NPORT-EX 2 FFAS.htm
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
FAS-Q1PH
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
23
Franklin
LifeSmart
™
2040
Retirement
Target
Fund
25
Franklin
LifeSmart
™
2045
Retirement
Target
Fund
26
Franklin
LifeSmart
™
2050
Retirement
Target
Fund
28
Franklin
LifeSmart
™
2055
Retirement
Target
Fund
29
Franklin
LifeSmart
™
2060
Retirement
Target
Fund
30
Franklin
Moderate
Allocation
Fund
31
Notes
to
Schedules
of
Investments
33
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited),
March
31,
2025
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
99.2%
Alternative
Strategies
1.0%
a
Franklin
Systematic
Style
Premia
ETF
....................................
343,576
$
8,434,791
Domestic
Equity
31.8%
a
Franklin
Growth
Fund
,
Class
R6
........................................
447,297
56,788,844
a
Franklin
U.S.
Core
Equity
(IU)
Fund
.....................................
7,721,216
127,013,998
a
Franklin
U.S.
Equity
Index
ETF
.........................................
328,623
16,097,137
a
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
.............................
552,102
31,160,637
a
Putnam
Large
Cap
Value
Fund
,
Class
R6
.................................
964,295
33,923,885
264,984,501
Domestic
Fixed
Income
49.3%
a
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund
,
Class
IS
...............
3,808,636
32,182,974
a
Franklin
Investment
Grade
Corporate
ETF
.................................
4,290,774
91,892,932
a
Franklin
U.S.
Core
Bond
ETF
..........................................
8,877,943
190,831,385
a
Franklin
U.S.
Treasury
Bond
ETF
.......................................
4,664,298
95,921,288
410,828,579
Foreign
Equity
11.0%
a
ClearBridge
International
Growth
Fund
,
Class
IS
............................
104,468
7,075,638
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
............................
1,198,686
12,646,134
a
Franklin
International
Core
Equity
(IU)
Fund
...............................
3,661,186
46,350,609
iShares
Core
MSCI
EAFE
ETF
.........................................
87,129
6,591,309
a
Templeton
Developing
Markets
Trust
,
Class
R6
.............................
441,036
8,692,810
a
Templeton
Foreign
Fund
,
Class
R6
......................................
1,302,842
10,592,102
91,948,602
Foreign
Fixed
Income
6.1%
a
Franklin
High
Yield
Corporate
ETF
......................................
1,521,406
36,255,105
a
Franklin
International
Aggregate
Bond
ETF
................................
684,271
13,835,960
50,091,065
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$
731,348,143
)
...............................................................
826,287,538
a
a
a
a
Short
Term
Investments
0.5%
a
Money
Market
Funds
0.5%
a,b
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.052
%
..................
4,374,839
4,374,839
Total
Money
Market
Funds
(Cost
$
4,374,839
)
...................................
4,374,839
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
50
.
Short
Term
Investments
(continued)
a
a
Principal
Amount
a
Value
Repurchase
Agreements
0.0%
†
c
Joint
Repurchase
Agreement
,
4.356
%
,
4/01/25
(Maturity
Value
$
196,140
)
BNP
Paribas
Securities
Corp.
(Maturity
Value
$134,779)
Deutsche
Bank
Securities,
Inc.
(Maturity
Value
$14,187)
HSBC
Securities
(USA),
Inc.
(Maturity
Value
$47,174)
Collateralized
by
U.S.
Government
Agency
Securities,
2.5%
-
7.5%,
11/20/33
-
5/15/63;
U.S.
Treasury
Bonds,
1.13%,
5/15/40;
and
U.S.
Treasury
Notes,
1.25%
-
4.88%,
6/30/28
-
10/31/28
(valued
at
$
200,095
)
...........................
$
196,116
$
196,116
Total
Repurchase
Agreements
(Cost
$
196,116
)
..................................
196,116
Total
Short
Term
Investments
(Cost
$
4,570,955
)
.................................
4,570,955
a
Total
Investments
(Cost
$
735,919,098
)
99.7
%
...................................
$830,858,493
Other
Assets,
less
Liabilities
0.3
%
.............................................
2,002,988
Net
Assets
100.0%
...........................................................
$832,861,481
†
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
March
31,
2025,
all
repurchase
agreements
had
been
entered
into
on
that
date.
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited),
March
31,
2025
Franklin
Corefolio
Allocation
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
4
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
100.0%
Domestic
Equity
75.4%
a
Franklin
Growth
Fund
,
Class
R6
........................................
1,812,648
$
230,133,759
a,b
Franklin
Growth
Opportunities
Fund
,
Class
R6
.............................
4,449,037
232,773,641
a
Franklin
Mutual
Shares
Fund
,
Class
R6
...................................
9,449,845
241,349,045
704,256,445
Foreign
Equity
24.6%
a
Templeton
Growth
Fund,
Inc.
,
Class
R6
...................................
8,609,645
229,533,139
Total
Investments
In
Underlying
Funds
(Cost
$
604,518,182
)
......................
933,789,584
a
a
a
a
Short
Term
Investments
0.0%
†
a
Money
Market
Funds
0.0%
†
a,c
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.052
%
..................
85
85
Total
Money
Market
Funds
(Cost
$
85
)
..........................................
85
Total
Short
Term
Investments
(Cost
$
85
)
.......................................
85
a
Total
Investments
(Cost
$
604,518,267
)
100.0
%
..................................
$933,789,669
Other
Assets,
less
Liabilities
0.0
%
†
............................................
200,934
Net
Assets
100.0%
...........................................................
$933,990,603
†
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),
March
31,
2025
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
61.6%
Aerospace
&
Defense
0.3%
General
Electric
Co.
.................................
United
States
20,691
$
4,141,304
Lockheed
Martin
Corp.
...............................
United
States
9,737
4,349,615
8,490,919
Air
Freight
&
Logistics
0.2%
Expeditors
International
of
Washington,
Inc.
...............
United
States
43,564
5,238,571
Automobiles
1.1%
General
Motors
Co.
..................................
United
States
65,332
3,072,564
Kia
Corp.
.........................................
South
Korea
70,837
4,480,345
Mercedes-Benz
Group
AG
............................
Germany
97,343
5,750,220
Subaru
Corp.
......................................
Japan
192,900
3,454,678
a
Tesla,
Inc.
.........................................
United
States
43,655
11,313,630
28,071,437
Banks
4.0%
Citigroup,
Inc.
......................................
United
States
285,971
20,301,081
ING
Groep
NV
.....................................
Netherlands
1,440,964
28,230,366
Intesa
Sanpaolo
SpA
.................................
Italy
3,611,412
18,612,027
JPMorgan
Chase
&
Co.
...............................
United
States
31,114
7,632,264
NatWest
Group
plc
..................................
United
Kingdom
730,733
4,314,533
UniCredit
SpA
......................................
Italy
471,238
26,451,603
105,541,874
Biotechnology
2.0%
AbbVie,
Inc.
.......................................
United
States
207,977
43,575,341
Gilead
Sciences,
Inc.
................................
United
States
84,607
9,480,214
53,055,555
Broadline
Retail
2.4%
Alibaba
Group
Holding
Ltd.
,
ADR
.......................
China
135,724
17,946,785
a
Amazon.com,
Inc.
...................................
United
States
180,878
34,413,848
a
MercadoLibre,
Inc.
..................................
Brazil
5,885
11,480,870
63,841,503
Building
Products
0.2%
Cie
de
Saint-Gobain
SA
..............................
France
50,459
5,026,567
Capital
Markets
1.3%
3i
Group
plc
.......................................
United
Kingdom
229,361
10,784,698
Deutsche
Bank
AG
..................................
Germany
356,564
8,499,476
Lazard,
Inc.
,
A
......................................
United
States
69,769
3,020,998
SEI
Investments
Co.
.................................
United
States
142,721
11,079,431
33,384,603
Chemicals
0.4%
LyondellBasell
Industries
NV
,
A
.........................
United
States
45,856
3,228,262
Nitto
Denko
Corp.
...................................
Japan
252,000
4,661,134
Sherwin-Williams
Co.
(The)
............................
United
States
8,824
3,081,253
10,970,649
Commercial
Services
&
Supplies
0.3%
Cintas
Corp.
.......................................
United
States
35,492
7,294,671
Communications
Equipment
1.0%
a
Arista
Networks,
Inc.
.................................
United
States
93,300
7,228,884
Cisco
Systems,
Inc.
.................................
United
States
318,889
19,678,640
26,907,524
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)
Construction
Materials
0.6%
Beijing
Oriental
Yuhong
Waterproof
Technology
Co.
Ltd.
,
A
....
China
5,074,500
$
9,542,142
CRH
plc
..........................................
United
States
55,800
4,908,726
14,450,868
Consumer
Staples
Distribution
&
Retail
1.8%
Carrefour
SA
.......................................
France
426,704
6,102,681
Koninklijke
Ahold
Delhaize
NV
..........................
Netherlands
175,585
6,558,988
Kroger
Co.
(The)
....................................
United
States
198,332
13,425,093
Loblaw
Cos.
Ltd.
....................................
Canada
76,200
10,678,220
Walmart,
Inc.
......................................
United
States
117,219
10,290,656
47,055,638
Diversified
Telecommunication
Services
0.6%
Bezeq
The
Israeli
Telecommunication
Corp.
Ltd.
............
Israel
2,216,502
3,272,787
Deutsche
Telekom
AG
................................
Germany
295,996
10,928,168
Telkom
Indonesia
Persero
Tbk.
PT
......................
Indonesia
13,349,900
1,938,803
16,139,758
Electric
Utilities
0.4%
Iberdrola
SA
.......................................
Spain
375,036
6,056,114
NRG
Energy,
Inc.
...................................
United
States
56,818
5,423,846
11,479,960
Electrical
Equipment
0.7%
Eaton
Corp.
plc
.....................................
United
States
53,000
14,406,990
Fujikura
Ltd.
.......................................
Japan
83,800
3,103,524
17,510,514
Entertainment
1.4%
NetEase,
Inc.
......................................
China
708,800
14,560,604
a
Netflix,
Inc.
........................................
United
States
25,088
23,395,313
37,955,917
Financial
Services
2.5%
a
Berkshire
Hathaway,
Inc.
,
B
............................
United
States
10,066
5,360,950
Investor
AB
,
B
......................................
Sweden
588,101
17,539,585
Mastercard,
Inc.
,
A
..................................
United
States
26,943
14,767,997
MGIC
Investment
Corp.
...............................
United
States
328,187
8,132,474
a
PayPal
Holdings,
Inc.
................................
United
States
47,470
3,097,418
Visa,
Inc.
,
A
........................................
United
States
45,846
16,067,189
64,965,613
Food
Products
0.1%
Kellanova
.........................................
United
States
43,297
3,571,570
Ground
Transportation
0.4%
Landstar
System,
Inc.
................................
United
States
18,357
2,757,221
Old
Dominion
Freight
Line,
Inc.
.........................
United
States
52,844
8,743,040
11,500,261
Health
Care
Equipment
&
Supplies
2.1%
Abbott
Laboratories
..................................
United
States
154,153
20,448,395
a
IDEXX
Laboratories,
Inc.
..............................
United
States
23,390
9,822,631
a
Insulet
Corp.
.......................................
United
States
62,335
16,369,794
Medtronic
plc
......................................
United
States
42,146
3,787,240
Stryker
Corp.
......................................
United
States
9,937
3,699,048
54,127,108
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)
Health
Care
Providers
&
Services
0.1%
Premier,
Inc.
,
A
.....................................
United
States
161,696
$
3,117,499
Hotels,
Restaurants
&
Leisure
1.8%
Booking
Holdings,
Inc.
...............................
United
States
9,396
43,286,526
a
DoorDash,
Inc.
,
A
...................................
United
States
17,310
3,163,749
46,450,275
Household
Durables
0.1%
a
NVR,
Inc.
.........................................
United
States
455
3,296,198
Household
Products
0.7%
Colgate-Palmolive
Co.
...............................
United
States
78,603
7,365,101
Kimberly-Clark
Corp.
.................................
United
States
25,935
3,688,476
Procter
&
Gamble
Co.
(The)
...........................
United
States
48,111
8,199,076
19,252,653
Industrial
Conglomerates
0.8%
Hitachi
Ltd.
........................................
Japan
942,400
22,126,991
Insurance
1.5%
Erie
Indemnity
Co.
,
A
.................................
United
States
26,169
10,966,120
iA
Financial
Corp.,
Inc.
...............................
Canada
124,652
11,837,631
NN
Group
NV
......................................
Netherlands
84,660
4,710,971
Ping
An
Insurance
Group
Co.
of
China
Ltd.
,
H
..............
China
973,000
5,807,791
Sompo
Holdings,
Inc.
................................
Japan
179,100
5,453,809
38,776,322
Interactive
Media
&
Services
3.0%
Alphabet,
Inc.
,
A
....................................
United
States
261,519
40,441,298
a,b
Kuaishou
Technology
,
144A
,
Reg
S
......................
China
645,700
4,528,011
Meta
Platforms,
Inc.
,
A
...............................
United
States
50,147
28,902,725
a
Pinterest,
Inc.
,
A
....................................
United
States
181,803
5,635,893
79,507,927
IT
Services
0.8%
Cognizant
Technology
Solutions
Corp.
,
A
..................
United
States
43,493
3,327,214
Infosys
Ltd.
,
ADR
...................................
India
992,866
18,119,805
21,447,019
Leisure
Products
0.1%
a
Mattel,
Inc.
........................................
United
States
175,916
3,418,048
Life
Sciences
Tools
&
Services
0.3%
a
Mettler-Toledo
International,
Inc.
........................
United
States
5,962
7,040,585
Machinery
0.9%
Atlas
Copco
AB
,
B
...................................
Sweden
498,831
7,014,622
Caterpillar,
Inc.
.....................................
United
States
39,416
12,999,397
Illinois
Tool
Works,
Inc.
...............................
United
States
13,625
3,379,136
23,393,155
Metals
&
Mining
1.3%
Fortescue
Ltd.
......................................
Australia
2,881,861
27,893,614
Reliance,
Inc.
......................................
United
States
19,628
5,667,585
33,561,199
Office
REITs
0.1%
Highwoods
Properties,
Inc.
............................
United
States
115,272
3,416,662
Oil,
Gas
&
Consumable
Fuels
3.1%
Exxon
Mobil
Corp.
...................................
United
States
29,108
3,461,814
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)
Oil,
Gas
&
Consumable
Fuels
(continued)
Keyera
Corp.
......................................
Canada
113,630
$
3,531,962
Parex
Resources,
Inc.
................................
Canada
552,062
5,148,308
Petroleo
Brasileiro
SA
................................
Brazil
1,994,600
14,267,990
Suncor
Energy,
Inc.
..................................
Canada
520,825
20,166,338
Whitecap
Resources,
Inc.
.............................
Canada
1,945,176
12,516,820
Williams
Cos.,
Inc.
(The)
..............................
United
States
381,335
22,788,580
81,881,812
Personal
Care
Products
0.5%
a
BellRing
Brands,
Inc.
.................................
United
States
58,222
4,335,210
a
Oddity
Tech
Ltd.
,
A
..................................
Israel
73,762
3,190,944
Unilever
plc
........................................
United
Kingdom
88,066
5,254,641
12,780,795
Pharmaceuticals
3.1%
Eli
Lilly
&
Co.
......................................
United
States
8,314
6,866,616
GSK
plc
..........................................
United
States
446,558
8,533,815
Johnson
&
Johnson
.................................
United
States
290,019
48,096,751
Novartis
AG
.......................................
United
States
71,866
7,982,142
Novo
Nordisk
A/S
,
B
.................................
Denmark
32,336
2,211,082
Richter
Gedeon
Nyrt.
................................
Hungary
142,678
3,929,959
Shionogi
&
Co.
Ltd.
..................................
Japan
279,900
4,225,012
81,845,377
Professional
Services
0.7%
Recruit
Holdings
Co.
Ltd.
.............................
Japan
311,500
16,139,211
RELX
plc
.........................................
United
Kingdom
71,173
3,575,069
19,714,280
Real
Estate
Management
&
Development
0.1%
Daiwa
House
Industry
Co.
Ltd.
.........................
Japan
113,000
3,737,424
Retail
REITs
0.3%
Simon
Property
Group,
Inc.
............................
United
States
42,219
7,011,732
Semiconductors
&
Semiconductor
Equipment
6.0%
Applied
Materials,
Inc.
................................
United
States
18,287
2,653,809
ASML
Holding
NV
...................................
Netherlands
4,579
3,030,262
Broadcom,
Inc.
.....................................
United
States
59,122
9,898,796
KLA
Corp.
.........................................
United
States
33,633
22,863,713
Lam
Research
Corp.
.................................
United
States
37,190
2,703,713
MediaTek,
Inc.
.....................................
Taiwan
409,000
17,628,086
Novatek
Microelectronics
Corp.
.........................
Taiwan
466,000
7,746,856
NVIDIA
Corp.
......................................
United
States
567,912
61,550,303
QUALCOMM,
Inc.
...................................
United
States
22,324
3,429,190
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
,
ADR
.........
Taiwan
44,755
7,429,330
Texas
Instruments,
Inc.
...............................
United
States
47,786
8,587,144
Tokyo
Electron
Ltd.
..................................
Japan
70,100
9,612,995
157,134,197
Software
3.8%
a
Adobe,
Inc.
........................................
United
States
15,879
6,090,073
a
Atlassian
Corp.
,
A
...................................
United
States
22,990
4,878,708
a
Cadence
Design
Systems,
Inc.
.........................
United
States
11,322
2,879,524
a
Dropbox,
Inc.
,
A
....................................
United
States
118,904
3,175,926
a
Fair
Isaac
Corp.
....................................
United
States
6,588
12,149,326
a
HubSpot,
Inc.
......................................
United
States
5,408
3,089,536
Microsoft
Corp.
.....................................
United
States
131,681
49,431,731
a
Monday.com
Ltd.
....................................
United
States
17,636
4,288,370
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
(continued)
a
ServiceNow,
Inc.
....................................
United
States
7,935
$
6,317,371
a
Xero
Ltd.
..........................................
New
Zealand
71,627
7,001,076
99,301,641
Specialized
REITs
0.3%
National
Storage
Affiliates
Trust
.........................
United
States
184,796
7,280,962
Specialty
Retail
1.7%
a
AutoZone,
Inc.
.....................................
United
States
5,085
19,387,986
Dick's
Sporting
Goods,
Inc.
............................
United
States
21,020
4,236,791
Home
Depot,
Inc.
(The)
...............................
United
States
8,245
3,021,710
Industria
de
Diseno
Textil
SA
...........................
Spain
67,640
3,367,923
Lowe's
Cos.,
Inc.
....................................
United
States
13,677
3,189,887
Ross
Stores,
Inc.
...................................
United
States
95,893
12,254,166
45,458,463
Technology
Hardware,
Storage
&
Peripherals
3.3%
Apple,
Inc.
........................................
United
States
381,840
84,818,119
Canon,
Inc.
........................................
Japan
104,600
3,261,760
88,079,879
Textiles,
Apparel
&
Luxury
Goods
0.9%
a
Deckers
Outdoor
Corp.
...............................
United
States
47,754
5,339,375
a
Lululemon
Athletica,
Inc.
..............................
United
States
34,952
9,893,513
Pandora
A/S
.......................................
Denmark
21,415
3,282,091
Ralph
Lauren
Corp.
,
A
................................
United
States
19,280
4,255,867
22,770,846
Tobacco
1.5%
Altria
Group,
Inc.
....................................
United
States
641,871
38,525,097
Trading
Companies
&
Distributors
0.8%
Fastenal
Co.
.......................................
United
States
48,550
3,765,052
MonotaRO
Co.
Ltd.
..................................
Japan
203,900
3,809,004
WW
Grainger,
Inc.
...................................
United
States
12,558
12,405,169
19,979,225
Wireless
Telecommunication
Services
0.2%
Vodafone
Group
plc
.................................
United
Kingdom
5,939,151
5,580,552
Total
Common
Stocks
(Cost
$
1,388,719,989
)
..................................
1,622,467,895
Management
Investment
Companies
4.3%
Capital
Markets
4.3%
c
Franklin
BSP
Private
Credit
Fund
,
Class
Advisor
............
United
States
2,783,694
29,395,812
c
Franklin
FTSE
India
ETF
..............................
United
States
165,050
6,080,442
c
Franklin
High
Yield
Corporate
ETF
......................
United
States
205,000
4,885,150
c
Franklin
Systematic
Style
Premia
ETF
....................
United
States
2,225,000
54,623,750
VanEck
J.P.
Morgan
EM
Local
Currency
Bond
ETF
..........
United
States
773,281
18,450,484
113,435,638
Total
Management
Investment
Companies
(Cost
$
114,278,452
)
.................
113,435,638
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
0.3%
Banks
0.3%
d
Itausa
SA
,
5.27
%
...................................
Brazil
5,120,535
$
8,479,713
Total
Preferred
Stocks
(Cost
$
10,289,903
)
....................................
8,479,713
Principal
Amount
*
Corporate
Bonds
7.2%
Automobile
Components
0.1%
b
Dornoch
Debt
Merger
Sub,
Inc.
,
Senior
Note
,
144A,
6.625%,
10/15/29
........................................
United
States
3,250,000
2,475,410
Banks
0.7%
b
UniCredit
SpA
,
Senior
Preferred
Bond
,
144A,
3.127%
to
6/02/31,
FRN
thereafter
,
6/03/32
.............................
Italy
9,889,000
8,807,047
e
US
Bancorp
,
Junior
Sub.
Bond
,
3.7%
to
1/14/27,
FRN
thereafter
,
Perpetual
........................................
United
States
8,870,000
8,439,873
17,246,920
Beverages
0.2%
Anheuser-Busch
InBev
Worldwide,
Inc.
,
Senior
Bond
,
4%,
4/13/28
.........................................
Belgium
4,654,000
4,625,879
Biotechnology
0.4%
AbbVie,
Inc.
,
Senior
Bond
,
5.4%,
3/15/54
.................
United
States
9,088,000
8,932,619
b
Grifols
SA
,
Senior
Note
,
144A,
4.75%,
10/15/28
............
Spain
1,862,000
1,721,676
10,654,295
Broadline
Retail
0.2%
Alibaba
Group
Holding
Ltd.
,
Senior
Bond
,
3.4%,
12/06/27
.....
China
6,300,000
6,135,885
Capital
Markets
0.5%
b
Amvest
RCF
Custodian
BV
,
Senior
Note
,
Reg
S,
3.875%,
3/25/30
Netherlands
1,400,000
EUR
1,516,897
Deutsche
Bank
AG
,
Senior
Non-Preferred
Bond
,
3.547%
to
9/17/30,
FRN
thereafter
,
9/18/31
.........................................
Germany
5,817,000
5,351,151
Senior
Non-Preferred
Note
,
2.129%
to
11/23/25,
FRN
thereafter
,
11/24/26
................................
Germany
3,491,000
3,428,683
b
Jane
Street
Group
/
JSG
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
7.125%,
4/30/31
..............................
United
States
1,228,000
1,262,402
11,559,133
Chemicals
0.3%
Nutrien
Ltd.
,
Senior
Bond
,
2.95%,
5/13/30
.................
Canada
9,075,000
8,309,240
Communications
Equipment
0.1%
b
CommScope
LLC
,
Senior
Secured
Note
,
144A,
4.75%,
9/01/29
.
United
States
3,652,000
3,251,374
Consumer
Finance
0.5%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
,
Senior
Bond
,
3.4%,
10/29/33
.........................
Ireland
3,956,000
3,416,103
Senior
Note
,
2.45%,
10/29/26
........................
Ireland
5,527,000
5,342,326
OneMain
Finance
Corp.
,
Senior
Bond
,
5.375%,
11/15/29
......
United
States
1,308,000
1,245,412
b
,e
Volkswagen
International
Finance
NV
,
Senior
Bond
,
Reg
S,
3.5%
to
6/16/25,
FRN
thereafter
,
Perpetual
...................
Germany
3,700,000
EUR
4,001,109
14,004,950
Electric
Utilities
0.3%
MidAmerican
Energy
Co.
,
Senior
Bond
,
4.25%,
5/01/46
.......
United
States
10,392,000
8,625,201
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
$
6,572,231
b
Woodside
Finance
Ltd.
,
Senior
Bond
,
144A,
4.5%,
3/04/29
....
Australia
4,654,000
4,591,131
11,163,362
Food
Products
0.6%
b
,f
Chobani
Holdco
II
LLC
,
Senior
Note
,
144A,
PIK,
8.75%,
10/01/29
United
States
8,644,000
9,050,057
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
4,394,427
Senior
Note
,
3%,
5/15/32
...........................
United
States
1,310,362
1,128,081
14,572,565
Ground
Transportation
0.3%
b
Ashtead
Capital,
Inc.
,
Senior
Bond
,
144A,
5.5%,
8/11/32
......
United
Kingdom
6,981,000
6,958,799
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
8,862,012
Machinery
0.2%
b
Terex
Corp.
,
Senior
Note
,
144A,
6.25%,
10/15/32
...........
United
States
5,176,000
5,026,630
Media
0.5%
Comcast
Corp.
,
Senior
Bond
,
3.75%,
4/01/40
..............
United
States
6,272,000
5,147,681
Paramount
Global
,
Senior
Bond
,
4.95%,
1/15/31
............
United
States
9,346,000
8,984,624
14,132,305
Metals
&
Mining
0.5%
ArcelorMittal
SA
,
Senior
Bond
,
4.25%,
7/16/29
.............
Luxembourg
6,981,000
6,819,912
b
Glencore
Funding
LLC
,
Senior
Bond
,
144A,
2.5%,
9/01/30
....
Australia
8,144,000
7,169,802
13,989,714
Oil,
Gas
&
Consumable
Fuels
0.6%
b
Aker
BP
ASA
,
Senior
Bond
,
144A,
3.1%,
7/15/31
............
Norway
9,191,000
8,097,025
Canadian
Natural
Resources
Ltd.
,
Senior
Bond
,
3.85%,
6/01/27
Canada
6,399,000
6,298,109
14,395,134
Pharmaceuticals
0.4%
AstraZeneca
plc
,
Senior
Bond
,
4%,
1/17/29
................
United
Kingdom
4,654,000
4,600,806
Takeda
Pharmaceutical
Co.
Ltd.
,
Senior
Note
,
5%,
11/26/28
...
Japan
6,500,000
6,586,989
11,187,795
Wireless
Telecommunication
Services
0.1%
Vodafone
Group
plc
,
Senior
Bond
,
6.15%,
2/27/37
...........
United
Kingdom
2,680,000
2,840,950
Total
Corporate
Bonds
(Cost
$
188,407,274
)
...................................
190,017,553
Foreign
Government
and
Agency
Securities
14.1%
Asian
Development
Bank
,
Senior
Note
,
4.875%,
5/21/26
......
Supranational
g
16,478,000
16,624,203
Australia
Government
Bond
,
b
Reg
S,
1%,
11/21/31
...............................
Australia
22,871,000
AUD
11,750,014
b
Belgium
Government
Bond
,
Senior
Bond
,
144A,
Reg
S,
0.35%,
6/22/32
.........................................
Belgium
4,833,114
EUR
4,353,620
h
Brazil
Notas
do
Tesouro
Nacional
,
Index
Linked,
6%,
8/15/26
..
Brazil
35,801,664
BRL
6,146,357
b
Bundesrepublik
Deutschland
,
Reg
S,
8/15/30
....................................
Germany
16,633,000
EUR
15,906,329
Reg
S,
2.3%,
2/15/33
...............................
Germany
64,657,492
EUR
68,564,261
Reg
S,
1%,
5/15/38
................................
Germany
38,000,000
EUR
32,536,970
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
Global
Allocation
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
12
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
Canada
Government
Bond
,
3.25%,
9/01/28
...................................
Canada
20,600,000
CAD
$
14,651,688
2.5%,
12/01/32
...................................
Canada
27,072,000
CAD
18,357,903
2.75%,
6/01/33
...................................
Canada
19,081,000
CAD
13,133,875
China
Government
Bond
,
2.5%,
7/25/27
....................................
China
121,580,000
CNY
17,124,905
2.44%,
10/15/27
...................................
China
47,210,000
CNY
6,651,664
b
Export-Import
Bank
of
Korea
,
Senior
Note
,
Reg
S,
7.15%,
4/18/25
South
Korea
306,100,000
INR
3,578,292
b
Finland
Government
Bond
,
Senior
Bond
,
144A,
Reg
S,
0.125%,
9/15/31
.............
Finland
2,437,000
EUR
2,229,648
Senior
Bond
,
144A,
Reg
S,
0.5%,
4/15/43
...............
Finland
2,085,000
EUR
1,367,744
b
France
Government
Bond
,
144A,
Reg
S,
2.75%,
2/25/30
.........................
France
4,770,335
EUR
5,161,116
144A,
Reg
S,
1.5%,
5/25/31
..........................
France
4,728,295
EUR
4,715,480
144A,
Reg
S,
11/25/31
..............................
France
5,786,000
EUR
5,141,683
144A,
Reg
S,
2%,
11/25/32
..........................
France
15,124,000
EUR
15,093,767
Japan
Government
Bond
,
0.5%,
6/20/29
..................
Japan
2,802,000,000
18,250,140
b
Netherlands
Government
Bond
,
144A,
Reg
S,
3.25%,
1/15/44
..
Netherlands
2,432,271
EUR
2,658,846
Petroleos
Mexicanos
,
Senior
Note
,
6.5%,
3/13/27
...........
Mexico
5,236,000
5,125,945
b
Portugal
Obrigacoes
do
Tesouro
,
Senior
Bond
,
144A,
Reg
S,
2.875%,
7/21/26
...................................
Portugal
6,298,945
EUR
6,888,886
Spain
Bonos
Y
Oblig
del
Estado
,
b
Senior
Bond
,
144A,
Reg
S,
2.7%,
10/31/48
..............
Spain
2,008,000
EUR
1,756,757
Senior
Note
,
2.5%,
5/31/27
..........................
Spain
3,087,000
EUR
3,359,770
Senior
Note
,
3.5%,
5/31/29
..........................
Spain
4,964,000
EUR
5,568,460
b
United
Kingdom
Gilt
,
Reg
S,
4.125%,
1/29/27
.............................
United
Kingdom
22,840,000
GBP
29,472,353
Reg
S,
4.625%,
1/31/34
.............................
United
Kingdom
15,140,000
GBP
19,603,837
Reg
S,
4.5%,
12/07/42
..............................
United
Kingdom
13,370,859
GBP
16,021,328
Total
Foreign
Government
and
Agency
Securities
(Cost
$
378,375,574
)
..........
371,795,841
U.S.
Government
and
Agency
Securities
6.7%
U.S.
Treasury
Bonds
,
4.125
%,
8/15/44
...................
United
States
53,805,400
50,425,748
U.S.
Treasury
Notes
,
4
%,
1/31/29
......................................
United
States
47,020,000
47,156,836
3.5
%,
9/30/29
....................................
United
States
11,100,000
10,900,547
2.75
%,
8/15/32
...................................
United
States
47,040,500
43,020,007
3.875
%,
8/15/34
...................................
United
States
25,028,500
24,400,832
Total
U.S.
Government
and
Agency
Securities
(Cost
$
174,742,376
)
..............
175,903,970
Mortgage-Backed
Securities
2.3%
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Fixed
Rate
1.7%
FHLMC
Pool,
30
Year
,
5
%,
7/01/53
......................
United
States
5,233,460
5,137,610
FHLMC
Pool,
30
Year
,
5
%,
9/01/53
......................
United
States
17,699,671
17,386,024
FHLMC
Pool,
30
Year
,
6
%,
3/01/54
-
8/01/54
...............
United
States
6,827,020
6,939,850
FHLMC
Pool,
30
Year
,
6.5
%,
2/01/55
.....................
United
States
13,985,082
14,424,607
43,888,091
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
0.6%
FNMA,
30
Year
,
2
%,
4/01/52
...........................
United
States
3,218,490
2,565,123
FNMA,
30
Year
,
2.5
%,
12/01/51
.........................
United
States
4,606,907
3,835,834
FNMA,
30
Year
,
3
%,
4/01/52
...........................
United
States
4,335,664
3,761,672
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
Mortgage-Backed
Securities
(continued)
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
(continued)
FNMA,
30
Year
,
5.5
%,
3/01/54
.........................
United
States
7,287,413
$
7,282,586
17,445,215
Total
Mortgage-Backed
Securities
(Cost
$
60,941,118
)
..........................
61,333,306
Total
Long
Term
Investments
(Cost
$
2,315,754,686
)
...........................
2,543,433,916
a
Short
Term
Investments
2.9%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
2.6%
i
Canada
Treasury
Bills
,
3.06
%,
5/22/25
...................
Canada
98,083,000
CAD
67,902,567
Total
Foreign
Government
and
Agency
Securities
(Cost
$
67,961,568
)
............
67,902,567
Shares
Money
Market
Funds
0.3%
c,j
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.052
%
..
United
States
8,630,151
8,630,151
Total
Money
Market
Funds
(Cost
$
8,630,151
)
.................................
8,630,151
Total
Short
Term
Investments
(Cost
$
76,591,719
)
..............................
76,532,718
a
Total
Investments
(Cost
$
2,392,346,405
)
99.4
%
................................
$2,619,966,634
Other
Assets,
less
Liabilities
0.6
%
...........................................
15,683,422
Net
Assets
100.0%
.........................................................
$2,635,650,056
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
March
31,
2025,
the
aggregate
value
of
these
securities
was
$330,692,544,
representing
12.5%
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
Income
may
be
received
in
additional
securities
and/or
cash.
g
A
supranational
organization
is
an
entity
formed
by
two
or
more
central
governments
through
international
treaties.
h
Principal
amount
of
security,
redemption
price
at
maturity,
and/or
coupon
payments
are
adjusted
for
inflation.
i
The
rate
shown
represents
the
yield
at
period
end.
j
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
March
31,
2025,
the
Fund
had
the
following futures
contracts
outstanding.
At
March
31,
2025,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
See
Abbreviations
on
page
50
.
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Equity
contracts
S&P/TSX
60
Index
...........................
Short
80
$
16,650,985
6/19/25
$
(
107,621
)
Total
Futures
Contracts
......................................................................
$(107,621)
*
As
of
period
end.
Forward
Exchange
Contracts
Currency
Counter-
party
a
Type
Quantity
Contract
Amount
*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
British
Pound
......
JPHQ
Sell
50,216,000
61,472,594
4/23/25
$
—
$
(
3,390,812
)
Canadian
Dollar
....
BZWS
Sell
159,148,000
110,805,392
4/23/25
99,582
—
Chinese
Yuan
......
BZWS
Sell
171,953,000
23,744,511
4/23/25
39,622
—
Euro
.............
BZWS
Buy
3,577,000
3,894,090
4/23/25
—
(
21,917
)
Euro
.............
BZWS
Sell
166,748,000
173,922,333
4/23/25
—
(
6,585,676
)
Total
Forward
Exchange
Contracts
...................................................
$139,204
$(9,998,405)
Net
unrealized
appreciation
(depreciation)
............................................
$(9,859,201)
*
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),
March
31,
2025
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
....................................
547,307
$
13,436,387
Domestic
Equity
61.5%
a
Franklin
Growth
Fund
,
Class
R6
........................................
1,379,163
175,098,546
a
Franklin
U.S.
Core
Equity
(IU)
Fund
.....................................
18,343,743
301,754,575
a
Franklin
U.S.
Equity
Index
ETF
.........................................
2,849,600
139,583,667
a
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
.............................
1,702,301
96,077,868
a
Putnam
Large
Cap
Value
Fund
,
Class
R6
.................................
2,973,446
104,605,827
817,120,483
Domestic
Fixed
Income
13.6%
a
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund
,
Class
IS
...............
1,670,649
14,116,981
a
Franklin
Investment
Grade
Corporate
ETF
.................................
1,887,097
40,414,824
a
Franklin
U.S.
Core
Bond
ETF
..........................................
3,904,588
83,929,119
a
Franklin
U.S.
Treasury
Bond
ETF
.......................................
2,051,393
42,186,897
180,647,821
Foreign
Equity
21.3%
a
ClearBridge
International
Growth
Fund
,
Class
IS
............................
322,295
21,829,022
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
............................
3,692,550
38,956,399
a
Franklin
International
Core
Equity
(IU)
Fund
...............................
11,294,913
142,993,594
iShares
Core
MSCI
EAFE
ETF
.........................................
268,822
20,336,384
a
Templeton
Developing
Markets
Trust
,
Class
R6
.............................
1,358,603
26,778,061
a
Templeton
Foreign
Fund
,
Class
R6
......................................
4,019,325
32,677,109
283,570,569
Foreign
Fixed
Income
1.7%
a
Franklin
High
Yield
Corporate
ETF
......................................
669,131
15,945,392
a
Franklin
International
Aggregate
Bond
ETF
................................
300,149
6,069,013
22,014,405
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$
976,954,788
)
...............................................................
1,316,789,665
a
a
a
a
Short
Term
Investments
0.7%
a
Money
Market
Funds
0.7%
a,b
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.052
%
..................
9,174,710
9,174,710
Total
Money
Market
Funds
(Cost
$
9,174,710
)
...................................
9,174,710
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
50
.
Short
Term
Investments
(continued)
a
a
Principal
Amount
a
Value
Repurchase
Agreements
0.0%
†
c
Joint
Repurchase
Agreement
,
4.356
%
,
4/01/25
(Maturity
Value
$
772,749
)
BNP
Paribas
Securities
Corp.
(Maturity
Value
$531,002)
Deutsche
Bank
Securities,
Inc.
(Maturity
Value
$55,893)
HSBC
Securities
(USA),
Inc.
(Maturity
Value
$185,854)
Collateralized
by
U.S.
Government
Agency
Securities,
2.5%
-
7.5%,
11/20/33
-
5/15/63;
U.S.
Treasury
Bonds,
1.13%,
5/15/40;
and
U.S.
Treasury
Notes,
1.25%
-
4.88%,
6/30/28
-
10/31/28
(valued
at
$
788,334
)
...........................
$
772,655
$
772,655
Total
Repurchase
Agreements
(Cost
$
772,655
)
..................................
772,655
Total
Short
Term
Investments
(Cost
$
9,947,365
)
.................................
9,947,365
a
Total
Investments
(Cost
$
986,902,153
)
99.8
%
...................................
$1,326,737,030
Other
Assets,
less
Liabilities
0.2
%
.............................................
2,032,256
Net
Assets
100.0%
...........................................................
$1,328,769,286
†
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
March
31,
2025,
all
repurchase
agreements
had
been
entered
into
on
that
date.
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited),
March
31,
2025
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
92.8%
Domestic
Equity
27.8%
a
ClearBridge
Tactical
Dividend
Income
Fund
,
Class
IS
........................
201,934
$
4,894,873
a
Franklin
U.S.
Core
Equity
(IU)
Fund
.....................................
56,201
924,507
JPMorgan
Equity
Premium
Income
ETF
..................................
84,075
4,804,045
JPMorgan
Nasdaq
Equity
Premium
Income
ETF
............................
38,625
2,000,003
12,623,428
Domestic
Fixed
Income
35.9%
a
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund
,
Class
IS
...............
253,213
2,139,651
a
Franklin
Investment
Grade
Corporate
ETF
.................................
165,279
3,539,681
a
Franklin
U.S.
Core
Bond
ETF
..........................................
302,169
6,495,123
a
Franklin
U.S.
Government
Securities
Fund
,
Class
R6
........................
802,476
4,100,655
16,275,110
Foreign
Equity
6.0%
a
Franklin
International
Core
Dividend
Tilt
Index
ETF
..........................
41,200
1,342,708
a
Templeton
Developing
Markets
Trust
,
Class
R6
.............................
22,827
449,921
a
Templeton
Foreign
Fund
,
Class
R6
......................................
109,764
892,384
2,685,013
Foreign
Fixed
Income
23.1%
a
BrandywineGLOBAL
High
Yield
Fund
,
Class
IS
.............................
833,283
8,482,822
a
Franklin
High
Yield
Corporate
ETF
......................................
83,080
1,979,796
10,462,618
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$
42,217,486
)
................................................................
42,046,169
Units
a
a
a
a
Index-Linked
Notes
4.9%
Capital
Markets
4.9%
b,c
UBS
AG
into
S&P
500
Index
,
Senior
Note
,
8.97
%
,
5/07/27
.....................
1,999
2,222,432
Total
Index-Linked
Notes
(Cost
$
2,099,710
)
.....................................
2,222,432
Total
Long
Term
Investments
(Cost
$
44,317,196
)
................................
44,268,601
a
a
a
a
a
Short
Term
Investments
2.3%
Shares
a
Money
Market
Funds
2.3%
a,d
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.052
%
..................
1,043,578
1,043,578
Total
Money
Market
Funds
(Cost
$
1,043,578
)
...................................
1,043,578
Total
Short
Term
Investments
(Cost
$
1,043,578
)
.................................
1,043,578
a
Total
Investments
(Cost
$
45,360,774
)
100.0
%
...................................
$45,312,179
Other
Assets,
less
Liabilities
0.0
%
†
............................................
15,734
Net
Assets
100.0%
...........................................................
$45,327,913
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
50
.
†
Rounds
to
less
than
0.1%
of
net
assets.
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
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited),
March
31,
2025
Franklin
LifeSmart™
2020
Retirement
Target
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
19
See
Abbreviations
on
page
50
.
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
....................................
10,260
$
251,883
Domestic
Equity
30.7%
a
Franklin
Growth
Fund
,
Class
R6
........................................
12,854
1,631,967
a
Franklin
U.S.
Core
Equity
(IU)
Fund
.....................................
221,856
3,649,531
a
Franklin
U.S.
Equity
Index
ETF
.........................................
9,425
461,670
a
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
.............................
15,853
894,743
a
Putnam
Large
Cap
Value
Fund
,
Class
R6
.................................
27,702
974,572
7,612,483
Domestic
Fixed
Income
46.5%
a
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund
,
Class
IS
...............
107,558
908,868
a
Franklin
Investment
Grade
Corporate
ETF
.................................
121,103
2,593,590
a
Franklin
U.S.
Core
Bond
ETF
..........................................
250,563
5,385,852
a
Franklin
U.S.
Treasury
Bond
ETF
.......................................
131,623
2,706,827
11,595,137
Foreign
Equity
15.2%
a
ClearBridge
International
Growth
Fund
,
Class
IS
............................
4,092
277,121
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
............................
57,381
605,365
a
Franklin
International
Core
Equity
(IU)
Fund
...............................
143,342
1,814,714
iShares
Core
MSCI
EAFE
ETF
.........................................
3,404
257,513
a
Templeton
Developing
Markets
Trust
,
Class
R6
.............................
21,112
416,113
a
Templeton
Foreign
Fund
,
Class
R6
......................................
51,009
414,701
3,785,527
Foreign
Fixed
Income
5.7%
a
Franklin
High
Yield
Corporate
ETF
......................................
42,938
1,023,213
a
Franklin
International
Aggregate
Bond
ETF
................................
19,321
390,671
1,413,884
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$
22,010,429
)
................................................................
24,658,914
a
a
a
a
Short
Term
Investments
0.8%
a
Money
Market
Funds
0.8%
a,b
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.052
%
..................
208,582
208,582
Total
Money
Market
Funds
(Cost
$
208,582
)
.....................................
208,582
Total
Short
Term
Investments
(Cost
$
208,582
)
..................................
208,582
a
Total
Investments
(Cost
$
22,219,011
)
99.9
%
....................................
$24,867,496
Other
Assets,
less
Liabilities
0.1
%
.............................................
14,497
Net
Assets
100.0%
...........................................................
$24,881,993
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),
March
31,
2025
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
....................................
43,758
$
1,074,259
Domestic
Equity
36.5%
a
Franklin
Growth
Fund,
Class
R6
........................................
65,356
8,297,551
a
Franklin
U.S.
Core
Equity
(IU)
Fund
.....................................
1,128,005
18,555,680
a
Franklin
U.S.
Equity
Index
ETF
.........................................
48,000
2,351,213
a
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
.............................
80,661
4,552,507
a
Putnam
Large
Cap
Value
Fund,
Class
R6
.................................
140,851
4,955,127
38,712,078
Domestic
Fixed
Income
38.8%
a
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund,
Class
IS
...............
381,400
3,222,833
a
Franklin
Investment
Grade
Corporate
ETF
.................................
429,465
9,197,594
a
Franklin
U.S.
Core
Bond
ETF
..........................................
888,583
19,100,092
a
Franklin
U.S.
Treasury
Bond
ETF
.......................................
466,838
9,600,523
41,121,042
Foreign
Equity
18.1%
a
ClearBridge
International
Growth
Fund,
Class
IS
............................
20,813
1,409,651
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
............................
291,653
3,076,936
a
Franklin
International
Core
Equity
(IU)
Fund
...............................
729,149
9,231,021
iShares
Core
MSCI
EAFE
ETF
.........................................
17,367
1,313,813
a
Templeton
Developing
Markets
Trust,
Class
R6
.............................
107,306
2,115,008
a
Templeton
Foreign
Fund,
Class
R6
......................................
259,469
2,109,487
19,255,916
Foreign
Fixed
Income
4.7%
a
Franklin
High
Yield
Corporate
ETF
......................................
152,278
3,628,785
a
Franklin
International
Aggregate
Bond
ETF
................................
68,508
1,385,232
5,014,017
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$89,444,797)
................................................................
105,177,312
a
a
a
a
Short
Term
Investments
1.0%
a
Money
Market
Funds
0.9%
a,b
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.052%
..................
947,401
947,401
Total
Money
Market
Funds
(Cost
$947,401)
.....................................
947,401
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
50
.
Short
Term
Investments
(continued)
a
a
Principal
Amount
a
Value
Repurchase
Agreements
0.1%
c
Joint
Repurchase
Agreement,
4.356%,
4/01/25
(Maturity
Value
$82,236)
BNP
Paribas
Securities
Corp.
(Maturity
Value
$56,509)
Deutsche
Bank
Securities,
Inc.
(Maturity
Value
$5,948)
HSBC
Securities
(USA),
Inc.
(Maturity
Value
$19,779)
Collateralized
by
U.S.
Government
Agency
Securities,
2.5%
-
7.5%,
11/20/33
-
5/15/63;
U.S.
Treasury
Bonds,
1.13%,
5/15/40;
and
U.S.
Treasury
Notes,
1.25%
-
4.88%,
6/30/28
-
10/31/28
(valued
at
$83,894)
............................
$
82,226
$
82,226
Total
Repurchase
Agreements
(Cost
$82,226)
...................................
82,226
Total
Short
Term
Investments
(Cost
$1,029,627)
.................................
1,029,627
a
Total
Investments
(Cost
$90,474,424)
100.1%
...................................
$106,206,939
Other
Assets,
less
Liabilities
(0.1)%
...........................................
(74,137)
Net
Assets
100.0%
...........................................................
$106,132,802
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
March
31,
2025,
all
repurchase
agreements
had
been
entered
into
on
that
date.
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited),
March
31,
2025
Franklin
LifeSmart™
2030
Retirement
Target
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
22
See
Abbreviations
on
page
50
.
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
....................................
30,086
$
738,611
Domestic
Equity
42.4%
a
Franklin
Growth
Fund
,
Class
R6
........................................
52,264
6,635,427
a
Franklin
U.S.
Core
Equity
(IU)
Fund
.....................................
902,050
14,838,724
a
Franklin
U.S.
Equity
Index
ETF
.........................................
38,396
1,880,774
a
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
.............................
64,495
3,640,098
a
Putnam
Large
Cap
Value
Fund
,
Class
R6
.................................
112,637
3,962,553
30,957,576
Domestic
Fixed
Income
30.8%
a
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund
,
Class
IS
...............
208,458
1,761,468
a
Franklin
Investment
Grade
Corporate
ETF
.................................
234,754
5,027,586
a
Franklin
U.S.
Core
Bond
ETF
..........................................
485,725
10,440,659
a
Franklin
U.S.
Treasury
Bond
ETF
.......................................
255,193
5,248,044
22,477,757
Foreign
Equity
21.2%
a
ClearBridge
International
Growth
Fund
,
Class
IS
............................
16,643
1,127,244
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
............................
233,200
2,460,256
a
Franklin
International
Core
Equity
(IU)
Fund
...............................
583,072
7,381,694
iShares
Core
MSCI
EAFE
ETF
.........................................
13,882
1,050,173
a
Templeton
Developing
Markets
Trust
,
Class
R6
.............................
85,800
1,691,118
a
Templeton
Foreign
Fund
,
Class
R6
......................................
207,488
1,686,876
15,397,361
Foreign
Fixed
Income
3.7%
a
Franklin
High
Yield
Corporate
ETF
......................................
83,239
1,983,586
a
Franklin
International
Aggregate
Bond
ETF
................................
37,433
756,895
2,740,481
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$
61,181,995
)
................................................................
72,311,786
a
a
a
a
Short
Term
Investments
1.2%
a
Money
Market
Funds
1.2%
a,b
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.052
%
..................
859,382
859,382
Total
Money
Market
Funds
(Cost
$
859,382
)
.....................................
859,382
Total
Short
Term
Investments
(Cost
$
859,382
)
..................................
859,382
a
Total
Investments
(Cost
$
62,041,377
)
100.3
%
...................................
$73,171,168
Other
Assets,
less
Liabilities
(
0.3
)
%
...........................................
(167,458)
Net
Assets
100.0%
...........................................................
$73,003,710
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),
March
31,
2025
Franklin
LifeSmart™
2035
Retirement
Target
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
23
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
....................................
57,150
$
1,403,032
Domestic
Equity
48.2%
a
Franklin
Growth
Fund
,
Class
R6
........................................
112,872
14,330,197
a
Franklin
U.S.
Core
Equity
(IU)
Fund
.....................................
1,948,127
32,046,696
a
Franklin
U.S.
Equity
Index
ETF
.........................................
82,937
4,062,553
a
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
.............................
139,324
7,863,447
a
Putnam
Large
Cap
Value
Fund
,
Class
R6
.................................
243,260
8,557,884
66,860,777
Domestic
Fixed
Income
23.1%
a
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund
,
Class
IS
...............
296,126
2,502,264
a
Franklin
Investment
Grade
Corporate
ETF
.................................
333,546
7,143,355
a
Franklin
U.S.
Core
Bond
ETF
..........................................
690,159
14,834,968
a
Franklin
U.S.
Treasury
Bond
ETF
.......................................
362,593
7,456,725
31,937,312
Foreign
Equity
24.0%
a
ClearBridge
International
Growth
Fund
,
Class
IS
............................
35,945
2,434,568
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
............................
504,266
5,320,008
a
Franklin
International
Core
Equity
(IU)
Fund
...............................
1,259,285
15,942,548
iShares
Core
MSCI
EAFE
ETF
.........................................
29,999
2,269,424
a
Templeton
Developing
Markets
Trust
,
Class
R6
.............................
185,532
3,656,835
a
Templeton
Foreign
Fund
,
Class
R6
......................................
448,120
3,643,218
33,266,601
Foreign
Fixed
Income
2.8%
a
Franklin
High
Yield
Corporate
ETF
......................................
118,262
2,818,183
a
Franklin
International
Aggregate
Bond
ETF
................................
53,202
1,075,744
3,893,927
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$
111,663,391
)
...............................................................
137,361,649
a
a
a
a
Short
Term
Investments
1.2%
a
Money
Market
Funds
1.0%
a,b
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.052
%
..................
1,332,228
1,332,228
Total
Money
Market
Funds
(Cost
$
1,332,228
)
...................................
1,332,228
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
LifeSmart™
2035
Retirement
Target
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
24
See
Abbreviations
on
page
50
.
Short
Term
Investments
(continued)
a
a
Principal
Amount
a
Value
Repurchase
Agreements
0.2%
c
Joint
Repurchase
Agreement
,
4.356
%
,
4/01/25
(Maturity
Value
$
268,659
)
BNP
Paribas
Securities
Corp.
(Maturity
Value
$184,612)
Deutsche
Bank
Securities,
Inc.
(Maturity
Value
$19,432)
HSBC
Securities
(USA),
Inc.
(Maturity
Value
$64,615)
Collateralized
by
U.S.
Government
Agency
Securities,
2.5%
-
7.5%,
11/20/33
-
5/15/63;
U.S.
Treasury
Bonds,
1.13%,
5/15/40;
and
U.S.
Treasury
Notes,
1.25%
-
4.88%,
6/30/28
-
10/31/28
(valued
at
$
274,077
)
...........................
$
268,626
$
268,626
Total
Repurchase
Agreements
(Cost
$
268,626
)
..................................
268,626
Total
Short
Term
Investments
(Cost
$
1,600,854
)
.................................
1,600,854
a
Total
Investments
(Cost
$
113,264,245
)
100.3
%
..................................
$138,962,503
Other
Assets,
less
Liabilities
(
0.3
)
%
...........................................
(310,102)
Net
Assets
100.0%
...........................................................
$138,652,401
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
March
31,
2025,
all
repurchase
agreements
had
been
entered
into
on
that
date.
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited),
March
31,
2025
Franklin
LifeSmart™
2040
Retirement
Target
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
25
See
Abbreviations
on
page
50
.
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
$
634,298
Domestic
Equity
53.7%
a
Franklin
Growth
Fund
,
Class
R6
........................................
56,771
7,207,590
a
Franklin
U.S.
Core
Equity
(IU)
Fund
.....................................
754,976
12,419,352
a
Franklin
U.S.
Equity
Index
ETF
.........................................
117,300
5,745,776
a
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
.............................
70,067
3,954,582
a
Putnam
Large
Cap
Value
Fund
,
Class
R6
.................................
122,357
4,304,510
33,631,810
Domestic
Fixed
Income
16.2%
a
Franklin
Investment
Grade
Corporate
ETF
.................................
115,078
2,464,557
a
Franklin
U.S.
Core
Bond
ETF
..........................................
238,127
5,118,540
a
Franklin
U.S.
Treasury
Bond
ETF
.......................................
125,096
2,572,599
10,155,696
Foreign
Equity
26.6%
a
ClearBridge
International
Growth
Fund
,
Class
IS
............................
18,086
1,224,963
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
............................
253,319
2,672,516
a
Franklin
International
Core
Equity
(IU)
Fund
...............................
633,605
8,021,443
iShares
Core
MSCI
EAFE
ETF
.........................................
15,084
1,141,105
a
Templeton
Developing
Markets
Trust
,
Class
R6
.............................
93,202
1,837,011
a
Templeton
Foreign
Fund
,
Class
R6
......................................
225,470
1,833,069
16,730,107
Foreign
Fixed
Income
1.5%
a
Franklin
High
Yield
Corporate
ETF
......................................
40,798
972,216
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$
50,595,852
)
................................................................
62,124,127
a
a
a
a
Short
Term
Investments
0.8%
a
Money
Market
Funds
0.8%
a,b
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.052
%
..................
505,590
505,590
Total
Money
Market
Funds
(Cost
$
505,590
)
.....................................
505,590
Total
Short
Term
Investments
(Cost
$
505,590
)
..................................
505,590
a
Total
Investments
(Cost
$
51,101,442
)
99.8
%
....................................
$62,629,717
Other
Assets,
less
Liabilities
0.2
%
.............................................
91,663
Net
Assets
100.0%
...........................................................
$62,721,380
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),
March
31,
2025
Franklin
LifeSmart™
2045
Retirement
Target
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
26
See
Abbreviations
on
page
50
.
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
....................................
42,509
$
1,043,596
Domestic
Equity
59.5%
a
Franklin
Growth
Fund
,
Class
R6
........................................
103,522
13,143,171
a
Franklin
U.S.
Core
Equity
(IU)
Fund
.....................................
1,376,704
22,646,773
a
Franklin
U.S.
Equity
Index
ETF
.........................................
213,900
10,477,592
a
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
.............................
127,792
7,212,580
a
Putnam
Large
Cap
Value
Fund
,
Class
R6
.................................
223,117
7,849,247
61,329,363
Domestic
Fixed
Income
9.0%
a
Franklin
U.S.
Core
Bond
ETF
..........................................
433,811
9,324,767
Foreign
Equity
29.6%
a
ClearBridge
International
Growth
Fund
,
Class
IS
............................
32,981
2,233,784
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
............................
462,413
4,878,455
a
Franklin
International
Core
Equity
(IU)
Fund
...............................
1,155,417
14,627,585
iShares
Core
MSCI
EAFE
ETF
.........................................
27,527
2,082,418
a
Templeton
Developing
Markets
Trust
,
Class
R6
.............................
170,133
3,353,316
a
Templeton
Foreign
Fund
,
Class
R6
......................................
411,159
3,342,722
30,518,280
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$
78,934,862
)
................................................................
102,216,006
a
a
a
a
Short
Term
Investments
1.2%
a
Money
Market
Funds
1.1%
a,b
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.052
%
..................
1,151,893
1,151,893
Total
Money
Market
Funds
(Cost
$
1,151,893
)
...................................
1,151,893
Principal
Amount
Repurchase
Agreements
0.1%
c
Joint
Repurchase
Agreement
,
4.356
%
,
4/01/25
(Maturity
Value
$
86,887
)
BNP
Paribas
Securities
Corp.
(Maturity
Value
$59,705)
Deutsche
Bank
Securities,
Inc.
(Maturity
Value
$6,285)
HSBC
Securities
(USA),
Inc.
(Maturity
Value
$20,897)
Collateralized
by
U.S.
Government
Agency
Securities,
2.5%
-
7.5%,
11/20/33
-
5/15/63;
U.S.
Treasury
Bonds,
1.13%,
5/15/40;
and
U.S.
Treasury
Notes,
1.25%
-
4.88%,
6/30/28
-
10/31/28
(valued
at
$
88,640
)
............................
$
86,877
86,877
Total
Repurchase
Agreements
(Cost
$
86,877
)
...................................
86,877
Total
Short
Term
Investments
(Cost
$
1,238,770
)
.................................
1,238,770
a
Total
Investments
(Cost
$
80,173,632
)
100.3
%
...................................
$103,454,776
Other
Assets,
less
Liabilities
(
0.3
)
%
...........................................
(289,650)
Net
Assets
100.0%
...........................................................
$103,165,126
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
LifeSmart™
2045
Retirement
Target
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
27
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
March
31,
2025,
all
repurchase
agreements
had
been
entered
into
on
that
date.
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited),
March
31,
2025
Franklin
LifeSmart™
2050
Retirement
Target
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
28
See
Abbreviations
on
page
50
.
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
....................................
22,963
$
563,741
Domestic
Equity
63.4%
a
Franklin
Growth
Fund
,
Class
R6
........................................
59,616
7,568,820
a
Franklin
U.S.
Core
Equity
(IU)
Fund
.....................................
792,825
13,041,970
a
Franklin
U.S.
Equity
Index
ETF
.........................................
123,180
6,033,800
a
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
.............................
73,587
4,153,250
a
Putnam
Large
Cap
Value
Fund
,
Class
R6
.................................
128,493
4,520,386
35,318,226
Domestic
Fixed
Income
3.1%
a
Franklin
U.S.
Core
Bond
ETF
..........................................
80,909
1,739,139
Foreign
Equity
31.5%
a
ClearBridge
International
Growth
Fund
,
Class
IS
............................
18,982
1,285,653
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
............................
266,175
2,808,145
a
Franklin
International
Core
Equity
(IU)
Fund
...............................
664,989
8,418,762
iShares
Core
MSCI
EAFE
ETF
.........................................
15,832
1,197,691
a
Templeton
Developing
Markets
Trust
,
Class
R6
.............................
97,932
1,930,235
a
Templeton
Foreign
Fund
,
Class
R6
......................................
236,638
1,923,868
17,564,354
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$
43,725,533
)
................................................................
55,185,460
a
a
a
a
Short
Term
Investments
0.7%
a
Money
Market
Funds
0.7%
a,b
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.052
%
..................
407,729
407,729
Total
Money
Market
Funds
(Cost
$
407,729
)
.....................................
407,729
Total
Short
Term
Investments
(Cost
$
407,729
)
..................................
407,729
a
Total
Investments
(Cost
$
44,133,262
)
99.7
%
....................................
$55,593,189
Other
Assets,
less
Liabilities
0.3
%
.............................................
151,459
Net
Assets
100.0%
...........................................................
$55,744,648
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),
March
31,
2025
Franklin
LifeSmart™
2055
Retirement
Target
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
29
See
Abbreviations
on
page
50
.
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
98.8%
Alternative
Strategies
1.0%
a
Franklin
Systematic
Style
Premia
ETF
....................................
17,038
$
418,283
Domestic
Equity
64.3%
a
Franklin
Growth
Fund
,
Class
R6
........................................
44,972
5,709,679
a
Franklin
U.S.
Core
Equity
(IU)
Fund
.....................................
598,076
9,838,349
a
Franklin
U.S.
Equity
Index
ETF
.........................................
92,925
4,551,801
a
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
.............................
55,499
3,132,364
a
Putnam
Large
Cap
Value
Fund
,
Class
R6
.................................
96,929
3,409,970
26,642,163
Domestic
Fixed
Income
1.6%
a
Franklin
U.S.
Core
Bond
ETF
..........................................
31,396
674,857
Foreign
Equity
31.9%
a
ClearBridge
International
Growth
Fund
,
Class
IS
............................
14,323
970,105
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
............................
200,705
2,117,439
a
Franklin
International
Core
Equity
(IU)
Fund
...............................
501,779
6,352,524
iShares
Core
MSCI
EAFE
ETF
.........................................
11,955
904,396
a
Templeton
Developing
Markets
Trust
,
Class
R6
.............................
73,844
1,455,465
a
Templeton
Foreign
Fund
,
Class
R6
......................................
178,558
1,451,678
13,251,607
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$
32,959,477
)
................................................................
40,986,910
a
a
a
a
Short
Term
Investments
1.1%
a
Money
Market
Funds
1.1%
a,b
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.052
%
..................
454,320
454,320
Total
Money
Market
Funds
(Cost
$
454,320
)
.....................................
454,320
Total
Short
Term
Investments
(Cost
$
454,320
)
..................................
454,320
a
Total
Investments
(Cost
$
33,413,797
)
99.9
%
....................................
$41,441,230
Other
Assets,
less
Liabilities
0.1
%
.............................................
39,245
Net
Assets
100.0%
...........................................................
$41,480,475
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),
March
31,
2025
Franklin
LifeSmart™
2060
Retirement
Target
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
30
See
Abbreviations
on
page
50
.
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
98.1%
Alternative
Strategies
1.0%
a
Franklin
Systematic
Style
Premia
ETF
....................................
3,519
$
86,391
Domestic
Equity
63.8%
a
Franklin
Growth
Fund
,
Class
R6
........................................
9,327
1,184,216
a
Franklin
U.S.
Core
Equity
(IU)
Fund
.....................................
124,043
2,040,513
a
Franklin
U.S.
Equity
Index
ETF
.........................................
19,250
942,934
a
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
.............................
11,505
649,342
a
Putnam
Large
Cap
Value
Fund
,
Class
R6
.................................
20,103
707,230
5,524,235
Domestic
Fixed
Income
1.6%
a
Franklin
U.S.
Core
Bond
ETF
..........................................
6,500
139,718
Foreign
Equity
31.7%
a
ClearBridge
International
Growth
Fund
,
Class
IS
............................
2,971
201,209
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
............................
41,628
439,171
a
Franklin
International
Core
Equity
(IU)
Fund
...............................
104,073
1,317,568
iShares
Core
MSCI
EAFE
ETF
.........................................
2,464
186,402
a
Templeton
Developing
Markets
Trust
,
Class
R6
.............................
15,316
301,872
a
Templeton
Foreign
Fund
,
Class
R6
......................................
37,033
301,082
2,747,304
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$
7,728,964
)
.................................................................
8,497,648
a
a
a
a
Short
Term
Investments
1.4%
a
Money
Market
Funds
1.4%
a,b
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.052
%
..................
120,117
120,117
Total
Money
Market
Funds
(Cost
$
120,117
)
.....................................
120,117
Total
Short
Term
Investments
(Cost
$
120,117
)
..................................
120,117
a
Total
Investments
(Cost
$
7,849,081
)
99.5
%
.....................................
$8,617,765
Other
Assets,
less
Liabilities
0.5
%
.............................................
44,585
Net
Assets
100.0%
...........................................................
$8,662,350
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),
March
31,
2025
Franklin
Moderate
Allocation
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
31
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
....................................
662,373
$
16,261,257
Domestic
Equity
46.7%
a
Franklin
Growth
Fund
,
Class
R6
........................................
1,265,701
160,693,397
a
Franklin
U.S.
Core
Equity
(IU)
Fund
.....................................
21,848,779
359,412,419
a
Franklin
U.S.
Equity
Index
ETF
.........................................
929,950
45,552,299
a
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
.............................
1,562,292
88,175,761
a
Putnam
Large
Cap
Value
Fund
,
Class
R6
.................................
2,728,719
95,996,333
749,830,209
Domestic
Fixed
Income
31.4%
a
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund
,
Class
IS
...............
4,682,180
39,564,422
a
Franklin
Investment
Grade
Corporate
ETF
.................................
5,277,898
113,033,575
a
Franklin
U.S.
Core
Bond
ETF
..........................................
10,920,416
234,734,342
a
Franklin
U.S.
Treasury
Bond
ETF
.......................................
5,737,397
117,989,569
505,321,908
Foreign
Equity
16.2%
a
ClearBridge
International
Growth
Fund
,
Class
IS
............................
295,727
20,029,566
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
............................
3,389,863
35,763,054
a
Franklin
International
Core
Equity
(IU)
Fund
...............................
10,363,929
131,207,337
iShares
Core
MSCI
EAFE
ETF
.........................................
246,672
18,660,736
a
Templeton
Developing
Markets
Trust
,
Class
R6
.............................
1,247,238
24,583,058
a
Templeton
Foreign
Fund
,
Class
R6
......................................
3,688,030
29,983,684
260,227,435
Foreign
Fixed
Income
3.8%
a
Franklin
High
Yield
Corporate
ETF
......................................
1,871,445
44,596,534
a
Franklin
International
Aggregate
Bond
ETF
................................
841,238
17,009,832
61,606,366
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$
1,287,057,176
)
..............................................................
1,593,247,175
a
a
a
a
Short
Term
Investments
0.6%
a
Money
Market
Funds
0.6%
a,b
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.052
%
..................
9,082,624
9,082,624
Total
Money
Market
Funds
(Cost
$
9,082,624
)
...................................
9,082,624
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
Moderate
Allocation
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
32
See
Abbreviations
on
page
50
.
Short
Term
Investments
(continued)
a
a
Principal
Amount
a
Value
Repurchase
Agreements
0.0%
†
c
Joint
Repurchase
Agreement
,
4.356
%
,
4/01/25
(Maturity
Value
$
1,036,056
)
BNP
Paribas
Securities
Corp.
(Maturity
Value
$711,936)
Deutsche
Bank
Securities,
Inc.
(Maturity
Value
$74,938)
HSBC
Securities
(USA),
Inc.
(Maturity
Value
$249,182)
Collateralized
by
U.S.
Government
Agency
Securities,
2.5%
-
7.5%,
11/20/33
-
5/15/63;
U.S.
Treasury
Bonds,
1.13%,
5/15/40;
and
U.S.
Treasury
Notes,
1.25%
-
4.88%,
6/30/28
-
10/31/28
(valued
at
$
1,056,952
)
..........................
$
1,035,931
$
1,035,931
Total
Repurchase
Agreements
(Cost
$
1,035,931
)
................................
1,035,931
Total
Short
Term
Investments
(Cost
$
10,118,555
)
................................
10,118,555
a
Total
Investments
(Cost
$
1,297,175,731
)
99.7
%
..................................
$1,603,365,730
Other
Assets,
less
Liabilities
0.3
%
.............................................
3,841,179
Net
Assets
100.0%
...........................................................
$1,607,206,909
†
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
March
31,
2025,
all
repurchase
agreements
had
been
entered
into
on
that
date.
Franklin
Fund
Allocator
Series
33
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)
34
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
March
31,
2025,
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 March
31,
2025,
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
$
32,632,925
$
818,522
$
(2,271,173)
$
(791,665)
$
1,794,365
$
32,182,974
3,808,636
$
541,732
2. Financial
Instrument
Valuation
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Schedules
of
Investments
(unaudited)
35
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
............
$
5,870,363
$
1,353,929
$
(437,909)
$
12,546
$
276,709
$
7,075,638
104,468
$
—
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
...........
12,979,823
62,164
(921,813)
(25,936)
551,896
12,646,134
1,198,686
—
Franklin
Growth
Fund,
Class
R6
.
61,035,865
2,380,770
(3,088,044)
(277,253)
(3,262,494)
56,788,844
447,297
—
Franklin
High
Yield
Corporate
ETF
37,821,562
163,853
(1,672,795)
(121,477)
63,962
36,255,105
1,521,406
385,744
Franklin
International
Aggregate
Bond
ETF
................
14,164,485
214,081
(499,924)
(127,535)
84,853
13,835,960
684,271
—
Franklin
International
Core
Equity
(IU)
Fund
................
38,812,275
7,677,334
(3,277,829)
154,908
2,983,921
46,350,609
3,661,186
—
Franklin
Investment
Grade
Corporate
ETF
............
94,539,513
273,414
(4,376,570)
(353,546)
1,810,121
91,892,932
4,290,774
684,891
Franklin
Systematic
Style
Premia
ETF
....................
8,839,551
94,277
(725,528)
45,538
180,953
8,434,791
343,576
—
Franklin
U.S.
Core
Bond
ETF
...
197,813,507
788,769
(11,473,402)
(2,065,295)
5,767,806
190,831,385
8,877,943
1,364,548
Franklin
U.S.
Core
Equity
(IU)
Fund
137,754,964
3,608,621
(7,971,889)
(147,175)
(6,230,523)
127,013,998
7,721,216
—
Franklin
U.S.
Equity
Index
ETF
.
13,989,990
3,213,793
(413,985)
10,886
(703,547)
16,097,137
328,623
32,723
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
...............
32,052,741
1,240,734
(918,600)
12,628
(1,226,866)
31,160,637
552,102
72,805
Franklin
U.S.
Treasury
Bond
ETF
99,291,154
553,847
(6,068,020)
(1,099,717)
3,244,024
95,921,288
4,664,298
652,982
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.052%
......
73,842
21,407,201
(17,106,204)
—
—
4,374,839
4,374,839
53,804
Putnam
Large
Cap
Value
Fund,
Class
R6
................
35,392,831
1,355,626
(3,570,226)
(202,143)
947,797
33,923,885
964,295
139,715
Templeton
Developing
Markets
Trust,
Class
R6
............
8,390,538
475,167
(661,407)
(21,691)
510,203
8,692,810
441,036
—
Templeton
Foreign
Fund,
Class
R6
8,943,982
1,685,165
(809,957)
(3,666)
776,578
10,592,102
1,302,842
—
Total
Non-Controlled
Affiliates
$840,399,911
$47,367,267
$(66,265,275)
$(5,000,593)
$7,569,758
$824,071,068
$3,928,944
Total
Affiliated
Securities
....
$840,399,911
$47,367,267
$(66,265,275)
$(5,000,593)
$7,569,758
$824,071,068
$3,928,944
Franklin
Corefolio
Allocation
Fund
Non-Controlled
Affiliates
Franklin
Growth
Fund,
Class
R6
.
249,254,536
—
(5,120,346)
(93,306)
(13,907,125)
230,133,759
1,812,648
—
Franklin
Growth
Opportunities
Fund,
Class
R6
............
262,809,393
—
(5,362,213)
(148,305)
(24,525,234)
232,773,641
4,449,037
—
Franklin
Mutual
Shares
Fund,
Class
R6
.....................
240,349,025
—
(5,097,683)
154,243
5,943,460
241,349,045
9,449,845
—
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.052%
......
1,104
4,718,821
(4,719,840)
—
—
85
85
1,354
3.
Investments
in
FT
Underlying
Funds
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Schedules
of
Investments
(unaudited)
36
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)
Templeton
Growth
Fund,
Inc.,
Class
R6
.....................
$
231,465,919
$
—
$
(4,932,727)
$
1,022
$
2,998,925
$
229,533,139
8,609,645
$
—
Total
Non-Controlled
Affiliates
$983,879,977
$4,718,821
$(25,232,809)
$(86,346)
$(29,489,974)
$933,789,669
$1,354
Total
Affiliated
Securities
....
$983,879,977
$4,718,821
$(25,232,809)
$(86,346)
$(29,489,974)
$933,789,669
$1,354
Franklin
Growth
Allocation
Fund
Controlled
Affiliates
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
...........
40,250,539
786
(2,921,802)
(40,765)
1,667,641
38,956,399
3,692,550
—
Franklin
International
Core
Equity
(IU)
Fund
................
120,278,099
22,632,053
(9,681,738)
320,460
9,444,720
142,993,594
11,294,913
—
Franklin
U.S.
Core
Equity
(IU)
Fund
329,433,361
4,032,856
(16,398,644)
35,215
(15,348,213)
301,754,575
18,343,743
—
Total
Controlled
Affiliates
....
$489,961,999
$26,665,695
$(29,002,184)
$314,910
$(4,235,852)
$483,704,568
$—
Non-Controlled
Affiliates
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund,
Class
IS
14,291,640
430,101
(1,045,290)
(311,515)
752,045
14,116,981
1,670,649
238,249
ClearBridge
International
Growth
Fund,
Class
IS
............
18,192,123
3,991,572
(1,253,861)
42,732
856,456
21,829,022
322,295
—
Franklin
Growth
Fund,
Class
R6
.
189,184,355
4,926,470
(7,950,679)
(1,019,184)
(10,042,416)
175,098,546
1,379,163
—
Franklin
High
Yield
Corporate
ETF
16,562,939
278,733
(870,299)
(8,826)
(17,155)
15,945,392
669,131
169,780
Franklin
International
Aggregate
Bond
ETF
................
6,203,125
155,765
(271,324)
(64,269)
45,716
6,069,013
300,149
—
Franklin
Investment
Grade
Corporate
ETF
............
41,402,203
641,679
(2,273,494)
(122,319)
766,755
40,414,824
1,887,097
301,455
Franklin
Systematic
Style
Premia
ETF
....................
14,172,820
249,803
(1,351,068)
11,895
352,937
13,436,387
547,307
—
Franklin
U.S.
Core
Bond
ETF
...
86,630,085
1,428,254
(5,766,556)
(533,343)
2,170,679
83,929,119
3,904,588
600,726
Franklin
U.S.
Equity
Index
ETF
.
140,725,006
7,144,889
(1,637,414)
(34,517)
(6,614,297)
139,583,667
2,849,600
319,130
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
...............
99,353,811
1,602,416
(1,109,286)
(28,422)
(3,740,651)
96,077,868
1,702,301
226,138
Franklin
U.S.
Treasury
Bond
ETF
43,483,203
786,595
(3,031,553)
(189,620)
1,138,272
42,186,897
2,051,393
287,391
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.052%
......
35,400
28,921,727
(19,782,417)
—
—
9,174,710
9,174,710
94,604
Putnam
Large
Cap
Value
Fund,
Class
R6
................
109,700,695
3,437,222
(10,856,846)
(642,585)
2,967,341
104,605,827
2,973,446
433,582
Templeton
Developing
Markets
Trust,
Class
R6
............
26,018,653
1,003,432
(1,772,151)
(62,998)
1,591,125
26,778,061
1,358,603
—
3.
Investments
in
FT
Underlying
Funds
(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
Growth
Allocation
Fund
(continued)
Non-Controlled
Affiliates
(continued)
Templeton
Foreign
Fund,
Class
R6
$
27,717,356
$
4,958,843
$
(2,408,519)
$
(27,352)
$
2,436,781
$
32,677,109
4,019,325
$
—
Total
Non-Controlled
Affiliates
$833,673,414
$59,957,501
$(61,380,757)
$(2,990,323)
$(7,336,412)
$821,923,423
$2,671,055
Total
Affiliated
Securities
....
$1,323,635,413
$86,623,196
$(90,382,941)
$(2,675,413)
$(11,572,264)
$1,305,627,991
$2,671,055
Franklin
LifeSmart™
Retirement
Income
Fund
Non-Controlled
Affiliates
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund,
Class
IS
2,022,702
96,106
(41,242)
(12,365)
74,450
2,139,651
253,213
34,980
BrandywineGLOBAL
High
Yield
Fund,
Class
IS
............
8,372,835
393,532
(166,715)
(779)
(116,051)
8,482,822
833,283
149,820
ClearBridge
Tactical
Dividend
Income
Fund,
Class
IS
.......
4,967,756
186,346
(96,250)
(1,812)
(161,167)
4,894,873
201,934
42,235
Franklin
High
Yield
Corporate
ETF
1,965,814
56,454
(39,022)
(3,760)
310
1,979,796
83,080
20,754
Franklin
International
Core
Dividend
Tilt
Index
ETF
.............
1,227,409
35,436
(26,133)
(594)
106,590
1,342,708
41,200
2,023
Franklin
Investment
Grade
Corporate
ETF
............
3,455,370
99,805
(69,846)
(18,833)
73,185
3,539,681
165,279
25,564
Franklin
U.S.
Core
Bond
ETF
...
6,317,383
181,971
(126,976)
(22,890)
145,635
6,495,123
302,169
44,748
Franklin
U.S.
Core
Equity
(IU)
Fund
958,533
30,464
(18,576)
(739)
(45,175)
924,507
56,201
—
Franklin
U.S.
Government
Securities
Fund,
Class
R6
.....
3,953,901
153,562
(79,059)
(12,856)
85,107
4,100,655
802,476
37,130
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.052%
......
1,066,597
2,590,673
(2,613,692)
—
—
1,043,578
1,043,578
10,782
Templeton
Developing
Markets
Trust,
Class
R6
............
418,046
15,307
(8,838)
(979)
26,385
449,921
22,827
—
Templeton
Foreign
Fund,
Class
R6
810,980
26,610
(17,225)
45
71,974
892,384
109,764
—
Total
Non-Controlled
Affiliates
$35,537,326
$3,866,266
$(3,303,574)
$(75,562)
$261,243
$36,285,699
$368,036
Total
Affiliated
Securities
....
$35,537,326
$3,866,266
$(3,303,574)
$(75,562)
$261,243
$36,285,699
$368,036
Franklin
LifeSmart™
2020
Retirement
Target
Fund
Non-Controlled
Affiliates
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund,
Class
IS
918,807
33,545
(71,992)
(23,307)
51,815
908,868
107,558
15,260
ClearBridge
International
Growth
Fund,
Class
IS
............
269,385
16,235
(21,816)
2,050
11,267
277,121
4,092
—
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
...........
645,141
5,814
(71,878)
1,008
25,280
605,365
57,381
—
Franklin
Growth
Fund,
Class
R6
.
1,675,891
109,427
(55,182)
(7,142)
(91,027)
1,631,967
12,854
—
Franklin
High
Yield
Corporate
ETF
1,064,912
15,073
(55,092)
(3,815)
2,135
1,023,213
42,938
10,946
Franklin
International
Aggregate
Bond
ETF
................
398,421
11,170
(17,660)
(4,248)
2,988
390,671
19,321
—
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
LifeSmart™
2020
Retirement
Target
Fund
(continued)
Non-Controlled
Affiliates
(continued)
Franklin
International
Core
Equity
(IU)
Fund
................
$
1,781,603
$
52,959
$
(164,974)
$
28,039
$
117,087
$
1,814,714
143,342
$
—
Franklin
Investment
Grade
Corporate
ETF
............
2,661,381
35,482
(144,530)
(7,958)
49,215
2,593,590
121,103
19,438
Franklin
Systematic
Style
Premia
ETF
....................
263,249
3,003
(21,127)
1,460
5,298
251,883
10,260
—
Franklin
U.S.
Core
Bond
ETF
...
5,569,089
73,546
(361,613)
(64,927)
169,757
5,385,852
250,563
38,717
Franklin
U.S.
Core
Equity
(IU)
Fund
3,782,224
212,646
(167,757)
(1,564)
(176,018)
3,649,531
221,856
—
Franklin
U.S.
Equity
Index
ETF
.
382,516
116,380
(17,907)
1,731
(21,050)
461,670
9,425
896
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
...............
879,776
87,198
(38,212)
(1,407)
(32,612)
894,743
15,853
2,001
Franklin
U.S.
Treasury
Bond
ETF
2,795,131
40,904
(189,847)
(16,312)
76,951
2,706,827
131,623
18,533
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.052%
......
20,292
1,048,288
(859,998)
—
—
208,582
208,582
1,702
Putnam
Large
Cap
Value
Fund,
Class
R6
................
972,028
46,217
(63,836)
(4,191)
24,354
974,572
27,702
3,887
Templeton
Developing
Markets
Trust,
Class
R6
............
417,074
9,328
(34,843)
(776)
25,330
416,113
21,112
—
Templeton
Foreign
Fund,
Class
R6
410,420
9,139
(40,667)
7,334
28,475
414,701
51,009
—
Total
Non-Controlled
Affiliates
$24,907,340
$1,926,354
$(2,398,931)
$(94,025)
$269,245
$24,609,983
$111,380
Total
Affiliated
Securities
....
$24,907,340
$1,926,354
$(2,398,931)
$(94,025)
$269,245
$24,609,983
$111,380
Franklin
LifeSmart™
2025
Retirement
Target
Fund
Non-Controlled
Affiliates
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund,
Class
IS
3,278,382
127,238
(282,634)
(100,195)
200,042
3,222,833
381,400
54,151
ClearBridge
International
Growth
Fund,
Class
IS
............
1,377,313
83,507
(118,711)
9,876
57,666
1,409,651
20,813
—
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
...........
3,299,462
29,468
(384,885)
3,646
129,245
3,076,936
291,653
—
Franklin
Growth
Fund,
Class
R6
.
8,577,095
515,479
(304,182)
(36,462)
(454,379)
8,297,551
65,356
—
Franklin
High
Yield
Corporate
ETF
3,799,579
51,044
(216,378)
(15,181)
9,721
3,628,785
152,278
38,440
Franklin
International
Aggregate
Bond
ETF
................
1,422,804
43,027
(76,362)
(19,437)
15,200
1,385,232
68,508
—
Franklin
International
Core
Equity
(IU)
Fund
................
9,108,851
263,385
(872,308)
107,165
623,928
9,231,021
729,149
—
Franklin
Investment
Grade
Corporate
ETF
............
9,497,342
149,227
(594,366)
(46,440)
191,831
9,197,594
429,465
68,257
Franklin
Systematic
Style
Premia
ETF
....................
1,125,755
7,806
(88,105)
6,367
22,436
1,074,259
43,758
—
Franklin
U.S.
Core
Bond
ETF
...
19,872,748
256,105
(1,397,458)
(260,842)
629,539
19,100,092
888,583
136,017
Franklin
U.S.
Core
Equity
(IU)
Fund
19,356,229
955,962
(875,175)
7,802
(889,138)
18,555,680
1,128,005
—
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
LifeSmart™
2025
Retirement
Target
Fund
(continued)
Non-Controlled
Affiliates
(continued)
Franklin
U.S.
Equity
Index
ETF
.
$
1,965,211
$
578,156
$
(96,220)
$
20,316
$
(116,250)
$
2,351,213
48,000
$
4,558
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
...............
4,502,731
410,251
(192,606)
(4,152)
(163,717)
4,552,507
80,661
10,149
Franklin
U.S.
Treasury
Bond
ETF
9,974,752
145,047
(732,696)
(130,530)
343,950
9,600,523
466,838
65,074
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.052%
......
3,765
3,684,037
(2,740,401)
—
—
947,401
947,401
7,647
Putnam
Large
Cap
Value
Fund,
Class
R6
................
4,973,056
222,922
(346,229)
(23,666)
129,044
4,955,127
140,851
19,406
Templeton
Developing
Markets
Trust,
Class
R6
............
2,132,981
31,440
(173,811)
(4,770)
129,168
2,115,008
107,306
—
Templeton
Foreign
Fund,
Class
R6
2,098,352
41,301
(210,435)
40,195
140,074
2,109,487
259,469
—
Total
Non-Controlled
Affiliates
$106,366,408
$7,595,402
$(9,702,962)
$(446,308)
$998,360
$104,810,900
$403,699
Total
Affiliated
Securities
....
$106,366,408
$7,595,402
$(9,702,962)
$(446,308)
$998,360
$104,810,900
$403,699
Franklin
LifeSmart™
2030
Retirement
Target
Fund
Non-Controlled
Affiliates
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund,
Class
IS
1,725,932
83,034
(100,877)
(35,323)
88,702
1,761,468
208,458
29,598
ClearBridge
International
Growth
Fund,
Class
IS
............
1,061,794
74,426
(61,073)
3,877
48,220
1,127,244
16,643
—
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
...........
2,541,869
44,711
(229,971)
16,637
87,010
2,460,256
233,200
—
Franklin
Growth
Fund,
Class
R6
.
6,610,430
462,839
(39,701)
(4,578)
(393,563)
6,635,427
52,264
—
Franklin
High
Yield
Corporate
ETF
2,000,043
49,983
(62,927)
(1,627)
(1,886)
1,983,586
83,239
20,792
Franklin
International
Aggregate
Bond
ETF
................
749,001
28,383
(18,207)
(4,390)
2,108
756,895
37,433
—
Franklin
International
Core
Equity
(IU)
Fund
................
7,022,113
273,279
(486,965)
54,892
518,375
7,381,694
583,072
—
Franklin
Investment
Grade
Corporate
ETF
............
4,999,546
120,676
(171,677)
(15,743)
94,784
5,027,586
234,754
36,922
Franklin
Systematic
Style
Premia
ETF
....................
749,842
16,213
(46,963)
(140)
19,659
738,611
30,086
—
Franklin
U.S.
Core
Bond
ETF
...
10,461,695
256,002
(478,508)
(86,322)
287,792
10,440,659
485,725
73,542
Franklin
U.S.
Core
Equity
(IU)
Fund
14,910,025
899,044
(250,553)
596
(720,388)
14,838,724
902,050
—
Franklin
U.S.
Equity
Index
ETF
.
1,513,174
472,974
(27,213)
1,245
(79,406)
1,880,774
38,396
3,647
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
...............
3,468,263
356,189
(45,847)
(1,494)
(137,013)
3,640,098
64,495
8,120
Franklin
U.S.
Treasury
Bond
ETF
5,251,179
136,822
(256,528)
(45,782)
162,353
5,248,044
255,193
35,204
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.052%
......
2,084
2,535,642
(1,678,344)
—
—
859,382
859,382
6,197
Putnam
Large
Cap
Value
Fund,
Class
R6
................
3,830,736
201,039
(148,503)
(11,716)
90,997
3,962,553
112,637
15,498
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™
2030
Retirement
Target
Fund
(continued)
Non-Controlled
Affiliates
(continued)
Templeton
Developing
Markets
Trust,
Class
R6
............
$
1,643,183
$
43,849
$
(92,856)
$
(3,643)
$
100,585
$
1,691,118
85,800
$
—
Templeton
Foreign
Fund,
Class
R6
1,617,683
49,952
(122,360)
6,647
134,954
1,686,876
207,488
—
Total
Non-Controlled
Affiliates
$70,158,592
$6,105,057
$(4,319,073)
$(126,864)
$303,283
$72,120,995
$229,520
Total
Affiliated
Securities
....
$70,158,592
$6,105,057
$(4,319,073)
$(126,864)
$303,283
$72,120,995
$229,520
Franklin
LifeSmart™
2035
Retirement
Target
Fund
Non-Controlled
Affiliates
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund,
Class
IS
2,494,370
83,668
(153,169)
(52,841)
130,236
2,502,264
296,126
42,110
ClearBridge
International
Growth
Fund,
Class
IS
............
2,334,167
120,782
(135,471)
11,568
103,522
2,434,568
35,945
—
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
...........
5,595,906
—
(504,033)
6,786
221,349
5,320,008
504,266
—
Franklin
Growth
Fund,
Class
R6
.
14,531,587
748,811
(87,153)
(13,345)
(849,703)
14,330,197
112,872
—
Franklin
High
Yield
Corporate
ETF
2,890,347
31,441
(98,888)
(6,950)
2,233
2,818,183
118,262
29,909
Franklin
International
Aggregate
Bond
ETF
................
1,081,979
26,380
(29,353)
(7,396)
4,134
1,075,744
53,202
—
Franklin
International
Core
Equity
(IU)
Fund
................
15,436,666
305,388
(1,058,288)
147,131
1,111,651
15,942,548
1,259,285
—
Franklin
Investment
Grade
Corporate
ETF
............
7,225,226
73,607
(269,228)
(24,785)
138,535
7,143,355
333,546
53,106
Franklin
Systematic
Style
Premia
ETF
....................
1,445,360
30,625
(110,537)
501
37,083
1,403,032
57,150
—
Franklin
U.S.
Core
Bond
ETF
...
15,118,556
161,460
(734,073)
(132,354)
421,379
14,834,968
690,159
105,806
Franklin
U.S.
Core
Equity
(IU)
Fund
32,785,330
1,322,123
(503,616)
(7,681)
(1,549,460)
32,046,696
1,948,127
—
Franklin
U.S.
Equity
Index
ETF
.
3,327,740
964,303
(60,383)
1,132
(170,239)
4,062,553
82,937
7,901
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
...............
7,627,539
639,882
(105,928)
(4,024)
(294,022)
7,863,447
139,324
17,583
Franklin
U.S.
Treasury
Bond
ETF
7,588,620
93,402
(392,509)
(69,203)
236,415
7,456,725
362,593
50,632
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.052%
......
4,644
3,012,098
(1,684,514)
—
—
1,332,228
1,332,228
10,993
Putnam
Large
Cap
Value
Fund,
Class
R6
................
8,423,320
296,039
(337,281)
(27,920)
203,726
8,557,884
243,260
33,748
Templeton
Developing
Markets
Trust,
Class
R6
............
3,617,465
27,774
(202,642)
(5,664)
219,902
3,656,835
185,532
—
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™
2035
Retirement
Target
Fund
(continued)
Non-Controlled
Affiliates
(continued)
Templeton
Foreign
Fund,
Class
R6
$
3,556,166
$
41,851
$
(265,666)
$
17,648
$
293,219
$
3,643,218
448,120
$
—
Total
Non-Controlled
Affiliates
$135,084,988
$7,979,634
$(6,732,732)
$(167,397)
$259,960
$136,424,453
$351,788
Total
Affiliated
Securities
....
$135,084,988
$7,979,634
$(6,732,732)
$(167,397)
$259,960
$136,424,453
$351,788
Franklin
LifeSmart™
2040
Retirement
Target
Fund
Non-Controlled
Affiliates
ClearBridge
International
Growth
Fund,
Class
IS
............
1,159,418
77,114
(67,965)
3,934
52,462
1,224,963
18,086
—
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
...........
2,780,521
56,461
(276,690)
(194)
112,418
2,672,516
253,319
—
Franklin
Growth
Fund,
Class
R6
.
7,218,172
532,487
(105,215)
(16,752)
(421,102)
7,207,590
56,771
—
Franklin
High
Yield
Corporate
ETF
982,203
36,154
(44,301)
(707)
(1,133)
972,216
40,798
10,260
Franklin
International
Core
Equity
(IU)
Fund
................
7,667,478
265,940
(535,375)
33,200
590,200
8,021,443
633,605
—
Franklin
Investment
Grade
Corporate
ETF
............
2,455,772
89,966
(119,883)
(8,935)
47,637
2,464,557
115,078
18,220
Franklin
Systematic
Style
Premia
ETF
....................
646,455
17,414
(46,469)
(268)
17,166
634,298
25,837
—
Franklin
U.S.
Core
Bond
ETF
...
5,139,148
194,113
(313,517)
(55,229)
154,025
5,118,540
238,127
36,296
Franklin
U.S.
Core
Equity
(IU)
Fund
12,567,362
730,239
(269,828)
(6,102)
(602,319)
12,419,352
754,976
—
Franklin
U.S.
Equity
Index
ETF
.
5,368,067
750,827
(108,130)
(5,404)
(259,584)
5,745,776
117,300
12,449
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
...............
3,789,141
380,150
(62,898)
(2,935)
(148,876)
3,954,582
70,067
8,824
Franklin
U.S.
Treasury
Bond
ETF
2,579,304
102,522
(166,451)
(28,747)
85,971
2,572,599
125,096
17,374
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.052%
......
2,091
2,465,370
(1,961,871)
—
—
505,590
505,590
5,578
Putnam
Large
Cap
Value
Fund,
Class
R6
................
4,184,970
240,139
(205,788)
(17,411)
102,600
4,304,510
122,357
16,989
Templeton
Developing
Markets
Trust,
Class
R6
............
1,797,269
62,609
(128,646)
(3,997)
109,776
1,837,011
93,202
—
Templeton
Foreign
Fund,
Class
R6
1,766,373
47,446
(134,520)
472
153,298
1,833,069
225,470
—
Total
Non-Controlled
Affiliates
$60,103,744
$6,048,951
$(4,547,547)
$(109,075)
$(7,461)
$61,488,612
$125,990
Total
Affiliated
Securities
....
$60,103,744
$6,048,951
$(4,547,547)
$(109,075)
$(7,461)
$61,488,612
$125,990
Franklin
LifeSmart™
2045
Retirement
Target
Fund
Non-Controlled
Affiliates
ClearBridge
International
Growth
Fund,
Class
IS
............
2,145,437
116,923
(134,497)
9,686
96,235
2,233,784
32,981
—
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
...........
5,141,151
52,505
(525,028)
4,605
205,222
4,878,455
462,413
—
Franklin
Growth
Fund,
Class
R6
.
13,352,489
798,131
(215,786)
(21,584)
(770,079)
13,143,171
103,522
—
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™
2045
Retirement
Target
Fund
(continued)
Non-Controlled
Affiliates
(continued)
Franklin
International
Core
Equity
(IU)
Fund
................
$
14,188,351
$
363,100
$
(1,081,109)
$
73,082
$
1,084,161
$
14,627,585
1,155,417
$
—
Franklin
Systematic
Style
Premia
ETF
....................
1,076,165
27,623
(88,208)
(126)
28,142
1,043,596
42,509
—
Franklin
U.S.
Core
Bond
ETF
...
9,431,153
292,595
(578,385)
(36,113)
215,517
9,324,767
433,811
66,072
Franklin
U.S.
Core
Equity
(IU)
Fund
23,247,645
1,045,859
(549,900)
6,373
(1,103,204)
22,646,773
1,376,704
—
Franklin
U.S.
Equity
Index
ETF
.
9,930,026
1,248,634
(224,289)
(2,683)
(474,096)
10,477,592
213,900
22,862
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
...............
7,009,943
607,833
(133,838)
(693)
(270,665)
7,212,580
127,792
16,200
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.052%
......
3,409
3,294,688
(2,146,204)
—
—
1,151,893
1,151,893
8,800
Putnam
Large
Cap
Value
Fund,
Class
R6
................
7,741,603
315,576
(370,418)
(28,283)
190,769
7,849,247
223,117
31,000
Templeton
Developing
Markets
Trust,
Class
R6
............
3,323,480
65,997
(233,744)
(7,644)
205,227
3,353,316
170,133
—
Templeton
Foreign
Fund,
Class
R6
3,268,624
57,980
(269,955)
5,947
280,126
3,342,722
411,159
—
Total
Non-Controlled
Affiliates
$99,859,476
$8,287,444
$(6,551,361)
$2,567
$(312,645)
$101,285,481
$144,934
Total
Affiliated
Securities
....
$99,859,476
$8,287,444
$(6,551,361)
$2,567
$(312,645)
$101,285,481
$144,934
Franklin
LifeSmart™
2050
Retirement
Target
Fund
Non-Controlled
Affiliates
ClearBridge
International
Growth
Fund,
Class
IS
............
1,244,154
65,950
(85,136)
2,773
57,912
1,285,653
18,982
—
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
...........
2,981,930
41,527
(335,563)
790
119,461
2,808,145
266,175
—
Franklin
Growth
Fund,
Class
R6
.
7,746,621
422,464
(138,399)
(19,092)
(442,774)
7,568,820
59,616
—
Franklin
International
Core
Equity
(IU)
Fund
................
8,228,200
172,787
(648,555)
8,314
658,016
8,418,762
664,989
—
Franklin
Systematic
Style
Premia
ETF
....................
587,301
12,610
(51,336)
(177)
15,343
563,741
22,963
—
Franklin
U.S.
Core
Bond
ETF
...
1,729,570
95,534
(118,550)
(5,238)
37,823
1,739,139
80,909
12,081
Franklin
U.S.
Core
Equity
(IU)
Fund
13,487,178
501,097
(305,746)
(3,064)
(637,495)
13,041,970
792,825
—
Franklin
U.S.
Equity
Index
ETF
.
5,761,110
676,100
(124,600)
(5,061)
(273,749)
6,033,800
123,180
13,194
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
...............
4,065,922
322,938
(76,523)
(3,151)
(155,936)
4,153,250
73,587
9,348
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.052%
......
1,844
2,094,893
(1,689,008)
—
—
407,729
407,729
4,699
Putnam
Large
Cap
Value
Fund,
Class
R6
................
4,492,188
202,180
(266,414)
(21,992)
114,424
4,520,386
128,493
17,956
Templeton
Developing
Markets
Trust,
Class
R6
............
1,927,623
37,150
(147,938)
(4,538)
117,938
1,930,235
97,932
—
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™
2050
Retirement
Target
Fund
(continued)
Non-Controlled
Affiliates
(continued)
Templeton
Foreign
Fund,
Class
R6
$
1,895,517
$
22,855
$
(159,155)
$
(1,527)
$
166,178
$
1,923,868
236,638
$
—
Total
Non-Controlled
Affiliates
$54,149,158
$4,668,085
$(4,146,923)
$(51,963)
$(222,859)
$54,395,498
$57,278
Total
Affiliated
Securities
....
$54,149,158
$4,668,085
$(4,146,923)
$(51,963)
$(222,859)
$54,395,498
$57,278
Franklin
LifeSmart™
2055
Retirement
Target
Fund
Non-Controlled
Affiliates
ClearBridge
International
Growth
Fund,
Class
IS
............
916,278
58,077
(49,048)
1,546
43,252
970,105
14,323
—
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
...........
2,198,072
41,511
(211,614)
(716)
90,186
2,117,439
200,705
—
Franklin
Growth
Fund,
Class
R6
.
5,705,557
378,510
(26,000)
(4,571)
(343,817)
5,709,679
44,972
—
Franklin
International
Core
Equity
(IU)
Fund
................
6,059,827
187,002
(390,224)
13,205
482,714
6,352,524
501,779
—
Franklin
Systematic
Style
Premia
ETF
....................
423,518
14,411
(30,832)
(116)
11,302
418,283
17,038
—
Franklin
U.S.
Core
Bond
ETF
...
626,816
86,891
(50,701)
(1,946)
13,797
674,857
31,396
4,448
Franklin
U.S.
Core
Equity
(IU)
Fund
9,933,899
487,462
(99,262)
(3,815)
(479,935)
9,838,349
598,076
—
Franklin
U.S.
Equity
Index
ETF
.
4,241,056
555,215
(34,116)
(1,992)
(208,362)
4,551,801
92,925
9,958
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
...............
2,993,513
273,543
(14,303)
(1,175)
(119,214)
3,132,364
55,499
7,050
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.052%
......
1,420
1,373,047
(920,147)
—
—
454,320
454,320
3,862
Putnam
Large
Cap
Value
Fund,
Class
R6
................
3,308,306
173,040
(139,380)
(12,060)
80,064
3,409,970
96,929
13,495
Templeton
Developing
Markets
Trust,
Class
R6
............
1,421,049
51,591
(101,723)
(2,724)
87,272
1,455,465
73,844
—
Templeton
Foreign
Fund,
Class
R6
1,396,537
31,234
(98,893)
63
122,737
1,451,678
178,558
—
Total
Non-Controlled
Affiliates
$39,225,848
$3,711,534
$(2,166,243)
$(14,301)
$(220,004)
$40,536,834
$38,813
Total
Affiliated
Securities
....
$39,225,848
$3,711,534
$(2,166,243)
$(14,301)
$(220,004)
$40,536,834
$38,813
Franklin
LifeSmart™
2060
Retirement
Target
Fund
Non-Controlled
Affiliates
ClearBridge
International
Growth
Fund,
Class
IS
............
180,502
21,603
(9,797)
40
8,861
201,209
2,971
—
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
...........
434,220
32,193
(45,013)
(4,353)
22,124
439,171
41,628
—
Franklin
Growth
Fund,
Class
R6
.
1,125,755
136,697
(6,551)
(1,036)
(70,649)
1,184,216
9,327
—
Franklin
International
Core
Equity
(IU)
Fund
................
1,195,263
103,526
(80,051)
211
98,619
1,317,568
104,073
—
Franklin
Systematic
Style
Premia
ETF
....................
81,748
4,203
(1,825)
(1)
2,266
86,391
3,519
—
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™
2060
Retirement
Target
Fund
(continued)
Non-Controlled
Affiliates
(continued)
Franklin
U.S.
Core
Bond
ETF
...
$
123,377
$
25,563
$
(11,639)
$
(411)
$
2,828
$
139,718
6,500
$
895
Franklin
U.S.
Core
Equity
(IU)
Fund
1,958,206
203,468
(21,139)
(1,081)
(98,941)
2,040,513
124,043
—
Franklin
U.S.
Equity
Index
ETF
.
834,348
159,620
(7,587)
(432)
(43,015)
942,934
19,250
2,033
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
...............
588,159
89,059
(2,894)
(200)
(24,782)
649,342
11,505
1,439
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.052%
......
345
594,235
(474,463)
—
—
120,117
120,117
922
Putnam
Large
Cap
Value
Fund,
Class
R6
................
652,646
67,078
(25,609)
(2,278)
15,393
707,230
20,103
2,755
Templeton
Developing
Markets
Trust,
Class
R6
............
281,047
24,470
(20,330)
(686)
17,371
301,872
15,316
—
Templeton
Foreign
Fund,
Class
R6
276,020
23,758
(23,169)
(355)
24,828
301,082
37,033
—
Total
Non-Controlled
Affiliates
$7,731,636
$1,485,473
$(730,067)
$(10,582)
$(45,097)
$8,431,363
$8,044
Total
Affiliated
Securities
....
$7,731,636
$1,485,473
$(730,067)
$(10,582)
$(45,097)
$8,431,363
$8,044
Franklin
Moderate
Allocation
Fund
Controlled
Affiliates
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
...........
36,748,019
26,464
(2,499,591)
(43,056)
1,531,218
35,763,054
3,389,863
—
Franklin
International
Core
Equity
(IU)
Fund
................
109,837,445
21,314,011
(8,852,978)
469,614
8,439,245
131,207,337
10,363,929
—
Franklin
U.S.
Core
Equity
(IU)
Fund
389,883,942
7,594,180
(19,888,020)
(547,985)
(17,629,698)
359,412,419
21,848,779
—
Total
Controlled
Affiliates
....
$536,469,406
$28,934,655
$(31,240,589)
$(121,427)
$(7,659,235)
$526,382,810
$—
Non-Controlled
Affiliates
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund,
Class
IS
40,115,920
1,073,476
(2,861,964)
(922,100)
2,159,090
39,564,422
4,682,180
668,691
ClearBridge
International
Growth
Fund,
Class
IS
............
16,612,800
3,752,723
(1,155,916)
42,193
777,766
20,029,566
295,727
—
Franklin
Growth
Fund,
Class
R6
.
172,741,512
5,438,778
(7,398,429)
(804,432)
(9,284,032)
160,693,397
1,265,701
—
Franklin
High
Yield
Corporate
ETF
46,494,463
374,263
(2,200,933)
(156,101)
84,842
44,596,534
1,871,445
476,012
Franklin
International
Aggregate
Bond
ETF
................
17,413,179
311,527
(662,461)
(168,652)
116,239
17,009,832
841,238
—
Franklin
Investment
Grade
Corporate
ETF
............
116,218,058
776,268
(5,767,683)
(386,171)
2,193,103
113,033,575
5,277,898
845,166
Franklin
Systematic
Style
Premia
ETF
....................
17,060,933
240,794
(1,479,164)
60,106
378,588
16,261,257
662,373
—
Franklin
U.S.
Core
Bond
ETF
...
243,173,310
1,885,104
(14,914,470)
(2,682,272)
7,272,670
234,734,342
10,920,416
1,683,991
Franklin
U.S.
Equity
Index
ETF
.
39,598,162
8,778,745
(851,326)
29,676
(2,002,958)
45,552,299
929,950
92,881
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
...............
90,722,941
2,485,283
(1,572,815)
(30,226)
(3,429,422)
88,175,761
1,562,292
206,643
Franklin
U.S.
Treasury
Bond
ETF
122,059,932
1,141,521
(7,869,960)
(1,252,075)
3,910,151
117,989,569
5,737,397
805,773
3.
Investments
in
FT
Underlying
Funds
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Schedules
of
Investments
(unaudited)
45
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
March
31,
2025,
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)
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.052%
......
$
43,970
$
34,611,888
$
(25,573,234)
$
—
$
—
$
9,082,624
9,082,624
$
109,095
Putnam
Large
Cap
Value
Fund,
Class
R6
................
100,168,991
3,200,702
(9,486,842)
(556,923)
2,670,405
95,996,333
2,728,719
396,422
Templeton
Developing
Markets
Trust,
Class
R6
............
23,754,799
1,048,138
(1,606,301)
(60,314)
1,446,736
24,583,058
1,247,238
—
Templeton
Foreign
Fund,
Class
R6
25,310,968
4,674,931
(2,198,292)
(14,014)
2,210,091
29,983,684
3,688,030
—
Total
Non-Controlled
Affiliates
$1,071,489,938
$69,794,141
$(85,599,790)
$(6,901,305)
$8,503,269
$1,057,286,253
$5,284,674
Total
Affiliated
Securities
....
$1,607,959,344
$98,728,796
$(116,840,379)
$(7,022,732)
$844,034
$1,583,669,063
$5,284,674
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
Non-Controlled
Affiliates
Dividends
Franklin
BSP
Private
Credit
Fund,
Class
Advisor
........
$
32,922,201
$
—
$
(3,127,878)
$
73,287
$
(471,798)
$
29,395,812
2,783,694
$
656,646
Franklin
FTSE
India
ETF
.....
6,255,395
—
—
—
(174,953)
6,080,442
165,050
—
Franklin
High
Yield
Corporate
ETF
...................
4,893,350
—
—
—
(8,200)
4,885,150
205,000
51,344
Franklin
Systematic
Style
Premia
ETF
...................
53,199,750
—
—
—
1,424,000
54,623,750
2,225,000
—
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.052%
25,651,499
105,211,524
(122,232,872)
—
—
8,630,151
8,630,151
217,579
Total
Non-Controlled
Affiliates
$122,922,195
$
105,211,524
$
(125,360,750)
$
73,287
$
769,049
$103,615,305
$
925,569
Total
Affiliated
Securities
...
$122,922,195
105,211,524
(125,360,750)
73,287
$769,049
$103,615,305
925,569
3.
Investments
in
FT
Underlying
Funds
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Schedules
of
Investments
(unaudited)
46
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
March
31,
2025,
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
..........................
$
826,287,538
$
—
$
—
$
826,287,538
Short
Term
Investments
...................
4,374,839
196,116
—
4,570,955
Total
Investments
in
Securities
...........
$830,662,377
$196,116
$—
$830,858,493
Franklin
Corefolio
Allocation
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
..........................
933,789,584
—
—
933,789,584
Short
Term
Investments
...................
85
—
—
85
Total
Investments
in
Securities
...........
$933,789,669
$—
$—
$933,789,669
Level
1
Level
2
Level
3
Total
Franklin
Global
Allocation
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
$
8,490,919
$
—
$
—
$
8,490,919
Air
Freight
&
Logistics
...................
5,238,571
—
—
5,238,571
Automobiles
..........................
14,386,194
13,685,243
—
28,071,437
Banks
...............................
27,933,345
77,608,529
—
105,541,874
Biotechnology
.........................
53,055,555
—
—
53,055,555
Broadline
Retail
.......................
63,841,503
—
—
63,841,503
Building
Products
......................
—
5,026,567
—
5,026,567
Capital
Markets
........................
14,100,429
19,284,174
—
33,384,603
Chemicals
...........................
6,309,515
4,661,134
—
10,970,649
Commercial
Services
&
Supplies
...........
7,294,671
—
—
7,294,671
Communications
Equipment
..............
26,907,524
—
—
26,907,524
Construction
Materials
..................
4,908,726
9,542,142
—
14,450,868
Consumer
Staples
Distribution
&
Retail
......
34,393,969
12,661,669
—
47,055,638
Diversified
Telecommunication
Services
.....
—
16,139,758
—
16,139,758
Electric
Utilities
........................
5,423,846
6,056,114
—
11,479,960
Electrical
Equipment
....................
14,406,990
3,103,524
—
17,510,514
Entertainment
.........................
23,395,313
14,560,604
—
37,955,917
Financial
Services
......................
47,426,028
17,539,585
—
64,965,613
Franklin
Fund
Allocator
Series
Notes
to
Schedules
of
Investments
(unaudited)
47
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Global
Allocation
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
(continued)
Common
Stocks:
(continued)
Food
Products
........................
$
3,571,570
$
—
$
—
$
3,571,570
Ground
Transportation
..................
11,500,261
—
—
11,500,261
Health
Care
Equipment
&
Supplies
.........
54,127,108
—
—
54,127,108
Health
Care
Providers
&
Services
..........
3,117,499
—
—
3,117,499
Hotels,
Restaurants
&
Leisure
.............
46,450,275
—
—
46,450,275
Household
Durables
....................
3,296,198
—
—
3,296,198
Household
Products
....................
19,252,653
—
—
19,252,653
Industrial
Conglomerates
................
—
22,126,991
—
22,126,991
Insurance
............................
22,803,751
15,972,571
—
38,776,322
Interactive
Media
&
Services
..............
74,979,916
4,528,011
—
79,507,927
IT
Services
...........................
21,447,019
—
—
21,447,019
Leisure
Products
.......................
3,418,048
—
—
3,418,048
Life
Sciences
Tools
&
Services
............
7,040,585
—
—
7,040,585
Machinery
............................
16,378,533
7,014,622
—
23,393,155
Metals
&
Mining
.......................
5,667,585
27,893,614
—
33,561,199
Office
REITs
..........................
3,416,662
—
—
3,416,662
Oil,
Gas
&
Consumable
Fuels
.............
81,881,812
—
—
81,881,812
Personal
Care
Products
.................
7,526,154
5,254,641
—
12,780,795
Pharmaceuticals
.......................
58,893,326
22,952,051
—
81,845,377
Professional
Services
...................
—
19,714,280
—
19,714,280
Real
Estate
Management
&
Development
....
—
3,737,424
—
3,737,424
Retail
REITs
..........................
7,011,732
—
—
7,011,732
Semiconductors
&
Semiconductor
Equipment
.
119,115,998
38,018,199
—
157,134,197
Software
.............................
92,300,565
7,001,076
—
99,301,641
Specialized
REITs
......................
7,280,962
—
—
7,280,962
Specialty
Retail
........................
42,090,540
3,367,923
—
45,458,463
Technology
Hardware,
Storage
&
Peripherals
.
84,818,119
3,261,760
—
88,079,879
Textiles,
Apparel
&
Luxury
Goods
..........
19,488,755
3,282,091
—
22,770,846
Tobacco
.............................
38,525,097
—
—
38,525,097
Trading
Companies
&
Distributors
..........
16,170,221
3,809,004
—
19,979,225
Wireless
Telecommunication
Services
.......
—
5,580,552
—
5,580,552
Management
Investment
Companies
.........
113,435,638
—
—
113,435,638
Preferred
Stocks
.........................
8,479,713
—
—
8,479,713
Corporate
Bonds
........................
—
190,017,553
—
190,017,553
Foreign
Government
and
Agency
Securities
....
—
371,795,841
—
371,795,841
U.S.
Government
and
Agency
Securities
.......
—
175,903,970
—
175,903,970
Mortgage-Backed
Securities
................
—
61,333,306
—
61,333,306
Short
Term
Investments
...................
8,630,151
67,902,567
—
76,532,718
Total
Investments
in
Securities
...........
$1,359,629,544
$1,260,337,090
b
$—
$2,619,966,634
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
$—
$139,204
$—
$139,204
Total
Other
Financial
Instruments
.........
$—
$139,204
$—
$139,204
Liabilities:
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
$—
$9,998,405
$—
$9,998,405
Futures
Contracts
........................
107,621
—
—
107,621
Total
Other
Financial
Instruments
.........
$107,621
$9,998,405
$—
$10,106,026
5. Fair
Value
Measurements
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Schedules
of
Investments
(unaudited)
48
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
..........................
$
1,316,789,665
$
—
$
—
$
1,316,789,665
Short
Term
Investments
...................
9,174,710
772,655
—
9,947,365
Total
Investments
in
Securities
...........
$1,325,964,375
$772,655
$—
$1,326,737,030
Franklin
LifeSmart™
Retirement
Income
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
..........................
42,046,169
—
—
42,046,169
Index-Linked
Notes:
Capital
Markets
........................
—
—
2,222,432
2,222,432
Short
Term
Investments
...................
1,043,578
—
—
1,043,578
Total
Investments
in
Securities
...........
$43,089,747
$—
$2,222,432
$45,312,179
Franklin
LifeSmart™
2020
Retirement
Target
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
..........................
24,658,914
—
—
24,658,914
Short
Term
Investments
...................
208,582
—
—
208,582
Total
Investments
in
Securities
...........
$24,867,496
$—
$—
$24,867,496
Franklin
LifeSmart™
2025
Retirement
Target
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
..........................
105,177,312
—
—
105,177,312
Short
Term
Investments
...................
947,401
82,226
—
1,029,627
Total
Investments
in
Securities
...........
$106,124,713
$82,226
$—
$106,206,939
Franklin
LifeSmart™
2030
Retirement
Target
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
..........................
72,311,786
—
—
72,311,786
Short
Term
Investments
...................
859,382
—
—
859,382
Total
Investments
in
Securities
...........
$73,171,168
$—
$—
$73,171,168
Franklin
LifeSmart™
2035
Retirement
Target
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
..........................
137,361,649
—
—
137,361,649
Short
Term
Investments
...................
1,332,228
268,626
—
1,600,854
Total
Investments
in
Securities
...........
$138,693,877
$268,626
$—
$138,962,503
Franklin
LifeSmart™
2040
Retirement
Target
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
..........................
62,124,127
—
—
62,124,127
Short
Term
Investments
...................
505,590
—
—
505,590
Total
Investments
in
Securities
...........
$62,629,717
$—
$—
$62,629,717
5. Fair
Value
Measurements
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Schedules
of
Investments
(unaudited)
49
Quarterly
Schedules
of
Investments
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
..........................
$
102,216,006
$
—
$
—
$
102,216,006
Short
Term
Investments
...................
1,151,893
86,877
—
1,238,770
Total
Investments
in
Securities
...........
$103,367,899
$86,877
$—
$103,454,776
Franklin
LifeSmart™
2050
Retirement
Target
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
..........................
55,185,460
—
—
55,185,460
Short
Term
Investments
...................
407,729
—
—
407,729
Total
Investments
in
Securities
...........
$55,593,189
$—
$—
$55,593,189
Franklin
LifeSmart™
2055
Retirement
Target
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
..........................
40,986,910
—
—
40,986,910
Short
Term
Investments
...................
454,320
—
—
454,320
Total
Investments
in
Securities
...........
$41,441,230
$—
$—
$41,441,230
Franklin
LifeSmart™
2060
Retirement
Target
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
..........................
8,497,648
—
—
8,497,648
Short
Term
Investments
...................
120,117
—
—
120,117
Total
Investments
in
Securities
...........
$8,617,765
$—
$—
$8,617,765
Franklin
Moderate
Allocation
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
..........................
1,593,247,175
—
—
1,593,247,175
Short
Term
Investments
...................
9,082,624
1,035,931
—
10,118,555
Total
Investments
in
Securities
...........
$1,602,329,799
$1,035,931
$—
$1,603,365,730
a
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
b
Includes
foreign
securities
valued
at
$393,383,853,
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)
50
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
March
31,
2025,
the
reconciliation
is
as
follows:
Level
3
financial
instruments,
for
the
Franklin
LifeSmart™
Retirement
Income
Fund,
include
the
fair
value
of
assets
and/
or
liabilities
derived
from
recent
transactions,
private
transaction
prices,
or
non-public
third-party
pricing
information
that
is
unobservable.
Abbreviations
Balance
at
Beginning
of
Period
Purchases
Sales
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
.....
$
2,335,071
$
—
$
—
$
—
$
—
$
—
$
—
$
(112,639)
$
2,222,432
$
(112,639)
Total
Investments
in
Securities
............
$2,335,071
$—
$—
$—
$—
$—
$—
$(112,639)
$2,222,432
$(112,639)
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
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
PIK
Payment-In-Kind
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.