Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

FAS-Q3PH

1

Schedules

of

Investments

(unaudited)

Franklin

Conservative

Allocation

Fund

2

Franklin

Corefolio

Allocation

Fund

4

Franklin

Global

Allocation

Fund

5

Franklin

Growth

Allocation

Fund

15

Franklin

LifeSmart

™

Retirement

Income

Fund

17

Franklin

LifeSmart

™

2020

Retirement

Target

Fund

19

Franklin

LifeSmart

™

2025

Retirement

Target

Fund

20

Franklin

LifeSmart

™

2030

Retirement

Target

Fund

22

Franklin

LifeSmart

™

2035

Retirement

Target

Fund

24

Franklin

LifeSmart

™

2040

Retirement

Target

Fund

26

Franklin

LifeSmart

™

2045

Retirement

Target

Fund

28

Franklin

LifeSmart

™

2050

Retirement

Target

Fund

29

Franklin

LifeSmart

™

2055

Retirement

Target

Fund

31

Franklin

LifeSmart

™

2060

Retirement

Target

Fund

32

Franklin

Moderate

Allocation

Fund

33

Notes

to

Schedules

of

Investments

35

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited),

September

30,

2024

Franklin

Conservative

Allocation

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

2

a

a

Shares

a

Value

a

Investments

In

Underlying

Funds

and

Exchange

Traded

Funds

99.3%

Alternative

Strategies

1.0%

a

Franklin

Systematic

Style

Premia

ETF

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

375,976

$

9,055,457

Domestic

Equity

31.2%

a

ClearBridge

Large

Cap

Value

Fund

,

Class

IS

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

566,598

24,969,978

a

Franklin

Growth

Fund

,

Class

R6

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

405,610

59,713,957

a

Franklin

U.S.

Core

Equity

(IU)

Fund

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

7,453,256

133,115,148

a

Franklin

U.S.

Equity

Index

ETF

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

282,023

14,173,038

a

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

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

540,002

31,401,116

iShares

MSCI

USA

Quality

Factor

ETF

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

23,233

4,165,677

iShares

MSCI

USA

Value

Factor

ETF

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

95,178

10,378,209

277,917,123

Domestic

Fixed

Income

51.7%

a

BrandywineGLOBAL

-

Global

Opportunities

Bond

Fund

,

Class

IS

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

3,963,815

36,348,187

a

Franklin

Investment

Grade

Corporate

ETF

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

3,423,174

75,635,714

a

Franklin

U.S.

Core

Bond

ETF

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

9,776,768

215,186,664

a

Franklin

U.S.

Treasury

Bond

ETF

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

5,130,373

108,045,655

iShares

Floating

Rate

Bond

ETF

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

551,660

28,156,726

463,372,946

Foreign

Equity

9.1%

a

ClearBridge

International

Growth

Fund

,

Class

IS

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

86,205

6,093,000

a

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

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

1,230,404

13,632,871

a

Franklin

International

Core

Equity

(IU)

Fund

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

3,083,541

39,870,181

iShares

Core

MSCI

EAFE

ETF

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

73,529

5,738,938

a

Templeton

Developing

Markets

Trust

,

Class

R6

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

393,628

8,065,433

a

Templeton

Foreign

Fund

,

Class

R6

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

1,082,041

9,283,914

82,684,337

Foreign

Fixed

Income

6.3%

a

Franklin

High

Yield

Corporate

ETF

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

1,679,431

41,053,691

a

Franklin

International

Aggregate

Bond

ETF

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

752,046

15,638,797

56,692,488

Total

Investments

In

Underlying

Funds

and

Exchange

Traded

Funds

(Cost

$

754,969,775

)

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

889,722,351

a

a

a

a

Short

Term

Investments

0.7%

a

Money

Market

Funds

0.7%

a,b

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.74

%

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

6,044,617

6,044,617

Total

Money

Market

Funds

(Cost

$

6,044,617

)

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

6,044,617

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

Franklin

Conservative

Allocation

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

3

See

Abbreviations

on

page

53

.

Short

Term

Investments

(continued)

a

a

Principal

Amount

a

Value

Repurchase

Agreements

0.0%

†

c

Joint

Repurchase

Agreement

,

4.809

%

,

10/01/24

(Maturity

Value

$

490,105

)

BNP

Paribas

Securities

Corp.

(Maturity

Value

$67,992)

Deutsche

Bank

Securities,

Inc.

(Maturity

Value

$177,340)

HSBC

Securities

(USA),

Inc.

(Maturity

Value

$244,773)

Collateralized

by

U.S.

Government

Agency

Securities,

2.5%

-

7%,

5/15/27

-

8/20/64;

U.S.

Government

Agency

Strips,

3/15/27

-

2/15/49;

U.S.

Treasury

Bonds,

Index

Linked,

0.13%,

4/15/27;

and

U.S.

Treasury

Notes,

3.75%,

12/31/28

(valued

at

$

499,883

)

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

$490,039

$

490,039

Total

Repurchase

Agreements

(Cost

$

490,039

)

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

490,039

Total

Short

Term

Investments

(Cost

$

6,534,656

)

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

6,534,656

a

Total

Investments

(Cost

$

761,504,431

)

100.0

%

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

$896,257,007

Other

Assets,

less

Liabilities

(0.0)

%

†

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

(138,757)

Net

Assets

100.0%

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

$896,118,250

†

Rounds

to

less

than

0.1%

of

net

assets.

a

See

Note

3

regarding

investments

in

FT

Underlying

Funds.

b

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

c

Investment

is

through

participation

in

a

joint

account

with

other

funds

managed

by

the

investment

manager

or

an

affiliate

of

the

investment

manager.

At

September

30,

2024,

all

repurchase

agreements

had

been

entered

into

on

that

date.

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited),

September

30,

2024

Franklin

Corefolio

Allocation

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

4

a

a

Shares

a

Value

a

Investments

In

Underlying

Funds

100.1%

Domestic

Equity

75.9%

a

Franklin

Growth

Fund

,

Class

R6

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

1,741,891

$

256,441,206

a,b

Franklin

Growth

Opportunities

Fund

,

Class

R6

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

4,260,719

263,781,084

a

Franklin

Mutual

Shares

Fund

,

Class

R6

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

8,975,007

250,582,204

770,804,494

Foreign

Equity

24.2%

a

Templeton

Growth

Fund,

Inc.

,

Class

R6

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

8,716,929

245,381,543

Total

Investments

In

Underlying

Funds

(Cost

$

572,403,571

)

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

1,016,186,037

a

a

a

a

Short

Term

Investments

0.0%

†

a

Money

Market

Funds

0.0%

†

a,c

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.74

%

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

906

906

Total

Money

Market

Funds

(Cost

$

906

)

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

906

Total

Short

Term

Investments

(Cost

$

906

)

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

906

a

Total

Investments

(Cost

$

572,404,477

)

100.1

%

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

$1,016,186,943

Other

Assets,

less

Liabilities

(

0.1

)

%

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

(526,148)

Net

Assets

100.0%

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

$1,015,660,795

†

Rounds

to

less

than

0.1%

of

net

assets.

a

See

Note

3

regarding

investments

in

FT

Underlying

Funds.

b

Non-income

producing.

c

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited),

September

30,

2024

Franklin

Global

Allocation

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

5

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

59.3%

Aerospace

&

Defense

0.5%

BAE

Systems

plc

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

United

Kingdom

464,266

$

7,708,355

Lockheed

Martin

Corp.

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

United

States

9,737

5,691,861

13,400,216

Air

Freight

&

Logistics

0.2%

Expeditors

International

of

Washington,

Inc.

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

United

States

43,564

5,724,310

Automobile

Components

0.2%

Cie

Generale

des

Etablissements

Michelin

SCA

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

France

102,304

4,155,276

Hankook

Tire

&

Technology

Co.

Ltd.

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

South

Korea

88,762

2,773,774

6,929,050

Automobiles

0.8%

General

Motors

Co.

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

United

States

377,852

16,942,884

a

Tesla,

Inc.

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

United

States

26,028

6,809,705

23,752,589

Banks

2.8%

BNP

Paribas

SA

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

France

49,252

3,380,060

ING

Groep

NV

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

Netherlands

1,407,299

25,534,951

Intesa

Sanpaolo

SpA

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

Italy

2,859,994

12,243,876

JPMorgan

Chase

&

Co.

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

United

States

24,472

5,160,166

NatWest

Group

plc

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

United

Kingdom

730,733

3,383,076

Shinhan

Financial

Group

Co.

Ltd.

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

South

Korea

212,159

8,921,591

UniCredit

SpA

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

Italy

471,238

20,689,975

79,313,695

Biotechnology

1.9%

AbbVie,

Inc.

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

United

States

226,914

44,810,977

Amgen,

Inc.

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

United

States

10,147

3,269,465

a

Regeneron

Pharmaceuticals,

Inc.

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

United

States

4,098

4,307,981

52,388,423

Broadline

Retail

2.5%

Alibaba

Group

Holding

Ltd.

,

ADR

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

China

135,724

14,403,031

a

Amazon.com,

Inc.

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

United

States

180,878

33,702,998

a

MercadoLibre,

Inc.

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

Brazil

5,885

12,075,784

a

PDD

Holdings,

Inc.

,

ADR

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

China

78,065

10,523,943

70,705,756

Building

Products

0.5%

Cie

de

Saint-Gobain

SA

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

France

50,459

4,602,402

Owens

Corning

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

United

States

28,943

5,109,018

UFP

Industries,

Inc.

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

United

States

28,947

3,798,136

13,509,556

Capital

Markets

1.3%

3i

Group

plc

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

United

Kingdom

314,701

13,941,826

Deutsche

Bank

AG

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

Germany

356,564

6,173,277

Partners

Group

Holding

AG

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

Switzerland

6,603

9,955,190

SEI

Investments

Co.

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

United

States

110,528

7,647,432

37,717,725

Chemicals

0.5%

LyondellBasell

Industries

NV

,

A

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

United

States

45,856

4,397,590

Nitto

Denko

Corp.

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

Japan

252,000

4,240,430

Sherwin-Williams

Co.

(The)

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

United

States

8,824

3,367,856

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

Franklin

Global

Allocation

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

6

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Chemicals

(continued)

Shin-Etsu

Chemical

Co.

Ltd.

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

Japan

80,100

$

3,347,178

15,353,054

Commercial

Services

&

Supplies

0.3%

Cintas

Corp.

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

United

States

35,492

7,307,093

Communications

Equipment

0.5%

a

Arista

Networks,

Inc.

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

United

States

23,325

8,952,602

Cisco

Systems,

Inc.

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

United

States

71,806

3,821,515

12,774,117

Construction

Materials

0.2%

CRH

plc

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

United

States

55,800

5,174,892

Consumer

Staples

Distribution

&

Retail

1.7%

Carrefour

SA

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

France

426,704

7,276,577

Koninklijke

Ahold

Delhaize

NV

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

Netherlands

175,585

6,065,434

Kroger

Co.

(The)

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

United

States

198,332

11,364,424

Loblaw

Cos.

Ltd.

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

Canada

76,200

10,146,852

Target

Corp.

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

United

States

21,314

3,322,000

Walmart,

Inc.

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

United

States

117,219

9,465,434

47,640,721

Diversified

Telecommunication

Services

0.4%

Deutsche

Telekom

AG

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

Germany

295,996

8,693,963

Telkom

Indonesia

Persero

Tbk.

PT

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

Indonesia

13,349,900

2,643,468

11,337,431

Electric

Utilities

0.3%

Iberdrola

SA

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

Spain

375,036

5,798,257

NRG

Energy,

Inc.

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

United

States

41,651

3,794,406

9,592,663

Electrical

Equipment

1.1%

Eaton

Corp.

plc

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

United

States

53,000

17,566,320

Vertiv

Holdings

Co.

,

A

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

United

States

52,406

5,213,873

WEG

SA

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

Brazil

733,490

7,321,708

30,101,901

Electronic

Equipment,

Instruments

&

Components

0.3%

Hon

Hai

Precision

Industry

Co.

Ltd.

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

Taiwan

1,301,000

7,631,532

Entertainment

1.2%

NetEase,

Inc.

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

China

708,800

13,240,187

a

Netflix,

Inc.

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

United

States

25,088

17,794,166

Nintendo

Co.

Ltd.

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

Japan

70,300

3,757,372

34,791,725

Financial

Services

2.1%

a

Berkshire

Hathaway,

Inc.

,

B

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

United

States

10,066

4,632,977

Equitable

Holdings,

Inc.

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

United

States

111,383

4,681,428

Investor

AB

,

B

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

Sweden

588,101

18,124,474

Mastercard,

Inc.

,

A

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

United

States

16,880

8,335,344

MGIC

Investment

Corp.

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

United

States

328,187

8,401,587

a

PayPal

Holdings,

Inc.

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

United

States

47,470

3,704,084

Visa,

Inc.

,

A

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

United

States

45,846

12,605,358

60,485,252

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

Franklin

Global

Allocation

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

7

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Food

Products

0.2%

Associated

British

Foods

plc

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

United

Kingdom

207,969

$

6,500,075

Ground

Transportation

0.8%

Landstar

System,

Inc.

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

United

States

18,357

3,467,086

Old

Dominion

Freight

Line,

Inc.

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

United

States

52,844

10,496,932

a

Uber

Technologies,

Inc.

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

United

States

97,060

7,295,030

21,259,048

Health

Care

Equipment

&

Supplies

1.9%

Abbott

Laboratories

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

United

States

154,153

17,574,983

a

IDEXX

Laboratories,

Inc.

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

United

States

23,390

11,817,096

a

Insulet

Corp.

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

United

States

69,819

16,250,372

Sonova

Holding

AG

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

Switzerland

10,553

3,801,143

Stryker

Corp.

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

United

States

9,937

3,589,841

53,033,435

Health

Care

Providers

&

Services

0.8%

Cigna

Group

(The)

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

United

States

54,341

18,825,896

UnitedHealth

Group,

Inc.

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

United

States

7,578

4,430,705

23,256,601

Hotels,

Restaurants

&

Leisure

1.5%

Booking

Holdings,

Inc.

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

United

States

9,396

39,577,079

InterContinental

Hotels

Group

plc

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

United

Kingdom

33,667

3,666,617

43,243,696

Household

Durables

0.5%

a

NVR,

Inc.

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

United

States

455

4,464,369

PulteGroup,

Inc.

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

United

States

61,365

8,807,718

13,272,087

Household

Products

1.1%

Colgate-Palmolive

Co.

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

United

States

78,603

8,159,777

Procter

&

Gamble

Co.

(The)

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

United

States

137,160

23,756,112

31,915,889

Industrial

Conglomerates

1.0%

Hitachi

Ltd.

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

Japan

1,025,000

27,178,381

Insurance

1.2%

Erie

Indemnity

Co.

,

A

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

United

States

26,169

14,126,550

iA

Financial

Corp.,

Inc.

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

Canada

41,000

3,398,602

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen

Germany

10,635

5,860,884

NN

Group

NV

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

Netherlands

84,660

4,224,585

Ping

An

Insurance

Group

Co.

of

China

Ltd.

,

H

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

China

973,000

6,109,983

33,720,604

Interactive

Media

&

Services

3.1%

Alphabet,

Inc.

,

A

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

United

States

261,519

43,372,926

a,b

Kuaishou

Technology

,

144A

,

Reg

S

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

China

1,181,600

8,119,092

Meta

Platforms,

Inc.

,

A

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

United

States

50,147

28,706,149

a

Pinterest,

Inc.

,

A

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

United

States

181,803

5,884,963

86,083,130

IT

Services

1.3%

Cognizant

Technology

Solutions

Corp.

,

A

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

United

States

43,493

3,356,790

Infosys

Ltd.

,

ADR

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

India

1,547,100

34,453,917

37,810,707

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

Franklin

Global

Allocation

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

8

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Life

Sciences

Tools

&

Services

0.3%

a

Mettler-Toledo

International,

Inc.

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

United

States

5,962

$

8,941,211

Machinery

0.9%

Atlas

Copco

AB

,

B

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

Sweden

498,831

8,559,545

Caterpillar,

Inc.

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

United

States

39,416

15,416,386

23,975,931

Metals

&

Mining

0.6%

Fortescue

Ltd.

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

Australia

234,543

3,308,609

Reliance,

Inc.

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

United

States

19,628

5,676,614

Steel

Dynamics,

Inc.

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

United

States

59,001

7,438,846

16,424,069

Oil,

Gas

&

Consumable

Fuels

2.3%

Exxon

Mobil

Corp.

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

United

States

29,108

3,412,040

Marathon

Petroleum

Corp.

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

United

States

107,124

17,451,571

Petroleo

Brasileiro

SA

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

Brazil

2,504,600

18,050,881

Suncor

Energy,

Inc.

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

Canada

371,500

13,713,373

Valero

Energy

Corp.

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

United

States

94,397

12,746,427

65,374,292

Personal

Care

Products

0.8%

a

BellRing

Brands,

Inc.

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

United

States

58,222

3,535,240

a

Oddity

Tech

Ltd.

,

A

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

Israel

238,459

9,628,974

Unilever

plc

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

United

Kingdom

137,136

8,891,644

22,055,858

Pharmaceuticals

2.8%

Eli

Lilly

&

Co.

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

United

States

21,938

19,435,752

GSK

plc

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

United

States

943,958

19,221,384

Johnson

&

Johnson

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

United

States

130,899

21,213,492

Novartis

AG

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

Switzerland

71,866

8,274,822

Novo

Nordisk

A/S

,

B

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

Denmark

62,622

7,427,746

Shionogi

&

Co.

Ltd.

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

Japan

279,900

4,011,860

79,585,056

Professional

Services

1.1%

Recruit

Holdings

Co.

Ltd.

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

Japan

311,500

18,923,059

RELX

plc

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

United

Kingdom

102,703

4,849,621

Verisk

Analytics,

Inc.

,

A

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

United

States

26,587

7,124,252

30,896,932

Retail

REITs

0.3%

Simon

Property

Group,

Inc.

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

United

States

42,219

7,135,855

Semiconductors

&

Semiconductor

Equipment

5.9%

Applied

Materials,

Inc.

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

United

States

18,287

3,694,888

ASML

Holding

NV

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

Netherlands

3,778

3,143,052

BE

Semiconductor

Industries

NV

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

Netherlands

20,507

2,615,711

Broadcom,

Inc.

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

United

States

43,460

7,496,850

KLA

Corp.

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

United

States

33,633

26,045,732

Lam

Research

Corp.

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

United

States

3,719

3,035,001

MediaTek,

Inc.

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

Taiwan

709,000

26,033,102

Novatek

Microelectronics

Corp.

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

Taiwan

466,000

7,558,801

NVIDIA

Corp.

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

United

States

533,362

64,771,481

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

,

ADR

.........

Taiwan

110,800

19,242,636

Tokyo

Electron

Ltd.

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

Japan

19,200

3,423,808

167,061,062

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

Franklin

Global

Allocation

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

9

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Software

5.0%

a

Adobe,

Inc.

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

United

States

15,879

$

8,221,828

a

Atlassian

Corp.

,

A

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

United

States

22,990

3,651,042

a

Cadence

Design

Systems,

Inc.

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

United

States

11,322

3,068,602

a

Dropbox,

Inc.

,

A

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

United

States

118,904

3,023,729

a

Fair

Isaac

Corp.

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

United

States

6,588

12,803,910

a

HubSpot,

Inc.

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

United

States

5,408

2,874,893

Microsoft

Corp.

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

United

States

155,516

66,918,535

a

Monday.com

Ltd.

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

United

States

17,636

4,898,752

a

ServiceNow,

Inc.

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

United

States

7,935

7,096,984

a

Synopsys,

Inc.

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

United

States

38,834

19,665,149

a

Xero

Ltd.

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

New

Zealand

71,627

7,404,862

139,628,286

Specialty

Retail

1.6%

a

AutoZone,

Inc.

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

United

States

5,085

16,017,953

Dick's

Sporting

Goods,

Inc.

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

United

States

21,020

4,386,874

Industria

de

Diseno

Textil

SA

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

Spain

67,640

4,006,439

Ross

Stores,

Inc.

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

United

States

95,893

14,432,856

Vibra

Energia

SA

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

Brazil

1,116,300

4,793,977

43,638,099

Technology

Hardware,

Storage

&

Peripherals

3.3%

Apple,

Inc.

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

United

States

381,840

88,968,720

Samsung

Electronics

Co.

Ltd.

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

South

Korea

91,900

4,258,725

93,227,445

Textiles,

Apparel

&

Luxury

Goods

0.9%

a

Deckers

Outdoor

Corp.

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

United

States

47,754

7,614,375

a

Lululemon

Athletica,

Inc.

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

United

States

34,952

9,484,225

Pandora

A/S

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

Denmark

21,415

3,529,605

Ralph

Lauren

Corp.

,

A

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

United

States

19,280

3,737,814

24,366,019

Trading

Companies

&

Distributors

0.6%

Fastenal

Co.

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

United

States

48,550

3,467,441

WW

Grainger,

Inc.

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

United

States

12,558

13,045,376

16,512,817

Wireless

Telecommunication

Services

0.2%

Vodafone

Group

plc

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

United

Kingdom

5,939,151

5,952,648

Total

Common

Stocks

(Cost

$

1,354,828,997

)

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

1,667,680,934

Management

Investment

Companies

5.3%

Capital

Markets

5.3%

c

Franklin

BSP

Private

Credit

Fund

,

Class

Advisor

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

United

States

3,076,841

32,214,528

c

Franklin

FTSE

India

ETF

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

United

States

165,050

6,915,595

c

Franklin

High

Yield

Corporate

ETF

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

United

States

205,000

5,011,225

c

Franklin

Systematic

Style

Premia

ETF

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

United

States

2,225,000

53,589,570

VanEck

J.P.

Morgan

EM

Local

Currency

Bond

ETF

..........

United

States

2,036,800

51,734,720

149,465,638

Total

Management

Investment

Companies

(Cost

$

152,861,630

)

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

149,465,638

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

Franklin

Global

Allocation

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

10

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Preferred

Stocks

0.4%

Banks

0.4%

d

Itausa

SA

,

2.71

%

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

Brazil

4,876,700

$

9,907,699

Total

Preferred

Stocks

(Cost

$

10,289,903

)

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

9,907,699

Principal

Amount

*

Corporate

Bonds

7.3%

Automobile

Components

0.1%

b

Dornoch

Debt

Merger

Sub,

Inc.

,

Senior

Note

,

144A,

6.625

%

,

10/15/29

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

United

States

3,250,000

2,864,018

Banks

1.4%

b

Australia

&

New

Zealand

Banking

Group

Ltd.

,

Sub.

Bond

,

144A,

2.57%

to

11/24/30,

FRN

thereafter

,

11/25/35

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

Australia

7,780,000

6,754,387

Mitsubishi

UFJ

Financial

Group,

Inc.

,

Senior

Bond

,

3.287

%

,

7/25/27

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

Japan

1,690,000

1,656,859

b

Societe

Generale

SA

,

Senior

Non-Preferred

Note

,

144A,

2.625

%

,

1/22/25

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

France

7,393,000

7,331,021

Sumitomo

Mitsui

Financial

Group,

Inc.

,

Sub.

Bond

,

2.142

%

,

9/23/30

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

Japan

5,500,000

4,818,955

b

UniCredit

SpA

,

Senior

Preferred

Bond

,

144A,

3.127%

to

6/02/31,

FRN

thereafter

,

6/03/32

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

Italy

9,889,000

8,777,079

e

US

Bancorp

,

Junior

Sub.

Bond

,

3.7%

to

1/14/27,

FRN

thereafter

,

Perpetual

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

United

States

8,870,000

8,188,555

Westpac

Banking

Corp.

,

Sub.

Bond

,

2.894%

to

2/03/25,

FRN

thereafter

,

2/04/30

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

Australia

1,749,000

1,734,229

39,261,085

Beverages

0.2%

Anheuser-Busch

InBev

Worldwide,

Inc.

,

Senior

Bond

,

4

%

,

4/13/28

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

Belgium

4,654,000

4,666,188

Biotechnology

0.1%

b

Grifols

SA

,

Senior

Note

,

144A,

4.75

%

,

10/15/28

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

Spain

1,862,000

1,745,736

Broadline

Retail

0.2%

Alibaba

Group

Holding

Ltd.

,

Senior

Bond

,

3.4

%

,

12/06/27

.....

China

6,300,000

6,151,669

Capital

Markets

0.5%

Deutsche

Bank

AG

,

Senior

Non-Preferred

Bond

,

3.547%

to

9/17/30,

FRN

thereafter

,

9/18/31

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

Germany

5,817,000

5,424,287

Senior

Non-Preferred

Note

,

2.129%

to

11/23/25,

FRN

thereafter

,

11/24/26

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

Germany

3,491,000

3,381,810

Nomura

Holdings,

Inc.

,

Senior

Bond

,

3.103

%

,

1/16/30

........

Japan

6,225,000

5,758,266

14,564,363

Chemicals

0.3%

Nutrien

Ltd.

,

Senior

Bond

,

2.95

%

,

5/13/30

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

Canada

9,075,000

8,446,635

Communications

Equipment

0.1%

b

CommScope

LLC

,

Senior

Secured

Note

,

144A,

4.75

%

,

9/01/29

.

United

States

4,800,000

4,038,000

Consumer

Finance

0.5%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

,

Senior

Bond

,

3.4

%

,

10/29/33

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

Ireland

3,956,000

3,501,696

Senior

Note

,

2.45

%

,

10/29/26

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

Ireland

5,527,000

5,309,593

b

,e

Volkswagen

International

Finance

NV

,

Senior

Bond

,

Reg

S,

3.5%

to

6/16/25,

FRN

thereafter

,

Perpetual

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

Germany

3,700,000

EUR

4,083,725

12,895,014

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

Franklin

Global

Allocation

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

11

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Financial

Services

0.4%

b

Siemens

Financieringsmaatschappij

NV

,

Senior

Bond

,

144A,

2.35

%

,

10/15/26

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

Germany

6,748,000

$

6,533,887

b

Woodside

Finance

Ltd.

,

Senior

Bond

,

144A,

4.5

%

,

3/04/29

....

Australia

4,654,000

4,617,472

11,151,359

Food

Products

0.2%

JBS

USA

Holding

Lux

SARL

/

JBS

USA

Food

Co.

/

JBS

Lux

Co.

SARL

,

Senior

Note

,

3.75

%

,

12/01/31

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

United

States

4,800,000

4,417,687

Senior

Note

,

3

%

,

5/15/32

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

United

States

1,310,362

1,137,289

5,554,976

Ground

Transportation

0.3%

b

Ashtead

Capital,

Inc.

,

Senior

Bond

,

144A,

5.5

%

,

8/11/32

......

United

Kingdom

6,981,000

7,146,302

Health

Care

Providers

&

Services

0.3%

b

Fresenius

Medical

Care

US

Finance

III,

Inc.

,

Senior

Bond

,

144A,

2.375

%

,

2/16/31

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

Germany

10,471,000

8,859,999

Household

Products

0.2%

b

Kimberly-Clark

de

Mexico

SAB

de

CV

,

Senior

Bond

,

144A,

2.431

%

,

7/01/31

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

Mexico

7,190,000

6,376,556

Interactive

Media

&

Services

0.2%

b

Tencent

Holdings

Ltd.

,

Senior

Bond

,

144A,

2.39

%

,

6/03/30

....

China

6,290,000

5,683,683

Metals

&

Mining

0.5%

ArcelorMittal

SA

,

Senior

Bond

,

4.25

%

,

7/16/29

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

Luxembourg

6,981,000

6,941,524

b

Glencore

Funding

LLC

,

Senior

Bond

,

144A,

2.5

%

,

9/01/30

....

Australia

8,144,000

7,304,897

14,246,421

Oil,

Gas

&

Consumable

Fuels

0.5%

b

Aker

BP

ASA

,

Senior

Bond

,

144A,

3.1

%

,

7/15/31

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

Norway

9,191,000

8,195,201

Canadian

Natural

Resources

Ltd.

,

Senior

Bond

,

3.85

%

,

6/01/27

Canada

6,399,000

6,311,462

14,506,663

Paper

&

Forest

Products

0.2%

Suzano

Austria

GmbH

,

Senior

Bond

,

3.75

%

,

1/15/31

.........

Brazil

5,591,000

5,155,654

Pharmaceuticals

0.7%

AstraZeneca

plc

,

Senior

Bond

,

4

%

,

1/17/29

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

United

Kingdom

4,654,000

4,655,468

b

Bayer

US

Finance

II

LLC

,

Senior

Note

,

144A,

4.25

%

,

12/15/25

.

Germany

8,144,000

8,087,856

Takeda

Pharmaceutical

Co.

Ltd.

,

Senior

Note

,

5

%

,

11/26/28

...

Japan

6,500,000

6,665,964

19,409,288

Semiconductors

&

Semiconductor

Equipment

0.3%

b

SK

Hynix,

Inc.

,

Senior

Note

,

144A,

1.5

%

,

1/19/26

...........

South

Korea

9,308,000

8,943,461

Wireless

Telecommunication

Services

0.1%

Vodafone

Group

plc

,

Senior

Bond

,

6.15

%

,

2/27/37

...........

United

Kingdom

2,680,000

2,954,645

Total

Corporate

Bonds

(Cost

$

204,314,961

)

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

204,621,715

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

Franklin

Global

Allocation

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

12

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Foreign

Government

and

Agency

Securities

12.5%

b

Australia

Government

Bond

,

Reg

S,

1.5

%

,

6/21/31

..........

Australia

14,160,000

AUD

$

8,475,324

b

Belgium

Government

Bond

,

Senior

Bond

,

Reg

S,

4

%

,

3/28/32

..

Belgium

3,665,000

EUR

4,474,097

Brazil

Notas

do

Tesouro

Nacional

,

6

%

,

8/15/26

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

Brazil

34,577,501

BRL

6,289,396

b

Bundesrepublik

Deutschland

,

Reg

S,

Zero

Cpn.,

8/15/30

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

Germany

12,215,000

EUR

12,179,837

Reg

S,

2.3

%

,

2/15/33

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

Germany

58,285,000

EUR

66,235,725

Reg

S,

1

%

,

5/15/38

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

Germany

8,609,000

EUR

8,095,829

Canada

Government

Bond

,

2.5

%

,

12/01/32

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

Canada

20,942,000

CAD

15,064,582

2.75

%

,

6/01/33

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

Canada

19,081,000

CAD

13,955,155

b

Canada

Housing

Trust

No.

1

,

Senior

Bond

,

144A,

2.65

%

,

12/15/28

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

Canada

21,060,000

CAD

15,432,424

China

Government

Bond

,

2.5

%

,

7/25/27

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

China

121,580,000

CNY

17,709,846

2.44

%

,

10/15/27

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

China

47,210,000

CNY

6,879,321

Ecopetrol

SA

,

Senior

Bond

,

4.625

%

,

11/02/31

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

Colombia

1,920,000

1,649,568

European

Investment

Bank

,

Senior

Bond

,

2.125

%

,

4/13/26

....

Supranational

f

17,160,000

16,736,120

b

Export-Import

Bank

of

Korea

,

Senior

Note

,

Reg

S,

7.15

%

,

4/18/25

South

Korea

306,100,000

INR

3,653,775

b

Finland

Government

Bond

,

Senior

Bond

,

144A,

Reg

S,

0.75

%

,

4/15/31

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

Finland

2,202,000

EUR

2,206,392

Senior

Bond

,

144A,

Reg

S,

1.375

%

,

4/15/47

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

Finland

1,825,000

EUR

1,513,565

b

France

Government

Bond

,

144A,

Reg

S,

2.5

%

,

5/25/30

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

France

4,793,000

EUR

5,330,903

144A,

Reg

S,

Zero

Cpn.,

11/25/30

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

France

5,061,000

EUR

4,823,261

144A,

Reg

S,

1.5

%

,

5/25/31

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

France

5,130,000

EUR

5,337,152

144A,

Reg

S,

2

%

,

11/25/32

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

France

15,124,000

EUR

15,930,106

International

Bank

for

Reconstruction

&

Development

,

Senior

Note

,

6

%

,

1/16/25

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

Supranational

f

275,200,000

INR

3,284,681

Japan

Government

Bond

,

0.1

%

,

6/20/31

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

Japan

2,896,000,000

JPY

19,533,843

0.5

%

,

9/20/46

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

Japan

1,435,000,000

JPY

7,613,707

Mexican

Bonos

Desarr

Fixed

Rate

,

M

,

7.5

%

,

5/26/33

.........

Mexico

143,100,000

MXN

6,501,238

b

Netherlands

Government

Bond

,

144A,

Reg

S,

0.5

%

,

1/15/40

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

Netherlands

1,640,000

EUR

1,339,384

144A,

Reg

S,

3.75

%

,

1/15/42

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

Netherlands

1,006,000

EUR

1,285,430

Petroleos

Mexicanos

,

Senior

Note

,

6.5

%

,

3/13/27

...........

Mexico

5,236,000

5,137,814

Spain

Bonos

Y

Obligaciones

del

Estado

,

b

Senior

Bond

,

144A,

Reg

S,

1.95

%

,

4/30/26

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

Spain

2,982,000

EUR

3,299,453

b

Senior

Bond

,

144A,

Reg

S,

2.9

%

,

10/31/46

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

Spain

1,874,000

EUR

1,894,672

6

%

,

1/31/29

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

Spain

4,374,000

EUR

5,592,698

b

United

Kingdom

Gilt

,

Reg

S,

4.125

%

,

1/29/27

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

United

Kingdom

22,840,000

GBP

30,638,168

Reg

S,

4.625

%

,

1/31/34

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

United

Kingdom

11,924,000

GBP

16,737,742

Reg

S,

1.25

%

,

10/22/41

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

United

Kingdom

19,723,000

GBP

16,548,102

Total

Foreign

Government

and

Agency

Securities

(Cost

$

371,071,691

)

..........

351,379,310

U.S.

Government

and

Agency

Securities

6.0%

U.S.

Treasury

Bonds

,

4

%,

11/15/42

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

United

States

19,500,000

19,195,313

3.875

%,

2/15/43

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

United

States

25,500,000

24,607,500

3.875

%,

5/15/43

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

United

States

16,200,000

15,601,992

U.S.

Treasury

Notes

,

1.75

%,

3/15/25

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

United

States

16,700,000

16,510,044

4

%,

1/31/29

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

United

States

47,020,000

47,822,646

0.875

%,

11/15/30

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

United

States

13,000,000

11,066,504

1.875

%,

2/15/32

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

United

States

25,000,000

22,083,008

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

Franklin

Global

Allocation

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

13

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

U.S.

Government

and

Agency

Securities

(continued)

U.S.

Treasury

Notes,

(continued)

3.375

%,

5/15/33

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

United

States

11,200,000

$

10,891,781

Total

U.S.

Government

and

Agency

Securities

(Cost

$

171,540,328

)

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

167,778,788

Mortgage-Backed

Securities

2.3%

Federal

Home

Loan

Mortgage

Corp.

(FHLMC)

Fixed

Rate

0.3%

FHLMC

Pool,

30

Year

,

5

%,

7/01/53

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

United

States

5,420,120

5,421,710

FHLMC

Pool,

30

Year

,

6

%,

3/01/54

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

United

States

2,480,457

2,536,092

7,957,802

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

0.6%

FNMA,

30

Year

,

2

%,

4/01/52

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

United

States

3,315,897

2,746,044

FNMA,

30

Year

,

2.5

%,

12/01/51

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

United

States

4,746,640

4,105,826

FNMA,

30

Year

,

3

%,

4/01/52

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

United

States

4,498,429

4,047,079

FNMA,

30

Year

,

5.5

%,

3/01/54

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

United

States

7,769,949

7,863,876

18,762,825

Government

National

Mortgage

Association

(GNMA)

Fixed

Rate

1.4%

GNMA

II,

Single-family,

30

Year

,

3

%,

7/20/51

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

United

States

26,014,406

23,746,500

GNMA

II,

Single-family,

30

Year

,

3

%,

8/20/51

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

United

States

16,934,979

15,460,104

39,206,604

Total

Mortgage-Backed

Securities

(Cost

$

70,892,270

)

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

65,927,231

Total

Long

Term

Investments

(Cost

$

2,335,799,780

)

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

2,616,761,315

a

Short

Term

Investments

5.6%

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

5.6%

c,g

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.74

%

...

United

States

157,220,829

157,220,829

Total

Money

Market

Funds

(Cost

$

157,220,829

)

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

157,220,829

Total

Short

Term

Investments

(Cost

$

157,220,829

)

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

157,220,829

a

Total

Investments

(Cost

$

2,493,020,609

)

98.7

%

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

$2,773,982,144

Other

Assets,

less

Liabilities

1.3

%

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

38,158,578

Net

Assets

100.0%

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

$2,812,140,722

a

a

a

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

a

Non-income

producing.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

September

30,

2024,

the

aggregate

value

of

these

securities

was

$340,893,713,

representing

12.1%

of

net

assets.

c

See

Note

4

regarding

investments

in

affiliated

management

investment

companies.

d

Variable

rate

security.

The

rate

shown

represents

the

yield

at

period

end.

e

Perpetual

security

with

no

stated

maturity

date.

f

A

supranational

organization

is

an

entity

formed

by

two

or

more

central

governments

through

international

treaties.

g

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

Franklin

Global

Allocation

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

14

At

September

30,

2024,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

Abbreviations

on

page

53

.

Forward

Exchange

Contracts

Currency

Counter-

party

a

Type

Quantity

Contract

Amount

*

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

a

a

a

a

a

a

a

a

OTC

Forward

Exchange

Contracts

British

Pound

......

JPHQ

Sell

46,678,000

60,322,763

10/25/24

$

—

$

(

2,083,762

)

Canadian

Dollar

....

BZWS

Sell

58,160,000

42,474,431

10/25/24

—

(

556,831

)

Chinese

Yuan

......

BZWS

Sell

168,574,000

23,292,494

10/25/24

—

(

816,592

)

Euro

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

BZWS

Sell

127,955,000

139,895,750

10/25/24

—

(

2,700,244

)

Total

Forward

Exchange

Contracts

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

—

$(6,157,429)

Net

unrealized

appreciation

(depreciation)

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

$(6,157,429)

*

In

U.S.

dollars

unless

otherwise

indicated.

a

May

be

comprised

of

multiple

contracts

with

the

same

counterparty,

currency

and

settlement

date.

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited),

September

30,

2024

Franklin

Growth

Allocation

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

15

a

a

Shares

a

Value

a

Investments

In

Underlying

Funds

and

Exchange

Traded

Funds

99.1%

Alternative

Strategies

1.0%

a

Franklin

Systematic

Style

Premia

ETF

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

584,482

$

14,077,366

Domestic

Equity

61.9%

a

ClearBridge

Large

Cap

Value

Fund

,

Class

IS

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

1,761,516

77,629,993

a

Franklin

Growth

Fund

,

Class

R6

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

1,260,994

185,643,468

a

Franklin

U.S.

Core

Equity

(IU)

Fund

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

18,449,558

329,509,114

a

Franklin

U.S.

Equity

Index

ETF

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

2,553,225

128,312,067

a

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

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

1,678,901

97,628,093

iShares

MSCI

USA

Quality

Factor

ETF

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

72,250

12,954,425

iShares

MSCI

USA

Value

Factor

ETF

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

295,950

32,270,388

863,947,548

Domestic

Fixed

Income

15.9%

a

BrandywineGLOBAL

-

Global

Opportunities

Bond

Fund

,

Class

IS

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

1,912,387

17,536,589

a

Franklin

Investment

Grade

Corporate

ETF

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

1,651,472

36,489,604

a

Franklin

U.S.

Core

Bond

ETF

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

4,716,663

103,813,753

a

Franklin

U.S.

Treasury

Bond

ETF

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

2,475,068

52,124,932

iShares

Floating

Rate

Bond

ETF

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

266,125

13,583,020

223,547,898

Foreign

Equity

18.4%

a

ClearBridge

International

Growth

Fund

,

Class

IS

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

268,031

18,944,405

a

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

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

3,785,621

41,944,681

a

Franklin

International

Core

Equity

(IU)

Fund

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

9,587,092

123,961,099

iShares

Core

MSCI

EAFE

ETF

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

230,372

17,980,534

a

Templeton

Developing

Markets

Trust

,

Class

R6

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

1,212,008

24,834,046

a

Templeton

Foreign

Fund

,

Class

R6

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

3,316,175

28,452,781

256,117,546

Foreign

Fixed

Income

1.9%

a

Franklin

High

Yield

Corporate

ETF

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

810,206

19,805,486

a

Franklin

International

Aggregate

Bond

ETF

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

362,799

7,544,405

27,349,891

Total

Investments

In

Underlying

Funds

and

Exchange

Traded

Funds

(Cost

$

947,629,479

)

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

1,385,040,249

a

a

a

a

Short

Term

Investments

0.8%

a

Money

Market

Funds

0.7%

a,b

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.74

%

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

10,172,406

10,172,406

Total

Money

Market

Funds

(Cost

$

10,172,406

)

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

10,172,406

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

Franklin

Growth

Allocation

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

16

See

Abbreviations

on

page

53

.

Short

Term

Investments

(continued)

a

a

Principal

Amount

a

Value

Repurchase

Agreements

0.1%

c

Joint

Repurchase

Agreement

,

4.809

%

,

10/01/24

(Maturity

Value

$

681,549

)

BNP

Paribas

Securities

Corp.

(Maturity

Value

$94,551)

Deutsche

Bank

Securities,

Inc.

(Maturity

Value

$246,612)

HSBC

Securities

(USA),

Inc.

(Maturity

Value

$340,386)

Collateralized

by

U.S.

Government

Agency

Securities,

2.5%

-

7%,

5/15/27

-

8/20/64;

U.S.

Government

Agency

Strips,

3/15/27

-

2/15/49;

U.S.

Treasury

Bonds,

Index

Linked,

0.13%,

4/15/27;

and

U.S.

Treasury

Notes,

3.75%,

12/31/28

(valued

at

$

695,147

)

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

$681,458

$

681,458

Total

Repurchase

Agreements

(Cost

$

681,458

)

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

681,458

Total

Short

Term

Investments

(Cost

$

10,853,864

)

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

10,853,864

a

Total

Investments

(Cost

$

958,483,343

)

99.9

%

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

$1,395,894,113

Other

Assets,

less

Liabilities

0.1

%

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

1,151,912

Net

Assets

100.0%

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

$1,397,046,025

a

See

Note

3

regarding

investments

in

FT

Underlying

Funds.

b

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

c

Investment

is

through

participation

in

a

joint

account

with

other

funds

managed

by

the

investment

manager

or

an

affiliate

of

the

investment

manager.

At

September

30,

2024,

all

repurchase

agreements

had

been

entered

into

on

that

date.

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited),

September

30,

2024

Franklin

LifeSmart™

Retirement

Income

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

17

a

a

Shares

a

Value

a

Investments

In

Underlying

Funds

and

Exchange

Traded

Funds

92.7%

Domestic

Equity

28.2%

a

ClearBridge

Tactical

Dividend

Income

Fund,

Class

IS

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

198,931

$

4,939,450

a

Franklin

U.S.

Core

Equity

(IU)

Fund

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

51,988

928,514

JPMorgan

Equity

Premium

Income

ETF

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

84,325

5,018,181

JPMorgan

Nasdaq

Equity

Premium

Income

ETF

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

38,800

2,131,284

13,017,429

Domestic

Fixed

Income

36.1%

a

BrandywineGLOBAL

-

Global

Opportunities

Bond

Fund,

Class

IS

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

247,240

2,267,194

a

Franklin

Investment

Grade

Corporate

ETF

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

165,804

3,663,473

a

Franklin

U.S.

Core

Bond

ETF

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

303,119

6,671,649

a

Franklin

U.S.

Government

Securities

Fund,

Class

R6

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

789,375

4,120,539

16,722,855

Foreign

Equity

6.0%

a

Franklin

International

Core

Dividend

Tilt

Index

ETF

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

41,425

1,373,653

a

Templeton

Developing

Markets

Trust,

Class

R6

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

22,093

452,685

a

Templeton

Foreign

Fund,

Class

R6

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

106,783

916,201

2,742,539

Foreign

Fixed

Income

22.4%

a

BrandywineGLOBAL

High

Yield

Fund,

Class

IS

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

804,998

8,339,779

a

Franklin

High

Yield

Corporate

ETF

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

83,355

2,037,613

10,377,392

Total

Investments

In

Underlying

Funds

and

Exchange

Traded

Funds

(Cost

$41,817,612)

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

42,860,215

Units

a

a

a

a

Index-Linked

Notes

5.0%

Capital

Markets

5.0%

b,c,d

UBS

AG

into

S&P

500

Index,

Senior

Note,

144A,

5.41%,

5/07/27

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

1,999

2,301,283

Total

Index-Linked

Notes

(Cost

$2,099,710)

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

2,301,283

Total

Long

Term

Investments

(Cost

$43,917,322)

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

45,161,498

a

a

a

a

a

Short

Term

Investments

2.5%

Shares

a

Money

Market

Funds

2.5%

a,e

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.74%

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

1,172,128

1,172,128

Total

Money

Market

Funds

(Cost

$1,172,128)

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

1,172,128

Total

Short

Term

Investments

(Cost

$1,172,128)

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

1,172,128

a

Total

Investments

(Cost

$45,089,450)

100.2%

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

$46,333,626

Other

Assets,

less

Liabilities

(0.2)%

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

(99,524)

Net

Assets

100.0%

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

$46,234,102

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

Franklin

LifeSmart™

Retirement

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

18

See

Abbreviations

on

page

53

.

a

See

Note

3

regarding

investments

in

FT

Underlying

Funds.

b

Fair

valued

using

significant

unobservable

inputs.

See

Note

5

regarding

fair

value

measurements.

c

Security

pays

variable

interest

based

on

the

distributions

of

the

strategy

index

and

proceeds

earned

from

related

equity

derivatives.

The

coupon

rate

shown

represents

the

combined

rate

at

period

end.

Cash

payment

at

maturity

or

upon

early

redemption

is

based

on

the

performance

of

the

strategy

index.

d

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

September

30,

2024,

the

value

of

this

security

was

$2,301,283,

representing

5.0%

of

net

assets.

e

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited),

September

30,

2024

Franklin

LifeSmart™

2020

Retirement

Target

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

19

See

Abbreviations

on

page

53

.

a

a

Shares

a

Value

a

Investments

In

Underlying

Funds

and

Exchange

Traded

Funds

99.0%

Alternative

Strategies

1.0%

a

Franklin

Systematic

Style

Premia

ETF

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

11,210

$

269,995

Domestic

Equity

29.3%

a

ClearBridge

Large

Cap

Value

Fund

,

Class

IS

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

16,028

706,352

a

Franklin

Growth

Fund

,

Class

R6

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

11,474

1,689,183

a

Franklin

U.S.

Core

Equity

(IU)

Fund

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

210,835

3,765,519

a

Franklin

U.S.

Equity

Index

ETF

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

7,975

400,783

a

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

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

15,253

886,962

iShares

MSCI

USA

Quality

Factor

ETF

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

650

116,545

iShares

MSCI

USA

Value

Factor

ETF

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

2,675

291,682

7,857,026

Domestic

Fixed

Income

46.9%

a

BrandywineGLOBAL

-

Global

Opportunities

Bond

Fund

,

Class

IS

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

107,394

984,807

a

Franklin

Investment

Grade

Corporate

ETF

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

92,728

2,048,844

a

Franklin

U.S.

Core

Bond

ETF

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

264,863

5,829,635

a

Franklin

U.S.

Treasury

Bond

ETF

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

138,998

2,927,298

iShares

Floating

Rate

Bond

ETF

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

14,925

761,772

12,552,356

Foreign

Equity

16.0%

a

ClearBridge

International

Growth

Fund

,

Class

IS

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

4,453

314,739

a

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

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

64,343

712,916

a

Franklin

International

Core

Equity

(IU)

Fund

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

159,282

2,059,512

iShares

Core

MSCI

EAFE

ETF

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

3,904

304,707

a

Templeton

Developing

Markets

Trust

,

Class

R6

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

20,616

422,421

a

Templeton

Foreign

Fund

,

Class

R6

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

54,273

465,658

4,279,953

Foreign

Fixed

Income

5.8%

a

Franklin

High

Yield

Corporate

ETF

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

45,488

1,111,954

a

Franklin

International

Aggregate

Bond

ETF

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

20,371

423,615

1,535,569

Total

Investments

In

Underlying

Funds

and

Exchange

Traded

Funds

(Cost

$

22,483,218

)

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

26,494,899

a

a

a

a

Short

Term

Investments

0.9%

a

Money

Market

Funds

0.9%

a,b

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.74

%

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

237,824

237,824

Total

Money

Market

Funds

(Cost

$

237,824

)

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

237,824

Total

Short

Term

Investments

(Cost

$

237,824

)

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

237,824

a

Total

Investments

(Cost

$

22,721,042

)

99.9

%

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

$26,732,723

Other

Assets,

less

Liabilities

0.1

%

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

17,087

Net

Assets

100.0%

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

$26,749,810

a

See

Note

3

regarding

investments

in

FT

Underlying

Funds.

b

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited),

September

30,

2024

Franklin

LifeSmart™

2025

Retirement

Target

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

20

a

a

Shares

a

Value

a

Investments

In

Underlying

Funds

and

Exchange

Traded

Funds

99.1%

Alternative

Strategies

1.0%

a

Franklin

Systematic

Style

Premia

ETF

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

48,058

$

1,157,487

Domestic

Equity

35.0%

a

ClearBridge

Large

Cap

Value

Fund,

Class

IS

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

82,038

3,615,434

a

Franklin

Growth

Fund,

Class

R6

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

58,728

8,645,986

a

Franklin

U.S.

Core

Equity

(IU)

Fund

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

1,079,140

19,273,435

a

Franklin

U.S.

Equity

Index

ETF

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

40,825

2,051,656

a

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

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

78,186

4,546,516

iShares

MSCI

USA

Quality

Factor

ETF

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

3,350

600,655

iShares

MSCI

USA

Value

Factor

ETF

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

13,775

1,502,026

40,235,708

Domestic

Fixed

Income

39.1%

a

BrandywineGLOBAL

-

Global

Opportunities

Bond

Fund,

Class

IS

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

383,501

3,516,708

a

Franklin

Investment

Grade

Corporate

ETF

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

331,165

7,317,157

a

Franklin

U.S.

Core

Bond

ETF

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

945,858

20,818,335

a

Franklin

U.S.

Treasury

Bond

ETF

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

496,338

10,452,878

iShares

Floating

Rate

Bond

ETF

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

53,350

2,722,984

44,828,062

Foreign

Equity

19.2%

a

ClearBridge

International

Growth

Fund,

Class

IS

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

22,800

1,611,496

a

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

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

329,718

3,653,274

a

Franklin

International

Core

Equity

(IU)

Fund

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

815,532

10,544,823

iShares

Core

MSCI

EAFE

ETF

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

19,992

1,560,376

a

Templeton

Developing

Markets

Trust,

Class

R6

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

105,647

2,164,706

a

Templeton

Foreign

Fund,

Class

R6

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

277,903

2,384,405

21,919,080

Foreign

Fixed

Income

4.8%

a

Franklin

High

Yield

Corporate

ETF

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

162,478

3,971,775

a

Franklin

International

Aggregate

Bond

ETF

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

72,758

1,513,003

5,484,778

Total

Investments

In

Underlying

Funds

and

Exchange

Traded

Funds

(Cost

$91,335,005)

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

113,625,115

a

a

a

a

Short

Term

Investments

1.0%

a

Money

Market

Funds

1.0%

a,b

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.74%

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

1,107,561

1,107,561

Total

Money

Market

Funds

(Cost

$1,107,561)

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

1,107,561

Total

Short

Term

Investments

(Cost

$1,107,561)

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

1,107,561

a

Total

Investments

(Cost

$92,442,566)

100.1%

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

$114,732,676

Other

Assets,

less

Liabilities

(0.1)%

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

(18,006)

Net

Assets

100.0%

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

$114,714,670

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

Franklin

LifeSmart™

2025

Retirement

Target

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

21

See

Abbreviations

on

page

53

.

a

See

Note

3

regarding

investments

in

FT

Underlying

Funds.

b

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited),

September

30,

2024

Franklin

LifeSmart™

2030

Retirement

Target

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

22

a

a

Shares

a

Value

a

Investments

In

Underlying

Funds

and

Exchange

Traded

Funds

99.1%

Alternative

Strategies

1.0%

a

Franklin

Systematic

Style

Premia

ETF

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

31,286

$

753,529

Domestic

Equity

40.8%

a

ClearBridge

Large

Cap

Value

Fund

,

Class

IS

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

62,112

2,737,291

a

Franklin

Growth

Fund

,

Class

R6

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

44,464

6,545,958

a

Franklin

U.S.

Core

Equity

(IU)

Fund

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

817,024

14,592,049

a

Franklin

U.S.

Equity

Index

ETF

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

30,896

1,552,675

a

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

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

59,195

3,442,189

iShares

MSCI

USA

Quality

Factor

ETF

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

2,539

455,243

iShares

MSCI

USA

Value

Factor

ETF

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

10,430

1,137,287

30,462,692

Domestic

Fixed

Income

31.2%

a

BrandywineGLOBAL

-

Global

Opportunities

Bond

Fund

,

Class

IS

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

199,651

1,830,803

a

Franklin

Investment

Grade

Corporate

ETF

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

172,404

3,809,301

a

Franklin

U.S.

Core

Bond

ETF

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

492,400

10,837,724

a

Franklin

U.S.

Treasury

Bond

ETF

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

258,393

5,441,757

iShares

Floating

Rate

Bond

ETF

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

27,775

1,417,636

23,337,221

Foreign

Equity

22.2%

a

ClearBridge

International

Growth

Fund

,

Class

IS

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

17,251

1,219,312

a

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

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

249,778

2,767,540

a

Franklin

International

Core

Equity

(IU)

Fund

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

617,056

7,978,539

iShares

Core

MSCI

EAFE

ETF

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

15,132

1,181,053

a

Templeton

Developing

Markets

Trust

,

Class

R6

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

80,035

1,639,909

a

Templeton

Foreign

Fund

,

Class

R6

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

210,276

1,804,168

16,590,521

Foreign

Fixed

Income

3.9%

a

Franklin

High

Yield

Corporate

ETF

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

84,564

2,067,167

a

Franklin

International

Aggregate

Bond

ETF

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

37,858

787,257

2,854,424

Total

Investments

In

Underlying

Funds

and

Exchange

Traded

Funds

(Cost

$

58,275,439

)

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

73,998,387

a

a

a

a

Short

Term

Investments

0.8%

a

Money

Market

Funds

0.8%

a,b

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.74

%

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

598,969

598,969

Total

Money

Market

Funds

(Cost

$

598,969

)

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

598,969

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

Franklin

LifeSmart™

2030

Retirement

Target

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

23

See

Abbreviations

on

page

53

.

Short

Term

Investments

(continued)

a

a

Principal

Amount

a

Value

Repurchase

Agreements

0.0%

†

c

Joint

Repurchase

Agreement

,

4.809

%

,

10/01/24

(Maturity

Value

$

34,441

)

BNP

Paribas

Securities

Corp.

(Maturity

Value

$4,778)

Deutsche

Bank

Securities,

Inc.

(Maturity

Value

$12,462)

HSBC

Securities

(USA),

Inc.

(Maturity

Value

$17,201)

Collateralized

by

U.S.

Government

Agency

Securities,

2.5%

-

7%,

5/15/27

-

8/20/64;

U.S.

Government

Agency

Strips,

3/15/27

-

2/15/49;

U.S.

Treasury

Bonds,

Index

Linked,

0.13%,

4/15/27;

and

U.S.

Treasury

Notes,

3.75%,

12/31/28

(valued

at

$

35,129

)

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

$34,437

$

34,437

Total

Repurchase

Agreements

(Cost

$

34,437

)

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

34,437

Total

Short

Term

Investments

(Cost

$

633,406

)

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

633,406

a

Total

Investments

(Cost

$

58,908,845

)

99.9

%

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

$74,631,793

Other

Assets,

less

Liabilities

0.1

%

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

75,285

Net

Assets

100.0%

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

$74,707,078

†

Rounds

to

less

than

0.1%

of

net

assets.

a

See

Note

3

regarding

investments

in

FT

Underlying

Funds.

b

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

c

Investment

is

through

participation

in

a

joint

account

with

other

funds

managed

by

the

investment

manager

or

an

affiliate

of

the

investment

manager.

At

September

30,

2024,

all

repurchase

agreements

had

been

entered

into

on

that

date.

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited),

September

30,

2024

Franklin

LifeSmart™

2035

Retirement

Target

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

24

a

a

Shares

a

Value

a

Investments

In

Underlying

Funds

and

Exchange

Traded

Funds

99.1%

Alternative

Strategies

1.0%

a

Franklin

Systematic

Style

Premia

ETF

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

60,500

$

1,457,155

Domestic

Equity

46.4%

a

ClearBridge

Large

Cap

Value

Fund,

Class

IS

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

136,701

6,024,418

a

Franklin

Growth

Fund,

Class

R6

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

97,859

14,406,730

a

Franklin

U.S.

Core

Equity

(IU)

Fund

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

1,798,142

32,114,821

a

Franklin

U.S.

Equity

Index

ETF

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

68,037

3,419,193

a

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

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

130,274

7,575,433

iShares

MSCI

USA

Quality

Factor

ETF

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

5,589

1,002,108

iShares

MSCI

USA

Value

Factor

ETF

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

22,958

2,503,340

67,046,043

Domestic

Fixed

Income

23.4%

a

BrandywineGLOBAL

-

Global

Opportunities

Bond

Fund,

Class

IS

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

290,351

2,662,519

a

Franklin

Investment

Grade

Corporate

ETF

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

250,721

5,539,731

a

Franklin

U.S.

Core

Bond

ETF

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

716,109

15,761,559

a

Franklin

U.S.

Treasury

Bond

ETF

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

375,768

7,913,674

iShares

Floating

Rate

Bond

ETF

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

40,383

2,061,148

33,938,631

Foreign

Equity

25.4%

a

ClearBridge

International

Growth

Fund,

Class

IS

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

37,987

2,684,923

a

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

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

549,206

6,085,205

a

Franklin

International

Core

Equity

(IU)

Fund

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

1,358,747

17,568,597

iShares

Core

MSCI

EAFE

ETF

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

33,299

2,598,987

a

Templeton

Developing

Markets

Trust,

Class

R6

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

175,982

3,605,881

a

Templeton

Foreign

Fund,

Class

R6

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

463,056

3,973,018

36,516,611

Foreign

Fixed

Income

2.9%

a

Franklin

High

Yield

Corporate

ETF

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

123,012

3,007,028

a

Franklin

International

Aggregate

Bond

ETF

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

55,077

1,145,326

4,152,354

Total

Investments

In

Underlying

Funds

and

Exchange

Traded

Funds

(Cost

$107,633,323)

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

143,110,794

a

a

a

a

Short

Term

Investments

0.9%

a

Money

Market

Funds

0.8%

a,b

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.74%

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

1,068,514

1,068,514

Total

Money

Market

Funds

(Cost

$1,068,514)

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

1,068,514

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

Franklin

LifeSmart™

2035

Retirement

Target

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

25

See

Abbreviations

on

page

53

.

Short

Term

Investments

(continued)

a

a

Principal

Amount

a

Value

Repurchase

Agreements

0.1%

c

Joint

Repurchase

Agreement,

4.809%,

10/01/24

(Maturity

Value

$168,680)

BNP

Paribas

Securities

Corp.

(Maturity

Value

$23,401)

Deutsche

Bank

Securities,

Inc.

(Maturity

Value

$61,035)

HSBC

Securities

(USA),

Inc.

(Maturity

Value

$84,244)

Collateralized

by

U.S.

Government

Agency

Securities,

2.5%

-

7%,

5/15/27

-

8/20/64;

U.S.

Government

Agency

Strips,

3/15/27

-

2/15/49;

U.S.

Treasury

Bonds,

Index

Linked,

0.13%,

4/15/27;

and

U.S.

Treasury

Notes,

3.75%,

12/31/28

(valued

at

$172,046)

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

$168,658

$

168,658

Total

Repurchase

Agreements

(Cost

$168,658)

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

168,658

Total

Short

Term

Investments

(Cost

$1,237,172)

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

1,237,172

a

Total

Investments

(Cost

$108,870,495)

100.0%

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

$144,347,966

Other

Assets,

less

Liabilities

0.0%

†

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

63,306

Net

Assets

100.0%

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

$144,411,272

†

Rounds

to

less

than

0.1%

of

net

assets.

a

See

Note

3

regarding

investments

in

FT

Underlying

Funds.

b

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

c

Investment

is

through

participation

in

a

joint

account

with

other

funds

managed

by

the

investment

manager

or

an

affiliate

of

the

investment

manager.

At

September

30,

2024,

all

repurchase

agreements

had

been

entered

into

on

that

date.

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited),

September

30,

2024

Franklin

LifeSmart™

2040

Retirement

Target

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

26

a

a

Shares

a

Value

a

Investments

In

Underlying

Funds

and

Exchange

Traded

Funds

99.0%

Alternative

Strategies

1.0%

a

Franklin

Systematic

Style

Premia

ETF

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

25,837

$

622,289

Domestic

Equity

51.6%

a

ClearBridge

Large

Cap

Value

Fund

,

Class

IS

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

65,111

2,869,421

a

Franklin

Growth

Fund

,

Class

R6

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

46,610

6,861,869

a

Franklin

U.S.

Core

Equity

(IU)

Fund

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

681,940

12,179,452

a

Franklin

U.S.

Equity

Index

ETF

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

94,375

4,742,806

a

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

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

62,042

3,607,742

iShares

MSCI

USA

Quality

Factor

ETF

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

2,650

475,145

iShares

MSCI

USA

Value

Factor

ETF

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

10,925

1,191,262

31,927,697

Domestic

Fixed

Income

16.6%

a

Franklin

Investment

Grade

Corporate

ETF

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

82,053

1,812,977

a

Franklin

U.S.

Core

Bond

ETF

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

234,402

5,159,188

a

Franklin

U.S.

Treasury

Bond

ETF

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

122,996

2,590,296

iShares

Floating

Rate

Bond

ETF

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

13,225

675,004

10,237,465

Foreign

Equity

28.2%

a

ClearBridge

International

Growth

Fund

,

Class

IS

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

18,091

1,278,672

a

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

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

261,639

2,898,964

a

Franklin

International

Core

Equity

(IU)

Fund

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

647,087

8,366,833

iShares

Core

MSCI

EAFE

ETF

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

15,859

1,237,795

a

Templeton

Developing

Markets

Trust

,

Class

R6

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

83,839

1,717,870

a

Templeton

Foreign

Fund

,

Class

R6

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

220,540

1,892,233

17,392,367

Foreign

Fixed

Income

1.6%

a

Franklin

High

Yield

Corporate

ETF

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

40,248

983,862

Total

Investments

In

Underlying

Funds

and

Exchange

Traded

Funds

(Cost

$

45,474,989

)

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

61,163,680

a

a

a

a

Short

Term

Investments

1.0%

a

Money

Market

Funds

0.9%

a,b

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.74

%

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

566,335

566,335

Total

Money

Market

Funds

(Cost

$

566,335

)

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

566,335

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

Franklin

LifeSmart™

2040

Retirement

Target

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

27

See

Abbreviations

on

page

53

.

Short

Term

Investments

(continued)

a

a

Principal

Amount

a

Value

Repurchase

Agreements

0.1%

c

Joint

Repurchase

Agreement

,

4.809

%

,

10/01/24

(Maturity

Value

$

44,118

)

BNP

Paribas

Securities

Corp.

(Maturity

Value

$6,120)

Deutsche

Bank

Securities,

Inc.

(Maturity

Value

$15,964)

HSBC

Securities

(USA),

Inc.

(Maturity

Value

$22,034)

Collateralized

by

U.S.

Government

Agency

Securities,

2.5%

-

7%,

5/15/27

-

8/20/64;

U.S.

Government

Agency

Strips,

3/15/27

-

2/15/49;

U.S.

Treasury

Bonds,

Index

Linked,

0.13%,

4/15/27;

and

U.S.

Treasury

Notes,

3.75%,

12/31/28

(valued

at

$

44,998

)

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

$44,112

$

44,112

Total

Repurchase

Agreements

(Cost

$

44,112

)

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

44,112

Total

Short

Term

Investments

(Cost

$

610,447

)

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

610,447

a

Total

Investments

(Cost

$

46,085,436

)

100.0

%

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

$61,774,127

Other

Assets,

less

Liabilities

(0.0)

%

†

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

(17,506)

Net

Assets

100.0%

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

$61,756,621

†

Rounds

to

less

than

0.1%

of

net

assets.

a

See

Note

3

regarding

investments

in

FT

Underlying

Funds.

b

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

c

Investment

is

through

participation

in

a

joint

account

with

other

funds

managed

by

the

investment

manager

or

an

affiliate

of

the

investment

manager.

At

September

30,

2024,

all

repurchase

agreements

had

been

entered

into

on

that

date.

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited),

September

30,

2024

Franklin

LifeSmart™

2045

Retirement

Target

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

28

See

Abbreviations

on

page

53

.

a

a

Shares

a

Value

a

Investments

In

Underlying

Funds

and

Exchange

Traded

Funds

99.1%

Alternative

Strategies

1.0%

a

Franklin

Systematic

Style

Premia

ETF

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

43,959

$

1,058,761

Domestic

Equity

57.1%

a

ClearBridge

Large

Cap

Value

Fund

,

Class

IS

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

122,373

5,392,988

a

Franklin

Growth

Fund

,

Class

R6

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

87,601

12,896,667

a

Franklin

U.S.

Core

Equity

(IU)

Fund

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

1,281,680

22,890,810

a

Franklin

U.S.

Equity

Index

ETF

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

177,375

8,913,963

a

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

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

116,617

6,781,279

iShares

MSCI

USA

Quality

Factor

ETF

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

5,000

896,500

iShares

MSCI

USA

Value

Factor

ETF

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

20,550

2,240,772

60,012,979

Domestic

Fixed

Income

9.8%

a

Franklin

U.S.

Core

Bond

ETF

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

466,586

10,269,558

Foreign

Equity

31.2%

a

ClearBridge

International

Growth

Fund

,

Class

IS

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

33,994

2,402,716

a

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

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

491,860

5,449,813

a

Franklin

International

Core

Equity

(IU)

Fund

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

1,215,919

15,721,828

iShares

Core

MSCI

EAFE

ETF

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

29,802

2,326,046

a

Templeton

Developing

Markets

Trust

,

Class

R6

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

157,613

3,229,486

a

Templeton

Foreign

Fund

,

Class

R6

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

414,419

3,555,719

32,685,608

Total

Investments

In

Underlying

Funds

and

Exchange

Traded

Funds

(Cost

$

73,054,721

)

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

104,026,906

a

a

a

a

Short

Term

Investments

0.7%

a

Money

Market

Funds

0.7%

a,b

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.74

%

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

784,908

784,908

Total

Money

Market

Funds

(Cost

$

784,908

)

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

784,908

Total

Short

Term

Investments

(Cost

$

784,908

)

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

784,908

a

Total

Investments

(Cost

$

73,839,629

)

99.8

%

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

$104,811,814

Other

Assets,

less

Liabilities

0.2

%

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

181,038

Net

Assets

100.0%

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

$104,992,852

a

See

Note

3

regarding

investments

in

FT

Underlying

Funds.

b

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited),

September

30,

2024

Franklin

LifeSmart™

2050

Retirement

Target

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

29

a

a

Shares

a

Value

a

Investments

In

Underlying

Funds

and

Exchange

Traded

Funds

99.0%

Alternative

Strategies

1.0%

a

Franklin

Systematic

Style

Premia

ETF

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

23,988

$

577,756

Domestic

Equity

60.9%

a

ClearBridge

Large

Cap

Value

Fund

,

Class

IS

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

71,172

3,136,529

a

Franklin

Growth

Fund

,

Class

R6

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

50,948

7,500,553

a

Franklin

U.S.

Core

Equity

(IU)

Fund

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

745,401

13,312,864

a

Franklin

U.S.

Equity

Index

ETF

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

103,155

5,184,044

a

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

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

67,812

3,943,268

iShares

MSCI

USA

Quality

Factor

ETF

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

2,911

521,942

iShares

MSCI

USA

Value

Factor

ETF

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

11,947

1,302,701

34,901,901

Domestic

Fixed

Income

4.0%

a

Franklin

U.S.

Core

Bond

ETF

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

103,909

2,287,037

Foreign

Equity

33.1%

a

ClearBridge

International

Growth

Fund

,

Class

IS

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

19,774

1,397,613

a

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

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

286,069

3,169,648

a

Franklin

International

Core

Equity

(IU)

Fund

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

707,266

9,144,945

iShares

Core

MSCI

EAFE

ETF

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

17,332

1,352,763

a

Templeton

Developing

Markets

Trust

,

Class

R6

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

91,673

1,878,383

a

Templeton

Foreign

Fund

,

Class

R6

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

241,087

2,068,530

19,011,882

Total

Investments

In

Underlying

Funds

and

Exchange

Traded

Funds

(Cost

$

41,109,344

)

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

56,778,576

a

a

a

a

Short

Term

Investments

1.3%

a

Money

Market

Funds

1.2%

a,b

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.74

%

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

698,566

698,566

Total

Money

Market

Funds

(Cost

$

698,566

)

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

698,566

Principal

Amount

Repurchase

Agreements

0.1%

c

Joint

Repurchase

Agreement

,

4.809

%

,

10/01/24

(Maturity

Value

$

51,248

)

BNP

Paribas

Securities

Corp.

(Maturity

Value

$7,109)

Deutsche

Bank

Securities,

Inc.

(Maturity

Value

$18,544)

HSBC

Securities

(USA),

Inc.

(Maturity

Value

$25,595)

Collateralized

by

U.S.

Government

Agency

Securities,

2.5%

-

7%,

5/15/27

-

8/20/64;

U.S.

Government

Agency

Strips,

3/15/27

-

2/15/49;

U.S.

Treasury

Bonds,

Index

Linked,

0.13%,

4/15/27;

and

U.S.

Treasury

Notes,

3.75%,

12/31/28

(valued

at

$

52,270

)

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

$51,241

51,241

Total

Repurchase

Agreements

(Cost

$

51,241

)

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

51,241

Total

Short

Term

Investments

(Cost

$

749,807

)

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

749,807

a

Total

Investments

(Cost

$

41,859,151

)

100.3

%

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

$57,528,383

Other

Assets,

less

Liabilities

(

0.3

)

%

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

(182,259)

Net

Assets

100.0%

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

$57,346,124

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

Franklin

LifeSmart™

2050

Retirement

Target

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

30

See

Abbreviations

on

page

53

.

a

See

Note

3

regarding

investments

in

FT

Underlying

Funds.

b

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

c

Investment

is

through

participation

in

a

joint

account

with

other

funds

managed

by

the

investment

manager

or

an

affiliate

of

the

investment

manager.

At

September

30,

2024,

all

repurchase

agreements

had

been

entered

into

on

that

date.

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited),

September

30,

2024

Franklin

LifeSmart™

2055

Retirement

Target

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

31

See

Abbreviations

on

page

53

.

a

a

Shares

a

Value

a

Investments

In

Underlying

Funds

and

Exchange

Traded

Funds

99.1%

Alternative

Strategies

1.0%

a

Franklin

Systematic

Style

Premia

ETF

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

17,263

$

415,783

Domestic

Equity

61.5%

a

ClearBridge

Large

Cap

Value

Fund,

Class

IS

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

51,757

2,280,916

a

Franklin

Growth

Fund,

Class

R6

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

37,050

5,454,487

a

Franklin

U.S.

Core

Equity

(IU)

Fund

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

542,065

9,681,287

a

Franklin

U.S.

Equity

Index

ETF

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

75,000

3,769,117

a

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

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

49,324

2,868,191

iShares

MSCI

USA

Quality

Factor

ETF

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

2,100

376,530

iShares

MSCI

USA

Value

Factor

ETF

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

8,675

945,922

25,376,450

Domestic

Fixed

Income

3.0%

a

Franklin

U.S.

Core

Bond

ETF

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

56,071

1,234,123

Foreign

Equity

33.6%

a

ClearBridge

International

Growth

Fund,

Class

IS

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

14,378

1,016,267

a

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

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

207,896

2,303,484

a

Franklin

International

Core

Equity

(IU)

Fund

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

514,286

6,649,720

iShares

Core

MSCI

EAFE

ETF

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

12,605

983,820

a

Templeton

Developing

Markets

Trust,

Class

R6

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

66,621

1,365,069

a

Templeton

Foreign

Fund,

Class

R6

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

175,302

1,504,091

13,822,451

Total

Investments

In

Underlying

Funds

and

Exchange

Traded

Funds

(Cost

$29,693,271)

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

40,848,807

a

a

a

a

Short

Term

Investments

0.9%

a

Money

Market

Funds

0.9%

a,b

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.74%

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

388,607

388,607

Total

Money

Market

Funds

(Cost

$388,607)

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

388,607

Total

Short

Term

Investments

(Cost

$388,607)

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

388,607

a

Total

Investments

(Cost

$30,081,878)

100.0%

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

$41,237,414

Other

Assets,

less

Liabilities

0.0%

†

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

2,930

Net

Assets

100.0%

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

$41,240,344

†

Rounds

to

less

than

0.1%

of

net

assets.

a

See

Note

3

regarding

investments

in

FT

Underlying

Funds.

b

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited),

September

30,

2024

Franklin

LifeSmart™

2060

Retirement

Target

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

32

See

Abbreviations

on

page

53

.

a

a

Shares

a

Value

a

Investments

In

Underlying

Funds

and

Exchange

Traded

Funds

98.3%

Alternative

Strategies

1.0%

a

Franklin

Systematic

Style

Premia

ETF

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

3,169

$

76,326

Domestic

Equity

61.1%

a

ClearBridge

Large

Cap

Value

Fund

,

Class

IS

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

9,525

419,765

a

Franklin

Growth

Fund

,

Class

R6

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

6,818

1,003,805

a

Franklin

U.S.

Core

Equity

(IU)

Fund

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

99,757

1,781,669

a

Franklin

U.S.

Equity

Index

ETF

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

13,800

693,518

a

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

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

9,055

526,548

iShares

MSCI

USA

Quality

Factor

ETF

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

400

71,720

iShares

MSCI

USA

Value

Factor

ETF

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

1,600

174,464

4,671,489

Domestic

Fixed

Income

3.0%

a

Franklin

U.S.

Core

Bond

ETF

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

10,300

226,703

Foreign

Equity

33.2%

a

ClearBridge

International

Growth

Fund

,

Class

IS

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

2,646

187,029

a

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

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

38,261

423,926

a

Franklin

International

Core

Equity

(IU)

Fund

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

94,647

1,223,781

iShares

Core

MSCI

EAFE

ETF

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

2,314

180,608

a

Templeton

Developing

Markets

Trust

,

Class

R6

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

12,261

251,232

a

Templeton

Foreign

Fund

,

Class

R6

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

32,261

276,801

2,543,377

Total

Investments

In

Underlying

Funds

and

Exchange

Traded

Funds

(Cost

$

6,180,340

)

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

7,517,895

a

a

a

a

Short

Term

Investments

1.4%

a

Money

Market

Funds

1.4%

a,b

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.74

%

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

108,092

108,092

Total

Money

Market

Funds

(Cost

$

108,092

)

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

108,092

Total

Short

Term

Investments

(Cost

$

108,092

)

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

108,092

a

Total

Investments

(Cost

$

6,288,432

)

99.7

%

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

$7,625,987

Other

Assets,

less

Liabilities

0.3

%

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

24,407

Net

Assets

100.0%

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

$7,650,394

a

See

Note

3

regarding

investments

in

FT

Underlying

Funds.

b

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited),

September

30,

2024

Franklin

Moderate

Allocation

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

33

a

a

Shares

a

Value

a

Investments

In

Underlying

Funds

and

Exchange

Traded

Funds

99.2%

Alternative

Strategies

1.0%

a

Franklin

Systematic

Style

Premia

ETF

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

715,148

$

17,224,483

Domestic

Equity

46.4%

a

ClearBridge

Large

Cap

Value

Fund

,

Class

IS

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

1,610,404

70,970,505

a

Franklin

Growth

Fund

,

Class

R6

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

1,157,192

170,361,853

a

Franklin

U.S.

Core

Equity

(IU)

Fund

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

21,263,599

379,767,875

a

Franklin

U.S.

Equity

Index

ETF

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

804,650

40,437,605

a

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

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

1,540,667

89,589,786

iShares

MSCI

USA

Quality

Factor

ETF

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

66,300

11,887,590

iShares

MSCI

USA

Value

Factor

ETF

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

271,575

29,612,538

792,627,752

Domestic

Fixed

Income

33.9%

a

BrandywineGLOBAL

-

Global

Opportunities

Bond

Fund

,

Class

IS

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

4,939,687

45,296,928

a

Franklin

Investment

Grade

Corporate

ETF

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

4,265,823

94,254,212

a

Franklin

U.S.

Core

Bond

ETF

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

12,183,341

268,155,336

a

Franklin

U.S.

Treasury

Bond

ETF

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

6,393,222

134,641,255

iShares

Floating

Rate

Bond

ETF

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

687,450

35,087,448

577,435,179

Foreign

Equity

13.8%

a

ClearBridge

International

Growth

Fund

,

Class

IS

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

245,953

17,383,989

a

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

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

3,486,124

38,626,251

a

Franklin

International

Core

Equity

(IU)

Fund

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

8,797,557

113,752,407

iShares

Core

MSCI

EAFE

ETF

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

211,947

16,542,463

a

Templeton

Developing

Markets

Trust

,

Class

R6

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

1,115,677

22,860,215

a

Templeton

Foreign

Fund

,

Class

R6

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

3,057,611

26,234,306

235,399,631

Foreign

Fixed

Income

4.1%

a

Franklin

High

Yield

Corporate

ETF

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

2,092,845

51,159,596

a

Franklin

International

Aggregate

Bond

ETF

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

937,163

19,488,305

70,647,901

Total

Investments

In

Underlying

Funds

and

Exchange

Traded

Funds

(Cost

$

1,286,619,907

)

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

1,693,334,946

a

a

a

a

Short

Term

Investments

0.7%

a

Money

Market

Funds

0.7%

a,b

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.74

%

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

11,358,076

11,358,076

Total

Money

Market

Funds

(Cost

$

11,358,076

)

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

11,358,076

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

Franklin

Moderate

Allocation

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

34

See

Abbreviations

on

page

53

.

Short

Term

Investments

(continued)

a

a

Principal

Amount

a

Value

Repurchase

Agreements

0.0%

†

c

Joint

Repurchase

Agreement

,

4.809

%

,

10/01/24

(Maturity

Value

$

917,336

)

BNP

Paribas

Securities

Corp.

(Maturity

Value

$127,262)

Deutsche

Bank

Securities,

Inc.

(Maturity

Value

$331,929)

HSBC

Securities

(USA),

Inc.

(Maturity

Value

$458,145)

Collateralized

by

U.S.

Government

Agency

Securities,

2.5%

-

7%,

5/15/27

-

8/20/64;

U.S.

Government

Agency

Strips,

3/15/27

-

2/15/49;

U.S.

Treasury

Bonds,

Index

Linked,

0.13%,

4/15/27;

and

U.S.

Treasury

Notes,

3.75%,

12/31/28

(valued

at

$

935,638

)

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

$917,214

$

917,214

Total

Repurchase

Agreements

(Cost

$

917,214

)

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

917,214

Total

Short

Term

Investments

(Cost

$

12,275,290

)

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

12,275,290

a

Total

Investments

(Cost

$

1,298,895,197

)

99.9

%

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

$1,705,610,236

Other

Assets,

less

Liabilities

0.1

%

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

1,204,759

Net

Assets

100.0%

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

$1,706,814,995

†

Rounds

to

less

than

0.1%

of

net

assets.

a

See

Note

3

regarding

investments

in

FT

Underlying

Funds.

b

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

c

Investment

is

through

participation

in

a

joint

account

with

other

funds

managed

by

the

investment

manager

or

an

affiliate

of

the

investment

manager.

At

September

30,

2024,

all

repurchase

agreements

had

been

entered

into

on

that

date.

Franklin

Fund

Allocator

Series

35

Quarterly

Schedules

of

Investments

Notes

to

Schedules

of

Investments

(unaudited)

1.

Organization

Franklin

Fund

Allocator

Series (Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company,

consisting

of eighteen

separate

funds, fifteen of

which

are

included

in

this

report

(Funds).

The

Funds

follow

the

accounting

and

reporting

guidance in

Financial

Accounting

Standards Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

apply the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to, ASC

946.

Certain

or

all

Funds

invest

primarily

in

mutual

funds

(Underlying

Funds)

and

exchange

traded

funds

(ETFs),

including

affiliated

funds

managed

by

Franklin

Templeton

(FT

Underlying

Funds).

The

accounting

policies

of

the

Underlying

Funds

are

outlined

in

their

respective

shareholder

reports.

A

copy

of

the

Underlying

Funds’

shareholder

reports,

in

which

each

Fund

invests, is

available

on

the

U.S.

Securities

and

Exchange

Commission

(SEC)

website

at

sec.gov.

The

Underlying

Funds’

shareholder

reports

are

not

covered

by

this

report.

2. Financial

Instrument

Valuation

The

Funds’

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Funds

calculate

the

net

asset

value

(NAV)

per

share

each

business

day

as

of

4

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the

Trust’s

Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Funds'

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Funds'

administrator

in

performing

this

responsibility,

including

leading

the

cross-functional

Valuation

Committee

(VC).

The

Funds

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value. 

Investments

in

the

Underlying

Funds

are

valued

at

their

closing

NAV

each

trading

day.

ETFs

listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price

of

the

day,

respectively.

Equity

securities,

exchange

traded

funds,

and

derivative

financial

instruments

listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price

of

the

day,

respectively.

Foreign

equity

securities

are

valued

as

of

the

close

of

trading

on

the

foreign

stock

exchange

on

which

the

security

is

primarily

traded

or

as

of

4

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

4

p.m. Eastern

time

on

the

day

that

the

value

of

the

security

is

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities. 

Debt

securities

generally

trade

in

the

OTC

market

rather

than

on

a

securities

exchange.

The

Funds’

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

Investments

in

open-end

mutual

funds

are

valued

at

the

closing

NAV. Investments

in

repurchase

agreements

are

valued

at

cost,

which

approximates

fair

value.

Franklin

Fund

Allocator

Series

Notes

to

Schedules

of

Investments

(unaudited)

36

Quarterly

Schedules

of

Investments

Certain

derivative

financial

instruments

trade

in

the

OTC

market.

The

Funds’

pricing

services

use

various

techniques

including

industry

standard

option

pricing

models

and

proprietary

discounted

cash

flow

models

to

determine

the

fair

value

of

those

instruments.

The

Funds’ net

benefit

or

obligation

under

the

derivative

contract,

as

measured

by

the

fair

value

of

the

contract,

is

included

in

net

assets. 

The

Funds

have procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the

Funds

primarily employ

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed. 

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

4

p.m.

Eastern

time.

In

addition,

trading

in

certain

foreign

markets

may

not

take

place

on

every

Funds’ business

day.

Events

can

occur

between

the

time

at

which

trading

in

a

foreign

security

is

completed

and

4

p.m.

Eastern

time

that

might

call

into

question

the

reliability

of

the

value

of

a

portfolio

security

held

by

the

Fund.

As

a

result,

differences

may

arise

between

the

value

of

the

Funds’

portfolio

securities

as

determined

at

the

foreign

market

close

and

the

latest

indications

of

value

at

4

p.m.

Eastern

time.

In

order

to

minimize

the

potential

for

these

differences,

an

independent

pricing

service

may

be

used

to

adjust

the

value

of

the

Funds'

portfolio

securities

to

the

latest

indications

of

fair

value

at 4

p.m.

Eastern

time.

At

September

30,

2024,

certain

securities

may

have

been

fair

valued

using

these

procedures,

in

which

case

the

securities

were

categorized

as

Level

2

within

the

fair

value

hierarchy

(referred

to

as

"market

level

fair

value").

See

the

Fair

Value

Measurements

note

for

more

information.

When

the

last

day

of

the

reporting

period

is

a

non-business

day,

certain

foreign

markets

may

be

open

on

those

days

that

the

Funds’

NAV

is

not

calculated,

which

could

result

in

differences

between

the

value

of

the

Funds’

portfolio securities

on

the

last

business

day

and

the

last

calendar

day

of

the

reporting

period.

Any

security

valuation

changes

due

to

an

open

foreign

market

are

adjusted

and

reflected

by

the

Funds for

financial

reporting

purposes.

3.

Investments

in

FT

Underlying

Funds

Certain

or

all

Funds

invest

in

FT

Underlying

Funds

which

are

managed

by

Franklin

Advisers,

Inc.

(Advisers),

an

affiliate

of

FT

Services

or

an

affiliate

of

Advisers.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

“Controlled

Affiliate”

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

Underlying

Fund’s

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

Underlying

Fund.

The

Funds

do

not

invest

in

Underlying

Funds

for

the

purpose

of

exercising

a

controlling

influence

over

the

management

or

policies.

Investments

in

FT

Underlying

Funds

for

the period ended September

30,

2024,

were

as

follows:

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Dividend

Income

a

a

a

a

a

a

a

a

a

Franklin

Conservative

Allocation

Fund

Non-Controlled

Affiliates

BrandywineGLOBAL

-

Global

Opportunities

Bond

Fund,

Class

IS

$

35,532,536

$

5,745,294

$

(4,305,074)

$

(1,145,663)

$

521,094

$

36,348,187

3,963,815

$

924,870

2. Financial

Instrument

Valuation

(continued)

Franklin

Fund

Allocator

Series

Notes

to

Schedules

of

Investments

(unaudited)

37

Quarterly

Schedules

of

Investments

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Dividend

Income

a

a

a

a

a

a

a

a

a

Franklin

Conservative

Allocation

Fund

(continued)

Non-Controlled

Affiliates

(continued)

ClearBridge

International

Growth

Fund,

Class

IS

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

$

6,472,793

$

207,688

$

(1,531,025)

$

132,912

$

810,632

$

6,093,000

86,205

$

—

ClearBridge

Large

Cap

Value

Fund,

Class

IS

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

26,439,391

1,596,769

(5,197,981)

446,942

1,684,857

24,969,978

566,598

287,319

a

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

...........

13,340,652

1,621,965

(3,337,957)

(100,538)

2,108,749

13,632,871

1,230,404

192,368

Franklin

Growth

Fund,

Class

R6

.

63,091,507

1,631,989

(15,951,864)

5,217,280

5,725,045

59,713,957

405,610

—

Franklin

High

Yield

Corporate

ETF

18,243,540

24,232,120

(2,364,256)

(231,598)

1,173,885

41,053,691

1,679,431

778,408

Franklin

International

Aggregate

Bond

ETF

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

15,322,392

1,639,153

(1,621,733)

(

418,491)

717,476

15,638,797

752,046

—

Franklin

International

Core

Equity

(IU)

Fund

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

42,320,816

2,514,252

(9,475,050)

1,074,557

3,435,606

39,870,181

3,083,541

780,118

Franklin

Investment

Grade

Corporate

ETF

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

22,880,435

55,272,583

(3,045,813)

(317,645)

846,154

75,635,714

3,423,174

694,448

Franklin

Systematic

Style

Premia

ETF

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

8,696,285

393,541

(987,429)

46,361

906,699

9,055,457

375,976

—

Franklin

U.S.

Core

Bond

ETF

...

179,960,360

48,565,381

(16,667,401)

(2,963,445)

6,291,769

215,186,664

9,776,768

4,916,569

Franklin

U.S.

Core

Equity

(IU)

Fund

140,498,475

11,525,264

(50,493,130)

12,431,401

19,153,138

133,115,148

7,453,256

1,289,110

Franklin

U.S.

Equity

Index

ETF

.

14,968,633

4,103,544

(7,420,656)

753,067

1,768,450

14,173,038

282,023

129,995

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

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

33,011,646

949,718

(8,994,803)

2,083,524

4,351,031

31,401,116

540,002

250,659

Franklin

U.S.

Treasury

Bond

ETF

59,583,178

55,876,338

(8,660,583)

(2,005,700)

3,252,422

108,045,655

5,130,373

2,295,726

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.74%

.......

2,128,612

73,049,868

(69,133,863)

—

—

6,044,617

6,044,617

224,438

Templeton

Developing

Markets

Trust,

Class

R6

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

9,751,940

1,133,210

(4,151,985)

(46,271)

1,378,539

8,065,433

393,628

—

Templeton

Foreign

Fund,

Class

R6

9,717,617

1,382,287

(2,693,405)

441,920

435,495

9,283,914

1,082,041

—

Western

Asset

Core

Plus

Bond

Fund,

Class

IS

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

100,478,405

10,744,333

(111,649,108)

(13,804,488)

14,230,858

—

—

3,080,293

Western

Asset

Short-Term

Bond

Fund,

Class

IS

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

22,616,221

2,569,131

(25,500,554)

(169,486)

484,688

—

—

651,749

Total

Non-Controlled

Affiliates

$825,055,434

$304,754,428

$(353,183,670)

$1,424,639

$69,276,587

$847,327,418

$16,496,070

Total

Affiliated

Securities

....

$825,055,434

$304,754,428

$(353,183,670)

$1,424,639

$69,276,587

$847,327,418

$16,496,070

Franklin

Corefolio

Allocation

Fund

Non-Controlled

Affiliates

Franklin

Growth

Fund,

Class

R6

.

230,947,089

—

(16,973,105)

1,843,846

40,623,376

256,441,206

1,741,891

—

Franklin

Growth

Opportunities

Fund,

Class

R6

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

251,269,180

—

(40,560,339)

4,646,549

48,425,694

263,781,084

4,260,719

—

Franklin

Mutual

Shares

Fund,

Class

R6

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

209,518,825

21,149,585

(11,403,727)

703,302

30,614,219

250,582,204

8,975,007

—

3.

Investments

in

FT

Underlying

Funds

(continued)

Franklin

Fund

Allocator

Series

Notes

to

Schedules

of

Investments

(unaudited)

38

Quarterly

Schedules

of

Investments

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Dividend

Income

a

a

a

a

a

a

a

a

a

Franklin

Corefolio

Allocation

Fund

(continued)

Non-Controlled

Affiliates

(continued)

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.74%

.......

$

1,179

$

15,904,435

$

(15,904,708)

$

—

$

—

$

906

906

$

6,304

Templeton

Growth

Fund,

Inc.,

Class

R6

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

222,226,088

12,029,522

(11,561,247)

813,056

21,874,124

245,381,543

8,716,929

—

Total

Non-Controlled

Affiliates

$913,962,361

$49,083,542

$(96,403,126)

$8,006,753

$141,537,413

$1,016,186,943

$6,304

Total

Affiliated

Securities

....

$913,962,361

$49,083,542

$(96,403,126)

$8,006,753

$141,537,413

$1,016,186,943

$6,304

Franklin

Growth

Allocation

Fund

Controlled

Affiliates

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

...........

36,237,958

4,455,344

(4,730,655)

(207,441)

6,189,475

41,944,681

3,785,621

571,636

Non-Controlled

Affiliates

BrandywineGLOBAL

-

Global

Opportunities

Bond

Fund,

Class

IS

14,223,395

5,102,909

(1,720,457)

(426,623)

357,365

17,536,589

1,912,387

408,291

ClearBridge

International

Growth

Fund,

Class

IS

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

17,656,450

623,092

(2,096,754)

183,121

2,578,496

18,944,405

268,031

—

ClearBridge

Large

Cap

Value

Fund,

Class

IS

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

72,098,193

6,268,099

(6,938,124)

171,841

6,029,984

77,629,993

1,761,516

848,103

a

Franklin

Growth

Fund,

Class

R6

.

174,044,468

747,674

(20,562,588)

2,395,689

29,018,225

185,643,468

1,260,994

—

Franklin

High

Yield

Corporate

ETF

7,304,631

12,998,963

(927,057)

(42,382)

471,331

19,805,486

810,206

335,119

Franklin

International

Aggregate

Bond

ETF

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

6,135,331

1,961,838

(709,587)

(

172,462)

329,285

7,544,405

362,799

—

Franklin

International

Core

Equity

(IU)

Fund

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

115,442,847

10,360,046

(14,806,071)

664,048

12,300,229

123,961,099

9,587,092

2,300,979

Franklin

Investment

Grade

Corporate

ETF

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

9,161,624

28,234,504

(1,207,078)

(78,474)

379,028

36,489,604

1,651,472

297,852

Franklin

Systematic

Style

Premia

ETF

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

12,133,894

1,391,096

(812,358)

17,252

1,347,482

14,077,366

584,482

—

Franklin

U.S.

Core

Bond

ETF

...

72,059,201

35,781,290

(5,980,982)

(1,002,579)

2,956,823

103,813,753

4,716,663

2,119,820

Franklin

U.S.

Core

Equity

(IU)

Fund

305,126,935

9,929,312

(56,299,412)

7,515,242

63,237,037

329,509,114

18,449,558

2,954,013

Franklin

U.S.

Equity

Index

ETF

.

116,704,561

15,925,116

(28,004,721)

2,624,521

21,062,590

128,312,067

2,553,225

1,148,033

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

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

90,020,249

2,912,935

(13,870,844)

2,589,106

15,976,647

97,628,093

1,678,901

741,637

Franklin

U.S.

Treasury

Bond

ETF

23,858,015

30,409,643

(2,922,071)

(477,855)

1,257,200

52,124,932

2,475,068

996,326

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.74%

.......

6,207,441

85,724,620

(81,759,655)

—

—

10,172,406

10,172,406

359,838

Templeton

Developing

Markets

Trust,

Class

R6

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

26,787,077

2,720,717

(8,596,468)

(305,650)

4,228,370

24,834,046

1,212,008

—

Templeton

Foreign

Fund,

Class

R6

26,507,551

4,126,371

(4,797,379)

219,006

2,397,232

28,452,781

3,316,175

—

Western

Asset

Core

Plus

Bond

Fund,

Class

IS

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

40,233,942

11,787,566

(52,555,641)

(1,819,497)

2,353,630

—

—

1,307,890

3.

Investments

in

FT

Underlying

Funds

(continued)

Franklin

Fund

Allocator

Series

Notes

to

Schedules

of

Investments

(unaudited)

39

Quarterly

Schedules

of

Investments

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Dividend

Income

a

a

a

a

a

a

a

a

a

Franklin

Growth

Allocation

Fund

(continued)

Non-Controlled

Affiliates

(continued)

Western

Asset

Short-Term

Bond

Fund,

Class

IS

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

$

9,057,382

$

2,862,685

$

(12,080,974)

$

161,663

$

(756)

$

—

—

$

277,362

Total

Non-Controlled

Affiliates

$1,144,763,187

$269,868,476

$(316,648,221)

$12,215,967

$166,280,198

$1,276,479,607

$14,095,263

Total

Affiliated

Securities

....

$1,181,001,145

$274,323,820

$(321,378,876)

$12,008,526

$172,469,673

$1,318,424,288

$14,666,899

Franklin

LifeSmart™

Retirement

Income

Fund

Non-Controlled

Affiliates

BrandywineGLOBAL

-

Global

Opportunities

Bond

Fund,

Class

IS

2,313,314

216,600

(206,034)

(51,714)

(4,972)

2,267,194

247,240

54,875

BrandywineGLOBAL

High

Yield

Fund,

Class

IS

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

—

8,339,779

—

—

—

8,339,779

804,998

—

ClearBridge

Tactical

Dividend

Income

Fund,

Class

IS

.......

5,526,588

196,677

(1,560,419)

140,546

636,058

4,939,450

198,931

141,591

Franklin

High

Yield

Corporate

ETF

2,055,805

99,128

(197,628)

(24,856)

105,164

2,037,613

83,355

84,393

Franklin

International

Core

Dividend

Tilt

Index

ETF

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

1,316,440

92,356

(129,522)

7,446

86,933

1,373,653

41,425

41,723

Franklin

Investment

Grade

Corporate

ETF

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

2,661,486

1,214,560

(252,829)

(70,747)

111,003

3,663,473

165,804

75,392

Franklin

U.S.

Core

Bond

ETF

...

5,208,669

1,881,090

(487,855)

(93,346)

163,091

6,671,649

303,119

130,597

Franklin

U.S.

Core

Equity

(IU)

Fund

1,084,545

22,924

(431,474)

162,545

89,974

928,514

51,988

10,708

Franklin

U.S.

Government

Securities

Fund,

Class

R6

.....

3,133,651

1,250,387

(291,272)

(50,564)

78,337

4,120,539

789,375

77,854

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.74%

.......

1,101,739

5,045,825

(4,975,436)

—

—

1,172,128

1,172,128

39,257

Templeton

Developing

Markets

Trust,

Class

R6

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

487,991

5,817

(111,291)

(14,941)

85,109

452,685

22,093

—

Templeton

Foreign

Fund,

Class

R6

1,008,454

10,387

(186,789)

38,653

45,496

916,201

106,783

—

Western

Asset

Income

Fund,

Class

IS

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

6,817,371

404,777

(7,244,009)

(691,395)

713,256

—

—

378,261

Western

Asset

Short

Duration

High

Income

Fund,

Class

I

........

5,025,310

294,196

(5,398,094)

(333,117)

411,705

—

—

274,064

Total

Non-Controlled

Affiliates

$37,741,363

$19,074,503

$(21,472,652)

$(981,490)

$2,521,154

$36,882,878

$1,308,715

Total

Affiliated

Securities

....

$37,741,363

$19,074,503

$(21,472,652)

$(981,490)

$2,521,154

$36,882,878

$1,308,715

Franklin

LifeSmart™

2020

Retirement

Target

Fund

Non-Controlled

Affiliates

BrandywineGLOBAL

-

Global

Opportunities

Bond

Fund,

Class

IS

1,087,048

204,386

(282,655)

(78,214)

54,242

984,807

107,394

26,362

ClearBridge

International

Growth

Fund,

Class

IS

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

381,221

5,779

(121,750)

8,702

40,787

314,739

4,453

—

ClearBridge

Large

Cap

Value

Fund,

Class

IS

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

852,285

58,623

(266,017)

37,206

24,255

706,352

16,028

8,356

a

3.

Investments

in

FT

Underlying

Funds

(continued)

Franklin

Fund

Allocator

Series

Notes

to

Schedules

of

Investments

(unaudited)

40

Quarterly

Schedules

of

Investments

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Dividend

Income

a

a

a

a

a

a

a

a

a

Franklin

LifeSmart™

2020

Retirement

Target

Fund

(continued)

Non-Controlled

Affiliates

(continued)

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

...........

$

824,345

$

52,232

$

(273,478)

$

(13,452)

$

123,269

$

712,916

64,343

$

10,622

Franklin

Growth

Fund,

Class

R6

.

2,033,799

51,519

(717,599)

287,238

34,226

1,689,183

11,474

—

Franklin

High

Yield

Corporate

ETF

558,177

666,719

(139,039)

(12,628)

38,725

1,111,954

45,488

22,445

Franklin

International

Aggregate

Bond

ETF

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

468,379

56,663

(108,987)

(26,737)

34,297

423,615

20,371

—

Franklin

International

Core

Equity

(IU)

Fund

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

2,492,364

129,631

(798,941)

77,575

158,883

2,059,512

159,282

41,672

Franklin

Investment

Grade

Corporate

ETF

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

700,604

1,529,117

(193,839)

(24,251)

37,213

2,048,844

92,728

20,029

Franklin

Systematic

Style

Premia

ETF

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

295,198

10,980

(67,153)

3,770

27,200

269,995

11,210

—

Franklin

U.S.

Core

Bond

ETF

...

5,511,219

1,574,215

(1,336,579)

(237,031)

317,811

5,829,635

264,863

141,958

Franklin

U.S.

Core

Equity

(IU)

Fund

4,528,984

320,602

(2,010,206)

604,008

322,131

3,765,519

210,835

38,282

Franklin

U.S.

Equity

Index

ETF

.

481,751

134,518

(289,122)

45,916

27,720

400,783

7,975

3,744

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

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

1,063,106

44,729

(409,745)

138,201

50,671

886,962

15,253

7,249

Franklin

U.S.

Treasury

Bond

ETF

1,824,228

1,700,235

(626,660)

(108,031)

137,526

2,927,298

138,998

66,051

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.74%

.......

164,927

4,570,856

(4,497,959)

—

—

237,824

237,824

7,120

Templeton

Developing

Markets

Trust,

Class

R6

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

582,832

89,032

(318,990)

(16,788)

86,335

422,421

20,616

—

Templeton

Foreign

Fund,

Class

R6

572,338

74,794

(225,906)

34,461

9,971

465,658

54,273

—

Western

Asset

Core

Plus

Bond

Fund,

Class

IS

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

3,077,238

369,525

(3,449,647)

(435,396)

438,280

—

—

89,187

Western

Asset

Short-Term

Bond

Fund,

Class

IS

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

692,612

79,874

(781,137)

(15,844)

24,495

—

—

18,855

Total

Non-Controlled

Affiliates

$28,192,655

$11,724,029

$(16,915,409)

$268,705

$1,988,037

$25,258,017

$501,932

Total

Affiliated

Securities

....

$28,192,655

$11,724,029

$(16,915,409)

$268,705

$1,988,037

$25,258,017

$501,932

Franklin

LifeSmart™

2025

Retirement

Target

Fund

Non-Controlled

Affiliates

BrandywineGLOBAL

-

Global

Opportunities

Bond

Fund,

Class

IS

3,319,712

728,915

(479,156)

(125,770)

73,007

3,516,708

383,501

89,662

ClearBridge

International

Growth

Fund,

Class

IS

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

1,671,512

9,003

(311,102)

26,761

215,322

1,611,496

22,800

—

ClearBridge

Large

Cap

Value

Fund,

Class

IS

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

3,735,880

259,251

(677,846)

66,482

231,667

3,615,434

82,038

40,732

a

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

...........

3,609,671

300,182

(798,720)

(28,570)

570,711

3,653,274

329,718

51,756

Franklin

Growth

Fund,

Class

R6

.

8,914,864

114,645

(1,912,555)

681,515

847,517

8,645,986

58,728

—

Franklin

High

Yield

Corporate

ETF

1,706,502

2,404,259

(229,840)

(18,044)

108,898

3,971,775

162,478

75,544

3.

Investments

in

FT

Underlying

Funds

(continued)

Franklin

Fund

Allocator

Series

Notes

to

Schedules

of

Investments

(unaudited)

41

Quarterly

Schedules

of

Investments

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Dividend

Income

a

a

a

a

a

a

a

a

a

Franklin

LifeSmart™

2025

Retirement

Target

Fund

(continued)

Non-Controlled

Affiliates

(continued)

Franklin

International

Aggregate

Bond

ETF

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

$

1,431,031

$

201,795

$

(149,832)

$

(37,327)

$

67,336

$

1,513,003

72,758

$

—

Franklin

International

Core

Equity

(IU)

Fund

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

10,928,089

715,134

(2,244,879)

180,272

966,207

10,544,823

815,532

201,250

Franklin

Investment

Grade

Corporate

ETF

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

2,140,380

5,485,698

(361,548)

(60,135)

112,762

7,317,157

331,165

67,374

Franklin

Systematic

Style

Premia

ETF

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

1,092,957

74,232

(130,024)

5,023

115,299

1,157,487

48,058

—

Franklin

U.S.

Core

Bond

ETF

...

16,834,046

5,697,142

(2,049,909)

(356,582)

693,638

20,818,335

945,858

477,740

Franklin

U.S.

Core

Equity

(IU)

Fund

19,852,245

1,196,024

(6,180,694)

1,456,609

2,949,251

19,273,435

1,079,140

182,752

Franklin

U.S.

Equity

Index

ETF

.

2,114,296

621,022

(1,038,712)

123,753

231,297

2,051,656

40,825

18,402

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

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

4,663,962

164,365

(1,181,589)

276,550

623,228

4,546,516

78,186

35,544

Franklin

U.S.

Treasury

Bond

ETF

5,573,561

5,739,071

(988,293)

(160,577)

289,116

10,452,878

496,338

223,112

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.74%

.......

404,403

14,260,966

(13,557,808)

—

—

1,107,561

1,107,561

32,368

Templeton

Developing

Markets

Trust,

Class

R6

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

2,565,806

368,966

(1,116,817)

(58,688)

405,439

2,164,706

105,647

—

Templeton

Foreign

Fund,

Class

R6

2,509,499

331,611

(679,847)

92,387

130,755

2,384,405

277,903

—

Western

Asset

Core

Plus

Bond

Fund,

Class

IS

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

9,399,396

1,320,320

(10,772,996)

(1,224,127)

1,277,407

—

—

298,089

Western

Asset

Short-Term

Bond

Fund,

Class

IS

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

2,115,581

296,585

(2,443,233)

(31,187)

62,254

—

—

63,077

Total

Non-Controlled

Affiliates

$104,583,393

$40,289,186

$(47,305,400)

$808,345

$9,971,111

$108,346,635

$1,857,402

Total

Affiliated

Securities

....

$104,583,393

$40,289,186

$(47,305,400)

$808,345

$9,971,111

$108,346,635

$1,857,402

Franklin

LifeSmart™

2030

Retirement

Target

Fund

Non-Controlled

Affiliates

BrandywineGLOBAL

-

Global

Opportunities

Bond

Fund,

Class

IS

1,511,702

489,251

(155,022)

(39,460)

24,332

1,830,803

199,651

44,963

ClearBridge

International

Growth

Fund,

Class

IS

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

1,111,715

64,067

(130,582)

7,652

166,460

1,219,312

17,251

—

ClearBridge

Large

Cap

Value

Fund,

Class

IS

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

2,486,207

300,883

(263,546)

1,866

211,881

2,737,291

62,112

29,629

a

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

...........

2,392,445

350,827

(369,894)

10,420

383,742

2,767,540

249,778

37,806

Franklin

Growth

Fund,

Class

R6

.

5,932,774

340,626

(812,591)

62,318

1,022,831

6,545,958

44,464

—

Franklin

High

Yield

Corporate

ETF

774,294

1,315,950

(69,279)

(5,064)

51,266

2,067,167

84,564

37,025

Franklin

International

Aggregate

Bond

ETF

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

651,460

154,940

(35,540)

(8,197)

24,594

787,257

37,858

—

Franklin

International

Core

Equity

(IU)

Fund

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

7,268,271

783,502

(887,067)

22,781

791,052

7,978,539

617,056

145,639

3.

Investments

in

FT

Underlying

Funds

(continued)

Franklin

Fund

Allocator

Series

Notes

to

Schedules

of

Investments

(unaudited)

42

Quarterly

Schedules

of

Investments

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Dividend

Income

a

a

a

a

a

a

a

a

a

Franklin

LifeSmart™

2030

Retirement

Target

Fund

(continued)

Non-Controlled

Affiliates

(continued)

Franklin

Investment

Grade

Corporate

ETF

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

$

971,595

$

2,930,177

$

(122,438)

$

(20,407)

$

50,374

$

3,809,301

172,404

$

32,933

Franklin

Systematic

Style

Premia

ETF

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

628,629

89,014

(35,548)

792

70,642

753,529

31,286

—

Franklin

U.S.

Core

Bond

ETF

...

7,642,216

3,565,422

(564,761)

(91,548)

286,395

10,837,724

492,400

234,662

Franklin

U.S.

Core

Equity

(IU)

Fund

13,211,611

1,438,339

(3,179,099)

391,807

2,729,391

14,592,049

817,024

130,816

Franklin

U.S.

Equity

Index

ETF

.

1,406,756

500,952

(609,671)

59,799

194,839

1,552,675

30,896

13,444

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

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

3,103,041

227,135

(528,627)

82,087

558,553

3,442,189

59,195

25,932

Franklin

U.S.

Treasury

Bond

ETF

2,529,946

3,105,202

(269,697)

(41,853)

118,159

5,441,757

258,393

109,906

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.74%

.......

712,937

9,070,056

(9,184,024)

—

—

598,969

598,969

24,116

Templeton

Developing

Markets

Trust,

Class

R6

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

1,719,622

315,952

(649,792)

32,382

221,745

1,639,909

80,035

—

Templeton

Foreign

Fund,

Class

R6

1,669,040

325,402

(353,815)

10,082

153,459

1,804,168

210,276

—

Western

Asset

Core

Plus

Bond

Fund,

Class

IS

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

4,267,097

918,397

(5,232,062)

(421,219)

467,787

—

—

145,113

Western

Asset

Short-Term

Bond

Fund,

Class

IS

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

960,425

222,493

(1,199,451)

3,511

13,022

—

—

30,760

Total

Non-Controlled

Affiliates

$60,951,783

$26,508,587

$(24,652,506)

$57,749

$7,540,524

$70,406,137

$1,042,744

Total

Affiliated

Securities

....

$60,951,783

$26,508,587

$(24,652,506)

$57,749

$7,540,524

$70,406,137

$1,042,744

Franklin

LifeSmart™

2035

Retirement

Target

Fund

Non-Controlled

Affiliates

BrandywineGLOBAL

-

Global

Opportunities

Bond

Fund,

Class

IS

2,160,214

697,635

(176,526)

(43,891)

25,087

2,662,519

290,351

64,638

ClearBridge

International

Growth

Fund,

Class

IS

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

2,443,406

69,636

(211,762)

16,993

366,650

2,684,923

37,987

—

ClearBridge

Large

Cap

Value

Fund,

Class

IS

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

5,462,294

533,052

(441,083)

4,625

465,530

6,024,418

136,701

64,926

a

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

...........

5,255,477

583,619

(623,026)

(17,818)

886,953

6,085,205

549,206

82,117

Franklin

Growth

Fund,

Class

R6

.

13,034,561

370,374

(1,383,366)

163,755

2,221,406

14,406,730

97,859

—

Franklin

High

Yield

Corporate

ETF

1,111,525

1,905,445

(76,805)

(5,395)

72,258

3,007,028

123,012

53,246

Franklin

International

Aggregate

Bond

ETF

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

931,048

222,049

(31,735)

(7,600)

31,564

1,145,326

55,077

—

Franklin

International

Core

Equity

(IU)

Fund

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

15,974,688

1,311,997

(1,516,380)

67,303

1,730,989

17,568,597

1,358,747

316,919

Franklin

Investment

Grade

Corporate

ETF

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

1,393,954

4,242,180

(140,659)

(24,812)

69,068

5,539,731

250,721

47,348

Franklin

Systematic

Style

Premia

ETF

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

1,220,519

159,236

(60,696)

1,195

136,901

1,457,155

60,500

—

3.

Investments

in

FT

Underlying

Funds

(continued)

Franklin

Fund

Allocator

Series

Notes

to

Schedules

of

Investments

(unaudited)

43

Quarterly

Schedules

of

Investments

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Dividend

Income

a

a

a

a

a

a

a

a

a

Franklin

LifeSmart™

2035

Retirement

Target

Fund

(continued)

Non-Controlled

Affiliates

(continued)

Franklin

U.S.

Core

Bond

ETF

...

$

10,965,448

$

5,029,703

$

(520,532)

$

(83,934)

$

370,874

$

15,761,559

716,109

$

337,422

Franklin

U.S.

Core

Equity

(IU)

Fund

29,026,351

2,114,931

(5,885,199)

634,084

6,224,654

32,114,821

1,798,142

285,223

Franklin

U.S.

Equity

Index

ETF

.

3,092,366

1,049,245

(1,282,502)

146,301

413,783

3,419,193

68,037

29,457

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

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

6,819,236

331,708

(984,565)

177,444

1,231,610

7,575,433

130,274

56,821

Franklin

U.S.

Treasury

Bond

ETF

3,630,568

4,424,301

(253,699)

(38,479)

150,983

7,913,674

375,768

158,114

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.74%

.......

167,891

12,216,564

(11,315,941)

—

—

1,068,514

1,068,514

44,131

Templeton

Developing

Markets

Trust,

Class

R6

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

3,784,328

568,743

(1,307,508)

(64,697)

625,015

3,605,881

175,982

—

Templeton

Foreign

Fund,

Class

R6

3,668,343

571,895

(628,823)

26,831

334,772

3,973,018

463,056

—

Western

Asset

Core

Plus

Bond

Fund,

Class

IS

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

6,122,530

1,350,083

(7,543,841)

(597,260)

668,488

—

—

208,346

Western

Asset

Short-Term

Bond

Fund,

Class

IS

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

1,378,083

313,221

(1,715,360)

8,403

15,653

—

—

44,166

Total

Non-Controlled

Affiliates

$117,642,830

$38,065,617

$(36,100,008)

$363,048

$16,042,238

$136,013,725

$1,792,874

Total

Affiliated

Securities

....

$117,642,830

$38,065,617

$(36,100,008)

$363,048

$16,042,238

$136,013,725

$1,792,874

Franklin

LifeSmart™

2040

Retirement

Target

Fund

Non-Controlled

Affiliates

ClearBridge

International

Growth

Fund,

Class

IS

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

1,143,148

54,605

(100,669)

6,499

175,089

1,278,672

18,091

—

ClearBridge

Large

Cap

Value

Fund,

Class

IS

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

2,555,586

308,512

(217,458)

1,579

221,202

2,869,421

65,111

30,691

a

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

...........

2,441,885

333,231

(287,483)

(13,469)

424,800

2,898,964

261,639

39,153

Franklin

Growth

Fund,

Class

R6

.

6,169,181

282,924

(714,781)

37,833

1,086,712

6,861,869

46,610

—

Franklin

High

Yield

Corporate

ETF

342,177

636,037

(16,020)

(1,299)

22,967

983,862

40,248

16,940

Franklin

International

Core

Equity

(IU)

Fund

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

7,473,832

826,622

(782,098)

15,134

833,343

8,366,833

647,087

150,687

Franklin

Investment

Grade

Corporate

ETF

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

428,834

1,397,417

(28,697)

(4,962)

20,385

1,812,977

82,053

15,031

Franklin

Systematic

Style

Premia

ETF

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

512,824

76,086

(24,777)

(100)

58,256

622,289

25,837

—

Franklin

U.S.

Core

Bond

ETF

...

3,375,466

1,827,094

(144,667)

(24,315)

125,610

5,159,188

234,402

107,477

Franklin

U.S.

Core

Equity

(IU)

Fund

10,815,466

515,818

(1,681,615)

282,864

2,246,919

12,179,452

681,940

106,503

Franklin

U.S.

Equity

Index

ETF

.

4,135,988

459,686

(704,860)

62,272

789,720

4,742,806

94,375

41,554

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

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

3,189,700

204,344

(451,936)

55,435

610,199

3,607,742

62,042

26,851

Franklin

U.S.

Treasury

Bond

ETF

1,117,178

1,503,340

(70,732)

(11,630)

52,140

2,590,296

122,996

50,440

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.74%

.......

308,445

5,472,588

(5,214,698)

—

—

566,335

566,335

19,215

3.

Investments

in

FT

Underlying

Funds

(continued)

Franklin

Fund

Allocator

Series

Notes

to

Schedules

of

Investments

(unaudited)

44

Quarterly

Schedules

of

Investments

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Dividend

Income

a

a

a

a

a

a

a

a

a

Franklin

LifeSmart™

2040

Retirement

Target

Fund

(continued)

Non-Controlled

Affiliates

(continued)

Templeton

Developing

Markets

Trust,

Class

R6

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

$

1,781,865

$

283,330

$

(612,656)

$

(21,997)

$

287,328

$

1,717,870

83,839

$

—

Templeton

Foreign

Fund,

Class

R6

1,716,215

294,131

(289,937)

10,215

161,609

1,892,233

220,540

—

Western

Asset

Core

Plus

Bond

Fund,

Class

IS

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

1,884,719

578,380

(2,492,552)

(86,657)

116,110

—

—

65,970

Western

Asset

Short-Term

Bond

Fund,

Class

IS

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

424,242

134,975

(567,308)

7,894

197

—

—

13,995

Total

Non-Controlled

Affiliates

$49,816,751

$15,189,120

$(14,402,944)

$315,296

$7,232,586

$58,150,809

$684,507

Total

Affiliated

Securities

....

$49,816,751

$15,189,120

$(14,402,944)

$315,296

$7,232,586

$58,150,809

$684,507

Franklin

LifeSmart™

2045

Retirement

Target

Fund

Non-Controlled

Affiliates

ClearBridge

International

Growth

Fund,

Class

IS

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

2,116,749

131,471

(185,723)

10,491

329,728

2,402,716

33,994

—

ClearBridge

Large

Cap

Value

Fund,

Class

IS

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

4,733,010

630,311

(387,344)

2,745

414,266

5,392,988

122,373

57,491

a

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

...........

4,514,017

656,095

(492,763)

(19,670)

792,134

5,449,813

491,860

73,420

Franklin

Growth

Fund,

Class

R6

.

11,425,471

601,574

(1,229,684)

58,092

2,041,214

12,896,667

87,601

—

Franklin

International

Core

Equity

(IU)

Fund

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

13,839,193

1,599,545

(1,307,687)

26,789

1,563,988

15,721,828

1,215,919

282,482

Franklin

Systematic

Style

Premia

ETF

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

864,571

127,336

(31,504)

22

98,336

1,058,761

43,959

—

Franklin

U.S.

Core

Bond

ETF

...

3,590,239

6,902,896

(329,663)

(48,899)

154,985

10,269,558

466,586

116,843

Franklin

U.S.

Core

Equity

(IU)

Fund

20,030,536

916,192

(2,779,264)

661,624

4,061,722

22,890,810

1,281,680

199,286

Franklin

U.S.

Equity

Index

ETF

.

7,661,202

938,166

(1,276,912)

97,932

1,493,575

8,913,963

177,375

77,845

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

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

5,908,547

455,436

(825,174)

102,513

1,139,957

6,781,279

116,617

50,310

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.74%

.......

349,503

8,437,277

(8,001,872)

—

—

784,908

784,908

31,558

Templeton

Developing

Markets

Trust,

Class

R6

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

3,318,948

523,828

(1,111,357)

(57,747)

555,814

3,229,486

157,613

—

Templeton

Foreign

Fund,

Class

R6

3,177,885

578,721

(525,366)

20,827

303,652

3,555,719

414,419

—

3.

Investments

in

FT

Underlying

Funds

(continued)

Franklin

Fund

Allocator

Series

Notes

to

Schedules

of

Investments

(unaudited)

45

Quarterly

Schedules

of

Investments

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Dividend

Income

a

a

a

a

a

a

a

a

a

Franklin

LifeSmart™

2045

Retirement

Target

Fund

(continued)

Non-Controlled

Affiliates

(continued)

Western

Asset

Core

Plus

Bond

Fund,

Class

IS

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

$

3,600,983

$

1,636,381

$

(5,320,739)

$

(13,495)

$

96,870

$

—

—

$

135,063

Total

Non-Controlled

Affiliates

$85,130,854

$24,135,229

$(23,805,052)

$841,224

$13,046,241

$99,348,496

$1,024,298

Total

Affiliated

Securities

....

$85,130,854

$24,135,229

$(23,805,052)

$841,224

$13,046,241

$99,348,496

$1,024,298

Franklin

LifeSmart™

2050

Retirement

Target

Fund

Non-Controlled

Affiliates

ClearBridge

International

Growth

Fund,

Class

IS

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

1,064,121

197,649

(50,017)

1,141

184,719

1,397,613

19,774

—

ClearBridge

Large

Cap

Value

Fund,

Class

IS

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

2,378,783

646,945

(117,263)

(235)

228,299

3,136,529

71,172

31,822

a

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

...........

2,263,490

610,611

(127,739)

(4,782)

428,068

3,169,648

286,069

41,001

Franklin

Growth

Fund,

Class

R6

.

5,742,365

997,717

(359,214)

4,658

1,115,027

7,500,553

50,948

—

Franklin

International

Core

Equity

(IU)

Fund

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

6,957,196

1,706,588

(373,176)

(2,189)

856,526

9,144,945

707,266

155,121

Franklin

Systematic

Style

Premia

ETF

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

410,549

126,612

(7,414)

46

47,963

577,756

23,988

—

Franklin

U.S.

Core

Bond

ETF

...

589,686

1,718,912

(48,461)

(1,785)

28,685

2,287,037

103,909

21,215

Franklin

U.S.

Core

Equity

(IU)

Fund

10,067,241

1,610,857

(881,018)

76,764

2,439,020

13,312,864

745,401

107,271

Franklin

U.S.

Equity

Index

ETF

.

3,849,850

935,137

(455,059)

7

854,109

5,184,044

103,155

43,085

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

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

2,969,234

591,907

(282,233)

1,937

662,423

3,943,268

67,812

27,829

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.74%

.......

313,460

4,327,880

(3,942,774)

—

—

698,566

698,566

17,795

Templeton

Developing

Markets

Trust,

Class

R6

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

1,666,680

440,222

(504,588)

(22,713)

298,782

1,878,383

91,673

—

Templeton

Foreign

Fund,

Class

R6

1,597,562

468,797

(178,126)

3,871

176,426

2,068,530

241,087

—

Western

Asset

Core

Plus

Bond

Fund,

Class

IS

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

591,854

572,486

(1,189,879)

44,729

(19,190)

—

—

24,178

Western

Asset

Short-Term

Bond

Fund,

Class

IS

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

6

—

—

(6)

—

—

—

—

Total

Non-Controlled

Affiliates

$40,462,077

$14,952,320

$(8,516,961)

$101,443

$7,300,857

$54,299,736

$469,317

Total

Affiliated

Securities

....

$40,462,077

$14,952,320

$(8,516,961)

$101,443

$7,300,857

$54,299,736

$469,317

Franklin

LifeSmart™

2055

Retirement

Target

Fund

Non-Controlled

Affiliates

ClearBridge

International

Growth

Fund,

Class

IS

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

837,457

90,452

(51,637)

1,445

138,550

1,016,267

14,378

—

ClearBridge

Large

Cap

Value

Fund,

Class

IS

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

1,871,945

368,608

(131,353)

281

171,435

2,280,916

51,757

23,694

a

3.

Investments

in

FT

Underlying

Funds

(continued)

Franklin

Fund

Allocator

Series

Notes

to

Schedules

of

Investments

(unaudited)

46

Quarterly

Schedules

of

Investments

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Dividend

Income

a

a

a

a

a

a

a

a

a

Franklin

LifeSmart™

2055

Retirement

Target

Fund

(continued)

Non-Controlled

Affiliates

(continued)

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

...........

$

1,783,287

$

339,717

$

(138,426)

$

(12,290)

$

331,196

$

2,303,484

207,896

$

30,368

Franklin

Growth

Fund,

Class

R6

.

4,518,859

462,683

(383,908)

7,036

849,817

5,454,487

37,050

—

Franklin

International

Core

Equity

(IU)

Fund

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

5,475,307

941,853

(418,214)

1,918

648,856

6,649,720

514,286

116,104

Franklin

Systematic

Style

Premia

ETF

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

319,619

65,106

(5,758)

(5)

36,821

415,783

17,263

—

Franklin

U.S.

Core

Bond

ETF

...

292,324

993,296

(67,002)

(586)

16,091

1,234,123

56,071

10,678

Franklin

U.S.

Core

Equity

(IU)

Fund

7,922,253

756,734

(923,345)

47,478

1,878,167

9,681,287

542,065

81,403

Franklin

U.S.

Equity

Index

ETF

.

3,029,936

486,341

(398,181)

23,745

627,276

3,769,117

75,000

32,144

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

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

2,337,039

282,646

(258,914)

13,485

493,935

2,868,191

49,324

20,760

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.74%

.......

236,168

4,230,576

(4,078,137)

—

—

388,607

388,607

12,382

Templeton

Developing

Markets

Trust,

Class

R6

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

1,311,487

258,923

(412,279)

(17,402)

224,340

1,365,069

66,621

—

Templeton

Foreign

Fund,

Class

R6

1,257,276

283,503

(171,750)

4,776

130,286

1,504,091

175,302

—

Western

Asset

Core

Plus

Bond

Fund,

Class

IS

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

293,346

357,717

(666,735)

26,707

(11,035)

—

—

12,062

Total

Non-Controlled

Affiliates

$31,486,303

$9,918,155

$(8,105,639)

$96,588

$5,535,735

$38,931,142

$339,595

Total

Affiliated

Securities

....

$31,486,303

$9,918,155

$(8,105,639)

$96,588

$5,535,735

$38,931,142

$339,595

Franklin

LifeSmart™

2060

Retirement

Target

Fund

Non-Controlled

Affiliates

ClearBridge

International

Growth

Fund,

Class

IS

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

121,671

51,516

(9,639)

(31)

23,512

187,029

2,646

—

ClearBridge

Large

Cap

Value

Fund,

Class

IS

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

271,967

140,365

(21,201)

(283)

28,917

419,765

9,525

4,047

a

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

...........

258,560

133,838

(22,632)

(4,988)

59,148

423,926

38,261

5,226

Franklin

Growth

Fund,

Class

R6

.

656,526

266,755

(59,187)

(1,781)

141,492

1,003,805

6,818

—

Franklin

International

Core

Equity

(IU)

Fund

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

795,474

394,992

(73,617)

(1,785)

108,717

1,223,781

94,647

19,606

Franklin

Systematic

Style

Premia

ETF

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

46,418

24,876

(563)

(3)

5,598

76,326

3,169

—

Franklin

U.S.

Core

Bond

ETF

...

42,159

195,573

(13,905)

(71)

2,947

226,703

10,300

1,794

Franklin

U.S.

Core

Equity

(IU)

Fund

1,150,996

455,924

(138,947)

923

312,773

1,781,669

99,757

13,459

Franklin

U.S.

Equity

Index

ETF

.

440,132

201,111

(54,431)

212

106,494

693,518

13,800

5,469

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

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

339,051

141,875

(37,049)

334

82,337

526,548

9,055

3,530

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.74%

.......

94,853

1,115,949

(1,102,710)

—

—

108,092

108,092

2,735

3.

Investments

in

FT

Underlying

Funds

(continued)

Franklin

Fund

Allocator

Series

Notes

to

Schedules

of

Investments

(unaudited)

47

Quarterly

Schedules

of

Investments

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Dividend

Income

a

a

a

a

a

a

a

a

a

Franklin

LifeSmart™

2060

Retirement

Target

Fund

(continued)

Non-Controlled

Affiliates

(continued)

Templeton

Developing

Markets

Trust,

Class

R6

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

$

191,056

$

92,540

$

(67,963)

$

(2,444)

$

38,043

$

251,232

12,261

$

—

Templeton

Foreign

Fund,

Class

R6

182,664

105,807

(35,028)

(237)

23,595

276,801

32,261

—

Western

Asset

Core

Plus

Bond

Fund,

Class

IS

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

42,616

73,231

(118,838)

5,075

(2,084)

—

—

2,021

Total

Non-Controlled

Affiliates

$4,634,143

$3,394,352

$(1,755,710)

$(5,079)

$931,489

$7,199,195

$57,887

Total

Affiliated

Securities

....

$4,634,143

$3,394,352

$(1,755,710)

$(5,079)

$931,489

$7,199,195

$57,887

Franklin

Moderate

Allocation

Fund

Controlled

Affiliates

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

...........

35,295,411

4,040,826

(6,297,855)

(207,685)

5,795,554

38,626,251

3,486,124

536,997

Non-Controlled

Affiliates

BrandywineGLOBAL

-

Global

Opportunities

Bond

Fund,

Class

IS

40,799,789

9,331,189

(4,296,583)

(1,093,402)

555,935

45,296,928

4,939,687

1,122,316

ClearBridge

International

Growth

Fund,

Class

IS

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

17,065,760

503,302

(2,787,778)

257,578

2,345,127

17,383,989

245,953

—

ClearBridge

Large

Cap

Value

Fund,

Class

IS

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

71,152,721

4,062,616

(10,105,076)

391,366

5,468,878

70,970,505

1,610,404

797,377

a

Franklin

Growth

Fund,

Class

R6

.

166,310,770

2,649,432

(28,435,793)

6,226,901

23,610,543

170,361,853

1,157,192

—

Franklin

High

Yield

Corporate

ETF

20,948,797

31,587,351

(2,529,641)

(209,736)

1,362,825

51,159,596

2,092,845

936,256

Franklin

International

Aggregate

Bond

ETF

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

17,594,286

3,114,766

(1,611,180)

(407,600)

798,033

19,488,305

937,163

—

Franklin

International

Core

Equity

(IU)

Fund

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

111,579,997

7,789,953

(17,928,165)

1,503,296

10,807,326

113,752,407

8,797,557

2,167,448

Franklin

Investment

Grade

Corporate

ETF

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

26,273,427

70,722,995

(3,449,834)

(329,794)

1,037,418

94,254,212

4,265,823

834,211

Franklin

Systematic

Style

Premia

ETF

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

15,518,135

1,144,593

(1,169,499)

43,549

1,687,705

17,224,483

715,148

—

Franklin

U.S.

Core

Bond

ETF

...

206,644,306

71,924,851

(14,948,404)

(2,524,165)

7,058,748

268,155,336

12,183,341

5,919,496

Franklin

U.S.

Core

Equity

(IU)

Fund

370,356,559

27,387,431

(103,945,397)

16,365,968

69,603,314

379,767,875

21,263,599

3,554,709

Franklin

U.S.

Equity

Index

ETF

.

39,457,841

12,498,873

(18,445,151)

1,454,914

5,471,128

40,437,605

804,650

361,507

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

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

87,019,424

2,352,774

(17,361,924)

3,636,288

13,943,224

89,589,786

1,540,667

696,528

Franklin

U.S.

Treasury

Bond

ETF

68,417,872

72,780,935

(8,302,360)

(1,848,675)

3,593,483

134,641,255

6,393,222

2,770,513

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.74%

.......

6,534,089

121,531,787

(116,707,800)

—

—

11,358,076

11,358,076

436,084

Templeton

Developing

Markets

Trust,

Class

R6

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

25,614,321

3,066,537

(9,527,575)

(340,278)

4,047,210

22,860,215

1,115,677

—

Templeton

Foreign

Fund,

Class

R6

25,621,000

3,791,336

(5,633,963)

468,341

1,987,592

26,234,306

3,057,611

—

Western

Asset

Core

Plus

Bond

Fund,

Class

IS

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

115,377,631

18,998,407

(135,252,352)

(12,819,107)

13,695,421

—

—

3,684,363

3.

Investments

in

FT

Underlying

Funds

(continued)

Franklin

Fund

Allocator

Series

Notes

to

Schedules

of

Investments

(unaudited)

48

Quarterly

Schedules

of

Investments

4.

Investments

in

Affiliated

Management

Investment

Companies

Certain

or

all

Funds

invest

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

“Controlled

Affiliate”

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund’s

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Funds

do

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

During

the

period

ended

September

30,

2024,

investments

in

affiliated

management

investment

companies

were

as

follows: 

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Dividend

Income

a

a

a

a

a

a

a

a

a

Franklin

Moderate

Allocation

Fund

(continued)

Non-Controlled

Affiliates

(continued)

Western

Asset

Short-Term

Bond

Fund,

Class

IS

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

$

25,970,221

$

4,554,914

$

(30,927,897)

$

2,472

$

400,290

$

—

—

$

780,255

Total

Non-Controlled

Affiliates

$1,458,256,946

$469,794,042

$(533,366,372)

$10,777,916

$167,474,200

$1,572,936,732

$24,061,063

Total

Affiliated

Securities

....

$1,493,552,357

$473,834,868

$(539,664,227)

$10,570,231

$173,269,754

$1,611,562,983

$24,598,060

a

Dividend

income

includes

capital

gain

distributions

received,

if

any,

from

underlying

funds.

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Investment

Income

a      

a  

a  

a  

a  

a  

a  

a  

Franklin

Global

Allocation

Fund

Controlled

Affiliates

Dividends

Franklin

BSP

Private

Credit

Fund,

Class

Advisor

........

$

—

$

32,000,000

$

—

$

—

$

214,528

$

32,214,528

3,076,841

$

1,024,460

Franklin

Systematic

Style

Premia

ETF

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

48,171,250

—

—

—

5,418,320

53,589,570

2,225,000

—

Total

Controlled

Affiliates

...

$48,171,250

$

32,000,000

$

—

$

—

$

5,632,848

$85,804,098

$

1,024,460

Non-Controlled

Affiliates

Dividends

Franklin

FTSE

India

ETF

.....

$

—

$

6,789,332

$

—

$

—

$

126,263

$

6,915,595

165,050

$

—

Franklin

High

Yield

Corporate

ETF

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

—

5,010,200

—

—

1,025

5,011,225

205,000

—

Franklin

Senior

Loan

ETF

....

5,100,900

—

(5,090,300)

73,589

(84,189)

—

280,056

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.74%

.

73,636,327

437,819,036

(354,234,534)

—

—

157,220,829

157,220,829

3,824,598

Total

Non-Controlled

Affiliates

$78,737,227

$

449,618,568

$

(359,324,834)

$

73,589

$

43,099

$169,147,649

$

4,104,654

Total

Affiliated

Securities

...

$126,908,477

481,618,568

(359,324,834)

73,589

$5,675,947

$254,951,747

5,129,114

3.

Investments

in

FT

Underlying

Funds

(continued)

Franklin

Fund

Allocator

Series

Notes

to

Schedules

of

Investments

(unaudited)

49

Quarterly

Schedules

of

Investments

5. Fair

Value

Measurements

The Funds

follow

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Funds'

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the Funds' financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

3

–

significant

unobservable

inputs

(including

the Funds'

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

A

summary

of

inputs

used

as

of

September

30,

2024,

in

valuing

the

Funds'

assets

and

liabilities carried

at

fair

value,

is

as

follows:

Level

1

Level

2

Level

3

Total

Franklin

Conservative

Allocation

Fund

Assets:

Investments

in

Securities:

a

Investments

in

Underlying

Funds

and

Exchange

Traded

Funds

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

$

889,722,351

$

—

$

—

$

889,722,351

Short

Term

Investments

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

6,044,617

490,039

—

6,534,656

Total

Investments

in

Securities

...........

$895,766,968

$490,039

$—

$896,257,007

Franklin

Corefolio

Allocation

Fund

Assets:

Investments

in

Securities:

a

Investments

in

Underlying

Funds

and

Exchange

Traded

Funds

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

1,016,186,037

—

—

1,016,186,037

Short

Term

Investments

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

906

—

—

906

Total

Investments

in

Securities

...........

$1,016,186,943

$—

$—

$1,016,186,943

Level

1

Level

2

Level

3

Total

Franklin

Global

Allocation

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

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

$

5,691,861

$

7,708,355

$

—

$

13,400,216

Air

Freight

&

Logistics

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

5,724,310

—

—

5,724,310

Automobile

Components

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

—

6,929,050

—

6,929,050

Automobiles

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

23,752,589

—

—

23,752,589

Banks

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

5,160,166

74,153,529

—

79,313,695

Biotechnology

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

52,388,423

—

—

52,388,423

Broadline

Retail

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

70,705,756

—

—

70,705,756

Building

Products

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

8,907,154

4,602,402

—

13,509,556

Capital

Markets

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

7,647,432

30,070,293

—

37,717,725

Chemicals

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

7,765,446

7,587,608

—

15,353,054

Commercial

Services

&

Supplies

...........

7,307,093

—

—

7,307,093

Communications

Equipment

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

12,774,117

—

—

12,774,117

Construction

Materials

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

5,174,892

—

—

5,174,892

Consumer

Staples

Distribution

&

Retail

......

40,364,144

7,276,577

—

47,640,721

Diversified

Telecommunication

Services

.....

—

11,337,431

—

11,337,431

Electric

Utilities

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

3,794,406

5,798,257

—

9,592,663

Franklin

Fund

Allocator

Series

Notes

to

Schedules

of

Investments

(unaudited)

50

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

Global

Allocation

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

Common

Stocks:

Electrical

Equipment

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

$

30,101,901

$

—

$

—

$

30,101,901

Electronic

Equipment,

Instruments

&

Components

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

—

7,631,532

—

7,631,532

Entertainment

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

17,794,166

16,997,559

—

34,791,725

Financial

Services

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

42,360,778

18,124,474

—

60,485,252

Food

Products

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

—

6,500,075

—

6,500,075

Ground

Transportation

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

21,259,048

—

—

21,259,048

Health

Care

Equipment

&

Supplies

.........

49,232,292

3,801,143

—

53,033,435

Health

Care

Providers

&

Services

..........

23,256,601

—

—

23,256,601

Hotels,

Restaurants

&

Leisure

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

39,577,079

3,666,617

—

43,243,696

Household

Durables

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

13,272,087

—

—

13,272,087

Household

Products

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

31,915,889

—

—

31,915,889

Industrial

Conglomerates

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

—

27,178,381

—

27,178,381

Insurance

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

17,525,152

16,195,452

—

33,720,604

Interactive

Media

&

Services

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

77,964,038

8,119,092

—

86,083,130

IT

Services

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

37,810,707

—

—

37,810,707

Life

Sciences

Tools

&

Services

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

8,941,211

—

—

8,941,211

Machinery

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

15,416,386

8,559,545

—

23,975,931

Metals

&

Mining

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

13,115,460

3,308,609

—

16,424,069

Oil,

Gas

&

Consumable

Fuels

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

65,374,292

—

—

65,374,292

Personal

Care

Products

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

13,164,214

8,891,644

—

22,055,858

Pharmaceuticals

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

40,649,244

38,935,812

—

79,585,056

Professional

Services

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

7,124,252

23,772,680

—

30,896,932

Retail

REITs

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

7,135,855

—

—

7,135,855

Semiconductors

&

Semiconductor

Equipment

.

124,286,588

42,774,474

—

167,061,062

Software

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

132,223,424

7,404,862

—

139,628,286

Specialty

Retail

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

39,631,660

4,006,439

—

43,638,099

Technology

Hardware,

Storage

&

Peripherals

.

88,968,720

4,258,725

—

93,227,445

Textiles,

Apparel

&

Luxury

Goods

..........

20,836,414

3,529,605

—

24,366,019

Trading

Companies

&

Distributors

..........

16,512,817

—

—

16,512,817

Wireless

Telecommunication

Services

.......

—

5,952,648

—

5,952,648

Management

Investment

Companies

.........

149,465,638

—

—

149,465,638

Preferred

Stocks

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

9,907,699

—

—

9,907,699

Corporate

Bonds

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

—

204,621,715

—

204,621,715

Foreign

Government

and

Agency

Securities

....

—

351,379,310

—

351,379,310

U.S.

Government

and

Agency

Securities

.......

—

167,778,788

—

167,778,788

Mortgage-Backed

Securities

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

—

65,927,231

—

65,927,231

Short

Term

Investments

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

157,220,829

—

—

157,220,829

Total

Investments

in

Securities

...........

$1,569,202,230

$1,204,779,914

b

$—

$2,773,982,144

Liabilities:

Other

Financial

Instruments:

Forward

Exchange

Contracts

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

$—

$6,157,429

$—

$6,157,429

Total

Other

Financial

Instruments

.........

$—

$6,157,429

$—

$6,157,429

5. Fair

Value

Measurements

(continued)

Franklin

Fund

Allocator

Series

Notes

to

Schedules

of

Investments

(unaudited)

51

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

Growth

Allocation

Fund

Assets:

Investments

in

Securities:

a

Investments

in

Underlying

Funds

and

Exchange

Traded

Funds

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

$

1,385,040,249

$

—

$

—

$

1,385,040,249

Short

Term

Investments

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

10,172,406

681,458

—

10,853,864

Total

Investments

in

Securities

...........

$1,395,212,655

$681,458

$—

$1,395,894,113

Franklin

LifeSmart™

Retirement

Income

Fund

Assets:

Investments

in

Securities:

a

Investments

in

Underlying

Funds

and

Exchange

Traded

Funds

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

42,860,215

—

—

42,860,215

Index-Linked

Notes

:

Capital

Markets

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

—

—

2,301,283

2,301,283

Short

Term

Investments

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

1,172,128

—

—

1,172,128

Total

Investments

in

Securities

...........

$44,032,343

$—

$2,301,283

$46,333,626

Franklin

LifeSmart™

2020

Retirement

Target

Fund

Assets:

Investments

in

Securities:

a

Investments

in

Underlying

Funds

and

Exchange

Traded

Funds

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

26,494,899

—

—

26,494,899

Short

Term

Investments

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

237,824

—

—

237,824

Total

Investments

in

Securities

...........

$26,732,723

$—

$—

$26,732,723

Franklin

LifeSmart™

2025

Retirement

Target

Fund

Assets:

Investments

in

Securities:

a

Investments

in

Underlying

Funds

and

Exchange

Traded

Funds

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

113,625,115

—

—

113,625,115

Short

Term

Investments

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

1,107,561

—

—

1,107,561

Total

Investments

in

Securities

...........

$114,732,676

$—

$—

$114,732,676

Franklin

LifeSmart™

2030

Retirement

Target

Fund

Assets:

Investments

in

Securities:

a

Investments

in

Underlying

Funds

and

Exchange

Traded

Funds

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

73,998,387

—

—

73,998,387

Short

Term

Investments

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

598,969

34,437

—

633,406

Total

Investments

in

Securities

...........

$74,597,356

$34,437

$—

$74,631,793

Franklin

LifeSmart™

2035

Retirement

Target

Fund

Assets:

Investments

in

Securities:

a

Investments

in

Underlying

Funds

and

Exchange

Traded

Funds

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

143,110,794

—

—

143,110,794

Short

Term

Investments

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

1,068,514

168,658

—

1,237,172

Total

Investments

in

Securities

...........

$144,179,308

$168,658

$—

$144,347,966

Franklin

LifeSmart™

2040

Retirement

Target

Fund

Assets:

Investments

in

Securities:

a

Investments

in

Underlying

Funds

and

Exchange

Traded

Funds

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

61,163,680

—

—

61,163,680

Short

Term

Investments

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

566,335

44,112

—

610,447

Total

Investments

in

Securities

...........

$61,730,015

$44,112

$—

$61,774,127

5. Fair

Value

Measurements

(continued)

Franklin

Fund

Allocator

Series

Notes

to

Schedules

of

Investments

(unaudited)

52

Quarterly

Schedules

of

Investments

A

reconciliation

in

which

Level

3

inputs

are

used

in

determining

fair

value

is

presented

when

there

are

significant

Level

3

assets

and/or

liabilities

at

the

beginning

and/or

end

of

the period.

At

September

30,

2024,

the

reconciliation

is

as

follows:

Level

1

Level

2

Level

3

Total

Franklin

LifeSmart™

2045

Retirement

Target

Fund

Assets:

Investments

in

Securities:

a

Investments

in

Underlying

Funds

and

Exchange

Traded

Funds

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

$

104,026,906

$

—

$

—

$

104,026,906

Short

Term

Investments

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

784,908

—

—

784,908

Total

Investments

in

Securities

...........

$104,811,814

$—

$—

$104,811,814

Franklin

LifeSmart™

2050

Retirement

Target

Fund

Assets:

Investments

in

Securities:

a

Investments

in

Underlying

Funds

and

Exchange

Traded

Funds

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

56,778,576

—

—

56,778,576

Short

Term

Investments

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

698,566

51,241

—

749,807

Total

Investments

in

Securities

...........

$57,477,142

$51,241

$—

$57,528,383

Franklin

LifeSmart™

2055

Retirement

Target

Fund

Assets:

Investments

in

Securities:

a

Investments

in

Underlying

Funds

and

Exchange

Traded

Funds

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

40,848,807

—

—

40,848,807

Short

Term

Investments

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

388,607

—

—

388,607

Total

Investments

in

Securities

...........

$41,237,414

$—

$—

$41,237,414

Franklin

LifeSmart™

2060

Retirement

Target

Fund

Assets:

Investments

in

Securities:

a

Investments

in

Underlying

Funds

and

Exchange

Traded

Funds

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

7,517,895

—

—

7,517,895

Short

Term

Investments

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

108,092

—

—

108,092

Total

Investments

in

Securities

...........

$7,625,987

$—

$—

$7,625,987

Franklin

Moderate

Allocation

Fund

Assets:

Investments

in

Securities:

a

Investments

in

Underlying

Funds

and

Exchange

Traded

Funds

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

1,693,334,946

—

—

1,693,334,946

Short

Term

Investments

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

11,358,076

917,214

—

12,275,290

Total

Investments

in

Securities

...........

$1,704,693,022

$917,214

$—

$1,705,610,236

a

For

detailed

categories,

see

the

accompanying

Schedule

of

Investments.

b

Includes

foreign

securities

valued

at

$415,072,870,

which

were

categorized

as

Level

2

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

5. Fair

Value

Measurements

(continued)

Franklin

Fund

Allocator

Series

Notes

to

Schedules

of

Investments

(unaudited)

53

Quarterly

Schedules

of

Investments

Level

3

financial

instruments,

for

the

Franklin

Global

Allocation

Fund

and

Franklin

LifeSmart

TM

Retirement

Income

Fund,

include fair

value

of

immaterial

assets

and/or

liabilities

developed

using

various

valuation

techniques

and

unobservable

inputs.

May

also

include

values

derived

using recent

transactions,

private

transaction

prices

or

non-public

third-party

pricing

information

which

is

unobservable.

Abbreviations

Balance

at

Beginning

of

Period

Purchases

a

Sales

b

Transfer

Into

Level

3

Transfer

Out

of

Level

3

Net

Accretion

(Amortiza-

tion)

Net

Realized

Gain

(Loss)

Net

Unr

ealized

Appreciatio

n

(

Depreciation

)

Balance

at

End

of

Period

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Assets

Held

at

Period

End

a

a

a

a

a

a

a

a

a

a

a

Franklin

LifeSmart™

Retirement

Income

Fund

Assets:

Investments

in

Securities:

Index-Linked

Notes

:

Capital

Markets

.....

$

2,270,512

$

2,099,710

$

(2,335,175)

$

—

$

—

$

—

$

235,262

$

30,974

$

2,301,283

$

201,574

Total

Investments

in

Securities

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

$2,270,512

$2,099,710

$(2,335,175)

$—

$—

$—

$235,262

$30,974

$2,301,283

$201,574

a

Purchases

include

all

purchases

of

securities

and

securities

received

in

corporate

actions.

b

Sales

include

all

sales

of

securities,

maturities,

paydowns

and

securities

tendered

in

corporate

actions.

Counterparty

BZWS

Barclays

Bank

plc

JPHQ

JPMorgan

Chase

Bank

NA

Cu

r

rency

AUD

Australian

Dollar

BRL

Brazilian

Real

CAD

Canadian

Dollar

CNY

Chinese

Yuan

EUR

Euro

GBP

British

Pound

INR

Indian

Rupee

JPY

Japanese

Yen

MXN

Mexican

Peso

Selected

Portfolio

ADR

American

Depositary

Receipt

ETF

Exchange-Traded

Fund

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

FRN

Floating

Rate

Note

GNMA

Government

National

Mortgage

Association

REIT

Real

Estate

Investment

Trust

5. Fair

Value

Measurements

(continued)

For

additional

information

on

the

Funds'

significant

accounting

policies,

please

refer

to

the Funds'

most

recent

semiannual

or

annual

shareholder

report.