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Form NPORT-P FRANKLIN FUND ALLOCATOR For: Apr 30

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June 23, 2021 2:01 PM EDT 

  
    NPORT-P
    false
    
      
      
        
          0001022804
          XXXXXXXX
        
      
      
      
      
        S000066092
        C000213629
      
      
      
    
  
  
    
      Franklin Fund Allocator Series
      811-07851
      0001022804
      5493009BPYLDNZHEMO31
      One Franklin Parkway
      San Mateo
      
      94403-1906
      650-312-2000
      Franklin International Core Equity (IU) Fund
      S000066092
      5493000TU9OU8KKTOX45
      2021-07-31
      2021-04-30
      N
    
    
      328159592.39
      44824.27
      328114768.12
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      105777.87000000
      N
      
        
          
        
        
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        MonotaRO Co. Ltd.
        N/A
        MonotaRO Co. Ltd.
        N/A
        
          
          
        
        22100.00000000
        NS
        
        561197.84000000
        0.171037056093
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Partners Group Holding AG
        549300I3IVVWZWDHI788
        Partners Group Holding AG
        N/A
        
          
          
        
        4658.00000000
        NS
        
        6635530.79000000
        2.022320064415
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        Mitsui & Co. Ltd.
        2NRSB4GOU9DD6CNW5R48
        Mitsui & Co. Ltd.
        N/A
        
          
          
        
        39100.00000000
        NS
        
        825190.20000000
        0.251494379459
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        T&D Holdings, Inc.
        3538008ARJ1MACEWA242
        T&D Holdings, Inc.
        N/A
        
          
          
        
        154600.00000000
        NS
        
        1897378.25000000
        0.578266641538
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        CNH Industrial NV
        549300WGC2HZ5J67V817
        CNH Industrial NV
        N/A
        
          
          
        
        66777.00000000
        NS
        
        991317.87000000
        0.302125343421
        Long
        EC
        CORP
        NL
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Siemens Healthineers AG
        529900QBVWXMWANH7H45
        Siemens Healthineers AG
        N/A
        
          
          
        
        13293.00000000
        NS
        
        759679.92000000
        0.231528719159
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Rio Tinto Ltd.
        529900X2VMAQT2PE0V24
        Rio Tinto Ltd.
        N/A
        
          
          
        
        37384.00000000
        NS
        
        3475102.97000000
        1.059112026536
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        EQT AB
        213800U7P9GOIRKCTB34
        EQT AB
        N/A
        
          
          
        
        10074.00000000
        NS
        
        339516.54000000
        0.103474934074
        Long
        EC
        CORP
        SE
        N
        
        2
        
          N
          N
          N
        
      
      
        Anglo American plc
        549300S9XF92D1X8ME43
        Anglo American plc
        N/A
        
          
          
        
        22636.00000000
        NS
        
        959811.47000000
        0.292523093519
        Long
        EC
        CORP
        GB
        
        N
        
        2
        
          N
          N
          N
        
      
      
        ING Groep NV
        549300NYKK9MWM7GGW15
        ING Groep NV
        N/A
        
          
          
        
        465496.00000000
        NS
        
        5946955.88000000
        1.812462119298
        Long
        EC
        CORP
        NL
        N
        
        2
        
          N
          N
          N
        
      
      
        NN Group NV
        724500OHYNDT9OY6Q215
        NN Group NV
        N/A
        
          
          
        
        34168.00000000
        NS
        
        1704319.32000000
        0.519427799536
        Long
        EC
        CORP
        NL
        N
        
        2
        
          N
          N
          N
        
      
      
        Zalando SE
        529900YRFFGH5AXU4S86
        Zalando SE
        N/A
        
          
          
        
        7546.00000000
        NS
        
        784806.05000000
        0.239186445187
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Sony Group Corp.
        529900R5WX9N2OI2N910
        Sony Group Corp.
        N/A
        
          
          
        
        18700.00000000
        NS
        
        1869691.55000000
        0.569828526985
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        CSL Ltd.
        529900ECSECK5ZDQTE14
        CSL Ltd.
        N/A
        
          
          
        
        13900.00000000
        NS
        
        2904008.69000000
        0.885058818485
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Iida Group Holdings Co. Ltd.
        35380051BV8PV1I4S949
        Iida Group Holdings Co. Ltd.
        N/A
        
          
          
        
        42400.00000000
        NS
        
        1032672.70000000
        0.314729113205
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        CNP Assurances
        969500QKVPV2H8UXM738
        CNP Assurances
        N/A
        
          
          
        
        48405.00000000
        NS
        
        846675.18000000
        0.258042387074
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Goodman Group
        N/A
        Goodman Group
        N/A
        
          
          
        
        255824.00000000
        NS
        
        3731053.07000000
        1.137118298995
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Commonwealth Bank of Australia
        MSFSBD3QN1GSN7Q6C537
        Commonwealth Bank of Australia
        N/A
        
          
          
        
        52480.00000000
        NS
        
        3593067.16000000
        1.095064138864
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Amadeus IT Group SA
        9598004A3FTY3TEHHN09
        Amadeus IT Group SA
        N/A
        
          
          
        
        34113.00000000
        NS
        
        2323126.76000000
        0.708022614559
        Long
        EC
        CORP
        ES
        N
        
        2
        
          N
          N
          N
        
      
      
        Sanofi
        549300E9PC51EN656011
        Sanofi
        N/A
        
          
          
        
        18349.00000000
        NS
        
        1923832.79000000
        0.586329228953
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Next plc
        213800WQD8ECPZP9PH98
        Next plc
        N/A
        
          
          
        
        25605.00000000
        NS
        
        2759455.61000000
        0.841003172704
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Fortescue Metals Group Ltd.
        529900VEJFORCO6I4826
        Fortescue Metals Group Ltd.
        N/A
        
          
          
        
        160347.00000000
        NS
        
        2774574.70000000
        0.845611039057
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Daito Trust Construction Co. Ltd.
        353800QQ4DRI3KXS3038
        Daito Trust Construction Co. Ltd.
        N/A
        
          
          
        
        13200.00000000
        NS
        
        1403659.46000000
        0.427795270551
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Koninklijke Philips NV
        H1FJE8H61JGM1JSGM897
        Koninklijke Philips NV
        N/A
        
          
          
        
        19949.00000000
        NS
        
        1128026.29000000
        0.343790161126
        Long
        EC
        CORP
        NL
        N
        
        2
        
          N
          N
          N
        
      
      
        Logitech International SA
        549300SN6PRK6IJJC215
        Logitech International SA
        N/A
        
          
          
        
        23280.00000000
        NS
        
        2591307.51000000
        0.789756439445
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        Check Point Software Technologies Ltd.
        2549003ZVBH73EPNS513
        Check Point Software Technologies Ltd.
        N/A
        
          
          
        
        9200.00000000
        NS
        USD
        1074652.00000000
        0.327523203590
        Long
        EC
        CORP
        IL
        N
        
        1
        
          N
          N
          N
        
      
      
        Epiroc AB
        5493004Q73OEYW1SPE91
        Epiroc AB, Class A
        N/A
        
          
          
        
        125283.00000000
        NS
        
        2710796.19000000
        0.826173172738
        Long
        EC
        CORP
        SE
        N
        
        2
        
          N
          N
          N
        
      
      
        Recruit Holdings Co. Ltd.
        353800R2LRSMVVC4I806
        Recruit Holdings Co. Ltd.
        N/A
        
          
          
        
        40000.00000000
        NS
        
        1803582.25000000
        0.549680302515
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Toho Gas Co. Ltd.
        353800BCVTE4F8012906
        Toho Gas Co. Ltd.
        N/A
        
          
          
        
        20900.00000000
        NS
        
        1164861.09000000
        0.355016355001
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Sundrug Co. Ltd.
        N/A
        Sundrug Co. Ltd.
        N/A
        
          
          
        
        13100.00000000
        NS
        
        446445.53000000
        0.136063832956
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Sartorius Stedim Biotech
        52990006IVXY7GCSSR39
        Sartorius Stedim Biotech
        N/A
        
          
          
        
        5102.00000000
        NS
        
        2343375.26000000
        0.714193778422
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Sartorius AG
        529900EQV2DY4FOAMU38
        Sartorius AG
        N/A
        
          
          
        
        2223.00000000
        NS
        
        1254314.50000000
        0.382279196753
        Long
        EP
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Budweiser Brewing Co. APAC Ltd.
        549300YF1MR4GTF18132
        Budweiser Brewing Co. APAC Ltd.
        N/A
        
          
          
        
        145100.00000000
        NS
        
        457225.24000000
        0.139349180355
        Long
        EC
        CORP
        KY
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Nitto Denko Corp.
        3538009GX5P09USH2J25
        Nitto Denko Corp.
        N/A
        
          
          
        
        29800.00000000
        NS
        
        2466190.24000000
        0.751624272851
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Tosoh Corp.
        529900YSLFVJF2MDBX02
        Tosoh Corp.
        N/A
        
          
          
        
        52400.00000000
        NS
        
        928828.99000000
        0.283080519454
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Daimler AG
        529900R27DL06UVNT076
        Daimler AG
        N/A
        
          
          
        
        45046.00000000
        NS
        
        4009204.16000000
        1.221890798445
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Adecco Group AG
        NI14Y5UMU60O7JE9P611
        Adecco Group AG
        N/A
        
          
          
        
        44489.00000000
        NS
        
        3015611.70000000
        0.919072225026
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        Yamada Holdings Co. Ltd.
        353800MDZ4K1DQKLO464
        Yamada Holdings Co. Ltd.
        N/A
        
          
          
        
        213300.00000000
        NS
        
        1061906.46000000
        0.323638727413
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Neste OYJ
        5493009GY1X8GQ66AM14
        Neste OYJ
        N/A
        
          
          
        
        18540.00000000
        NS
        
        1121174.81000000
        0.341702025917
        Long
        EC
        CORP
        FI
        N
        
        2
        
          N
          N
          N
        
      
      
        Coloplast A/S
        529900NN7SOJ5QG82X67
        Coloplast A/S, Class B
        N/A
        
          
          
        
        15787.00000000
        NS
        
        2615078.84000000
        0.797001261169
        Long
        EC
        CORP
        DK
        N
        
        2
        
          N
          N
          N
        
      
      
        Tokyo Gas Co. Ltd.
        353800678EIJLOQSWZ83
        Tokyo Gas Co. Ltd.
        N/A
        
          
          
        
        106700.00000000
        NS
        
        2165457.39000000
        0.659969498601
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Barclays plc
        213800LBQA1Y9L22JB70
        Barclays plc
        N/A
        
          
          
        
        912142.00000000
        NS
        
        2208349.21000000
        0.673041698992
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        BNP Paribas SA
        R0MUWSFPU8MPRO8K5P83
        BNP Paribas SA
        N/A
        
          
          
        
        100078.00000000
        NS
        
        6417042.40000000
        1.955731050073
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Sonova Holding AG
        5299004A0QNX7FBNHS61
        Sonova Holding AG
        N/A
        
          
          
        
        9037.00000000
        NS
        
        2676003.46000000
        0.815569343413
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        Cie de Saint-Gobain
        NFONVGN05Z0FMN5PEC35
        Cie de Saint-Gobain
        N/A
        
          
          
        
        49299.00000000
        NS
        
        3110657.37000000
        0.948039427735
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        ZOZO, Inc.
        549300GC7XPQMZA0OW13
        ZOZO, Inc.
        N/A
        
          
          
        
        21700.00000000
        NS
        
        729891.57000000
        0.222450081775
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Pandora A/S
        5299007OWYZ6I1E46843
        Pandora A/S
        N/A
        
          
          
        
        11008.00000000
        NS
        
        1246704.18000000
        0.379959788809
        Long
        EC
        CORP
        DK
        N
        
        2
        
          N
          N
          N
        
      
      
        Deutsche Post AG
        8ER8GIG7CSMVD8VUFE78
        Deutsche Post AG
        N/A
        
          
          
        
        77466.00000000
        NS
        
        4562718.78000000
        1.390586228758
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Lundin Energy AB
        549300IULC8F8IGXKI15
        Lundin Energy AB
        N/A
        
          
          
        
        53579.00000000
        NS
        
        1709049.74000000
        0.520869496302
        Long
        EC
        CORP
        SE
        N
        
        2
        
          N
          N
          N
        
      
      
        Ipsen SA
        549300M6SGDPB4Z94P11
        Ipsen SA
        N/A
        
          
          
        
        11016.00000000
        NS
        
        1065017.52000000
        0.324586889551
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Sun Hung Kai Properties Ltd.
        529900LUMD393RD3S874
        Sun Hung Kai Properties Ltd.
        N/A
        
          
          
        
        239500.00000000
        NS
        
        3602645.07000000
        1.097983211984
        Long
        EC
        CORP
        HK
        N
        
        2
        
          N
          N
          N
        
      
      
        Orion OYJ
        74370029VAHCXDR7B745
        Orion OYJ, Class B
        N/A
        
          
          
        
        13652.00000000
        NS
        
        604520.22000000
        0.184240478861
        Long
        EC
        CORP
        FI
        N
        
        1
        
          N
          N
          N
        
      
      
        UBS Group AG
        549300SZJ9VS8SGXAN81
        UBS Group AG
        N/A
        
          
          
        
        322177.00000000
        NS
        
        4920107.79000000
        1.499508180686
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        Nihon M&A Center, Inc.
        N/A
        Nihon M&A Center, Inc.
        N/A
        
          
          
        
        10400.00000000
        NS
        
        271710.00000000
        0.082809439379
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        HelloFresh SE
        391200ZAF4V6XD2M9G57
        HelloFresh SE
        N/A
        
          
          
        
        8831.00000000
        NS
        
        732608.26000000
        0.223278051212
        Long
        EC
        CORP
        DE
        N
        
        1
        
          N
          N
          N
        
      
      
        Bayer AG
        549300J4U55H3WP1XT59
        Bayer AG
        N/A
        
          
          
        
        13988.00000000
        NS
        
        905178.20000000
        0.275872434875
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Oracle Corp. Japan
        529900MIMKY9RU60Z323
        Oracle Corp. Japan
        N/A
        
          
          
        
        7600.00000000
        NS
        
        712570.98000000
        0.217171261166
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        M&G plc
        254900TWUJUQ44TQJY84
        M&G plc
        N/A
        
          
          
        
        504472.00000000
        NS
        
        1514287.16000000
        0.461511430490
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Tokyo Electron Ltd.
        549300H5LSF8DP3RIJ34
        Tokyo Electron Ltd.
        N/A
        
          
          
        
        12800.00000000
        NS
        
        5813871.46000000
        1.771901793177
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Epiroc AB
        5493004Q73OEYW1SPE91
        Epiroc AB, Class B
        N/A
        
          
          
        
        74423.00000000
        NS
        
        1457157.28000000
        0.444099876500
        Long
        EC
        CORP
        SE
        N
        
        2
        
          N
          N
          N
        
      
      
        Persol Holdings Co. Ltd.
        3538000H6OI725NB2008
        Persol Holdings Co. Ltd.
        N/A
        
          
          
        
        25200.00000000
        NS
        
        464110.47000000
        0.141447601599
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Hermes International
        969500Y4IJGHJE2MTJ13
        Hermes International
        N/A
        
          
          
        
        3770.00000000
        NS
        
        4731965.95000000
        1.442167927128
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Hitachi Ltd.
        549300T6IPOCDWLKC615
        Hitachi Ltd.
        N/A
        
          
          
        
        8500.00000000
        NS
        
        420749.92000000
        0.128232545706
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Japan Post Insurance Co. Ltd.
        54930042SK2Z708BA841
        Japan Post Insurance Co. Ltd.
        N/A
        
          
          
        
        44000.00000000
        NS
        
        848399.40000000
        0.258567880032
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Imperial Brands plc
        549300DFVPOB67JL3A42
        Imperial Brands plc
        N/A
        
          
          
        
        52333.00000000
        NS
        
        1090844.44000000
        0.332458196334
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Wolters Kluwer NV
        724500TEM53I0U077B74
        Wolters Kluwer NV
        N/A
        
          
          
        
        28187.00000000
        NS
        
        2549651.00000000
        0.777060726223
        Long
        EC
        CORP
        NL
        N
        
        2
        
          N
          N
          N
        
      
      
        Randstad NV
        7245009EAAUUQJ0U4T57
        Randstad NV
        N/A
        
          
          
        
        34097.00000000
        NS
        
        2460276.16000000
        0.749821830360
        Long
        EC
        CORP
        NL
        N
        
        2
        
          N
          N
          N
        
      
      
        3i Group plc
        35GDVHRBMFE7NWATNM84
        3i Group plc
        N/A
        
          
          
        
        275238.00000000
        NS
        
        4875134.66000000
        1.485801656515
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Moncler SpA
        815600EBD7FB00525B20
        Moncler SpA
        N/A
        
          
          
        
        8668.00000000
        NS
        
        531288.06000000
        0.161921410317
        Long
        EC
        CORP
        IT
        N
        
        2
        
          N
          N
          N
        
      
      
        BP plc
        213800LH1BZH3DI6G760
        BP plc
        N/A
        
          
          
        
        1125469.00000000
        NS
        
        4711778.34000000
        1.436015320796
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Kinnevik AB
        2138006PZH76JOS6MN27
        Kinnevik AB, Class B
        N/A
        
          
          
        
        47122.00000000
        NS
        
        2600724.20000000
        0.792626377319
        Long
        EC
        CORP
        SE
        N
        
        2
        
          N
          N
          N
        
      
      
        Fresenius Medical Care AG & Co. KGaA
        549300CP8NY40UP89Q40
        Fresenius Medical Care AG & Co. KGaA
        N/A
        
          
          
        
        5178.00000000
        NS
        
        412322.17000000
        0.125664008469
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Hoya Corp.
        353800X4VR3BHEUCJB42
        Hoya Corp.
        N/A
        
          
          
        
        34000.00000000
        NS
        
        3864797.34000000
        1.177879728530
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Osaka Gas Co. Ltd.
        353800024KMNOPQRWZ02
        Osaka Gas Co. Ltd.
        N/A
        
          
          
        
        106600.00000000
        NS
        
        2063441.30000000
        0.628877911172
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Koninklijke Ahold Delhaize NV
        724500C9GNBV20UYRX36
        Koninklijke Ahold Delhaize NV
        N/A
        
          
          
        
        45758.00000000
        NS
        
        1231486.82000000
        0.375321972569
        Long
        EC
        CORP
        NL
        N
        
        2
        
          N
          N
          N
        
      
      
        Brother Industries Ltd.
        549300O5FACQ67KI6R92
        Brother Industries Ltd.
        114813108
        
          
          
        
        51500.00000000
        NS
        
        1092010.28000000
        0.332813511033
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Sekisui House Ltd.
        529900GMNDOYQSAJAE76
        Sekisui House Ltd.
        N/A
        
          
          
        
        122200.00000000
        NS
        
        2474984.25000000
        0.754304435664
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        ASML Holding NV
        724500Y6DUVHQD6OXN27
        ASML Holding NV
        N/A
        
          
          
        
        2427.00000000
        NS
        
        1575533.09000000
        0.480177438835
        Long
        EC
        CORP
        NL
        N
        
        2
        
          N
          N
          N
        
      
      
        Burberry Group plc
        213800PE1KEFCNFR1R50
        Burberry Group plc
        N/A
        
          
          
        
        17414.00000000
        NS
        
        495677.76000000
        0.151068409032
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Sage Group plc (The)
        2138005RN5XYLTF8G138
        Sage Group plc (The)
        N/A
        
          
          
        
        117729.00000000
        NS
        
        1037303.16000000
        0.316140345021
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        AP Moller - Maersk A/S
        549300D2K6PKKKXVNN73
        AP Moller - Maersk A/S, Class A
        N/A
        
          
          
        
        748.00000000
        NS
        
        1757641.56000000
        0.535678893720
        Long
        EC
        CORP
        DK
        N
        
        2
        
          N
          N
          N
        
      
      
        DBS Group Holdings Ltd.
        5493007FKT78NKPM5V55
        DBS Group Holdings Ltd.
        N/A
        
          
          
        
        14800.00000000
        NS
        
        331683.79000000
        0.101087735825
        Long
        EC
        CORP
        SG
        N
        
        2
        
          N
          N
          N
        
      
      
        M3, Inc.
        N/A
        M3, Inc.
        N/A
        
          
          
        
        4700.00000000
        NS
        
        324690.36000000
        0.098956338314
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        BHP Group Ltd.
        WZE1WSENV6JSZFK0JC28
        BHP Group Ltd.
        N/A
        
          
          
        
        54773.00000000
        NS
        
        1993769.88000000
        0.607644054372
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Sumitomo Mitsui Financial Group, Inc.
        35380028MYWPB6AUO129
        Sumitomo Mitsui Financial Group, Inc.
        N/A
        
          
          
        
        148500.00000000
        NS
        
        5216853.55000000
        1.589947803901
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Hong Kong Exchanges & Clearing Ltd.
        213800YTVSXYQN17BW16
        Hong Kong Exchanges & Clearing Ltd.
        N/A
        
          
          
        
        73900.00000000
        NS
        
        4456986.49000000
        1.358362049820
        Long
        EC
        CORP
        HK
        N
        
        2
        
          N
          N
          N
        
      
      
        Shimamura Co. Ltd.
        N/A
        Shimamura Co. Ltd.
        N/A
        
          
          
        
        4100.00000000
        NS
        
        405630.56000000
        0.123624597065
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Nintendo Co. Ltd.
        353800FEEXU6I9M0ZF27
        Nintendo Co. Ltd.
        N/A
        
          
          
        
        7000.00000000
        NS
        
        4015756.88000000
        1.223887880149
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        SAP SE
        529900D6BF99LW9R2E68
        SAP SE
        N/A
        
          
          
        
        22163.00000000
        NS
        
        3103408.05000000
        0.945830042268
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        CK Hutchison Holdings Ltd.
        254900Z8HM1VEPOQ2G79
        CK Hutchison Holdings Ltd.
        N/A
        
          
          
        
        85000.00000000
        NS
        
        694714.07000000
        0.211728985556
        Long
        EC
        CORP
        KY
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Stellantis NV
        549300LKT9PW7ZIBDF31
        Stellantis NV
        N/A
        
          
          
        
        200625.00000000
        NS
        
        3324397.65000000
        1.013181353904
        Long
        EC
        CORP
        NL
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Nomura Holdings, Inc.
        549300B3CEAHYG7K8164
        Nomura Holdings, Inc.
        N/A
        
          
          
        
        405700.00000000
        NS
        
        2180800.59000000
        0.664645667275
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Unilever plc
        549300MKFYEKVRWML317
        Unilever plc
        N/A
        
          
          
        
        72929.00000000
        NS
        
        4272125.13000000
        1.302021592773
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Kurita Water Industries Ltd.
        52990086GS2ON69UMX34
        Kurita Water Industries Ltd.
        N/A
        
          
          
        
        9100.00000000
        NS
        
        420297.26000000
        0.128094587880
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Norsk Hydro ASA
        549300N1SDN71ZZ8BO45
        Norsk Hydro ASA
        N/A
        
          
          
        
        50974.00000000
        NS
        
        324595.44000000
        0.098927409412
        Long
        EC
        CORP
        NO
        N
        
        2
        
          N
          N
          N
        
      
      
        Atlas Copco AB
        213800T8PC8Q4FYJZR07
        Atlas Copco AB, Class B
        N/A
        
          
          
        
        31465.00000000
        NS
        
        1632676.71000000
        0.497593180384
        Long
        EC
        CORP
        SE
        N
        
        2
        
          N
          N
          N
        
      
      
        Novo Nordisk A/S
        549300DAQ1CVT6CXN342
        Novo Nordisk A/S, Class B
        N/A
        
          
          
        
        86511.00000000
        NS
        
        6382008.11000000
        1.945053600167
        Long
        EC
        CORP
        DK
        N
        
        2
        
          N
          N
          N
        
      
      
        LEG Immobilien SE
        391200SO40AKONBO0Z96
        LEG Immobilien SE
        N/A
        
          
          
        
        16983.00000000
        NS
        
        2363032.20000000
        0.720184651711
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Kakaku.com, Inc.
        353800KA15Y0DCPWYY65
        Kakaku.com, Inc.
        N/A
        
          
          
        
        24600.00000000
        NS
        
        667928.14000000
        0.203565399944
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Roche Holding AG
        549300U41AUUVOAAOB37
        Roche Holding AG
        N/A
        
          
          
        
        18812.00000000
        NS
        
        6135979.75000000
        1.870071190381
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        Evraz plc
        5493005B7DAN39RXLK23
        Evraz plc
        N/A
        
          
          
        
        150055.00000000
        NS
        
        1330785.57000000
        0.405585392460
        Long
        EC
        CORP
        GB
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Hargreaves Lansdown plc
        2138008ZCE93ZDSESG90
        Hargreaves Lansdown plc
        N/A
        
          
          
        
        69851.00000000
        NS
        
        1658438.86000000
        0.505444747123
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        KDDI Corp.
        5299003FU7V4I45FU310
        KDDI Corp.
        N/A
        
          
          
        
        127200.00000000
        NS
        
        3845362.88000000
        1.171956660784
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Kose Corp.
        353800NX4GGAVDHHY664
        Kose Corp.
        N/A
        
          
          
        
        4300.00000000
        NS
        
        647332.02000000
        0.197288291444
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        voestalpine AG
        529900ZAXBMQDIWPNB72
        voestalpine AG
        N/A
        
          
          
        
        16949.00000000
        NS
        
        735351.69000000
        0.224114170237
        Long
        EC
        CORP
        AT
        N
        
        2
        
          N
          N
          N
        
      
      
        FUCHS PETROLUB SE
        529900SNF9E1P5ZO4P98
        FUCHS PETROLUB SE
        N/A
        
          
          
        
        20325.00000000
        NS
        
        1082340.08000000
        0.329866310560
        Long
        EP
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Marubeni Corp.
        4P4N3ORD02UGQT1T1W12
        Marubeni Corp.
        N/A
        
          
          
        
        55200.00000000
        NS
        
        459794.85000000
        0.140132324014
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Lawson, Inc.
        529900IWO8XQO92PR233
        Lawson, Inc.
        N/A
        
          
          
        
        14600.00000000
        NS
        
        656169.97000000
        0.199981845913
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        BASF SE
        529900PM64WH8AF1E917
        BASF SE
        N/A
        
          
          
        
        10891.00000000
        NS
        
        877756.93000000
        0.267515215797
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Toyota Motor Corp.
        5493006W3QUS5LMH6R84
        Toyota Motor Corp.
        N/A
        
          
          
        
        53900.00000000
        NS
        
        4033207.75000000
        1.229206406376
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        WH Group Ltd.
        254900A4AYEDRWYSE928
        WH Group Ltd.
        N/A
        
          
          
        
        349000.00000000
        NS
        
        304084.35000000
        0.092676215624
        Long
        EC
        CORP
        KY
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Geberit AG
        52990093Z5OHD6T7BS47
        Geberit AG
        N/A
        
          
          
        
        6990.00000000
        NS
        
        4599731.15000000
        1.401866540892
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        Swire Pacific Ltd.
        549300KZOZHII0DGF611
        Swire Pacific Ltd., Class A
        N/A
        
          
          
        
        48500.00000000
        NS
        
        390726.90000000
        0.119082387616
        Long
        EC
        CORP
        HK
        N
        
        2
        
          N
          N
          N
        
      
      
        Standard Chartered plc
        U4LOSYZ7YG4W3S5F2G91
        Standard Chartered plc
        N/A
        
          
          
        
        58952.00000000
        NS
        
        422933.58000000
        0.128898062840
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Persimmon plc
        213800XI72Y57UWN6F31
        Persimmon plc
        N/A
        
          
          
        
        55601.00000000
        NS
        
        2405416.88000000
        0.733102290330
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Obayashi Corp.
        529900YT4O5S0LCXWD54
        Obayashi Corp.
        N/A
        
          
          
        
        45200.00000000
        NS
        
        413574.95000000
        0.126045819994
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Astellas Pharma, Inc.
        529900IB708DY2HBBB35
        Astellas Pharma, Inc.
        N/A
        
          
          
        
        56200.00000000
        NS
        
        845908.77000000
        0.257808807219
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Xinyi Glass Holdings Ltd.
        52990082YXVVZFK1QJ17
        Xinyi Glass Holdings Ltd.
        N/A
        
          
          
        
        286000.00000000
        NS
        
        1013299.43000000
        0.308824694421
        Long
        EC
        CORP
        KY
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Nippon Express Co. Ltd.
        529900NTHOQWZAW95H82
        Nippon Express Co. Ltd.
        N/A
        
          
          
        
        16800.00000000
        NS
        
        1285827.26000000
        0.391883385001
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Atlas Copco AB
        213800T8PC8Q4FYJZR07
        Atlas Copco AB, Class A
        N/A
        
          
          
        
        69906.00000000
        NS
        
        4239078.96000000
        1.291950064999
        Long
        EC
        CORP
        SE
        N
        
        2
        
          N
          N
          N
        
      
      
        ArcelorMittal SA
        2EULGUTUI56JI9SAL165
        ArcelorMittal SA
        N/A
        
          
          
        
        12633.00000000
        NS
        
        367264.53000000
        0.111931728067
        Long
        EC
        CORP
        LU
        N
        
        2
        
          N
          N
          N
        
      
      
        REA Group Ltd.
        N/A
        REA Group Ltd.
        N/A
        
          
          
        
        14970.00000000
        NS
        
        1821558.26000000
        0.555158876400
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        AstraZeneca plc
        PY6ZZQWO2IZFZC3IOL08
        AstraZeneca plc
        N/A
        
          
          
        
        3119.00000000
        NS
        
        332010.73000000
        0.101187377789
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Fisher & Paykel Healthcare Corp. Ltd.
        N/A
        Fisher & Paykel Healthcare Corp. Ltd.
        N/A
        
          
          
        
        59108.00000000
        NS
        
        1523384.89000000
        0.464284158475
        Long
        EC
        CORP
        NZ
        N
        
        2
        
          N
          N
          N
        
      
      
        Otsuka Holdings Co. Ltd.
        N/A
        Otsuka Holdings Co. Ltd.
        N/A
        
          
          
        
        39400.00000000
        NS
        
        1510056.12000000
        0.460221930470
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        ORIX Corp.
        35380016EMHNBOVYE123
        ORIX Corp.
        N/A
        
          
          
        
        225600.00000000
        NS
        
        3642222.64000000
        1.110045323735
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Galp Energia SGPS SA
        2138003319Y7NM75FG53
        Galp Energia SGPS SA
        N/A
        
          
          
        
        32942.00000000
        NS
        
        379336.48000000
        0.115610913270
        Long
        EC
        CORP
        PT
        N
        
        2
        
          N
          N
          N
        
      
      
        Rio Tinto plc
        213800YOEO5OQ72G2R82
        Rio Tinto plc
        N/A
        
          
          
        
        46552.00000000
        NS
        
        3899209.38000000
        1.188367534427
        Long
        EC
        CORP
        GB
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Equinor ASA
        OW6OFBNCKXC4US5C7523
        Equinor ASA
        N/A
        
          
          
        
        92952.00000000
        NS
        
        1876981.17000000
        0.572050194739
        Long
        EC
        CORP
        NO
        N
        
        2
        
          N
          N
          N
        
      
      
        Techtronic Industries Co. Ltd.
        549300HZW2SBE758OK89
        Techtronic Industries Co. Ltd.
        N/A
        
          
          
        
        124500.00000000
        NS
        
        2259024.10000000
        0.688485956588
        Long
        EC
        CORP
        HK
        N
        
        2
        
          N
          N
          N
        
      
      
        Covestro AG
        3912005AWHKLQ1CPLV11
        Covestro AG
        N/A
        
          
          
        
        8048.00000000
        NS
        
        526356.54000000
        0.160418424021
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Nippon Telegraph & Telephone Corp.
        353800VHQU5VIXVUA841
        Nippon Telegraph & Telephone Corp.
        N/A
        
          
          
        
        99200.00000000
        NS
        
        2501232.70000000
        0.762304212739
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Fresenius SE & Co. KGaA
        XDFJ0CYCOO1FXRFTQS51
        Fresenius SE & Co. KGaA
        N/A
        
          
          
        
        12407.00000000
        NS
        
        609821.21000000
        0.185856069049
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        TOTAL SE
        529900S21EQ1BO4ESM68
        TOTAL SE
        N/A
        
          
          
        
        87262.00000000
        NS
        
        3856949.53000000
        1.175487940423
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        BT Group plc
        213800LRO7NS5CYQMN21
        BT Group plc
        N/A
        
          
          
        
        433496.00000000
        NS
        
        988816.88000000
        0.301363113177
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Bayerische Motoren Werke AG
        YEH5ZCD6E441RHVHD759
        Bayerische Motoren Werke AG
        N/A
        
          
          
        
        8857.00000000
        NS
        
        887598.95000000
        0.270514782094
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Nestle SA
        KY37LUS27QQX7BB93L28
        Nestle SA
        N/A
        
          
          
        
        14844.00000000
        NS
        
        1771441.95000000
        0.539884858017
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        Admiral Group plc
        213800FGVM7Z9EJB2685
        Admiral Group plc
        N/A
        
          
          
        
        56375.00000000
        NS
        
        2435983.42000000
        0.742418097776
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        SGS SA
        2138007JNS19JHNA2336
        SGS SA
        N/A
        
          
          
        
        1188.00000000
        NS
        
        3515370.49000000
        1.071384415319
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        Taiheiyo Cement Corp.
        N/A
        Taiheiyo Cement Corp.
        N/A
        
          
          
        
        28100.00000000
        NS
        
        705531.83000000
        0.215025929507
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Cellnex Telecom SA
        5493008T4YG3AQUI7P67
        Cellnex Telecom SA
        N/A
        
          
          
        
        25218.00000000
        NS
        
        1426492.30000000
        0.434754067356
        Long
        EC
        CORP
        ES
        N
        
        2
        
          N
          N
          N
        
      
      
        Fujitsu Ltd.
        3538000246DHJLRTUZ24
        Fujitsu Ltd.
        N/A
        
          
          
        
        28400.00000000
        NS
        
        4511773.90000000
        1.375059685929
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Magellan Financial Group Ltd.
        549300X5WFW6USQQ9U26
        Magellan Financial Group Ltd.
        N/A
        
          
          
        
        21387.00000000
        NS
        
        796872.59000000
        0.242863981577
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        BHP Group plc
        549300C116EOWV835768
        BHP Group plc
        N/A
        
          
          
        
        27324.00000000
        NS
        
        822887.04000000
        0.250792442143
        Long
        EC
        CORP
        GB
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Deutsche Telekom AG
        549300V9QSIG4WX4GJ96
        Deutsche Telekom AG
        N/A
        
          
          
        
        161953.00000000
        NS
        
        3116923.79000000
        0.949949253384
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Prosus NV
        635400Z5LQ5F9OLVT688
        Prosus NV
        N/A
        
          
          
        
        12301.00000000
        NS
        
        1335104.00000000
        0.406901526453
        Long
        EC
        CORP
        NL
        
        N
        
        2
        
          N
          N
          N
        
      
      
        DiaSorin SpA
        8156002878BDF0EE4348
        DiaSorin SpA
        N/A
        
          
          
        
        5044.00000000
        NS
        
        856696.10000000
        0.261096476976
        Long
        EC
        CORP
        IT
        N
        
        2
        
          N
          N
          N
        
      
      
        Barratt Developments plc
        2138006R85VEOF5YNK29
        Barratt Developments plc
        N/A
        
          
          
        
        197028.00000000
        NS
        
        2100837.56000000
        0.640275222001
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Keyence Corp.
        529900M7PQBS7A89DZ11
        Keyence Corp.
        N/A
        
          
          
        
        2500.00000000
        NS
        
        1200187.61000000
        0.365782868255
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Institutional Fiduciary Trust - Money Market Portfolio
        549300M4TP89K77LG374
        Institutional Fiduciary Trust - Money Market Portfolio
        457756500
        
          
          
        
        1544324.69100000
        NS
        USD
        1544324.69000000
        0.470666010813
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Anheuser-Busch InBev SA
        5493008H3828EMEXB082
        Anheuser-Busch InBev SA
        N/A
        
          
          
        
        47682.00000000
        NS
        
        3377576.34000000
        1.029388698153
        Long
        EC
        CORP
        BE
        N
        
        2
        
          N
          N
          N
        
      
      
        FinecoBank Banca Fineco SpA
        549300L7YCATGO57ZE10
        FinecoBank Banca Fineco SpA
        N/A
        
          
          
        
        61376.00000000
        NS
        
        1055699.07000000
        0.321746892420
        Long
        EC
        CORP
        IT
        N
        
        2
        
          N
          N
          N
        
      
      
        Sumitomo Dainippon Pharma Co. Ltd.
        529900D60UKVYLJ2OJ79
        Sumitomo Dainippon Pharma Co. Ltd.
        N/A
        
          
          
        
        28800.00000000
        NS
        
        500027.72000000
        0.152394152468
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        L'Oreal SA
        529900JI1GG6F7RKVI53
        L'Oreal SA
        N/A
        
          
          
        
        11216.00000000
        NS
        
        4592811.12000000
        1.399757513602
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Auto Trader Group plc
        213800QLK9BZILB1DI86
        Auto Trader Group plc
        N/A
        
          
          
        
        158865.00000000
        NS
        
        1250725.35000000
        0.381185326453
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Kingfisher plc
        213800KBMEV7I92FY281
        Kingfisher plc
        N/A
        
          
          
        
        419419.00000000
        NS
        
        2070606.19000000
        0.631061564788
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Mitsubishi Electric Corp.
        549300TRXM9Y6561AX39
        Mitsubishi Electric Corp.
        N/A
        
          
          
        
        294200.00000000
        NS
        
        4533344.33000000
        1.381633736260
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Singapore Exchange Ltd.
        549300IQ650PPXM76X03
        Singapore Exchange Ltd.
        N/A
        
          
          
        
        236200.00000000
        NS
        
        1850319.36000000
        0.563924437355
        Long
        EC
        CORP
        SG
        N
        
        2
        
          N
          N
          N
        
      
      
        Siemens AG
        W38RGI023J3WT1HWRP32
        Siemens AG
        N/A
        
          
          
        
        4195.00000000
        NS
        
        699901.60000000
        0.213309996380
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Ferguson plc
        213800DU1LGY3R2S2X42
        Ferguson plc
        N/A
        
          
          
        
        9866.00000000
        NS
        
        1244405.50000000
        0.379259216867
        Long
        EC
        CORP
        JE
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Makita Corp.
        529900CDR9E94BCM6294
        Makita Corp.
        N/A
        
          
          
        
        17600.00000000
        NS
        
        792656.93000000
        0.241579168941
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Murata Manufacturing Co. Ltd.
        529900QZG6DL8ZRI7140
        Murata Manufacturing Co. Ltd.
        N/A
        
          
          
        
        9000.00000000
        NS
        
        715599.44000000
        0.218094249186
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Amada Co. Ltd.
        529900QF5O6TQGCPDX85
        Amada Co. Ltd.
        N/A
        
          
          
        
        37100.00000000
        NS
        
        402420.04000000
        0.122646122363
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Taylor Wimpey plc
        21380089BTRXTD8S3R66
        Taylor Wimpey plc
        N/A
        
          
          
        
        347126.00000000
        NS
        
        861145.68000000
        0.262452581739
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Toyota Industries Corp.
        35380000WKGEAHEMW830
        Toyota Industries Corp.
        N/A
        
          
          
        
        3900.00000000
        NS
        
        313141.07000000
        0.095436444934
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        EMS-Chemie Holding AG
        529900G1XFTGSE0DIX60
        EMS-Chemie Holding AG
        N/A
        
          
          
        
        1604.00000000
        NS
        
        1497756.12000000
        0.456473242146
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
    
    
      
    
    
      2021-06-01
      Franklin Fund Allocator Series
      Robert Kubilis
      Robert Kubilis
      Chief Financial Officer, Chief Accounting Officer and Treasurer
    
  
  XXXX
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
FAS3-Q3PH
{Footer
Text}
1
Statement
of
Investments
(unaudited)
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
2
Franklin
International
Core
Equity
(IU)
Fund
8
Franklin
U.S.
Core
Equity
(IU)
Fund
14
Notes
to
Financial
Statements
20
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited),
April
30,
2021
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
2
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
96.8%
Air
Freight
&
Logistics
0.2%
Hyundai
Glovis
Co.
Ltd.
.................................
South
Korea
1,430
$
244,667
Auto
Components
0.9%
a
Fuyao
Glass
Industry
Group
Co.
Ltd.,
H,
144A,
Reg
S
..........
China
93,200
539,577
Hankook
Tire
&
Technology
Co.
Ltd.
.......................
South
Korea
18,799
806,947
1,346,524
Automobiles
1.2%
Ford
Otomotiv
Sanayi
A/S
...............................
Turkey
9,003
191,175
Hero
MotoCorp
Ltd.
...................................
India
8,473
322,272
Kia
Corp.
...........................................
South
Korea
12,768
881,017
a
Yadea
Group
Holdings
Ltd.,
144A,
Reg
S
...................
China
130,000
284,603
1,679,067
Banks
10.3%
Al
Rajhi
Bank
........................................
Saudi
Arabia
119,311
3,141,368
Bank
Central
Asia
Tbk
.
PT
..............................
Indonesia
92,100
203,887
Bank
of
Beijing
Co.
Ltd.,
A
...............................
China
208,800
153,441
BDO
Unibank
,
Inc.
....................................
Philippines
144,640
308,217
China
Merchants
Bank
Co.
Ltd.,
H
.........................
China
84,500
678,739
Chongqing
Rural
Commercial
Bank
Co.
Ltd.,
H
...............
China
598,000
253,411
Hana
Financial
Group,
Inc.
..............................
South
Korea
65,471
2,669,674
Huaxia
Bank
Co.
Ltd.,
A
................................
China
200,700
193,360
ICICI
Bank
Ltd.
.......................................
India
60,229
487,999
Industrial
Bank
Co.
Ltd.,
A
...............................
China
319,706
1,071,676
Kasikornbank
PCL
....................................
Thailand
371,700
1,571,154
KB
Financial
Group,
Inc.
................................
South
Korea
33,252
1,628,444
Masraf
Al
Rayan
QSC
..................................
Qatar
825,914
1,013,465
a,b
Moneta
Money
Bank
A/S,
144A,
Reg
S
.....................
Czech
Republic
38,697
143,716
a
Postal
Savings
Bank
of
China
Co.
Ltd.,
H,
144A,
Reg
S
.........
China
501,000
324,932
Shinhan
Financial
Group
Co.
Ltd.
.........................
South
Korea
28,876
1,032,282
14,875,765
Biotechnology
0.2%
a,b
3SBio,
Inc.,
144A,
Reg
S
................................
China
320,500
302,976
Building
Products
0.3%
China
Lesso
Group
Holdings
Ltd.
.........................
China
180,000
452,773
Capital
Markets
1.5%
B3
SA
-
Brasil
Bolsa
Balcao
.............................
Brazil
111,000
1,052,346
GF
Securities
Co.
Ltd.,
A
................................
China
92,300
211,192
Hithink
RoyalFlush
Information
Network
Co.
Ltd.,
A
............
China
8,394
140,306
Korea
Investment
Holdings
Co.
Ltd.
.......................
South
Korea
5,128
512,115
Meritz
Securities
Co.
Ltd.
...............................
South
Korea
35,675
153,871
b
Noah
Holdings
Ltd.,
ADR
...............................
China
3,200
140,960
2,210,790
Chemicals
2.9%
Advanced
Petrochemical
Co.
............................
Saudi
Arabia
26,238
566,497
Kumho
Petrochemical
Co.
Ltd.
...........................
South
Korea
4,435
1,025,486
Lotte
Chemical
Corp.
..................................
South
Korea
3,810
1,028,947
a
PhosAgro
PJSC,
GDR,
Reg
S
............................
Russia
35,733
656,415
Shandong
Hualu
Hengsheng
Chemical
Co.
Ltd.,
A
.............
China
25,800
154,924
Wanhua
Chemical
Group
Co.
Ltd.,
A
.......................
China
50,900
804,606
4,236,875
Commercial
Services
&
Supplies
0.6%
a
A-Living
Smart
City
Services
Co.
Ltd.,
H,
144A,
Reg
S
.........
China
42,369
194,746
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited)
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
3
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Commercial
Services
&
Supplies
(continued)
Country
Garden
Services
Holdings
Co.
Ltd.
..................
China
61,000
$
639,027
833,773
Construction
Materials
0.2%
Indocement
Tunggal
Prakarsa
Tbk
.
PT
.....................
Indonesia
394,100
349,978
Consumer
Finance
0.7%
Krungthai
Card
PCL
...................................
Thailand
90,900
222,025
b
Lufax
Holding
Ltd.,
ADR
................................
China
43,500
517,650
Samsung
Card
Co.
Ltd.
.................................
South
Korea
7,093
223,819
963,494
Electrical
Equipment
1.1%
Havells
India
Ltd.
.....................................
India
50,755
677,356
WEG
SA
............................................
Brazil
113,200
729,570
Zhejiang
Chint
Electrics
Co.
Ltd.,
A
........................
China
33,900
173,739
1,580,665
Electronic
Equipment,
Instruments
&
Components
2.5%
Hon
Hai
Precision
Industry
Co.
Ltd.
........................
Taiwan
391,000
1,606,729
b
Innolux
Corp.
........................................
Taiwan
668,000
712,845
Kingboard
Holdings
Ltd.
................................
China
172,500
1,018,692
Synnex
Technology
International
Corp.
.....................
Taiwan
168,000
333,509
3,671,775
Entertainment
1.2%
NetEase
,
Inc.,
ADR
....................................
China
15,600
1,748,136
Equity
Real
Estate
Investment
Trusts
(REITs)
0.6%
Fibra
Uno
Administracion
SA
de
CV
.......................
Mexico
716,700
884,786
Food
&
Staples
Retailing
0.3%
BIM
Birlesik
Magazalar
A/S
..............................
Turkey
37,455
294,068
Clicks
Group
Ltd.
.....................................
South
Africa
12,011
200,609
494,677
Food
Products
1.0%
a
Dali
Foods
Group
Co.
Ltd.,
144A,
Reg
S
....................
China
536,000
318,795
JBS
SA
.............................................
United
States
122,800
680,897
Uni
-President
China
Holdings
Ltd.
.........................
China
337,000
409,376
1,409,068
Gas
Utilities
0.7%
China
Gas
Holdings
Ltd.
................................
China
129,800
467,859
ENN
Energy
Holdings
Ltd.
...............................
China
12,400
211,601
Indraprastha
Gas
Ltd.
..................................
India
41,188
282,475
961,935
Health
Care
Equipment
&
Supplies
1.1%
Shenzhen
Mindray
Bio-Medical
Electronics
Co.
Ltd.,
A
..........
China
11,100
796,552
Supermax
Corp.
Bhd.
..................................
Malaysia
390,635
573,500
Top
Glove
Corp.
Bhd.
..................................
Malaysia
167,600
230,742
1,600,794
Health
Care
Providers
&
Services
0.2%
Apollo
Hospitals
Enterprise
Ltd.
...........................
India
3,563
153,554
Sinopharm
Group
Co.
Ltd.,
H
............................
China
56,800
175,191
328,745
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited)
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
4
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Hotels,
Restaurants
&
Leisure
0.6%
OPAP
SA
...........................................
Greece
14,557
$
223,258
Yum
China
Holdings,
Inc.
...............................
China
10,400
654,368
877,626
Household
Durables
0.5%
Midea
Group
Co.
Ltd.,
A
................................
China
56,600
698,837
Household
Products
0.5%
Kimberly-Clark
de
Mexico
SAB
de
CV,
A
....................
Mexico
387,800
669,982
Independent
Power
and
Renewable
Electricity
Producers
0.3%
Colbun
SA
..........................................
Chile
2,061,534
353,862
Industrial
Conglomerates
0.7%
KOC
Holding
A/S
.....................................
Turkey
203,971
452,296
Sime
Darby
Bhd.
......................................
Malaysia
510,100
281,386
Turkiye
Sise
ve
Cam
Fabrikalari
A/S
.......................
Turkey
362,023
328,372
1,062,054
Insurance
4.1%
China
Life
Insurance
Co.
Ltd.
............................
Taiwan
492,000
465,706
DB
Insurance
Co.
Ltd.
..................................
South
Korea
5,320
232,536
Fubon
Financial
Holding
Co.
Ltd.
..........................
Taiwan
935,000
2,141,569
People's
Insurance
Co.
Group
of
China
Ltd.
(The),
H
...........
China
690,000
235,877
PICC
Property
&
Casualty
Co.
Ltd.,
H
......................
China
738,000
722,495
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
A
................
China
159,300
1,779,603
Samsung
Life
Insurance
Co.
Ltd.
..........................
South
Korea
3,986
290,389
5,868,175
Interactive
Media
&
Services
6.7%
Autohome
,
Inc.,
ADR
...................................
China
6,600
612,018
Momo
,
Inc.,
ADR
......................................
China
30,000
439,800
Tencent
Holdings
Ltd.
..................................
China
107,700
8,591,449
9,643,267
Internet
&
Direct
Marketing
Retail
9.4%
b
Alibaba
Group
Holding
Ltd.,
ADR
.........................
China
35,200
8,129,440
b
JD.com,
Inc.,
ADR
.....................................
China
16,700
1,291,912
a,b
Meituan
Dianping
,
B,
144A,
Reg
S
........................
China
45,000
1,722,344
Naspers
Ltd.,
N
.......................................
South
Africa
4,995
1,136,864
b
Pinduoduo
,
Inc.,
ADR
..................................
China
4,200
562,506
b
Vipshop
Holdings
Ltd.,
ADR
.............................
China
24,100
741,557
13,584,623
IT
Services
5.5%
HCL
Technologies
Ltd.
.................................
India
73,193
887,049
Infosys
Ltd.
..........................................
India
141,108
2,565,061
a
Larsen
&
Toubro
Infotech
Ltd.,
144A,
Reg
S
.................
India
8,665
454,485
Tata
Consultancy
Services
Ltd.
...........................
India
62,373
2,553,129
Tech
Mahindra
Ltd.
....................................
India
58,501
757,202
TravelSky
Technology
Ltd.,
H
............................
China
96,000
210,042
Wipro
Ltd.
...........................................
India
84,182
556,886
7,983,854
Leisure
Products
0.2%
Giant
Manufacturing
Co.
Ltd.
.............................
Taiwan
20,000
253,868
Life
Sciences
Tools
&
Services
1.8%
b
Divi's
Laboratories
Ltd.
.................................
India
9,176
502,882
a
Pharmaron
Beijing
Co.
Ltd.,
H,
144A,
Reg
S
.................
China
21,800
450,098
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited)
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
5
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Life
Sciences
Tools
&
Services
(continued)
a
WuXi
AppTec
Co.
Ltd.,
H,
144A,
Reg
S
.....................
China
28,800
$
678,554
a,b
Wuxi
Biologics
Cayman,
Inc.,
144A,
Reg
S
..................
China
65,500
919,475
2,551,009
Machinery
1.4%
Haitian
International
Holdings
Ltd.
.........................
China
131,000
532,986
Jiangsu
Hengli
Hydraulic
Co.
Ltd.,
A
.......................
China
13,488
178,580
Sany
Heavy
Industry
Co.
Ltd.,
A
..........................
China
133,600
634,282
Shenzhen
Inovance
Technology
Co.
Ltd.,
A
..................
China
18,400
253,098
Weichai
Power
Co.
Ltd.,
A
...............................
China
90,300
251,378
Zoomlion
Heavy
Industry
Science
and
Technology
Co.
Ltd.,
A
....
China
111,000
201,582
2,051,906
Marine
0.6%
b
Evergreen
Marine
Corp.
Taiwan
Ltd.
.......................
Taiwan
305,000
857,698
Metals
&
Mining
6.4%
African
Rainbow
Minerals
Ltd.
............................
South
Africa
28,770
537,086
China
Hongqiao
Group
Ltd.
..............................
China
444,500
701,594
China
Molybdenum
Co.
Ltd.,
H
...........................
China
483,000
326,246
Cia
Siderurgica
Nacional
SA
.............................
Brazil
166,600
1,508,621
Impala
Platinum
Holdings
Ltd.
............................
South
Africa
37,472
700,266
Kumba
Iron
Ore
Ltd.
...................................
South
Africa
17,003
770,597
MMC
Norilsk
Nickel
PJSC
...............................
Russia
4,024
1,372,813
POSCO
............................................
South
Korea
4,229
1,374,918
Severstal
PAO
.......................................
Russia
55,728
1,313,902
Sibanye
Stillwater
Ltd.
..................................
South
Africa
128,754
599,069
9,205,112
Oil,
Gas
&
Consumable
Fuels
3.0%
Adaro
Energy
Tbk
.
PT
..................................
Indonesia
3,659,900
314,697
China
Shenhua
Energy
Co.
Ltd.,
A
........................
China
80,700
238,929
China
Shenhua
Energy
Co.
Ltd.,
H
........................
China
835,000
1,739,216
Exxaro
Resources
Ltd.
.................................
South
Africa
56,521
594,396
Tatneft
PJSC
.........................................
Russia
207,822
1,398,670
4,285,908
Paper
&
Forest
Products
0.2%
Nine
Dragons
Paper
Holdings
Ltd.
.........................
Hong
Kong
176,000
241,169
Personal
Products
1.0%
Colgate-Palmolive
India
Ltd.
.............................
India
31,551
630,684
Marico
Ltd.
..........................................
India
135,031
749,511
1,380,195
Pharmaceuticals
2.0%
Aurobindo
Pharma
Ltd.
.................................
India
39,868
527,541
China
Medical
System
Holdings
Ltd.
.......................
China
283,000
653,655
China
Traditional
Chinese
Medicine
Holdings
Co.
Ltd.
..........
China
704,000
401,965
CSPC
Pharmaceutical
Group
Ltd.
.........................
China
231,600
285,873
Jiangsu
Hengrui
Medicine
Co.
Ltd.,
A
......................
China
46,840
606,550
Richter
Gedeon
Nyrt
.
..................................
Hungary
16,544
472,975
2,948,559
Real
Estate
Management
&
Development
1.4%
Agile
Group
Holdings
Ltd.
...............................
China
304,000
474,902
Aldar
Properties
PJSC
.................................
United
Arab
Emirates
1,017,608
969,781
Logan
Group
Co.
Ltd.
..................................
China
249,000
395,526
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited)
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
6
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Real
Estate
Management
&
Development
(continued)
Sunac
China
Holdings
Ltd.
..............................
China
48,000
$
186,181
2,026,390
Semiconductors
&
Semiconductor
Equipment
12.2%
ASE
Technology
Holding
Co.
Ltd.
.........................
Taiwan
277,000
1,157,014
b
Daqo
New
Energy
Corp.,
ADR
...........................
China
5,200
418,548
LONGi
Green
Energy
Technology
Co.
Ltd.,
A
.................
China
48,400
738,115
b
MediaTek
,
Inc.
.......................................
Taiwan
14,000
586,664
Novatek
Microelectronics
Corp.
...........................
Taiwan
74,000
1,631,942
b
Realtek
Semiconductor
Corp.
............................
Taiwan
33,000
622,275
SK
Hynix,
Inc.
........................................
South
Korea
18,285
2,075,139
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
...............
Taiwan
424,000
8,925,446
United
Microelectronics
Corp.
............................
Taiwan
427,000
851,290
Vanguard
International
Semiconductor
Corp.
.................
Taiwan
118,000
498,993
Xinyi
Solar
Holdings
Ltd.
................................
China
76,000
126,755
17,632,181
Specialty
Retail
1.1%
Mr
Price
Group
Ltd.
....................................
South
Africa
64,761
810,226
a
Topsports
International
Holdings
Ltd.,
144A,
Reg
S
............
China
315,000
424,015
Zhongsheng
Group
Holdings
Ltd.
.........................
China
53,000
400,889
1,635,130
Technology
Hardware,
Storage
&
Peripherals
5.1%
Lenovo
Group
Ltd.
....................................
China
1,114,000
1,522,120
Samsung
Electronics
Co.
Ltd.
............................
South
Korea
80,002
5,800,686
7,322,806
Textiles,
Apparel
&
Luxury
Goods
1.3%
Bosideng
International
Holdings
Ltd.
.......................
China
836,000
424,016
Li
Ning
Co.
Ltd.
.......................................
China
35,500
288,107
Page
Industries
Ltd.
...................................
India
1,104
441,650
Pou
Chen
Corp.
......................................
Taiwan
597,000
757,744
1,911,517
Thrifts
&
Mortgage
Finance
0.8%
Housing
Development
Finance
Corp.
Ltd.
...................
India
35,532
1,157,383
Tobacco
0.4%
a,b
Smoore
International
Holdings
Ltd.,
144A,
Reg
S
.............
China
89,000
627,909
Transportation
Infrastructure
0.9%
b
Adani
Ports
&
Special
Economic
Zone
Ltd.
..................
India
83,676
823,149
International
Container
Terminal
Services,
Inc.
................
Philippines
82,500
221,767
Westports
Holdings
Bhd.
................................
Malaysia
224,600
235,815
1,280,731
Wireless
Telecommunication
Services
1.0%
b
MTN
Group
..........................................
South
Africa
64,166
405,997
Turkcell
Iletisim
Hizmetleri
A/S
............................
Turkey
80,211
143,778
Vodacom
Group
Ltd.
...................................
South
Africa
97,571
845,964
1,395,739
Total
Common
Stocks
(Cost
$111,752,342)
.....................................
139,684,753
Preferred
Stocks
1.8%
Banks
1.8%
c
Banco
Bradesco
SA,
3.27%
.............................
Brazil
140,690
617,703
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited)
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
7
See
Abbreviations
on
page
24
.
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Preferred
Stocks
(continued)
Banks
(continued)
c
Itausa
SA,
5.06%
.....................................
Brazil
1,079,700
$
1,999,537
2,617,240
Total
Preferred
Stocks
(Cost
$3,498,133)
.......................................
2,617,240
Total
Long
Term
Investments
(Cost
$115,250,475)
...............................
142,301,993
a
Short
Term
Investments
1.4%
a
a
Country
Shares
a
Value
a
Money
Market
Funds
1.4%
d,e
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.....
United
States
2,077,572
2,077,572
Total
Money
Market
Funds
(Cost
$2,077,572)
...................................
2,077,572
Total
Short
Term
Investments
(Cost
$2,077,572
)
.................................
2,077,572
a
Total
Investments
(Cost
$117,328,047)
100.0%
..................................
$144,379,565
Other
Assets,
less
Liabilities
(
0.0
)
%
†
...........................................
(66,248)
Net
Assets
100.0%
...........................................................
$144,313,317
†
Rounds
to
less
than
0.01%
of
net
assets.
a
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
April
30,
2021,
the
aggregate
value
of
these
securities
was
$8,042,640,
representing
5.6%
of
net
assets.
b
Non-income
producing.
c
Variable
rate
security.
The
rate
shown
represents
the
yield
at
period
end.
d
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
e
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited),
April
30,
2021
Franklin
International
Core
Equity
(IU)
Fund
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
8
I
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
98.3%
Air
Freight
&
Logistics
1.4%
Deutsche
Post
AG
.....................................
Germany
77,466
$
4,562,719
Auto
Components
0.1%
Toyota
Industries
Corp.
.................................
Japan
3,900
313,141
Automobiles
3.7%
Bayerische
Motoren
Werke
AG
...........................
Germany
8,857
887,599
Daimler
AG
..........................................
Germany
45,046
4,009,204
Stellantis
NV
.........................................
United
States
200,625
3,324,397
Toyota
Motor
Corp.
....................................
Japan
53,900
4,033,208
12,254,408
Banks
7.7%
Barclays
plc
.........................................
United
Kingdom
912,142
2,208,349
a
BNP
Paribas
SA
......................................
France
100,078
6,417,042
Commonwealth
Bank
of
Australia
.........................
Australia
52,480
3,593,067
DBS
Group
Holdings
Ltd.
...............................
Singapore
14,800
331,684
a
FinecoBank
Banca
Fineco
SpA
...........................
Italy
61,376
1,055,699
ING
Groep
NV
.......................................
Netherlands
465,496
5,946,956
Standard
Chartered
plc
.................................
United
Kingdom
58,952
422,934
Sumitomo
Mitsui
Financial
Group,
Inc.
......................
Japan
148,500
5,216,854
25,192,585
Beverages
1.2%
Anheuser-Busch
InBev
SA/NV
...........................
Belgium
47,682
3,377,577
b
Budweiser
Brewing
Co.
APAC
Ltd.,
144A,
Reg
S
..............
China
145,100
457,225
3,834,802
Biotechnology
0.9%
CSL
Ltd.
............................................
Australia
13,900
2,904,009
Building
Products
2.7%
Cie
de
Saint-Gobain
...................................
France
49,299
3,110,657
Geberit
AG
..........................................
Switzerland
6,990
4,599,731
Xinyi
Glass
Holdings
Ltd.
...............................
Hong
Kong
286,000
1,013,300
8,723,688
Capital
Markets
8.5%
3i
Group
plc
.........................................
United
Kingdom
275,238
4,875,135
EQT
AB
............................................
Sweden
10,074
339,516
Hargreaves
Lansdown
plc
...............................
United
Kingdom
69,851
1,658,439
Hong
Kong
Exchanges
&
Clearing
Ltd.
.....................
Hong
Kong
73,900
4,456,986
Magellan
Financial
Group
Ltd.
............................
Australia
21,387
796,873
Nomura
Holdings,
Inc.
..................................
Japan
405,700
2,180,801
Partners
Group
Holding
AG
..............................
Switzerland
4,658
6,635,531
Singapore
Exchange
Ltd.
...............................
Singapore
236,200
1,850,319
UBS
Group
AG
.......................................
Switzerland
322,177
4,920,108
27,713,708
Chemicals
1.9%
BASF
SE
...........................................
Germany
10,891
877,757
b
Covestro
AG,
144A,
Reg
S
..............................
Germany
8,048
526,357
EMS-
Chemie
Holding
AG
...............................
Switzerland
1,604
1,497,756
Nitto
Denko
Corp.
.....................................
Japan
29,800
2,466,190
Tosoh
Corp.
.........................................
Japan
52,400
928,829
6,296,889
Construction
&
Engineering
0.1%
Obayashi
Corp.
.......................................
Japan
45,200
413,575
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited)
Franklin
International
Core
Equity
(IU)
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
9
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Construction
Materials
0.2%
Taiheiyo
Cement
Corp.
.................................
Japan
28,100
$
705,532
Diversified
Financial
Services
2.4%
a
Kinnevik
AB,
B
.......................................
Sweden
47,122
2,600,724
M&G
plc
............................................
United
Kingdom
504,472
1,514,287
ORIX
Corp.
..........................................
Japan
225,600
3,642,223
7,757,234
Diversified
Telecommunication
Services
2.5%
a
BT
Group
plc
........................................
United
Kingdom
433,496
988,817
b
Cellnex
Telecom
SA,
144A,
Reg
S
.........................
Spain
25,218
1,426,492
Deutsche
Telekom
AG
..................................
Germany
161,953
3,116,924
Nippon
Telegraph
&
Telephone
Corp.
......................
Japan
99,200
2,501,233
8,033,466
Electrical
Equipment
1.4%
Mitsubishi
Electric
Corp.
................................
Japan
294,200
4,533,344
Electronic
Equipment,
Instruments
&
Components
0.7%
Hitachi
Ltd.
..........................................
Japan
8,500
420,750
Keyence
Corp.
.......................................
Japan
2,500
1,200,188
Murata
Manufacturing
Co.
Ltd.
...........................
Japan
9,000
715,599
2,336,537
Entertainment
1.2%
Nintendo
Co.
Ltd.
.....................................
Japan
7,000
4,015,757
Equity
Real
Estate
Investment
Trusts
(REITs)
1.1%
Goodman
Group
......................................
Australia
255,824
3,731,053
Food
&
Staples
Retailing
0.7%
Koninklijke
Ahold
Delhaize
NV
............................
Netherlands
45,758
1,231,487
Lawson,
Inc.
.........................................
Japan
14,600
656,170
Sundrug
Co.
Ltd.
......................................
Japan
13,100
446,445
2,334,102
Food
Products
0.6%
Nestle
SA
...........................................
Switzerland
14,844
1,771,442
b
WH
Group
Ltd.,
144A,
Reg
S
............................
Hong
Kong
349,000
304,084
2,075,526
Gas
Utilities
1.6%
Osaka
Gas
Co.
Ltd.
...................................
Japan
106,600
2,063,441
Toho
Gas
Co.
Ltd.
.....................................
Japan
20,900
1,164,861
Tokyo
Gas
Co.
Ltd.
....................................
Japan
106,700
2,165,458
5,393,760
Health
Care
Equipment
&
Supplies
4.1%
Coloplast
A/S,
B
......................................
Denmark
15,787
2,615,079
DiaSorin
SpA
........................................
Italy
5,044
856,696
Fisher
&
Paykel
Healthcare
Corp.
Ltd.
......................
New
Zealand
59,108
1,523,385
Hoya
Corp.
..........................................
Japan
34,000
3,864,797
a
Koninklijke
Philips
NV
..................................
Netherlands
19,949
1,128,026
b
Siemens
Healthineers
AG,
144A,
Reg
S
....................
Germany
13,293
759,680
a
Sonova
Holding
AG
....................................
Switzerland
9,037
2,676,004
13,423,667
Health
Care
Providers
&
Services
0.3%
Fresenius
Medical
Care
AG
&
Co.
KGaA
....................
Germany
5,178
412,322
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited)
Franklin
International
Core
Equity
(IU)
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
10
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Health
Care
Providers
&
Services
(continued)
Fresenius
SE
&
Co.
KGaA
...............................
Germany
12,407
$
609,821
1,022,143
Health
Care
Technology
0.1%
M3,
Inc.
............................................
Japan
4,700
324,690
Household
Durables
3.3%
Barratt
Developments
plc
...............................
United
Kingdom
197,028
2,100,838
Iida
Group
Holdings
Co.
Ltd.
.............................
Japan
42,400
1,032,673
Persimmon
plc
.......................................
United
Kingdom
55,601
2,405,417
Sekisui
House
Ltd.
....................................
Japan
122,200
2,474,984
Sony
Group
Corp.
.....................................
Japan
18,700
1,869,691
Taylor
Wimpey
plc
.....................................
United
Kingdom
347,126
861,146
10,744,749
Industrial
Conglomerates
0.4%
CK
Hutchison
Holdings
Ltd.
..............................
United
Kingdom
85,000
694,714
Siemens
AG
.........................................
Germany
4,195
699,902
1,394,616
Insurance
2.4%
Admiral
Group
plc
.....................................
United
Kingdom
56,375
2,435,984
CNP
Assurances
......................................
France
48,405
846,675
Japan
Post
Insurance
Co.
Ltd.
...........................
Japan
44,000
848,400
NN
Group
NV
........................................
Netherlands
34,168
1,704,319
T&D
Holdings,
Inc.
....................................
Japan
154,600
1,897,378
7,732,756
Interactive
Media
&
Services
1.1%
a,b
Auto
Trader
Group
plc,
144A,
Reg
S
.......................
United
Kingdom
158,865
1,250,726
Kakaku.com,
Inc.
.....................................
Japan
24,600
667,928
REA
Group
Ltd.
.......................................
Australia
14,970
1,821,558
3,740,212
Internet
&
Direct
Marketing
Retail
1.1%
a
HelloFresh
SE
.......................................
Germany
8,831
732,608
a
Prosus
NV
..........................................
China
12,301
1,335,104
a,b
Zalando
SE,
144A,
Reg
S
...............................
Germany
7,546
784,806
ZOZO,
Inc.
..........................................
Japan
21,700
729,892
3,582,410
IT
Services
2.1%
a
Amadeus
IT
Group
SA
.................................
Spain
34,113
2,323,127
Fujitsu
Ltd.
..........................................
Japan
28,400
4,511,774
6,834,901
Life
Sciences
Tools
&
Services
0.7%
Sartorius
Stedim
Biotech
................................
France
5,102
2,343,375
Machinery
4.5%
Amada
Co.
Ltd.
.......................................
Japan
37,100
402,420
Atlas
Copco
AB,
A
.....................................
Sweden
69,906
4,239,079
Atlas
Copco
AB,
B
.....................................
Sweden
31,465
1,632,677
CNH
Industrial
NV
.....................................
United
Kingdom
66,777
991,318
Epiroc
AB,
A
.........................................
Sweden
125,283
2,710,796
Epiroc
AB,
B
.........................................
Sweden
74,423
1,457,157
Kurita
Water
Industries
Ltd.
..............................
Japan
9,100
420,297
Makita
Corp.
.........................................
Japan
17,600
792,657
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited)
Franklin
International
Core
Equity
(IU)
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
11
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Machinery
(continued)
Techtronic
Industries
Co.
Ltd.
............................
Hong
Kong
124,500
$
2,259,024
14,905,425
Marine
0.5%
AP
Moller
-
Maersk
A/S,
A
...............................
Denmark
748
1,757,641
Metals
&
Mining
5.1%
Anglo
American
plc
....................................
South
Africa
22,636
959,811
ArcelorMittal
SA
......................................
Luxembourg
12,633
367,265
BHP
Group
Ltd.
......................................
Australia
54,773
1,993,770
BHP
Group
plc
.......................................
Australia
27,324
822,887
Evraz
plc
...........................................
Russia
150,055
1,330,786
Fortescue
Metals
Group
Ltd.
.............................
Australia
160,347
2,774,575
Norsk
Hydro
ASA
.....................................
Norway
50,974
324,595
Rio
Tinto
Ltd.
........................................
Australia
37,384
3,475,103
Rio
Tinto
plc
.........................................
Australia
46,552
3,899,209
voestalpine
AG
.......................................
Austria
16,949
735,352
16,683,353
Multiline
Retail
0.8%
a
Next
plc
............................................
United
Kingdom
25,605
2,759,456
Oil,
Gas
&
Consumable
Fuels
4.2%
BP
plc
..............................................
United
Kingdom
1,125,469
4,711,778
Equinor
ASA
.........................................
Norway
92,952
1,876,981
Galp
Energia
SGPS
SA,
B
..............................
Portugal
32,942
379,336
Lundin
Energy
AB
.....................................
Sweden
53,579
1,709,050
Neste
OYJ
..........................................
Finland
18,540
1,121,175
TOTAL
SE
..........................................
France
87,262
3,856,950
13,655,270
Personal
Products
2.9%
Kose
Corp.
..........................................
Japan
4,300
647,332
L'Oreal
SA
..........................................
France
11,216
4,592,811
Unilever
plc
..........................................
United
Kingdom
72,929
4,272,125
9,512,268
Pharmaceuticals
6.2%
Astellas
Pharma,
Inc.
..................................
Japan
56,200
845,909
AstraZeneca
plc
......................................
United
Kingdom
3,119
332,011
Bayer
AG
...........................................
Germany
13,988
905,178
Ipsen
SA
............................................
France
11,016
1,065,017
Novo
Nordisk
A/S,
B
...................................
Denmark
86,511
6,382,008
Orion
OYJ,
B
........................................
Finland
13,652
604,520
Otsuka
Holdings
Co.
Ltd.
...............................
Japan
39,400
1,510,056
Roche
Holding
AG
....................................
Switzerland
18,812
6,135,980
Sanofi
..............................................
France
18,349
1,923,833
Sumitomo
Dainippon
Pharma
Co.
Ltd.
......................
Japan
28,800
500,028
20,204,540
Professional
Services
4.3%
Adecco
Group
AG
.....................................
Switzerland
44,489
3,015,612
Nihon
M&A
Center,
Inc.
.................................
Japan
10,400
271,710
Persol
Holdings
Co.
Ltd.
................................
Japan
25,200
464,110
Randstad
NV
........................................
Netherlands
34,097
2,460,276
Recruit
Holdings
Co.
Ltd.
...............................
Japan
40,000
1,803,582
SGS
SA
............................................
Switzerland
1,188
3,515,371
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited)
Franklin
International
Core
Equity
(IU)
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
12
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Professional
Services
(continued)
Wolters
Kluwer
NV
....................................
Netherlands
28,187
$
2,549,651
14,080,312
Real
Estate
Management
&
Development
2.4%
Daito
Trust
Construction
Co.
Ltd.
..........................
Japan
13,200
1,403,660
LEG
Immobilien
SE
....................................
Germany
16,983
2,363,032
Sun
Hung
Kai
Properties
Ltd.
............................
Hong
Kong
239,500
3,602,645
Swire
Pacific
Ltd.,
A
...................................
Hong
Kong
48,500
390,727
7,760,064
Road
&
Rail
0.4%
Nippon
Express
Co.
Ltd.
................................
Japan
16,800
1,285,827
Semiconductors
&
Semiconductor
Equipment
2.3%
ASML
Holding
NV
.....................................
Netherlands
2,427
1,575,533
Tokyo
Electron
Ltd.
....................................
Japan
12,800
5,813,871
7,389,404
Software
1.8%
a
Check
Point
Software
Technologies
Ltd.
....................
Israel
9,200
1,074,652
Oracle
Corp.
Japan
....................................
Japan
7,600
712,571
Sage
Group
plc
(The)
..................................
United
Kingdom
117,729
1,037,303
SAP
SE
............................................
Germany
22,163
3,103,408
5,927,934
Specialty
Retail
1.1%
a
Kingfisher
plc
........................................
United
Kingdom
419,419
2,070,606
Shimamura
Co.
Ltd.
...................................
Japan
4,100
405,631
Yamada
Holdings
Co.
Ltd.
...............................
Japan
213,300
1,061,906
3,538,143
Technology
Hardware,
Storage
&
Peripherals
1.1%
Brother
Industries
Ltd.
..................................
Japan
51,500
1,092,010
Logitech
International
SA
...............................
Switzerland
23,280
2,591,308
3,683,318
Textiles,
Apparel
&
Luxury
Goods
2.1%
a
Burberry
Group
plc
....................................
United
Kingdom
17,414
495,678
Hermes
International
...................................
France
3,770
4,731,966
a
Moncler
SpA
.........................................
Italy
8,668
531,288
Pandora
A/S
.........................................
Denmark
11,008
1,246,704
7,005,636
Tobacco
0.3%
Imperial
Brands
plc
....................................
United
Kingdom
52,333
1,090,844
Trading
Companies
&
Distributors
0.9%
Ferguson
plc
.........................................
United
States
9,866
1,244,405
Marubeni
Corp.
.......................................
Japan
55,200
459,795
Mitsui
&
Co.
Ltd.
......................................
Japan
39,100
825,190
MonotaRO
Co.
Ltd.
....................................
Japan
22,100
561,198
3,090,588
Wireless
Telecommunication
Services
1.2%
KDDI
Corp.
..........................................
Japan
127,200
3,845,363
Total
Common
Stocks
(Cost
$264,223,729)
.....................................
322,444,740
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited)
Franklin
International
Core
Equity
(IU)
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
13
See
Abbreviations
on
page
24
.
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Preferred
Stocks
0.7%
Chemicals
0.3%
c
FUCHS
PETROLUB
SE,
2.19%
..........................
Germany
20,325
$
1,082,340
Health
Care
Equipment
&
Supplies
0.4%
c
Sartorius
AG,
0.08%
...................................
Germany
2,223
1,254,314
Total
Preferred
Stocks
(Cost
$2,106,790)
.......................................
2,336,654
Total
Long
Term
Investments
(Cost
$266,330,519)
...............................
324,781,394
a
Short
Term
Investments
0.5%
a
a
Country
Shares
a
Value
a
Money
Market
Funds
0.5%
d,e
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.....
United
States
1,568,764
1,568,764
Total
Money
Market
Funds
(Cost
$1,568,764)
...................................
1,568,764
Total
Short
Term
Investments
(Cost
$1,568,764
)
.................................
1,568,764
a
Total
Investments
(Cost
$267,899,283)
99.5%
...................................
$326,350,158
Other
Assets,
less
Liabilities
0.5%
.............................................
1,828,176
Net
Assets
100.0%
...........................................................
$328,178,334
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
April
30,
2021,
the
aggregate
value
of
these
securities
was
$5,509,370,
representing
1.7%
of
net
assets.
c
Variable
rate
security.
The
rate
shown
represents
the
yield
at
period
end.
d
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
e
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited),
April
30,
2021
Franklin
U.S.
Core
Equity
(IU)
Fund
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
14
a
a
Shares
a
Value
a
Common
Stocks
99.1%
Aerospace
&
Defense
1.0%
Huntington
Ingalls
Industries,
Inc.
.......................................
14,055
$
2,984,157
Lockheed
Martin
Corp.
...............................................
14,362
5,465,603
8,449,760
Air
Freight
&
Logistics
0.9%
FedEx
Corp.
.......................................................
2,863
831,158
United
Parcel
Service,
Inc.,
B
..........................................
31,885
6,500,076
7,331,234
Automobiles
0.8%
a
Tesla,
Inc.
.........................................................
10,193
7,231,322
a
Banks
3.6%
Bank
of
America
Corp.
...............................................
34,299
1,390,138
Citigroup,
Inc.
......................................................
11,164
795,323
Citizens
Financial
Group,
Inc.
..........................................
157,227
7,276,466
Fifth
Third
Bancorp
..................................................
21,494
871,367
JPMorgan
Chase
&
Co.
...............................................
34,329
5,280,143
KeyCorp
..........................................................
255,181
5,552,739
People's
United
Financial,
Inc.
..........................................
45,691
828,378
Regions
Financial
Corp.
..............................................
270,522
5,897,380
Truist
Financial
Corp.
................................................
13,945
827,078
US
Bancorp
.......................................................
14,372
852,978
Zions
Bancorp
NA
...................................................
14,828
827,402
30,399,392
Beverages
1.2%
Constellation
Brands,
Inc.,
A
...........................................
3,386
813,724
a
Monster
Beverage
Corp.
..............................................
93,122
9,037,490
9,851,214
Biotechnology
2.5%
AbbVie,
Inc.
.......................................................
46,168
5,147,732
a
Alexion
Pharmaceuticals,
Inc.
..........................................
24,779
4,179,722
Amgen,
Inc.
.......................................................
17,090
4,095,448
a
Biogen,
Inc.
.......................................................
2,895
773,920
Gilead
Sciences,
Inc.
................................................
12,073
766,273
a
Regeneron
Pharmaceuticals,
Inc.
.......................................
2,705
1,301,917
a
Vertex
Pharmaceuticals,
Inc.
...........................................
21,522
4,696,100
20,961,112
Building
Products
0.3%
A
O
Smith
Corp.
....................................................
24,164
1,637,111
Masco
Corp.
.......................................................
13,290
848,965
2,486,076
Capital
Markets
8.4%
Ameriprise
Financial,
Inc.
.............................................
3,485
900,524
Bank
of
New
York
Mellon
Corp.
(The)
....................................
32,263
1,609,279
BlackRock,
Inc.
.....................................................
1,054
863,542
Charles
Schwab
Corp.
(The)
...........................................
12,465
877,536
Goldman
Sachs
Group,
Inc.
(The)
.......................................
53,394
18,605,139
Invesco
Ltd.
.......................................................
136,418
3,683,286
Moody's
Corp.
......................................................
20,487
6,693,308
Morgan
Stanley
.....................................................
10,261
847,046
MSCI,
Inc.
.........................................................
13,481
6,548,665
Raymond
James
Financial,
Inc.
.........................................
6,585
861,186
S&P
Global,
Inc.
....................................................
42,938
16,762,566
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited)
Franklin
U.S.
Core
Equity
(IU)
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
15
a
a
Shares
a
Value
a
Common
Stocks
(continued)
Capital
Markets
(continued)
State
Street
Corp.
...................................................
25,522
$
2,142,572
T
Rowe
Price
Group,
Inc.
.............................................
64,345
11,530,624
71,925,273
Chemicals
2.4%
Celanese
Corp.
.....................................................
5,250
822,413
LyondellBasell
Industries
NV,
A
.........................................
92,872
9,634,541
Mosaic
Co.
(The)
...................................................
122,354
4,304,414
Sherwin-Williams
Co.
(The)
............................................
22,182
6,074,984
20,836,352
Commercial
Services
&
Supplies
0.3%
Rollins,
Inc.
........................................................
69,730
2,599,534
Communications
Equipment
0.1%
Cisco
Systems,
Inc.
.................................................
15,215
774,596
Construction
&
Engineering
0.3%
Quanta
Services,
Inc.
................................................
26,031
2,515,636
Consumer
Finance
1.3%
Capital
One
Financial
Corp.
...........................................
50,921
7,591,303
Synchrony
Financial
.................................................
86,268
3,773,362
11,364,665
Distributors
0.1%
Pool
Corp.
........................................................
2,577
1,088,834
Diversified
Telecommunication
Services
0.1%
Verizon
Communications,
Inc.
..........................................
13,722
792,994
Electric
Utilities
0.7%
Exelon
Corp.
.......................................................
28,694
1,289,508
NRG
Energy,
Inc.
...................................................
86,190
3,087,326
PPL
Corp.
.........................................................
27,498
801,017
Southern
Co.
(The)
..................................................
12,823
848,498
6,026,349
Electrical
Equipment
0.2%
Emerson
Electric
Co.
................................................
8,759
792,602
a
Generac
Holdings,
Inc.
...............................................
2,636
853,932
1,646,534
Energy
Equipment
&
Services
0.1%
Halliburton
Co.
.....................................................
46,041
900,562
Entertainment
1.5%
Activision
Blizzard,
Inc.
...............................................
17,652
1,609,686
Electronic
Arts,
Inc.
..................................................
20,786
2,953,275
a
Netflix,
Inc.
........................................................
5,843
3,000,205
a
Take-Two
Interactive
Software,
Inc.
......................................
10,714
1,879,021
a
Walt
Disney
Co.
(The)
................................................
18,902
3,516,150
12,958,337
Equity
Real
Estate
Investment
Trusts
(REITs)
3.6%
Apartment
Income
REIT
Corp.
..........................................
17,961
810,939
Extra
Space
Storage,
Inc.
.............................................
5,999
891,991
Highwoods
Properties,
Inc.
............................................
18,320
820,553
Iron
Mountain,
Inc.
..................................................
21,780
873,814
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited)
Franklin
U.S.
Core
Equity
(IU)
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
16
a
a
Shares
a
Value
a
Common
Stocks
(continued)
Equity
Real
Estate
Investment
Trusts
(REITs)
(continued)
Kimco
Realty
Corp.
..................................................
137,134
$
2,879,814
Lamar
Advertising
Co.,
A
..............................................
8,713
862,935
Public
Storage
.....................................................
49,375
13,882,275
Simon
Property
Group,
Inc.
............................................
58,524
7,124,712
Weyerhaeuser
Co.
..................................................
78,022
3,024,913
31,171,946
Food
&
Staples
Retailing
1.9%
Kroger
Co.
(The)
....................................................
228,865
8,362,727
Walmart,
Inc.
......................................................
54,635
7,643,983
16,006,710
Health
Care
Equipment
&
Supplies
3.8%
Abbott
Laboratories
..................................................
12,319
1,479,266
a
ABIOMED,
Inc.
.....................................................
3,529
1,131,856
a
Align
Technology,
Inc.
................................................
1,549
922,476
Danaher
Corp.
.....................................................
22,320
5,667,941
a
Hologic,
Inc.
.......................................................
82,225
5,389,849
a
IDEXX
Laboratories,
Inc.
..............................................
30,511
16,750,234
ResMed,
Inc.
......................................................
4,183
786,278
32,127,900
Health
Care
Providers
&
Services
0.6%
Chemed
Corp.
.....................................................
1,688
804,518
CVS
Health
Corp.
...................................................
11,874
907,173
HCA
Healthcare,
Inc.
.................................................
4,269
858,325
a
Laboratory
Corp.
of
America
Holdings
....................................
3,176
844,403
McKesson
Corp.
....................................................
4,077
764,682
Universal
Health
Services,
Inc.,
B
.......................................
5,914
877,697
5,056,798
Health
Care
Technology
0.9%
Cerner
Corp.
.......................................................
97,499
7,317,300
Hotels,
Restaurants
&
Leisure
0.8%
a
Chipotle
Mexican
Grill,
Inc.
............................................
561
837,029
Domino's
Pizza,
Inc.
.................................................
8,388
3,542,588
McDonald's
Corp.
...................................................
3,601
850,124
Starbucks
Corp.
....................................................
7,323
838,410
Yum!
Brands,
Inc.
...................................................
7,317
874,528
6,942,679
Household
Durables
0.5%
DR
Horton,
Inc.
.....................................................
9,094
893,849
Lennar
Corp.,
A
.....................................................
24,107
2,497,485
PulteGroup,
Inc.
....................................................
15,484
915,414
4,306,748
Household
Products
2.6%
Clorox
Co.
(The)
....................................................
4,094
747,155
Colgate-Palmolive
Co.
...............................................
199,065
16,064,546
Procter
&
Gamble
Co.
(The)
...........................................
37,841
5,048,746
21,860,447
Industrial
Conglomerates
0.6%
3M
Co.
...........................................................
25,385
5,004,399
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited)
Franklin
U.S.
Core
Equity
(IU)
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
17
a
a
Shares
a
Value
a
Common
Stocks
(continued)
Insurance
0.9%
Aflac,
Inc.
.........................................................
65,259
$
3,506,366
MetLife,
Inc.
.......................................................
23,929
1,522,602
Prudential
Financial,
Inc.
..............................................
8,817
884,874
Travelers
Cos.,
Inc.
(The)
.............................................
5,194
803,304
Unum
Group
.......................................................
44,502
1,257,627
7,974,773
Interactive
Media
&
Services
8.7%
a
Alphabet,
Inc.,
A
....................................................
6,053
14,245,736
a
Alphabet,
Inc.,
C
....................................................
13,868
33,423,544
a
Facebook,
Inc.,
A
...................................................
82,515
26,823,976
74,493,256
Internet
&
Direct
Marketing
Retail
3.5%
a
Amazon.com,
Inc.
...................................................
8,070
27,982,079
eBay,
Inc.
.........................................................
13,352
744,908
a
Etsy,
Inc.
..........................................................
4,077
810,467
29,537,454
IT
Services
1.0%
Accenture
plc,
A
....................................................
27,239
7,898,493
Cognizant
Technology
Solutions
Corp.,
A
..................................
10,237
823,055
8,721,548
Life
Sciences
Tools
&
Services
2.7%
Agilent
Technologies,
Inc.
.............................................
7,688
1,027,424
a
Mettler-Toledo
International,
Inc.
........................................
8,289
10,886,110
PerkinElmer,
Inc.
....................................................
6,211
805,132
Thermo
Fisher
Scientific,
Inc.
..........................................
10,344
4,864,059
a
Waters
Corp.
......................................................
17,309
5,190,450
22,773,175
Machinery
0.8%
Caterpillar,
Inc.
.....................................................
3,471
791,770
Deere
&
Co.
.......................................................
10,116
3,751,518
Snap-on,
Inc.
......................................................
8,198
1,947,845
6,491,133
Media
0.6%
Comcast
Corp.,
A
...................................................
25,477
1,430,534
Fox
Corp.,
A
.......................................................
26,123
977,522
Fox
Corp.,
B
.......................................................
55,315
2,012,360
Interpublic
Group
of
Cos.,
Inc.
(The)
.....................................
28,178
894,651
5,315,067
Metals
&
Mining
1.1%
Freeport-McMoRan,
Inc.
..............................................
24,894
938,752
Nucor
Corp.
.......................................................
106,961
8,798,612
9,737,364
Multiline
Retail
0.8%
Target
Corp.
.......................................................
31,887
6,608,900
Multi-Utilities
0.5%
DTE
Energy
Co.
....................................................
27,362
3,831,227
Public
Service
Enterprise
Group,
Inc.
....................................
13,272
838,260
4,669,487
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited)
Franklin
U.S.
Core
Equity
(IU)
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
18
a
a
Shares
a
Value
a
Common
Stocks
(continued)
Oil,
Gas
&
Consumable
Fuels
2.8%
EOG
Resources,
Inc.
................................................
211,477
$
15,573,166
Exxon
Mobil
Corp.
...................................................
153,352
8,777,869
24,351,035
Pharmaceuticals
2.2%
Bristol-Myers
Squibb
Co.
..............................................
12,472
778,502
Eli
Lilly
&
Co.
......................................................
8,285
1,514,249
Johnson
&
Johnson
.................................................
57,066
9,286,350
Merck
&
Co.,
Inc.
...................................................
86,595
6,451,328
Pfizer,
Inc.
.........................................................
29,408
1,136,619
19,167,048
Professional
Services
0.4%
Robert
Half
International,
Inc.
..........................................
40,718
3,567,304
Real
Estate
Management
&
Development
0.2%
a
CBRE
Group,
Inc.,
A
.................................................
20,874
1,778,465
a
Road
&
Rail
0.2%
Old
Dominion
Freight
Line,
Inc.
.........................................
6,821
1,758,522
Semiconductors
&
Semiconductor
Equipment
7.7%
Applied
Materials,
Inc.
................................................
29,056
3,856,022
Broadcom,
Inc.
.....................................................
1,691
771,434
Intel
Corp.
.........................................................
180,043
10,357,874
KLA
Corp.
.........................................................
2,543
801,935
Lam
Research
Corp.
.................................................
1,401
869,251
Maxim
Integrated
Products,
Inc.
........................................
13,455
1,264,770
a
Micron
Technology,
Inc.
...............................................
149,262
12,846,980
NVIDIA
Corp.
......................................................
8,300
4,983,154
QUALCOMM,
Inc.
...................................................
23,153
3,213,636
Skyworks
Solutions,
Inc.
..............................................
33,729
6,116,080
Teradyne,
Inc.
......................................................
12,212
1,527,477
Texas
Instruments,
Inc.
...............................................
107,940
19,484,249
66,092,862
Software
12.2%
a
Adobe,
Inc.
........................................................
22,175
11,272,439
a
Autodesk,
Inc.
......................................................
6,383
1,863,262
a
Cadence
Design
Systems,
Inc.
.........................................
99,295
13,084,102
Citrix
Systems,
Inc.
..................................................
5,767
714,243
a
Fortinet,
Inc.
.......................................................
27,287
5,572,824
Intuit,
Inc.
.........................................................
33,254
13,705,969
Microsoft
Corp.
.....................................................
186,145
46,942,046
Oracle
Corp.
.......................................................
132,005
10,004,659
a
Synopsys,
Inc.
.....................................................
3,323
820,980
103,980,524
Specialty
Retail
4.0%
Best
Buy
Co.,
Inc.
...................................................
54,164
6,297,648
Home
Depot,
Inc.
(The)
...............................................
45,631
14,769,386
a
L
Brands,
Inc.
......................................................
78,002
5,140,332
Lowe's
Cos.,
Inc.
....................................................
33,748
6,623,045
Tractor
Supply
Co.
..................................................
5,385
1,015,611
33,846,022
Technology
Hardware,
Storage
&
Peripherals
5.6%
Apple,
Inc.
........................................................
300,452
39,497,420
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited)
Franklin
U.S.
Core
Equity
(IU)
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
19
See
Abbreviations
on
page
24
.
a
a
Shares
a
Value
a
Common
Stocks
(continued)
Technology
Hardware,
Storage
&
Peripherals
(continued)
HP,
Inc.
...........................................................
243,477
$
8,305,000
47,802,420
Textiles,
Apparel
&
Luxury
Goods
0.2%
NIKE,
Inc.,
B
.......................................................
6,447
855,001
a
Tapestry,
Inc.
......................................................
20,236
968,293
1,823,294
Tobacco
0.9%
Altria
Group,
Inc.
....................................................
15,279
729,572
Philip
Morris
International,
Inc.
.........................................
75,567
7,178,865
7,908,437
Trading
Companies
&
Distributors
1.0%
Fastenal
Co.
.......................................................
76,736
4,011,758
a
United
Rentals,
Inc.
..................................................
2,463
788,037
WW
Grainger,
Inc.
...................................................
8,118
3,519,478
8,319,273
Total
Common
Stocks
(Cost
$642,910,174)
.....................................
846,652,066
a
a
a
a
Short
Term
Investments
0.8%
a
Money
Market
Funds
0.8%
b,c
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
...................
7,251,413
7,251,413
Total
Money
Market
Funds
(Cost
$7,251,413)
...................................
7,251,413
Total
Short
Term
Investments
(Cost
$7,251,413
)
.................................
7,251,413
a
Total
Investments
(Cost
$650,161,587)
99.9%
...................................
$853,903,479
Other
Assets,
less
Liabilities
0.1%
.............................................
686,813
Net
Assets
100.0%
...........................................................
$854,590,292
a
Non-income
producing.
b
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
c
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Fund
Allocator
Series
Notes
to
Statements
of
Investments
(unaudited)
20
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 twenty-one
separate
funds, three
of
which
are
included
in
this
report
(Funds)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP). 
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
Fund’s
Board
of
Trustees
(the
Board),
the
Funds’
administrator
has
responsibility
for
oversight
of
valuation,
including
leading
the
cross-functional
Valuation
Committee
(VC).
The
Funds
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value. 
Equity
securities
and
exchange
traded
funds
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price
of
the
day,
respectively.
Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m. Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities. 
Investments
in
open-end
mutual
funds
are
valued
at
the
closing
NAV.
The
Funds
have procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the
Funds
primarily employ
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
book
values,
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
April
30,
2021,
certain
securities
may
have
been
fair
valued
using
these
procedures,
in
which
case
the
securities
were
categorized
as
Level
2
inputs
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.
Franklin
Fund
Allocator
Series
Notes
to
Statements
of
Investments
(unaudited)
21
3.
Concentration
of
Risk
Investing
in
foreign
securities
may
include
certain
risks
and
considerations
not
typically
associated
with
investing
in
U.S.
securities,
such
as
fluctuating
currency
values
and
changing
local,
regional
and
global
economic,
political
and
social
conditions,
which
may
result
in
greater
market
volatility.
Political
and
financial
uncertainty
in
many
foreign
regions
may
increase
market
volatility
and
the
economic
risk
of
investing
in
foreign
securities.
In
addition,
certain
foreign
securities
may
not
be
as
liquid
as
U.S.
securities.
4.
Novel
Coronavirus
Pandemic 
The
global
outbreak
of
the
novel
coronavirus
disease,
known
as
COVID-19, has
caused
adverse
effects
on
many
companies,
sectors,
nations,
regions
and
the
markets
in
general, and
may
continue for
an unpredictable duration.
The
effects
of
this
pandemic
may
materially
impact
the
value
and
performance
of
the
Funds, their ability
to
buy
and
sell
fund
investments
at
appropriate
valuations
and their ability
to
achieve their investment
objectives.
5.
Investments
in
Affiliated
Management
Investment
Companies 
Certain
or
all
Funds
invest
in
one
or
more
affiliated
management
investment
companies
for
purposes
other
than
exercising
a
controlling
influence
over
the
management
or
policies.
During
the
period
ended
April
30,
2021,
investments
in
affiliated
management
investment
companies
were
as
follows: 
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.......
$769,974
$34,258,168
$(32,950,570)
$—
$—
$2,077,572
2,077,572
$22
Total
Affiliated
Securities
....
$769,974
$34,258,168
$(32,950,570)
$—
$—
$2,077,572
$22
Franklin
International
Core
Equity
(IU)
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.......
$3,295,841
$15,241,786
$(16,968,863)
$—
$—
$1,568,764
1,568,764
$35
Total
Affiliated
Securities
....
$3,295,841
$15,241,786
$(16,968,863)
$—
$—
$1,568,764
$35
Franklin
U.S.
Core
Equity
(IU)
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.......
$7,725,842
$24,350,020
$(24,824,449)
$—
$—
$7,251,413
7,251,413
$137
Total
Affiliated
Securities
....
$7,725,842
$24,350,020
$(24,824,449)
$—
$—
$7,251,413
$137
Franklin
Fund
Allocator
Series
Notes
to
Statements
of
Investments
(unaudited)
22
6. Fair
Value
Measurements 
The
Funds
follow
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the
Funds'
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Funds’
financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
• Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
• Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
• Level
3
–
significant
unobservable
inputs
(including
the
Funds'
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level. 
A
summary
of
inputs
used
as
of
April
30,
2021,
in
valuing
the
Funds’
assets
carried
at
fair
value,
is
as
follows:  
Level
1
Level
2
Level
3
Total
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Air
Freight
&
Logistics
...................
$
—
$
244,667
$
—
$
244,667
Auto
Components
......................
—
1,346,524
—
1,346,524
Automobiles
..........................
191,175
1,487,892
—
1,679,067
Banks
...............................
—
14,875,765
—
14,875,765
Biotechnology
.........................
—
302,976
—
302,976
Building
Products
......................
—
452,773
—
452,773
Capital
Markets
........................
1,193,306
1,017,484
—
2,210,790
Chemicals
...........................
656,415
3,580,460
—
4,236,875
Commercial
Services
&
Supplies
...........
—
833,773
—
833,773
Construction
Materials
..................
—
349,978
—
349,978
Consumer
Finance
.....................
517,650
445,844
—
963,494
Electrical
Equipment
....................
729,570
851,095
—
1,580,665
Electronic
Equipment,
Instruments
&
Components
........................
—
3,671,775
—
3,671,775
Entertainment
.........................
1,748,136
—
—
1,748,136
Equity
Real
Estate
Investment
Trusts
(REITs)
.
884,786
—
—
884,786
Food
&
Staples
Retailing
.................
494,677
—
—
494,677
Food
Products
........................
999,692
409,376
—
1,409,068
Gas
Utilities
..........................
—
961,935
—
961,935
Health
Care
Equipment
&
Supplies
.........
—
1,600,794
—
1,600,794
Health
Care
Providers
&
Services
..........
—
328,745
—
328,745
Hotels,
Restaurants
&
Leisure
.............
654,368
223,258
—
877,626
Household
Durables
....................
—
698,837
—
698,837
Household
Products
....................
669,982
—
—
669,982
Independent
Power
and
Renewable
Electricity
Producers
..........................
353,862
—
—
353,862
Industrial
Conglomerates
................
—
1,062,054
—
1,062,054
Insurance
............................
—
5,868,175
—
5,868,175
Interactive
Media
&
Services
..............
1,051,818
8,591,449
—
9,643,267
Internet
&
Direct
Marketing
Retail
..........
10,725,415
2,859,208
—
13,584,623
IT
Services
...........................
—
7,983,854
—
7,983,854
Leisure
Products
.......................
—
253,868
—
253,868
Life
Sciences
Tools
&
Services
............
—
2,551,009
—
2,551,009
Machinery
............................
—
2,051,906
—
2,051,906
Marine
..............................
—
857,698
—
857,698
Metals
&
Mining
.......................
1,508,621
7,696,491
—
9,205,112
Franklin
Fund
Allocator
Series
Notes
to
Statements
of
Investments
(unaudited)
23
Level
1
Level
2
Level
3
Total
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
Oil,
Gas
&
Consumable
Fuels
.............
$
594,396
$
3,691,512
$
—
$
4,285,908
Paper
&
Forest
Products
.................
—
241,169
—
241,169
Personal
Products
.....................
—
1,380,195
—
1,380,195
Pharmaceuticals
.......................
—
2,948,559
—
2,948,559
Real
Estate
Management
&
Development
....
—
2,026,390
—
2,026,390
Semiconductors
&
Semiconductor
Equipment
.
418,548
17,213,633
—
17,632,181
Specialty
Retail
........................
—
1,635,130
—
1,635,130
Technology
Hardware,
Storage
&
Peripherals
.
—
7,322,806
—
7,322,806
Textiles,
Apparel
&
Luxury
Goods
..........
—
1,911,517
—
1,911,517
Thrifts
&
Mortgage
Finance
...............
—
1,157,383
—
1,157,383
Tobacco
.............................
—
627,909
—
627,909
Transportation
Infrastructure
..............
235,815
1,044,916
—
1,280,731
Wireless
Telecommunication
Services
.......
143,778
1,251,961
—
1,395,739
Preferred
Stocks
........................
2,617,240
—
—
2,617,240
Short
Term
Investments
...................
2,077,572
—
—
2,077,572
Total
Investments
in
Securities
...........
$28,466,822
$115,912,743
a
$—
$144,379,565
Franklin
International
Core
Equity
(IU)
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Air
Freight
&
Logistics
...................
—
4,562,719
—
4,562,719
Auto
Components
......................
—
313,141
—
313,141
Automobiles
..........................
—
12,254,408
—
12,254,408
Banks
...............................
—
25,192,585
—
25,192,585
Beverages
...........................
—
3,834,802
—
3,834,802
Biotechnology
.........................
—
2,904,009
—
2,904,009
Building
Products
......................
—
8,723,688
—
8,723,688
Capital
Markets
........................
—
27,713,708
—
27,713,708
Chemicals
...........................
—
6,296,889
—
6,296,889
Construction
&
Engineering
...............
—
413,575
—
413,575
Construction
Materials
..................
—
705,532
—
705,532
Diversified
Financial
Services
.............
—
7,757,234
—
7,757,234
Diversified
Telecommunication
Services
.....
—
8,033,466
—
8,033,466
Electrical
Equipment
....................
—
4,533,344
—
4,533,344
Electronic
Equipment,
Instruments
&
Components
........................
—
2,336,537
—
2,336,537
Entertainment
.........................
—
4,015,757
—
4,015,757
Equity
Real
Estate
Investment
Trusts
(REITs)
.
—
3,731,053
—
3,731,053
Food
&
Staples
Retailing
.................
—
2,334,102
—
2,334,102
Food
Products
........................
—
2,075,526
—
2,075,526
Gas
Utilities
..........................
—
5,393,760
—
5,393,760
Health
Care
Equipment
&
Supplies
.........
—
13,423,667
—
13,423,667
Health
Care
Providers
&
Services
..........
—
1,022,143
—
1,022,143
Health
Care
Technology
.................
—
324,690
—
324,690
Household
Durables
....................
—
10,744,749
—
10,744,749
Industrial
Conglomerates
................
—
1,394,616
—
1,394,616
Insurance
............................
—
7,732,756
—
7,732,756
Interactive
Media
&
Services
..............
—
3,740,212
—
3,740,212
Internet
&
Direct
Marketing
Retail
..........
732,608
2,849,802
—
3,582,410
IT
Services
...........................
—
6,834,901
—
6,834,901
Life
Sciences
Tools
&
Services
............
—
2,343,375
—
2,343,375
Machinery
............................
—
14,905,425
—
14,905,425
Marine
..............................
—
1,757,641
—
1,757,641
6. Fair
Value
Measurements 
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Statements
of
Investments
(unaudited)
24
7.
Subsequent
Events
The
Funds
have evaluated
subsequent
events
through
the
issuance
of
the
Statements of
Investments
and
determined
that
no
events
have
occurred
that
require
disclosure.
Abbreviations
Level
1
Level
2
Level
3
Total
Franklin
International
Core
Equity
(IU)
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
Metals
&
Mining
.......................
$
—
$
16,683,353
$
—
$
16,683,353
Multiline
Retail
........................
—
2,759,456
—
2,759,456
Oil,
Gas
&
Consumable
Fuels
.............
—
13,655,270
—
13,655,270
Personal
Products
.....................
—
9,512,268
—
9,512,268
Pharmaceuticals
.......................
604,520
19,600,020
—
20,204,540
Professional
Services
...................
—
14,080,312
—
14,080,312
Real
Estate
Management
&
Development
....
—
7,760,064
—
7,760,064
Road
&
Rail
..........................
—
1,285,827
—
1,285,827
Semiconductors
&
Semiconductor
Equipment
.
—
7,389,404
—
7,389,404
Software
.............................
1,074,652
4,853,282
—
5,927,934
Specialty
Retail
........................
—
3,538,143
—
3,538,143
Technology
Hardware,
Storage
&
Peripherals
.
—
3,683,318
—
3,683,318
Textiles,
Apparel
&
Luxury
Goods
..........
—
7,005,636
—
7,005,636
Tobacco
.............................
—
1,090,844
—
1,090,844
Trading
Companies
&
Distributors
..........
—
3,090,588
—
3,090,588
Wireless
Telecommunication
Services
.......
—
3,845,363
—
3,845,363
Preferred
Stocks
........................
—
2,336,654
—
2,336,654
Short
Term
Investments
...................
1,568,764
—
—
1,568,764
Total
Investments
in
Securities
...........
$3,980,544
$322,369,614
b
$—
$326,350,158
Franklin
U.S.
Core
Equity
(IU)
Fund
Assets:
Investments
in
Securities:
c
Common
Stocks
........................
846,652,066
—
—
846,652,066
Short
Term
Investments
...................
7,251,413
—
—
7,251,413
Total
Investments
in
Securities
...........
$853,903,479
$—
$—
$853,903,479
a
Includes
foreign
securities
valued
at
$115,912,743,
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.
b
Includes
foreign
securities
valued
at
$321,669,712,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
c
For
detailed
categories,
see
the
accompanying
Statement
of
Investments.
Selected
Portfolio
ADR
American
Depositary
Receipt
GDR
Global
Depositary
Receipt
REIT
Real
Estate
Investment
Trust
6. Fair
Value
Measurements 
(continued)
For
additional
information
on
the
Funds'
significant
accounting
policies,
please
refer
to
the Funds'
most
recent
semiannual
or
annual
shareholder
report. 

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