NPORT-EX 2 LMZ0600.htm EDGAR HTML
Schedules of Investments (unaudited)
April 30, 2025
 Franklin Multi-Asset Growth Fund
(Percentages shown based on Fund net assets) 
Description
 
 
 
Shares
Value
Investments in Underlying Funds(a) — 98.6%
Domestic Equity — 72.4%
Franklin Templeton ETF Trust — BrandywineGLOBAL — Dynamic US Large Cap Value ETF
834,102
 $10,901,296
 
Franklin Value Investors Trust — Franklin Small Cap Value Fund, Class R6 Shares
233,975
12,545,708
 
Legg Mason Global Asset Management Trust — Franklin U.S. Small Cap Equity Fund, Class IS
Shares
1,050,690
12,587,271
 
Legg Mason Partners Investment Trust:
ClearBridge Appreciation Fund, Class IS Shares
1,697,818
56,741,074
 
ClearBridge Large Cap Growth Fund, Class IS Shares
2,127,902
148,953,165
 
ClearBridge Small Cap Growth Fund, Class IS Shares
500,465
18,201,899
 
Franklin U.S. Large Cap Equity Fund, Class IS Shares
7,552,787
172,354,605
 
Putnam Investment Funds:
Putnam Large Cap Growth Fund, Class R6 Shares
640,210
44,328,165
 
Putnam Large Cap Value Fund, Class R6 Shares
3,326,557
113,601,900
 
 
Total Domestic Equity
590,215,083
Foreign Equity — 17.5%
Franklin Templeton ETF Trust — Franklin Systematic Style Premia ETF
275,660
6,654,433
 
Legg Mason Global Asset Management Trust:
ClearBridge International Growth Fund, Class IS Shares
336,005
23,762,271
 
Franklin International Equity Fund, Class IS Shares
3,056,810
60,066,314
 
Martin Currie Emerging Markets Fund, Class IS Shares
2,232,041
29,016,534
 
Templeton Funds — Templeton Foreign Fund, Class R6 Shares
2,925,266
23,519,137
 
 
Total Foreign Equity
143,018,689
Domestic Fixed Income — 5.3%
Franklin Templeton ETF Trust — Franklin U.S. Core Bond ETF
2,006,431
43,078,074
 
 
Foreign Fixed Income — 3.4%
Franklin Templeton ETF Trust — Franklin High Yield Corporate ETF
335,073
7,964,685
 
Legg Mason Global Asset Management Trust:
BrandywineGLOBAL — Flexible Bond Fund, Class IS Shares
1,636,347
15,267,116
 
BrandywineGLOBAL — Global Unconstrained Bond Fund, Class IS Shares
396,180
4,409,488
 
 
Total Foreign Fixed Income
27,641,289
Total Investments in Underlying Funds before Short-Term Investments (Cost — $677,152,086)
803,953,135
 
 
Rate
 
 
 
Short-Term Investments — 1.1%
Invesco Government & Agency Portfolio, Institutional Class
(Cost — $9,025,991)
4.296%
9,025,991
9,025,991
 (b)
Total Investments — 99.7% (Cost — $686,178,077)
812,979,126
Other Assets in Excess of Liabilities — 0.3%
2,553,511
Total Net Assets — 100.0%
$815,532,637
 
(a)
Underlying Funds are affiliated with Franklin Resources, Inc. and more information about the Underlying Fundsis available at
www.franklintempleton.com (Note 2).
(b)
Rate shown is one-day yield as of the end of the reporting period.
 
Abbreviation(s) used in this schedule:
ETF
— 
Exchange-Traded Fund
This Schedule of Investments is unaudited and is intended to provide information about the Fund’s investments as of the date of the schedule. Other information regarding the Fund is available in the Fund’s most recent annual or semi-annual shareholder report.
See Notes to Schedules of Investments.
1
Franklin Multi-Asset Allocation Funds 2025 Quarterly Report
Schedules of Investments (unaudited)
April 30, 2025
 Franklin Multi-Asset Moderate Growth Fund
(Percentages shown based on Fund net assets)  
Description
 
 
 
Shares
Value
Investments in Underlying Funds(a) — 98.6%
Domestic Equity — 60.2%
Franklin Templeton ETF Trust — BrandywineGLOBAL — Dynamic US Large Cap Value ETF
410,770
 $5,368,558
 
Franklin Value Investors Trust — Franklin Small Cap Value Fund, Class R6 Shares
115,243
6,179,319
 
Legg Mason Global Asset Management Trust — Franklin U.S. Small Cap Equity Fund, Class IS
Shares
517,490
6,199,530
 
Legg Mason Partners Investment Trust:
ClearBridge Appreciation Fund, Class IS Shares
836,094
27,942,275
 
ClearBridge Large Cap Growth Fund, Class IS Shares
1,047,907
73,353,497
 
ClearBridge Small Cap Growth Fund, Class IS Shares
246,453
8,963,489
 
Franklin U.S. Large Cap Equity Fund, Class IS Shares
3,719,503
84,879,061
 
Putnam Investment Funds:
Putnam Large Cap Growth Fund, Class R6 Shares
315,361
21,835,600
 
Putnam Large Cap Value Fund, Class R6 Shares
1,638,147
55,942,704
 
 
Total Domestic Equity
290,664,033
Foreign Equity — 16.0%
Franklin Templeton ETF Trust — Franklin Systematic Style Premia ETF
408,181
9,853,489
 
Legg Mason Global Asset Management Trust:
ClearBridge International Growth Fund, Class IS Shares
165,479
11,702,659
 
Franklin International Equity Fund, Class IS Shares
1,505,415
29,581,398
 
Martin Currie Emerging Markets Fund, Class IS Shares
1,099,214
14,289,776
 
Templeton Funds — Templeton Foreign Fund, Class R6 Shares
1,440,588
11,582,331
 
 
Total Foreign Equity
77,009,653
Domestic Fixed Income — 13.7%
Franklin Templeton ETF Trust — Franklin U.S. Core Bond ETF
3,080,360
66,135,329
 
 
Foreign Fixed Income — 8.7%
Franklin Templeton ETF Trust — Franklin High Yield Corporate ETF
514,419
12,227,740
 
Legg Mason Global Asset Management Trust:
BrandywineGLOBAL — Flexible Bond Fund, Class IS Shares
2,511,675
23,433,929
 
BrandywineGLOBAL — Global Unconstrained Bond Fund, Class IS Shares
586,649
6,529,407
 
 
Total Foreign Fixed Income
42,191,076
Total Investments in Underlying Funds before Short-Term Investments (Cost — $412,877,382)
476,000,091
 
 
Rate
 
 
 
Short-Term Investments — 0.4%
Invesco Government & Agency Portfolio, Institutional Class
(Cost — $1,916,805)
4.296%
1,916,805
1,916,805
 (b)
Total Investments — 99.0% (Cost — $414,794,187)
477,916,896
Other Assets in Excess of Liabilities — 1.0%
5,027,950
Total Net Assets — 100.0%
$482,944,846
 
(a)
Underlying Funds are affiliated with Franklin Resources, Inc. and more information about the Underlying Fundsis available at
www.franklintempleton.com (Note 2).
(b)
Rate shown is one-day yield as of the end of the reporting period.
 
Abbreviation(s) used in this schedule:
ETF
— 
Exchange-Traded Fund
This Schedule of Investments is unaudited and is intended to provide information about the Fund’s investments as of the date of the schedule. Other information regarding the Fund is available in the Fund’s most recent annual or semi-annual shareholder report.
See Notes to Schedules of Investments.
2
Franklin Multi-Asset Allocation Funds 2025 Quarterly Report
Schedules of Investments (unaudited)
April 30, 2025
 Franklin Multi-Asset Conservative Growth Fund
(Percentages shown based on Fund net assets)  
Description
 
 
 
Shares
Value
Investments in Underlying Funds(a) — 98.6%
Domestic Equity — 44.0%
Franklin Templeton ETF Trust — BrandywineGLOBAL — Dynamic US Large Cap Value ETF
173,107
 $2,262,422
 
Franklin Value Investors Trust — Franklin Small Cap Value Fund, Class R6 Shares
48,559
2,603,751
 
Legg Mason Global Asset Management Trust — Franklin U.S. Small Cap Equity Fund, Class IS
Shares
218,061
2,612,366
 
Legg Mason Partners Investment Trust:
ClearBridge Appreciation Fund, Class IS Shares
352,358
11,775,804
 
ClearBridge Large Cap Growth Fund, Class IS Shares
441,618
30,913,231
 
ClearBridge Small Cap Growth Fund, Class IS Shares
103,865
3,777,555
 
Franklin U.S. Large Cap Equity Fund, Class IS Shares
1,567,482
35,769,935
 
Putnam Investment Funds:
Putnam Large Cap Growth Fund, Class R6 Shares
132,903
9,202,179
 
Putnam Large Cap Value Fund, Class R6 Shares
690,376
23,576,355
 
 
Total Domestic Equity
122,493,598
Domestic Fixed Income — 24.9%
Franklin Templeton ETF Trust — Franklin U.S. Core Bond ETF
3,235,730
69,471,123
 
 
Foreign Fixed Income — 15.9%
Franklin Templeton ETF Trust — Franklin High Yield Corporate ETF
540,366
12,844,500
 
Legg Mason Global Asset Management Trust:
BrandywineGLOBAL — Flexible Bond Fund, Class IS Shares
2,638,208
24,614,482
 
BrandywineGLOBAL — Global Unconstrained Bond Fund, Class IS Shares
609,825
6,787,351
 
 
Total Foreign Fixed Income
44,246,333
Foreign Equity — 13.8%
Franklin Templeton ETF Trust — Franklin Systematic Style Premia ETF
424,306
10,242,747
 
Legg Mason Global Asset Management Trust:
ClearBridge International Growth Fund, Class IS Shares
69,749
4,932,626
 
Franklin International Equity Fund, Class IS Shares
634,466
12,467,254
 
Martin Currie Emerging Markets Fund, Class IS Shares
463,231
6,022,005
 
Templeton Funds — Templeton Foreign Fund, Class R6 Shares
607,060
4,880,761
 
 
Total Foreign Equity
38,545,393
Total Investments in Underlying Funds before Short-Term Investments (Cost — $245,799,106)
274,756,447
 
 
Rate
 
 
 
Short-Term Investments — 0.1%
Invesco Government & Agency Portfolio, Institutional Class
(Cost — $362,441)
4.296%
362,441
362,441
 (b)
Total Investments — 98.7% (Cost — $246,161,547)
275,118,888
Other Assets in Excess of Liabilities — 1.3%
3,694,866
Total Net Assets — 100.0%
$278,813,754
 
(a)
Underlying Funds are affiliated with Franklin Resources, Inc. and more information about the Underlying Fundsis available at
www.franklintempleton.com (Note 2).
(b)
Rate shown is one-day yield as of the end of the reporting period.
 
Abbreviation(s) used in this schedule:
ETF
— 
Exchange-Traded Fund
This Schedule of Investments is unaudited and is intended to provide information about the Fund’s investments as of the date of the schedule. Other information regarding the Fund is available in the Fund’s most recent annual or semi-annual shareholder report.
See Notes to Schedules of Investments.
3
Franklin Multi-Asset Allocation Funds 2025 Quarterly Report
Schedules of Investments (unaudited)
April 30, 2025
 Franklin Multi-Asset Defensive Growth Fund
(Percentages shown based on Fund net assets)  
Description
 
 
 
Shares
Value
Investments in Underlying Funds(a) — 98.6%
Domestic Fixed Income — 36.2%
Franklin Templeton ETF Trust — Franklin U.S. Core Bond ETF
1,694,515
 $36,381,237
 
 
Domestic Equity — 27.7%
Franklin Templeton ETF Trust — BrandywineGLOBAL — Dynamic US Large Cap Value ETF
39,358
514,389
 
Franklin Value Investors Trust — Franklin Small Cap Value Fund, Class R6 Shares
11,041
592,020
 
Legg Mason Global Asset Management Trust — Franklin U.S. Small Cap Equity Fund, Class IS
Shares
49,580
593,974
 
Legg Mason Partners Investment Trust:
ClearBridge Appreciation Fund, Class IS Shares
80,113
2,677,374
 
ClearBridge Large Cap Growth Fund, Class IS Shares
100,408
7,028,537
 
ClearBridge Small Cap Growth Fund, Class IS Shares
23,615
858,875
 
Franklin U.S. Large Cap Equity Fund, Class IS Shares
356,389
8,132,797
 
Putnam Investment Funds:
Putnam Large Cap Growth Fund, Class R6 Shares
30,217
2,092,238
 
Putnam Large Cap Value Fund, Class R6 Shares
156,965
5,360,348
 
 
Total Domestic Equity
27,850,552
Foreign Fixed Income — 23.0%
Franklin Templeton ETF Trust — Franklin High Yield Corporate ETF
282,983
6,726,506
 
Legg Mason Global Asset Management Trust:
BrandywineGLOBAL — Flexible Bond Fund, Class IS Shares
1,381,569
12,890,038
 
BrandywineGLOBAL — Global Unconstrained Bond Fund, Class IS Shares
318,078
3,540,204
 
 
Total Foreign Fixed Income
23,156,748
Foreign Equity — 11.7%
Franklin Templeton ETF Trust — Franklin Systematic Style Premia ETF
221,318
5,342,617
 
Legg Mason Global Asset Management Trust:
ClearBridge International Growth Fund, Class IS Shares
15,861
1,121,701
 
Franklin International Equity Fund, Class IS Shares
144,267
2,834,842
 
Martin Currie Emerging Markets Fund, Class IS Shares
105,322
1,369,189
 
Templeton Funds — Templeton Foreign Fund, Class R6 Shares
138,016
1,109,650
 
 
Total Foreign Equity
11,777,999
Total Investments in Underlying Funds before Short-Term Investments (Cost — $92,906,036)
99,166,536
 
 
Rate
 
 
 
Short-Term Investments — 0.4%
Invesco Government & Agency Portfolio, Institutional Class
(Cost — $368,284)
4.296%
368,284
368,284
 (b)
Total Investments — 99.0% (Cost — $93,274,320)
99,534,820
Other Assets in Excess of Liabilities — 1.0%
1,038,526
Total Net Assets — 100.0%
$100,573,346
 
(a)
Underlying Funds are affiliated with Franklin Resources, Inc. and more information about the Underlying Fundsis available at
www.franklintempleton.com (Note 2).
(b)
Rate shown is one-day yield as of the end of the reporting period.
 
Abbreviation(s) used in this schedule:
ETF
— 
Exchange-Traded Fund
This Schedule of Investments is unaudited and is intended to provide information about the Fund’s investments as of the date of the schedule. Other information regarding the Fund is available in the Fund’s most recent annual or semi-annual shareholder report.
See Notes to Schedules of Investments.
4
Franklin Multi-Asset Allocation Funds 2025 Quarterly Report
Notes to Schedules of Investments (unaudited)
1. Organization and significant accounting policies
Franklin Multi-Asset Growth Fund (“Growth Fund”), Franklin Multi-Asset Moderate Growth Fund (“Moderate Growth Fund”), Franklin Multi-Asset Conservative Growth Fund (“Conservative Growth Fund”) and Franklin Multi-Asset Defensive Growth Fund (“Defensive Growth Fund”) (the “Funds”) are separate diversified investment series of Legg Mason Partners Investment Trust (the “Trust”). The Trust, a Maryland statutory trust, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Funds invest in Franklin Resources, Inc. (“Franklin Resources”) affiliated mutual funds and exchange-traded funds (“ETFs”) and ETFs managed by unaffiliated investment advisers (“Underlying 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”). The following are significant accounting policies consistently followed by the Funds and are in conformity with U.S. generally accepted accounting principles (“GAAP”), including, but not limited to, ASC 946.
(a) Investment valuation. Investments in the Underlying Funds are valued at the closing net asset value per share of each Underlying Fund on the day of valuation. Equity securities, including ETFs, for which market quotations are available are valued at the last reported sales price or official closing price on the primary market or exchange on which they trade. The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services typically use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. When the Funds hold securities or other assets that are denominated in a foreign currency, the Funds will normally use the currency exchange rates as of 4:00 p.m. (Eastern Time). If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before each Fund calculates its net asset value, the Funds value these securities as determined in accordance with procedures approved by the Funds’ Board of Trustees (the “Board”).
Pursuant to policies adopted by the Board, the Funds’ manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Funds’ manager is assisted by the Global Fund Valuation Committee (the “Valuation Committee”). The Valuation Committee is responsible for making fair value determinations, evaluating the effectiveness of the Funds’ pricing policies, and reporting to the Funds’ manager and the Board. When determining the reliability of third party pricing information for investments owned by the Funds, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities. Additionally, if the closing net asset value per share for an Underlying Fund is not available on the day of valuation, the Valuation Committee may adjust the Underlying Fund’s last available net asset value per share to account for significant events that have occurred subsequent to the Underlying Fund’s last net asset value per share calculation but prior to the day of valuation.
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are reported to the Board quarterly.
5
Franklin Multi-Asset Allocation Funds 2025 Quarterly Report
Notes to Schedules of Investments (unaudited) (cont’d)
The Funds use valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.
GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:
•
Level 1 — unadjusted quoted prices in active markets for identical investments
•
Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
•
Level 3 — significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments)
The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used in valuing the Funds’ assets carried at fair value:
Growth Fund
 
ASSETS
Description
Quoted Prices
(Level 1)
Other Significant
Observable Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
Investments in Underlying Funds†
 $803,953,135
—
—
 $803,953,135
Short-Term Investments†
9,025,991
—
—
9,025,991
Total Investments
$812,979,126
—
—
$812,979,126
 
†
See Schedule of Investments for additional detailed categorizations.
Moderate Growth Fund
 
ASSETS
Description
Quoted Prices
(Level 1)
Other Significant
Observable Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
Investments in Underlying Funds†
 $476,000,091
—
—
 $476,000,091
Short-Term Investments†
1,916,805
—
—
1,916,805
Total Investments
$477,916,896
—
—
$477,916,896
 
†
See Schedule of Investments for additional detailed categorizations.
Conservative Growth Fund
 
ASSETS
Description
Quoted Prices
(Level 1)
Other Significant
Observable Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
Investments in Underlying Funds†
 $274,756,447
—
—
 $274,756,447
Short-Term Investments†
362,441
—
—
362,441
Total Investments
$275,118,888
—
—
$275,118,888
 
†
See Schedule of Investments for additional detailed categorizations.
6
Franklin Multi-Asset Allocation Funds 2025 Quarterly Report
Defensive Growth Fund
 
ASSETS
Description
Quoted Prices
(Level 1)
Other Significant
Observable Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
Investments in Underlying Funds†
 $99,166,536
—
—
 $99,166,536
Short-Term Investments†
368,284
—
—
368,284
Total Investments
$99,534,820
—
—
$99,534,820
 
†
See Schedule of Investments for additional detailed categorizations.
2. Transactions with affiliated companies
As defined by the 1940 Act, an affiliated company is one in which the Funds own 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Funds. The following Underlying Funds were considered affiliated companies for all or some portion of the period ended April 30, 2025. The following transactions were effected in such Underlying Funds for the period ended April 30, 2025.
 
 
Affiliate
Value at

January 31,
2025
Purchased
Sold
Realized
Gain (Loss)
from Sale
of Affiliated
Underlying
Funds
Income
Distributions
from
Affiliated
Underlying
Funds
Net Increase
(Decrease) in
Unrealized
Appreciation
(Depreciation)
Affiliate
Value at
April 30,
2025
Growth Fund
Cost
Shares
Proceeds
Shares
Franklin Growth Fund, Class R6 Shares
 
 $11,982,313
—
—
 $11,683,600
86,459
 $2,313,509
—
 $(2,612,222
)
—
BrandywineGLOBAL — Dynamic US Large Cap Value ETF
 
12,385,520
—
—
648,076
49,316
(46,298
)
—
(789,850
)
 $10,901,296
Franklin Small Cap Value Fund, Class R6 Shares
 
18,326,348
 $435,550
7,745
3,842,919
71,566
(492,832
)
—
(1,880,439
)
12,545,708
BrandywineGLOBAL — Diversified US Large Cap Value Fund, Class IS Shares
 
66,279,970
—
—
65,902,665
3,144,211
17,038,387
—
(17,415,692
)
—
Franklin U.S. Small Cap Equity Fund, Class IS Shares
 
14,253,123
743,093
61,059
606,224
50,743
(97,353
)
—
(1,705,368
)
12,587,271
ClearBridge Appreciation Fund, Class IS Shares
 
64,750,502
—
—
4,155,956
125,113
(169,418
)
—
(3,684,054
)
56,741,074
ClearBridge Large Cap Growth Fund, Class IS Shares
 
169,781,721
6,057,917
86,839
9,775,467
139,820
(593,390
)
—
(16,517,616
)
148,953,165
ClearBridge Small Cap Growth Fund, Class IS Shares
 
24,452,148
1,740,443
47,644
4,346,288
119,561
(592,713
)
—
(3,051,691
)
18,201,899
Franklin U.S. Large Cap Equity Fund, Class IS Shares
 
171,904,389
19,916,988
873,442
3,856,751
172,165
(127,155
)
—
(15,482,866
)
172,354,605
Putnam Large Cap Growth Fund, Class R6 Shares
 
55,261,003
14,988,105
205,435
18,925,266
279,376
(2,683,369
)
—
(4,312,308
)
44,328,165
Putnam Large Cap Value Fund, Class R6 Shares
 
62,997,554
64,838,000
1,803,437
7,773,423
225,840
(575,894
)
 $483,809
(5,884,337
)
113,601,900
Franklin Systematic Style Premia ETF
 
7,214,482
29,821
1,230
680,673
28,064
9,822
—
80,981
6,654,433
ClearBridge International Growth Fund, Class IS Shares
 
26,097,619
—
—
3,096,404
45,651
674,096
—
86,960
23,762,271
Franklin International Equity Fund, Class IS Shares
 
57,874,364
—
—
3,022,555
158,432
134,293
—
5,080,212
60,066,314
Martin Currie Emerging Markets Fund, Class IS Shares
 
34,561,869
—
—
5,773,646
445,098
102,866
—
125,445
29,016,534
Templeton Foreign Fund, Class R6 Shares
 
26,019,086
686,810
85,424
4,373,225
539,260
88,728
—
1,097,738
23,519,137
Franklin U.S. Core Bond ETF
 
32,359,927
13,200,602
618,320
2,977,183
139,021
(84,754
)
328,601
579,482
43,078,074
7
Franklin Multi-Asset Allocation Funds 2025 Quarterly Report
Notes to Schedules of Investments (unaudited) (cont’d)
 
Affiliate
Value at
January 31,
2025
Purchased
Sold
Realized
Gain (Loss)
from Sale
of Affiliated
Underlying
Funds
Income
Distributions
from
Affiliated
Underlying
Funds
Net Increase
(Decrease) in
Unrealized
Appreciation
(Depreciation)
Affiliate
Value at
April 30,
2025
Growth Fund (cont’d)
Cost
Shares
Proceeds
Shares
Franklin High Yield Corporate ETF
 
 $6,269,432
 $2,195,907
92,713
 $404,177
17,029
 $(8,861
)
 $98,522
 $(87,616
)
 $7,964,685
BrandywineGLOBAL — Flexible Bond Fund, Class IS Shares
 
11,550,095
4,781,745
512,546
1,026,057
110,183
(60,357
)
145,199
21,690
15,267,116
BrandywineGLOBAL — Global Unconstrained Bond Fund, Class IS Shares
 
4,787,298
102,861
9,507
560,386
51,323
(46,756
)
102,861
126,471
4,409,488
 
$879,108,763
$129,717,842
$153,430,941
$14,782,551
$1,158,992
$(66,225,080
)
$803,953,135

 
 
Affiliate
Value at

January 31,
2025
Purchased
Sold
Realized
Gain (Loss)
from Sale
of Affiliated
Underlying
Funds
Income
Distributions
from
Affiliated
Underlying
Funds
Net Increase
(Decrease) in
Unrealized
Appreciation
(Depreciation)
Affiliate
Value at
April 30,
2025
Moderate Growth Fund
Cost
Shares
Proceeds
Shares
Franklin Growth Fund, Class R6 Shares
 
 $5,864,561
—
—
 $5,718,400
42,316
 $1,149,840
—
 $(1,296,001
)
—
BrandywineGLOBAL — Dynamic US Large Cap Value ETF
 
6,061,883
 $31,319
2,412
313,433
24,016
(24,690
)
—
(386,521
)
 $5,368,558
Franklin Small Cap Value Fund, Class R6 Shares
 
8,968,938
318,936
5,671
1,944,419
36,170
(220,850
)
—
(943,286
)
6,179,319
BrandywineGLOBAL — Diversified US Large Cap Value Fund, Class IS Shares
 
32,438,524
—
—
32,253,864
1,538,829
8,968,958
—
(9,153,618
)
—
Franklin U.S. Small Cap Equity Fund, Class IS Shares
 
6,975,550
445,850
36,635
338,333
28,309
(53,796
)
—
(829,741
)
6,199,530
ClearBridge Appreciation Fund, Class IS Shares
 
31,690,366
150,691
4,509
2,011,231
60,599
(44,178
)
—
(1,843,373
)
27,942,275
ClearBridge Large Cap Growth Fund, Class IS Shares
 
83,093,830
3,928,984
56,321
5,322,721
75,772
(210,197
)
—
(8,136,399
)
73,353,497
ClearBridge Small Cap Growth Fund, Class IS Shares
 
11,967,056
991,810
27,150
2,211,093
60,825
(295,799
)
—
(1,488,485
)
8,963,489
Franklin U.S. Large Cap Equity Fund, Class IS Shares
 
84,132,871
11,752,651
515,468
3,369,304
149,208
(83,380
)
—
(7,553,777
)
84,879,061
Putnam Large Cap Growth Fund, Class R6 Shares
 
27,045,854
7,714,296
106,129
9,704,761
140,288
(1,145,625
)
—
(2,074,164
)
21,835,600
Putnam Large Cap Value Fund, Class R6 Shares
 
30,832,155
32,119,259
893,534
3,808,218
111,360
(308,766
)
 $237,843
(2,891,726
)
55,942,704
Franklin Systematic Style Premia ETF
 
10,536,095
65,729
2,711
880,311
36,295
14,435
—
117,541
9,853,489
ClearBridge International Growth Fund, Class IS Shares
 
12,772,340
—
—
1,454,148
21,306
315,337
—
69,130
11,702,659
Franklin International Equity Fund, Class IS Shares
 
28,324,343
21,599
1,151
1,348,414
69,311
64,231
—
2,519,639
29,581,398
Martin Currie Emerging Markets Fund, Class IS Shares
 
16,914,584
—
—
2,744,123
210,978
75,178
—
44,137
14,289,776
Templeton Foreign Fund, Class R6 Shares
 
12,733,649
281,324
34,990
2,017,720
248,123
43,455
—
541,623
11,582,331
Franklin U.S. Core Bond ETF
 
62,314,577
8,109,540
381,895
5,189,071
242,289
(147,344
)
635,035
1,047,627
66,135,329
Franklin High Yield Corporate ETF
 
12,072,867
948,230
40,035
597,706
25,114
(11,435
)
190,466
(184,216
)
12,227,740
BrandywineGLOBAL — Flexible Bond Fund, Class IS Shares
 
22,241,677
2,903,930
311,311
1,640,052
175,883
(94,157
)
279,364
22,531
23,433,929
BrandywineGLOBAL — Global Unconstrained Bond Fund, Class IS Shares
 
6,991,407
149,896
13,853
732,980
66,857
(114,101
)
149,896
235,185
6,529,407
8
Franklin Multi-Asset Allocation Funds 2025 Quarterly Report
 
Affiliate
Value at
January 31,
2025
Purchased
Sold
Realized
Gain (Loss)
from Sale
of Affiliated
Underlying
Funds
Income
Distributions
from
Affiliated
Underlying
Funds
Net Increase
(Decrease) in
Unrealized
Appreciation
(Depreciation)
Affiliate
Value at
April 30,
2025
Moderate Growth Fund (cont’d)
Cost
Shares
Proceeds
Shares
 
$513,973,127
$69,934,044
$83,600,302
$7,877,116
$1,492,604
$(32,183,894
)
$476,000,091

 
 
Affiliate
Value at

January 31,
2025
Purchased
Sold
Realized
Gain (Loss)
from Sale
of Affiliated
Underlying
Funds
Income
Distributions
from
Affiliated
Underlying
Funds
Net Increase
(Decrease) in
Unrealized
Appreciation
(Depreciation)
Affiliate
Value at
April 30,
2025
Conservative Growth Fund
Cost
Shares
Proceeds
Shares
Franklin Growth Fund, Class R6 Shares
 
 $2,473,654
—
—
 $2,412,153
17,849
 $494,121
—
 $(555,622
)
—
BrandywineGLOBAL — Dynamic US Large Cap Value ETF
 
2,557,024
 $16,790
1,246
136,666
10,523
(6,849
)
—
(167,877
)
 $2,262,422
Franklin Small Cap Value Fund, Class R6 Shares
 
3,782,777
196,690
3,497
882,397
16,407
(99,303
)
—
(394,016
)
2,603,751
BrandywineGLOBAL — Diversified US Large Cap Value Fund, Class IS Shares
 
13,682,107
—
—
13,604,220
649,056
4,094,976
—
(4,172,863
)
—
Franklin U.S. Small Cap Equity Fund, Class IS Shares
 
2,942,038
236,189
19,408
192,548
16,094
(28,072
)
—
(345,241
)
2,612,366
ClearBridge Appreciation Fund, Class IS Shares
 
13,366,911
279,531
8,364
1,074,406
32,327
165,929
—
(962,161
)
11,775,804
ClearBridge Large Cap Growth Fund, Class IS Shares
 
35,047,614
2,226,171
31,912
2,847,341
40,488
(78,862
)
—
(3,434,351
)
30,913,231
ClearBridge Small Cap Growth Fund, Class IS Shares
 
5,047,330
500,699
13,707
1,018,535
27,991
(133,974
)
—
(617,965
)
3,777,555
Franklin U.S. Large Cap Equity Fund, Class IS Shares
 
35,486,012
5,172,508
226,934
1,667,082
73,801
(9,953
)
—
(3,211,550
)
35,769,935
Putnam Large Cap Growth Fund, Class R6 Shares
 
11,407,900
3,474,715
48,025
4,326,676
62,549
(509,285
)
—
(844,475
)
9,202,179
Putnam Large Cap Value Fund, Class R6 Shares
 
13,004,653
13,312,621
370,375
1,384,484
41,039
(132,728
)
 $98,917
(1,223,707
)
23,576,355
Franklin U.S. Core Bond ETF
 
68,336,119
4,412,876
207,693
4,214,037
196,886
(122,377
)
699,665
1,058,542
69,471,123
Franklin High Yield Corporate ETF
 
13,239,480
276,593
11,678
454,439
19,077
(8,274
)
209,955
(208,860
)
12,844,500
BrandywineGLOBAL — Flexible Bond Fund, Class IS Shares
 
24,390,918
1,728,634
185,348
1,427,561
153,007
(81,085
)
306,082
3,576
24,614,482
BrandywineGLOBAL — Global Unconstrained Bond Fund, Class IS Shares
 
7,154,504
153,984
14,231
647,276
58,981
(45,320
)
153,984
171,459
6,787,351
Franklin Systematic Style Premia ETF
 
10,782,323
63,304
2,611
736,453
30,394
13,951
—
119,622
10,242,747
ClearBridge International Growth Fund, Class IS Shares
 
5,386,942
—
—
621,134
9,030
118,742
—
48,076
4,932,626
Franklin International Equity Fund, Class IS Shares
 
11,946,489
225,183
11,997
805,547
41,225
32,047
—
1,069,082
12,467,254
Martin Currie Emerging Markets Fund, Class IS Shares
 
7,133,813
—
—
1,163,559
89,349
41,851
—
9,900
6,022,005
Templeton Foreign Fund, Class R6 Shares
 
5,370,396
9,479
1,179
745,440
91,573
11,789
—
234,537
4,880,761
 
$292,539,004
$32,285,967
$40,361,954
$3,717,324
$1,468,603
$(13,423,894
)
$274,756,447
9
Franklin Multi-Asset Allocation Funds 2025 Quarterly Report
Notes to Schedules of Investments (unaudited) (cont’d)

 
 
Affiliate
Value at

January 31,
2025
Purchased
Sold
Realized
Gain (Loss)
from Sale
of Affiliated
Underlying
Funds
Income
Distributions
from
Affiliated
Underlying
Funds
Net Increase
(Decrease) in
Unrealized
Appreciation
(Depreciation)
Affiliate
Value at
April 30,
2025
Defensive Growth Fund
Cost
Shares
Proceeds
Shares
Franklin U.S. Core Bond ETF
 
 $36,203,221
 $1,752,036
82,507
 $2,062,364
96,497
 $(62,982
)
 $373,077
 $551,326
 $36,381,237
Franklin Growth Fund, Class R6 Shares
 
576,888
—
—
562,519
4,163
117,514
—
(131,883
)
—
BrandywineGLOBAL — Dynamic US Large Cap Value ETF
 
596,313
15,943
1,185
56,108
4,360
160
—
(41,919
)
514,389
Franklin Small Cap Value Fund, Class R6 Shares
 
882,035
62,854
1,117
236,272
4,409
(27,425
)
—
(89,172
)
592,020
BrandywineGLOBAL — Diversified US Large Cap Value Fund, Class IS Shares
 
3,190,594
—
—
3,172,432
151,356
723,883
—
(742,045
)
—
Franklin U.S. Small Cap Equity Fund, Class IS Shares
 
686,004
68,310
5,613
72,099
6,106
(7,022
)
—
(81,219
)
593,974
ClearBridge Appreciation Fund, Class IS Shares
 
3,117,151
124,256
3,718
373,466
11,363
98,828
—
(289,395
)
2,677,374
ClearBridge Large Cap Growth Fund, Class IS Shares
 
8,172,895
673,994
9,662
988,310
14,237
(40,565
)
—
(789,477
)
7,028,537
ClearBridge Small Cap Growth Fund, Class IS Shares
 
1,176,915
139,391
3,816
279,770
7,751
(32,626
)
—
(145,035
)
858,875
Franklin U.S. Large Cap Equity Fund, Class IS Shares
 
8,275,150
1,365,470
59,920
742,853
33,350
(7,016
)
—
(757,954
)
8,132,797
Putnam Large Cap Growth Fund, Class R6 Shares
 
2,660,268
871,870
12,106
1,119,528
16,268
(137,020
)
—
(183,352
)
2,092,238
Putnam Large Cap Value Fund, Class R6 Shares
 
3,032,630
3,226,744
89,823
569,759
17,051
(60,636
)
23,224
(268,631
)
5,360,348
Franklin High Yield Corporate ETF
 
7,014,037
—
—
170,303
7,213
(4,648
)
112,021
(112,580
)
6,726,506
BrandywineGLOBAL — Flexible Bond Fund, Class IS Shares
 
12,921,867
635,687
68,171
624,835
67,143
(37,199
)
162,109
(5,482
)
12,890,038
BrandywineGLOBAL — Global Unconstrained Bond Fund, Class IS Shares
 
3,695,296
78,988
7,301
300,148
27,310
(4,358
)
78,988
70,426
3,540,204
Franklin Systematic Style Premia ETF
 
5,569,643
—
—
295,940
12,210
6,784
—
62,130
5,342,617
ClearBridge International Growth Fund, Class IS Shares
 
1,256,099
—
—
172,765
2,508
19,410
—
18,957
1,121,701
Franklin International Equity Fund, Class IS Shares
 
2,785,899
111,635
5,948
318,546
16,453
9,830
—
246,024
2,834,842
Martin Currie Emerging Markets Fund, Class IS Shares
 
1,663,475
—
—
304,791
23,530
7,204
—
3,301
1,369,189
Templeton Foreign Fund, Class R6 Shares
 
1,252,182
—
—
198,596
24,605
(538
)
—
56,602
1,109,650
 
$104,728,562
$9,127,178
$12,621,404
$561,578
$749,419
$(2,629,378
)
$99,166,536
10
Franklin Multi-Asset Allocation Funds 2025 Quarterly Report