NPORT-EX 2 FFAS.htm PART F
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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
21
Franklin
LifeSmart
™
2030
Retirement
Target
Fund
23
Franklin
LifeSmart
™
2035
Retirement
Target
Fund
25
Franklin
LifeSmart
™
2040
Retirement
Target
Fund
27
Franklin
LifeSmart
™
2045
Retirement
Target
Fund
28
Franklin
LifeSmart
™
2050
Retirement
Target
Fund
29
Franklin
LifeSmart
™
2055
Retirement
Target
Fund
30
Franklin
LifeSmart
™
2060
Retirement
Target
Fund
31
Franklin
Moderate
Allocation
Fund
32
Notes
to
Schedules
of
Investments
34
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited),
March
31,
2026
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
97.4%
Alternative
Strategies
3.7%
a
Franklin
BSP
Lending
Fund
,
Class
R6
....................................
2,134,276
$
21,577,527
a
Franklin
Systematic
Style
Premia
ETF
....................................
332,826
9,052,867
30,630,394
Domestic
Equity
33.0%
a
Franklin
Growth
Fund
,
Class
R6
........................................
260,012
33,419,302
a
Franklin
Small
Cap
Enhanced
ETF
......................................
112,700
2,783,780
a
Franklin
U.S.
Core
Equity
(IU)
Fund
.....................................
7,076,289
133,741,853
a
Franklin
U.S.
Equity
Index
ETF
.........................................
278,023
15,811,168
a
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
.............................
483,202
32,683,783
a,b
Putnam
Large
Cap
Growth
Fund
,
Class
R6
................................
329,925
24,694,868
a
Putnam
Large
Cap
Value
Fund
,
Class
R6
.................................
869,701
34,431,452
277,566,206
Domestic
Fixed
Income
45.1%
a
Franklin
Investment
Grade
Corporate
ETF
.................................
4,444,199
95,194,743
a
Franklin
U.S.
Core
Bond
ETF
..........................................
9,283,793
199,508,712
a
Franklin
U.S.
Treasury
Bond
ETF
.......................................
4,156,848
84,924,405
379,627,860
Foreign
Equity
8.4%
a
ClearBridge
International
Growth
Fund
,
Class
IS
............................
29,909
2,128,001
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
............................
1,265,615
17,402,208
a
Franklin
FTSE
Japan
ETF
.............................................
199,125
7,204,343
a
Franklin
International
Core
Equity
(IU)
Fund
...............................
1,654,353
22,796,986
iShares
Core
MSCI
EAFE
ETF
.........................................
30,704
2,779,633
iShares
Core
MSCI
Emerging
Markets
ETF
................................
24,225
1,689,694
a
Templeton
Developing
Markets
Trust
,
Class
R6
.............................
479,399
13,193,054
a
Templeton
Foreign
Fund
,
Class
R6
......................................
372,574
3,461,214
70,655,133
Foreign
Fixed
Income
7.2%
a
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund
,
Class
IS
...............
3,559,954
30,829,200
a
Franklin
High
Yield
Corporate
ETF
......................................
659,856
15,928,924
Vanguard
Total
International
Bond
ETF
...................................
275,150
13,220,957
59,979,081
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$
711,820,023
)
...............................................................
818,458,674
a
a
a
a
Short
Term
Investments
2.6%
a
Money
Market
Funds
2.6%
a,c
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.578
%
.............
22,079,433
22,079,433
Total
Money
Market
Funds
(Cost
$
22,079,433
)
..................................
22,079,433
Total
Short
Term
Investments
(Cost
$
22,079,433
)
................................
22,079,433
a
Total
Investments
(Cost
$
733,899,456
)
100.0
%
..................................
$840,538,107
Other
Assets,
less
Liabilities
(0.0)
%
†
...........................................
(621,593)
Net
Assets
100.0%
...........................................................
$839,916,514
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
52
.
†
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,
2026
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
99.9%
Domestic
Equity
74.5%
a
Franklin
Growth
Fund
,
Class
R6
........................................
1,882,248
$
241,925,277
a,b
Franklin
Growth
Opportunities
Fund
,
Class
R6
.............................
4,676,060
232,119,619
a
Franklin
Mutual
Shares
Fund
,
Class
R6
...................................
9,229,336
233,409,897
707,454,793
Foreign
Equity
25.4%
a
Templeton
Growth
Fund,
Inc.
,
Class
R6
...................................
8,962,033
240,899,446
Total
Investments
In
Underlying
Funds
(Cost
$
634,212,346
)
......................
948,354,239
a
a
a
a
Short
Term
Investments
0.1%
a
Money
Market
Funds
0.1%
a,c
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.578
%
.............
1,286,459
1,286,459
Total
Money
Market
Funds
(Cost
$
1,286,459
)
...................................
1,286,459
Total
Short
Term
Investments
(Cost
$
1,286,459
)
.................................
1,286,459
a
Total
Investments
(Cost
$
635,498,805
)
100.0
%
..................................
$949,640,698
Other
Assets,
less
Liabilities
(0.0)
%
†
...........................................
(439,105)
Net
Assets
100.0%
...........................................................
$949,201,593
†
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,
2026
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
61.7%
Aerospace
&
Defense
1.0%
General
Electric
Co.
.................................
United
States
20,691
$
5,871,485
Leonardo
SpA
......................................
Italy
144,224
9,810,039
Rolls-Royce
Holdings
plc
.............................
United
Kingdom
571,000
8,674,875
Thales
SA
.........................................
France
7,227
2,119,283
26,475,682
Air
Freight
&
Logistics
2.2%
Deutsche
Post
AG
...................................
Germany
175,351
9,242,213
Expeditors
International
of
Washington,
Inc.
...............
United
States
67,236
9,630,213
FedEx
Corp.
.......................................
United
States
91,451
32,573,017
United
Parcel
Service,
Inc.
,
B
..........................
United
States
103,248
10,157,538
61,602,981
Automobiles
1.8%
Ford
Motor
Co.
.....................................
United
States
431,971
4,984,945
General
Motors
Co.
..................................
United
States
129,253
9,629,349
Kia
Corp.
.........................................
South
Korea
228,430
22,553,123
a
Tesla,
Inc.
.........................................
United
States
31,256
11,619,418
48,786,835
Banks
3.9%
AIB
Group
plc
......................................
Ireland
1,712,025
18,276,062
Citigroup,
Inc.
......................................
United
States
228,552
25,920,082
ING
Groep
NV
.....................................
Netherlands
454,583
11,799,466
JPMorgan
Chase
&
Co.
...............................
United
States
24,472
7,198,684
Mitsubishi
UFJ
Financial
Group,
Inc.
.....................
Japan
1,220,977
20,675,945
UniCredit
SpA
......................................
Italy
328,138
23,541,869
107,412,108
Biotechnology
1.9%
Amgen,
Inc.
.......................................
United
States
15,012
5,281,972
a
Genmab
A/S
.......................................
Denmark
21,231
5,717,965
Gilead
Sciences,
Inc.
................................
United
States
85,744
11,950,141
a
Incyte
Corp.
.......................................
United
States
94,905
8,932,459
a
Neurocrine
Biosciences,
Inc.
...........................
United
States
71,834
9,463,411
Regeneron
Pharmaceuticals,
Inc.
.......................
United
States
13,662
10,555,808
51,901,756
Broadline
Retail
1.7%
a
Amazon.com,
Inc.
...................................
United
States
222,586
46,357,986
Capital
Markets
1.0%
Deutsche
Bank
AG
..................................
Germany
356,564
10,611,375
SEI
Investments
Co.
.................................
United
States
142,721
11,199,317
Singapore
Exchange
Ltd.
.............................
Singapore
446,548
6,812,151
28,622,843
Chemicals
0.8%
Corteva,
Inc.
.......................................
United
States
114,284
9,566,713
Nitto
Denko
Corp.
...................................
Japan
144,700
2,894,612
Sherwin-Williams
Co.
(The)
............................
United
States
30,147
9,663,621
22,124,946
Communications
Equipment
0.8%
a
Arista
Networks,
Inc.
.................................
United
States
89,174
10,948,784
Telefonaktiebolaget
LM
Ericsson
,
B
......................
Sweden
979,650
11,168,241
22,117,025
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)
Consumer
Staples
Distribution
&
Retail
1.9%
Koninklijke
Ahold
Delhaize
NV
..........................
Netherlands
175,585
$
8,176,852
Kroger
Co.
(The)
....................................
United
States
136,243
9,858,544
Loblaw
Cos.
Ltd.
....................................
Canada
208,029
9,484,005
Target
Corp.
.......................................
United
States
87,364
10,588,517
Walmart,
Inc.
......................................
United
States
117,219
14,567,977
52,675,895
Diversified
REITs
0.1%
Stockland
.........................................
Australia
1,228,295
3,687,132
Diversified
Telecommunication
Services
0.2%
Bezeq
The
Israeli
Telecommunication
Corp.
Ltd.
............
Israel
2,216,502
5,302,808
LG
Uplus
Corp.
.....................................
South
Korea
156,110
1,623,490
6,926,298
Electric
Utilities
1.5%
Edison
International
.................................
United
States
209,676
15,344,090
Enel
SpA
.........................................
Italy
931,124
10,179,820
Korea
Electric
Power
Corp.
............................
South
Korea
237,447
6,750,700
NRG
Energy,
Inc.
...................................
United
States
56,818
8,303,382
40,577,992
Electrical
Equipment
1.1%
ABB
Ltd.
..........................................
Switzerland
128,911
10,481,492
Fujikura
Ltd.
.......................................
Japan
319,800
8,795,150
Mitsubishi
Electric
Corp.
..............................
Japan
287,402
9,400,084
b
Signify
NV
,
144A
,
Reg
S
..............................
United
States
131,449
2,799,758
31,476,484
Electronic
Equipment,
Instruments
&
Components
0.2%
Corning,
Inc.
.......................................
United
States
40,002
5,439,072
Entertainment
1.0%
NetEase,
Inc.
......................................
China
409,592
9,152,257
a
Netflix,
Inc.
........................................
United
States
190,997
18,364,361
27,516,618
Financial
Services
1.2%
Mastercard,
Inc.
,
A
..................................
United
States
32,350
16,164,001
MGIC
Investment
Corp.
...............................
United
States
328,187
8,614,909
PayPal
Holdings,
Inc.
................................
United
States
47,470
2,147,068
Western
Union
Co.
(The)
..............................
United
States
703,157
6,138,560
33,064,538
Gas
Utilities
0.3%
ENN
Energy
Holdings
Ltd.
.............................
China
517,112
4,210,541
Kunlun
Energy
Co.
Ltd.
...............................
China
3,287,476
3,003,922
7,214,463
Ground
Transportation
0.1%
Landstar
System,
Inc.
................................
United
States
18,357
2,942,811
Health
Care
Equipment
&
Supplies
0.6%
Fisher
&
Paykel
Healthcare
Corp.
Ltd.
....................
New
Zealand
79,835
1,731,101
Hoya
Corp.
........................................
Japan
83,315
14,443,524
16,174,625
Health
Care
Providers
&
Services
0.9%
HCA
Healthcare,
Inc.
.................................
United
States
7,484
3,541,728
UnitedHealth
Group,
Inc.
..............................
United
States
50,084
13,552,230
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
(continued)
Universal
Health
Services,
Inc.
,
B
.......................
United
States
40,832
$
7,307,703
24,401,661
Hotel
&
Resort
REITs
0.1%
Host
Hotels
&
Resorts,
Inc.
............................
United
States
200,488
3,841,350
Hotels,
Restaurants
&
Leisure
2.2%
a
Airbnb,
Inc.
,
A
......................................
United
States
77,587
9,797,686
Booking
Holdings,
Inc.
...............................
United
States
9,065
38,166,551
a
Chipotle
Mexican
Grill,
Inc.
,
A
..........................
United
States
182,687
5,847,811
Yum
China
Holdings,
Inc.
.............................
China
112,864
5,606,091
59,418,139
Industrial
Conglomerates
0.4%
Hitachi
Ltd.
........................................
Japan
380,376
11,158,517
Insurance
3.0%
Allstate
Corp.
(The)
..................................
United
States
48,799
10,117,985
American
International
Group,
Inc.
......................
United
States
119,628
9,002,007
Caixa
Seguridade
Participacoes
SA
.....................
Brazil
1,401,400
4,964,563
Everest
Group
Ltd.
..................................
United
States
26,986
8,820,374
Hartford
Insurance
Group,
Inc.
(The)
.....................
United
States
70,347
9,513,025
Loews
Corp.
.......................................
United
States
87,159
9,303,352
PICC
Property
&
Casualty
Co.
Ltd.
,
H
....................
China
4,455,492
8,201,572
Progressive
Corp.
(The)
..............................
United
States
51,715
10,251,981
Travelers
Cos.,
Inc.
(The)
.............................
United
States
40,187
11,721,744
81,896,603
Interactive
Media
&
Services
3.8%
Alphabet,
Inc.
,
A
....................................
United
States
225,629
64,881,875
b
Kuaishou
Technology
,
144A
,
Reg
S
......................
China
463,500
2,730,166
Meta
Platforms,
Inc.
,
A
...............................
United
States
62,281
35,632,829
103,244,870
IT
Services
0.5%
VeriSign,
Inc.
......................................
United
States
40,996
10,181,767
a
Wix.com
Ltd.
.......................................
Israel
34,222
3,082,375
13,264,142
Machinery
1.6%
Atlas
Copco
AB
,
B
...................................
Sweden
498,831
7,797,858
Caterpillar,
Inc.
.....................................
United
States
20,567
14,570,897
Schindler
Holding
AG
................................
Switzerland
13,648
4,495,554
Techtronic
Industries
Co.
Ltd.
..........................
Hong
Kong
670,953
8,910,414
Yangzijiang
Shipbuilding
Holdings
Ltd.
....................
China
2,908,340
8,638,907
44,413,630
Marine
Transportation
0.2%
SITC
International
Holdings
Co.
Ltd.
.....................
China
1,017,782
4,456,382
Media
0.4%
Fox
Corp.
,
B
.......................................
United
States
192,124
10,201,784
Metals
&
Mining
0.5%
China
Hongqiao
Group
Ltd.
............................
China
1,349,500
6,095,974
Newmont
Corp.
.....................................
United
States
70,403
7,621,125
13,717,099
Multi-Utilities
0.3%
Public
Service
Enterprise
Group,
Inc.
....................
United
States
116,136
9,401,209
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
2.2%
Exxon
Mobil
Corp.
...................................
United
States
30,539
$
5,181,247
ORLEN
SA
........................................
Poland
291,133
10,548,992
Parex
Resources,
Inc.
................................
Canada
552,062
10,849,957
PetroChina
Co.
Ltd.
,
H
...............................
China
12,574,000
17,249,786
Suncor
Energy,
Inc.
..................................
Canada
257,225
17,013,351
60,843,333
Passenger
Airlines
0.2%
International
Consolidated
Airlines
Group
SA
...............
United
Kingdom
1,414,797
6,715,069
Pharmaceuticals
3.1%
AstraZeneca
plc
....................................
United
Kingdom
73,761
14,423,226
Eli
Lilly
&
Co.
......................................
United
States
4,987
4,586,893
GSK
plc
..........................................
United
States
382,786
10,544,023
Johnson
&
Johnson
.................................
United
States
178,534
43,640,851
Novartis
AG
.......................................
United
States
57,680
8,853,559
Roche
Holding
AG
..................................
United
States
4,747
1,966,978
84,015,530
Professional
Services
1.1%
Computershare
Ltd.
.................................
Australia
304,306
6,001,665
Kanzhun
Ltd.
,
ADR
..................................
China
219,998
2,945,773
Recruit
Holdings
Co.
Ltd.
.............................
Japan
254,666
11,095,790
Wolters
Kluwer
NV
..................................
Netherlands
126,364
9,437,907
29,481,135
Residential
REITs
0.1%
Mid-America
Apartment
Communities,
Inc.
................
United
States
27,905
3,407,759
Retail
REITs
0.3%
Simon
Property
Group,
Inc.
............................
United
States
42,219
7,875,110
Semiconductors
&
Semiconductor
Equipment
8.9%
Advantest
Corp.
....................................
Japan
72,156
9,958,009
Applied
Materials,
Inc.
................................
United
States
18,287
6,250,314
ASML
Holding
NV
...................................
Netherlands
4,579
6,088,956
Broadcom,
Inc.
.....................................
United
States
56,893
17,608,952
KLA
Corp.
.........................................
United
States
33,633
49,521,566
Lam
Research
Corp.
.................................
United
States
48,429
10,347,340
MediaTek,
Inc.
.....................................
Taiwan
199,206
9,554,950
NVIDIA
Corp.
......................................
United
States
504,652
88,011,309
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
,
ADR
.........
Taiwan
103,596
35,010,268
Tokyo
Electron
Ltd.
..................................
Japan
50,900
12,646,154
244,997,818
Software
2.3%
a
Adobe,
Inc.
........................................
United
States
43,477
10,568,389
a
Dropbox,
Inc.
,
A
....................................
United
States
118,904
2,701,499
Microsoft
Corp.
.....................................
United
States
110,109
40,759,048
Sage
Group
plc
(The)
................................
United
Kingdom
763,664
8,557,155
62,586,091
Specialty
Retail
0.3%
a
AutoZone,
Inc.
.....................................
United
States
1,266
4,276,269
Lowe's
Cos.,
Inc.
....................................
United
States
13,677
3,231,602
7,507,871
Technology
Hardware,
Storage
&
Peripherals
4.1%
Anker
Innovations
Technology
Co.
Ltd.
,
A
.................
China
593,939
9,445,414
Apple,
Inc.
........................................
United
States
313,004
79,437,285
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)
Technology
Hardware,
Storage
&
Peripherals
(continued)
Samsung
Electronics
Co.
Ltd.
..........................
South
Korea
183,341
$
21,443,818
Western
Digital
Corp.
................................
United
States
6,050
1,636,465
111,962,982
Textiles,
Apparel
&
Luxury
Goods
0.2%
Ralph
Lauren
Corp.
,
A
................................
United
States
19,280
6,632,127
Tobacco
0.4%
Altria
Group,
Inc.
....................................
United
States
150,765
9,948,982
Trading
Companies
&
Distributors
0.5%
Rexel
SA
.........................................
France
111,256
4,408,633
WW
Grainger,
Inc.
...................................
United
States
9,069
9,892,556
14,301,189
Wireless
Telecommunication
Services
0.8%
SK
Telecom
Co.
Ltd.
.................................
South
Korea
163,911
8,480,802
TIM
SA
...........................................
Brazil
818,000
4,336,473
Vodafone
Group
plc
.................................
United
Kingdom
5,939,151
8,958,329
21,775,604
Total
Common
Stocks
(Cost
$
1,309,591,702
)
..................................
1,694,564,076
Management
Investment
Companies
7.1%
Capital
Markets
7.1%
c
Clarion
Partners
Real
Estate
Income
Fund,
Inc.
,
Class
I
......
United
States
1,322,751
15,000,000
c
Franklin
BSP
Lending
Fund
,
Class
R6
....................
United
States
7,017,508
70,947,010
c
Franklin
BSP
Private
Credit
Fund
,
Class
Advisor
............
United
States
2,078,193
20,116,911
c
Franklin
FTSE
India
ETF
..............................
United
States
165,050
5,482,961
c
Franklin
High
Yield
Corporate
ETF
......................
United
States
205,000
4,948,700
c
Franklin
Systematic
Style
Premia
ETF
....................
United
States
2,225,000
60,520,000
VanEck
J.P.
Morgan
EM
Local
Currency
Bond
ETF
..........
United
States
773,281
19,417,086
196,432,668
Total
Management
Investment
Companies
(Cost
$
192,627,132
)
.................
196,432,668
Preferred
Stocks
0.3%
Banks
0.3%
d
Itausa
SA
,
5
.44
%
...................................
Brazil
3,341,252
9,017,771
Total
Preferred
Stocks
(Cost
$
6,582,715
)
.....................................
9,017,771
Principal
Amount
*
Corporate
Bonds
6.7%
Automobile
Components
0.1%
b
Dornoch
Debt
Merger
Sub,
Inc.
,
Senior
Note
,
144A,
6.625
%
,
10/15/29
........................................
United
States
3,250,000
2,904,616
Banks
0.6%
JPMorgan
Chase
&
Co.
,
Sub.
Bond
,
5.576%
to
7/22/35,
FRN
thereafter
,
7/23/36
.................................
United
States
6,482,000
6,566,729
b
UniCredit
SpA
,
Senior
Preferred
Bond
,
144A,
3.127%
to
6/02/31,
FRN
thereafter
,
6/03/32
.............................
Italy
9,889,000
9,091,008
15,657,737
Biotechnology
0.4%
AbbVie,
Inc.
,
Senior
Bond
,
5.4
%
,
3/15/54
.................
United
States
9,088,000
8,683,830
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
Global
Allocation
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
10
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Biotechnology
(continued)
b
Grifols
SA
,
Senior
Note
,
144A,
4.75
%
,
10/15/28
............
Spain
1,862,000
$
1,824,927
10,508,757
Broadline
Retail
0.2%
Alibaba
Group
Holding
Ltd.
,
Senior
Bond
,
3.4
%
,
12/06/27
.....
China
6,300,000
6,228,793
Capital
Markets
0.3%
b
Amvest
RCF
Custodian
BV
,
Senior
Note
,
Reg
S,
3.875
%
,
3/25/30
Netherlands
1,400,000
EUR
1,610,662
Deutsche
Bank
AG
,
Senior
Non-Preferred
Bond
,
3.547%
to
9/17/30,
FRN
thereafter
,
9/18/31
......................
Germany
5,817,000
5,470,456
b
Jane
Street
Group
/
JSG
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
7.125
%
,
4/30/31
..............................
United
States
1,228,000
1,263,079
8,344,197
Chemicals
0.2%
b
Cerdia
Finanz
GmbH
,
Senior
Secured
Note
,
144A,
9.375
%
,
10/03/31
........................................
Germany
5,825,000
5,798,962
Consumer
Finance
0.4%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
,
Senior
Bond
,
3.4
%
,
10/29/33
.........................
Ireland
3,956,000
3,502,145
Senior
Note
,
2.45
%
,
10/29/26
........................
Ireland
5,527,000
5,467,002
OneMain
Finance
Corp.
,
Senior
Bond
,
5.375
%
,
11/15/29
......
United
States
1,308,000
1,262,296
10,231,443
Diversified
Telecommunication
Services
0.4%
Comcast
Corp.
,
Senior
Bond
,
3.75
%
,
4/01/40
..............
United
States
6,272,000
5,088,322
b
Orange
SA
,
Senior
Bond
,
Reg
S,
1.875
%
,
9/12/30
...........
France
4,900,000
EUR
5,296,977
10,385,299
Electric
Utilities
0.3%
MidAmerican
Energy
Co.
,
Senior
Bond
,
4.25
%
,
5/01/46
.......
United
States
10,392,000
8,556,196
Financial
Services
0.2%
b
Woodside
Finance
Ltd.
,
Senior
Bond
,
144A,
4.5
%
,
3/04/29
....
Australia
4,654,000
4,636,050
Food
Products
0.6%
b
,e
Chobani
Holdco
II
LLC
,
Senior
Note
,
144A,
PIK,
8.75
%
,
10/01/29
United
States
9,434,504
10,060,917
JBS
NV
/
JBS
USA
Foods
Group
Holdings,
Inc.
/
JBS
USA
Food
Co.
Holdings
,
Senior
Note
,
3.75
%
,
12/01/31
........................
United
States
4,800,000
4,492,440
Senior
Note
,
3
%
,
5/15/32
...........................
United
States
1,310,362
1,165,256
15,718,613
Ground
Transportation
0.2%
b
Ashtead
Capital,
Inc.
,
Senior
Bond
,
144A,
5.5
%
,
8/11/32
......
United
Kingdom
6,981,000
7,082,007
Hotel
&
Resort
REITs
0.2%
b
RHP
Hotel
Properties
LP
/
RHP
Finance
Corp.
,
Senior
Note
,
144A,
6.5
%
,
6/15/33
...............................
United
States
5,350,000
5,451,575
Household
Durables
0.2%
Newell
Brands,
Inc.
,
Senior
Note
,
6.625
%
,
5/15/32
..........
United
States
5,856,000
5,610,218
Machinery
0.2%
b
Terex
Corp.
,
Senior
Note
,
144A,
6.25
%
,
10/15/32
...........
United
States
5,176,000
5,214,526
Media
0.3%
Paramount
Global
,
Senior
Bond
,
4.95
%
,
1/15/31
............
United
States
9,346,000
8,661,017
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)
Metals
&
Mining
0.5%
ArcelorMittal
SA
,
Senior
Bond
,
4.25
%
,
7/16/29
.............
Luxembourg
6,981,000
$
6,959,824
b
Glencore
Funding
LLC
,
Senior
Bond
,
144A,
2.5
%
,
9/01/30
....
Australia
8,144,000
7,408,401
14,368,225
Oil,
Gas
&
Consumable
Fuels
0.8%
b
Aker
BP
ASA
,
Senior
Bond
,
144A,
3.1
%
,
7/15/31
............
Norway
9,191,000
8,399,459
Canadian
Natural
Resources
Ltd.
,
Senior
Bond
,
3.85
%
,
6/01/27
Canada
6,399,000
6,364,382
b
Crescent
Energy
Finance
LLC
,
Senior
Note
,
144A,
7.375
%
,
1/15/33
.........................................
United
States
7,450,000
7,453,683
22,217,524
Pharmaceuticals
0.4%
AstraZeneca
plc
,
Senior
Bond
,
4
%
,
1/17/29
................
United
Kingdom
4,654,000
4,644,071
Takeda
Pharmaceutical
Co.
Ltd.
,
Senior
Note
,
5
%
,
11/26/28
...
Japan
6,500,000
6,587,969
11,232,040
Trading
Companies
&
Distributors
0.1%
b
Herc
Holdings,
Inc.
,
Senior
Note
,
144A,
7
%
,
6/15/30
.........
United
States
3,876,000
3,977,102
Wireless
Telecommunication
Services
0.1%
Vodafone
Group
plc
,
Senior
Bond
,
6.15
%
,
2/27/37
...........
United
Kingdom
2,680,000
2,875,819
Total
Corporate
Bonds
(Cost
$
183,813,684
)
...................................
185,660,716
Foreign
Government
and
Agency
Securities
14.8%
Asian
Development
Bank
,
Senior
Note
,
4.875
%
,
5/21/26
......
Supranational
f
16,478,000
16,500,731
Australia
Government
Bond
,
b
Reg
S,
1
%
,
11/21/31
...............................
Australia
22,871,000
AUD
12,899,709
b
Belgium
Government
Bond
,
Senior
Bond
,
144A,
Reg
S,
0.35
%
,
6/22/32
.........................................
Belgium
4,833,114
EUR
4,708,141
g
Brazil
Notas
do
Tesouro
Nacional
,
Index
Linked,
6
%
,
8/15/26
..
Brazil
37,210,048
BRL
7,143,012
b
Bundesrepublik
Deutschland
Bundesanleihe
,
Reg
S,
8/15/30
....................................
Germany
16,633,000
EUR
17,125,106
Reg
S,
2.3
%
,
2/15/33
...............................
Germany
34,723,602
EUR
38,786,429
Reg
S,
1
%
,
5/15/38
................................
Germany
22,214,198
EUR
20,073,267
Reg
S,
2.5
%
,
8/15/54
...............................
Germany
2,303,832
EUR
2,207,078
b
Bundesschatzanweisungen
,
Reg
S,
1.7
%
,
6/10/27
..........
Germany
10,373,600
EUR
11,867,134
Canada
Government
Bond
,
3.25
%
,
9/01/28
...................................
Canada
34,072,000
CAD
24,705,935
2.5
%
,
12/01/32
...................................
Canada
41,137,000
CAD
28,263,316
2.75
%
,
6/01/33
...................................
Canada
19,081,000
CAD
13,253,964
China
Government
Bond
,
2.5
%
,
7/25/27
....................................
China
121,580,000
CNY
17,915,773
2.44
%
,
10/15/27
...................................
China
47,210,000
CNY
6,969,780
b
Finland
Government
Bond
,
Senior
Bond
,
144A,
Reg
S,
0.125
%
,
9/15/31
.............
Finland
2,437,000
EUR
2,412,757
Senior
Bond
,
144A,
Reg
S,
0.5
%
,
4/15/43
...............
Finland
2,085,000
EUR
1,432,184
b
France
Government
Bond
,
144A,
Reg
S,
2.75
%
,
2/25/30
.........................
France
4,770,335
EUR
5,457,324
144A,
Reg
S,
11/25/31
..............................
France
5,786,000
EUR
5,588,031
144A,
Reg
S,
2
%
,
11/25/32
..........................
France
10,670,996
EUR
11,340,253
Japan
Government
Bond
,
0.5
%
,
6/20/29
....................................
Japan
2,802,000,000
JPY
17,084,158
1.4
%
,
3/20/35
....................................
Japan
1,445,850,000
JPY
8,483,601
2.4
%
,
3/20/55
....................................
Japan
707,550,000
JPY
3,447,247
b
Netherlands
Government
Bond
,
144A,
Reg
S,
3.25
%
,
1/15/44
..
Netherlands
2,432,271
EUR
2,748,455
b
New
Zealand
Government
Bond
,
Reg
S,
3.5
%
,
4/14/33
.......
New
Zealand
12,660,000
NZD
6,856,954
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)
b
Portugal
Obrigacoes
do
Tesouro
,
Senior
Bond
,
144A,
Reg
S,
2.875
%
,
7/21/26
...................................
Portugal
6,298,945
EUR
$
7,292,801
Spain
Bonos
Y
Obligaciones
del
Estado
,
b
Senior
Bond
,
144A,
Reg
S,
2.7
%
,
10/31/48
..............
Spain
2,008,000
EUR
1,868,793
Senior
Note
,
2.5
%
,
5/31/27
..........................
Spain
3,087,000
EUR
3,562,362
Senior
Note
,
3.5
%
,
5/31/29
..........................
Spain
4,964,000
EUR
5,856,988
b
United
Kingdom
Gilt
,
Reg
S,
4.125
%
,
1/29/27
.............................
United
Kingdom
37,373,008
GBP
49,381,620
Reg
S,
4.375
%
,
3/07/30
.............................
United
Kingdom
11,002,284
GBP
14,538,450
Reg
S,
4.625
%
,
1/31/34
.............................
United
Kingdom
15,140,000
GBP
19,868,156
Reg
S,
4.5
%
,
12/07/42
..............................
United
Kingdom
13,370,859
GBP
16,015,087
Total
Foreign
Government
and
Agency
Securities
(Cost
$
405,668,752
)
..........
405,654,596
U.S.
Government
and
Agency
Securities
3.9%
U.S.
Treasury
Bonds
,
4.125
%,
8/15/44
..................................
United
States
9,929,000
9,010,762
1.25
%,
5/15/50
...................................
United
States
10,770,900
5,114,915
4.75
%,
5/15/55
...................................
United
States
5,150,100
5,016,318
U.S.
Treasury
Notes
,
3.875
%,
5/31/27
..................................
United
States
21,009,200
21,024,793
4
%,
1/31/29
.....................................
United
States
24,915,000
25,031,302
0.625
%,
5/15/30
..................................
United
States
11,950,600
10,469,846
2.75
%,
8/15/32
...................................
United
States
19,769,600
18,289,197
3.875
%,
8/15/34
..................................
United
States
13,796,500
13,447,545
Total
U.S.
Government
and
Agency
Securities
(Cost
$
106,482,542
)
..............
107,404,678
Mortgage-Backed
Securities
2.8%
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Fixed
Rate
1.4%
FHLMC
Pool,
30
Year
,
2
%,
7/01/51
......................
United
States
4,848,881
3,938,097
FHLMC
Pool,
30
Year
,
5
%,
7/01/53
......................
United
States
4,759,854
4,713,445
FHLMC
Pool,
30
Year
,
5
%,
9/01/53
......................
United
States
16,043,035
15,886,613
FHLMC
Pool,
30
Year
,
6
%,
3/01/54
-
8/01/54
...............
United
States
4,796,256
4,896,798
FHLMC
Pool,
30
Year
,
6.5
%,
5/01/55
.....................
United
States
8,743,681
9,045,689
38,480,642
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
1.4%
FNMA,
30
Year
,
2
%,
4/01/52
...........................
United
States
2,999,059
2,427,907
FNMA,
30
Year
,
2.5
%,
12/01/51
.........................
United
States
4,311,691
3,637,160
FNMA,
30
Year
,
3
%,
4/01/52
...........................
United
States
3,978,798
3,505,164
FNMA,
30
Year
,
5.5
%,
3/01/54
-
12/01/54
.................
United
States
17,470,813
17,572,990
FNMA,
30
Year
,
6
%,
7/01/55
...........................
United
States
10,483,388
10,692,155
37,835,376
Total
Mortgage-Backed
Securities
(Cost
$
75,357,342
)
..........................
76,316,018
Total
Long
Term
Investments
(Cost
$
2,280,123,869
)
...........................
2,675,050,523
a
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
Global
Allocation
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
13
Short
Term
Investments
2.4%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
2.4%
c,h
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.578
%
.........................................
United
States
66,461,420
$
66,461,420
Total
Money
Market
Funds
(Cost
$
66,461,420
)
................................
66,461,420
Total
Short
Term
Investments
(Cost
$
66,461,420
)
..............................
66,461,420
a
Total
Investments
(Cost
$
2,346,585,289
)
99.7
%
................................
$2,741,511,943
Other
Assets,
less
Liabilities
0.3
%
...........................................
6,838,920
Net
Assets
100.0%
.........................................................
$2,748,350,863
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,
2026,
the
aggregate
value
of
these
securities
was
$345,471,604,
representing
12.6%
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
Income
may
be
received
in
additional
securities
and/or
cash.
f
A
supranational
organization
is
an
entity
formed
by
two
or
more
central
governments
through
international
treaties.
g
Principal
amount
of
security,
redemption
price
at
maturity,
and/or
coupon
payments
are
adjusted
for
inflation.
h
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,
2026,
the
Fund
had
the
following futures
contracts
outstanding.
At
March
31,
2026,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
See
Abbreviations
on
page
52
.
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Equity
contracts
Euro
STOXX
50
Index
.........................
Short
425
$
26,993,432
6/19/26
$
919,540
FTSE
Taiwan
Index
...........................
Long
135
13,948,200
4/29/26
(
819,850
)
KOSPI
200
Index
............................
Long
54
6,603,908
6/11/26
(
204,998
)
MSCI
EAFE
Index
............................
Short
125
18,131,875
6/19/26
128,951
MSCI
Emerging
Markets
Index
..................
Short
115
8,363,950
6/19/26
57,447
S&P
500
E-Mini
Index
.........................
Short
214
70,307,025
6/18/26
1,700,434
TOPIX
Index
................................
Long
124
27,377,587
6/11/26
(
351,963
)
Total
Futures
Contracts
......................................................................
$1,429,561
*
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
76,665,000
103,374,118
4/08/26
$
1,901,770
$
—
Canadian
Dollar
....
BZWS
Sell
91,834,000
67,026,422
4/08/26
993,257
—
Chinese
Yuan
......
BZWS
Sell
171,953,000
24,726,425
4/08/26
—
(
250,797
)
Euro
.............
BZWS
Sell
125,300,000
147,161,129
4/08/26
2,292,634
—
New
Zealand
Dollar
.
BZWS
Sell
12,120,000
7,371,841
5/12/26
397,153
—
Total
Forward
Exchange
Contracts
...................................................
$5,584,814
$(250,797)
Net
unrealized
appreciation
(depreciation)
............................................
$5,334,017
*
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,
2026
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
97.4%
Alternative
Strategies
3.6%
a
Franklin
BSP
Lending
Fund
,
Class
R6
....................................
3,701,989
$
37,427,111
a
Franklin
Systematic
Style
Premia
ETF
....................................
559,832
15,227,430
52,654,541
Domestic
Equity
64.7%
a
Franklin
Growth
Fund
,
Class
R6
........................................
876,939
112,712,955
a
Franklin
Small
Cap
Enhanced
ETF
......................................
379,950
9,385,069
a
Franklin
U.S.
Core
Equity
(IU)
Fund
.....................................
18,177,299
343,550,948
a
Franklin
U.S.
Equity
Index
ETF
.........................................
2,820,275
160,389,039
a
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
.............................
1,629,051
110,189,010
a,b
Putnam
Large
Cap
Growth
Fund
,
Class
R6
................................
1,112,696
83,285,277
a
Putnam
Large
Cap
Value
Fund
,
Class
R6
.................................
2,932,852
116,111,617
935,623,915
Domestic
Fixed
Income
11.3%
a
Franklin
Investment
Grade
Corporate
ETF
.................................
1,862,147
39,887,189
a
Franklin
U.S.
Core
Bond
ETF
..........................................
3,833,788
82,388,104
a
Franklin
U.S.
Treasury
Bond
ETF
.......................................
1,992,093
40,698,460
162,973,753
Foreign
Equity
16.5%
a
ClearBridge
International
Growth
Fund
,
Class
IS
............................
100,840
7,174,793
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
............................
4,264,877
58,642,061
a
Franklin
FTSE
Japan
ETF
.............................................
671,050
24,278,589
a
Franklin
International
Core
Equity
(IU)
Fund
...............................
5,577,110
76,852,577
iShares
Core
MSCI
EAFE
ETF
.........................................
103,522
9,371,847
iShares
Core
MSCI
Emerging
Markets
ETF
................................
81,650
5,695,088
a
Templeton
Developing
Markets
Trust
,
Class
R6
.............................
1,615,593
44,461,120
a
Templeton
Foreign
Fund
,
Class
R6
......................................
1,256,070
11,668,888
238,144,963
Foreign
Fixed
Income
1.3%
a
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund
,
Class
IS
...............
1,467,188
12,705,846
Vanguard
Total
International
Bond
ETF
...................................
113,400
5,448,870
18,154,716
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$
1,011,609,140
)
..............................................................
1,407,551,888
a
a
a
a
Short
Term
Investments
2.7%
a
Money
Market
Funds
2.7%
a,c
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.578
%
.............
38,955,860
38,955,860
Total
Money
Market
Funds
(Cost
$
38,955,860
)
..................................
38,955,860
Total
Short
Term
Investments
(Cost
$
38,955,860
)
................................
38,955,860
a
Total
Investments
(Cost
$
1,050,565,000
)
100.1
%
................................
$1,446,507,748
Other
Assets,
less
Liabilities
(
0.1
)
%
...........................................
(2,111,641)
Net
Assets
100.0%
...........................................................
$1,444,396,107
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
52
.
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,
2026
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
92.2%
Domestic
Equity
24.2%
a
ClearBridge
Tactical
Dividend
Income
Fund
,
Class
IS
........................
131,547
$
3,300,511
a
Franklin
U.S.
Core
Equity
(IU)
Fund
.....................................
118,015
2,230,491
JPMorgan
Equity
Premium
Income
ETF
..................................
56,875
3,223,675
JPMorgan
Nasdaq
Equity
Premium
Income
ETF
............................
30,625
1,700,300
10,454,977
Domestic
Fixed
Income
35.9%
a
Franklin
Investment
Grade
Corporate
ETF
.................................
155,879
3,338,928
a
Franklin
U.S.
Core
Bond
ETF
..........................................
391,019
8,402,998
a
Franklin
U.S.
Treasury
Bond
ETF
.......................................
184,225
3,763,717
15,505,643
Foreign
Equity
10.6%
a
Franklin
International
Core
Dividend
Tilt
Index
ETF
..........................
82,450
3,282,334
a
Templeton
Developing
Markets
Trust
,
Class
R6
.............................
46,867
1,289,784
4,572,118
Foreign
Fixed
Income
21.5%
a
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund
,
Class
IS
...............
193,682
1,677,285
a
BrandywineGLOBAL
High
Yield
Fund
,
Class
IS
.............................
432,589
4,278,307
a
Franklin
High
Yield
Corporate
ETF
......................................
137,505
3,319,371
9,274,963
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$
38,532,227
)
................................................................
39,807,701
Units
a
a
a
a
Index-Linked
Notes
5.4%
Capital
Markets
5.4%
b,c
UBS
AG
into
S&P
500
Index
,
Senior
Note
,
7.12
%
,
5/07/27
.....................
1,999
2,352,124
Total
Index-Linked
Notes
(Cost
$
2,099,710
)
.....................................
2,352,124
Total
Long
Term
Investments
(Cost
$
40,631,937
)
................................
42,159,825
a
a
a
a
a
Short
Term
Investments
2.3%
Shares
a
Money
Market
Funds
2.3%
a,d
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.578
%
.............
982,403
982,403
Total
Money
Market
Funds
(Cost
$
982,403
)
.....................................
982,403
Total
Short
Term
Investments
(Cost
$
982,403
)
..................................
982,403
a
Total
Investments
(Cost
$
41,614,340
)
99.9
%
....................................
$43,142,228
Other
Assets,
less
Liabilities
0.1
%
.............................................
44,178
Net
Assets
100.0%
...........................................................
$43,186,406
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
52
.
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,
2026
Franklin
LifeSmart™
2020
Retirement
Target
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
19
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
97.2%
Alternative
Strategies
1.0%
a
Franklin
Systematic
Style
Premia
ETF
....................................
9,585
$
260,712
Domestic
Equity
28.7%
a
Franklin
Growth
Fund
,
Class
R6
........................................
6,758
868,582
a
Franklin
U.S.
Core
Equity
(IU)
Fund
.....................................
183,917
3,476,037
a
Franklin
U.S.
Equity
Index
ETF
.........................................
8,475
481,973
a
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
.............................
12,553
849,085
a,b
Putnam
Large
Cap
Growth
Fund
,
Class
R6
................................
8,575
641,838
a
Putnam
Large
Cap
Value
Fund
,
Class
R6
.................................
22,604
894,892
7,212,407
Domestic
Fixed
Income
43.3%
a
Franklin
Investment
Grade
Corporate
ETF
.................................
124,778
2,672,745
a
Franklin
U.S.
Core
Bond
ETF
..........................................
267,063
5,739,184
a
Franklin
U.S.
Treasury
Bond
ETF
.......................................
121,873
2,489,865
10,901,794
Foreign
Equity
15.0%
a
ClearBridge
International
Growth
Fund
,
Class
IS
............................
1,834
130,507
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
............................
55,058
757,050
a
Franklin
FTSE
Japan
ETF
.............................................
12,250
443,205
a
Franklin
International
Core
Equity
(IU)
Fund
...............................
101,544
1,399,277
iShares
Core
MSCI
EAFE
ETF
.........................................
1,879
170,106
iShares
Core
MSCI
Emerging
Markets
ETF
................................
1,050
73,237
a
Templeton
Developing
Markets
Trust
,
Class
R6
.............................
20,851
573,807
a
Templeton
Foreign
Fund
,
Class
R6
......................................
22,861
212,382
3,759,571
Foreign
Fixed
Income
9.2%
a
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund
,
Class
IS
...............
106,860
925,411
a
Franklin
High
Yield
Corporate
ETF
......................................
40,338
973,759
Vanguard
Total
International
Bond
ETF
...................................
8,250
396,413
2,295,583
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$
21,244,233
)
................................................................
24,430,067
a
a
a
a
Short
Term
Investments
3.1%
a
Money
Market
Funds
3.1%
a,c
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.578
%
.............
777,416
777,416
Total
Money
Market
Funds
(Cost
$
777,416
)
.....................................
777,416
Total
Short
Term
Investments
(Cost
$
777,416
)
..................................
777,416
a
Total
Investments
(Cost
$
22,021,649
)
100.3
%
...................................
$25,207,483
Other
Assets,
less
Liabilities
(
0.3
)
%
...........................................
(73,995)
Net
Assets
100.0%
...........................................................
$25,133,488
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
LifeSmart™
2020
Retirement
Target
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
20
See
Abbreviations
on
page
52
.
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,
2026
Franklin
LifeSmart™
2025
Retirement
Target
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
21
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
97.5%
Alternative
Strategies
1.1%
a
Franklin
Systematic
Style
Premia
ETF
....................................
41,508
$
1,129,018
Domestic
Equity
34.7%
a
Franklin
Growth
Fund
,
Class
R6
........................................
34,889
4,484,262
a
Franklin
U.S.
Core
Equity
(IU)
Fund
.....................................
949,500
17,945,545
a
Franklin
U.S.
Equity
Index
ETF
.........................................
43,825
2,492,328
a
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
.............................
64,811
4,383,816
a,b
Putnam
Large
Cap
Growth
Fund
,
Class
R6
................................
44,269
3,313,560
a
Putnam
Large
Cap
Value
Fund
,
Class
R6
.................................
116,689
4,619,737
37,239,248
Domestic
Fixed
Income
36.1%
a
Franklin
Investment
Grade
Corporate
ETF
.................................
444,015
9,510,801
a
Franklin
U.S.
Core
Bond
ETF
..........................................
950,358
20,423,193
a
Franklin
U.S.
Treasury
Bond
ETF
.......................................
433,663
8,859,735
38,793,729
Foreign
Equity
18.0%
a
ClearBridge
International
Growth
Fund
,
Class
IS
............................
9,463
673,295
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
............................
284,571
3,912,858
a
Franklin
FTSE
Japan
ETF
.............................................
63,225
2,287,481
a
Franklin
International
Core
Equity
(IU)
Fund
...............................
523,838
7,218,483
iShares
Core
MSCI
EAFE
ETF
.........................................
9,742
881,943
iShares
Core
MSCI
Emerging
Markets
ETF
................................
5,450
380,137
a
Templeton
Developing
Markets
Trust
,
Class
R6
.............................
107,770
2,965,838
a
Templeton
Foreign
Fund
,
Class
R6
......................................
117,938
1,095,646
19,415,681
Foreign
Fixed
Income
7.6%
a
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund
,
Class
IS
...............
380,247
3,292,939
a
Franklin
High
Yield
Corporate
ETF
......................................
143,578
3,465,973
Vanguard
Total
International
Bond
ETF
...................................
29,375
1,411,469
8,170,381
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$
86,592,128
)
................................................................
104,748,057
a
a
a
a
Short
Term
Investments
2.7%
a
Money
Market
Funds
2.7%
a,c
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.578
%
.............
2,909,423
2,909,423
Total
Money
Market
Funds
(Cost
$
2,909,423
)
...................................
2,909,423
Total
Short
Term
Investments
(Cost
$
2,909,423
)
.................................
2,909,423
a
Total
Investments
(Cost
$
89,501,551
)
100.2
%
...................................
$107,657,480
Other
Assets,
less
Liabilities
(
0.2
)
%
...........................................
(199,773)
Net
Assets
100.0%
...........................................................
$107,457,707
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
LifeSmart™
2025
Retirement
Target
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
22
See
Abbreviations
on
page
52
.
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,
2026
Franklin
LifeSmart™
2030
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
97.2%
Alternative
Strategies
1.0%
a
Franklin
Systematic
Style
Premia
ETF
....................................
32,011
$
870,699
Domestic
Equity
40.4%
a
Franklin
Growth
Fund
,
Class
R6
........................................
31,441
4,041,173
a
Franklin
U.S.
Core
Equity
(IU)
Fund
.....................................
855,673
16,172,226
a
Franklin
U.S.
Equity
Index
ETF
.........................................
39,496
2,246,138
a
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
.............................
58,395
3,949,838
a,b
Putnam
Large
Cap
Growth
Fund
,
Class
R6
................................
39,895
2,986,117
a
Putnam
Large
Cap
Value
Fund
,
Class
R6
.................................
105,156
4,163,121
33,558,613
Domestic
Fixed
Income
28.8%
a
Franklin
Investment
Grade
Corporate
ETF
.................................
273,829
5,865,417
a
Franklin
U.S.
Core
Bond
ETF
..........................................
586,100
12,595,289
a
Franklin
U.S.
Treasury
Bond
ETF
.......................................
267,443
5,463,861
23,924,567
Foreign
Equity
21.0%
a
ClearBridge
International
Growth
Fund
,
Class
IS
............................
8,523
606,443
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
............................
256,399
3,525,487
a
Franklin
FTSE
Japan
ETF
.............................................
56,925
2,059,547
a
Franklin
International
Core
Equity
(IU)
Fund
...............................
471,809
6,501,531
iShares
Core
MSCI
EAFE
ETF
.........................................
8,782
795,034
iShares
Core
MSCI
Emerging
Markets
ETF
................................
4,900
341,775
a
Templeton
Developing
Markets
Trust
,
Class
R6
.............................
97,103
2,672,270
a
Templeton
Foreign
Fund
,
Class
R6
......................................
106,226
986,837
17,488,924
Foreign
Fixed
Income
6.0%
a
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund
,
Class
IS
...............
234,507
2,030,830
a
Franklin
High
Yield
Corporate
ETF
......................................
88,539
2,137,331
Vanguard
Total
International
Bond
ETF
...................................
18,125
870,906
5,039,067
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$
65,661,916
)
................................................................
80,881,870
a
a
a
a
Short
Term
Investments
2.7%
a
Money
Market
Funds
2.7%
a,c
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.578
%
.............
2,220,266
2,220,266
Total
Money
Market
Funds
(Cost
$
2,220,266
)
...................................
2,220,266
Total
Short
Term
Investments
(Cost
$
2,220,266
)
.................................
2,220,266
a
Total
Investments
(Cost
$
67,882,182
)
99.9
%
....................................
$83,102,136
Other
Assets,
less
Liabilities
0.1
%
.............................................
87,879
Net
Assets
100.0%
...........................................................
$83,190,015
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
LifeSmart™
2030
Retirement
Target
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
24
See
Abbreviations
on
page
52
.
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,
2026
Franklin
LifeSmart™
2035
Retirement
Target
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
25
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
97.2%
Alternative
Strategies
1.1%
a
Franklin
Systematic
Style
Premia
ETF
....................................
59,350
$
1,614,320
Domestic
Equity
46.1%
a
Franklin
Growth
Fund
,
Class
R6
........................................
66,309
8,522,749
a
Franklin
U.S.
Core
Equity
(IU)
Fund
.....................................
1,804,610
34,107,124
a
Franklin
U.S.
Equity
Index
ETF
.........................................
83,312
4,737,953
a
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
.............................
123,199
8,333,180
a,b
Putnam
Large
Cap
Growth
Fund
,
Class
R6
................................
84,138
6,297,717
a
Putnam
Large
Cap
Value
Fund
,
Class
R6
.................................
221,778
8,780,206
70,778,929
Domestic
Fixed
Income
21.5%
a
Franklin
Investment
Grade
Corporate
ETF
.................................
378,846
8,114,881
a
Franklin
U.S.
Core
Bond
ETF
..........................................
810,884
17,425,897
a
Franklin
U.S.
Treasury
Bond
ETF
.......................................
370,018
7,559,468
33,100,246
Foreign
Equity
24.0%
a
ClearBridge
International
Growth
Fund
,
Class
IS
............................
17,984
1,279,529
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
............................
540,795
7,435,925
a
Franklin
FTSE
Japan
ETF
.............................................
120,150
4,347,027
a
Franklin
International
Core
Equity
(IU)
Fund
...............................
995,494
13,717,909
iShares
Core
MSCI
EAFE
ETF
.........................................
18,524
1,676,978
iShares
Core
MSCI
Emerging
Markets
ETF
................................
10,350
721,912
a
Templeton
Developing
Markets
Trust
,
Class
R6
.............................
204,805
5,636,245
a
Templeton
Foreign
Fund
,
Class
R6
......................................
224,129
2,082,156
36,897,681
Foreign
Fixed
Income
4.5%
a
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund
,
Class
IS
...............
324,445
2,809,691
a
Franklin
High
Yield
Corporate
ETF
......................................
122,512
2,957,440
Vanguard
Total
International
Bond
ETF
...................................
25,075
1,204,854
6,971,985
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$
115,381,374
)
...............................................................
149,363,161
a
a
a
a
Short
Term
Investments
3.2%
a
Money
Market
Funds
3.2%
a,c
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.578
%
.............
4,976,626
4,976,626
Total
Money
Market
Funds
(Cost
$
4,976,626
)
...................................
4,976,626
Total
Short
Term
Investments
(Cost
$
4,976,626
)
.................................
4,976,626
a
Total
Investments
(Cost
$
120,358,000
)
100.4
%
..................................
$154,339,787
Other
Assets,
less
Liabilities
(
0.4
)
%
...........................................
(686,410)
Net
Assets
100.0%
...........................................................
$153,653,377
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.
26
See
Abbreviations
on
page
52
.
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,
2026
Franklin
LifeSmart™
2040
Retirement
Target
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
27
See
Abbreviations
on
page
52
.
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
97.2%
Alternative
Strategies
1.0%
a
Franklin
Systematic
Style
Premia
ETF
....................................
28,612
$
778,246
Domestic
Equity
51.3%
a
Franklin
Growth
Fund
,
Class
R6
........................................
35,964
4,622,408
a
Franklin
U.S.
Core
Equity
(IU)
Fund
.....................................
745,437
14,088,767
a
Franklin
U.S.
Equity
Index
ETF
.........................................
122,350
6,958,045
a
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
.............................
66,767
4,516,120
a,b
Putnam
Large
Cap
Growth
Fund
,
Class
R6
................................
45,631
3,415,481
a
Putnam
Large
Cap
Value
Fund
,
Class
R6
.................................
120,265
4,761,291
38,362,112
Domestic
Fixed
Income
16.6%
a
Franklin
Investment
Grade
Corporate
ETF
.................................
142,028
3,042,240
a
Franklin
U.S.
Core
Bond
ETF
..........................................
303,977
6,532,466
a
Franklin
U.S.
Treasury
Bond
ETF
.......................................
138,696
2,833,559
12,408,265
Foreign
Equity
26.8%
a
ClearBridge
International
Growth
Fund
,
Class
IS
............................
9,758
694,246
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
............................
293,286
4,032,681
a
Franklin
FTSE
Japan
ETF
.............................................
65,150
2,357,127
a
Franklin
International
Core
Equity
(IU)
Fund
...............................
540,073
7,442,203
iShares
Core
MSCI
EAFE
ETF
.........................................
10,034
908,378
iShares
Core
MSCI
Emerging
Markets
ETF
................................
5,600
390,600
a
Templeton
Developing
Markets
Trust
,
Class
R6
.............................
111,079
3,056,893
a
Templeton
Foreign
Fund
,
Class
R6
......................................
121,601
1,129,672
20,011,800
Foreign
Fixed
Income
1.5%
a
Franklin
High
Yield
Corporate
ETF
......................................
45,923
1,108,581
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$
55,858,409
)
................................................................
72,669,004
a
a
a
a
Short
Term
Investments
2.2%
a
Money
Market
Funds
2.2%
a,c
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.578
%
.............
1,657,195
1,657,195
Total
Money
Market
Funds
(Cost
$
1,657,195
)
...................................
1,657,195
Total
Short
Term
Investments
(Cost
$
1,657,195
)
.................................
1,657,195
a
Total
Investments
(Cost
$
57,515,604
)
99.4
%
....................................
$74,326,199
Other
Assets,
less
Liabilities
0.6
%
.............................................
435,499
Net
Assets
100.0%
...........................................................
$74,761,698
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,
2026
Franklin
LifeSmart™
2045
Retirement
Target
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
28
See
Abbreviations
on
page
52
.
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
97.4%
Alternative
Strategies
1.1%
a
Franklin
Systematic
Style
Premia
ETF
....................................
46,684
$
1,269,805
Domestic
Equity
57.2%
a
Franklin
Growth
Fund
,
Class
R6
........................................
64,479
8,287,490
a
Franklin
U.S.
Core
Equity
(IU)
Fund
.....................................
1,336,512
25,260,068
a
Franklin
U.S.
Equity
Index
ETF
.........................................
219,425
12,478,700
a
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
.............................
119,742
8,099,349
a,b
Putnam
Large
Cap
Growth
Fund
,
Class
R6
................................
81,812
6,123,663
a
Putnam
Large
Cap
Value
Fund
,
Class
R6
.................................
215,634
8,536,958
68,786,228
Domestic
Fixed
Income
9.3%
a
Franklin
U.S.
Core
Bond
ETF
..........................................
522,836
11,235,746
Foreign
Equity
29.8%
a
ClearBridge
International
Growth
Fund
,
Class
IS
............................
17,484
1,243,982
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
............................
525,613
7,227,185
a
Franklin
FTSE
Japan
ETF
.............................................
116,750
4,224,015
a
Franklin
International
Core
Equity
(IU)
Fund
...............................
967,759
13,335,725
iShares
Core
MSCI
EAFE
ETF
.........................................
18,002
1,629,721
iShares
Core
MSCI
Emerging
Markets
ETF
................................
10,050
700,987
a
Templeton
Developing
Markets
Trust
,
Class
R6
.............................
199,067
5,478,323
a
Templeton
Foreign
Fund
,
Class
R6
......................................
217,892
2,024,214
35,864,152
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$
85,239,708
)
................................................................
117,155,931
a
a
a
a
Short
Term
Investments
3.0%
a
Money
Market
Funds
3.0%
a,c
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.578
%
.............
3,568,837
3,568,837
Total
Money
Market
Funds
(Cost
$
3,568,837
)
...................................
3,568,837
Total
Short
Term
Investments
(Cost
$
3,568,837
)
.................................
3,568,837
a
Total
Investments
(Cost
$
88,808,545
)
100.4
%
...................................
$120,724,768
Other
Assets,
less
Liabilities
(
0.4
)
%
...........................................
(441,095)
Net
Assets
100.0%
...........................................................
$120,283,673
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,
2026
Franklin
LifeSmart™
2050
Retirement
Target
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
29
See
Abbreviations
on
page
52
.
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
97.3%
Alternative
Strategies
1.1%
a
Franklin
Systematic
Style
Premia
ETF
....................................
26,338
$
716,394
Domestic
Equity
61.2%
a
Franklin
Growth
Fund
,
Class
R6
........................................
38,710
4,975,405
a
Franklin
U.S.
Core
Equity
(IU)
Fund
.....................................
802,372
15,164,824
a
Franklin
U.S.
Equity
Index
ETF
.........................................
131,705
7,490,063
a
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
.............................
71,887
4,862,437
a,b
Putnam
Large
Cap
Growth
Fund
,
Class
R6
................................
49,116
3,676,327
a
Putnam
Large
Cap
Value
Fund
,
Class
R6
.................................
129,454
5,125,087
41,294,143
Domestic
Fixed
Income
3.2%
a
Franklin
U.S.
Core
Bond
ETF
..........................................
99,559
2,139,523
Foreign
Equity
31.8%
a
ClearBridge
International
Growth
Fund
,
Class
IS
............................
10,497
746,852
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
............................
315,592
4,339,394
a
Franklin
FTSE
Japan
ETF
.............................................
70,100
2,536,218
a
Franklin
International
Core
Equity
(IU)
Fund
...............................
581,009
8,006,309
iShares
Core
MSCI
EAFE
ETF
.........................................
10,807
978,358
iShares
Core
MSCI
Emerging
Markets
ETF
................................
6,025
420,244
a
Templeton
Developing
Markets
Trust
,
Class
R6
.............................
119,526
3,289,368
a
Templeton
Foreign
Fund
,
Class
R6
......................................
130,815
1,215,270
21,532,013
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$
48,417,706
)
................................................................
65,682,073
a
a
a
a
Short
Term
Investments
3.0%
a
Money
Market
Funds
3.0%
a,c
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.578
%
.............
2,051,354
2,051,354
Total
Money
Market
Funds
(Cost
$
2,051,354
)
...................................
2,051,354
Total
Short
Term
Investments
(Cost
$
2,051,354
)
.................................
2,051,354
a
Total
Investments
(Cost
$
50,469,060
)
100.3
%
...................................
$67,733,427
Other
Assets,
less
Liabilities
(
0.3
)
%
...........................................
(200,436)
Net
Assets
100.0%
...........................................................
$67,532,991
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,
2026
Franklin
LifeSmart™
2055
Retirement
Target
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
30
See
Abbreviations
on
page
52
.
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
97.2%
Alternative
Strategies
1.1%
a
Franklin
Systematic
Style
Premia
ETF
....................................
20,788
$
565,434
Domestic
Equity
62.8%
a
Franklin
Growth
Fund
,
Class
R6
........................................
31,192
4,009,097
a
Franklin
U.S.
Core
Equity
(IU)
Fund
.....................................
646,543
12,219,660
a
Franklin
U.S.
Equity
Index
ETF
.........................................
106,150
6,036,751
a
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
.............................
57,924
3,917,979
a,b
Putnam
Large
Cap
Growth
Fund
,
Class
R6
................................
39,577
2,962,349
a
Putnam
Large
Cap
Value
Fund
,
Class
R6
.................................
104,315
4,129,840
33,275,676
Domestic
Fixed
Income
0.6%
a
Franklin
U.S.
Core
Bond
ETF
..........................................
15,596
335,158
Foreign
Equity
32.7%
a
ClearBridge
International
Growth
Fund
,
Class
IS
............................
8,459
601,866
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
............................
254,219
3,495,510
a
Franklin
FTSE
Japan
ETF
.............................................
56,475
2,043,265
a
Franklin
International
Core
Equity
(IU)
Fund
...............................
468,230
6,452,206
iShares
Core
MSCI
EAFE
ETF
.........................................
8,705
788,064
iShares
Core
MSCI
Emerging
Markets
ETF
................................
4,850
338,287
a
Templeton
Developing
Markets
Trust
,
Class
R6
.............................
96,281
2,649,645
a
Templeton
Foreign
Fund
,
Class
R6
......................................
105,421
979,365
17,348,208
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$
38,810,120
)
................................................................
51,524,476
a
a
a
a
Short
Term
Investments
3.4%
a
Money
Market
Funds
3.4%
a,c
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.578
%
.............
1,817,393
1,817,393
Total
Money
Market
Funds
(Cost
$
1,817,393
)
...................................
1,817,393
Total
Short
Term
Investments
(Cost
$
1,817,393
)
.................................
1,817,393
a
Total
Investments
(Cost
$
40,627,513
)
100.6
%
...................................
$53,341,869
Other
Assets,
less
Liabilities
(
0.6
)
%
...........................................
(326,703)
Net
Assets
100.0%
...........................................................
$53,015,166
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,
2026
Franklin
LifeSmart™
2060
Retirement
Target
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
31
See
Abbreviations
on
page
52
.
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
96.8%
Alternative
Strategies
1.0%
a
Franklin
Systematic
Style
Premia
ETF
....................................
5,019
$
136,517
Domestic
Equity
62.7%
a
Franklin
Growth
Fund
,
Class
R6
........................................
7,819
1,004,969
a
Franklin
U.S.
Core
Equity
(IU)
Fund
.....................................
162,068
3,063,090
a
Franklin
U.S.
Equity
Index
ETF
.........................................
26,600
1,512,742
a
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
.............................
14,505
981,118
a,b
Putnam
Large
Cap
Growth
Fund
,
Class
R6
................................
9,921
742,570
a
Putnam
Large
Cap
Value
Fund
,
Class
R6
.................................
26,148
1,035,185
8,339,674
Domestic
Fixed
Income
0.6%
a
Franklin
U.S.
Core
Bond
ETF
..........................................
3,900
83,811
Foreign
Equity
32.5%
a
ClearBridge
International
Growth
Fund
,
Class
IS
............................
2,121
150,875
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
............................
63,725
876,217
a
Franklin
FTSE
Japan
ETF
.............................................
14,150
511,947
a
Franklin
International
Core
Equity
(IU)
Fund
...............................
117,372
1,617,389
iShares
Core
MSCI
EAFE
ETF
.........................................
2,164
195,907
iShares
Core
MSCI
Emerging
Markets
ETF
................................
1,200
83,700
a
Templeton
Developing
Markets
Trust
,
Class
R6
.............................
24,135
664,186
a
Templeton
Foreign
Fund
,
Class
R6
......................................
26,429
245,526
4,345,747
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$
11,073,238
)
................................................................
12,905,749
a
a
a
a
Short
Term
Investments
3.1%
a
Money
Market
Funds
3.1%
a,c
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.578
%
.............
406,964
406,964
Total
Money
Market
Funds
(Cost
$
406,964
)
.....................................
406,964
Total
Short
Term
Investments
(Cost
$
406,964
)
..................................
406,964
a
Total
Investments
(Cost
$
11,480,202
)
99.9
%
....................................
$13,312,713
Other
Assets,
less
Liabilities
0.1
%
.............................................
23,300
Net
Assets
100.0%
...........................................................
$13,336,013
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,
2026
Franklin
Moderate
Allocation
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
32
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
97.5%
Alternative
Strategies
3.7%
a
Franklin
BSP
Lending
Fund
,
Class
R6
....................................
4,218,700
$
42,651,059
a
Franklin
Systematic
Style
Premia
ETF
....................................
650,198
17,685,386
60,336,445
Domestic
Equity
49.0%
a
Franklin
Growth
Fund
,
Class
R6
........................................
759,145
97,572,949
a
Franklin
Small
Cap
Enhanced
ETF
......................................
328,975
8,125,946
a
Franklin
U.S.
Core
Equity
(IU)
Fund
.....................................
20,660,149
390,476,816
a
Franklin
U.S.
Equity
Index
ETF
.........................................
811,600
46,155,692
a
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
.............................
1,410,517
95,407,370
a,b
Putnam
Large
Cap
Growth
Fund
,
Class
R6
................................
963,255
72,099,602
a
Putnam
Large
Cap
Value
Fund
,
Class
R6
.................................
2,539,072
100,521,875
810,360,250
Domestic
Fixed
Income
27.9%
a
Franklin
Investment
Grade
Corporate
ETF
.................................
5,402,073
115,712,404
a
Franklin
U.S.
Core
Bond
ETF
..........................................
11,284,766
242,509,621
a
Franklin
U.S.
Treasury
Bond
ETF
.......................................
5,052,797
103,228,643
461,450,668
Foreign
Equity
12.5%
a
ClearBridge
International
Growth
Fund
,
Class
IS
............................
87,225
6,206,086
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
............................
3,689,112
50,725,283
a
Franklin
FTSE
Japan
ETF
.............................................
580,575
21,005,203
a
Franklin
International
Core
Equity
(IU)
Fund
...............................
4,824,347
66,479,495
iShares
Core
MSCI
EAFE
ETF
.........................................
89,572
8,108,953
iShares
Core
MSCI
Emerging
Markets
ETF
................................
70,625
4,926,094
a
Templeton
Developing
Markets
Trust
,
Class
R6
.............................
1,397,438
38,457,497
a
Templeton
Foreign
Fund
,
Class
R6
......................................
1,086,514
10,093,712
206,002,323
Foreign
Fixed
Income
4.4%
a
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund
,
Class
IS
...............
4,327,357
37,474,915
a
Franklin
High
Yield
Corporate
ETF
......................................
802,070
19,361,970
Vanguard
Total
International
Bond
ETF
...................................
334,475
16,071,524
72,908,409
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$
1,267,509,738
)
..............................................................
1,611,058,095
a
a
a
a
Short
Term
Investments
2.6%
a
Money
Market
Funds
2.6%
a,c
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.578
%
.............
43,016,089
43,016,089
Total
Money
Market
Funds
(Cost
$
43,016,089
)
..................................
43,016,089
Total
Short
Term
Investments
(Cost
$
43,016,089
)
................................
43,016,089
a
Total
Investments
(Cost
$
1,310,525,827
)
100.1
%
................................
$1,654,074,184
Other
Assets,
less
Liabilities
(
0.1
)
%
...........................................
(1,449,536)
Net
Assets
100.0%
...........................................................
$1,652,624,648
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
Moderate
Allocation
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
33
See
Abbreviations
on
page
52
.
a
See
Note
3
regarding
investments
in
FT
Underlying
Funds.
b
Non-income
producing.
c
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Fund
Allocator
Series
Notes
to
Schedules
of
Investments
(unaudited)
34
Quarterly
Schedules
of
Investments
1.
Organization
Franklin
Fund
Allocator
Series (Trust)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company,
consisting
of eighteen
separate
funds, fifteen of
which
are
included
in
this
report
(Funds).
The
Funds
follow
the
accounting
and
reporting
guidance in
Financial
Accounting
Standards Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
apply the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to, ASC
946.
Certain
or
all
Funds
invest
primarily
in
mutual
funds
(Underlying
Funds)
and
exchange
traded
funds
(ETFs),
including
affiliated
funds
managed
by
Franklin
Templeton
(FT
Underlying
Funds).
The
accounting
policies
of
the
Underlying
Funds
are
outlined
in
their
respective
shareholder
reports.
A
copy
of
the
Underlying
Funds’
shareholder
reports,
in
which
each
Fund
invests, is
available
on
the
U.S.
Securities
and
Exchange
Commission
(SEC)
website
at
sec.gov.
The
Underlying
Funds’
shareholder
reports
are
not
covered
by
this
report.
2. Financial
Instrument
Valuation
The
Funds’
investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Funds
calculate
the
net
asset
value
(NAV)
per
share
each
business
day
as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the
Trust’s
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Funds'
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Funds'
administrator
in
performing
this
responsibility,
including
leading
the
cross-functional
Valuation
Committee
(VC).
The
Funds
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value. 
Investments
in
the
Underlying
Funds
are
valued
at
their
closing
NAV
each
trading
day.
ETFs
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price
of
the
day,
respectively.
Equity
securities
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.
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. 
Franklin
Fund
Allocator
Series
Notes
to
Schedules
of
Investments
(unaudited)
35
Quarterly
Schedules
of
Investments
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,
2026,
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
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,
2026,
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
$
32,764,862
$
762,891
$
(1,823,148)
$
(379,840)
$
(495,565)
$
30,829,200
3,559,954
$
426,211
ClearBridge
International
Growth
Fund,
Class
IS
............
5,931,474
(1)
(3,845,530)
744,134
(702,076)
2,128,001
29,909
—
Franklin
BSP
Lending
Fund,
Class
R6
.....................
20,464,829
1,100,000
—
—
12,698
21,577,527
2,134,276
364,761
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
...........
20,947,263
132,331
(4,699,263)
417,794
604,083
17,402,208
1,265,615
—
2. Financial
Instrument
Valuation
(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
Conservative
Allocation
Fund
(continued)
Non-Controlled
Affiliates
(continued)
Franklin
FTSE
Japan
ETF
.....
$
—
$
12,095,277
$
(3,725,565)
$
(421,032)
$
(744,337)
$
7,204,343
199,125
$
—
Franklin
Growth
Fund,
Class
R6
.
44,694,914
10,428
(9,306,183)
2,585,815
(4,565,672)
33,419,302
260,012
—
Franklin
High
Yield
Corporate
ETF
16,612,723
168,573
(666,847)
(361)
(185,164)
15,928,924
659,856
166,424
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.578%
.................
4,081,251
37,642,596
(19,644,414)
—
—
22,079,433
22,079,433
84,960
Franklin
International
Core
Equity
(IU)
Fund
................
39,425,816
—
(17,759,609)
3,967,572
(2,836,793)
22,796,986
1,654,353
—
Franklin
Investment
Grade
Corporate
ETF
............
96,520,550
3,366,116
(3,690,298)
(91,547)
(910,078)
95,194,743
4,444,199
652,698
Franklin
Small
Cap
Enhanced
ETF
—
2,957,945
(14,623)
(1,058)
(158,484)
2,783,780
112,700
3,176
Franklin
Systematic
Style
Premia
ETF
....................
8,956,348
—
—
—
96,519
9,052,867
332,826
—
Franklin
U.S.
Core
Bond
ETF
...
197,834,539
13,124,102
(9,995,443)
(1,679,422)
224,936
199,508,712
9,283,793
1,392,761
Franklin
U.S.
Core
Equity
(IU)
Fund
139,881,820
5,186,256
(5,325,026)
(130,161)
(5,871,036)
133,741,853
7,076,289
—
Franklin
U.S.
Equity
Index
ETF
.
15,039,034
9,925,498
(8,560,250)
1,082,324
(1,675,438)
15,811,168
278,023
18,782
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
...............
32,947,488
5,413,586
(4,907,690)
513,967
(1,283,568)
32,683,783
483,202
64,463
Franklin
U.S.
Treasury
Bond
ETF
100,002,127
2,999,730
(17,914,342)
(598,466)
435,356
84,924,405
4,156,848
599,099
Putnam
Large
Cap
Growth
Fund,
Class
R6
................
16,071,030
11,212,905
(439,382)
(63,793)
(2,085,892)
24,694,868
329,925
—
Putnam
Large
Cap
Value
Fund,
Class
R6
................
37,129,758
1,645,792
(4,590,105)
22,058
223,949
34,431,452
869,701
—
Templeton
Developing
Markets
Trust,
Class
R6
............
13,714,822
1,843,482
(3,117,652)
147,434
604,968
13,193,054
479,399
—
Templeton
Foreign
Fund,
Class
R6
9,134,536
—
(6,005,131)
3,077,846
(2,746,037)
3,461,214
372,574
—
Total
Non-Controlled
Affiliates
$852,155,184
$109,587,507
$(126,030,501)
$9,193,264
$(22,057,631)
$822,847,823
$3,773,335
Total
Affiliated
Securities
....
$852,155,184
$109,587,507
$(126,030,501)
$9,193,264
$(22,057,631)
$822,847,823
$3,773,335
Franklin
Corefolio
Allocation
Fund
Non-Controlled
Affiliates
Franklin
Growth
Fund,
Class
R6
.
262,475,829
—
(6,451,198)
(45,360)
(14,053,994)
241,925,277
1,882,248
—
Franklin
Growth
Opportunities
Fund,
Class
R6
............
259,326,322
—
(6,236,812)
(213,471)
(20,756,420)
232,119,619
4,676,060
—
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.578%
.................
606,021
15,398,276
(14,717,838)
—
—
1,286,459
1,286,459
8,399
Franklin
Mutual
Shares
Fund,
Class
R6
.....................
244,689,261
—
(6,156,030)
97,822
(5,221,156)
233,409,897
9,229,336
—
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
Corefolio
Allocation
Fund
(continued)
Non-Controlled
Affiliates
(continued)
Templeton
Growth
Fund,
Inc.,
Class
R6
.....................
$
261,319,545
$
—
$
(6,518,694)
$
160,877
$
(14,062,282)
$
240,899,446
8,962,033
$
—
Total
Non-Controlled
Affiliates
$1,028,416,978
$15,398,276
$(40,080,572)
$(132)
$(54,093,852)
$949,640,698
$8,399
Total
Affiliated
Securities
....
$1,028,416,978
$15,398,276
$(40,080,572)
$(132)
$(54,093,852)
$949,640,698
$8,399
Franklin
Growth
Allocation
Fund
Controlled
Affiliates
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
...........
69,043,880
—
(13,833,804)
1,253,659
2,178,326
58,642,061
4,264,877
—
Franklin
U.S.
Core
Equity
(IU)
Fund
354,649,400
11,065,093
(6,749,245)
(291,401)
(15,122,899)
343,550,948
18,177,299
—
Total
Controlled
Affiliates
....
$423,693,280
$11,065,093
$(20,583,049)
$962,258
$(12,944,573)
$402,193,009
$—
Non-Controlled
Affiliates
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund,
Class
IS
13,677,080
772,877
(1,410,014)
16,697
(350,794)
12,705,846
1,467,188
175,352
ClearBridge
International
Growth
Fund,
Class
IS
............
19,550,334
121,530
(12,634,456)
2,450,915
(2,313,530)
7,174,793
100,840
—
Franklin
BSP
Lending
Fund,
Class
R6
.....................
35,207,380
2,200,000
—
—
19,731
37,427,111
3,701,989
632,692
Franklin
FTSE
Japan
ETF
.....
—
41,224,378
(13,029,582)
(1,472,029)
(2,444,178)
24,278,589
671,050
—
Franklin
Growth
Fund,
Class
R6
.
147,209,916
—
(27,741,152)
6,396,153
(13,151,962)
112,712,955
876,939
—
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.578%
.................
10,186,394
57,351,755
(28,582,289)
—
—
38,955,860
38,955,860
150,928
Franklin
International
Core
Equity
(IU)
Fund
................
129,934,885
—
(56,938,886)
12,977,264
(9,120,686)
76,852,577
5,577,110
—
Franklin
Investment
Grade
Corporate
ETF
............
41,820,158
3,380,694
(4,915,335)
(69,200)
(329,128)
39,887,189
1,862,147
282,482
Franklin
Small
Cap
Enhanced
ETF
—
9,925,969
(8,042)
(452)
(532,406)
9,385,069
379,950
10,828
Franklin
Systematic
Style
Premia
ETF
....................
15,065,079
—
—
—
162,351
15,227,430
559,832
—
Franklin
U.S.
Core
Bond
ETF
...
85,989,390
6,457,557
(9,622,734)
(117,282)
(318,827)
82,388,104
3,833,788
591,457
Franklin
U.S.
Equity
Index
ETF
.
154,736,047
31,625,622
(18,142,594)
(335,134)
(7,494,902)
160,389,039
2,820,275
393,085
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
...............
108,537,918
18,638,748
(14,348,566)
1,214,836
(3,853,926)
110,189,010
1,629,051
219,809
Franklin
U.S.
Treasury
Bond
ETF
43,611,012
3,298,621
(6,087,736)
13,275
(136,712)
40,698,460
1,992,093
276,559
Putnam
Large
Cap
Growth
Fund,
Class
R6
................
52,945,805
37,949,137
(320,401)
(41,657)
(7,247,607)
83,285,277
1,112,696
—
Putnam
Large
Cap
Value
Fund,
Class
R6
................
122,323,426
4,663,076
(11,728,121)
(30,687)
883,923
116,111,617
2,932,852
—
Templeton
Developing
Markets
Trust,
Class
R6
............
45,199,973
7,017,670
(10,272,562)
426,854
2,089,185
44,461,120
1,615,593
—
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
Growth
Allocation
Fund
(continued)
Non-Controlled
Affiliates
(continued)
Templeton
Foreign
Fund,
Class
R6
$
30,103,793
$
17,270
$
(19,565,487)
$
8,717,318
$
(7,604,006)
$
11,668,888
1,256,070
$
—
Total
Non-Controlled
Affiliates
$1,056,098,590
$224,644,904
$(235,347,957)
$30,146,871
$(51,743,474)
$1,023,798,934
$2,733,192
Total
Affiliated
Securities
....
$1,479,791,870
$235,709,997
$(255,931,006)
$31,109,129
$(64,688,047)
$1,425,991,943
$2,733,192
Franklin
LifeSmart™
Retirement
Income
Fund
Non-Controlled
Affiliates
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund,
Class
IS
1,750,729
23,133
(47,716)
(10,611)
(38,250)
1,677,285
193,682
23,133
BrandywineGLOBAL
High
Yield
Fund,
Class
IS
............
4,441,171
67,443
(117,603)
(3,719)
(108,985)
4,278,307
432,589
69,878
ClearBridge
Tactical
Dividend
Income
Fund,
Class
IS
.......
3,349,386
27,547
(93,169)
7,611
9,136
3,300,511
131,547
27,547
Franklin
High
Yield
Corporate
ETF
3,451,182
—
(94,007)
(7,353)
(30,451)
3,319,371
137,505
34,267
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.578%
.................
952,400
1,659,354
(1,629,351)
—
—
982,403
982,403
8,031
Franklin
International
Core
Dividend
Tilt
Index
ETF
.............
3,296,900
—
(95,601)
13,400
67,635
3,282,334
82,450
8,801
Franklin
Investment
Grade
Corporate
ETF
............
3,469,499
—
(94,779)
(23,685)
(12,107)
3,338,928
155,879
22,995
Franklin
U.S.
Core
Bond
ETF
...
8,689,876
—
(234,563)
(37,442)
(14,873)
8,402,998
391,019
58,326
Franklin
U.S.
Core
Equity
(IU)
Fund
2,392,582
—
(63,392)
(151)
(98,548)
2,230,491
118,015
—
Franklin
U.S.
Treasury
Bond
ETF
3,885,975
—
(105,864)
1,397
(17,791)
3,763,717
184,225
24,343
Templeton
Developing
Markets
Trust,
Class
R6
............
1,259,607
—
(36,978)
4,618
62,537
1,289,784
46,867
—
Total
Non-Controlled
Affiliates
$36,939,307
$1,777,477
$(2,613,023)
$(55,935)
$(181,697)
$35,866,129
$277,321
Total
Affiliated
Securities
....
$36,939,307
$1,777,477
$(2,613,023)
$(55,935)
$(181,697)
$35,866,129
$277,321
Franklin
LifeSmart™
2020
Retirement
Target
Fund
Non-Controlled
Affiliates
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund,
Class
IS
980,673
17,970
(46,006)
(10,311)
(16,915)
925,411
106,860
12,786
ClearBridge
International
Growth
Fund,
Class
IS
............
245,880
4,653
(119,842)
22,030
(22,214)
130,507
1,834
—
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
...........
813,782
52,716
(146,741)
12,586
24,707
757,050
55,058
—
Franklin
FTSE
Japan
ETF
.....
—
675,725
(169,402)
(19,215)
(43,903)
443,205
12,250
—
Franklin
Growth
Fund,
Class
R6
.
1,202,443
8,560
(292,514)
63,874
(113,781)
868,582
6,758
—
Franklin
High
Yield
Corporate
ETF
1,012,930
26,346
(53,617)
(874)
(11,026)
973,759
40,338
10,370
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™
2020
Retirement
Target
Fund
(continued)
Non-Controlled
Affiliates
(continued)
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.578%
.................
$
290,235
$
1,204,882
$
(717,701)
$
—
$
—
$
777,416
777,416
$
2,852
Franklin
International
Core
Equity
(IU)
Fund
................
1,634,337
66,675
(341,594)
46,012
(6,153)
1,399,277
101,544
—
Franklin
Investment
Grade
Corporate
ETF
............
2,759,357
110,203
(166,014)
(5,182)
(25,619)
2,672,745
124,778
19,083
Franklin
Systematic
Style
Premia
ETF
....................
261,969
—
(4,145)
892
1,996
260,712
9,585
—
Franklin
U.S.
Core
Bond
ETF
...
5,662,787
464,203
(345,140)
(58,156)
15,490
5,739,184
267,063
40,470
Franklin
U.S.
Core
Equity
(IU)
Fund
3,764,567
126,115
(263,220)
15,903
(167,328)
3,476,037
183,917
—
Franklin
U.S.
Equity
Index
ETF
.
403,515
293,029
(196,889)
21,463
(39,145)
481,973
8,475
678
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
...............
885,899
121,668
(139,416)
82,715
(101,781)
849,085
12,553
1,676
Franklin
U.S.
Treasury
Bond
ETF
2,870,194
123,517
(496,448)
(13,852)
6,454
2,489,865
121,873
17,852
Putnam
Large
Cap
Growth
Fund,
Class
R6
................
432,497
282,937
(17,899)
(2,339)
(53,358)
641,838
8,575
—
Putnam
Large
Cap
Value
Fund,
Class
R6
................
1,000,278
19,050
(133,065)
4,581
4,048
894,892
22,604
—
Templeton
Developing
Markets
Trust,
Class
R6
............
532,747
95,483
(81,192)
4,634
22,135
573,807
20,851
—
Templeton
Foreign
Fund,
Class
R6
378,636
5,093
(183,188)
65,888
(54,047)
212,382
22,861
—
Total
Non-Controlled
Affiliates
$25,132,726
$3,698,825
$(3,914,033)
$230,649
$(580,440)
$24,567,727
$105,767
Total
Affiliated
Securities
....
$25,132,726
$3,698,825
$(3,914,033)
$230,649
$(580,440)
$24,567,727
$105,767
Franklin
LifeSmart™
2025
Retirement
Target
Fund
Non-Controlled
Affiliates
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund,
Class
IS
3,513,375
92,251
(215,082)
(49,465)
(48,140)
3,292,939
380,247
45,815
ClearBridge
International
Growth
Fund,
Class
IS
............
1,267,464
17,983
(611,180)
115,596
(116,568)
673,295
9,463
—
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
...........
4,198,495
225,093
(704,322)
64,168
129,424
3,912,858
284,571
—
Franklin
FTSE
Japan
ETF
.....
—
3,512,147
(896,884)
(101,093)
(226,689)
2,287,481
63,225
—
Franklin
Growth
Fund,
Class
R6
.
6,205,806
18,530
(1,480,583)
476,344
(735,835)
4,484,262
34,889
—
Franklin
High
Yield
Corporate
ETF
3,629,363
126,903
(247,158)
(3,939)
(39,196)
3,465,973
143,578
37,468
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.578%
.................
930,755
5,141,855
(3,163,187)
—
—
2,909,423
2,909,423
11,929
Franklin
International
Core
Equity
(IU)
Fund
................
8,424,800
260,672
(1,675,256)
248,807
(40,540)
7,218,483
523,838
—
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™
2025
Retirement
Target
Fund
(continued)
Non-Controlled
Affiliates
(continued)
Franklin
Investment
Grade
Corporate
ETF
............
$
9,887,338
$
514,929
$
(779,721)
$
(23,257)
$
(88,488)
$
9,510,801
444,015
$
68,933
Franklin
Systematic
Style
Premia
ETF
....................
1,125,726
—
(8,980)
1,932
10,340
1,129,018
41,508
—
Franklin
U.S.
Core
Bond
ETF
...
20,287,126
1,836,048
(1,546,278)
(264,703)
111,000
20,423,193
950,358
146,197
Franklin
U.S.
Core
Equity
(IU)
Fund
19,416,811
615,757
(1,300,596)
101,815
(888,242)
17,945,545
949,500
—
Franklin
U.S.
Equity
Index
ETF
.
2,087,817
1,522,471
(1,025,529)
108,239
(200,670)
2,492,328
43,825
3,526
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
...............
4,571,343
587,640
(675,349)
396,612
(496,430)
4,383,816
64,811
8,698
Franklin
U.S.
Treasury
Bond
ETF
10,283,352
571,084
(1,967,863)
(63,521)
36,683
8,859,735
433,663
64,491
Putnam
Large
Cap
Growth
Fund,
Class
R6
................
2,230,614
1,475,211
(102,865)
(12,331)
(277,069)
3,313,560
44,269
—
Putnam
Large
Cap
Value
Fund,
Class
R6
................
5,155,236
63,056
(643,539)
23,686
21,298
4,619,737
116,689
—
Templeton
Developing
Markets
Trust,
Class
R6
............
2,748,553
477,277
(398,803)
24,413
114,398
2,965,838
107,770
—
Templeton
Foreign
Fund,
Class
R6
1,951,911
14,328
(932,136)
379,195
(317,652)
1,095,646
117,938
—
Total
Non-Controlled
Affiliates
$107,915,885
$17,073,235
$(18,375,311)
$1,422,498
$(3,052,376)
$104,983,931
$387,057
Total
Affiliated
Securities
....
$107,915,885
$17,073,235
$(18,375,311)
$1,422,498
$(3,052,376)
$104,983,931
$387,057
Franklin
LifeSmart™
2030
Retirement
Target
Fund
Non-Controlled
Affiliates
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund,
Class
IS
2,146,634
71,161
(126,209)
(29,673)
(31,083)
2,030,830
234,507
28,335
ClearBridge
International
Growth
Fund,
Class
IS
............
1,122,260
25,147
(539,512)
96,139
(97,591)
606,443
8,523
—
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
...........
3,712,493
238,279
(595,019)
54,951
114,783
3,525,487
256,399
—
Franklin
FTSE
Japan
ETF
.....
—
3,166,637
(812,358)
(91,810)
(202,922)
2,059,547
56,925
—
Franklin
Growth
Fund,
Class
R6
.
5,492,575
60,048
(1,276,679)
234,179
(468,950)
4,041,173
31,441
—
Franklin
High
Yield
Corporate
ETF
2,216,614
99,899
(152,259)
(2,758)
(24,165)
2,137,331
88,539
23,221
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.578%
.................
1,045,377
3,802,774
(2,627,885)
—
—
2,220,266
2,220,266
10,293
Franklin
International
Core
Equity
(IU)
Fund
................
7,459,430
330,390
(1,471,168)
162,348
20,531
6,501,531
471,809
—
Franklin
Investment
Grade
Corporate
ETF
............
6,039,354
376,889
(481,116)
(15,467)
(54,243)
5,865,417
273,829
42,723
Franklin
Systematic
Style
Premia
ETF
....................
839,215
22,827
—
—
8,657
870,699
32,011
—
Franklin
U.S.
Core
Bond
ETF
...
12,392,206
1,259,620
(960,703)
(162,496)
66,662
12,595,289
586,100
90,613
Franklin
U.S.
Core
Equity
(IU)
Fund
17,183,657
756,140
(1,058,239)
(11,764)
(697,568)
16,172,226
855,673
—
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™
2030
Retirement
Target
Fund
(continued)
Non-Controlled
Affiliates
(continued)
Franklin
U.S.
Equity
Index
ETF
.
$
1,845,468
$
1,387,430
$
(903,358)
$
79,630
$
(163,032)
$
2,246,138
39,496
$
3,189
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
...............
4,046,792
546,374
(552,469)
165,502
(256,361)
3,949,838
58,395
7,860
Franklin
U.S.
Treasury
Bond
ETF
6,281,028
413,914
(1,214,203)
(43,746)
26,868
5,463,861
267,443
39,972
Putnam
Large
Cap
Growth
Fund,
Class
R6
................
1,974,185
1,346,081
(74,167)
(9,208)
(250,774)
2,986,117
39,895
—
Putnam
Large
Cap
Value
Fund,
Class
R6
................
4,561,156
100,585
(537,576)
14,153
24,803
4,163,121
105,156
—
Templeton
Developing
Markets
Trust,
Class
R6
............
2,430,183
450,483
(329,263)
18,055
102,812
2,672,270
97,103
—
Templeton
Foreign
Fund,
Class
R6
1,728,683
27,698
(823,610)
290,823
(236,757)
986,837
106,226
—
Total
Non-Controlled
Affiliates
$82,517,310
$14,482,376
$(14,535,793)
$748,858
$(2,118,330)
$81,094,421
$246,206
Total
Affiliated
Securities
....
$82,517,310
$14,482,376
$(14,535,793)
$748,858
$(2,118,330)
$81,094,421
$246,206
Franklin
LifeSmart™
2035
Retirement
Target
Fund
Non-Controlled
Affiliates
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund,
Class
IS
3,045,691
102,917
(256,056)
(66,202)
(16,659)
2,809,691
324,445
39,043
ClearBridge
International
Growth
Fund,
Class
IS
............
2,401,312
45,357
(1,165,457)
214,255
(215,938)
1,279,529
17,984
—
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
...........
7,944,009
482,733
(1,360,688)
124,918
244,953
7,435,925
540,795
—
Franklin
FTSE
Japan
ETF
.....
—
6,688,187
(1,717,539)
(193,588)
(430,033)
4,347,027
120,150
—
Franklin
Growth
Fund,
Class
R6
.
11,737,775
82,551
(2,801,069)
583,435
(1,079,943)
8,522,749
66,309
—
Franklin
High
Yield
Corporate
ETF
3,146,166
147,153
(298,178)
(4,416)
(33,285)
2,957,440
122,512
32,737
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.578%
.................
1,323,896
8,807,730
(5,155,000)
—
—
4,976,626
4,976,626
17,701
Franklin
International
Core
Equity
(IU)
Fund
................
15,961,293
636,105
(3,280,093)
403,242
(2,638)
13,717,909
995,494
—
Franklin
Investment
Grade
Corporate
ETF
............
8,571,148
547,993
(907,084)
(28,419)
(68,757)
8,114,881
378,846
60,203
Franklin
Systematic
Style
Premia
ETF
....................
1,585,672
11,759
—
—
16,889
1,614,320
59,350
—
Franklin
U.S.
Core
Bond
ETF
...
17,586,726
1,676,765
(1,706,614)
(290,567)
159,587
17,425,897
810,884
127,746
Franklin
U.S.
Core
Equity
(IU)
Fund
36,747,533
1,476,055
(2,615,825)
6,862
(1,507,501)
34,107,124
1,804,610
—
Franklin
U.S.
Equity
Index
ETF
.
3,952,175
2,929,651
(1,967,604)
258,062
(434,331)
4,737,953
83,312
6,706
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
...............
8,655,781
1,176,200
(1,309,071)
468,993
(658,723)
8,333,180
123,199
16,538
Franklin
U.S.
Treasury
Bond
ETF
8,914,257
601,888
(1,934,292)
(81,115)
58,730
7,559,468
370,018
56,350
Putnam
Large
Cap
Growth
Fund,
Class
R6
................
4,221,770
2,864,048
(235,974)
(29,267)
(522,860)
6,297,717
84,138
—
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™
2035
Retirement
Target
Fund
(continued)
Non-Controlled
Affiliates
(continued)
Putnam
Large
Cap
Value
Fund,
Class
R6
................
$
9,754,323
$
179,059
$
(1,240,563)
$
44,123
$
43,264
$
8,780,206
221,778
$
—
Templeton
Developing
Markets
Trust,
Class
R6
............
5,200,572
950,271
(779,315)
40,714
224,003
5,636,245
204,805
—
Templeton
Foreign
Fund,
Class
R6
3,697,952
45,037
(1,778,783)
630,714
(512,764)
2,082,156
224,129
—
Total
Non-Controlled
Affiliates
$154,448,051
$29,451,459
$(30,509,205)
$2,081,744
$(4,736,006)
$150,736,043
$357,024
Total
Affiliated
Securities
....
$154,448,051
$29,451,459
$(30,509,205)
$2,081,744
$(4,736,006)
$150,736,043
$357,024
Franklin
LifeSmart™
2040
Retirement
Target
Fund
Non-Controlled
Affiliates
ClearBridge
International
Growth
Fund,
Class
IS
............
1,259,790
65,684
(629,619)
105,912
(107,521)
694,246
9,758
—
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
...........
4,171,842
395,697
(726,741)
56,337
135,546
4,032,681
293,286
—
Franklin
FTSE
Japan
ETF
.....
—
3,676,160
(985,397)
(111,381)
(222,255)
2,357,127
65,150
—
Franklin
Growth
Fund,
Class
R6
.
6,160,129
273,148
(1,543,941)
192,843
(459,771)
4,622,408
35,964
—
Franklin
High
Yield
Corporate
ETF
1,162,105
110,301
(149,617)
(2,364)
(11,844)
1,108,581
45,923
12,357
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.578%
.................
1,023,690
6,431,155
(5,797,650)
—
—
1,657,195
1,657,195
9,577
Franklin
International
Core
Equity
(IU)
Fund
................
8,374,445
682,480
(1,826,876)
157,007
55,147
7,442,203
540,073
—
Franklin
Investment
Grade
Corporate
ETF
............
3,166,378
358,378
(446,254)
(12,906)
(23,356)
3,042,240
142,028
22,725
Franklin
Systematic
Style
Premia
ETF
....................
735,639
35,278
—
—
7,329
778,246
28,612
—
Franklin
U.S.
Core
Bond
ETF
...
6,497,275
893,708
(810,449)
(68,433)
20,365
6,532,466
303,977
48,232
Franklin
U.S.
Core
Equity
(IU)
Fund
14,843,878
853,372
(1,002,410)
(13,801)
(592,272)
14,088,767
745,437
—
Franklin
U.S.
Equity
Index
ETF
.
6,474,174
1,464,697
(654,858)
(21,146)
(304,822)
6,958,045
122,350
16,910
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
...............
4,540,560
784,786
(706,085)
113,808
(216,949)
4,516,120
66,767
8,888
Franklin
U.S.
Treasury
Bond
ETF
3,293,891
375,401
(827,767)
(17,972)
10,006
2,833,559
138,696
21,275
Putnam
Large
Cap
Growth
Fund,
Class
R6
................
2,215,565
1,628,468
(133,881)
(17,286)
(277,385)
3,415,481
45,631
—
Putnam
Large
Cap
Value
Fund,
Class
R6
................
5,119,378
314,545
(718,737)
9,212
36,893
4,761,291
120,265
—
Templeton
Developing
Markets
Trust,
Class
R6
............
2,731,336
622,682
(433,627)
15,704
120,798
3,056,893
111,079
—
Templeton
Foreign
Fund,
Class
R6
1,941,276
93,034
(966,233)
249,957
(188,362)
1,129,672
121,601
—
Total
Non-Controlled
Affiliates
$73,711,351
$19,058,974
$(18,360,142)
$635,491
$(2,018,453)
$73,027,221
$139,964
Total
Affiliated
Securities
....
$73,711,351
$19,058,974
$(18,360,142)
$635,491
$(2,018,453)
$73,027,221
$139,964
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™
2045
Retirement
Target
Fund
Non-Controlled
Affiliates
ClearBridge
International
Growth
Fund,
Class
IS
............
$
2,292,237
$
45,058
$
(1,089,465)
$
199,118
$
(202,966)
$
1,243,982
17,484
$
—
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
...........
7,582,107
436,909
(1,138,122)
110,614
235,677
7,227,185
525,613
—
Franklin
FTSE
Japan
ETF
.....
—
6,539,065
(1,704,517)
(192,638)
(417,895)
4,224,015
116,750
—
Franklin
Growth
Fund,
Class
R6
.
11,206,557
113,957
(2,543,883)
452,889
(942,030)
8,287,490
64,479
—
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.578%
.................
1,181,507
5,618,426
(3,231,096)
—
—
3,568,837
3,568,837
14,466
Franklin
International
Core
Equity
(IU)
Fund
................
15,236,472
689,415
(2,963,755)
307,034
66,559
13,335,725
967,759
—
Franklin
Systematic
Style
Premia
ETF
....................
1,209,174
48,421
—
—
12,210
1,269,805
46,684
—
Franklin
U.S.
Core
Bond
ETF
...
12,545,441
1,063,190
(2,298,449)
(51,313)
(23,123)
11,235,746
522,836
89,818
Franklin
U.S.
Core
Equity
(IU)
Fund
27,002,752
637,323
(1,262,327)
(15,634)
(1,102,046)
25,260,068
1,336,512
—
Franklin
U.S.
Equity
Index
ETF
.
11,779,649
2,361,023
(1,064,201)
(35,536)
(562,235)
12,478,700
219,425
30,794
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
...............
8,261,848
1,216,061
(1,187,511)
265,763
(456,812)
8,099,349
119,742
16,183
Putnam
Large
Cap
Growth
Fund,
Class
R6
................
4,030,573
2,810,289
(178,420)
(22,616)
(516,163)
6,123,663
81,812
—
Putnam
Large
Cap
Value
Fund,
Class
R6
................
9,314,202
232,549
(1,088,297)
23,871
54,633
8,536,958
215,634
—
Templeton
Developing
Markets
Trust,
Class
R6
............
4,963,871
914,928
(646,217)
31,532
214,209
5,478,323
199,067
—
Templeton
Foreign
Fund,
Class
R6
3,530,708
46,543
(1,663,628)
531,125
(420,534)
2,024,214
217,892
—
Total
Non-Controlled
Affiliates
$120,137,098
$22,773,157
$(22,059,888)
$1,604,209
$(4,060,516)
$118,394,060
$151,261
Total
Affiliated
Securities
....
$120,137,098
$22,773,157
$(22,059,888)
$1,604,209
$(4,060,516)
$118,394,060
$151,261
Franklin
LifeSmart™
2050
Retirement
Target
Fund
Non-Controlled
Affiliates
ClearBridge
International
Growth
Fund,
Class
IS
............
1,324,187
81,509
(654,796)
110,108
(114,156)
746,852
10,497
—
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
...........
4,381,427
423,040
(658,522)
53,500
139,949
4,339,394
315,592
—
Franklin
FTSE
Japan
ETF
.....
—
3,931,721
(1,026,656)
(116,029)
(252,818)
2,536,218
70,100
—
Franklin
Growth
Fund,
Class
R6
.
6,474,499
309,885
(1,512,291)
64,715
(361,403)
4,975,405
38,710
—
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.578%
.................
877,395
4,451,140
(3,277,181)
—
—
2,051,354
2,051,354
8,178
Franklin
International
Core
Equity
(IU)
Fund
................
8,801,507
765,567
(1,765,897)
107,084
98,048
8,006,309
581,009
—
Franklin
Systematic
Style
Premia
ETF
....................
650,226
60,181
—
—
5,987
716,394
26,338
—
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™
2050
Retirement
Target
Fund
(continued)
Non-Controlled
Affiliates
(continued)
Franklin
U.S.
Core
Bond
ETF
...
$
2,741,704
$
422,996
$
(1,012,509)
$
(2,897)
$
(9,771)
$
2,139,523
99,559
$
19,682
Franklin
U.S.
Core
Equity
(IU)
Fund
15,600,256
1,038,713
(797,279)
(12,291)
(664,575)
15,164,824
802,372
—
Franklin
U.S.
Equity
Index
ETF
.
6,804,758
1,700,429
(652,003)
(27,102)
(336,019)
7,490,063
131,705
18,565
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
...............
4,772,469
949,914
(740,091)
52,787
(172,642)
4,862,437
71,887
9,758
Putnam
Large
Cap
Growth
Fund,
Class
R6
................
2,328,682
1,788,368
(118,788)
(15,215)
(306,720)
3,676,327
49,116
—
Putnam
Large
Cap
Value
Fund,
Class
R6
................
5,381,482
353,454
(646,721)
(4,891)
41,763
5,125,087
129,454
—
Templeton
Developing
Markets
Trust,
Class
R6
............
2,868,098
675,338
(389,662)
16,282
119,312
3,289,368
119,526
—
Templeton
Foreign
Fund,
Class
R6
2,039,942
110,068
(995,850)
231,612
(170,502)
1,215,270
130,815
—
Total
Non-Controlled
Affiliates
$65,046,632
$17,062,323
$(14,248,246)
$457,663
$(1,983,547)
$66,334,825
$56,183
Total
Affiliated
Securities
....
$65,046,632
$17,062,323
$(14,248,246)
$457,663
$(1,983,547)
$66,334,825
$56,183
Franklin
LifeSmart™
2055
Retirement
Target
Fund
Non-Controlled
Affiliates
ClearBridge
International
Growth
Fund,
Class
IS
............
1,109,154
28,078
(533,288)
95,018
(97,096)
601,866
8,459
—
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
...........
3,671,031
233,412
(577,415)
49,310
119,172
3,495,510
254,219
—
Franklin
FTSE
Japan
ETF
.....
—
3,188,765
(846,073)
(95,019)
(204,408)
2,043,265
56,475
—
Franklin
Growth
Fund,
Class
R6
.
5,424,458
81,508
(1,258,346)
58,332
(296,855)
4,009,097
31,192
—
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.578%
.................
678,389
2,601,925
(1,462,921)
—
—
1,817,393
1,817,393
6,373
Franklin
International
Core
Equity
(IU)
Fund
................
7,373,102
359,705
(1,461,819)
119,971
61,247
6,452,206
468,230
—
Franklin
Systematic
Style
Premia
ETF
....................
527,786
32,511
—
—
5,137
565,434
20,788
—
Franklin
U.S.
Core
Bond
ETF
...
883,835
180,649
(728,559)
10,285
(11,052)
335,158
15,596
5,836
Franklin
U.S.
Core
Equity
(IU)
Fund
13,071,220
394,580
(702,383)
(10,786)
(532,971)
12,219,660
646,543
—
Franklin
U.S.
Equity
Index
ETF
.
5,701,518
1,202,709
(575,726)
(19,847)
(271,903)
6,036,751
106,150
14,923
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
...............
3,996,805
643,381
(628,717)
27,079
(120,569)
3,917,979
57,924
7,842
Putnam
Large
Cap
Growth
Fund,
Class
R6
................
1,950,954
1,389,453
(115,685)
(15,064)
(247,309)
2,962,349
39,577
—
Putnam
Large
Cap
Value
Fund,
Class
R6
................
4,507,982
128,802
(544,464)
5,970
31,550
4,129,840
104,315
—
Templeton
Developing
Markets
Trust,
Class
R6
............
2,402,814
455,725
(328,694)
12,975
106,825
2,649,645
96,281
—
3.
Investments
in
FT
Underlying
Funds
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Schedules
of
Investments
(unaudited)
45
Quarterly
Schedules
of
Investments
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Dividend
Income
a
a
a
a
a
a
a
a
a
Franklin
LifeSmart™
2055
Retirement
Target
Fund
(continued)
Non-Controlled
Affiliates
(continued)
Templeton
Foreign
Fund,
Class
R6
$
1,709,290
$
31,777
$
(815,282)
$
184,910
$
(131,330)
$
979,365
105,421
$
—
Total
Non-Controlled
Affiliates
$53,008,338
$10,952,980
$(10,579,372)
$423,134
$(1,589,562)
$52,215,518
$34,974
Total
Affiliated
Securities
....
$53,008,338
$10,952,980
$(10,579,372)
$423,134
$(1,589,562)
$52,215,518
$34,974
Franklin
LifeSmart™
2060
Retirement
Target
Fund
Non-Controlled
Affiliates
ClearBridge
International
Growth
Fund,
Class
IS
............
259,932
17,788
(125,749)
11,143
(12,239)
150,875
2,121
—
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
...........
862,216
108,635
(131,491)
9,081
27,776
876,217
63,725
—
Franklin
FTSE
Japan
ETF
.....
—
791,682
(207,124)
(23,408)
(49,203)
511,947
14,150
—
Franklin
Growth
Fund,
Class
R6
.
1,271,157
82,896
(289,443)
(6,752)
(52,889)
1,004,969
7,819
—
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.578%
.................
127,274
977,067
(697,377)
—
—
406,964
406,964
1,782
Franklin
International
Core
Equity
(IU)
Fund
................
1,728,679
175,943
(326,326)
8,602
30,491
1,617,389
117,372
—
Franklin
Systematic
Style
Premia
ETF
....................
114,879
20,752
—
—
886
136,517
5,019
—
Franklin
U.S.
Core
Bond
ETF
...
207,059
51,935
(174,907)
1,962
(2,238)
83,811
3,900
1,394
Franklin
U.S.
Core
Equity
(IU)
Fund
3,063,945
258,898
(124,356)
(3,648)
(131,749)
3,063,090
162,068
—
Franklin
U.S.
Equity
Index
ETF
.
1,331,600
375,359
(121,690)
(5,660)
(66,867)
1,512,742
26,600
3,713
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
...............
931,102
204,611
(130,250)
(3,492)
(20,853)
981,118
14,505
1,953
Putnam
Large
Cap
Growth
Fund,
Class
R6
................
457,102
367,356
(17,868)
(2,229)
(61,791)
742,570
9,921
—
Putnam
Large
Cap
Value
Fund,
Class
R6
................
1,056,107
93,514
(121,404)
(2,305)
9,273
1,035,185
26,148
—
Templeton
Developing
Markets
Trust,
Class
R6
............
563,116
142,349
(66,663)
1,652
23,732
664,186
24,135
—
Templeton
Foreign
Fund,
Class
R6
402,445
28,015
(196,811)
26,118
(14,241)
245,526
26,429
—
Total
Non-Controlled
Affiliates
$12,376,613
$3,696,800
$(2,731,459)
$11,064
$(319,912)
$13,033,106
$8,842
Total
Affiliated
Securities
....
$12,376,613
$3,696,800
$(2,731,459)
$11,064
$(319,912)
$13,033,106
$8,842
Franklin
Moderate
Allocation
Fund
Controlled
Affiliates
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
...........
60,355,134
253,969
(12,866,747)
1,211,516
1,771,411
50,725,283
3,689,112
—
Franklin
U.S.
Core
Equity
(IU)
Fund
402,891,875
15,994,053
(10,913,016)
(461,830)
(17,034,266)
390,476,816
20,660,149
—
Total
Controlled
Affiliates
....
$463,247,009
$16,248,022
$(23,779,763)
$749,686
$(15,262,855)
$441,202,099
$—
3.
Investments
in
FT
Underlying
Funds
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Schedules
of
Investments
(unaudited)
46
Quarterly
Schedules
of
Investments
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Dividend
Income
a
a
a
a
a
a
a
a
a
Franklin
Moderate
Allocation
Fund
(continued)
Controlled
Affiliates
(continued)
Non-Controlled
Affiliates
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund,
Class
IS
$
40,007,637
$
1,097,578
$
(2,572,158)
$
(198,433)
$
(859,709)
$
37,474,915
4,327,357
$
520,802
ClearBridge
International
Growth
Fund,
Class
IS
............
17,090,865
76,505
(11,083,637)
2,154,400
(2,032,047)
6,206,086
87,225
—
Franklin
BSP
Lending
Fund,
Class
R6
.....................
40,426,161
2,200,000
—
—
24,898
42,651,059
4,218,700
721,001
Franklin
FTSE
Japan
ETF
.....
—
35,548,958
(11,153,126)
(1,259,718)
(2,130,911)
21,005,203
580,575
—
Franklin
Growth
Fund,
Class
R6
.
128,727,820
—
(25,360,987)
6,408,663
(12,202,547)
97,572,949
759,145
—
Franklin
High
Yield
Corporate
ETF
20,283,250
480,159
(1,173,490)
(2,214)
(225,735)
19,361,970
802,070
204,998
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.578%
.................
8,403,989
71,302,908
(36,690,808)
—
—
43,016,089
43,016,089
167,593
Franklin
International
Core
Equity
(IU)
Fund
................
113,588,714
—
(50,439,642)
11,486,433
(8,156,010)
66,479,495
4,824,347
—
Franklin
Investment
Grade
Corporate
ETF
............
117,853,355
5,757,082
(6,682,435)
(102,868)
(1,112,730)
115,712,404
5,402,073
803,652
Franklin
Small
Cap
Enhanced
ETF
—
8,604,401
(17,309)
(986)
(460,160)
8,125,946
328,975
9,320
Franklin
Systematic
Style
Premia
ETF
....................
17,496,828
—
—
—
188,558
17,685,386
650,198
—
Franklin
U.S.
Core
Bond
ETF
...
241,557,002
16,100,121
(13,412,668)
(2,252,444)
517,610
242,509,621
11,284,766
1,715,640
Franklin
U.S.
Equity
Index
ETF
.
43,316,588
29,381,852
(24,806,494)
3,142,402
(4,878,656)
46,155,692
811,600
55,122
Franklin
U.S.
Large
Cap
Multifactor
Index
ETF
...............
94,901,816
15,781,723
(13,022,140)
1,430,370
(3,684,399)
95,407,370
1,410,517
189,177
Franklin
U.S.
Treasury
Bond
ETF
122,101,633
5,352,048
(24,042,931)
(614,539)
432,432
103,228,643
5,052,797
738,098
Putnam
Large
Cap
Growth
Fund,
Class
R6
................
46,287,826
32,541,065
(452,381)
(54,863)
(6,222,045)
72,099,602
963,255
—
Putnam
Large
Cap
Value
Fund,
Class
R6
................
106,949,900
4,247,119
(11,414,797)
32,505
707,148
100,521,875
2,539,072
—
Templeton
Developing
Markets
Trust,
Class
R6
............
39,512,578
5,932,866
(9,180,748)
413,063
1,779,738
38,457,497
1,397,438
—
Templeton
Foreign
Fund,
Class
R6
26,316,549
—
(17,189,282)
8,639,314
(7,672,869)
10,093,712
1,086,514
—
Total
Non-Controlled
Affiliates
$1,224,822,511
$234,404,385
$(258,695,033)
$29,221,085
$(45,987,434)
$1,183,765,514
$5,125,403
Total
Affiliated
Securities
....
$1,688,069,520
$250,652,407
$(282,474,796)
$29,970,771
$(61,250,289)
$1,624,967,613
$5,125,403
3.
Investments
in
FT
Underlying
Funds
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Schedules
of
Investments
(unaudited)
47
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,
2026,
investments
in
affiliated
management
investment
companies
were
as
follows: 
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)
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Franklin
Global
Allocation
Fund
Controlled
Affiliates
Dividends
Franklin
BSP
Lending
Fund,
Class
R6
...............
$
66,908,268
$
4,000,000
$
—
$
—
$
38,742
$
70,947,010
7,017,508
$
1,199,334
Non-Controlled
Affiliates
Dividends
Clarion
Partners
Real
Estate
Income
Fund,
Inc.,
Class
I
....
$
—
$
15,000,000
$
—
$
—
$
—
$
15,000,000
1,322,751
$
—
Franklin
BSP
Private
Credit
Fund,
Class
Advisor
........
21,857,337
—
(1,702,275)
(98,507)
60,356
20,116,911
2,078,193
367,652
Franklin
FTSE
India
ETF
.....
6,369,280
—
—
—
(886,319)
5,482,961
165,050
—
Franklin
High
Yield
Corporate
ETF
...................
5,005,075
—
—
—
(56,375)
4,948,700
205,000
50,364
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.578%
............
72,376,533
130,318,877
(136,233,990)
—
—
66,461,420
66,461,420
524,684
Franklin
Systematic
Style
Premia
ETF
...................
59,874,750
—
—
—
645,250
60,520,000
2,225,000
—
Total
Non-Controlled
Affiliates
$165,482,975
$
145,318,877
$
(137,936,265)
$
(98,507)
$
(237,088)
$172,529,992
$
942,700
Total
Affiliated
Securities
...
$232,391,243
149,318,877
(137,936,265)
(98,507)
$(198,346)
$243,477,002
2,142,034
Franklin
Fund
Allocator
Series
Notes
to
Schedules
of
Investments
(unaudited)
48
Quarterly
Schedules
of
Investments
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,
2026,
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
:
Capital
Markets
........................
$
796,881,147
$
21,577,527
$
—
$
818,458,674
Short
Term
Investments
...................
22,079,433
—
—
22,079,433
Total
Investments
in
Securities
...........
$818,960,580
$21,577,527
$—
$840,538,107
Franklin
Corefolio
Allocation
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
...........................
948,354,239
—
—
948,354,239
Short
Term
Investments
...................
1,286,459
—
—
1,286,459
Total
Investments
in
Securities
...........
$949,640,698
$—
$—
$949,640,698
Franklin
Global
Allocation
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
:
Aerospace
&
Defense
...................
5,871,485
20,604,197
—
26,475,682
Air
Freight
&
Logistics
...................
52,360,768
9,242,213
—
61,602,981
Automobiles
..........................
26,233,712
22,553,123
—
48,786,835
Banks
...............................
33,118,766
74,293,342
—
107,412,108
Biotechnology
.........................
46,183,791
5,717,965
—
51,901,756
Broadline
Retail
.......................
46,357,986
—
—
46,357,986
Capital
Markets
........................
11,199,317
17,423,526
—
28,622,843
Chemicals
...........................
19,230,334
2,894,612
—
22,124,946
Communications
Equipment
..............
10,948,784
11,168,241
—
22,117,025
Consumer
Staples
Distribution
&
Retail
......
52,675,895
—
—
52,675,895
Diversified
REITs
......................
—
3,687,132
—
3,687,132
Diversified
Telecommunication
Services
.....
—
6,926,298
—
6,926,298
Electric
Utilities
........................
23,647,472
16,930,520
—
40,577,992
Electrical
Equipment
....................
—
31,476,484
—
31,476,484
Electronic
Equipment,
Instruments
&
Components
........................
5,439,072
—
—
5,439,072
Entertainment
.........................
18,364,361
9,152,257
—
27,516,618
Financial
Services
......................
33,064,538
—
—
33,064,538
Gas
Utilities
..........................
—
7,214,463
—
7,214,463
Ground
Transportation
..................
2,942,811
—
—
2,942,811
Health
Care
Equipment
&
Supplies
.........
—
16,174,625
—
16,174,625
Health
Care
Providers
&
Services
..........
24,401,661
—
—
24,401,661
Hotel
&
Resort
REITs
...................
3,841,350
—
—
3,841,350
Hotels,
Restaurants
&
Leisure
.............
53,812,048
5,606,091
—
59,418,139
Industrial
Conglomerates
................
—
11,158,517
—
11,158,517
Insurance
............................
73,695,031
8,201,572
—
81,896,603
Interactive
Media
&
Services
..............
100,514,704
2,730,166
—
103,244,870
IT
Services
...........................
13,264,142
—
—
13,264,142
Machinery
............................
14,570,897
29,842,733
—
44,413,630
Marine
Transportation
...................
—
4,456,382
—
4,456,382
Media
...............................
10,201,784
—
—
10,201,784
Metals
&
Mining
.......................
7,621,125
6,095,974
—
13,717,099
Multi-Utilities
..........................
9,401,209
—
—
9,401,209
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
Global
Allocation
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
a
(continued)
Common
Stocks:
(continued)
Oil,
Gas
&
Consumable
Fuels
.............
$
33,044,555
$
27,798,778
$
—
$
60,843,333
Passenger
Airlines
.....................
—
6,715,069
—
6,715,069
Pharmaceuticals
.......................
48,227,744
35,787,786
—
84,015,530
Professional
Services
...................
2,945,773
26,535,362
—
29,481,135
Residential
REITs
......................
3,407,759
—
—
3,407,759
Retail
REITs
..........................
7,875,110
—
—
7,875,110
Semiconductors
&
Semiconductor
Equipment
.
206,749,749
38,248,069
—
244,997,818
Software
.............................
54,028,936
8,557,155
—
62,586,091
Specialty
Retail
........................
7,507,871
—
—
7,507,871
Technology
Hardware,
Storage
&
Peripherals
.
81,073,750
30,889,232
—
111,962,982
Textiles,
Apparel
&
Luxury
Goods
..........
6,632,127
—
—
6,632,127
Tobacco
.............................
9,948,982
—
—
9,948,982
Trading
Companies
&
Distributors
..........
9,892,556
4,408,633
—
14,301,189
Wireless
Telecommunication
Services
.......
4,336,473
17,439,131
—
21,775,604
Management
Investment
Companies
:
Capital
Markets
........................
125,485,658
70,947,010
—
196,432,668
Preferred
Stocks
.........................
9,017,771
—
—
9,017,771
Corporate
Bonds
........................
—
185,660,716
—
185,660,716
Foreign
Government
and
Agency
Securities
....
—
405,654,596
—
405,654,596
U.S.
Government
and
Agency
Securities
.......
—
107,404,678
—
107,404,678
Mortgage-Backed
Securities
................
—
76,316,018
—
76,316,018
Short
Term
Investments
...................
66,461,420
—
—
66,461,420
Total
Investments
in
Securities
...........
$1,375,599,277
$1,365,912,666
b
$—
$2,741,511,943
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
$—
$5,584,814
$—
$5,584,814
Futures
Contracts
.......................
2,806,372
—
—
2,806,372
Total
Other
Financial
Instruments
.........
$2,806,372
$5,584,814
$—
$8,391,186
Liabilities:
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
—
250,797
—
250,797
Futures
Contracts
........................
1,376,811
—
—
1,376,811
Total
Other
Financial
Instruments
.........
$1,376,811
$250,797
$—
$1,627,608
Franklin
Growth
Allocation
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
:
Capital
Markets
........................
1,370,124,777
37,427,111
—
1,407,551,888
Short
Term
Investments
...................
38,955,860
—
—
38,955,860
Total
Investments
in
Securities
...........
$1,409,080,637
$37,427,111
$—
$1,446,507,748
Franklin
LifeSmart™
Retirement
Income
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
...........................
39,807,701
—
—
39,807,701
Index-Linked
Notes
:
Capital
Markets
........................
—
—
2,352,124
2,352,124
Short
Term
Investments
...................
982,403
—
—
982,403
Total
Investments
in
Securities
...........
$40,790,104
$—
$2,352,124
$43,142,228
5. Fair
Value
Measurements
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Schedules
of
Investments
(unaudited)
50
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
LifeSmart™
2020
Retirement
Target
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
...........................
$
24,430,067
$
—
$
—
$
24,430,067
Short
Term
Investments
...................
777,416
—
—
777,416
Total
Investments
in
Securities
...........
$25,207,483
$—
$—
$25,207,483
Franklin
LifeSmart™
2025
Retirement
Target
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
...........................
104,748,057
—
—
104,748,057
Short
Term
Investments
...................
2,909,423
—
—
2,909,423
Total
Investments
in
Securities
...........
$107,657,480
$—
$—
$107,657,480
Franklin
LifeSmart™
2030
Retirement
Target
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
...........................
80,881,870
—
—
80,881,870
Short
Term
Investments
...................
2,220,266
—
—
2,220,266
Total
Investments
in
Securities
...........
$83,102,136
$—
$—
$83,102,136
Franklin
LifeSmart™
2035
Retirement
Target
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
...........................
149,363,161
—
—
149,363,161
Short
Term
Investments
...................
4,976,626
—
—
4,976,626
Total
Investments
in
Securities
...........
$154,339,787
$—
$—
$154,339,787
Franklin
LifeSmart™
2040
Retirement
Target
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
...........................
72,669,004
—
—
72,669,004
Short
Term
Investments
...................
1,657,195
—
—
1,657,195
Total
Investments
in
Securities
...........
$74,326,199
$—
$—
$74,326,199
Franklin
LifeSmart™
2045
Retirement
Target
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
...........................
117,155,931
—
—
117,155,931
Short
Term
Investments
...................
3,568,837
—
—
3,568,837
Total
Investments
in
Securities
...........
$120,724,768
$—
$—
$120,724,768
Franklin
LifeSmart™
2050
Retirement
Target
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
...........................
65,682,073
—
—
65,682,073
Short
Term
Investments
...................
2,051,354
—
—
2,051,354
Total
Investments
in
Securities
...........
$67,733,427
$—
$—
$67,733,427
5. Fair
Value
Measurements
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Schedules
of
Investments
(unaudited)
51
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,
2026,
the
reconciliation
is
as
follows:
Level
3
financial
instruments,
for
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.
Level
1
Level
2
Level
3
Total
Franklin
LifeSmart™
2055
Retirement
Target
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
...........................
$
51,524,476
$
—
$
—
$
51,524,476
Short
Term
Investments
...................
1,817,393
—
—
1,817,393
Total
Investments
in
Securities
...........
$53,341,869
$—
$—
$53,341,869
Franklin
LifeSmart™
2060
Retirement
Target
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
...........................
12,905,749
—
—
12,905,749
Short
Term
Investments
...................
406,964
—
—
406,964
Total
Investments
in
Securities
...........
$13,312,713
$—
$—
$13,312,713
Franklin
Moderate
Allocation
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
:
Capital
Markets
........................
1,568,407,036
42,651,059
—
1,611,058,095
Short
Term
Investments
...................
43,016,089
—
—
43,016,089
Total
Investments
in
Securities
...........
$1,611,423,125
$42,651,059
$—
$1,654,074,184
a
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
b
Includes
foreign
securities
valued
at
$519,929,648,
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.
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
.....
$
2,538,077
$
—
$
—
$
—
$
—
$
—
$
—
$
(185,953)
$
2,352,124
$
(185,953)
Total
Investments
in
Securities
............
$2,538,077
$—
$—
$—
$—
$—
$—
$(185,953)
$2,352,124
$(185,953)
5. Fair
Value
Measurements
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Schedules
of
Investments
(unaudited)
52
Quarterly
Schedules
of
Investments
Abbreviations
Counterparty
BZWS
Barclays
Bank
plc
JPHQ
JPMorgan
Chase
Bank
NA
Cu
r
rency
AUD
Australian
Dollar
BRL
Brazilian
Real
CAD
Canadian
Dollar
CNY
Chinese
Yuan
EUR
Euro
GBP
British
Pound
JPY
Japanese
Yen
NZD
New
Zealand
Dollar
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
For
additional
information
on
the
Funds'
significant
accounting
policies,
please
refer
to
the Funds'
most
recent
semiannual
or
annual
shareholder
report.