352

Household

Durables

0.4%

Gree

Electric

Appliances,

Inc.

of

Zhuhai,

A

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

China

29,300

135,926

Haier

Smart

Home

Co.

Ltd.,

A

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

China

56,300

171,095

LG

Electronics,

Inc.

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

South

Korea

2,446

181,160

488,181

Household

Products

0.1%

Kimberly-Clark

de

Mexico

SAB

de

CV,

A

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

Mexico

64,400

118,045

Independent

Power

and

Renewable

Electricity

Producers

0.7%

a

Adani

Power

Ltd.

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

India

98,155

427,878

Engie

Brasil

Energia

SA

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

Brazil

37,500

292,399

NTPC

Ltd.

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

India

57,301

162,294

882,571

Industrial

Conglomerates

1.0%

Bidvest

Group

Ltd.

(The)

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

South

Africa

35,869

507,696

KOC

Holding

A/S

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

Turkey

136,869

661,882

1,169,578

Insurance

2.9%

Bupa

Arabia

for

Cooperative

Insurance

Co.

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

Saudi

Arabia

3,973

225,570

Co.

for

Cooperative

Insurance

(The)

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

Saudi

Arabia

13,287

427,836

DB

Insurance

Co.

Ltd.

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

South

Korea

8,355

542,694

OUTsurance

Group

Ltd.

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

South

Africa

153,553

332,179

Samsung

Fire

&

Marine

Insurance

Co.

Ltd.

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

South

Korea

5,748

1,097,380

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

Franklin

Emerging

Market

Core

Equity

(IU)

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)

Insurance

(continued)

Samsung

Life

Insurance

Co.

Ltd.

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

South

Korea

14,220

$

760,105

3,385,764

Interactive

Media

&

Services

5.2%

Autohome,

Inc.,

ADR

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

China

12,200

326,350

a

Baidu,

Inc.,

A

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

China

37,950

498,232

JOYY,

Inc.,

ADR

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

China

8,200

319,144

a,b

Kuaishou

Technology,

144A,

Reg

S

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

China

137,800

887,399

Tencent

Holdings

Ltd.

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

China

112,000

4,144,928

6,176,053

IT

Services

2.5%

a

Chinasoft

International

Ltd.

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

China

470,000

340,989

Elm

Co.

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

Saudi

Arabia

3,582

669,500

HCL

Technologies

Ltd.

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

India

11,692

179,284

Tata

Consultancy

Services

Ltd.

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

India

44,691

1,808,715

2,998,488

Life

Sciences

Tools

&

Services

0.9%

Divi's

Laboratories

Ltd.

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

India

2,641

107,448

WuXi

AppTec

Co.

Ltd.,

A

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

China

23,700

280,268

b

WuXi

AppTec

Co.

Ltd.,

H,

144A,

Reg

S

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

China

53,940

648,164

1,035,880

Machinery

0.5%

Doosan

Bobcat,

Inc.

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

South

Korea

9,967

285,901

Shenzhen

Inovance

Technology

Co.

Ltd.,

A

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

China

13,900

114,923

Sinotruk

Hong

Kong

Ltd.

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

China

127,000

239,202

640,026

Marine

Transportation

0.3%

Evergreen

Marine

Corp.

Taiwan

Ltd.

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

Taiwan

126,000

418,964

Media

0.1%

Focus

Media

Information

Technology

Co.

Ltd.,

A

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

China

121,100

114,497

Metals

&

Mining

2.2%

Gold

Fields

Ltd.

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

South

Africa

39,605

522,445

Hindalco

Industries

Ltd.

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

India

50,065

276,264

Kumba

Iron

Ore

Ltd.

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

South

Africa

11,753

311,395

a,c

MMC

Norilsk

Nickel

PJSC

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

Russia

3,164

—

a,c

Novolipetsk

Steel

PJSC

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

Russia

347,890

—

POSCO

Holdings,

Inc.

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

South

Korea

1,312

400,991

a,c

Severstal

PAO

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

Russia

48,409

—

Shandong

Gold

Mining

Co.

Ltd.,

A

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

China

39,300

127,628

Southern

Copper

Corp.

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

Mexico

3,676

260,628

Vale

SA

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

Brazil

37,700

516,111

Vedanta

Ltd.

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

India

71,671

186,456

2,601,918

Oil,

Gas

&

Consumable

Fuels

4.0%

Adaro

Energy

Indonesia

Tbk.

PT

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

Indonesia

2,604,100

420,170

China

Petroleum

&

Chemical

Corp.,

A

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

China

261,300

195,135

a

Inner

Mongolia

Yitai

Coal

Co.

Ltd.,

B

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

China

190,951

262,075

MOL

Hungarian

Oil

&

Gas

plc

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

Hungary

45,723

363,720

Petroleo

Brasileiro

SA

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

Brazil

151,000

1,133,653

Petronas

Dagangan

Bhd.

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

Malaysia

55,000

263,889

Reliance

Industries

Ltd.

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

India

34,807

956,831

b

Saudi

Arabian

Oil

Co.,

144A,

Reg

S

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

Saudi

Arabia

13,014

115,621

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

Franklin

Emerging

Market

Core

Equity

(IU)

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)

Oil,

Gas

&

Consumable

Fuels

(continued)

Ultrapar

Participacoes

SA

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

Brazil

132,400

$

537,197

United

Tractors

Tbk.

PT

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

Indonesia

281,700

445,792

4,694,083

Passenger

Airlines

0.3%

a,b

InterGlobe

Aviation

Ltd.,

144A,

Reg

S

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

India

10,631

313,230

Personal

Care

Products

0.6%

Colgate-Palmolive

India

Ltd.

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

India

21,638

549,210

Hindustan

Unilever

Ltd.

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

India

5,226

155,915

705,125

Pharmaceuticals

1.8%

China

Medical

System

Holdings

Ltd.

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

China

246,000

393,373

CSPC

Pharmaceutical

Group

Ltd.

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

China

1,579,600

1,379,716

Dr

Reddy's

Laboratories

Ltd.

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

India

5,693

367,343

2,140,432

Real

Estate

Management

&

Development

1.4%

Aldar

Properties

PJSC

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

United

Arab

Emirates

362,919

513,798

b

Longfor

Group

Holdings

Ltd.,

144A,

Reg

S

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

China

249,500

363,208

Mabanee

Co.

KPSC

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

Kuwait

116,083

309,749

NEPI

Rockcastle

NV

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

Romania

84,060

453,983

1,640,738

Semiconductors

&

Semiconductor

Equipment

8.8%

a

Daqo

New

Energy

Corp.,

ADR

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

China

10,600

269,876

Global

Unichip

Corp.

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

Taiwan

4,000

178,629

Novatek

Microelectronics

Corp.

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

Taiwan

91,000

1,280,533

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

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

Taiwan

441,000

7,196,871

Tongwei

Co.

Ltd.,

A

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

China

48,800

182,322

United

Microelectronics

Corp.

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

Taiwan

900,000

1,293,266

10,401,497

Software

0.3%

Beijing

Kingsoft

Office

Software,

Inc.,

A

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

China

5,215

205,165

Tata

Elxsi

Ltd.

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

India

1,636

149,816

354,981

Specialty

Retail

1.0%

b

Pop

Mart

International

Group

Ltd.,

144A,

Reg

S

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

China

87,800

242,370

b

Topsports

International

Holdings

Ltd.,

144A,

Reg

S

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

China

339,000

285,076

Trent

Ltd.

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

India

24,618

637,032

1,164,478

Technology

Hardware,

Storage

&

Peripherals

6.4%

Inventec

Corp.

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

Taiwan

461,000

577,062

Lenovo

Group

Ltd.

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

China

1,214,000

1,412,753

Samsung

Electronics

Co.

Ltd.

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

South

Korea

89,468

4,446,099

Shenzhen

Transsion

Holdings

Co.

Ltd.,

A

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

China

8,735

160,553

Wistron

Corp.

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

Taiwan

366,000

1,019,774

7,616,241

Textiles,

Apparel

&

Luxury

Goods

1.2%

ANTA

Sports

Products

Ltd.

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

China

88,600

1,002,008

Bosideng

International

Holdings

Ltd.

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

China

688,000

271,639

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

8

See

Abbreviations

on

page

29

.

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Textiles,

Apparel

&

Luxury

Goods

(continued)

Pou

Chen

Corp.

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

Taiwan

135,000

$

120,238

1,393,885

Tobacco

0.4%

ITC

Ltd.

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

India

98,172

505,194

Transportation

Infrastructure

0.6%

International

Container

Terminal

Services,

Inc.

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

Philippines

79,750

281,886

Malaysia

Airports

Holdings

Bhd.

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

Malaysia

150,300

233,192

Promotora

y

Operadora

de

Infraestructura

SAB

de

CV

.........

Mexico

18,105

148,189

663,267

Wireless

Telecommunication

Services

1.8%

Advanced

Info

Service

PCL

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

Thailand

178,300

1,085,953

China

United

Network

Communications

Ltd.,

A

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

China

273,900

166,961

Etihad

Etisalat

Co.

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

Saudi

Arabia

69,185

850,152

2,103,066

Total

Common

Stocks

(Cost

$114,482,662)

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

112,527,848

Preferred

Stocks

3.1%

Banks

1.7%

d

Itau

Unibanco

Holding

SA,

5.58%

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

Brazil

150,900

802,972

d

Itausa

SA,

8.56%

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

Brazil

726,730

1,245,773

2,048,745

Electric

Utilities

0.4%

d

Cia

Energetica

de

Minas

Gerais,

9.41%

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

Brazil

220,400

513,372

Metals

&

Mining

0.8%

d

Gerdau

SA,

14.6%

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

Brazil

218,095

942,012

Oil,

Gas

&

Consumable

Fuels

0.2%

d

Petroleo

Brasileiro

SA,

22.06%

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

Brazil

23,700

163,354

Total

Preferred

Stocks

(Cost

$3,517,111)

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

3,667,483

Total

Long

Term

Investments

(Cost

$117,999,773)

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

116,195,331

a

Short

Term

Investments

0.1%

a

a

Country

Shares

a

Value

a

a

a

Money

Market

Funds

0.1%

e,f

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.035%

....

United

States

161,725

161,725

Total

Money

Market

Funds

(Cost

$161,725)

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

161,725

Total

Short

Term

Investments

(Cost

$161,725

)

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

161,725

a

Total

Investments

(Cost

$118,161,498)

98.1%

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

$116,357,056

Other

Assets,

less

Liabilities

1.9%

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

2,235,634

Net

Assets

100.0%

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

$118,592,690

a

a

a

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

9

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

October

31,

2023,

the

aggregate

value

of

these

securities

was

$7,007,177,

representing

5.9%

of

net

assets.

c

Fair

valued

using

significant

unobservable

inputs.

See

Note

4

regarding

fair

value

measurements.

d

Variable

rate

security.

The

rate

shown

represents

the

yield

at

period

end.

e

See

Note

3

regarding

investments

in

affiliated

management

investment

companies.

f

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited),

October

31,

2023

Franklin

International

Core

Equity

(IU)

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

10

I

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

97.8%

Aerospace

&

Defense

1.6%

BAE

Systems

plc

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

United

Kingdom

730,946

$

9,826,557

Dassault

Aviation

SA

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

France

10,794

2,145,528

11,972,085

Air

Freight

&

Logistics

0.5%

Deutsche

Post

AG

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

Germany

18,511

722,666

DSV

A/S

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

Denmark

10,056

1,502,650

Nippon

Express

Holdings,

Inc.

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

Japan

36,800

1,891,227

4,116,543

Automobile

Components

0.5%

Bridgestone

Corp.

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

Japan

43,800

1,657,511

Continental

AG

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

Germany

19,948

1,302,261

Valeo

SE

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

France

42,574

562,481

3,522,253

Automobiles

3.9%

Bayerische

Motoren

Werke

AG

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

Germany

85,836

7,982,368

Mazda

Motor

Corp.

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

Japan

318,700

3,080,348

Stellantis

NV

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

United

States

531,880

9,935,826

Subaru

Corp.

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

Japan

171,400

2,966,789

Toyota

Motor

Corp.

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

Japan

355,900

6,225,615

30,190,946

Banks

8.0%

a

ABN

AMRO

Bank

NV,

CVA,

144A,

Reg

S

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

Netherlands

213,556

2,876,029

Banco

Bilbao

Vizcaya

Argentaria

SA

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

Spain

1,264,924

9,950,513

Credit

Agricole

SA

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

France

649,074

7,836,756

Erste

Group

Bank

AG

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

Austria

104,238

3,732,333

HSBC

Holdings

plc

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

United

Kingdom

546,277

3,943,541

Mitsubishi

UFJ

Financial

Group,

Inc.

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

Japan

182,100

1,527,563

NatWest

Group

plc

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

United

Kingdom

1,580,786

3,438,794

Standard

Chartered

plc

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

United

Kingdom

923,588

7,080,005

Sumitomo

Mitsui

Financial

Group,

Inc.

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

Japan

217,600

10,489,364

UniCredit

SpA

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

Italy

437,298

10,961,856

61,836,754

Beverages

1.2%

Carlsberg

A/S,

B

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

Denmark

8,422

1,003,591

Coca-Cola

HBC

AG

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

Italy

118,683

3,080,576

Pernod

Ricard

SA

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

France

31,058

5,514,647

9,598,814

Biotechnology

0.5%

CSL

Ltd.

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

United

States

28,374

4,193,123

Broadline

Retail

0.9%

Next

plc

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

United

Kingdom

63,424

5,316,531

Wesfarmers

Ltd.

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

Australia

39,242

1,262,466

6,578,997

Building

Products

1.6%

Cie

de

Saint-Gobain

SA

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

France

154,217

8,393,877

Kingspan

Group

plc

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

Ireland

57,258

3,853,032

12,246,909

Capital

Markets

3.3%

3i

Group

plc

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

United

Kingdom

374,337

8,824,149

Deutsche

Bank

AG

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

Germany

825,676

9,085,334

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

Franklin

International

Core

Equity

(IU)

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

11

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Capital

Markets

(continued)

b

Futu

Holdings

Ltd.,

ADR

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

Hong

Kong

30,300

$

1,680,135

Partners

Group

Holding

AG

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

Switzerland

4,650

4,923,445

Singapore

Exchange

Ltd.

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

Singapore

130,900

906,241

25,419,304

Chemicals

2.9%

Air

Liquide

SA

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

France

22,591

3,870,653

BASF

SE

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

Germany

29,419

1,359,240

ICL

Group

Ltd.

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

Israel

325,291

1,581,198

Nitto

Denko

Corp.

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

Japan

76,200

4,930,255

Shin-Etsu

Chemical

Co.

Ltd.

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

Japan

225,700

6,748,747

Solvay

SA

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

Belgium

37,871

4,003,179

22,493,272

Commercial

Services

&

Supplies

0.2%

Brambles

Ltd.

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

Australia

89,971

750,817

Dai

Nippon

Printing

Co.

Ltd.

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

Japan

29,100

759,089

1,509,906

Communications

Equipment

0.2%

Telefonaktiebolaget

LM

Ericsson,

B

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

Sweden

295,439

1,323,374

Construction

&

Engineering

0.7%

ACS

Actividades

de

Construccion

y

Servicios

SA

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

Spain

106,618

3,855,364

Eiffage

SA

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

France

14,934

1,355,141

5,210,505

Construction

Materials

0.6%

CRH

plc

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

United

States

82,325

4,417,217

Consumer

Staples

Distribution

&

Retail

1.6%

Carrefour

SA

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

France

73,732

1,292,508

Jeronimo

Martins

SGPS

SA

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

Portugal

62,327

1,436,805

Koninklijke

Ahold

Delhaize

NV

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

Netherlands

291,535

8,632,057

MatsukiyoCocokara

&

Co.

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

Japan

43,100

756,001

12,117,371

Containers

&

Packaging

0.1%

Smurfit

Kappa

Group

plc

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

Ireland

21,489

700,388

Diversified

Consumer

Services

0.1%

Pearson

plc

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

United

Kingdom

86,172

997,299

Diversified

REITs

0.2%

Stockland

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

Australia

833,677

1,881,412

Diversified

Telecommunication

Services

1.8%

Deutsche

Telekom

AG

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

Germany

133,297

2,892,760

Swisscom

AG

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

Switzerland

12,312

7,376,808

Telenor

ASA

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

Norway

354,460

3,623,381

13,892,949

Electric

Utilities

1.3%

BKW

AG

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

Switzerland

10,814

1,817,821

Chubu

Electric

Power

Co.,

Inc.

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

Japan

352,000

4,253,343

Endesa

SA

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

Spain

140,169

2,636,984

Origin

Energy

Ltd.

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

Australia

266,051

1,543,201

10,251,349

Electrical

Equipment

2.0%

ABB

Ltd.

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

Switzerland

118,250

3,972,712

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

Franklin

International

Core

Equity

(IU)

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

12

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Electrical

Equipment

(continued)

Mitsubishi

Electric

Corp.

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

Japan

224,200

$

2,570,622

Prysmian

SpA

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

Italy

119,297

4,466,892

Schneider

Electric

SE

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

United

States

26,741

4,113,909

15,124,135

Electronic

Equipment,

Instruments

&

Components

0.8%

Azbil

Corp.

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

Japan

61,000

1,802,350

Ibiden

Co.

Ltd.

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

Japan

23,600

1,006,154

Keyence

Corp.

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

Japan

3,700

1,432,245

Yokogawa

Electric

Corp.

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

Japan

115,000

2,087,713

6,328,462

Entertainment

0.5%

Capcom

Co.

Ltd.

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

Japan

92,100

2,964,442

Nintendo

Co.

Ltd.

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

Japan

25,500

1,053,449

4,017,891

Financial

Services

1.3%

Eurazeo

SE

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

France

22,547

1,271,005

EXOR

NV

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

Netherlands

39,676

3,405,037

Industrivarden

AB,

A

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

Sweden

67,236

1,739,611

Investor

AB,

B

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

Sweden

89,698

1,646,455

Washington

H

Soul

Pattinson

&

Co.

Ltd.

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

Australia

89,463

1,905,758

9,967,866

Food

Products

2.8%

Chocoladefabriken

Lindt

&

Spruengli

AG

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

Switzerland

146

1,616,309

Danone

SA

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

France

19,653

1,169,055

MEIJI

Holdings

Co.

Ltd.

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

Japan

86,200

2,121,589

Nestle

SA

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

United

States

107,924

11,637,753

Nissin

Foods

Holdings

Co.

Ltd.

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

Japan

30,500

2,653,590

a

WH

Group

Ltd.,

144A,

Reg

S

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

Hong

Kong

4,495,000

2,684,529

21,882,825

Gas

Utilities

0.6%

Tokyo

Gas

Co.

Ltd.

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

Japan

195,500

4,390,085

Ground

Transportation

0.3%

Keisei

Electric

Railway

Co.

Ltd.

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

Japan

54,600

2,056,627

Health

Care

Equipment

&

Supplies

1.5%

BioMerieux

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

France

19,381

1,860,640

Cochlear

Ltd.

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

Australia

29,711

4,553,569

b

Demant

A/S

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

Denmark

53,466

2,040,066

Hoya

Corp.

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

Japan

27,400

2,637,586

Straumann

Holding

AG

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

Switzerland

5,298

626,106

11,717,967

Health

Care

Providers

&

Services

0.3%

Sonic

Healthcare

Ltd.

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

Australia

117,006

2,142,336

Health

Care

Technology

0.1%

M3,

Inc.

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

Japan

39,900

614,467

Hotels,

Restaurants

&

Leisure

1.5%

Compass

Group

plc

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

United

Kingdom

32,048

807,808

InterContinental

Hotels

Group

plc

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

United

Kingdom

46,968

3,327,588

a

La

Francaise

des

Jeux

SAEM,

144A,

Reg

S

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

France

52,488

1,692,942

Lottery

Corp.

Ltd.

(The)

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

Australia

1,077,107

3,108,900

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

Franklin

International

Core

Equity

(IU)

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

13

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Hotels,

Restaurants

&

Leisure

(continued)

Zensho

Holdings

Co.

Ltd.

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

Japan

50,000

$

2,627,920

11,565,158

Household

Durables

0.9%

Panasonic

Holdings

Corp.

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

Japan

498,300

4,371,542

Sekisui

House

Ltd.

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

Japan

138,900

2,719,865

7,091,407

Independent

Power

and

Renewable

Electricity

Producers

0.1%

RWE

AG

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

Germany

26,917

1,029,893

Industrial

Conglomerates

1.9%

Hitachi

Ltd.

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

Japan

157,400

9,976,397

Siemens

AG

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

Germany

32,098

4,258,966

14,235,363

Industrial

REITs

0.5%

Goodman

Group

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

Australia

278,389

3,683,328

Insurance

4.4%

Ageas

SA/NV

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

Belgium

48,448

1,860,850

Assicurazioni

Generali

SpA

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

Italy

158,683

3,151,726

AXA

SA

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

France

27,669

819,767

Japan

Post

Insurance

Co.

Ltd.

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

Japan

90,100

1,734,859

Medibank

Pvt

Ltd.

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

Australia

771,835

1,684,226

MS&AD

Insurance

Group

Holdings,

Inc.

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

Japan

225,600

8,265,560

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen

..

Germany

27,240

10,930,593

NN

Group

NV

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

Netherlands

111,146

3,564,380

Zurich

Insurance

Group

AG

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

Switzerland

3,019

1,433,924

33,445,885

Interactive

Media

&

Services

0.3%

a

Auto

Trader

Group

plc,

144A,

Reg

S

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

United

Kingdom

270,348

2,044,560

IT

Services

0.6%

NEC

Corp.

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

Japan

52,100

2,508,483

Otsuka

Corp.

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

Japan

47,600

1,908,378

4,416,861

Leisure

Products

0.2%

Bandai

Namco

Holdings,

Inc.

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

Japan

79,300

1,642,870

Life

Sciences

Tools

&

Services

0.5%

b

QIAGEN

NV

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

United

States

108,743

4,052,263

Machinery

3.0%

Atlas

Copco

AB,

A

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

Sweden

639,550

8,280,842

Atlas

Copco

AB,

B

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

Sweden

171,909

1,930,933

Komatsu

Ltd.

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

Japan

255,000

5,858,595

Rational

AG

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

Germany

2,681

1,528,773

SKF

AB,

B

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

Sweden

178,843

2,899,239

Wartsila

OYJ

Abp

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

Finland

227,938

2,719,840

23,218,222

Marine

Transportation

0.4%

AP

Moller

-

Maersk

A/S,

A

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

Denmark

1,642

2,680,766

Kuehne

+

Nagel

International

AG

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

Switzerland

2,793

753,129

3,433,895

Media

0.3%

Hakuhodo

DY

Holdings,

Inc.

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

Japan

112,100

909,654

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

Franklin

International

Core

Equity

(IU)

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

14

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Media

(continued)

Publicis

Groupe

SA

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

France

15,362

$

1,169,603

2,079,257

Metals

&

Mining

3.0%

ArcelorMittal

SA

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

Luxembourg

268,698

5,944,988

BlueScope

Steel

Ltd.

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

Australia

242,366

2,905,124

Fortescue

Metals

Group

Ltd.

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

Australia

400,720

5,700,125

JFE

Holdings,

Inc.

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

Japan

275,200

3,834,073

Pilbara

Minerals

Ltd.

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

Australia

1,446,981

3,398,687

voestalpine

AG

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

Austria

55,228

1,378,969

23,161,966

Multi-Utilities

0.7%

Centrica

plc

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

United

Kingdom

2,875,897

5,504,195

Oil,

Gas

&

Consumable

Fuels

5.2%

BP

plc

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

United

Kingdom

1,655,252

10,104,922

Equinor

ASA

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

Norway

86,121

2,887,014

Inpex

Corp.

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

Japan

252,300

3,660,852

Repsol

SA

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

Spain

407,658

5,968,424

Shell

plc

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

Netherlands

232,678

7,496,937

TotalEnergies

SE

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

France

152,792

10,214,323

40,332,472

Paper

&

Forest

Products

0.2%

Mondi

plc

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

Austria

112,986

1,827,231

Passenger

Airlines

0.2%

b

Qantas

Airways

Ltd.

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

Australia

222,239

696,199

Singapore

Airlines

Ltd.

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

Singapore

166,600

743,858

1,440,057

Personal

Care

Products

2.5%

Beiersdorf

AG

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

Germany

49,362

6,491,479

L'Oreal

SA

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

France

30,429

12,789,034

19,280,513

Pharmaceuticals

10.9%

AstraZeneca

plc

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

United

Kingdom

53,330

6,675,742

GSK

plc

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

United

States

594,118

10,589,029

Hikma

Pharmaceuticals

plc

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

Jordan

54,442

1,261,137

Ipsen

SA

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

France

20,024

2,366,461

Novartis

AG

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

Switzerland

184,755

17,295,732

Novo

Nordisk

A/S,

B

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

Denmark

261,246

25,201,887

Orion

OYJ,

B

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

Finland

50,058

1,991,395

Otsuka

Holdings

Co.

Ltd.

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

Japan

194,900

6,557,166

Roche

Holding

AG

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

United

States

24,587

6,335,959

b

Sandoz

Group

AG

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

Switzerland

36,950

960,611

Sanofi

SA

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

United

States

42,477

3,856,811

Shionogi

&

Co.

Ltd.

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

Japan

18,600

866,045

83,957,975

Professional

Services

2.0%

Randstad

NV

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

Netherlands

56,681

2,934,935

Recruit

Holdings

Co.

Ltd.

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

Japan

58,300

1,671,509

RELX

plc

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

United

Kingdom

62,950

2,198,247

Wolters

Kluwer

NV

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

Netherlands

65,149

8,358,216

15,162,907

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

Franklin

International

Core

Equity

(IU)

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

15

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Real

Estate

Management

&

Development

1.3%

CK

Asset

Holdings

Ltd.

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

Hong

Kong

344,500

$

1,721,901

Daiwa

House

Industry

Co.

Ltd.

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

Japan

159,000

4,373,114

Hulic

Co.

Ltd.

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

Japan

172,400

1,580,482

Nomura

Real

Estate

Holdings,

Inc.

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

Japan

30,500

712,313

Swire

Pacific

Ltd.,

A

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

Hong

Kong

222,000

1,418,083

9,805,893

Retail

REITs

0.3%

Klepierre

SA

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

France

86,247

2,094,205

Semiconductors

&

Semiconductor

Equipment

3.8%

Advantest

Corp.

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

Japan

275,000

7,083,158

ASM

International

NV

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

Netherlands

1,826

753,482

ASML

Holding

NV

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

Netherlands

15,025

9,030,980

BE

Semiconductor

Industries

NV

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

Netherlands

6,901

712,804

Disco

Corp.

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

Japan

19,100

3,372,819

STMicroelectronics

NV

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

Singapore

214,015

8,157,504

29,110,747

Software

2.3%

b

Check

Point

Software

Technologies

Ltd.

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

Israel

30,949

4,154,903

Oracle

Corp.

Japan

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

Japan

19,400

1,376,140

Sage

Group

plc

(The)

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

United

Kingdom

501,324

5,921,336

SAP

SE

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

Germany

6,133

822,556

b

Xero

Ltd.

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

New

Zealand

75,465

5,158,929

17,433,864

Specialty

Retail

1.1%

Industria

de

Diseno

Textil

SA

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

Spain

235,920

8,142,711

Technology

Hardware,

Storage

&

Peripherals

0.6%

FUJIFILM

Holdings

Corp.

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

Japan

29,200

1,597,071

Logitech

International

SA

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

Switzerland

13,850

1,090,092

Seiko

Epson

Corp.

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

Japan

119,400

1,657,542

4,344,705

Textiles,

Apparel

&

Luxury

Goods

3.6%

Burberry

Group

plc

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

United

Kingdom

197,785

4,075,524

Cie

Financiere

Richemont

SA

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

Switzerland

28,542

3,367,072

Hermes

International

SCA

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

France

1,836

3,425,332

LVMH

Moet

Hennessy

Louis

Vuitton

SE

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

France

9,633

6,895,907

Pandora

A/S

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

Denmark

45,556

5,166,548

Swatch

Group

AG

(The),

I

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

Switzerland

12,352

3,161,644

Swatch

Group

AG

(The),

N

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

Switzerland

25,842

1,251,480

27,343,507

Tobacco

0.7%

Imperial

Brands

plc

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

United

Kingdom

36,342

774,078

Japan

Tobacco,

Inc.

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

Japan

189,600

4,413,383

5,187,461

Trading

Companies

&

Distributors

1.9%

Marubeni

Corp.

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

Japan

251,800

3,681,520

Mitsubishi

Corp.

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

Japan

202,900

9,457,673

Toyota

Tsusho

Corp.

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

Japan

32,300

1,719,419

14,858,612

Transportation

Infrastructure

0.2%

a

Aena

SME

SA,

144A,

Reg

S

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

Spain

8,872

1,287,212

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

Franklin

International

Core

Equity

(IU)

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

16

See

Abbreviations

on

page

29

.

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Wireless

Telecommunication

Services

0.8%

KDDI

Corp.

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

Japan

206,200

$

6,168,013

Total

Common

Stocks

(Cost

$694,539,263)

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

751,096,639

Preferred

Stocks

0.5%

Household

Products

0.5%

c

Henkel

AG

&

Co.

KGaA,

2.71%

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

Germany

53,351

3,848,115

Total

Preferred

Stocks

(Cost

$3,828,268)

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

3,848,115

Rights

Rights

0.0%

Tobacco

0.0%

b,d

Swedish

Match

AB,

2/23/28

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

Sweden

314,685

—

Total

Rights

(Cost

$3,314,738)

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

—

Total

Long

Term

Investments

(Cost

$701,682,269)

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

754,944,754

a

Short

Term

Investments

1.1%

a

a

Country

Shares

a

Value

a

a

a

Money

Market

Funds

1.1%

e,f

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.035%

....

United

States

8,452,230

8,452,230

Total

Money

Market

Funds

(Cost

$8,452,230)

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

8,452,230

Total

Short

Term

Investments

(Cost

$8,452,230

)

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

8,452,230

a

Total

Investments

(Cost

$710,134,499)

99.4%

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

$763,396,984

Other

Assets,

less

Liabilities

0.6%

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

4,533,406

Net

Assets

100.0%

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

$767,930,390

a

a

a

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

October

31,

2023,

the

aggregate

value

of

these

securities

was

$10,585,272,

representing

1.4%

of

net

assets.

b

Non-income

producing.

c

Variable

rate

security.

The

rate

shown

represents

the

yield

at

period

end.

d

Fair

valued

using

significant

unobservable

inputs.

See

Note

4

regarding

fair

value

measurements.

e

See

Note

3

regarding

investments

in

affiliated

management

investment

companies.

f

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited),

October

31,

2023

Franklin

U.S.

Core

Equity

(IU)

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

17

a

a

Shares

a

Value

a

Common

Stocks

99.0%

Aerospace

&

Defense

0.5%

Curtiss-Wright

Corp.,

A

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

9,067

$

1,802,610

Lockheed

Martin

Corp.

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

13,090

5,951,238

7,753,848

Air

Freight

&

Logistics

0.6%

CH

Robinson

Worldwide,

Inc.

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

20,812

1,703,046

Expeditors

International

of

Washington,

Inc.

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

74,621

8,152,344

9,855,390

Automobiles

2.3%

General

Motors

Co.

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

620,900

17,509,380

a

Tesla,

Inc.

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

101,707

20,426,834

Thor

Industries,

Inc.

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

23,448

2,061,782

39,997,996

Banks

2.3%

First

Citizens

BancShares,

Inc.,

A

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

4,890

6,751,818

JPMorgan

Chase

&

Co.

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

240,445

33,436,282

40,188,100

Beverages

1.5%

Molson

Coors

Beverage

Co.,

B

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

85,000

4,910,450

PepsiCo,

Inc.

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

125,869

20,551,890

25,462,340

Biotechnology

7.2%

AbbVie,

Inc.

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

167,579

23,658,803

Amgen,

Inc.

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

55,000

14,063,500

a

Biogen,

Inc.

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

69,570

16,525,658

a

Exelixis,

Inc.

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

144,148

2,968,007

Gilead

Sciences,

Inc.

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

294,854

23,157,833

a

Regeneron

Pharmaceuticals,

Inc.

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

26,451

20,628,871

a

United

Therapeutics

Corp.

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

7,899

1,760,371

a

Vertex

Pharmaceuticals,

Inc.

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

62,264

22,546,417

125,309,460

Broadline

Retail

3.0%

a

Amazon.com,

Inc.

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

388,663

51,727,159

a

Building

Products

0.7%

a

Builders

FirstSource,

Inc.

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

61,201

6,641,533

Owens

Corning

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

40,982

4,646,129

11,287,662

Capital

Markets

1.0%

Affiliated

Managers

Group,

Inc.

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

14,662

1,799,907

Evercore,

Inc.,

A

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

15,653

2,037,707

Jefferies

Financial

Group,

Inc.

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

85,359

2,746,853

MSCI,

Inc.,

A

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

3,409

1,607,514

SEI

Investments

Co.

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

45,123

2,421,300

State

Street

Corp.

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

37,501

2,423,690

T

Rowe

Price

Group,

Inc.

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

18,651

1,687,915

XP,

Inc.,

A

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

156,230

3,124,600

17,849,486

Chemicals

0.6%

CF

Industries

Holdings,

Inc.

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

90,297

7,203,895

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

Franklin

U.S.

Core

Equity

(IU)

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

18

a

a

Shares

a

Value

a

Common

Stocks

(continued)

Chemicals

(continued)

Linde

plc

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

4,693

$

1,793,477

LyondellBasell

Industries

NV,

A

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

18,689

1,686,495

10,683,867

Commercial

Services

&

Supplies

0.1%

a

Copart,

Inc.

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

40,818

1,776,399

a

Communications

Equipment

1.9%

Cisco

Systems,

Inc.

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

506,396

26,398,424

a

F5,

Inc.

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

11,446

1,735,099

Motorola

Solutions,

Inc.

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

15,818

4,404,680

32,538,203

Construction

&

Engineering

0.3%

EMCOR

Group,

Inc.

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

21,161

4,372,921

Consumer

Finance

0.3%

Synchrony

Financial

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

209,486

5,876,082

Consumer

Staples

Distribution

&

Retail

2.8%

Albertsons

Cos.,

Inc.,

A

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

182,669

3,963,918

Casey's

General

Stores,

Inc.

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

7,654

2,081,199

Kroger

Co.

(The)

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

319,325

14,487,775

Walmart,

Inc.

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

173,878

28,413,404

48,946,296

Containers

&

Packaging

0.2%

Packaging

Corp.

of

America

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

23,225

3,554,586

Diversified

Consumer

Services

0.2%

H&R

Block,

Inc.

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

68,464

2,810,447

Electric

Utilities

0.6%

Edison

International

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

27,442

1,730,493

Evergy,

Inc.

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

34,988

1,719,310

OGE

Energy

Corp.

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

54,135

1,851,417

a

PG&E

Corp.

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

338,810

5,522,603

10,823,823

Electrical

Equipment

0.9%

Acuity

Brands,

Inc.

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

11,414

1,848,725

Eaton

Corp.

plc

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

8,369

1,739,999

Emerson

Electric

Co.

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

18,446

1,641,140

Hubbell,

Inc.,

B

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

24,757

6,686,866

nVent

Electric

plc

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

70,790

3,407,123

15,323,853

Electronic

Equipment,

Instruments

&

Components

0.6%

a

Arrow

Electronics,

Inc.

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

14,253

1,616,433

Jabil,

Inc.

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

57,834

7,102,015

Vontier

Corp.

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

61,241

1,810,284

10,528,732

Energy

Equipment

&

Services

0.1%

TechnipFMC

plc

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

99,421

2,139,540

Entertainment

1.3%

Electronic

Arts,

Inc.

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

121,617

15,054,969

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

Franklin

U.S.

Core

Equity

(IU)

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

19

a

a

Shares

a

Value

a

Common

Stocks

(continued)

Entertainment

(continued)

a

Netflix,

Inc.

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

17,615

$

7,251,919

22,306,888

Financial

Services

5.7%

a

Berkshire

Hathaway,

Inc.,

B

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

133,333

45,510,553

Mastercard,

Inc.,

A

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

47,168

17,751,677

MGIC

Investment

Corp.

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

130,482

2,197,317

Visa,

Inc.,

A

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

133,157

31,305,211

Western

Union

Co.

(The)

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

163,567

1,846,671

98,611,429

Food

Products

0.8%

Archer-Daniels-Midland

Co.

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

23,705

1,696,567

Flowers

Foods,

Inc.

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

81,381

1,784,685

Hershey

Co.

(The)

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

50,734

9,505,015

12,986,267

Gas

Utilities

0.1%

Atmos

Energy

Corp.

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

17,738

1,909,673

Ground

Transportation

0.7%

Landstar

System,

Inc.

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

16,224

2,673,391

Ryder

System,

Inc.

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

20,244

1,974,600

a

Saia,

Inc.

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

12,067

4,325,899

a

XPO,

Inc.

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

50,234

3,808,239

12,782,129

Health

Care

Equipment

&

Supplies

1.3%

a

Boston

Scientific

Corp.

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

383,689

19,641,040

a

IDEXX

Laboratories,

Inc.

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

4,856

1,939,826

Zimmer

Biomet

Holdings,

Inc.

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

15,660

1,635,061

23,215,927

Health

Care

Providers

&

Services

3.8%

Cardinal

Health,

Inc.

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

74,678

6,795,698

HCA

Healthcare,

Inc.

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

9,246

2,090,891

Humana,

Inc.

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

41,371

21,665,579

McKesson

Corp.

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

45,888

20,895,560

UnitedHealth

Group,

Inc.

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

28,374

15,195,979

66,643,707

Health

Care

REITs

0.1%

Omega

Healthcare

Investors,

Inc.

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

59,177

1,958,759

Health

Care

Technology

0.1%

a

Veeva

Systems,

Inc.,

A

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

8,737

1,683,707

a

Hotels,

Restaurants

&

Leisure

2.1%

a

Booking

Holdings,

Inc.

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

7,496

20,910,542

Boyd

Gaming

Corp.

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

32,010

1,768,553

Domino's

Pizza,

Inc.

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

16,470

5,583,165

a

Royal

Caribbean

Cruises

Ltd.

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

105,403

8,930,796

37,193,056

Household

Durables

1.7%

Lennar

Corp.,

A

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

126,249

13,468,243

a

NVR,

Inc.

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

911

4,930,897

PulteGroup,

Inc.

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

112,759

8,297,935

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

Franklin

U.S.

Core

Equity

(IU)

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

20

a

a

Shares

a

Value

a

Common

Stocks

(continued)

Household

Durables

(continued)

Toll

Brothers,

Inc.

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

51,468

$

3,639,302

30,336,377

Household

Products

0.2%

Clorox

Co.

(The)

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

12,197

1,435,587

Colgate-Palmolive

Co.

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

24,827

1,865,004

3,300,591

Independent

Power

and

Renewable

Electricity

Producers

0.3%

Vistra

Corp.

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

161,786

5,293,638

Industrial

Conglomerates

1.3%

General

Electric

Co.

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

211,966

23,025,867

Industrial

REITs

0.1%

First

Industrial

Realty

Trust,

Inc.

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

55,550

2,349,765

Insurance

1.3%

American

International

Group,

Inc.

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

141,997

8,705,836

Cincinnati

Financial

Corp.

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

17,534

1,747,614

Old

Republic

International

Corp.

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

121,990

3,340,086

Primerica,

Inc.

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

15,312

2,927,042

RLI

Corp.

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

17,467

2,327,303

Unum

Group

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

85,414

4,176,745

23,224,626

Interactive

Media

&

Services

5.9%

a

Alphabet,

Inc.,

A

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

226,561

28,111,689

a

Alphabet,

Inc.,

C

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

235,532

29,512,160

a

Meta

Platforms,

Inc.,

A

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

149,479

45,033,538

102,657,387

IT

Services

0.9%

a

Akamai

Technologies,

Inc.

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

16,565

1,711,661

Cognizant

Technology

Solutions

Corp.,

A

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

46,587

3,003,464

a

Gartner,

Inc.

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

5,121

1,700,377

a

VeriSign,

Inc.

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

42,907

8,566,812

14,982,314

Leisure

Products

0.1%

Polaris,

Inc.

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

24,472

2,114,870

Life

Sciences

Tools

&

Services

0.7%

a

Medpace

Holdings,

Inc.

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

10,578

2,566,963

a

Mettler-Toledo

International,

Inc.

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

2,834

2,792,057

West

Pharmaceutical

Services,

Inc.

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

21,618

6,880,793

12,239,813

Machinery

0.5%

Allison

Transmission

Holdings,

Inc.

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

40,834

2,058,850

Snap-on,

Inc.

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

24,950

6,435,603

8,494,453

Media

1.5%

Comcast

Corp.,

A

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

590,168

24,368,037

New

York

Times

Co.

(The),

A

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

42,094

1,696,809

26,064,846

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

Franklin

U.S.

Core

Equity

(IU)

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

21

a

a

Shares

a

Value

a

Common

Stocks

(continued)

Metals

&

Mining

1.9%

Nucor

Corp.

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

119,712

$

17,692,237

Reliance

Steel

&

Aluminum

Co.

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

26,558

6,755,824

Steel

Dynamics,

Inc.

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

75,871

8,081,020

32,529,081

Multi-Utilities

0.8%

Consolidated

Edison,

Inc.

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

155,495

13,650,906

Oil,

Gas

&

Consumable

Fuels

5.0%

Cheniere

Energy,

Inc.

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

85,491

14,227,412

Exxon

Mobil

Corp.

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

116,445

12,325,703

HF

Sinclair

Corp.

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

61,907

3,428,410

Marathon

Oil

Corp.

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

68,131

1,860,658

Marathon

Petroleum

Corp.

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

136,925

20,709,906

Phillips

66

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

118,993

13,573,531

Range

Resources

Corp.

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

56,403

2,021,484

Valero

Energy

Corp.

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

147,221

18,697,067

86,844,171

Passenger

Airlines

0.2%

a

United

Airlines

Holdings,

Inc.

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

104,036

3,642,300

a

Pharmaceuticals

2.4%

Eli

Lilly

&

Co.

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

23,130

12,812,401

Johnson

&

Johnson

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

60,766

9,014,028

Merck

&

Co.,

Inc.

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

184,544

18,952,669

40,779,098

Professional

Services

1.2%

Booz

Allen

Hamilton

Holding

Corp.,

A

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

16,079

1,928,354

Robert

Half,

Inc.

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

25,050

1,872,989

Science

Applications

International

Corp.

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

15,757

1,721,295

Verisk

Analytics,

Inc.,

A

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

69,640

15,833,350

21,355,988

Retail

REITs

0.1%

Brixmor

Property

Group,

Inc.

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

105,083

2,184,676

Semiconductors

&

Semiconductor

Equipment

6.8%

Applied

Materials,

Inc.

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

105,113

13,911,706

Broadcom,

Inc.

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

12,636

10,631,551

a

Cirrus

Logic,

Inc.

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

24,101

1,613,080

KLA

Corp.

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

27,521

12,926,614

Lam

Research

Corp.

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

24,891

14,641,384

a

Lattice

Semiconductor

Corp.

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

19,291

1,072,772

NVIDIA

Corp.

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

139,929

57,063,046

a

ON

Semiconductor

Corp.

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

69,633

4,361,811

QUALCOMM,

Inc.

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

15,829

1,725,203

117,947,167

Software

11.1%

a

Adobe,

Inc.

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

55,350

29,449,521

a

AppLovin

Corp.,

A

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

44,713

1,629,342

a

Cadence

Design

Systems,

Inc.

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

87,191

20,912,761

a

Dropbox,

Inc.,

A

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

116,227

3,056,770

a

Fair

Isaac

Corp.

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

12,108

10,241,794

a

Manhattan

Associates,

Inc.

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

26,529

5,172,625

Microsoft

Corp.

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

343,481

116,134,361

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

Franklin

U.S.

Core

Equity

(IU)

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

22

a

a

Shares

a

Value

a

Common

Stocks

(continued)

Software

(continued)

Oracle

Corp.

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

15,156

$

1,567,130

a

Synopsys,

Inc.

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

5,493

2,578,634

a

Teradata

Corp.

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

44,021

1,880,577

192,623,515

Specialized

REITs

1.4%

Public

Storage

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

73,610

17,571,443

Weyerhaeuser

Co.

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

246,379

7,068,614

24,640,057

Specialty

Retail

2.0%

a

AutoNation,

Inc.

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

13,558

1,763,625

a

AutoZone,

Inc.

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

721

1,786,011

Best

Buy

Co.,

Inc.

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

94,944

6,344,158

Murphy

USA,

Inc.

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

8,768

3,180,066

a

O'Reilly

Automotive,

Inc.

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

11,260

10,476,754

TJX

Cos.,

Inc.

(The)

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

62,148

5,473,374

a

Ulta

Beauty,

Inc.

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

4,438

1,692,254

Williams-Sonoma,

Inc.

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

28,796

4,326,311

35,042,553

Technology

Hardware,

Storage

&

Peripherals

7.0%

Apple,

Inc.

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

670,285

114,464,569

NetApp,

Inc.

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

103,916

7,563,007

122,027,576

Textiles,

Apparel

&

Luxury

Goods

0.5%

a

Deckers

Outdoor

Corp.

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

10,968

6,548,554

Ralph

Lauren

Corp.,

A

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

15,724

1,769,422

8,317,976

Trading

Companies

&

Distributors

0.3%

MSC

Industrial

Direct

Co.,

Inc.,

A

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

20,893

1,979,612

WW

Grainger,

Inc.

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

4,955

3,616,307

5,595,919

Water

Utilities

0.1%

Essential

Utilities,

Inc.

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

51,290

1,716,163

Total

Common

Stocks

(Cost

$1,500,501,895)

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

1,721,079,425

a

a

a

a

Short

Term

Investments

0.9%

a

Money

Market

Funds

0.9%

b,c

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.035%

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

14,967,294

14,967,294

Total

Money

Market

Funds

(Cost

$14,967,294)

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

14,967,294

Total

Short

Term

Investments

(Cost

$14,967,294

)

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

14,967,294

a

Total

Investments

(Cost

$1,515,469,189)

99.9%

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

$1,736,046,719

Other

Assets,

less

Liabilities

0.1%

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

1,635,592

Net

Assets

100.0%

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

$1,737,682,311

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

Franklin

U.S.

Core

Equity

(IU)

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

23

See

Abbreviations

on

page

29

.

a

Non-income

producing.

b

See

Note

3

regarding

investments

in

affiliated

management

investment

companies.

c

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Fund

Allocator

Series

Notes

to

Schedules

of

Investments

(unaudited)

24

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,

three

of

which

are

included

in

this

report

(Funds).

The

Trust

follows

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. 

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. 

Equity

securities

and

exchange

traded

funds

listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price

of

the

day,

respectively.

Foreign

equity

securities

are

valued

as

of

the

close

of

trading

on

the

foreign

stock

exchange

on

which

the

security

is

primarily

traded

or

as

of

4

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

4

p.m. Eastern

time

on

the

day

that

the

value

of

the

security

is

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities. 

Investments

in

open-end

mutual

funds

are

valued

at

the

closing

NAV.

The

Funds

have procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the

Funds

primarily employ

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed. 

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

4

p.m.

Eastern

time.

In

addition,

trading

in

certain

foreign

markets

may

not

take

place

on

every

Funds’ business

day.

Events

can

occur

between

the

time

at

which

trading

in

a

foreign

security

is

completed

and

4

p.m.

Eastern

time

that

might

call

into

question

the

reliability

of

the

value

of

a

portfolio

security

held

by

the

Fund.

As

a

result,

differences

may

arise

between

the

value

of

the

Funds’

portfolio

securities

as

determined

at

the

foreign

market

close

and

the

latest

indications

of

value

at

4

p.m.

Eastern

time.

In

order

to

minimize

the

potential

for

these

differences,

an

independent

pricing

service

may

be

used

to

adjust

the

value

of

the

Funds'

portfolio

securities

to

the

latest

indications

of

fair

value

at 4

p.m.

Eastern

time.

At

October

31,

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.

Franklin

Fund

Allocator

Series

Notes

to

Schedules

of

Investments

(unaudited)

25

Quarterly

Schedules

of

Investments

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

Affiliated

Management

Investment

Companies 

Certain

or

all

Funds

invest

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

“Controlled

Affiliate”

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund’s

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Funds

do

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

During

the

period

ended

October

31,

2023,

investments

in

affiliated

management

investment

companies

were

as

follows: 

4. 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

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Investment

Income

a      

a  

a  

a  

a  

a  

a  

a  

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.035%

$1,411,873

$5,723,634

$(6,973,782)

$—

$—

$161,725

161,725

$5,698

Total

Affiliated

Securities

...

$1,411,873

$5,723,634

$(6,973,782)

$—

$—

$161,725

$5,698

Franklin

International

Core

Equity

(IU)

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.035%

$7,035,498

$47,383,421

$(45,966,689)

$—

$—

$8,452,230

8,452,230

$110,218

Total

Affiliated

Securities

...

$7,035,498

$47,383,421

$(45,966,689)

$—

$—

$8,452,230

$110,218

Franklin

U.S.

Core

Equity

(IU)

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.035%

$15,977,991

$22,978,134

$(23,988,831)

$—

$—

$14,967,294

14,967,294

$151,023

Total

Affiliated

Securities

...

$15,977,991

$22,978,134

$(23,988,831)

$—

$—

$14,967,294

$151,023

2. Financial

Instrument

Valuation

(continued)

Franklin

Fund

Allocator

Series

Notes

to

Schedules

of

Investments

(unaudited)

26

Quarterly

Schedules

of

Investments

• Level

2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

• Level

3

–

significant

unobservable

inputs

(including

the

Funds'

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level. 

A

summary

of

inputs

used

as

of

October

31,

2023,

in

valuing

the

Funds’

assets carried

at

fair

value,

is

as

follows:  

Level

1

Level

2

Level

3

Total

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

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

$

—

$

107,336

$

—

$

107,336

Air

Freight

&

Logistics

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

424,260

—

—

424,260

Automobile

Components

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

—

810,368

—

810,368

Automobiles

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

—

3,549,473

—

3,549,473

Banks

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

2,741,916

14,147,839

—

16,889,755

Beverages

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

964,265

753,787

—

1,718,052

Biotechnology

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

—

1,118,604

—

1,118,604

Broadline

Retail

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

2,734,564

2,835,250

—

5,569,814

Capital

Markets

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

—

1,495,348

—

1,495,348

Chemicals

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

162,813

3,898,599

—

a

4,061,412

Communications

Equipment

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

—

269,373

—

269,373

Construction

&

Engineering

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

—

694,532

—

694,532

Construction

Materials

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

541,664

300,110

—

841,774

Consumer

Finance

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

125,174

473,131

—

598,305

Consumer

Staples

Distribution

&

Retail

......

1,589,692

514,734

—

2,104,426

Containers

&

Packaging

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

117,610

—

—

117,610

Diversified

Consumer

Services

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

—

246,807

—

246,807

Diversified

REITs

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

134,038

—

—

134,038

Diversified

Telecommunication

Services

.....

—

1,874,244

—

1,874,244

Electric

Utilities

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

—

692,983

—

a

692,983

Electrical

Equipment

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

—

1,830,454

—

1,830,454

Electronic

Equipment,

Instruments

&

Components

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

—

2,731,502

—

2,731,502

Energy

Equipment

&

Services

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

—

120,694

—

120,694

Entertainment

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

—

2,009,580

—

2,009,580

Financial

Services

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

105,309

1,117,982

—

1,223,291

Food

Products

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

450,554

1,886,862

—

2,337,416

Gas

Utilities

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

—

356,001

—

356,001

Health

Care

Equipment

&

Supplies

.........

—

257,665

—

257,665

Health

Care

Providers

&

Services

..........

—

1,262,197

—

1,262,197

Hotels,

Restaurants

&

Leisure

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

1,327,889

2,026,463

—

3,354,352

Household

Durables

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

—

488,181

—

488,181

Household

Products

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

118,045

—

—

118,045

Independent

Power

and

Renewable

Electricity

Producers

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

720,277

162,294

—

882,571

Industrial

Conglomerates

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

507,696

661,882

—

1,169,578

Insurance

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

985,585

2,400,179

—

3,385,764

Interactive

Media

&

Services

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

645,494

5,530,559

—

6,176,053

IT

Services

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

669,500

2,328,988

—

2,998,488

Life

Sciences

Tools

&

Services

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

—

1,035,880

—

1,035,880

Machinery

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

—

640,026

—

640,026

Marine

Transportation

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

—

418,964

—

418,964

4. Fair

Value

Measurements 

(continued)

Franklin

Fund

Allocator

Series

Notes

to

Schedules

of

Investments

(unaudited)

27

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

Common

Stocks:

Media

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

$

—

$

114,497

$

—

$

114,497

Metals

&

Mining

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

1,088,134

1,513,784

—

a

2,601,918

Oil,

Gas

&

Consumable

Fuels

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

2,298,459

2,395,624

—

4,694,083

Passenger

Airlines

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

313,230

—

—

313,230

Personal

Care

Products

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

—

705,125

—

705,125

Pharmaceuticals

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

—

2,140,432

—

2,140,432

Real

Estate

Management

&

Development

....

967,781

672,957

—

1,640,738

Semiconductors

&

Semiconductor

Equipment

.

269,876

10,131,62

1

—

10,401,49

7

Software

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

—

354,981

—

354,981

Specialty

Retail

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

—

1,164,478

—

1,164,478

Technology

Hardware,

Storage

&

Peripherals

.

—

7,616,241

—

7,616,241

Textiles,

Apparel

&

Luxury

Goods

..........

—

1,393,885

—

1,393,885

Tobacco

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

—

505,194

—

505,194

Transportation

Infrastructure

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

148,189

515,078

—

663,267

Wireless

Telecommunication

Services

.......

850,152

1,252,914

—

2,103,066

Preferred

Stocks

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

3,667,483

—

—

3,667,483

Short

Term

Investments

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

161,725

—

—

161,725

Total

Investments

in

Securities

...........

$24,831,374

$91,525,682

b

$—

$116,357,056

Franklin

International

Core

Equity

(IU)

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

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

—

11,972,085

—

11,972,085

Air

Freight

&

Logistics

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

—

4,116,543

—

4,116,543

Automobile

Components

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

—

3,522,253

—

3,522,253

Automobiles

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

—

30,190,946

—

30,190,946

Banks

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

—

61,836,754

—

61,836,754

Beverages

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

—

9,598,814

—

9,598,814

Biotechnology

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

—

4,193,123

—

4,193,123

Broadline

Retail

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

—

6,578,997

—

6,578,997

Building

Products

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

—

12,246,909

—

12,246,909

Capital

Markets

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

1,680,135

23,739,169

—

25,419,304

Chemicals

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

—

22,493,272

—

22,493,272

Commercial

Services

&

Supplies

...........

—

1,509,906

—

1,509,906

Communications

Equipment

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

—

1,323,374

—

1,323,374

Construction

&

Engineering

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

—

5,210,505

—

5,210,505

Construction

Materials

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

—

4,417,217

—

4,417,217

Consumer

Staples

Distribution

&

Retail

......

—

12,117,371

—

12,117,371

Containers

&

Packaging

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

—

700,388

—

700,388

Diversified

Consumer

Services

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

—

997,299

—

997,299

Diversified

REITs

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

—

1,881,412

—

1,881,412

Diversified

Telecommunication

Services

.....

—

13,892,949

—

13,892,949

Electric

Utilities

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

—

10,251,349

—

10,251,349

Electrical

Equipment

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

—

15,124,135

—

15,124,135

Electronic

Equipment,

Instruments

&

Components

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

—

6,328,462

—

6,328,462

Entertainment

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

—

4,017,891

—

4,017,891

Financial

Services

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

—

9,967,866

—

9,967,866

Food

Products

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

—

21,882,825

—

21,882,825

Gas

Utilities

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

—

4,390,085

—

4,390,085

Ground

Transportation

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

—

2,056,627

—

2,056,627

Health

Care

Equipment

&

Supplies

.........

—

11,717,967

—

11,717,967

Health

Care

Providers

&

Services

..........

—

2,142,336

—

2,142,336

4. Fair

Value

Measurements 

(continued)

Franklin

Fund

Allocator

Series

Notes

to

Schedules

of

Investments

(unaudited)

28

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

International

Core

Equity

(IU)

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

Common

Stocks:

Health

Care

Technology

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

$

—

$

614,467

$

—

$

614,467

Hotels,

Restaurants

&

Leisure

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

—

11,565,158

—

11,565,158

Household

Durables

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

—

7,091,407

—

7,091,407

Independent

Power

and

Renewable

Electricity

Producers

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

—

1,029,893

—

1,029,893

Industrial

Conglomerates

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

—

14,235,363

—

14,235,363

Industrial

REITs

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

—

3,683,328

—

3,683,328

Insurance

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

—

33,445,885

—

33,445,885

Interactive

Media

&

Services

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

—

2,044,560

—

2,044,560

IT

Services

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

—

4,416,861

—

4,416,861

Leisure

Products

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

—

1,642,870

—

1,642,870

Life

Sciences

Tools

&

Services

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

—

4,052,263

—

4,052,263

Machinery

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

—

23,218,222

—

23,218,222

Marine

Transportation

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

—

3,433,895

—

3,433,895

Media

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

—

2,079,257

—

2,079,257

Metals

&

Mining

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

—

23,161,966

—

23,161,966

Multi-Utilities

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

—

5,504,195

—

5,504,195

Oil,

Gas

&

Consumable

Fuels

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

—

40,332,472

—

40,332,472

Paper

&

Forest

Products

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

—

1,827,231

—

1,827,231

Passenger

Airlines

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

—

1,440,057

—

1,440,057

Personal

Care

Products

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

—

19,280,513

—

19,280,513

Pharmaceuticals

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

960,611

82,997,364

—

83,957,975

Professional

Services

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

—

15,162,907

—

15,162,907

Real

Estate

Management

&

Development

....

—

9,805,893

—

9,805,893

Retail

REITs

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

—

2,094,205

—

2,094,205

Semiconductors

&

Semiconductor

Equipment

.

—

29,110,747

—

29,110,747

Software

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

4,154,903

13,278,961

—

17,433,864

Specialty

Retail

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

—

8,142,711

—

8,142,711

Technology

Hardware,

Storage

&

Peripherals

.

—

4,344,705

—

4,344,705

Textiles,

Apparel

&

Luxury

Goods

..........

—

27,343,507

—

27,343,507

Tobacco

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

—

5,187,461

—

5,187,461

Trading

Companies

&

Distributors

..........

—

14,858,612

—

14,858,612

Transportation

Infrastructure

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

—

1,287,212

—

1,287,212

Wireless

Telecommunication

Services

.......

—

6,168,013

—

6,168,013

Preferred

Stocks

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

—

3,848,115

—

3,848,115

Rights

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

—

—

—

c

—

Short

Term

Investments

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

8,452,230

—

—

8,452,230

Total

Investments

in

Securities

...........

$15,247,879

$748,149,105

d

$—

$763,396,984

Franklin

U.S.

Core

Equity

(IU)

Fund

Assets:

Investments

in

Securities:

e

Common

Stocks

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

1,721,079,425

—

—

1,721,079,425

Short

Term

Investments

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

14,967,294

—

—

14,967,294

Total

Investments

in

Securities

...........

$1,736,046,719

$—

$—

$1,736,046,719

4. Fair

Value

Measurements 

(continued)

Franklin

Fund

Allocator

Series

Notes

to

Schedules

of

Investments

(unaudited)

29

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.

Abbreviations

a

The

Valuation

Committee

determined

that

based

on

their

analysis

of

the

market

and

access

to

market

participants,

the

Russian

financial

instruments

held

by

the

Fund

had

little

or

no

value

at October

31,

2023.

b

Includes

foreign

securities

valued

at

$91,525,682,

which

were

categorized

as

Level

2

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

c

Includes

financial

instruments

determined

to

have

no

value.

d

Includes

foreign

securities

valued

at

$748,149,105,

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.

e

For

detailed

categories,

see

the

accompanying

Schedule

of

Investments.

Selected

Portfolio

ADR

American

Depositary

Receipt

GDR

Global

Depositary

Receipt

REIT

Real

Estate

Investment

Trust

4. Fair

Value

Measurements 

(continued)

For

additional

information

on

the

Funds'

significant

accounting

policies,

please

refer

to

the Funds'

most

recent

semiannual

or

annual

shareholder

report.