Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

FAS6-Q1PH

1

Schedules

of

Investments

(unaudited)

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

2

Franklin

International

Core

Equity

(IU)

Fund

9

Franklin

U.S.

Core

Equity

(IU)

Fund

16

Notes

to

Schedules

of

Investments

23

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited),

October

31,

2024

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

2

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

97.4%

Aerospace

&

Defense

0.4%

a

Hindustan

Aeronautics

Ltd.

,

Reg

S

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

India

12,744

$

641,285

Air

Freight

&

Logistics

0.3%

a,b

JD

Logistics,

Inc.

,

144A

,

Reg

S

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

China

243,300

495,096

Automobile

Components

0.7%

Fuyao

Glass

Industry

Group

Co.

Ltd.

,

A

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

China

22,500

179,969

Hankook

Tire

&

Technology

Co.

Ltd.

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

South

Korea

10,387

265,409

Hyundai

Mobis

Co.

Ltd.

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

South

Korea

2,716

489,753

935,131

Automobiles

4.1%

BYD

Co.

Ltd.

,

A

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

China

13,500

556,067

BYD

Co.

Ltd.

,

H

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

China

39,500

1,426,713

Geely

Automobile

Holdings

Ltd.

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

China

1,098,000

1,930,211

b

Li

Auto,

Inc.

,

A

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

China

104,500

1,314,123

b

Seres

Group

Co.

Ltd.

,

A

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

China

18,200

298,122

Tata

Motors

Ltd.

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

India

32,388

320,343

5,845,579

Banks

13.9%

Abu

Dhabi

Islamic

Bank

PJSC

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

United

Arab

Emirates

152,534

523,251

Akbank

TAS

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

Turkiye

103,391

152,678

Arab

National

Bank

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

Saudi

Arabia

164,933

829,544

Axis

Bank

Ltd.

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

India

10,665

146,503

Banco

de

Chile

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

Chile

4,304,046

499,950

a

Banco

del

Bajio

SA

,

144A

,

Reg

S

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

Mexico

130,474

289,950

Banco

do

Brasil

SA

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

Brazil

221,600

1,009,233

Bank

Central

Asia

Tbk.

PT

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

Indonesia

1,677,300

1,095,401

Bank

of

Beijing

Co.

Ltd.

,

A

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

China

247,395

196,567

Bank

of

Communications

Co.

Ltd.

,

A

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

China

447,500

447,337

Bank

of

Shanghai

Co.

Ltd.

,

A

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

China

169,500

184,722

Bank

Polska

Kasa

Opieki

SA

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

Poland

22,010

770,038

China

Construction

Bank

Corp.

,

H

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

China

1,826,000

1,417,435

China

Merchants

Bank

Co.

Ltd.

,

H

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

China

218,000

1,066,810

Commercial

International

Bank

-

Egypt

(CIB)

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

Egypt

87,507

143,014

Emirates

NBD

Bank

PJSC

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

United

Arab

Emirates

105,710

546,818

Hana

Financial

Group,

Inc.

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

South

Korea

33,829

1,464,315

HDFC

Bank

Ltd.

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

India

40,100

824,222

Industrial

Bank

Co.

Ltd.

,

A

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

China

85,800

220,474

KB

Financial

Group,

Inc.

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

South

Korea

15,983

1,043,401

Komercni

Banka

A/S

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

Czech

Republic

14,116

487,829

Malayan

Banking

Bhd.

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

Malaysia

60,700

145,365

Nedbank

Group

Ltd.

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

South

Africa

49,530

834,502

OTP

Bank

Nyrt.

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

Hungary

33,112

1,648,536

Ping

An

Bank

Co.

Ltd.

,

A

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

China

106,300

170,173

Santander

Bank

Polska

SA

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

Poland

3,638

407,954

Shinhan

Financial

Group

Co.

Ltd.

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

South

Korea

40,898

1,528,448

TMBThanachart

Bank

PCL

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

Thailand

4,386,800

231,153

Woori

Financial

Group,

Inc.

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

South

Korea

96,949

1,082,870

Yapi

ve

Kredi

Bankasi

A/S

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

Turkiye

518,550

370,877

19,779,370

Beverages

1.6%

Arca

Continental

SAB

de

CV

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

Mexico

80,900

692,414

a

Nongfu

Spring

Co.

Ltd.

,

H

,

144A

,

Reg

S

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

China

206,000

767,542

United

Spirits

Ltd.

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

India

39,827

685,297

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

3

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Beverages

(continued)

Wuliangye

Yibin

Co.

Ltd.

,

A

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

China

7,700

$

158,929

2,304,182

Broadline

Retail

3.8%

Alibaba

Group

Holding

Ltd.

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

China

222,200

2,718,073

b

PDD

Holdings,

Inc.

,

ADR

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

China

10,000

1,205,900

Vipshop

Holdings

Ltd.

,

ADR

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

China

64,487

931,192

Woolworths

Holdings

Ltd.

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

South

Africa

163,689

604,449

5,459,614

Capital

Markets

1.3%

China

Galaxy

Securities

Co.

Ltd.

,

H

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

China

672,000

598,212

a

HDFC

Asset

Management

Co.

Ltd.

,

144A

,

Reg

S

...........

India

16,549

844,496

Korea

Investment

Holdings

Co.

Ltd.

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

South

Korea

7,517

418,552

1,861,260

Chemicals

3.1%

Asian

Paints

Ltd.

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

India

27,546

959,349

Kumho

Petrochemical

Co.

Ltd.

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

South

Korea

1,586

163,853

a,b,c

PhosAgro

PJSC

,

GDR

,

Reg

S

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

Russia

32,310

—

PI

Industries

Ltd.

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

India

11,955

635,916

Pidilite

Industries

Ltd.

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

India

27,825

1,038,954

SABIC

Agri-Nutrients

Co.

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

Saudi

Arabia

10,651

322,164

Saudi

Aramco

Base

Oil

Co.

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

Saudi

Arabia

4,507

140,278

Solar

Industries

India

Ltd.

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

India

4,949

600,139

Supreme

Industries

Ltd.

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

India

11,518

586,805

4,447,458

Communications

Equipment

0.1%

ZTE

Corp.

,

A

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

China

46,900

198,984

Construction

&

Engineering

0.3%

China

Communications

Services

Corp.

Ltd.

,

H

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

China

436,000

234,245

Larsen

&

Toubro

Ltd.

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

India

3,902

167,613

401,858

Consumer

Finance

0.5%

Krungthai

Card

PCL

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

Thailand

161,400

227,595

Muthoot

Finance

Ltd.

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

India

20,502

469,395

696,990

Consumer

Staples

Distribution

&

Retail

1.2%

Bid

Corp.

Ltd.

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

South

Africa

18,381

434,931

Nahdi

Medical

Co.

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

Saudi

Arabia

6,305

206,942

President

Chain

Store

Corp.

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

Taiwan

18,000

165,811

Sumber

Alfaria

Trijaya

Tbk.

PT

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

Indonesia

2,816,200

595,717

Wal-Mart

de

Mexico

SAB

de

CV

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

Mexico

132,400

363,951

1,767,352

Diversified

Telecommunication

Services

0.8%

b

Indus

Towers

Ltd.

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

India

151,015

609,319

LG

Uplus

Corp.

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

South

Korea

38,424

279,400

Telekom

Malaysia

Bhd.

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

Malaysia

208,500

308,679

1,197,398

Electric

Utilities

1.3%

c

Inter

RAO

UES

PJSC

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

Russia

8,656,700

—

Public

Power

Corp.

SA

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

Greece

29,167

383,473

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

4

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Electric

Utilities

(continued)

Tenaga

Nasional

Bhd.

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

Malaysia

463,500

$

1,482,802

1,866,275

Electrical

Equipment

3.0%

ABB

India

Ltd.

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

India

4,895

431,139

CG

Power

&

Industrial

Solutions

Ltd.

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

India

101,506

847,700

Fortune

Electric

Co.

Ltd.

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

Taiwan

12,000

201,517

Havells

India

Ltd.

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

India

34,457

670,560

HD

Hyundai

Electric

Co.

Ltd.

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

South

Korea

3,549

833,377

NARI

Technology

Co.

Ltd.

,

A

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

China

39,760

145,231

Polycab

India

Ltd.

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

India

7,177

550,431

Voltronic

Power

Technology

Corp.

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

Taiwan

10,000

659,784

4,339,739

Electronic

Equipment,

Instruments

&

Components

2.9%

AAC

Technologies

Holdings,

Inc.

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

China

132,500

535,179

Delta

Electronics,

Inc.

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

Taiwan

42,000

520,426

Hon

Hai

Precision

Industry

Co.

Ltd.

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

Taiwan

302,000

1,942,041

Largan

Precision

Co.

Ltd.

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

Taiwan

10,000

702,688

Zhen

Ding

Technology

Holding

Ltd.

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

Taiwan

119,000

411,684

4,112,018

Energy

Equipment

&

Services

0.2%

China

Oilfield

Services

Ltd.

,

H

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

China

236,000

220,822

Entertainment

1.2%

NetEase,

Inc.

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

China

85,200

1,370,792

Tencent

Music

Entertainment

Group

,

ADR

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

China

28,400

316,092

1,686,884

Financial

Services

1.1%

Bajaj

Holdings

&

Investment

Ltd.

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

India

1,730

210,235

Meritz

Financial

Group,

Inc.

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

South

Korea

15,330

1,138,280

Yuanta

Financial

Holding

Co.

Ltd.

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

Taiwan

151,000

151,941

1,500,456

Food

Products

2.1%

Britannia

Industries

Ltd.

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

India

17,945

1,220,012

JBS

SA

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

United

States

72,700

452,823

Nestle

India

Ltd.

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

India

11,871

319,240

Orion

Corp.

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

South

Korea

4,201

303,762

QL

Resources

Bhd.

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

Malaysia

157,050

171,718

Want

Want

China

Holdings

Ltd.

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

China

864,000

537,920

3,005,475

Gas

Utilities

0.7%

China

Resources

Gas

Group

Ltd.

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

China

172,400

664,724

Kunlun

Energy

Co.

Ltd.

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

China

290,000

275,030

939,754

Health

Care

Equipment

&

Supplies

0.2%

Shandong

Weigao

Group

Medical

Polymer

Co.

Ltd.

,

H

.......

China

237,200

147,984

Shenzhen

Mindray

Bio-Medical

Electronics

Co.

Ltd.

,

A

........

China

3,800

142,320

290,304

Health

Care

Providers

&

Services

0.5%

Bumrungrad

Hospital

PCL

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

Thailand

56,800

457,801

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

5

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Health

Care

Providers

&

Services

(continued)

Sinopharm

Group

Co.

Ltd.

,

H

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

China

124,800

$

310,919

768,720

Hotels,

Restaurants

&

Leisure

2.3%

Indian

Hotels

Co.

Ltd.

(The)

,

A

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

India

75,716

607,211

a,b

Meituan

Dianping

,

B

,

144A

,

Reg

S

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

China

67,710

1,600,043

OPAP

SA

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

Greece

11,068

188,775

b

Zomato

Ltd.

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

India

283,155

812,352

3,208,381

Household

Durables

0.2%

Haier

Smart

Home

Co.

Ltd.

,

A

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

China

59,200

243,207

Household

Products

0.1%

Kimberly-Clark

de

Mexico

SAB

de

CV

,

A

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

Mexico

94,400

135,501

Independent

Power

and

Renewable

Electricity

Producers

0.4%

b

Adani

Power

Ltd.

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

India

76,245

535,314

Industrial

Conglomerates

0.5%

d

Alfa

SAB

de

CV

,

A

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

Mexico

696,024

504,228

Siemens

Ltd.

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

India

2,313

191,341

695,569

Insurance

3.8%

BB

Seguridade

Participacoes

SA

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

Brazil

130,200

771,784

Caixa

Seguridade

Participacoes

SA

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

Brazil

112,600

280,461

Cathay

Financial

Holding

Co.

Ltd.

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

Taiwan

414,000

877,193

DB

Insurance

Co.

Ltd.

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

South

Korea

7,954

628,981

OUTsurance

Group

Ltd.

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

South

Africa

150,337

512,080

Ping

An

Insurance

Group

Co.

of

China

Ltd.

,

H

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

China

136,000

842,643

Samsung

Fire

&

Marine

Insurance

Co.

Ltd.

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

South

Korea

2,096

509,820

Samsung

Life

Insurance

Co.

Ltd.

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

South

Korea

13,163

966,350

5,389,312

Interactive

Media

&

Services

4.7%

Autohome,

Inc.

,

ADR

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

China

12,200

342,820

a,b

Kuaishou

Technology

,

144A

,

Reg

S

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

China

115,100

678,298

Tencent

Holdings

Ltd.

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

China

107,700

5,615,816

6,636,934

IT

Services

2.4%

Elm

Co.

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

Saudi

Arabia

1,624

441,177

HCL

Technologies

Ltd.

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

India

11,674

244,268

Infosys

Ltd.

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

India

31,503

657,281

Samsung

SDS

Co.

Ltd.

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

South

Korea

1,341

138,754

Tata

Consultancy

Services

Ltd.

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

India

40,787

1,918,451

3,399,931

Life

Sciences

Tools

&

Services

0.4%

WuXi

AppTec

Co.

Ltd.

,

A

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

China

24,700

180,626

a

WuXi

AppTec

Co.

Ltd.

,

H

,

144A

,

Reg

S

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

China

53,840

358,060

538,686

Machinery

0.7%

China

CSSC

Holdings

Ltd.

,

A

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

China

52,700

271,991

CRRC

Corp.

Ltd.

,

A

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

China

287,500

335,898

Sinotruk

Hong

Kong

Ltd.

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

China

127,000

343,069

950,958

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

6

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Metals

&

Mining

3.8%

Aluminum

Corp.

of

China

Ltd.

,

H

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

China

746,000

$

475,324

China

Hongqiao

Group

Ltd.

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

China

276,000

443,456

c

GMK

Norilskiy

Nickel

PAO

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

Russia

316,400

—

Harmony

Gold

Mining

Co.

Ltd.

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

South

Africa

97,835

1,061,476

Hindalco

Industries

Ltd.

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

India

62,508

507,202

Kumba

Iron

Ore

Ltd.

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

South

Africa

11,735

220,994

NMDC

Ltd.

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

India

182,088

478,190

c

Novolipetsk

Steel

PJSC

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

Russia

347,890

—

c

Severstal

PAO

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

Russia

48,409

—

Vale

SA

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

Brazil

94,200

1,011,191

Vedanta

Ltd.

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

India

211,935

1,166,602

5,364,435

Oil,

Gas

&

Consumable

Fuels

5.5%

Adaro

Energy

Indonesia

Tbk.

PT

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

Indonesia

2,510,100

577,734

Bharat

Petroleum

Corp.

Ltd.

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

India

94,962

350,287

China

Petroleum

&

Chemical

Corp.

,

A

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

China

275,900

239,659

Coal

India

Ltd.

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

India

270,007

1,448,267

Exxaro

Resources

Ltd.

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

South

Africa

21,010

198,131

Inner

Mongolia

Yitai

Coal

Co.

Ltd.

,

B

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

China

68,151

157,989

PetroChina

Co.

Ltd.

,

H

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

China

2,270,000

1,704,609

Petroleo

Brasileiro

SA

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

Brazil

109,300

738,454

Reliance

Industries

Ltd.

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

India

67,144

1,061,651

a

Saudi

Arabian

Oil

Co.

,

144A

,

Reg

S

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

Saudi

Arabia

20,704

148,728

Turkiye

Petrol

Rafinerileri

A/S

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

Turkiye

45,237

190,900

Ultrapar

Participacoes

SA

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

Brazil

133,500

482,381

United

Tractors

Tbk.

PT

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

Indonesia

272,600

475,829

7,774,619

Passenger

Airlines

0.3%

a,b

InterGlobe

Aviation

Ltd.

,

144A

,

Reg

S

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

India

10,059

483,216

Personal

Care

Products

0.9%

Colgate-Palmolive

India

Ltd.

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

India

24,804

902,106

a

Giant

Biogene

Holding

Co.

Ltd.

,

144A

,

Reg

S

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

China

49,000

332,342

1,234,448

Pharmaceuticals

2.0%

Aurobindo

Pharma

Ltd.

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

India

21,243

352,116

CSPC

Pharmaceutical

Group

Ltd.

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

China

1,333,600

987,327

Dr

Reddy's

Laboratories

Ltd.

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

India

27,805

420,561

Lupin

Ltd.

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

India

40,179

1,042,489

2,802,493

Real

Estate

Management

&

Development

1.3%

Barwa

Real

Estate

Co.

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

Qatar

193,173

151,154

China

Overseas

Land

&

Investment

Ltd.

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

China

80,000

152,868

Emaar

Properties

PJSC

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

United

Arab

Emirates

541,464

1,280,205

NEPI

Rockcastle

NV

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

Romania

39,733

311,855

1,896,082

Semiconductors

&

Semiconductor

Equipment

13.2%

eMemory

Technology,

Inc.

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

Taiwan

5,000

487,757

MediaTek,

Inc.

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

Taiwan

38,000

1,484,089

Novatek

Microelectronics

Corp.

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

Taiwan

82,000

1,271,136

SK

Hynix,

Inc.

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

South

Korea

5,954

782,014

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

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

Taiwan

432,000

13,591,416

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

7

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Semiconductors

&

Semiconductor

Equipment

(continued)

United

Microelectronics

Corp.

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

Taiwan

772,000

$

1,117,427

18,733,839

Specialty

Retail

1.8%

a

Pop

Mart

International

Group

Ltd.

,

144A

,

Reg

S

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

China

85,400

772,107

Trent

Ltd.

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

India

18,405

1,555,235

Vibra

Energia

SA

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

Brazil

61,900

238,870

2,566,212

Technology

Hardware,

Storage

&

Peripherals

4.0%

Pegatron

Corp.

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

Taiwan

359,000

1,092,093

Samsung

Electronics

Co.

Ltd.

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

South

Korea

85,281

3,632,976

Wistron

Corp.

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

Taiwan

293,000

988,029

5,713,098

Textiles,

Apparel

&

Luxury

Goods

1.3%

ANTA

Sports

Products

Ltd.

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

China

88,600

945,663

Bosideng

International

Holdings

Ltd.

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

China

686,000

384,741

Pou

Chen

Corp.

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

Taiwan

403,000

472,709

1,803,113

Transportation

Infrastructure

1.0%

International

Container

Terminal

Services,

Inc.

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

Philippines

138,490

939,977

Malaysia

Airports

Holdings

Bhd.

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

Malaysia

168,900

391,104

Promotora

y

Operadora

de

Infraestructura

SAB

de

CV

.......

Mexico

18,075

157,610

1,488,691

Wireless

Telecommunication

Services

1.5%

Etihad

Etisalat

Co.

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

Saudi

Arabia

64,426

887,112

SK

Telecom

Co.

Ltd.

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

South

Korea

9,741

401,073

TIM

SA

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

Brazil

106,700

305,999

Turkcell

Iletisim

Hizmetleri

A/S

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

Turkiye

204,844

506,507

2,100,691

Total

Common

Stocks

(Cost

$

117,249,245

)

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

138,456,734

Preferred

Stocks

2.2%

Banks

1.8%

e

Itau

Unibanco

Holding

SA

,

6.71

%

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

Brazil

147,200

891,651

e

Itausa

SA

,

2.83

%

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

Brazil

893,666

1,640,066

2,531,717

Electric

Utilities

0.4%

e

Cia

Energetica

de

Minas

Gerais

,

14.04

%

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

Brazil

327,390

643,867

Total

Preferred

Stocks

(Cost

$

2,705,671

)

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

3,175,584

Total

Long

Term

Investments

(Cost

$

119,954,916

)

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

141,632,318

a

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

8

See

Abbreviations

on

page

28

.

Short

Term

Investments

0.8%

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

0.8%

f,g

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.582

%

..

United

States

1,073,648

$

1,073,648

Total

Money

Market

Funds

(Cost

$

1,073,648

)

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

1,073,648

Total

Short

Term

Investments

(Cost

$

1,073,648

)

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

1,073,648

a

Total

Investments

(Cost

$

121,028,564

)

100.4

%

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

$142,705,966

Other

Assets,

less

Liabilities

(

0.4

)

%

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

(530,211)

Net

Assets

100.0%

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

$142,175,755

a

a

a

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

October

31,

2024,

the

aggregate

value

of

these

securities

was

$7,411,163,

representing

5.2%

of

net

assets.

b

Non-income

producing.

c

Fair

valued

using

significant

unobservable

inputs.

See

Note

4

regarding

fair

value

measurements.

d

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

e

Variable

rate

security.

The

rate

shown

represents

the

yield

at

period

end.

f

See

Note

3

regarding

investments

in

affiliated

management

investment

companies.

g

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited),

October

31,

2024

Franklin

International

Core

Equity

(IU)

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

9

I

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

97.7%

Aerospace

&

Defense

1.8%

BAE

Systems

plc

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

United

Kingdom

567,866

$

9,151,052

Dassault

Aviation

SA

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

France

9,433

1,904,651

Kongsberg

Gruppen

ASA

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

Norway

27,911

2,913,254

Leonardo

SpA

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

Italy

36,687

874,464

Safran

SA

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

France

4,130

934,890

15,778,311

Air

Freight

&

Logistics

0.5%

Deutsche

Post

AG

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

Germany

22,382

899,074

DSV

A/S

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

Denmark

10,438

2,284,935

a

InPost

SA

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

Poland

52,278

1,019,845

4,203,854

Automobile

Components

0.5%

Cie

Generale

des

Etablissements

Michelin

SCA

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

France

84,300

2,848,963

Continental

AG

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

Germany

20,707

1,292,331

4,141,294

Automobiles

2.3%

Mazda

Motor

Corp.

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

Japan

295,100

2,086,414

Stellantis

NV

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

United

States

312,686

4,284,529

Subaru

Corp.

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

Japan

328,500

5,867,337

Toyota

Motor

Corp.

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

Japan

427,600

7,368,445

a

Volvo

Car

AB

,

B

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

Sweden

352,413

761,479

20,368,204

Banks

9.8%

b

ABN

AMRO

Bank

NV

,

CVA

,

144A

,

Reg

S

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

Netherlands

193,018

3,189,759

AIB

Group

plc

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

Ireland

912,155

4,890,105

Banco

de

Sabadell

SA

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

Spain

1,352,476

2,637,849

BNP

Paribas

SA

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

France

118,347

8,082,394

Commonwealth

Bank

of

Australia

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

Australia

75,528

7,043,758

DBS

Group

Holdings

Ltd.

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

Singapore

41,300

1,197,576

Erste

Group

Bank

AG

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

Austria

90,238

5,104,379

HSBC

Holdings

plc

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

United

Kingdom

473,458

4,344,734

ING

Groep

NV

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

Netherlands

367,678

6,239,640

Intesa

Sanpaolo

SpA

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

Italy

1,229,196

5,260,973

Mitsubishi

UFJ

Financial

Group,

Inc.

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

Japan

97,400

1,026,721

NatWest

Group

plc

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

United

Kingdom

2,261,811

10,715,363

Standard

Chartered

plc

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

United

Kingdom

813,120

9,427,789

Sumitomo

Mitsui

Financial

Group,

Inc.

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

Japan

320,400

6,797,810

UniCredit

SpA

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

Italy

272,759

12,066,644

88,025,494

Beverages

1.2%

Asahi

Group

Holdings

Ltd.

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

Japan

577,800

6,937,332

Coca-Cola

HBC

AG

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

Italy

118,692

4,152,751

11,090,083

Biotechnology

0.7%

CSL

Ltd.

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

United

States

28,404

5,332,192

a

Genmab

A/S

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

Denmark

3,349

750,033

6,082,225

Broadline

Retail

1.0%

Next

plc

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

United

Kingdom

55,664

7,041,212

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

Franklin

International

Core

Equity

(IU)

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

10

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Broadline

Retail

(continued)

Wesfarmers

Ltd.

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

Australia

34,524

$

1,518,518

8,559,730

Building

Products

1.2%

Cie

de

Saint-Gobain

SA

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

France

113,009

10,248,215

Kingspan

Group

plc

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

Ireland

10,414

919,629

11,167,844

Capital

Markets

3.3%

3i

Group

plc

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

United

Kingdom

257,018

10,538,086

Deutsche

Bank

AG

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

Germany

203,624

3,459,525

Hargreaves

Lansdown

plc

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

United

Kingdom

195,565

2,744,099

Macquarie

Group

Ltd.

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

Australia

39,510

5,978,786

Partners

Group

Holding

AG

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

Switzerland

4,411

6,069,484

Singapore

Exchange

Ltd.

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

Singapore

136,000

1,165,472

29,955,452

Chemicals

3.2%

Air

Liquide

SA

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

France

24,143

4,328,874

BASF

SE

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

Germany

30,539

1,484,581

Givaudan

SA

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

Switzerland

2,069

9,823,614

Nitto

Denko

Corp.

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

Japan

361,300

5,945,324

Shin-Etsu

Chemical

Co.

Ltd.

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

Japan

198,700

7,281,874

28,864,267

Commercial

Services

&

Supplies

0.2%

Brambles

Ltd.

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

Australia

93,397

1,124,331

Dai

Nippon

Printing

Co.

Ltd.

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

Japan

60,400

1,048,429

2,172,760

Communications

Equipment

0.3%

Telefonaktiebolaget

LM

Ericsson

,

B

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

Sweden

306,687

2,571,345

Construction

&

Engineering

0.6%

ACS

Actividades

de

Construccion

y

Servicios

SA

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

Spain

89,443

4,289,279

Eiffage

SA

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

France

15,502

1,442,828

5,732,107

Construction

Materials

0.4%

a

Holcim

AG

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

United

States

36,531

3,587,786

Consumer

Staples

Distribution

&

Retail

1.6%

Carrefour

SA

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

France

76,540

1,215,528

Koninklijke

Ahold

Delhaize

NV

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

Netherlands

127,622

4,207,659

Tesco

plc

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

United

Kingdom

1,953,716

8,625,630

14,048,817

Diversified

Consumer

Services

0.1%

Pearson

plc

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

United

Kingdom

70,808

1,039,606

Diversified

REITs

0.3%

Stockland

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

Australia

846,072

2,860,663

Diversified

Telecommunication

Services

1.9%

Deutsche

Telekom

AG

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

Germany

317,421

9,596,755

Telenor

ASA

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

Norway

331,214

4,067,263

Telia

Co.

AB

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

Sweden

1,253,072

3,644,416

17,308,434

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

Franklin

International

Core

Equity

(IU)

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

11

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Electric

Utilities

1.5%

BKW

AG

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

Switzerland

11,226

$

1,972,636

Fortum

OYJ

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

Finland

136,247

2,011,650

Iberdrola

SA

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

Spain

213,619

3,173,212

Kansai

Electric

Power

Co.,

Inc.

(The)

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

Japan

383,400

6,149,224

13,306,722

Electrical

Equipment

2.0%

ABB

Ltd.

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

Switzerland

113,656

6,316,725

Mitsubishi

Electric

Corp.

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

Japan

227,400

4,000,937

Prysmian

SpA

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

Italy

106,417

7,510,306

17,827,968

Electronic

Equipment,

Instruments

&

Components

1.1%

Keyence

Corp.

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

Japan

3,800

1,715,541

TDK

Corp.

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

Japan

441,000

5,184,598

Yokogawa

Electric

Corp.

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

Japan

116,700

2,587,705

9,487,844

Entertainment

0.9%

Capcom

Co.

Ltd.

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

Japan

127,400

2,521,299

CTS

Eventim

AG

&

Co.

KGaA

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

Germany

15,288

1,605,473

Nintendo

Co.

Ltd.

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

Japan

26,500

1,399,947

a

Sea

Ltd.

,

ADR

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

Singapore

30,300

2,849,715

8,376,434

Financial

Services

1.7%

EXOR

NV

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

Netherlands

48,261

5,097,290

Industrivarden

AB

,

A

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

Sweden

68,743

2,371,042

Investor

AB

,

B

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

Sweden

273,986

7,755,062

15,223,394

Food

Products

2.8%

Associated

British

Foods

plc

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

United

Kingdom

183,340

5,268,689

Chocoladefabriken

Lindt

&

Spruengli

AG

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

Switzerland

378

4,459,485

MEIJI

Holdings

Co.

Ltd.

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

Japan

89,500

2,091,328

Nestle

SA

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

United

States

94,418

8,922,840

Salmar

ASA

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

Norway

16,522

837,982

b

WH

Group

Ltd.

,

144A

,

Reg

S

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

Hong

Kong

4,561,500

3,550,359

25,130,683

Gas

Utilities

0.5%

Tokyo

Gas

Co.

Ltd.

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

Japan

166,700

4,113,377

Health

Care

Equipment

&

Supplies

1.9%

Cochlear

Ltd.

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

Australia

28,559

5,286,567

a

Demant

A/S

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

Denmark

54,665

2,019,120

Hoya

Corp.

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

Japan

67,900

9,085,513

Straumann

Holding

AG

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

Switzerland

5,499

725,069

17,116,269

Health

Care

Providers

&

Services

0.2%

Fresenius

Medical

Care

AG

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

Germany

31,381

1,228,409

a

Fresenius

SE

&

Co.

KGaA

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

Germany

26,355

962,238

2,190,647

Health

Care

Technology

0.2%

Pro

Medicus

Ltd.

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

Australia

10,828

1,371,432

Hotels,

Restaurants

&

Leisure

2.2%

Aristocrat

Leisure

Ltd.

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

Australia

95,758

3,852,683

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

Franklin

International

Core

Equity

(IU)

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

12

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Hotels,

Restaurants

&

Leisure

(continued)

InterContinental

Hotels

Group

plc

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

United

Kingdom

83,614

$

9,220,988

b

La

Francaise

des

Jeux

SAEM

,

144A

,

Reg

S

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

France

53,663

2,293,840

Sodexo

SA

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

France

17,807

1,545,691

Zensho

Holdings

Co.

Ltd.

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

Japan

51,100

2,563,893

19,477,095

Household

Durables

0.2%

Sekisui

House

Ltd.

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

Japan

57,700

1,393,683

Independent

Power

and

Renewable

Electricity

Producers

0.2%

Meridian

Energy

Ltd.

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

New

Zealand

241,503

857,523

RWE

AG

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

Germany

27,942

905,589

1,763,112

Industrial

Conglomerates

2.2%

Hitachi

Ltd.

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

Japan

559,400

14,056,235

Siemens

AG

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

Germany

30,448

5,923,654

19,979,889

Industrial

REITs

0.4%

Goodman

Group

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

Australia

131,271

3,134,209

Insurance

5.2%

Aegon

Ltd.

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

Netherlands

690,490

4,358,250

Ageas

SA/NV

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

Belgium

87,375

4,559,957

AIA

Group

Ltd.

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

Hong

Kong

325,400

2,568,210

Allianz

SE

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

Germany

3,972

1,250,407

AXA

SA

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

France

28,723

1,078,471

Japan

Post

Insurance

Co.

Ltd.

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

Japan

93,500

1,540,865

MS&AD

Insurance

Group

Holdings,

Inc.

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

Japan

426,400

9,432,615

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen

Germany

19,761

10,105,385

NN

Group

NV

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

Netherlands

128,609

6,313,711

Sompo

Holdings,

Inc.

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

Japan

268,800

5,763,395

46,971,266

Interactive

Media

&

Services

0.6%

b

Auto

Trader

Group

plc

,

144A

,

Reg

S

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

United

Kingdom

472,386

5,099,792

IT

Services

0.7%

NEC

Corp.

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

Japan

51,400

4,374,077

Otsuka

Corp.

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

Japan

97,200

2,181,720

6,555,797

Life

Sciences

Tools

&

Services

0.3%

Eurofins

Scientific

SE

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

Luxembourg

61,249

3,020,923

Machinery

3.7%

Atlas

Copco

AB

,

A

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

Sweden

510,256

8,421,126

Komatsu

Ltd.

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

Japan

224,400

5,809,235

Makita

Corp.

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

Japan

120,800

3,944,738

Rational

AG

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

Germany

2,741

2,684,267

Schindler

Holding

AG

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

Switzerland

12,627

3,600,278

Trelleborg

AB

,

B

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

Sweden

121,502

4,041,855

Wartsila

OYJ

Abp

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

Finland

227,954

4,365,878

32,867,377

Marine

Transportation

0.5%

Kawasaki

Kisen

Kaisha

Ltd.

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

Japan

35,700

493,210

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

Franklin

International

Core

Equity

(IU)

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

13

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Marine

Transportation

(continued)

Nippon

Yusen

KK

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

Japan

117,100

$

3,920,829

4,414,039

Media

0.3%

Publicis

Groupe

SA

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

France

28,198

2,996,978

Metals

&

Mining

2.1%

BHP

Group

Ltd.

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

Australia

178,772

4,965,992

BlueScope

Steel

Ltd.

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

Australia

245,969

3,268,033

Fortescue

Ltd.

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

Australia

705,672

8,835,681

Glencore

plc

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

Australia

163,745

858,650

voestalpine

AG

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

Austria

57,331

1,193,461

19,121,817

Multi-Utilities

1.1%

Centrica

plc

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

United

Kingdom

2,679,376

4,055,357

Engie

SA

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

France

367,540

6,160,528

10,215,885

Oil,

Gas

&

Consumable

Fuels

4.1%

BP

plc

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

United

States

1,370,400

6,701,339

ENEOS

Holdings,

Inc.

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

Japan

894,600

4,513,300

Galp

Energia

SGPS

SA

,

B

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

Portugal

49,737

850,099

Idemitsu

Kosan

Co.

Ltd.

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

Japan

445,000

3,034,060

Inpex

Corp.

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

Japan

235,700

3,107,317

Repsol

SA

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

Spain

292,875

3,666,321

Shell

plc

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

United

States

213,440

7,125,084

TotalEnergies

SE

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

France

124,249

7,797,333

36,794,853

Paper

&

Forest

Products

0.2%

Mondi

plc

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

Austria

106,626

1,726,349

Passenger

Airlines

0.1%

a

Qantas

Airways

Ltd.

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

Australia

204,555

1,082,849

Personal

Care

Products

1.6%

Beiersdorf

AG

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

Germany

44,476

6,003,987

L'Oreal

SA

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

France

21,901

8,216,608

14,220,595

Pharmaceuticals

10.2%

AstraZeneca

plc

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

United

Kingdom

54,597

7,767,598

GSK

plc

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

United

States

522,460

9,433,419

Hikma

Pharmaceuticals

plc

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

Jordan

56,516

1,353,337

Ipsen

SA

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

France

20,473

2,495,812

Novartis

AG

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

Switzerland

180,155

19,550,213

Novo

Nordisk

A/S

,

B

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

Denmark

194,696

21,838,079

Otsuka

Holdings

Co.

Ltd.

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

Japan

167,000

10,089,594

Roche

Holding

AG

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

United

States

25,213

7,814,502

Roche

Holding

AG

,

BR

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

United

States

16,887

5,739,923

Shionogi

&

Co.

Ltd.

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

Japan

357,500

5,106,588

91,189,065

Professional

Services

1.6%

Adecco

Group

AG

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

Switzerland

47,251

1,478,264

Recruit

Holdings

Co.

Ltd.

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

Japan

78,100

4,769,455

RELX

plc

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

United

Kingdom

95,575

4,382,361

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

Franklin

International

Core

Equity

(IU)

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

14

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Professional

Services

(continued)

Wolters

Kluwer

NV

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

Netherlands

22,290

$

3,746,586

14,376,666

Real

Estate

Management

&

Development

0.8%

CK

Asset

Holdings

Ltd.

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

Hong

Kong

1,018,000

4,161,629

Mitsubishi

Estate

Co.

Ltd.

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

Japan

172,900

2,557,103

6,718,732

Retail

REITs

0.3%

Klepierre

SA

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

France

88,180

2,819,256

Semiconductors

&

Semiconductor

Equipment

3.8%

ASM

International

NV

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

Netherlands

1,895

1,058,371

ASML

Holding

NV

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

Taiwan

15,711

10,575,570

BE

Semiconductor

Industries

NV

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

Netherlands

30,057

3,199,451

Disco

Corp.

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

Japan

18,600

5,292,870

SCREEN

Holdings

Co.

Ltd.

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

Japan

38,400

2,451,725

STMicroelectronics

NV

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

Singapore

185,783

5,050,037

Tokyo

Electron

Ltd.

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

Japan

46,600

6,858,010

34,486,034

Software

3.3%

a

Check

Point

Software

Technologies

Ltd.

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

Israel

47,768

8,273,895

Sage

Group

plc

(The)

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

United

Kingdom

463,572

5,792,717

SAP

SE

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

Germany

41,884

9,779,290

a

Xero

Ltd.

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

New

Zealand

57,478

5,583,459

29,429,361

Specialty

Retail

1.2%

Industria

de

Diseno

Textil

SA

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

Spain

192,051

10,949,726

Technology

Hardware,

Storage

&

Peripherals

0.6%

Brother

Industries

Ltd.

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

Japan

121,600

2,368,667

Logitech

International

SA

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

Switzerland

14,378

1,177,433

Seiko

Epson

Corp.

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

Japan

123,900

2,252,187

5,798,287

Textiles,

Apparel

&

Luxury

Goods

3.1%

adidas

AG

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

Germany

17,237

4,128,111

Asics

Corp.

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

Japan

351,600

6,141,967

Hermes

International

SCA

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

France

1,836

4,172,774

LVMH

Moet

Hennessy

Louis

Vuitton

SE

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

France

9,010

5,998,142

Pandora

A/S

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

Denmark

42,608

6,442,170

Swatch

Group

AG

(The)

,

N

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

Switzerland

26,826

1,087,038

27,970,202

Tobacco

0.6%

Japan

Tobacco,

Inc.

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

Japan

184,300

5,145,695

Trading

Companies

&

Distributors

1.7%

AerCap

Holdings

NV

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

Ireland

100,003

9,355,280

Toyota

Tsusho

Corp.

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

Japan

325,600

5,535,329

14,890,609

Transportation

Infrastructure

0.3%

b

Aena

SME

SA

,

144A

,

Reg

S

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

Spain

9,210

2,041,121

Getlink

SE

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

France

52,372

890,044

2,931,165

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

Franklin

International

Core

Equity

(IU)

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

15

See

Abbreviations

on

page

28

.

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Wireless

Telecommunication

Services

0.8%

Tele2

AB

,

B

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

Sweden

286,797

$

3,005,428

Vodafone

Group

plc

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

United

Kingdom

4,717,764

4,386,443

7,391,871

Total

Common

Stocks

(Cost

$

720,462,928

)

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

876,636,223

Preferred

Stocks

0.7%

Household

Products

0.7%

c

Henkel

AG

&

Co.

KGaA

,

2.32

%

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

Germany

68,251

5,910,058

Total

Preferred

Stocks

(Cost

$

5,150,068

)

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

5,910,058

Total

Long

Term

Investments

(Cost

$

725,612,996

)

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

882,546,281

a

Short

Term

Investments

0.9%

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

0.9%

d,e

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.582

%

..

United

States

8,495,358

8,495,358

Total

Money

Market

Funds

(Cost

$

8,495,358

)

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

8,495,358

Total

Short

Term

Investments

(Cost

$

8,495,358

)

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

8,495,358

a

Total

Investments

(Cost

$

734,108,354

)

99.3

%

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

$891,041,639

Other

Assets,

less

Liabilities

0.7

%

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

5,967,423

Net

Assets

100.0%

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

$897,009,062

a

a

a

a

Non-income

producing.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

October

31,

2024,

the

aggregate

value

of

these

securities

was

$16,174,871,

representing

1.8%

of

net

assets.

c

Variable

rate

security.

The

rate

shown

represents

the

yield

at

period

end.

d

See

Note

3

regarding

investments

in

affiliated

management

investment

companies.

e

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited),

October

31,

2024

Franklin

U.S.

Core

Equity

(IU)

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

16

a

a

Shares

a

Value

a

Common

Stocks

98.9%

Aerospace

&

Defense

2.4%

General

Electric

Co.

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

144,111

$

24,755,388

Lockheed

Martin

Corp.

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

40,954

22,362,932

RTX

Corp.

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

16,252

1,966,329

49,084,649

Automobile

Components

0.1%

BorgWarner,

Inc.

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

64,599

2,172,464

Automobiles

2.1%

General

Motors

Co.

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

438,988

22,283,031

a

Tesla,

Inc.

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

76,851

19,201,222

41,484,253

Banks

2.3%

JPMorgan

Chase

&

Co.

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

124,695

27,672,314

Wells

Fargo

&

Co.

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

291,803

18,943,851

46,616,165

Beverages

1.0%

Coca-Cola

Consolidated,

Inc.

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

2,209

2,483,490

Molson

Coors

Beverage

Co.

,

B

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

74,811

4,074,955

PepsiCo,

Inc.

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

87,636

14,554,587

21,113,032

Biotechnology

4.5%

AbbVie,

Inc.

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

170,006

34,659,123

a

Exelixis,

Inc.

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

129,805

4,309,526

Gilead

Sciences,

Inc.

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

292,357

25,967,149

a

Incyte

Corp.

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

35,291

2,615,769

a

Neurocrine

Biosciences,

Inc.

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

14,905

1,792,624

a

Regeneron

Pharmaceuticals,

Inc.

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

19,702

16,514,216

a

United

Therapeutics

Corp.

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

16,783

6,276,339

92,134,746

Broadline

Retail

3.1%

a

Amazon.com,

Inc.

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

340,374

63,445,714

a

Building

Products

0.5%

Lennox

International,

Inc.

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

4,401

2,651,910

Masco

Corp.

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

25,571

2,043,379

Owens

Corning

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

34,768

6,146,635

10,841,924

Capital

Markets

2.3%

Affiliated

Managers

Group,

Inc.

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

12,254

2,376,051

Bank

of

New

York

Mellon

Corp.

(The)

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

76,706

5,780,564

Evercore,

Inc.

,

A

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

14,095

3,723,476

Jefferies

Financial

Group,

Inc.

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

68,908

4,408,734

Morgan

Stanley

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

20,316

2,361,735

MSCI,

Inc.

,

A

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

3,331

1,902,667

SEI

Investments

Co.

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

40,633

3,037,723

State

Street

Corp.

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

125,691

11,664,125

T

Rowe

Price

Group,

Inc.

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

93,743

10,298,606

45,553,681

Chemicals

0.7%

CF

Industries

Holdings,

Inc.

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

25,931

2,132,306

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

Franklin

U.S.

Core

Equity

(IU)

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

17

a

a

Shares

a

Value

a

Common

Stocks

98.9%

(continued)

Chemicals

(continued)

DuPont

de

Nemours,

Inc.

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

105,077

$

8,720,340

LyondellBasell

Industries

NV

,

A

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

18,262

1,586,055

RPM

International,

Inc.

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

18,214

2,315,182

14,753,883

Commercial

Services

&

Supplies

0.4%

Cintas

Corp.

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

32,074

6,601,150

MSA

Safety,

Inc.

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

10,935

1,814,663

8,415,813

Communications

Equipment

1.7%

a

Arista

Networks,

Inc.

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

56,819

21,957,135

a

F5,

Inc.

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

25,514

5,967,214

Motorola

Solutions,

Inc.

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

13,472

6,053,643

33,977,992

Construction

&

Engineering

0.4%

EMCOR

Group,

Inc.

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

18,024

8,039,966

Construction

Materials

0.1%

CRH

plc

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

27,464

2,620,890

Consumer

Finance

0.4%

Synchrony

Financial

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

159,737

8,807,898

Consumer

Staples

Distribution

&

Retail

2.5%

Albertsons

Cos.,

Inc.

,

A

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

111,357

2,015,562

Costco

Wholesale

Corp.

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

2,698

2,358,538

Kroger

Co.

(The)

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

264,042

14,725,622

Walmart,

Inc.

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

394,840

32,357,138

51,456,860

Containers

&

Packaging

0.2%

Packaging

Corp.

of

America

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

17,509

4,008,510

Diversified

Consumer

Services

0.2%

H&R

Block,

Inc.

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

61,650

3,682,354

Diversified

Telecommunication

Services

1.2%

AT&T,

Inc.

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

1,110,170

25,023,232

Electric

Utilities

1.3%

American

Electric

Power

Co.,

Inc.

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

53,712

5,304,060

Edison

International

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

45,558

3,753,979

Entergy

Corp.

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

18,030

2,790,683

NRG

Energy,

Inc.

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

95,209

8,606,894

PPL

Corp.

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

74,902

2,438,809

Southern

Co.

(The)

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

28,566

2,600,363

25,494,788

Electrical

Equipment

0.2%

Acuity

Brands,

Inc.

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

12,666

3,808,540

Electronic

Equipment,

Instruments

&

Components

0.4%

a

Arrow

Electronics,

Inc.

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

15,500

1,839,385

Jabil,

Inc.

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

23,024

2,834,024

TD

SYNNEX

Corp.

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

27,304

3,149,517

7,822,926

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

Franklin

U.S.

Core

Equity

(IU)

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

18

a

a

Shares

a

Value

a

Common

Stocks

98.9%

(continued)

Energy

Equipment

&

Services

0.1%

Weatherford

International

plc

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

17,023

$

1,344,817

Entertainment

2.1%

Electronic

Arts,

Inc.

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

97,322

14,681,024

a

Netflix,

Inc.

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

14,748

11,149,930

a

Spotify

Technology

SA

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

44,915

17,296,767

43,127,721

Financial

Services

4.7%

a

Berkshire

Hathaway,

Inc.

,

B

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

80,864

36,463,195

Mastercard,

Inc.

,

A

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

52,463

26,209,990

MGIC

Investment

Corp.

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

117,497

2,942,125

a

PayPal

Holdings,

Inc.

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

286,738

22,738,323

Visa,

Inc.

,

A

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

23,321

6,759,592

95,113,225

Food

Products

0.5%

Archer-Daniels-Midland

Co.

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

36,439

2,011,797

Bunge

Global

SA

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

61,868

5,198,149

Ingredion,

Inc.

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

26,605

3,532,080

10,742,026

Ground

Transportation

0.7%

CSX

Corp.

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

115,132

3,873,040

Landstar

System,

Inc.

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

14,610

2,568,000

Ryder

System,

Inc.

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

18,231

2,666,831

a

Uber

Technologies,

Inc.

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

47,977

3,456,743

Union

Pacific

Corp.

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

8,761

2,033,165

14,597,779

Health

Care

Equipment

&

Supplies

1.6%

Abbott

Laboratories

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

17,528

1,987,149

a

Boston

Scientific

Corp.

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

104,403

8,771,940

a

Hologic,

Inc.

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

96,985

7,843,177

a

IDEXX

Laboratories,

Inc.

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

8,096

3,294,424

Medtronic

plc

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

23,349

2,083,898

ResMed,

Inc.

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

8,749

2,121,370

Stryker

Corp.

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

19,784

7,048,644

33,150,602

Health

Care

Providers

&

Services

2.3%

Cardinal

Health,

Inc.

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

18,184

1,973,328

a

Centene

Corp.

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

30,484

1,897,934

Cigna

Group

(The)

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

6,340

1,995,895

McKesson

Corp.

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

34,263

17,151,715

a

Tenet

Healthcare

Corp.

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

34,691

5,377,799

UnitedHealth

Group,

Inc.

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

22,055

12,450,047

Universal

Health

Services,

Inc.

,

B

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

24,418

4,988,842

45,835,560

Health

Care

REITs

0.2%

Omega

Healthcare

Investors,

Inc.

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

93,050

3,951,833

Health

Care

Technology

0.1%

a

Veeva

Systems,

Inc.

,

A

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

8,538

1,782,991

a

Hotels,

Restaurants

&

Leisure

1.8%

Aramark

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

68,690

2,598,543

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

Franklin

U.S.

Core

Equity

(IU)

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

19

a

a

Shares

a

Value

a

Common

Stocks

98.9%

(continued)

Hotels,

Restaurants

&

Leisure

(continued)

Booking

Holdings,

Inc.

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

5,884

$

27,515,055

Domino's

Pizza,

Inc.

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

4,452

1,841,926

Texas

Roadhouse,

Inc.

,

A

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

12,530

2,394,734

Wingstop,

Inc.

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

5,131

1,476,137

35,826,395

Household

Durables

0.4%

a

NVR,

Inc.

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

776

7,102,581

a

Household

Products

1.4%

Colgate-Palmolive

Co.

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

233,395

21,871,445

Kimberly-Clark

Corp.

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

30,507

4,093,429

Procter

&

Gamble

Co.

(The)

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

11,953

1,974,397

27,939,271

Independent

Power

and

Renewable

Electricity

Producers

0.7%

Vistra

Corp.

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

117,475

14,679,676

Industrial

Conglomerates

1.0%

3M

Co.

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

155,054

19,919,787

Insurance

1.7%

Aflac,

Inc.

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

98,480

10,319,719

American

International

Group,

Inc.

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

27,344

2,074,863

Axis

Capital

Holdings

Ltd.

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

29,606

2,316,966

Hartford

Financial

Services

Group,

Inc.

(The)

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

123,341

13,621,780

Loews

Corp.

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

27,429

2,165,794

Old

Republic

International

Corp.

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

109,852

3,837,130

34,336,252

Interactive

Media

&

Services

6.3%

Alphabet,

Inc.

,

A

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

197,812

33,847,611

Alphabet,

Inc.

,

C

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

188,094

32,481,953

Meta

Platforms,

Inc.

,

A

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

108,540

61,605,133

127,934,697

IT

Services

0.6%

a

GoDaddy,

Inc.

,

A

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

54,689

9,122,125

a

VeriSign,

Inc.

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

11,023

1,949,308

11,071,433

Life

Sciences

Tools

&

Services

0.9%

a

Medpace

Holdings,

Inc.

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

9,525

2,992,946

a

Mettler-Toledo

International,

Inc.

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

9,043

11,681,295

a

Waters

Corp.

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

11,682

3,774,571

18,448,812

Machinery

0.6%

Allison

Transmission

Holdings,

Inc.

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

36,770

3,929,242

Cummins,

Inc.

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

21,678

7,131,629

11,060,871

Media

1.0%

Comcast

Corp.

,

A

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

483,912

21,132,437

Metals

&

Mining

0.7%

Reliance,

Inc.

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

22,620

6,477,011

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

Franklin

U.S.

Core

Equity

(IU)

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

20

a

a

Shares

a

Value

a

Common

Stocks

98.9%

(continued)

Metals

&

Mining

(continued)

Steel

Dynamics,

Inc.

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

63,517

$

8,288,968

14,765,979

Multi-Utilities

0.3%

Public

Service

Enterprise

Group,

Inc.

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

65,025

5,813,885

Oil,

Gas

&

Consumable

Fuels

3.0%

Cheniere

Energy,

Inc.

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

10,299

1,971,023

Devon

Energy

Corp.

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

47,695

1,844,843

EOG

Resources,

Inc.

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

15,139

1,846,352

Exxon

Mobil

Corp.

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

105,277

12,294,248

Marathon

Oil

Corp.

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

198,337

5,493,935

Marathon

Petroleum

Corp.

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

120,535

17,534,226

Targa

Resources

Corp.

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

13,148

2,195,190

Valero

Energy

Corp.

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

134,603

17,466,085

60,645,902

Passenger

Airlines

0.1%

Delta

Air

Lines,

Inc.

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

39,207

2,243,425

Personal

Care

Products

0.1%

a

BellRing

Brands,

Inc.

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

33,381

2,197,471

a

Pharmaceuticals

2.6%

Bristol-Myers

Squibb

Co.

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

445,733

24,858,529

Eli

Lilly

&

Co.

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

20,874

17,319,993

a

Jazz

Pharmaceuticals

plc

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

18,439

2,028,843

Johnson

&

Johnson

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

47,749

7,633,155

51,840,520

Professional

Services

0.7%

Leidos

Holdings,

Inc.

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

56,645

10,375,098

Robert

Half,

Inc.

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

47,281

3,220,309

13,595,407

Real

Estate

Management

&

Development

0.1%

a

Jones

Lang

LaSalle,

Inc.

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

10,298

2,790,346

a

Residential

REITs

0.1%

Camden

Property

Trust

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

19,111

2,212,863

Retail

REITs

1.2%

NNN

REIT,

Inc.

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

47,561

2,066,050

Simon

Property

Group,

Inc.

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

128,426

21,719,405

23,785,455

Semiconductors

&

Semiconductor

Equipment

11.2%

Applied

Materials,

Inc.

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

108,433

19,689,264

Broadcom,

Inc.

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

135,807

23,055,955

a

Cirrus

Logic,

Inc.

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

20,541

2,255,813

KLA

Corp.

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

19,601

13,058,774

Lam

Research

Corp.

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

37,180

2,764,333

NVIDIA

Corp.

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

1,052,286

139,701,489

QUALCOMM,

Inc.

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

162,078

26,381,436

226,907,064

Software

10.3%

a

Adobe,

Inc.

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

43,724

20,903,570

a

AppLovin

Corp.

,

A

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

100,808

17,075,867

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

Franklin

U.S.

Core

Equity

(IU)

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

21

a

a

Shares

a

Value

a

Common

Stocks

98.9%

(continued)

Software

(continued)

a

Cadence

Design

Systems,

Inc.

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

7,731

$

2,134,684

a

DocuSign,

Inc.

,

A

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

79,301

5,501,903

a

Dropbox,

Inc.

,

A

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

104,661

2,705,487

a

Fair

Isaac

Corp.

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

9,721

19,375,022

a

Fortinet,

Inc.

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

71,719

5,641,417

Gen

Digital,

Inc.

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

82,112

2,390,280

Intuit,

Inc.

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

10,958

6,687,668

a

Manhattan

Associates,

Inc.

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

22,597

5,951,146

Microsoft

Corp.

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

281,772

114,498,052

a

Zoom

Video

Communications,

Inc.

,

A

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

90,157

6,738,334

209,603,430

Specialized

REITs

0.2%

Public

Storage

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

6,985

2,298,484

VICI

Properties,

Inc.

,

A

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

70,378

2,235,205

4,533,689

Specialty

Retail

1.8%

a

AutoZone,

Inc.

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

705

2,121,345

Bath

&

Body

Works,

Inc.

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

85,244

2,419,225

Best

Buy

Co.,

Inc.

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

82,579

7,467,619

Dick's

Sporting

Goods,

Inc.

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

22,394

4,383,626

Lowe's

Cos.,

Inc.

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

7,568

1,981,529

Murphy

USA,

Inc.

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

7,196

3,514,886

TJX

Cos.,

Inc.

(The)

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

78,273

8,847,197

Williams-Sonoma,

Inc.

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

48,214

6,466,944

37,202,371

Technology

Hardware,

Storage

&

Peripherals

7.7%

Apple,

Inc.

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

586,247

132,439,060

HP,

Inc.

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

402,573

14,299,393

NetApp,

Inc.

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

85,110

9,814,034

156,552,487

Textiles,

Apparel

&

Luxury

Goods

0.5%

a

Deckers

Outdoor

Corp.

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

40,918

6,583,297

PVH

Corp.

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

16,596

1,634,042

Ralph

Lauren

Corp.

,

A

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

14,161

2,802,887

11,020,226

Tobacco

1.3%

Altria

Group,

Inc.

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

464,302

25,285,887

Trading

Companies

&

Distributors

0.3%

Fastenal

Co.

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

26,625

2,081,542

WW

Grainger,

Inc.

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

4,282

4,749,723

6,831,265

Total

Common

Stocks

(Cost

$

1,334,100,386

)

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

2,007,286,718

a

a

a

a

Franklin

Fund

Allocator

Series

Schedule

of

Investments

(unaudited)

Franklin

U.S.

Core

Equity

(IU)

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

22

See

Abbreviations

on

page

28

.

Short

Term

Investments

1.1%

a

a

Shares

a

Value

a

Money

Market

Funds

1.1%

b,c

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.582

%

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

22,325,878

$

22,325,878

Total

Money

Market

Funds

(Cost

$

22,325,878

)

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

22,325,878

Total

Short

Term

Investments

(Cost

$

22,325,878

)

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

22,325,878

a

Total

Investments

(Cost

$

1,356,426,264

)

100.0

%

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

$2,029,612,596

Other

Assets,

less

Liabilities

0.0

%

†

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

927,007

Net

Assets

100.0%

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

$2,030,539,603

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Non-income

producing.

b

See

Note

3

regarding

investments

in

affiliated

management

investment

companies.

c

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Fund

Allocator

Series

23

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, three

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.

2. Financial

Instrument

Valuation

The

Funds’

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Funds

calculate

the

net

asset

value

(NAV)

per

share

each

business

day

as

of

4

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the

Trust’s

Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Funds'

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Funds'

administrator

in

performing

this

responsibility,

including

leading

the

cross-functional

Valuation

Committee

(VC).

The

Funds

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value. 

Equity

securities

and exchange

traded

funds listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price

of

the

day,

respectively.

Foreign

equity

securities

are

valued

as

of

the

close

of

trading

on

the

foreign

stock

exchange

on

which

the

security

is

primarily

traded

or

as

of

4

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

4

p.m. Eastern

time

on

the

day

that

the

value

of

the

security

is

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities.

Investments

in

open-end

mutual

funds

are

valued

at

the

closing

NAV.

The

Funds

have procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the

Funds

primarily employ

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed. 

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

4

p.m.

Eastern

time.

In

addition,

trading

in

certain

foreign

markets

may

not

take

place

on

every

Funds’ business

day.

Events

can

occur

between

the

time

at

which

trading

in

a

foreign

security

is

completed

and

4

p.m.

Eastern

time

that

might

call

into

question

the

reliability

of

the

value

of

a

portfolio

security

held

by

the

Fund.

As

a

result,

differences

may

arise

between

the

value

of

the

Funds’

portfolio

securities

as

determined

at

the

foreign

market

close

and

the

latest

indications

of

value

at

4

p.m.

Eastern

time.

In

order

to

minimize

the

potential

for

these

differences,

an

independent

pricing

service

may

be

used

to

adjust

the

value

of

the

Funds'

portfolio

securities

to

the

latest

indications

of

fair

value

at 4

p.m.

Eastern

time.

At

October

31,

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.

Franklin

Fund

Allocator

Series

Notes

to

Schedules

of

Investments

(unaudited)

24

Quarterly

Schedules

of

Investments

When

the

last

day

of

the

reporting

period

is

a

non-business

day,

certain

foreign

markets

may

be

open

on

those

days

that

the

Funds’

NAV

is

not

calculated,

which

could

result

in

differences

between

the

value

of

the

Funds’

portfolio securities

on

the

last

business

day

and

the

last

calendar

day

of

the

reporting

period.

Any

security

valuation

changes

due

to

an

open

foreign

market

are

adjusted

and

reflected

by

the

Funds for

financial

reporting

purposes.

3.

Investments

in

Affiliated

Management

Investment

Companies

Certain

or

all

Funds

invest

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

“Controlled

Affiliate”

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund’s

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Funds

do

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

During

the

period

ended

October

31,

2024,

investments

in

affiliated

management

investment

companies

were

as

follows: 

4. Fair

Value

Measurements

The

Funds

follow

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the

Funds'

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Funds’

financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Investment

Income

a      

a  

a  

a  

a  

a  

a  

a  

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.582%

$1,306,790

$5,331,055

$(5,564,197)

$—

$—

$1,073,648

1,073,648

$10,368

Total

Affiliated

Securities

...

$1,306,790

$5,331,055

$(5,564,197)

$—

$—

$1,073,648

$10,368

Franklin

International

Core

Equity

(IU)

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.582%

$5,677,294

$27,767,630

$(24,949,566)

$—

$—

$8,495,358

8,495,358

$84,631

Total

Affiliated

Securities

...

$5,677,294

$27,767,630

$(24,949,566)

$—

$—

$8,495,358

$84,631

Franklin

U.S.

Core

Equity

(IU)

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.582%

$13,432,528

$21,745,973

$(12,852,623)

$—

$—

$22,325,878

22,325,878

$209,813

Total

Affiliated

Securities

...

$13,432,528

$21,745,973

$(12,852,623)

$—

$—

$22,325,878

$209,813

2. Financial

Instrument

Valuation

(continued)

Franklin

Fund

Allocator

Series

Notes

to

Schedules

of

Investments

(unaudited)

25

Quarterly

Schedules

of

Investments

Level

3

–

significant

unobservable

inputs

(including

the

Funds'

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level. 

A

summary

of

inputs

used

as

of

October

31,

2024,

in

valuing

the

Funds’

assets

carried

at

fair

value,

is

as

follows:  

Level

1

Level

2

Level

3

Total

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

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

$

—

$

641,285

$

—

$

641,285

Air

Freight

&

Logistics

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

—

495,096

—

495,096

Automobile

Components

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

—

935,131

—

935,131

Automobiles

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

—

5,845,579

—

5,845,579

Banks

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

4,594,847

15,184,523

—

19,779,370

Beverages

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

692,414

1,611,768

—

2,304,182

Broadline

Retail

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

2,741,541

2,718,073

—

5,459,614

Capital

Markets

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

—

1,861,260

—

1,861,260

Chemicals

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

—

4,447,458

—

a

4,447,458

Communications

Equipment

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

—

198,984

—

198,984

Construction

&

Engineering

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

—

401,858

—

401,858

Consumer

Finance

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

—

696,990

—

696,990

Consumer

Staples

Distribution

&

Retail

......

1,394,599

372,753

—

1,767,352

Diversified

Telecommunication

Services

.....

—

1,197,398

—

1,197,398

Electric

Utilities

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

—

1,866,275

—

a

1,866,275

Electrical

Equipment

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

—

4,339,739

—

4,339,739

Electronic

Equipment,

Instruments

&

Components

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

—

4,112,018

—

4,112,018

Energy

Equipment

&

Services

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

—

220,822

—

220,822

Entertainment

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

316,092

1,370,792

—

1,686,884

Financial

Services

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

—

1,500,456

—

1,500,456

Food

Products

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

990,743

2,014,732

—

3,005,475

Gas

Utilities

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

—

939,754

—

939,754

Health

Care

Equipment

&

Supplies

.........

147,984

142,320

—

290,304

Health

Care

Providers

&

Services

..........

—

768,720

—

768,720

Hotels,

Restaurants

&

Leisure

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

188,775

3,019,606

—

3,208,381

Household

Durables

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

—

243,207

—

243,207

Household

Products

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

135,501

—

—

135,501

Independent

Power

and

Renewable

Electricity

Producers

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

—

535,314

—

535,314

Industrial

Conglomerates

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

504,228

191,341

—

695,569

Insurance

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

1,564,325

3,824,987

—

5,389,312

Interactive

Media

&

Services

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

342,820

6,294,114

—

6,636,934

IT

Services

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

—

3,399,931

—

3,399,931

Life

Sciences

Tools

&

Services

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

—

538,686

—

538,686

Machinery

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

343,069

607,889

—

950,958

Metals

&

Mining

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

1,232,185

4,132,250

—

a

5,364,435

Oil,

Gas

&

Consumable

Fuels

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

1,411,735

6,362,884

—

7,774,619

Passenger

Airlines

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

—

483,216

—

483,216

Personal

Care

Products

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

—

1,234,448

—

1,234,448

Pharmaceuticals

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

—

2,802,493

—

2,802,493

Real

Estate

Management

&

Development

....

311,855

1,584,227

—

1,896,082

Semiconductors

&

Semiconductor

Equipment

.

—

18,733,839

—

18,733,839

Specialty

Retail

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

238,870

2,327,342

—

2,566,212

Technology

Hardware,

Storage

&

Peripherals

.

—

5,713,098

—

5,713,098

Textiles,

Apparel

&

Luxury

Goods

..........

384,741

1,418,372

—

1,803,113

4. Fair

Value

Measurements

(continued)

Franklin

Fund

Allocator

Series

Notes

to

Schedules

of

Investments

(unaudited)

26

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

(continued)

Common

Stocks:

(continued)

Transportation

Infrastructure

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

$

1,488,691

$

—

$

—

$

1,488,691

Wireless

Telecommunication

Services

.......

305,999

1,794,692

—

2,100,691

Preferred

Stocks

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

3,175,584

—

—

3,175,584

Short

Term

Investments

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

1,073,648

—

—

1,073,648

Total

Investments

in

Securities

...........

$23,580,246

$119,125,720

b

$—

$142,705,966

Franklin

International

Core

Equity

(IU)

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

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

—

15,778,311

—

15,778,311

Air

Freight

&

Logistics

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

—

4,203,854

—

4,203,854

Automobile

Components

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

—

4,141,294

—

4,141,294

Automobiles

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

—

20,368,204

—

20,368,204

Banks

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

—

88,025,494

—

88,025,494

Beverages

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

—

11,090,083

—

11,090,083

Biotechnology

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

—

6,082,225

—

6,082,225

Broadline

Retail

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

—

8,559,730

—

8,559,730

Building

Products

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

—

11,167,844

—

11,167,844

Capital

Markets

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

—

29,955,452

—

29,955,452

Chemicals

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

—

28,864,267

—

28,864,267

Commercial

Services

&

Supplies

...........

—

2,172,760

—

2,172,760

Communications

Equipment

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

—

2,571,345

—

2,571,345

Construction

&

Engineering

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

—

5,732,107

—

5,732,107

Construction

Materials

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

—

3,587,786

—

3,587,786

Consumer

Staples

Distribution

&

Retail

......

4,207,659

9,841,158

—

14,048,817

Diversified

Consumer

Services

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

—

1,039,606

—

1,039,606

Diversified

REITs

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

—

2,860,663

—

2,860,663

Diversified

Telecommunication

Services

.....

4,067,263

13,241,171

—

17,308,434

Electric

Utilities

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

—

13,306,722

—

13,306,722

Electrical

Equipment

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

—

17,827,968

—

17,827,968

Electronic

Equipment,

Instruments

&

Components

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

—

9,487,844

—

9,487,844

Entertainment

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

2,849,715

5,526,719

—

8,376,434

Financial

Services

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

—

15,223,394

—

15,223,394

Food

Products

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

2,929,310

22,201,373

—

25,130,683

Gas

Utilities

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

—

4,113,377

—

4,113,377

Health

Care

Equipment

&

Supplies

.........

—

17,116,269

—

17,116,269

Health

Care

Providers

&

Services

..........

—

2,190,647

—

2,190,647

Health

Care

Technology

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

—

1,371,432

—

1,371,432

Hotels,

Restaurants

&

Leisure

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

1,545,691

17,931,404

—

19,477,095

Household

Durables

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

—

1,393,683

—

1,393,683

Independent

Power

and

Renewable

Electricity

Producers

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

—

1,763,112

—

1,763,112

Industrial

Conglomerates

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

—

19,979,889

—

19,979,889

Industrial

REITs

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

—

3,134,209

—

3,134,209

Insurance

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

—

46,971,266

—

46,971,266

Interactive

Media

&

Services

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

—

5,099,792

—

5,099,792

IT

Services

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

—

6,555,797

—

6,555,797

Life

Sciences

Tools

&

Services

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

—

3,020,923

—

3,020,923

Machinery

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

—

32,867,377

—

32,867,377

Marine

Transportation

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

—

4,414,039

—

4,414,039

Media

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

—

2,996,978

—

2,996,978

Metals

&

Mining

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

—

19,121,817

—

19,121,817

4. Fair

Value

Measurements

(continued)

Franklin

Fund

Allocator

Series

Notes

to

Schedules

of

Investments

(unaudited)

27

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.

Level

1

Level

2

Level

3

Total

Franklin

International

Core

Equity

(IU)

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

(continued)

Common

Stocks:

(continued)

Multi-Utilities

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

$

—

$

10,215,885

$

—

$

10,215,885

Oil,

Gas

&

Consumable

Fuels

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

—

36,794,853

—

36,794,853

Paper

&

Forest

Products

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

—

1,726,349

—

1,726,349

Passenger

Airlines

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

—

1,082,849

—

1,082,849

Personal

Care

Products

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

—

14,220,595

—

14,220,595

Pharmaceuticals

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

—

91,189,065

—

91,189,065

Professional

Services

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

—

14,376,666

—

14,376,666

Real

Estate

Management

&

Development

....

—

6,718,732

—

6,718,732

Retail

REITs

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

—

2,819,256

—

2,819,256

Semiconductors

&

Semiconductor

Equipment

.

—

34,486,034

—

34,486,034

Software

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

8,273,895

21,155,466

—

29,429,361

Specialty

Retail

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

—

10,949,726

—

10,949,726

Technology

Hardware,

Storage

&

Peripherals

.

—

5,798,287

—

5,798,287

Textiles,

Apparel

&

Luxury

Goods

..........

—

27,970,202

—

27,970,202

Tobacco

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

—

5,145,695

—

5,145,695

Trading

Companies

&

Distributors

..........

9,355,280

5,535,329

—

14,890,609

Transportation

Infrastructure

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

—

2,931,165

—

2,931,165

Wireless

Telecommunication

Services

.......

3,005,428

4,386,443

—

7,391,871

Preferred

Stocks

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

—

5,910,058

—

5,910,058

Short

Term

Investments

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

8,495,358

—

—

8,495,358

Total

Investments

in

Securities

...........

$44,729,599

$846,312,040

c

$—

$891,041,639

Franklin

U.S.

Core

Equity

(IU)

Fund

Assets:

Investments

in

Securities:

d

Common

Stocks

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

2,007,286,718

—

—

2,007,286,718

Short

Term

Investments

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

22,325,878

—

—

22,325,878

Total

Investments

in

Securities

...........

$2,029,612,596

$—

$—

$2,029,612,596

a

The

Valuation

Committee

determined

that

based

on

their

analysis

of

the

market

and

access

to

market

participants,

the

Russian

financial

instruments

held

by

the

Fund

had

little

or

no

value

at

October

31,

2024.

b

Includes

foreign

securities

valued

at

$119,125,720,

which

were

categorized

as

Level

2

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

c

Includes

foreign

securities

valued

at

$846,312,040,

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.

d

For

detailed

categories,

see

the

accompanying

Schedule

of

Investments.

4. Fair

Value

Measurements

(continued)

Franklin

Fund

Allocator

Series

Notes

to

Schedules

of

Investments

(unaudited)

28

Quarterly

Schedules

of

Investments

Abbreviations

Selected

Portfolio

ADR

American

Depositary

Receipt

GDR

Global

Depositary

Receipt

PJSC

Public

Joint

Stock

Company

REIT

Real

Estate

Investment

Trust

For

additional

information

on

the

Funds'

significant

accounting

policies,

please

refer

to

the Funds'

most

recent

semiannual

or

annual

shareholder

report.