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Form NPORT-P FRANKLIN FUND ALLOCATOR For: Mar 31

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May 23, 2022 11:20 AM EDT 

  
    NPORT-P
    false
    
      
      
        
          0001022804
          XXXXXXXX
        
      
      
      
      
        S000012937
        C000034928
        C000034927
        C000126014
        C000034926
        C000034925
      
      
      
    
  
  
    
      Franklin Fund Allocator Series
      811-07851
      0001022804
      5493009BPYLDNZHEMO31
      One Franklin Parkway
      San Mateo
      
      94403-1906
      650-312-2000
      Franklin LifeSmart Retirement Income Fund
      S000012937
      549300Y7RTL4JFWBLW93
      2022-12-31
      2022-03-31
      N
    
    
      55484674.61
      64510.95
      55420163.66
      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
      133975.26000000
      N
      
        
          
          
          
          
          
        
        
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        iShares International Select Dividend ETF
        549300N6YD8GRWDMTI21
        iShares International Select Dividend ETF
        464288448
        
          
          
        
        70929.00000000
        NS
        USD
        2252705.04000000
        4.064775149023
        Long
        
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Western Asset Income Fund
        5493007PBU5GQOUDIO10
        Western Asset Income Fund
        52470V822
        
          
          
        
        945898.79700000
        NS
        USD
        5401082.13000000
        9.745698628996
        Long
        
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Templeton Foreign Fund
        549300XGZSBD9O0E1I88
        Templeton Foreign Fund, Class R6
        880196878
        
          
          
        
        156938.33700000
        NS
        USD
        1103276.51000000
        1.990749281738
        Long
        
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Franklin US Core Equity IU Fund
        549300EV7Q7FYQ96LR11
        Franklin US Core Equity IU Fund
        35473A614
        
          
          
        
        120151.25400000
        NS
        USD
        1719364.44000000
        3.102416749521
        Long
        
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Credit Suisse AG
        ANGGYXNX0JLX3X63JN86
        Credit Suisse AG, Series N106
        N/A
        
          
          
        
        812.00000000
        NS
        USD
        3133191.32000000
        5.653522315852
        Long
        SN
        CORP
        CH
        N
        
        2
        
          2022-09-06
          None
          0.00000000
          N
          Y
          N
        
        
          N
          N
          N
        
      
      
        UBS AG
        BFM8T61CT2L1QCEMIK50
        UBS AG
        N/A
        
          
          
        
        2624.00000000
        NS
        USD
        3020286.99000000
        5.449798034753
        Long
        SN
        CORP
        CH
        N
        
        2
        
          2022-11-07
          None
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BrandywineGLOBAL - Global Opportunities Bond Fund
        549300UL6SM15ZRNUZ25
        BrandywineGLOBAL - Global Opportunities Bond Fund
        524686318
        
          
          
        
        257660.66200000
        NS
        USD
        2764698.90000000
        4.988615546069
        Long
        
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Templeton Developing Markets Trust
        549300ZJC3KUG08IH343
        Templeton Developing Markets Trust, Class R6
        88018W609
        
          
          
        
        26025.49300000
        NS
        USD
        506456.09000000
        0.913848059177
        Long
        
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Schwab US TIPS ETF
        5493001H0ESLTZTZWE77
        Schwab US TIPS ETF
        808524870
        
          
          
        
        27898.00000000
        NS
        USD
        1693687.58000000
        3.056085489733
        Long
        
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Global X US Preferred ETF
        5493002F5H3KM07K2Y09
        Global X US Preferred ETF
        37954Y657
        
          
          
        
        265577.00000000
        NS
        USD
        6241059.50000000
        11.26135162337
        Long
        
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ClearBridge Tactical Dividend Income Fund
        549300RZNIVSD1X0ND90
        ClearBridge Tactical Dividend Income Fund
        52471R747
        
          
          
        
        245650.88900000
        NS
        USD
        5288863.64000000
        9.543211875820
        Long
        
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Franklin Liberty U.S. Core Bond ETF
        549300IKA3VXH7FL6377
        Franklin Liberty U.S. Core Bond ETF
        35473P553
        
          
          
        
        208944.00000000
        NS
        USD
        4894137.10000000
        8.830968327746
        Long
        
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Franklin Liberty Investment Grade Corporate ETF
        549300AGICP0BF7KSG70
        Franklin Liberty Investment Grade Corporate ETF
        35473P603
        
          
          
        
        137379.00000000
        NS
        USD
        3255882.30000000
        5.874905602904
        Long
        
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Franklin Liberty High Yield Corporate ETF
        5493002F67QK4VNO5Q54
        Franklin Liberty High Yield Corporate ETF
        35473P629
        
          
          
        
        111880.00000000
        NS
        USD
        2764554.80000000
        4.988355532402
        Long
        
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Franklin US Government Securities Fund
        54930004V2YVWZM45R57
        Franklin US Government Securities Fund, Class R6
        353496623
        
          
          
        
        895713.14400000
        NS
        USD
        4998079.34000000
        9.018521436823
        Long
        
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Western Asset Short Duration High Income Fund
        549300QVO0TT5WYOHA80
        Western Asset Short Duration High Income Fund, Class A
        52469F598
        
          
          
        
        1124819.60900000
        NS
        USD
        5781572.79000000
        10.43225499200
        Long
        
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Institutional Fiduciary Trust - Money Market Portfolio
        549300M4TP89K77LG374
        Institutional Fiduciary Trust - Money Market Portfolio
        457756500
        
          
          
        
        425770.68100000
        NS
        USD
        425770.68000000
        0.768259514013
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
    
    
      
    
    
      2022-05-02
      Franklin Fund Allocator Series
      Jeffrey W. White 
      Jeffrey W. White 
      Assistant Treasurer
    
  
  XXXX
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
FAS-Q1PH
1
Schedules
of
Investments
(unaudited)
Franklin
Conservative
Allocation
Fund
2
Franklin
Corefolio
Allocation
Fund
4
Franklin
Global
Allocation
Fund
5
Franklin
Growth
Allocation
Fund
15
Franklin
LifeSmart
™
Retirement
Income
Fund
17
Franklin
LifeSmart
™
2020
Retirement
Target
Fund
19
Franklin
LifeSmart
™
2025
Retirement
Target
Fund
21
Franklin
LifeSmart
™
2030
Retirement
Target
Fund
22
Franklin
LifeSmart
™
2035
Retirement
Target
Fund
24
Franklin
LifeSmart
™
2040
Retirement
Target
Fund
26
Franklin
LifeSmart
™
2045
Retirement
Target
Fund
28
Franklin
LifeSmart
™
2050
Retirement
Target
Fund
30
Franklin
LifeSmart
™
2055
Retirement
Target
Fund
32
Franklin
LifeSmart
™
2060
Retirement
Target
Fund
33
Franklin
Moderate
Allocation
Fund
34
Notes
to
Schedules
of
Investments
35
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited),
March
31,
2022
Franklin
Conservative
Allocation
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
2
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
97.1%
Alternative
Strategies
0.5%
a
Franklin
Liberty
Systematic
Style
Premia
ETF
..............................
297,351
$
6,298,846
Domestic
Equity
32.2%
a
ClearBridge
Large
Cap
Value
Fund,
Class
IS
...............................
1,341,683
52,151,205
a
Franklin
Growth
Fund,
Class
R6
........................................
767,683
104,573,762
a
Franklin
LibertyQ
U.S.
Equity
ETF
.......................................
538,428
24,175,417
a
Franklin
U.S.
Core
Equity
(IU)
Fund
.....................................
14,075,783
201,424,451
Vanguard
S&P
500
ETF
..............................................
48,461
20,119,553
402,444,388
Domestic
Fixed
Income
52.9%
a
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund,
Class
IS
...............
3,498,098
37,534,590
a
Franklin
Liberty
High
Yield
Corporate
ETF
.................................
1,975,858
48,823,451
a
Franklin
Liberty
Investment
Grade
Corporate
ETF
...........................
1,291,314
30,604,142
a
Franklin
Liberty
Senior
Loan
ETF
.......................................
990,307
24,435,825
a
Franklin
Liberty
U.S.
Core
Bond
ETF
.....................................
10,195,966
238,822,151
a
Franklin
Liberty
U.S.
Treasury
Bond
ETF
..................................
2,161,212
49,005,266
Schwab
U.S.
TIPS
ETF
...............................................
803,400
48,774,414
a
Western
Asset
Core
Plus
Bond
Fund,
Class
IS
.............................
12,464,615
134,617,847
a
Western
Asset
Short-Term
Bond
Fund,
Class
IS
............................
13,189,957
49,330,439
661,948,125
Foreign
Equity
9.5%
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
............................
1,474,233
15,567,896
a
Franklin
International
Core
Equity
(IU)
Fund
...............................
5,021,580
57,748,164
a
Franklin
International
Growth
Fund,
Class
R6
..............................
486,132
8,813,569
iShares
Core
MSCI
EAFE
ETF
.........................................
126,715
8,807,959
a
Templeton
Developing
Markets
Trust,
Class
R6
.............................
798,313
15,535,164
a
Templeton
Foreign
Fund,
Class
R6
......................................
1,880,335
13,218,758
119,691,510
Foreign
Fixed
Income
2.0%
a
Franklin
Liberty
International
Aggregate
Bond
ETF
..........................
1,067,816
25,333,935
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$1,125,721,290)
..............................................................
1,215,716,804
a
a
a
a
Short
Term
Investments
2.9%
a
Money
Market
Funds
2.9%
a,b
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
...................
35,975,542
35,975,542
Total
Money
Market
Funds
(Cost
$35,975,542)
..................................
35,975,542
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
Conservative
Allocation
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
3
See
Abbreviations
on
page
54
.
Short
Term
Investments
(continued)
a
a
Principal
Amount
a
Value
Repurchase
Agreements
0.0%
†
c
Joint
Repurchase
Agreement,
0.211%,
4/01/22
(Maturity
Value
$158,893)
BNP
Paribas
Securities
Corp.
(Maturity
Value
$92,032)
Deutsche
Bank
Securities,
Inc.
(Maturity
Value
$7,959)
HSBC
Securities
(USA),
Inc.
(Maturity
Value
$58,902)
Collateralized
by
U.S.
Government
Agency
Securities,
2.5%
-
5%,
10/20/40
-
2/20/52
and
U.S.
Treasury
Notes,
0.13%
-
2.63%,
6/30/23
(valued
at
$162,149)
.........
$
158,892
$
158,892
Total
Repurchase
Agreements
(Cost
$158,892)
..................................
158,892
Total
Short
Term
Investments
(Cost
$36,134,434
)
................................
36,134,434
a
Total
Investments
(Cost
$1,161,855,724)
100.0%
................................
$1,251,851,238
Other
Assets,
less
Liabilities
(0.0)%
†
...........................................
(214,399)
Net
Assets
100.0%
...........................................................
$1,251,636,839
†
Rounds
to
less
than
0.1%
of
net
assets.
a
See
Note
5
regarding
investments
in
FT
Underlying
Funds.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
c
Investment
is
through
participation
in
a
joint
account
with
other
funds
managed
by
the
investment
manager
or
an
affiliate
of
the
investment
manager.
At
March
31,
2022,
all
repurchase
agreements
had
been
entered
into
on
that
date.
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited),
March
31,
2022
Franklin
Corefolio
Allocation
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
4
See
Abbreviations
on
page
54
.
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
100.1%
Domestic
Equity
75.8%
a
Franklin
Growth
Fund,
Class
R6
........................................
1,851,551
$
252,218,253
a,b
Franklin
Growth
Opportunities
Fund,
Class
R6
.............................
4,131,173
234,485,378
a
Franklin
Mutual
Shares
Fund,
Class
R6
...................................
9,576,904
257,522,956
744,226,587
Foreign
Equity
24.3%
a
Templeton
Growth
Fund,
Inc.,
Class
R6
...................................
10,048,651
238,454,496
Total
Investments
In
Underlying
Funds
(Cost
$642,828,026)
......................
982,681,083
a
a
a
a
Short
Term
Investments
0.1%
a
Money
Market
Funds
0.1%
a,c
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
...................
656,726
656,726
Total
Money
Market
Funds
(Cost
$656,726)
.....................................
656,726
Total
Short
Term
Investments
(Cost
$656,726
)
..................................
656,726
a
Total
Investments
(Cost
$643,484,752)
100.2%
..................................
$983,337,809
Other
Assets,
less
Liabilities
(0.2)%
...........................................
(1,213,929)
Net
Assets
100.0%
...........................................................
$982,123,880
a
See
Note
5
regarding
investments
in
FT
Underlying
Funds.
b
Non-income
producing.
c
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited),
March
31,
2022
Franklin
Global
Allocation
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
5
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
61.3%
Aerospace
&
Defense
0.7%
Raytheon
Technologies
Corp.
............................
United
States
234,000
$
23,182,380
Air
Freight
&
Logistics
0.8%
Deutsche
Post
AG
.....................................
Germany
260,000
12,417,173
United
Parcel
Service,
Inc.,
B
............................
United
States
64,600
13,854,116
26,271,289
Automobiles
0.9%
Mercedes-Benz
Group
AG
..............................
Germany
115,000
8,072,894
Toyota
Motor
Corp.
....................................
Japan
1,137,000
20,511,738
28,584,632
Banks
4.7%
Banco
Bilbao
Vizcaya
Argentaria
SA
.......................
Spain
2,970,000
16,960,793
Bank
of
America
Corp.
.................................
United
States
530,600
21,871,332
Citigroup,
Inc.
........................................
United
States
207,100
11,059,140
Commonwealth
Bank
of
Australia
.........................
Australia
175,000
13,782,586
HSBC
Holdings
plc
....................................
United
Kingdom
1,470,000
10,041,697
JPMorgan
Chase
&
Co.
.................................
United
States
275,300
37,528,896
Royal
Bank
of
Canada
.................................
Canada
118,000
12,990,618
US
Bancorp
.........................................
United
States
419,000
22,269,850
146,504,912
Beverages
0.8%
Coca-Cola
Co.
(The)
...................................
United
States
101,400
6,286,800
Constellation
Brands,
Inc.,
A
.............................
United
States
32,300
7,439,336
PepsiCo,
Inc.
........................................
United
States
75,500
12,637,190
26,363,326
Biotechnology
1.2%
AbbVie,
Inc.
.........................................
United
States
234,000
37,933,740
Building
Products
0.2%
Trane
Technologies
plc
.................................
United
States
50,300
7,680,810
Capital
Markets
1.3%
Hong
Kong
Exchanges
&
Clearing
Ltd.
.....................
Hong
Kong
82,000
3,843,637
Morgan
Stanley
.......................................
United
States
244,600
21,378,040
S&P
Global,
Inc.
......................................
United
States
33,700
13,823,066
39,044,743
Chemicals
0.8%
BASF
SE
...........................................
Germany
177,000
10,101,091
Linde
plc
............................................
United
Kingdom
44,000
14,054,920
24,156,011
Communications
Equipment
0.2%
Cisco
Systems,
Inc.
...................................
United
States
112,500
6,273,000
Diversified
Telecommunication
Services
0.5%
Verizon
Communications,
Inc.
............................
United
States
311,500
15,867,810
Electric
Utilities
1.9%
Duke
Energy
Corp.
....................................
United
States
214,000
23,895,240
Iberdrola
SA
.........................................
Spain
1,083,766
11,847,148
NextEra
Energy,
Inc.
...................................
United
States
132,000
11,181,720
Southern
Co.
(The)
....................................
United
States
184,000
13,341,840
60,265,948
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
Global
Allocation
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
6
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Electrical
Equipment
0.4%
Mitsubishi
Electric
Corp.
................................
Japan
1,132,600
$
12,991,224
Electronic
Equipment,
Instruments
&
Components
0.4%
TE
Connectivity
Ltd.
...................................
Switzerland
93,000
12,181,140
Entertainment
0.9%
Electronic
Arts,
Inc.
....................................
United
States
87,000
11,006,370
Nintendo
Co.
Ltd.
.....................................
Japan
32,100
16,204,859
27,211,229
Equity
Real
Estate
Investment
Trusts
(REITs)
1.2%
American
Tower
Corp.
..................................
United
States
61,500
15,450,030
Prologis,
Inc.
.........................................
United
States
136,000
21,961,280
37,411,310
Food
&
Staples
Retailing
0.3%
Walmart,
Inc.
........................................
United
States
54,200
8,071,464
Food
Products
0.9%
Mondelez
International,
Inc.,
A
............................
United
States
148,500
9,322,830
Nestle
SA
...........................................
Switzerland
137,641
17,895,899
27,218,729
Health
Care
Equipment
&
Supplies
0.6%
Medtronic
plc
........................................
United
States
153,900
17,075,205
Health
Care
Providers
&
Services
1.3%
Anthem,
Inc.
.........................................
United
States
31,900
15,669,918
UnitedHealth
Group,
Inc.
................................
United
States
48,700
24,835,539
40,505,457
Hotels,
Restaurants
&
Leisure
0.4%
McDonald's
Corp.
.....................................
United
States
53,000
13,105,840
Household
Durables
0.7%
Sony
Group
Corp.
.....................................
Japan
206,600
21,256,742
Household
Products
0.9%
Procter
&
Gamble
Co.
(The)
.............................
United
States
180,000
27,504,000
Industrial
Conglomerates
1.6%
Hitachi
Ltd.
..........................................
Japan
284,000
14,214,305
Honeywell
International,
Inc.
.............................
United
States
110,500
21,501,090
Siemens
AG
.........................................
Germany
95,697
13,252,705
48,968,100
Insurance
1.9%
AIA
Group
Ltd.
.......................................
Hong
Kong
897,000
9,366,431
Allianz
SE
...........................................
Germany
25,000
5,971,014
MetLife,
Inc.
.........................................
United
States
273,300
19,207,524
Muenchener
Rueckversicherungs-Gesellschaft
AG
in
Muenchen
..
Germany
38,000
10,160,286
Sun
Life
Financial,
Inc.
.................................
Canada
253,000
14,124,695
58,829,950
Interactive
Media
&
Services
2.3%
a
Alphabet,
Inc.,
A
......................................
United
States
15,000
41,720,250
a
Meta
Platforms,
Inc.,
A
.................................
United
States
82,000
18,233,520
Tencent
Holdings
Ltd.
..................................
China
230,000
10,601,767
70,555,537
Internet
&
Direct
Marketing
Retail
1.5%
a
Amazon.com,
Inc.
.....................................
United
States
13,000
42,379,350
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
Global
Allocation
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
7
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Internet
&
Direct
Marketing
Retail
(continued)
a
JD.com,
Inc.,
A
.......................................
China
10,952
$
311,202
a
Pinduoduo
,
Inc.,
ADR
..................................
China
125,000
5,013,750
47,704,302
IT
Services
1.6%
Cognizant
Technology
Solutions
Corp.,
A
....................
United
States
145,900
13,082,853
Fujitsu
Ltd.
..........................................
Japan
92,000
13,785,666
Mastercard
,
Inc.,
A
....................................
United
States
28,000
10,006,640
Visa,
Inc.,
A
..........................................
United
States
54,000
11,975,580
48,850,739
Life
Sciences
Tools
&
Services
0.8%
Danaher
Corp.
.......................................
United
States
46,000
13,493,180
a
Illumina,
Inc.
.........................................
United
States
29,000
10,132,600
23,625,780
Machinery
1.4%
a
Daimler
Truck
Holding
AG
...............................
Germany
57,500
1,594,978
Deere
&
Co.
.........................................
United
States
54,000
22,434,840
Stanley
Black
&
Decker,
Inc.
.............................
United
States
68,300
9,547,657
Volvo
AB,
B
..........................................
Sweden
490,000
9,138,886
42,716,361
Marine
0.5%
AP
Moller
-
Maersk
A/S,
B
...............................
Denmark
5,655
16,995,596
Media
0.3%
Comcast
Corp.,
A
.....................................
United
States
217,700
10,192,714
Metals
&
Mining
2.9%
Agnico
Eagle
Mines
Ltd.
................................
Canada
210,000
12,849,430
BHP
Group
Ltd.
......................................
Australia
665,000
25,789,964
Fortescue
Metals
Group
Ltd.
.............................
Australia
615,000
9,454,317
Newmont
Corp.
.......................................
United
States
220,000
17,479,000
Rio
Tinto
plc
.........................................
Australia
322,000
25,744,753
91,317,464
Multiline
Retail
0.8%
a
Dollar
Tree,
Inc.
......................................
United
States
60,000
9,609,000
Target
Corp.
.........................................
United
States
78,000
16,553,160
26,162,160
Multi-Utilities
0.8%
Dominion
Energy,
Inc.
..................................
United
States
150,000
12,745,500
RWE
AG
............................................
Germany
275,000
11,975,818
24,721,318
Oil,
Gas
&
Consumable
Fuels
3.3%
Canadian
Natural
Resources
Ltd.
.........................
Canada
385,000
23,837,513
Chevron
Corp.
.......................................
United
States
192,000
31,263,360
Eni
SpA
............................................
Italy
1,850,000
26,982,626
TotalEnergies
SE
.....................................
France
410,000
20,748,630
102,832,129
Personal
Products
0.5%
Unilever
plc
..........................................
United
Kingdom
307,000
13,939,718
Pharmaceuticals
4.1%
AstraZeneca
plc
......................................
United
Kingdom
297,000
39,389,073
Bristol-Myers
Squibb
Co.
................................
United
States
216,000
15,774,480
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
Global
Allocation
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
8
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Pharmaceuticals
(continued)
Eisai
Co.
Ltd.
........................................
Japan
198,000
$
9,174,194
Eli
Lilly
&
Co.
........................................
United
States
800
229,096
Johnson
&
Johnson
...................................
United
States
100,000
17,723,000
Novo
Nordisk
A/S,
B
...................................
Denmark
157,000
17,416,425
Pfizer,
Inc.
...........................................
United
States
305,000
15,789,850
Takeda
Pharmaceutical
Co.
Ltd.
..........................
Japan
399,500
11,384,046
126,880,164
Road
&
Rail
1.2%
Canadian
National
Railway
Co.
...........................
Canada
95,000
12,742,652
Union
Pacific
Corp.
....................................
United
States
87,000
23,769,270
36,511,922
Semiconductors
&
Semiconductor
Equipment
4.3%
Analog
Devices,
Inc.
...................................
United
States
100,000
16,518,000
Applied
Materials,
Inc.
..................................
United
States
93,000
12,257,400
Broadcom,
Inc.
.......................................
United
States
24,600
15,490,128
Lam
Research
Corp.
...................................
United
States
9,400
5,053,534
NVIDIA
Corp.
........................................
United
States
32,500
8,867,950
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.,
ADR
...........
Taiwan
250,000
26,065,000
Texas
Instruments,
Inc.
.................................
United
States
158,100
29,008,188
Tokyo
Electron
Ltd.
....................................
Japan
39,500
20,288,166
133,548,366
Software
4.0%
a
Adobe,
Inc.
..........................................
United
States
25,000
11,390,500
Intuit,
Inc.
...........................................
United
States
27,000
12,982,680
Microsoft
Corp.
.......................................
United
States
146,400
45,136,584
Oracle
Corp.
.........................................
United
States
129,000
10,672,170
a
salesforce.com,
Inc.
...................................
United
States
47,000
9,979,040
a
ServiceNow
,
Inc.
......................................
United
States
15,000
8,353,350
a
Synopsys,
Inc.
.......................................
United
States
36,100
12,031,047
a
Workday,
Inc.,
A
......................................
United
States
51,000
12,212,460
122,757,831
Specialty
Retail
2.2%
Home
Depot,
Inc.
(The)
.................................
United
States
39,000
11,673,870
Lowe's
Cos.,
Inc.
......................................
United
States
63,900
12,919,941
a
O'Reilly
Automotive,
Inc.
................................
United
States
20,000
13,699,200
TJX
Cos.,
Inc.
(The)
...................................
United
States
232,700
14,096,966
Tractor
Supply
Co.
....................................
United
States
69,300
16,172,541
68,562,518
Technology
Hardware,
Storage
&
Peripherals
1.8%
Apple,
Inc.
..........................................
United
States
250,000
43,652,500
Samsung
Electronics
Co.
Ltd.
............................
South
Korea
200,000
11,419,582
55,072,082
Textiles,
Apparel
&
Luxury
Goods
0.4%
NIKE,
Inc.,
B
.........................................
United
States
95,000
12,783,200
Trading
Companies
&
Distributors
0.7%
ITOCHU
Corp.
.......................................
Japan
625,600
21,164,128
Wireless
Telecommunication
Services
0.4%
KDDI
Corp.
..........................................
Japan
418,300
13,716,343
Total
Common
Stocks
(Cost
$1,697,220,120)
....................................
1,905,069,363
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
Global
Allocation
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
9
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Management
Investment
Companies
8.5%
Capital
Markets
8.5%
iShares
Core
MSCI
Emerging
Markets
ETF
..................
United
States
1,600,000
$
88,880,000
iShares
J.P.
Morgan
USD
Emerging
Markets
Bond
ETF
.........
United
States
280,000
27,372,800
b
Templeton
Global
Bond
Fund,
Class
R6
....................
United
States
13,838,532
121,363,925
VanEck
J.P.
Morgan
EM
Local
Currency
Bond
ETF
............
United
States
985,000
26,585,150
264,201,875
Total
Management
Investment
Companies
(Cost
$303,709,548)
...................
264,201,875
Principal
Amount
*
Corporate
Bonds
5.5%
Auto
Components
0.1%
c
Dornoch
Debt
Merger
Sub,
Inc.
,
Senior
Note
,
144A,
6.625
%
,
10/15/29
..........................................
United
States
3,250,000
2,829,840
Automobiles
0.1%
Ford
Motor
Co.
,
Senior
Note
,
4.346
%
,
12/08/26
...............
United
States
1,207,000
1,215,660
c
Jaguar
Land
Rover
Automotive
plc
,
Senior
Note
,
144A,
5.5
%
,
7/15/29
...........................................
United
Kingdom
1,600,000
1,411,000
2,626,660
Banks
1.5%
c
Australia
&
New
Zealand
Banking
Group
Ltd.
,
Sub.
Bond
,
144A,
2.57%
to
11/25/30,
FRN
thereafter
,
11/25/35
................
Australia
6,687,000
5,844,073
d
Bank
of
America
Corp.
,
U
,
Junior
Sub.
Bond
,
5.2%
to
6/01/23,
FRN
thereafter
,
Perpetual
.................................
United
States
3,994,000
4,026,451
Barclays
plc
,
Senior
Note
,
2.852%
to
5/07/25,
FRN
thereafter
,
5/07/26
...........................................
United
Kingdom
6,250,000
6,075,240
HSBC
Holdings
plc
,
Sub.
Bond
,
4.25
%
,
8/18/25
...............
United
Kingdom
6,128,000
6,203,074
d
JPMorgan
Chase
&
Co.
,
Q
,
Junior
Sub.
Bond
,
5.15%
to
5/01/23,
FRN
thereafter
,
Perpetual
.............................
United
States
4,045,000
4,070,281
Mitsubishi
UFJ
Financial
Group,
Inc.
,
Senior
Bond
,
3.287
%
,
7/25/27
Japan
1,690,000
1,677,469
c
Societe
Generale
SA
,
d
Junior
Sub.
Bond,
144A,
4.75%
to
5/26/26,
FRN
thereafter,
Perpetual
.........................................
France
1,600,000
1,496,000
Senior
Note,
144A,
2.625%,
1/22/25
.....................
France
6,354,000
6,152,557
Sumitomo
Mitsui
Financial
Group,
Inc.
,
Sub.
Bond
,
3.202
%
,
9/17/29
Japan
1,464,000
1,406,277
Toronto-Dominion
Bank
(The)
,
Sub.
Bond
,
3.105%
to
4/22/25,
FRN
thereafter
,
4/22/30
...................................
Canada
4,900,000
CAD
3,849,454
d
US
Bancorp
,
Junior
Sub.
Bond
,
3.7%
to
1/15/27,
FRN
thereafter
,
Perpetual
..........................................
United
States
1,670,000
1,515,525
d
Wells
Fargo
&
Co.
,
S
,
Junior
Sub.
Bond
,
5.9%
to
6/15/24,
FRN
thereafter
,
Perpetual
.................................
United
States
1,504,000
1,519,040
Westpac
Banking
Corp.
,
Sub.
Bond
,
2.894%
to
2/04/25,
FRN
thereafter
,
2/04/30
...................................
Australia
1,503,000
1,450,014
45,285,455
Biotechnology
0.1%
c
Grifols
Escrow
Issuer
SA
,
Senior
Note
,
144A,
4.75
%
,
10/15/28
...
Spain
1,600,000
1,508,168
Capital
Markets
0.2%
c
Macquarie
Bank
Ltd.
,
Senior
Note
,
Reg
S,
1.125
%
,
12/15/25
.....
Australia
1,250,000
GBP
1,557,598
Nomura
Holdings,
Inc.
,
Senior
Bond
,
3.103
%
,
1/16/30
..........
Japan
6,225,000
5,870,931
7,428,529
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
Global
Allocation
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
10
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Chemicals
0.5%
c
Braskem
Idesa
SAPI
,
Senior
Secured
Bond
,
144A,
6.99
%
,
2/20/32
Mexico
7,600,000
$
7,457,728
c
Braskem
Netherlands
Finance
BV
,
Senior
Bond
,
144A,
4.5
%
,
1/31/30
...........................................
Brazil
1,258,000
1,219,813
c
Consolidated
Energy
Finance
SA
,
Senior
Note
,
144A,
6.5
%
,
5/15/26
Switzerland
3,200,000
3,269,808
Sasol
Financing
USA
LLC
,
Senior
Note
,
4.375
%
,
9/18/26
.......
South
Africa
1,600,000
1,530,824
c
SCIH
Salt
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
4.875
%
,
5/01/28
...........................................
United
States
3,400,000
3,209,209
16,687,382
Commercial
Services
&
Supplies
0.2%
c
APX
Group,
Inc.
,
Senior
Note
,
144A,
5.75
%
,
7/15/29
...........
United
States
3,200,000
2,926,000
c
GFL
Environmental,
Inc.
,
Senior
Note
,
144A,
4.375
%
,
8/15/29
....
Canada
1,625,000
1,504,092
c
Verisure
Midholding
AB
,
Senior
Note
,
144A,
5.25
%
,
2/15/29
.....
Sweden
1,400,000
EUR
1,433,863
5,863,955
Communications
Equipment
0.1%
c
CommScope
Technologies
LLC
,
Senior
Bond,
144A,
6%,
6/15/25
........................
United
States
2,200,000
2,086,238
Senior
Note,
144A,
5%,
3/15/27
........................
United
States
954,000
830,610
2,916,848
Consumer
Finance
0.2%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
,
Senior
Note
,
3
%
,
10/29/28
..................................
Ireland
1,600,000
1,478,605
c,d
Volkswagen
International
Finance
NV
,
Senior
Bond
,
Reg
S,
3.5%
to
6/17/25,
FRN
thereafter
,
Perpetual
.......................
Germany
3,200,000
EUR
3,571,678
5,050,283
Containers
&
Packaging
0.1%
c
Mauser
Packaging
Solutions
Holding
Co.
,
Senior
Note,
144A,
7.25%,
4/15/25
......................
United
States
954,000
946,654
Senior
Secured
Note,
144A,
5.5%,
4/15/24
................
United
States
313,000
312,183
c
Trivium
Packaging
Finance
BV
,
Senior
Secured
Note
,
144A,
3.75
%
,
8/15/26
...........................................
Netherlands
521,000
EUR
566,208
1,825,045
Diversified
Telecommunication
Services
0.1%
c
Altice
France
Holding
SA
,
Senior
Note
,
144A,
6
%
,
2/15/28
......
Luxembourg
1,243,000
1,074,555
c
Altice
France
SA
,
Senior
Secured
Note
,
144A,
5.125
%
,
7/15/29
...
France
1,675,000
1,503,480
2,578,035
Electric
Utilities
0.0%
†
Pacific
Gas
and
Electric
Co.
,
Senior
Note
,
2.1
%
,
8/01/27
........
United
States
1,600,000
1,440,355
Electrical
Equipment
0.0%
†
c
Vertiv
Group
Corp.
,
Senior
Secured
Note
,
144A,
4.125
%
,
11/15/28
United
States
1,600,000
1,462,080
Electronic
Equipment,
Instruments
&
Components
0.1%
c
TTM
Technologies,
Inc.
,
Senior
Note
,
144A,
4
%
,
3/01/29
........
United
States
1,640,000
1,520,387
Energy
Equipment
&
Services
0.1%
c
Weatherford
International
Ltd.
,
Senior
Secured
Note
,
144A,
6.5
%
,
9/15/28
...........................................
United
States
3,800,000
3,933,000
Food
Products
0.0%
†
c
JBS
USA
LUX
SA
/
JBS
USA
Food
Co.
/
JBS
USA
Finance,
Inc.
,
Senior
Bond
,
144A,
3.75
%
,
12/01/31
.....................
United
States
1,600,000
1,488,480
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
Global
Allocation
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
11
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Health
Care
Equipment
&
Supplies
0.0%
†
c
Mozart
Debt
Merger
Sub,
Inc.
,
Senior
Note
,
144A,
5.25
%
,
10/01/29
United
States
1,600,000
$
1,489,520
Health
Care
Providers
&
Services
0.1%
c
CHS/Community
Health
Systems,
Inc.
,
Secured
Note,
144A,
6.875%,
4/15/29
....................
United
States
950,000
934,686
Senior
Note,
144A,
6.875%,
4/01/28
.....................
United
States
687,000
624,483
Senior
Secured
Note,
144A,
8%,
3/15/26
..................
United
States
1,162,000
1,211,484
c
DaVita,
Inc.
,
Senior
Note
,
144A,
4.625
%
,
6/01/30
.............
United
States
1,600,000
1,496,320
4,266,973
Hotels,
Restaurants
&
Leisure
0.2%
Las
Vegas
Sands
Corp.
,
Senior
Note
,
3.2
%
,
8/08/24
...........
United
States
1,600,000
1,528,688
c
Wynn
Las
Vegas
LLC
/
Wynn
Las
Vegas
Capital
Corp.
,
Senior
Bond
,
144A,
5.5
%
,
3/01/25
.................................
United
States
3,115,000
3,119,361
4,648,049
Household
Products
0.2%
c
Kimberly-Clark
de
Mexico
SAB
de
CV
,
Senior
Bond
,
144A,
2.431
%
,
7/01/31
...........................................
Mexico
6,180,000
5,608,226
Independent
Power
and
Renewable
Electricity
Producers
0.1%
c
Calpine
Corp.
,
Senior
Secured
Note
,
144A,
4.5
%
,
2/15/28
.......
United
States
306,000
299,023
c,d
Vistra
Corp.
,
Junior
Sub.
Bond
,
144A,
7%
to
12/15/26,
FRN
thereafter
,
Perpetual
.................................
United
States
1,640,000
1,599,500
1,898,523
Insurance
0.1%
Prudential
Financial,
Inc.
,
Junior
Sub.
Bond
,
5.375%
to
5/15/25,
FRN
thereafter
,
5/15/45
...................................
United
States
4,060,000
4,077,742
Interactive
Media
&
Services
0.2%
c
Tencent
Holdings
Ltd.
,
Senior
Note
,
144A,
2.39
%
,
6/03/30
.......
China
6,290,000
5,599,695
Internet
&
Direct
Marketing
Retail
0.2%
Alibaba
Group
Holding
Ltd.
,
Senior
Bond
,
3.4
%
,
12/06/27
.......
China
6,300,000
6,189,096
Media
0.2%
DISH
DBS
Corp.
,
Senior
Note,
5.875%,
11/15/24
.........................
United
States
1,226,000
1,224,608
c
Senior
Secured
Note,
144A,
5.25%,
12/01/26
..............
United
States
1,600,000
1,527,000
c
Univision
Communications,
Inc.
,
Senior
Secured
Note
,
144A,
6.625
%
,
6/01/27
.....................................
United
States
1,210,000
1,268,885
c
Ziggo
BV
,
Senior
Secured
Bond
,
144A,
4.875
%
,
1/15/30
........
Netherlands
1,219,000
1,150,328
5,170,821
Metals
&
Mining
0.1%
c
Cleveland-Cliffs,
Inc.
,
Senior
Secured
Note
,
144A,
9.875
%
,
10/17/25
United
States
356,000
397,163
c
CSN
Resources
SA
,
Senior
Bond
,
144A,
4.625
%
,
6/10/31
.......
Brazil
1,700,000
1,552,431
1,949,594
Oil,
Gas
&
Consumable
Fuels
0.2%
c
Calumet
Specialty
Products
Partners
LP
/
Calumet
Finance
Corp.
,
Senior
Note
,
144A,
11
%
,
4/15/25
........................
United
States
1,249,000
1,297,336
Occidental
Petroleum
Corp.
,
Senior
Note
,
5.55
%
,
3/15/26
.......
United
States
3,900,000
4,138,602
5,435,938
Paper
&
Forest
Products
0.1%
Suzano
Austria
GmbH
,
Senior
Bond
,
3.75
%
,
1/15/31
...........
Brazil
4,805,000
4,532,172
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
Global
Allocation
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
12
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Pharmaceuticals
0.1%
c
Bausch
Health
Americas,
Inc.
,
Senior
Note
,
144A,
9.25
%
,
4/01/26
.
United
States
2,400,000
$
2,460,552
c
Bausch
Health
Cos.,
Inc.
,
Senior
Bond
,
144A,
6.125
%
,
4/15/25
...
United
States
756,000
763,088
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
Senior
Note
,
2.8
%
,
7/21/23
...........................................
Israel
970,000
957,972
4,181,612
Road
&
Rail
0.2%
c
Ashtead
Capital,
Inc.
,
Senior
Note
,
144A,
4
%
,
5/01/28
..........
United
Kingdom
6,220,000
6,141,863
Software
0.0%
†
c
Rocket
Software,
Inc.
,
Senior
Note
,
144A,
6.5
%
,
2/15/29
........
United
States
1,640,000
1,491,506
Tobacco
0.1%
BAT
Capital
Corp.
,
Senior
Bond
,
2.726
%
,
3/25/31
.............
United
Kingdom
4,350,000
3,840,005
Total
Corporate
Bonds
(Cost
$183,478,375)
.....................................
170,965,837
Foreign
Government
and
Agency
Securities
6.2%
c
Australia
Government
Bond
,
Reg
S,
1.5
%
,
6/21/31
............
Australia
12,170,000
AUD
8,142,052
c
Belgium
Government
Bond
,
Senior
Bond
,
Reg
S,
4
%
,
3/28/32
...
Belgium
3,150,000
EUR
4,509,309
Canada
Government
Bond
,
0.25%,
2/01/23
.....................................
Canada
4,100,000
CAD
3,240,222
5.75%,
6/01/33
.....................................
Canada
2,640,000
CAD
2,790,386
c
Canada
Housing
Trust
No.
1
,
Senior
Bond
,
144A,
2.65
%
,
12/15/28
Canada
18,100,000
CAD
14,344,929
Ecopetrol
SA
,
Senior
Bond
,
4.625
%
,
11/02/31
...............
Colombia
1,650,000
1,495,568
European
Investment
Bank
,
Senior
Bond
,
2.125
%
,
4/13/26
......
Supranational
e
14,750,000
14,526,880
c
Finland
Government
Bond
,
Senior
Bond,
144A,
Reg
S,
0.75%,
4/15/31
................
Finland
1,892,000
EUR
2,082,771
Senior
Bond,
144A,
Reg
S,
1.375%,
4/15/47
...............
Finland
1,567,000
EUR
1,881,380
c
France
Government
Bond
,
Reg
S,
8.25%,
4/25/22
................................
France
2,484,897
EUR
2,763,465
Reg
S,
2.5%,
5/25/30
.................................
France
4,120,000
EUR
5,191,821
Reg
S,
Zero
Cpn
.,
11/25/30
............................
France
4,350,000
EUR
4,475,378
Reg
S,
1.5%,
5/25/31
.................................
France
4,410,000
EUR
5,161,458
c
Italy
Buoni
Poliennali
del
Tesoro
,
Senior
Bond,
144A,
Reg
S,
4.75%,
9/01/44
................
Italy
1,860,000
EUR
2,916,906
Senior
Bond,
144A,
Reg
S,
3.25%,
9/01/46
................
Italy
1,884,000
EUR
2,424,829
Senior
Bond,
144A,
Reg
S,
1.7%,
9/01/51
.................
Italy
2,786,000
EUR
2,631,301
Japan
Government
Bond
,
0.1%,
6/20/31
......................................
Japan
8,050,000,000
JPY
65,592,018
0.5%,
9/20/46
......................................
Japan
1,435,000,000
JPY
10,984,119
Mexico
Government
Bond
,
Senior
Bond
,
4.125
%
,
1/21/26
......
Mexico
13,950,000
14,674,423
c
Netherlands
Government
Bond
,
144A,
Reg
S,
0.5%,
1/15/40
............................
Netherlands
1,410,000
EUR
1,473,015
144A,
Reg
S,
3.75%,
1/15/42
...........................
Netherlands
865,000
EUR
1,466,387
Petroleos
Mexicanos
,
Senior
Note
,
6.7
%
,
2/16/32
.............
Mexico
1,650,000
1,569,216
Spain
Bonos
Y
Obligaciones
del
Estado
,
c
Senior
Bond,
144A,
Reg
S,
1.95%,
4/30/26
................
Spain
2,563,000
EUR
2,977,225
c
Senior
Bond,
144A,
Reg
S,
2.9%,
10/31/46
................
Spain
1,610,000
EUR
2,146,819
6%,
1/31/29
........................................
Spain
3,760,000
EUR
5,552,649
c
United
Kingdom
Gilt
,
Reg
S,
1.5
%
,
7/22/47
..................
United
Kingdom
5,110,000
GBP
6,302,725
Total
Foreign
Government
and
Agency
Securities
(Cost
$217,564,195)
............
191,317,251
U.S.
Government
and
Agency
Securities
8.8%
U.S.
Treasury
Notes
,
0.125%,
12/31/22
....................................
United
States
55,000,000
54,469,212
0.125%,
8/31/23
.....................................
United
States
32,000,000
31,135,000
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
Global
Allocation
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
13
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
U.S.
Government
and
Agency
Securities
(continued)
U.S.
Treasury
Notes,
(continued)
2.25%,
3/31/24
.....................................
United
States
32,000,000
$
31,958,125
0.375%,
9/15/24
.....................................
United
States
32,000,000
30,407,500
1.75%,
3/15/25
.....................................
United
States
32,000,000
31,325,000
0.375%,
12/31/25
....................................
United
States
13,000,000
12,006,465
0.875%,
11/15/30
....................................
United
States
13,000,000
11,515,156
f
0.125%,
1/15/31
.....................................
United
States
63,000,000
72,069,330
Total
U.S.
Government
and
Agency
Securities
(Cost
$282,728,028)
................
274,885,788
Mortgage-Backed
Securities
1.8%
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
1.8%
GNMA
II,
Single-family,
30
Year,
3%,
7/20/51
.................
United
States
35,027,772
34,731,798
GNMA
II,
Single-family,
30
Year,
3%,
8/20/51
.................
United
States
22,294,967
22,097,256
56,829,054
Total
Mortgage-Backed
Securities
(Cost
$60,245,477)
............................
56,829,054
Total
Long
Term
Investments
(Cost
$2,744,945,743)
.............................
2,863,269,168
a
Short
Term
Investments
7.0%
a
a
Country
Shares
a
Value
a
Money
Market
Funds
7.0%
b,g
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.....
United
States
217,449,495
217,449,495
Total
Money
Market
Funds
(Cost
$217,449,495)
.................................
217,449,495
Total
Short
Term
Investments
(Cost
$217,449,495
)
...............................
217,449,495
a
Total
Investments
(Cost
$2,962,395,238)
99.1%
..................................
$3,080,718,663
Other
Assets,
less
Liabilities
0.9%
.............................................
26,682,504
Net
Assets
100.0%
...........................................................
$3,107,401,167
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
See
Note
5
regarding
investments
in
FT
Underlying
Funds.
c
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
March
31,
2022,
the
aggregate
value
of
these
securities
was
$172,039,522,
representing
5.5%
of
net
assets.
d
Perpetual
security
with
no
stated
maturity
date.
e
A
supranational
organization
is
an
entity
formed
by
two
or
more
central
governments
through
international
treaties.
f
Principal
amount
of
security
is
adjusted
for
inflation.
g
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
Global
Allocation
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
14
At
March
31,
2022,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
See
Note
3. 
See
Abbreviations
on
page
54
.
Forward
Exchange
Contracts
Currency
Counter-
party
a
Type
Quantity
Contract
Amount
*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
British
Pound
......
JPHQ
Sell
53,168,982
71,786,101
5/09/22
$
1,949,884
$
—
Canadian
Dollar
....
BZWS
Sell
119,280,680
93,847,382
5/09/22
—
(1,551,022)
Danish
Krone
......
BZWS
Sell
246,298,513
37,931,177
5/09/22
1,255,384
—
Euro
.............
BZWS
Sell
83,092,162
95,246,136
5/09/22
3,210,560
—
Japanese
Yen
......
JPHQ
Sell
14,233,933,951
123,840,859
5/09/22
6,829,154
—
Hong
Kong
Dollar
...
HSBK
Sell
389,810,445
50,019,709
5/10/22
238,220
—
Total
Forward
Exchange
Contracts
...................................................
$13,483,202
$(1,551,022)
Net
unrealized
appreciation
(depreciation)
............................................
$11,932,180
*
In
U.S.
dollars
unless
otherwise
indicated.
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited),
March
31,
2022
Franklin
Growth
Allocation
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
15
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
97.5%
Alternative
Strategies
0.5%
a
Franklin
Liberty
Systematic
Style
Premia
ETF
..............................
334,507
$
7,085,929
Domestic
Equity
63.3%
a
ClearBridge
Large
Cap
Value
Fund,
Class
IS
...............................
2,947,158
114,556,032
a
Franklin
Growth
Fund,
Class
R6
........................................
1,685,109
229,545,507
a
Franklin
LibertyQ
U.S.
Equity
ETF
.......................................
1,604,251
72,030,870
a
Franklin
U.S.
Core
Equity
(IU)
Fund
.....................................
27,432,020
392,552,206
Vanguard
S&P
500
ETF
..............................................
180,392
74,893,347
883,577,962
Domestic
Fixed
Income
13.9%
a
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund,
Class
IS
...............
1,574,438
16,893,722
a
Franklin
Liberty
High
Yield
Corporate
ETF
.................................
527,006
13,022,318
a
Franklin
Liberty
Investment
Grade
Corporate
ETF
...........................
344,422
8,162,801
a
Franklin
Liberty
Senior
Loan
ETF
.......................................
264,151
6,517,926
a
Franklin
Liberty
U.S.
Core
Bond
ETF
.....................................
2,719,613
63,702,039
a
Franklin
Liberty
U.S.
Treasury
Bond
ETF
..................................
576,468
13,071,354
Schwab
U.S.
TIPS
ETF
...............................................
214,290
13,009,546
a
Western
Asset
Core
Plus
Bond
Fund,
Class
IS
.............................
3,324,748
35,907,277
a
Western
Asset
Short-Term
Bond
Fund,
Class
IS
............................
6,413,233
23,985,493
194,272,476
Foreign
Equity
19.0%
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
............................
3,371,337
35,601,322
a
Franklin
International
Core
Equity
(IU)
Fund
...............................
11,128,176
127,974,024
a
Franklin
International
Growth
Fund,
Class
R6
..............................
1,072,447
19,443,457
iShares
Core
MSCI
EAFE
ETF
.........................................
279,072
19,398,295
a
Templeton
Developing
Markets
Trust,
Class
R6
.............................
1,762,308
34,294,520
a
Templeton
Foreign
Fund,
Class
R6
......................................
4,149,107
29,168,224
265,879,842
Foreign
Fixed
Income
0.8%
a
Franklin
Liberty
International
Aggregate
Bond
ETF
..........................
480,474
11,399,246
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$1,091,322,433)
..............................................................
1,362,215,455
a
a
a
a
Short
Term
Investments
2.7%
a
Money
Market
Funds
2.6%
a,b
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
...................
36,608,505
36,608,505
Total
Money
Market
Funds
(Cost
$36,608,505)
..................................
36,608,505
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
Growth
Allocation
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
16
See
Abbreviations
on
page
54
.
Short
Term
Investments
(continued)
a
a
Principal
Amount
a
Value
Repurchase
Agreements
0.1%
c
Joint
Repurchase
Agreement,
0.211%,
4/01/22
(Maturity
Value
$838,806)
BNP
Paribas
Securities
Corp.
(Maturity
Value
$485,845)
Deutsche
Bank
Securities,
Inc.
(Maturity
Value
$42,016)
HSBC
Securities
(USA),
Inc.
(Maturity
Value
$310,945)
Collateralized
by
U.S.
Government
Agency
Securities,
2.5%
-
5%,
10/20/40
-
2/20/52
and
U.S.
Treasury
Notes,
0.13%
-
2.63%,
6/30/23
(valued
at
$855,994)
.........
$
838,801
$
838,801
Total
Repurchase
Agreements
(Cost
$838,801)
..................................
838,801
Total
Short
Term
Investments
(Cost
$37,447,306
)
................................
37,447,306
a
Total
Investments
(Cost
$1,128,769,739)
100.2%
................................
$1,399,662,761
Other
Assets,
less
Liabilities
(0.2)%
...........................................
(2,357,191)
Net
Assets
100.0%
...........................................................
$1,397,305,570
a
See
Note
5
regarding
investments
in
FT
Underlying
Funds.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
c
Investment
is
through
participation
in
a
joint
account
with
other
funds
managed
by
the
investment
manager
or
an
affiliate
of
the
investment
manager.
At
March
31,
2022,
all
repurchase
agreements
had
been
entered
into
on
that
date.
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited),
March
31,
2022
Franklin
LifeSmart™
Retirement
Income
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
17
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
87.8%
Domestic
Equity
23.9%
a
ClearBridge
Tactical
Dividend
Income
Fund,
Class
IS
........................
245,651
$
5,288,864
a
Franklin
U.S.
Core
Equity
(IU)
Fund
.....................................
120,151
1,719,364
Global
X
U.S.
Preferred
ETF
...........................................
265,577
6,241,059
13,249,287
Domestic
Fixed
Income
56.9%
a
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund,
Class
IS
...............
257,661
2,764,699
a
Franklin
Liberty
High
Yield
Corporate
ETF
.................................
111,880
2,764,555
a
Franklin
Liberty
Investment
Grade
Corporate
ETF
...........................
137,379
3,255,882
a
Franklin
Liberty
U.S.
Core
Bond
ETF
.....................................
208,944
4,894,137
a
Franklin
U.S.
Government
Securities
Fund,
Class
R6
........................
895,713
4,998,079
Schwab
U.S.
TIPS
ETF
...............................................
27,898
1,693,688
a
Western
Asset
Income
Fund,
Class
IS
....................................
945,899
5,401,082
a
Western
Asset
Short
Duration
High
Income
Fund,
Class
I
.....................
1,124,820
5,781,573
31,553,695
Foreign
Equity
7.0%
iShares
International
Select
Dividend
ETF
.................................
70,929
2,252,705
a
Templeton
Developing
Markets
Trust,
Class
R6
.............................
26,025
506,456
a
Templeton
Foreign
Fund,
Class
R6
......................................
156,938
1,103,277
3,862,438
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$50,542,102)
................................................................
48,665,420
Units
a
a
a
a
Index-Linked
Notes
11.1%
Capital
Markets
11.1%
b,c
Credit
Suisse
AG,
Senior
Note,
144A,
20.251%,
9/06/22
......................
812
3,133,191
b,c
UBS
AG,
Senior
Note
,
144A,
9.44%,
11/07/22
..............................
2,624
3,020,287
6,153,478
Total
Index-Linked
Notes
(Cost
$5,753,564)
.....................................
6,153,478
Total
Long
Term
Investments
(Cost
$56,295,666)
................................
54,818,898
a
a
a
a
a
Short
Term
Investments
0.9%
Shares
a
Money
Market
Funds
0.9%
a,d
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
...................
502,779
502,779
Total
Money
Market
Funds
(Cost
$502,779)
.....................................
502,779
Total
Short
Term
Investments
(Cost
$502,779
)
..................................
502,779
a
Total
Investments
(Cost
$56,798,445)
99.8%
....................................
$55,321,677
Other
Assets,
less
Liabilities
0.2%
.............................................
104,369
Net
Assets
100.0%
...........................................................
$55,426,046
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
LifeSmart™
Retirement
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
18
See
Abbreviations
on
page
54
.
a
See
Note
5
regarding
investments
in
FT
Underlying
Funds.
b
Security
pays
variable
interest
based
on
the
distributions
of
the
strategy
index
and
proceeds
earned
from
related
equity
derivatives.
The
coupon
rate
shown
represents
the
combined
rate
at
period
end.
Cash
payment
at
maturity
or
upon
early
redemption
is
based
on
the
performance
of
the
strategy
index.
c
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
March
31,
2022,
the
value
of
these
securities
was
$6,153,478,
representing
11.1%
of
net
assets.
d
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited),
March
31,
2022
Franklin
LifeSmart™
2020
Retirement
Target
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
19
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
98.6%
Alternative
Strategies
0.5%
a
Franklin
Liberty
Systematic
Style
Premia
ETF
..............................
9,735
$
206,219
Domestic
Equity
34.7%
a
ClearBridge
Large
Cap
Value
Fund,
Class
IS
...............................
47,476
1,845,386
a
Franklin
Growth
Fund,
Class
R6
........................................
27,185
3,703,137
a
Franklin
LibertyQ
U.S.
Equity
ETF
.......................................
19,053
855,480
a
Franklin
U.S.
Core
Equity
(IU)
Fund
.....................................
498,119
7,128,083
Vanguard
S&P
500
ETF
..............................................
1,714
711,601
14,243,687
Domestic
Fixed
Income
44.7%
a
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund,
Class
IS
...............
126,208
1,354,208
a
Franklin
Liberty
High
Yield
Corporate
ETF
.................................
54,088
1,336,515
a
Franklin
Liberty
Investment
Grade
Corporate
ETF
...........................
35,353
837,866
a
Franklin
Liberty
Senior
Loan
ETF
.......................................
27,114
669,038
a
Franklin
Liberty
U.S.
Core
Bond
ETF
.....................................
279,213
6,540,062
a
Franklin
Liberty
U.S.
Treasury
Bond
ETF
..................................
59,173
1,341,742
Schwab
U.S.
TIPS
ETF
...............................................
21,979
1,334,345
a
Western
Asset
Core
Plus
Bond
Fund,
Class
IS
.............................
341,362
3,686,715
a
Western
Asset
Short-Term
Bond
Fund,
Class
IS
............................
324,159
1,212,354
18,312,845
Foreign
Equity
16.5%
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
............................
95,349
1,006,889
a
Franklin
International
Core
Equity
(IU)
Fund
...............................
268,397
3,086,565
a
Franklin
International
Growth
Fund,
Class
R6
..............................
26,067
472,596
iShares
Core
MSCI
EAFE
ETF
.........................................
6,779
471,208
a
Templeton
Developing
Markets
Trust,
Class
R6
.............................
51,670
1,005,500
a
Templeton
Foreign
Fund,
Class
R6
......................................
100,873
709,136
6,751,894
Foreign
Fixed
Income
2.2%
a
Franklin
Liberty
International
Aggregate
Bond
ETF
..........................
38,521
913,911
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$37,701,189)
................................................................
40,428,556
a
a
a
a
Short
Term
Investments
0.9%
a
Money
Market
Funds
0.8%
a,b
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
...................
349,827
349,827
Total
Money
Market
Funds
(Cost
$349,827)
.....................................
349,827
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
LifeSmart™
2020
Retirement
Target
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
20
See
Abbreviations
on
page
54
.
Short
Term
Investments
(continued)
a
a
Principal
Amount
a
Value
Repurchase
Agreements
0.1%
c
Joint
Repurchase
Agreement,
0.211%,
4/01/22
(Maturity
Value
$22,120)
BNP
Paribas
Securities
Corp.
(Maturity
Value
$12,812)
Deutsche
Bank
Securities,
Inc.
(Maturity
Value
$1,108)
HSBC
Securities
(USA),
Inc.
(Maturity
Value
$8,200)
Collateralized
by
U.S.
Government
Agency
Securities,
2.5%
-
5%,
10/20/40
-
2/20/52
and
U.S.
Treasury
Notes,
0.13%
-
2.63%,
6/30/23
(valued
at
$22,574)
..........
$
22,120
$
22,120
Total
Repurchase
Agreements
(Cost
$22,120)
...................................
22,120
Total
Short
Term
Investments
(Cost
$371,947
)
..................................
371,947
a
Total
Investments
(Cost
$38,073,136)
99.5%
....................................
$40,800,503
Other
Assets,
less
Liabilities
0.5%
.............................................
212,579
Net
Assets
100.0%
...........................................................
$41,013,082
a
See
Note
5
regarding
investments
in
FT
Underlying
Funds.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
c
Investment
is
through
participation
in
a
joint
account
with
other
funds
managed
by
the
investment
manager
or
an
affiliate
of
the
investment
manager.
At
March
31,
2022,
all
repurchase
agreements
had
been
entered
into
on
that
date.
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited),
March
31,
2022
Franklin
LifeSmart™
2025
Retirement
Target
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
21
See
Abbreviations
on
page
54
.
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
98.7%
Alternative
Strategies
0.5%
a
Franklin
Liberty
Systematic
Style
Premia
ETF
..............................
31,283
$
662,674
Domestic
Equity
41.0%
a
ClearBridge
Large
Cap
Value
Fund,
Class
IS
...............................
179,396
6,973,109
a
Franklin
Growth
Fund,
Class
R6
........................................
102,696
13,989,276
a
Franklin
LibertyQ
U.S.
Equity
ETF
.......................................
72,036
3,234,416
a
Franklin
U.S.
Core
Equity
(IU)
Fund
.....................................
1,882,549
26,939,280
Vanguard
S&P
500
ETF
..............................................
6,481
2,690,717
53,826,798
Domestic
Fixed
Income
36.3%
a
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund,
Class
IS
...............
294,463
3,159,586
a
Franklin
Liberty
High
Yield
Corporate
ETF
.................................
141,453
3,495,304
a
Franklin
Liberty
Investment
Grade
Corporate
ETF
...........................
92,440
2,190,828
a
Franklin
Liberty
Senior
Loan
ETF
.......................................
70,889
1,749,186
a
Franklin
Liberty
U.S.
Core
Bond
ETF
.....................................
729,933
17,097,367
a
Franklin
Liberty
U.S.
Treasury
Bond
ETF
..................................
154,713
3,508,102
Schwab
U.S.
TIPS
ETF
...............................................
57,511
3,491,493
a
Western
Asset
Core
Plus
Bond
Fund,
Class
IS
.............................
892,358
9,637,465
a
Western
Asset
Short-Term
Bond
Fund,
Class
IS
............................
880,251
3,292,137
47,621,468
Foreign
Equity
19.3%
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
............................
355,050
3,749,326
a
Franklin
International
Core
Equity
(IU)
Fund
...............................
1,011,000
11,626,505
a
Franklin
International
Growth
Fund,
Class
R6
..............................
98,004
1,776,815
iShares
Core
MSCI
EAFE
ETF
.........................................
25,517
1,773,687
a
Templeton
Developing
Markets
Trust,
Class
R6
.............................
192,384
3,743,796
a
Templeton
Foreign
Fund,
Class
R6
......................................
379,251
2,666,137
25,336,266
Foreign
Fixed
Income
1.6%
a
Franklin
Liberty
International
Aggregate
Bond
ETF
..........................
89,883
2,132,474
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$116,235,580)
...............................................................
129,579,680
a
a
a
a
Short
Term
Investments
0.3%
a
Money
Market
Funds
0.3%
a,b
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
...................
342,193
342,193
Total
Money
Market
Funds
(Cost
$342,193)
.....................................
342,193
Total
Short
Term
Investments
(Cost
$342,193
)
..................................
342,193
a
Total
Investments
(Cost
$116,577,773)
99.0%
...................................
$129,921,873
Other
Assets,
less
Liabilities
1.0%
.............................................
1,332,540
Net
Assets
100.0%
...........................................................
$131,254,413
a
See
Note
5
regarding
investments
in
FT
Underlying
Funds.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited),
March
31,
2022
Franklin
LifeSmart™
2030
Retirement
Target
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
22
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
98.5%
Alternative
Strategies
0.5%
a
Franklin
Liberty
Systematic
Style
Premia
ETF
..............................
14,786
$
313,215
Domestic
Equity
47.0%
a
ClearBridge
Large
Cap
Value
Fund,
Class
IS
...............................
97,531
3,791,043
a
Franklin
Growth
Fund,
Class
R6
........................................
55,826
7,604,634
a
Franklin
LibertyQ
U.S.
Equity
ETF
.......................................
39,126
1,756,757
a
Franklin
U.S.
Core
Equity
(IU)
Fund
.....................................
1,023,381
14,644,587
Vanguard
S&P
500
ETF
..............................................
3,503
1,454,340
29,251,361
Domestic
Fixed
Income
27.6%
a
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund,
Class
IS
...............
104,539
1,121,707
a
Franklin
Liberty
High
Yield
Corporate
ETF
.................................
50,708
1,252,995
a
Franklin
Liberty
Investment
Grade
Corporate
ETF
...........................
33,142
785,465
a
Franklin
Liberty
Senior
Loan
ETF
.......................................
25,422
627,288
a
Franklin
Liberty
U.S.
Core
Bond
ETF
.....................................
261,729
6,130,531
a
Franklin
Liberty
U.S.
Treasury
Bond
ETF
..................................
55,461
1,257,573
Schwab
U.S.
TIPS
ETF
...............................................
20,599
1,250,565
a
Western
Asset
Core
Plus
Bond
Fund,
Class
IS
.............................
319,971
3,455,691
a
Western
Asset
Short-Term
Bond
Fund,
Class
IS
............................
335,993
1,256,615
17,138,430
Foreign
Equity
22.2%
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
............................
194,579
2,054,754
a
Franklin
International
Core
Equity
(IU)
Fund
...............................
549,841
6,323,174
a
Franklin
International
Growth
Fund,
Class
R6
..............................
53,192
964,369
iShares
Core
MSCI
EAFE
ETF
.........................................
13,853
962,922
a
Templeton
Developing
Markets
Trust,
Class
R6
.............................
105,346
2,050,032
a
Templeton
Foreign
Fund,
Class
R6
......................................
205,841
1,447,061
13,802,312
Foreign
Fixed
Income
1.2%
a
Franklin
Liberty
International
Aggregate
Bond
ETF
..........................
31,900
756,827
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$54,591,126)
................................................................
61,262,145
a
a
a
a
Short
Term
Investments
1.1%
a
Money
Market
Funds
1.0%
a,b
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
...................
628,031
628,031
Total
Money
Market
Funds
(Cost
$628,031)
.....................................
628,031
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
LifeSmart™
2030
Retirement
Target
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
23
See
Abbreviations
on
page
54
.
Short
Term
Investments
(continued)
a
a
Principal
Amount
a
Value
Repurchase
Agreements
0.1%
c
Joint
Repurchase
Agreement,
0.211%,
4/01/22
(Maturity
Value
$67,611)
BNP
Paribas
Securities
Corp.
(Maturity
Value
$39,161)
Deutsche
Bank
Securities,
Inc.
(Maturity
Value
$3,387)
HSBC
Securities
(USA),
Inc.
(Maturity
Value
$25,063)
Collateralized
by
U.S.
Government
Agency
Securities,
2.5%
-
5%,
10/20/40
-
2/20/52
and
U.S.
Treasury
Notes,
0.13%
-
2.63%,
6/30/23
(valued
at
$68,996)
..........
$
67,611
$
67,611
Total
Repurchase
Agreements
(Cost
$67,611)
...................................
67,611
Total
Short
Term
Investments
(Cost
$695,642
)
..................................
695,642
a
Total
Investments
(Cost
$55,286,768)
99.6%
....................................
$61,957,787
Other
Assets,
less
Liabilities
0.4%
.............................................
209,097
Net
Assets
100.0%
...........................................................
$62,166,884
a
See
Note
5
regarding
investments
in
FT
Underlying
Funds.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
c
Investment
is
through
participation
in
a
joint
account
with
other
funds
managed
by
the
investment
manager
or
an
affiliate
of
the
investment
manager.
At
March
31,
2022,
all
repurchase
agreements
had
been
entered
into
on
that
date.
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited),
March
31,
2022
Franklin
LifeSmart™
2035
Retirement
Target
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
24
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
98.6%
Alternative
Strategies
0.5%
a
Franklin
Liberty
Systematic
Style
Premia
ETF
..............................
29,525
$
625,434
Domestic
Equity
52.6%
a
ClearBridge
Large
Cap
Value
Fund,
Class
IS
...............................
216,742
8,424,755
a
Franklin
Growth
Fund,
Class
R6
........................................
124,049
16,897,904
a
Franklin
LibertyQ
U.S.
Equity
ETF
.......................................
93,501
4,198,195
a
Franklin
U.S.
Core
Equity
(IU)
Fund
.....................................
2,254,943
32,268,233
Vanguard
S&P
500
ETF
..............................................
7,838
3,254,103
65,043,190
Domestic
Fixed
Income
19.7%
a
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund,
Class
IS
...............
173,718
1,863,995
a
Franklin
Liberty
High
Yield
Corporate
ETF
.................................
70,795
1,749,344
a
Franklin
Liberty
Investment
Grade
Corporate
ETF
...........................
46,246
1,096,030
a
Franklin
Liberty
Senior
Loan
ETF
.......................................
35,464
875,074
a
Franklin
Liberty
U.S.
Core
Bond
ETF
.....................................
365,315
8,556,846
a
Franklin
Liberty
U.S.
Treasury
Bond
ETF
..................................
77,437
1,755,876
Schwab
U.S.
TIPS
ETF
...............................................
28,766
1,746,384
a
Western
Asset
Core
Plus
Bond
Fund,
Class
IS
.............................
446,627
4,823,575
a
Western
Asset
Short-Term
Bond
Fund,
Class
IS
............................
519,240
1,941,959
24,409,083
Foreign
Equity
24.8%
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
............................
434,424
4,587,514
a
Franklin
International
Core
Equity
(IU)
Fund
...............................
1,222,624
14,060,180
a
Franklin
International
Growth
Fund,
Class
R6
..............................
118,296
2,144,703
iShares
Core
MSCI
EAFE
ETF
.........................................
30,835
2,143,341
a
Templeton
Developing
Markets
Trust,
Class
R6
.............................
235,244
4,577,844
a
Templeton
Foreign
Fund,
Class
R6
......................................
457,778
3,218,183
30,731,765
Foreign
Fixed
Income
1.0%
a
Franklin
Liberty
International
Aggregate
Bond
ETF
..........................
53,012
1,257,710
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$103,963,633)
...............................................................
122,067,182
a
a
a
a
Short
Term
Investments
0.9%
a
Money
Market
Funds
0.9%
a,b
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
...................
1,086,835
1,086,835
Total
Money
Market
Funds
(Cost
$1,086,835)
...................................
1,086,835
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
LifeSmart™
2035
Retirement
Target
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
25
See
Abbreviations
on
page
54
.
Short
Term
Investments
(continued)
a
a
Principal
Amount
a
Value
Repurchase
Agreements
0.0%
†
c
Joint
Repurchase
Agreement,
0.211%,
4/01/22
(Maturity
Value
$81,989)
BNP
Paribas
Securities
Corp.
(Maturity
Value
$47,489)
Deutsche
Bank
Securities,
Inc.
(Maturity
Value
$4,107)
HSBC
Securities
(USA),
Inc.
(Maturity
Value
$30,393)
Collateralized
by
U.S.
Government
Agency
Securities,
2.5%
-
5%,
10/20/40
-
2/20/52
and
U.S.
Treasury
Notes,
0.13%
-
2.63%,
6/30/23
(valued
at
$83,669)
..........
$
81,988
$
81,988
Total
Repurchase
Agreements
(Cost
$81,988)
...................................
81,988
Total
Short
Term
Investments
(Cost
$1,168,823
)
.................................
1,168,823
a
Total
Investments
(Cost
$105,132,456)
99.5%
...................................
$123,236,005
Other
Assets,
less
Liabilities
0.5%
.............................................
563,942
Net
Assets
100.0%
...........................................................
$123,799,947
†
Rounds
to
less
than
0.1%
of
net
assets.
a
See
Note
5
regarding
investments
in
FT
Underlying
Funds.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
c
Investment
is
through
participation
in
a
joint
account
with
other
funds
managed
by
the
investment
manager
or
an
affiliate
of
the
investment
manager.
At
March
31,
2022,
all
repurchase
agreements
had
been
entered
into
on
that
date.
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited),
March
31,
2022
Franklin
LifeSmart™
2040
Retirement
Target
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
26
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
98.3%
Alternative
Strategies
0.5%
a
Franklin
Liberty
Systematic
Style
Premia
ETF
..............................
10,512
$
222,678
Domestic
Equity
58.5%
a
ClearBridge
Large
Cap
Value
Fund,
Class
IS
...............................
86,223
3,351,483
a
Franklin
Growth
Fund,
Class
R6
........................................
49,371
6,725,350
a
Franklin
LibertyQ
U.S.
Equity
ETF
.......................................
60,192
2,702,621
a
Franklin
U.S.
Core
Equity
(IU)
Fund
.....................................
824,966
11,805,262
Vanguard
S&P
500
ETF
..............................................
3,102
1,287,857
25,872,573
Domestic
Fixed
Income
11.7%
a
Franklin
Liberty
High
Yield
Corporate
ETF
.................................
15,848
391,604
a
Franklin
Liberty
Investment
Grade
Corporate
ETF
...........................
10,353
245,366
a
Franklin
Liberty
Senior
Loan
ETF
.......................................
7,930
195,673
a
Franklin
Liberty
U.S.
Core
Bond
ETF
.....................................
81,852
1,917,236
a
Franklin
Liberty
U.S.
Treasury
Bond
ETF
..................................
17,346
393,319
Schwab
U.S.
TIPS
ETF
...............................................
6,431
390,426
a
Western
Asset
Core
Plus
Bond
Fund,
Class
IS
.............................
100,074
1,080,798
a
Western
Asset
Short-Term
Bond
Fund,
Class
IS
............................
138,521
518,069
5,132,491
Foreign
Equity
27.6%
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
............................
171,559
1,811,662
a
Franklin
International
Core
Equity
(IU)
Fund
...............................
488,663
5,619,629
a
Franklin
International
Growth
Fund,
Class
R6
..............................
47,212
855,959
iShares
Core
MSCI
EAFE
ETF
.........................................
12,309
855,598
a
Templeton
Developing
Markets
Trust,
Class
R6
.............................
92,757
1,805,044
a
Templeton
Foreign
Fund,
Class
R6
......................................
182,709
1,284,443
12,232,335
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$36,272,098)
................................................................
43,460,077
a
a
a
a
Short
Term
Investments
1.5%
a
Money
Market
Funds
1.3%
a,b
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
...................
561,393
561,393
Total
Money
Market
Funds
(Cost
$561,393)
.....................................
561,393
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
LifeSmart™
2040
Retirement
Target
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
27
See
Abbreviations
on
page
54
.
Short
Term
Investments
(continued)
a
a
Principal
Amount
a
Value
Repurchase
Agreements
0.2%
c
Joint
Repurchase
Agreement,
0.211%,
4/01/22
(Maturity
Value
$87,839)
BNP
Paribas
Securities
Corp.
(Maturity
Value
$50,877)
Deutsche
Bank
Securities,
Inc.
(Maturity
Value
$4,400)
HSBC
Securities
(USA),
Inc.
(Maturity
Value
$32,562)
Collateralized
by
U.S.
Government
Agency
Securities,
2.5%
-
5%,
10/20/40
-
2/20/52
and
U.S.
Treasury
Notes,
0.13%
-
2.63%,
6/30/23
(valued
at
$89,639)
..........
$
87,838
$
87,838
Total
Repurchase
Agreements
(Cost
$87,838)
...................................
87,838
Total
Short
Term
Investments
(Cost
$649,231
)
..................................
649,231
a
Total
Investments
(Cost
$36,921,329)
99.8%
....................................
$44,109,308
Other
Assets,
less
Liabilities
0.2%
.............................................
110,201
Net
Assets
100.0%
...........................................................
$44,219,509
a
See
Note
5
regarding
investments
in
FT
Underlying
Funds.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
c
Investment
is
through
participation
in
a
joint
account
with
other
funds
managed
by
the
investment
manager
or
an
affiliate
of
the
investment
manager.
At
March
31,
2022,
all
repurchase
agreements
had
been
entered
into
on
that
date.
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited),
March
31,
2022
Franklin
LifeSmart™
2045
Retirement
Target
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
28
See
Abbreviations
on
page
54
.
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
98.8%
Alternative
Strategies
0.5%
a
Franklin
Liberty
Systematic
Style
Premia
ETF
..............................
20,384
$
431,798
Domestic
Equity
63.4%
a
ClearBridge
Large
Cap
Value
Fund,
Class
IS
...............................
180,049
6,998,505
a
Franklin
Growth
Fund,
Class
R6
........................................
103,026
14,034,231
a
Franklin
LibertyQ
U.S.
Equity
ETF
.......................................
108,117
4,854,453
a
Franklin
U.S.
Core
Equity
(IU)
Fund
.....................................
1,774,949
25,399,523
Vanguard
S&P
500
ETF
..............................................
6,492
2,695,284
53,981,996
Domestic
Fixed
Income
5.1%
a
Franklin
Liberty
U.S.
Core
Bond
ETF
.....................................
83,186
1,948,482
a
Western
Asset
Core
Plus
Bond
Fund,
Class
IS
.............................
180,319
1,947,447
a
Western
Asset
Short-Term
Bond
Fund,
Class
IS
............................
115,713
432,766
4,328,695
Foreign
Equity
29.8%
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
............................
356,326
3,762,801
a
Franklin
International
Core
Equity
(IU)
Fund
...............................
1,022,143
11,754,643
a
Franklin
International
Growth
Fund,
Class
R6
..............................
96,215
1,744,374
iShares
Core
MSCI
EAFE
ETF
.........................................
25,577
1,777,857
a
Templeton
Developing
Markets
Trust,
Class
R6
.............................
192,968
3,755,149
a
Templeton
Foreign
Fund,
Class
R6
......................................
375,413
2,639,156
25,433,980
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$68,403,405)
................................................................
84,176,469
a
a
a
a
Short
Term
Investments
0.9%
a
Money
Market
Funds
0.8%
a,b
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
...................
690,959
690,959
Total
Money
Market
Funds
(Cost
$690,959)
.....................................
690,959
Principal
Amount
Repurchase
Agreements
0.1%
c
Joint
Repurchase
Agreement,
0.211%,
4/01/22
(Maturity
Value
$43,827)
BNP
Paribas
Securities
Corp.
(Maturity
Value
$25,385)
Deutsche
Bank
Securities,
Inc.
(Maturity
Value
$2,195)
HSBC
Securities
(USA),
Inc.
(Maturity
Value
$16,247)
Collateralized
by
U.S.
Government
Agency
Securities,
2.5%
-
5%,
10/20/40
-
2/20/52
and
U.S.
Treasury
Notes,
0.13%
-
2.63%,
6/30/23
(valued
at
$44,725)
..........
$
43,827
43,827
Total
Repurchase
Agreements
(Cost
$43,827)
...................................
43,827
Total
Short
Term
Investments
(Cost
$734,786
)
..................................
734,786
a
Total
Investments
(Cost
$69,138,191)
99.7%
....................................
$84,911,255
Other
Assets,
less
Liabilities
0.3%
.............................................
301,430
Net
Assets
100.0%
...........................................................
$85,212,685
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
LifeSmart™
2045
Retirement
Target
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
29
a
See
Note
5
regarding
investments
in
FT
Underlying
Funds.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
c
Investment
is
through
participation
in
a
joint
account
with
other
funds
managed
by
the
investment
manager
or
an
affiliate
of
the
investment
manager.
At
March
31,
2022,
all
repurchase
agreements
had
been
entered
into
on
that
date.
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited),
March
31,
2022
Franklin
LifeSmart™
2050
Retirement
Target
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
30
See
Abbreviations
on
page
54
.
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
98.7%
Alternative
Strategies
0.5%
a
Franklin
Liberty
Systematic
Style
Premia
ETF
..............................
8,563
$
181,392
Domestic
Equity
66.1%
a
ClearBridge
Large
Cap
Value
Fund,
Class
IS
...............................
78,802
3,063,032
a
Franklin
Growth
Fund,
Class
R6
........................................
45,119
6,146,081
a
Franklin
LibertyQ
U.S.
Equity
ETF
.......................................
61,722
2,771,318
a
Franklin
U.S.
Core
Equity
(IU)
Fund
.....................................
732,115
10,476,560
Vanguard
S&P
500
ETF
..............................................
2,824
1,172,440
23,629,431
Domestic
Fixed
Income
1.0%
a
Franklin
Liberty
U.S.
Core
Bond
ETF
.....................................
3,875
90,765
a
Western
Asset
Core
Plus
Bond
Fund,
Class
IS
.............................
8,411
90,839
a
Western
Asset
Short-Term
Bond
Fund,
Class
IS
............................
48,574
181,667
363,271
Foreign
Equity
31.1%
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
............................
156,201
1,649,478
a
Franklin
International
Core
Equity
(IU)
Fund
...............................
456,439
5,249,050
a
Franklin
International
Growth
Fund,
Class
R6
..............................
40,362
731,769
iShares
Core
MSCI
EAFE
ETF
.........................................
10,534
732,218
a
Templeton
Developing
Markets
Trust,
Class
R6
.............................
84,774
1,649,701
a
Templeton
Foreign
Fund,
Class
R6
......................................
162,655
1,143,466
11,155,682
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$28,445,652)
................................................................
35,329,776
a
a
a
a
Short
Term
Investments
1.2%
a
Money
Market
Funds
1.1%
a,b
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
...................
392,081
392,081
Total
Money
Market
Funds
(Cost
$392,081)
.....................................
392,081
Principal
Amount
Repurchase
Agreements
0.1%
c
Joint
Repurchase
Agreement,
0.211%,
4/01/22
(Maturity
Value
$53,519)
BNP
Paribas
Securities
Corp.
(Maturity
Value
$30,999)
Deutsche
Bank
Securities,
Inc.
(Maturity
Value
$2,681)
HSBC
Securities
(USA),
Inc.
(Maturity
Value
$19,839)
Collateralized
by
U.S.
Government
Agency
Securities,
2.5%
-
5%,
10/20/40
-
2/20/52
and
U.S.
Treasury
Notes,
0.13%
-
2.63%,
6/30/23
(valued
at
$54,615)
..........
$
53,518
53,518
Total
Repurchase
Agreements
(Cost
$53,518)
...................................
53,518
Total
Short
Term
Investments
(Cost
$445,599
)
..................................
445,599
a
Total
Investments
(Cost
$28,891,251)
99.9%
....................................
$35,775,375
Other
Assets,
less
Liabilities
0.1%
.............................................
9,459
Net
Assets
100.0%
...........................................................
$35,784,834
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
LifeSmart™
2050
Retirement
Target
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
31
a
See
Note
5
regarding
investments
in
FT
Underlying
Funds.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
c
Investment
is
through
participation
in
a
joint
account
with
other
funds
managed
by
the
investment
manager
or
an
affiliate
of
the
investment
manager.
At
March
31,
2022,
all
repurchase
agreements
had
been
entered
into
on
that
date.
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited),
March
31,
2022
Franklin
LifeSmart™
2055
Retirement
Target
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
32
See
Abbreviations
on
page
54
.
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
98.5%
Alternative
Strategies
0.5%
a
Franklin
Liberty
Systematic
Style
Premia
ETF
..............................
5,988
$
126,845
Domestic
Equity
66.1%
a
ClearBridge
Large
Cap
Value
Fund,
Class
IS
...............................
55,181
2,144,882
a
Franklin
Growth
Fund,
Class
R6
........................................
31,577
4,301,356
a
Franklin
LibertyQ
U.S.
Equity
ETF
.......................................
53,149
2,386,390
a
Franklin
U.S.
Core
Equity
(IU)
Fund
.....................................
481,291
6,887,272
Vanguard
S&P
500
ETF
..............................................
1,981
822,452
16,542,352
Domestic
Fixed
Income
0.9%
a
Franklin
Liberty
U.S.
Core
Bond
ETF
.....................................
2,696
63,149
a
Western
Asset
Core
Plus
Bond
Fund,
Class
IS
.............................
5,888
63,596
a
Western
Asset
Short-Term
Bond
Fund,
Class
IS
............................
34,008
127,191
253,936
Foreign
Equity
31.0%
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
............................
109,520
1,156,528
a
Franklin
International
Core
Equity
(IU)
Fund
...............................
313,589
3,606,271
a
Franklin
International
Growth
Fund,
Class
R6
..............................
28,783
521,829
iShares
Core
MSCI
EAFE
ETF
.........................................
7,505
521,672
a
Templeton
Developing
Markets
Trust,
Class
R6
.............................
59,243
1,152,861
a
Templeton
Foreign
Fund,
Class
R6
......................................
113,743
799,614
7,758,775
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$20,696,925)
................................................................
24,681,908
a
a
a
a
Short
Term
Investments
1.3%
a
Money
Market
Funds
1.3%
a,b
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
...................
329,552
329,552
Total
Money
Market
Funds
(Cost
$329,552)
.....................................
329,552
Total
Short
Term
Investments
(Cost
$329,552
)
..................................
329,552
a
Total
Investments
(Cost
$21,026,477)
99.8%
....................................
$25,011,460
Other
Assets,
less
Liabilities
0.2%
.............................................
36,110
Net
Assets
100.0%
...........................................................
$25,047,570
a
See
Note
5
regarding
investments
in
FT
Underlying
Funds.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited),
March
31,
2022
Franklin
LifeSmart™
2060
Retirement
Target
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
33
See
Abbreviations
on
page
54
.
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
97.4%
Alternative
Strategies
0.5%
a
Franklin
Liberty
Systematic
Style
Premia
ETF
..............................
544
$
11,524
Domestic
Equity
65.4%
a
ClearBridge
Large
Cap
Value
Fund,
Class
IS
...............................
5,033
195,636
a
Franklin
Growth
Fund,
Class
R6
........................................
2,878
392,100
a
Franklin
LibertyQ
U.S.
Equity
ETF
.......................................
6,330
284,217
a
Franklin
U.S.
Core
Equity
(IU)
Fund
.....................................
39,505
565,316
Vanguard
S&P
500
ETF
..............................................
171
70,994
1,508,263
Domestic
Fixed
Income
0.9%
a
Franklin
Liberty
U.S.
Core
Bond
ETF
.....................................
250
5,856
a
Western
Asset
Core
Plus
Bond
Fund,
Class
IS
.............................
531
5,733
a
Western
Asset
Short-Term
Bond
Fund,
Class
IS
............................
3,101
11,596
23,185
Foreign
Equity
30.6%
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
............................
9,986
105,452
a
Franklin
International
Core
Equity
(IU)
Fund
...............................
28,485
327,573
a
Franklin
International
Growth
Fund,
Class
R6
..............................
2,636
47,785
iShares
Core
MSCI
EAFE
ETF
.........................................
689
47,892
a
Templeton
Developing
Markets
Trust,
Class
R6
.............................
5,394
104,961
a
Templeton
Foreign
Fund,
Class
R6
......................................
10,366
72,870
706,533
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$2,262,841)
.................................................................
2,249,505
a
a
a
a
Short
Term
Investments
1.6%
a
Money
Market
Funds
1.6%
a,b
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
...................
35,858
35,858
Total
Money
Market
Funds
(Cost
$35,858)
......................................
35,858
Total
Short
Term
Investments
(Cost
$35,858
)
...................................
35,858
a
Total
Investments
(Cost
$2,298,699)
99.0%
.....................................
$2,285,363
Other
Assets,
less
Liabilities
1.0%
.............................................
24,510
Net
Assets
100.0%
...........................................................
$2,309,873
a
See
Note
5
regarding
investments
in
FT
Underlying
Funds.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited),
March
31,
2022
Franklin
Moderate
Allocation
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
34
See
Abbreviations
on
page
54
.
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
97.2%
Alternative
Strategies
0.5%
a
Franklin
Liberty
Systematic
Style
Premia
ETF
..............................
471,773
$
9,993,662
Domestic
Equity
47.7%
a
ClearBridge
Large
Cap
Value
Fund,
Class
IS
...............................
3,141,091
122,094,196
a
Franklin
Growth
Fund,
Class
R6
........................................
1,797,348
244,834,734
a
Franklin
LibertyQ
U.S.
Equity
ETF
.......................................
1,260,267
56,585,988
a
Franklin
U.S.
Core
Equity
(IU)
Fund
.....................................
32,951,946
471,542,341
Vanguard
S&P
500
ETF
..............................................
113,441
47,097,300
942,154,559
Domestic
Fixed
Income
33.6%
a
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund,
Class
IS
...............
3,330,162
35,732,635
a
Franklin
Liberty
High
Yield
Corporate
ETF
.................................
1,971,295
48,710,699
a
Franklin
Liberty
Investment
Grade
Corporate
ETF
...........................
1,288,323
30,533,255
a
Franklin
Liberty
Senior
Loan
ETF
.......................................
988,025
24,379,517
a
Franklin
Liberty
U.S.
Core
Bond
ETF
.....................................
10,172,441
238,271,120
a
Franklin
Liberty
U.S.
Treasury
Bond
ETF
..................................
2,156,247
48,892,685
Schwab
U.S.
TIPS
ETF
...............................................
801,542
48,661,615
a
Western
Asset
Core
Plus
Bond
Fund,
Class
IS
.............................
12,435,881
134,307,511
a
Western
Asset
Short-Term
Bond
Fund,
Class
IS
............................
15,145,814
56,645,344
666,134,381
Foreign
Equity
14.2%
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
............................
3,539,886
37,381,199
a
Franklin
International
Core
Equity
(IU)
Fund
...............................
11,817,339
135,899,403
a
Franklin
International
Growth
Fund,
Class
R6
..............................
1,140,856
20,683,727
iShares
Core
MSCI
EAFE
ETF
.........................................
297,297
20,665,114
a
Templeton
Developing
Markets
Trust,
Class
R6
.............................
1,875,475
36,496,747
a
Templeton
Foreign
Fund,
Class
R6
......................................
4,413,311
31,025,579
282,151,769
Foreign
Fixed
Income
1.2%
a
Franklin
Liberty
International
Aggregate
Bond
ETF
..........................
1,016,463
24,115,585
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$1,666,423,697)
..............................................................
1,924,549,956
a
a
a
a
Short
Term
Investments
2.4%
a
Money
Market
Funds
2.4%
a,b
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
...................
46,621,915
46,621,915
Total
Money
Market
Funds
(Cost
$46,621,915)
..................................
46,621,915
Total
Short
Term
Investments
(Cost
$46,621,915
)
................................
46,621,915
a
Total
Investments
(Cost
$1,713,045,612)
99.6%
..................................
$1,971,171,871
Other
Assets,
less
Liabilities
0.4%
.............................................
8,709,352
Net
Assets
100.0%
...........................................................
$1,979,881,223
a
See
Note
5
regarding
investments
in
FT
Underlying
Funds.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Fund
Allocator
Series
35
Quarterly
Schedules
of
Investments
Notes
to
Schedules
of
Investments
(unaudited)
1.
Organization
Franklin
Fund
Allocator
Series (Trust)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company,
consisting
of eighteen
separate
funds, fifteen
of
which
are
included
in
this
report
(Funds)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP).
Certain
or
all
Funds
invest
primarily
in
mutual
funds
(Underlying
Funds)
and
exchange
traded
funds
(ETFs),
including
affiliated
funds
managed
by
Franklin
Templeton
(FT
Underlying
Funds).
The
accounting
policies
of
the
Underlying
Funds
are
outlined
in
their
respective
shareholder
reports.
A
copy
of
the
Underlying
Funds’
shareholder
reports,
in
which
each
Fund
invests,
is
available
on
the
U.S.
Securities
and
Exchange
Commission
(SEC)
website
at
sec.gov.
The
Underlying
Funds’
shareholder
reports
are
not
covered
by
this
report.
2. Financial
Instrument
Valuation
The
Funds’
investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Funds
calculate
the
net
asset
value
(NAV)
per
share
each
business
day
as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the
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.
Investments
in
the
Underlying
Funds
are
valued
at
their
closing
NAV
each
trading
day.
ETFs
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price
of
the
day,
respectively.
Equity
securities,
exchange
traded
funds
and
derivative
financial
instruments
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price
of
the
day,
respectively.
Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m. Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities.
Debt
securities
generally
trade
in
the
OTC
market
rather
than
on
a
securities
exchange.
The
Funds’
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
Investments
in
open-end
mutual
funds
are
valued
at
the
closing
NAV.
Investments
in
repurchase
agreements
are
valued
at
cost,
which
approximates
fair
value.
Certain
derivative
financial
instruments
trade
in
the
OTC
market.
The
Funds’
pricing
services
use
various
techniques
including
industry
standard
option
pricing
models
and
proprietary
discounted
cash
flow
models
to
determine
the
fair
value
of
those
instruments.
The
Funds’ net
benefit
or
obligation
under
the
derivative
contract,
as
measured
by
the
fair
value
of
the
contract,
is
included
in
net
assets.
Franklin
Fund
Allocator
Series
Notes
to
Schedules
of
Investments
(unaudited)
36
Quarterly
Schedules
of
Investments
The
Funds
have procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the
Funds
primarily employ
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
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
March
31,
2022,
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.
3.
Derivative
Financial
Instruments
Certain
or
all
Funds
invested
in
derivative
financial
instruments
in
order
to
manage
risk
or
gain
exposure
to
various
other
investments
or
markets.
Derivatives
are
financial
contracts
based
on
an
underlying
or
notional
amount,
require
no
initial
investment
or
an
initial
net
investment
that
is
smaller
than
would
normally
be
required
to
have
a
similar
response
to
changes
in
market
factors,
and
require
or
permit
net
settlement.
Derivatives
contain
various
risks
including
the
potential
inability
of
the
counterparty
to
fulfill
their
obligations
under
the
terms
of
the
contract,
the
potential
for
an
illiquid
secondary
market,
and/or
the
potential
for
market
movements.
Derivative
counterparty
credit
risk
is
managed
through
a
formal
evaluation
of
the
creditworthiness
of
all
potential
counterparties.
Certain
or
all
Funds
attempt
to
reduce
their
exposure
to
counterparty
credit
risk
on
OTC
derivatives,
whenever
possible,
by
entering
into
International
Swaps
and
Derivatives
Association
(ISDA)
master
agreements
with
certain
counterparties.
These
agreements
contain
various
provisions,
including
but
not
limited
to
collateral
requirements,
events
of
default,
or
early
termination.
Termination
events
applicable
to
the
counterparty
include
certain
deteriorations
in
the
credit
quality
of
the
counterparty.
Termination
events
applicable
to
the
Funds include
failure
of
the
Funds
to
maintain
certain
net
asset
levels
and/or
limit
the
decline
in
net
assets
over
various
periods
of
time.
In
the
event
of
default
or
early
termination,
the
ISDA
master
agreement
gives
the
non-defaulting
party
the
right
to
net
and
close-out
all
transactions
traded,
whether
or
not
arising
under
the
ISDA
agreement,
to
one
net
amount
payable
by
one
counterparty
to
the
other.
Early
termination
by
the
counterparty
may
result
in
an
immediate
payment
by
the
Funds
of
any
net
liability
owed
to
that
counterparty
under
the
ISDA
agreement.
Collateral
requirements
differ
by
type
of
derivative.
Collateral
or
initial
margin
requirements
are
set
by
the
broker
or
exchange
clearing
house
for
exchange
traded
and
centrally
cleared
derivatives.
Initial
margin
deposited
is
held
at
the
exchange
and
can
be
in
the
form
of
cash
and/or
securities.
For
OTC
derivatives
traded
under
an
ISDA
master
agreement,
posting
of
2. Financial
Instrument
Valuation
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Schedules
of
Investments
(unaudited)
37
Quarterly
Schedules
of
Investments
collateral
is
required
by
either
the
Fund
or
the
applicable
counterparty
if
the
total
net
exposure
of
all
OTC
derivatives
with
the
applicable
counterparty
exceeds
the
minimum
transfer
amount,
which
typically
ranges
from
$100,000
to
$250,000,
and
can
vary
depending
on
the
counterparty
and
the
type
of
agreement.
Generally,
collateral
is
determined
at
the
close
of
Fund
business
each
day
and
any
additional
collateral
required
due
to
changes
in
derivative
values
may
be
delivered
by
the
Fund
or
the
counterparty
the
next
business
day,
or
within
a
few
business
days.
Collateral
pledged
and/or
received
by
the
Fund
for
OTC
derivatives,
if
any,
is
held
in
segregated
accounts
with
the
Fund’s
custodian/counterparty
broker
and
can
be
in
the
form
of
cash
and/or
securities.
Unrestricted
cash
may
be
invested
according
to
the
Funds’ investment
objectives.
To
the
extent
that
the
amounts
due
to
the
Fund
from
its
counterparties
are
not
subject
to
collateralization
or
are
not
fully
collateralized,
the
Fund
bears
the
risk
of
loss
from
counterparty
non-performance.
Certain
or
all
Funds
entered
into
OTC
forward
exchange
contracts
primarily
to
manage
and/or
gain
exposure
to
certain
foreign
currencies.
A
forward
exchange
contract
is
an
agreement
between
the
Fund
and
a
counterparty
to
buy
or
sell
a
foreign
currency at
a
specific
exchange
rate
on
a
future
date.
The
following
Funds
have
invested
in
derivatives
during
the
period. 
Franklin
Global
Allocation
Fund
-
Forwards
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
FT
Underlying
Funds  
The
Funds
invest
in
Underlying
Funds
which
are
managed
by
Franklin
Advisers,
Inc.
(Advisers),
an
affiliate
of
FT
Services
or
an
affiliate
of
Advisers.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
Underlying
Fund’s
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
Underlying
Fund.
The
Funds
do
not
invest
in Underlying
Funds
for
the
purpose
of
exercising
a
controlling
influence
over
the
management
or
policies.
Investments
in
FT
Underlying
Funds
for
the
three
months
ended
March
31,
2022,
were
as
follows:
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Dividend
Income
a
a
a
a
a
a
a
a
a
Franklin
Conservative
Allocation
Fund
Non-Controlled
Affiliates
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund,
Class
IS
$
33,637,163
$
7,207,485
$
(2,192,283)
$
(195,133)
$
(922,642)
$
37,534,590
3,498,098
$
103,090
ClearBridge
Large
Cap
Value
Fund,
Class
IS
.................
61,114,060
2,236,053
(10,085,657)
396,912
(1,510,163)
52,151,205
1,341,683
159,142
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
...........
12,651,929
3,940,421
(394,204)
(30,676)
(599,574)
15,567,896
1,474,233
—
Franklin
FTSE
Europe
ETF
....
5,320,689
189,357
(4,738,896)
646,220
(1,417,370)
—
—
—
Franklin
Growth
Fund,
Class
R6
.
125,309,415
9,454,245
(17,512,804)
(835,433)
(11,841,661)
104,573,762
767,683
—
3.
Derivative
Financial
Instruments
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Schedules
of
Investments
(unaudited)
38
Quarterly
Schedules
of
Investments
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Dividend
Income
a
a
a
a
a
a
a
a
a
Franklin
Conservative
Allocation
Fund
(continued)
Non-Controlled
Affiliates
(continued)
Franklin
International
Core
Equity
(IU)
Fund
................
$
57,733,541
$
6,694,521
$
(1,694,615)
$
(257,876)
$
(4,727,407)
$
57,748,164
5,021,580
$
—
Franklin
International
Growth
Fund,
Class
R6
................
10,394,454
1,645,409
(1,463,056)
(175,635)
(1,587,603)
8,813,569
486,132
—
Franklin
Liberty
High
Yield
Corporate
ETF
............
58,685,736
1,755,877
(8,284,056)
(572,924)
(2,761,182)
48,823,451
1,975,858
429,651
Franklin
Liberty
International
Aggregate
Bond
ETF
........
33,062,382
1,141,502
(7,999,756)
(381,037)
(489,156)
25,333,935
1,067,816
—
Franklin
Liberty
Investment
Grade
Corporate
ETF
............
25,959,352
8,157,949
(1,382,363)
(74,673)
(2,056,123)
30,604,142
1,291,314
168,162
Franklin
Liberty
Senior
Loan
ETF
32,653,456
620,178
(8,434,343)
(127,281)
(276,185)
24,435,825
990,307
164,218
Franklin
Liberty
Systematic
Style
Premia
ETF
..............
7,045,368
407,562
(1,008,892)
(200,118)
54,926
6,298,846
297,351
—
Franklin
Liberty
U.S.
Core
Bond
ETF
....................
292,437,229
19,302,749
(55,606,291)
(1,735,391)
(15,576,145)
238,822,151
10,195,966
1,295,542
Franklin
Liberty
U.S.
Treasury
Bond
ETF
....................
52,179,875
3,540,066
(4,107,167)
(356,481)
(2,251,027)
49,005,266
2,161,212
47,431
Franklin
LibertyQ
U.S.
Equity
ETF
24,230,091
4,766,048
(3,812,468)
477,381
(1,485,635)
24,175,417
538,428
71,286
Franklin
U.S.
Core
Equity
(IU)
Fund
247,730,250
17,737,023
(51,056,163)
(2,235,407)
(10,751,252)
201,424,451
14,075,783
—
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.......
85
66,476,661
(30,501,204)
—
—
35,975,542
35,975,542
359
Templeton
Developing
Markets
Trust,
Class
R6
............
13,335,719
4,766,395
(1,135,795)
(194,698)
(1,236,457)
15,535,164
798,313
—
Templeton
Foreign
Fund,
Class
R6
20,687,681
162,896
(7,743,079)
969,053
(857,793)
13,218,758
1,880,335
—
Western
Asset
Core
Plus
Bond
Fund,
Class
IS
............
98,441,245
50,564,255
(1,903,813)
(204,098)
(12,279,742)
134,617,847
12,464,615
769,865
Western
Asset
Short-Term
Bond
Fund,
Class
IS
............
39,225,398
14,639,823
(2,966,516)
(101,369)
(1,466,897)
49,330,439
13,189,957
165,057
Total
Non-Controlled
Affiliates
$1,251,835,118
$225,406,475
$(224,023,421)
$(5,188,664)
$(74,039,088)
$1,173,990,420
$3,373,803
Total
Affiliated
Securities
....
$1,251,835,118
$225,406,475
$(224,023,421)
$(5,188,664)
$(74,039,088)
$1,173,990,420
$3,373,803
Franklin
Corefolio
Allocation
Fund
Non-Controlled
Affiliates
Franklin
Growth
Fund,
Class
R6
.
281,944,606
—
(1,752,171)
(127,642)
(27,846,540)
252,218,253
1,851,551
—
Franklin
Growth
Opportunities
Fund,
Class
R6
............
273,136,240
—
(1,642,163)
(276,414)
(36,732,285)
234,485,378
4,131,173
—
Franklin
Mutual
Shares
Fund,
Class
R6
.....................
266,876,929
—
(7,555,232)
(445,468)
(1,353,273)
257,522,956
9,576,904
—
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.......
1
4,120,755
(3,464,030)
—
—
656,726
656,726
3
5.
Investments
in
FT
Underlying
Funds  
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Schedules
of
Investments
(unaudited)
39
Quarterly
Schedules
of
Investments
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Dividend
Income
a
a
a
a
a
a
a
a
a
Franklin
Corefolio
Allocation
Fund
(continued)
Non-Controlled
Affiliates
(continued)
Templeton
Growth
Fund,
Inc.,
Class
R6
.....................
$
246,916,091
$
—
$
(1,687,531)
$
(20,209)
$
(6,753,855)
$
238,454,496
10,048,651
$
—
Total
Non-Controlled
Affiliates
$1,068,873,867
$4,120,755
$(16,101,127)
$(869,733)
$(72,685,953)
$983,337,809
$3
Total
Affiliated
Securities
....
$1,068,873,867
$4,120,755
$(16,101,127)
$(869,733)
$(72,685,953)
$983,337,809
$3
Franklin
Global
Allocation
Fund
Non-Controlled
Affiliates
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.......
137,626,130
134,035,019
(54,211,654)
—
—
217,449,495
217,449,495
5,391
Templeton
Global
Bond
Fund,
Class
R6
................
119,997,766
1,771,829
—
—
(405,670)
121,363,925
13,838,532
1,771,829
Total
Non-Controlled
Affiliates
$257,623,896
$135,806,848
$(54,211,654)
$—
$(405,670)
$338,813,420
$1,777,220
Total
Affiliated
Securities
....
$257,623,896
$135,806,848
$(54,211,654)
$—
$(405,670)
$338,813,420
$1,777,220
Franklin
Growth
Allocation
Fund
Controlled
Affiliates
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
...........
$
36,381,032
$
4,000,571
$
(2,647,436)
$
(316,196)
$
(1,816,649)
$
35,601,322
3,371,337
$
—
Franklin
International
Core
Equity
(IU)
Fund
................
136,932,223
10,441,915
(7,668,097)
(1,251,870)
(10,480,147)
127,974,024
11,128,176
—
Franklin
U.S.
Core
Equity
(IU)
Fund
413,400,541
—
—
—
(20,848,335)
392,552,206
27,432,020
—
Total
Controlled
Affiliates
....
$586,713,796
$14,442,486
$(10,315,533)
$(1,568,066)
$(33,145,131)
$556,127,552
$—
Non-Controlled
Affiliates
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund,
Class
IS
15,093,015
3,539,405
(1,239,219)
(68,828)
(430,651)
16,893,722
1,574,438
44,987
ClearBridge
Large
Cap
Value
Fund,
Class
IS
.................
131,860,456
352,172
(15,680,076)
901,430
(2,877,950)
114,556,032
2,947,158
338,922
Franklin
FTSE
Europe
ETF
....
12,275,904
42,824
(10,547,785)
1,049,970
(2,820,913)
—
—
—
Franklin
Growth
Fund,
Class
R6
.
280,777,716
—
(23,186,677)
(1,819,942)
(26,225,590)
229,545,507
1,685,109
—
Franklin
International
Growth
Fund,
Class
R6
................
23,985,853
4,328,643
(4,541,933)
(570,399)
(3,758,707)
19,443,457
1,072,447
—
Franklin
Liberty
High
Yield
Corporate
ETF
............
15,565,438
1,439,717
(3,081,203)
(139,309)
(762,325)
13,022,318
527,006
112,597
Franklin
Liberty
International
Aggregate
Bond
ETF
........
14,792,817
737,422
(3,743,946)
(179,060)
(207,987)
11,399,246
480,474
—
Franklin
Liberty
Investment
Grade
Corporate
ETF
............
6,884,794
2,808,587
(958,897)
(92,225)
(479,458)
8,162,801
344,422
44,054
Franklin
Liberty
Senior
Loan
ETF
8,660,766
704,767
(2,740,599)
(33,731)
(73,277)
6,517,926
264,151
43,032
Franklin
Liberty
Systematic
Style
Premia
ETF
..............
7,880,850
580,907
(1,215,045)
(241,178)
80,395
7,085,929
334,507
—
5.
Investments
in
FT
Underlying
Funds  
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Schedules
of
Investments
(unaudited)
40
Quarterly
Schedules
of
Investments
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Dividend
Income
a
a
a
a
a
a
a
a
a
Franklin
Growth
Allocation
Fund
(continued)
Non-Controlled
Affiliates
(continued)
Franklin
Liberty
U.S.
Core
Bond
ETF
....................
$
77,699,812
$
6,359,748
$
(15,754,343)
$
(531,315)
$
(4,071,863)
$
63,702,039
2,719,613
$
339,393
Franklin
Liberty
U.S.
Treasury
Bond
ETF
....................
13,839,484
2,191,931
(2,269,211)
(175,437)
(515,413)
13,071,354
576,468
12,441
Franklin
LibertyQ
U.S.
Equity
ETF
50,391,751
26,282,671
(3,118,938)
1,158,967
(2,683,581)
72,030,870
1,604,251
166,466
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.......
93
58,069,697
(21,461,285)
—
—
36,608,505
36,608,505
371
Templeton
Developing
Markets
Trust,
Class
R6
............
36,284,239
4,525,922
(2,241,823)
(503,920)
(3,769,898)
34,294,520
1,762,308
—
Templeton
Foreign
Fund,
Class
R6
49,038,723
2,112,552
(22,080,311)
2,339,427
(2,242,167)
29,168,224
4,149,107
—
Western
Asset
Core
Plus
Bond
Fund,
Class
IS
............
26,186,655
14,394,604
(1,359,986)
(96,261)
(3,217,735)
35,907,277
3,324,748
205,713
Western
Asset
Short-Term
Bond
Fund,
Class
IS
............
10,432,054
16,149,101
(2,011,401)
(64,978)
(519,283)
23,985,493
6,413,233
59,415
Total
Non-Controlled
Affiliates
$781,650,420
$144,620,670
$(137,232,678)
$933,211
$(54,576,403)
$735,395,220
$1,367,391
Total
Affiliated
Securities
....
$1,368,364,216
$159,063,156
$(147,548,211)
$(634,855)
$(87,721,534)
$1,291,522,772
$1,367,391
Franklin
LifeSmart™
Retirement
Income
Fund
Non-Controlled
Affiliates
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund,
Class
IS
—
2,905,905
(47,924)
(524)
(92,758)
2,764,699
257,661
7,593
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund
-
USD
Hedged,
Class
IS
...........
2,864,272
—
(2,843,896)
(205,165)
184,789
—
—
—
ClearBridge
Tactical
Dividend
Income
Fund,
Class
IS
.......
4,644,204
897,597
(195,066)
(2,791)
(55,080)
5,288,864
245,651
52,144
Franklin
Liberty
High
Yield
Corporate
ETF
............
2,877,203
103,416
(50,597)
(1,373)
(164,094)
2,764,555
111,880
21,797
Franklin
Liberty
Investment
Grade
Corporate
ETF
............
3,435,358
160,907
(58,433)
(4,522)
(277,428)
3,255,882
137,379
22,757
Franklin
Liberty
U.S.
Core
Bond
ETF
....................
5,216,759
146,399
(116,233)
(2,694)
(350,094)
4,894,137
208,944
27,777
Franklin
U.S.
Core
Equity
(IU)
Fund
2,308,371
105,147
(555,476)
113,800
(252,478)
1,719,364
120,151
—
Franklin
U.S.
Government
Securities
Fund,
Class
R6
.....
5,769,024
124,287
(647,899)
(21,875)
(225,458)
4,998,079
895,713
34,835
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.......
515,239
3,309,956
(3,322,416)
—
—
502,779
502,779
13
Templeton
Developing
Markets
Trust,
Class
R6
............
550,869
27,380
—
—
(71,793)
506,456
26,025
—
Templeton
Foreign
Fund,
Class
R6
1,160,475
—
(56,069)
4,954
(6,083)
1,103,277
156,938
—
Western
Asset
Income
Fund,
Class
IS
.....................
5,753,705
113,125
(115,610)
(3,480)
(346,658)
5,401,082
945,899
59,537
5.
Investments
in
FT
Underlying
Funds  
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Schedules
of
Investments
(unaudited)
41
Quarterly
Schedules
of
Investments
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Dividend
Income
a
a
a
a
a
a
a
a
a
Franklin
LifeSmart™
Retirement
Income
Fund
(continued)
Non-Controlled
Affiliates
(continued)
Western
Asset
Short
Duration
High
Income
Fund,
Class
I
........
$
5,227,049
$
813,751
$
(103,261)
$
(2,567)
$
(153,399)
$
5,781,573
1,124,820
$
62,205
Total
Non-Controlled
Affiliates
$40,322,528
$8,707,870
$(8,112,880)
$(126,237)
$(1,810,534)
$38,980,747
$288,658
Total
Affiliated
Securities
....
$40,322,528
$8,707,870
$(8,112,880)
$(126,237)
$(1,810,534)
$38,980,747
$288,658
Franklin
LifeSmart™
2020
Retirement
Target
Fund
Non-Controlled
Affiliates
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund,
Class
IS
1,213,493
275,207
(93,531)
(8,358)
(32,603)
1,354,208
126,208
3,681
ClearBridge
Large
Cap
Value
Fund,
Class
IS
.................
2,169,022
37,029
(324,742)
17,598
(53,521)
1,845,386
47,476
5,996
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
...........
630,569
411,319
(2,938)
(23)
(32,038)
1,006,889
95,349
—
Franklin
FTSE
Europe
ETF
....
253,373
10,079
(226,077)
39,689
(77,064)
—
—
—
Franklin
Growth
Fund,
Class
R6
.
4,373,598
369,165
(598,815)
(30,813)
(409,998)
3,703,137
27,185
—
Franklin
International
Core
Equity
(IU)
Fund
................
2,866,263
533,463
(79,777)
(10,818)
(222,566)
3,086,565
268,397
—
Franklin
International
Growth
Fund,
Class
R6
................
496,395
86,565
(28,322)
(4,008)
(78,034)
472,596
26,067
—
Franklin
Liberty
High
Yield
Corporate
ETF
............
1,595,822
65,497
(233,369)
(12,869)
(78,566)
1,336,515
54,088
11,834
Franklin
Liberty
International
Aggregate
Bond
ETF
........
1,183,504
46,165
(284,288)
(13,618)
(17,852)
913,911
38,521
—
Franklin
Liberty
Investment
Grade
Corporate
ETF
............
705,533
239,666
(48,781)
(4,687)
(53,865)
837,866
35,353
4,622
Franklin
Liberty
Senior
Loan
ETF
887,464
26,766
(234,081)
(3,500)
(7,611)
669,038
27,114
4,521
Franklin
Liberty
Systematic
Style
Premia
ETF
..............
229,241
6,037
(24,555)
(4,669)
165
206,219
9,735
—
Franklin
Liberty
U.S.
Core
Bond
ETF
....................
7,966,338
599,208
(1,547,783)
(50,701)
(427,000)
6,540,062
279,213
35,600
Franklin
Liberty
U.S.
Treasury
Bond
ETF
....................
1,417,988
113,808
(117,776)
(10,754)
(61,524)
1,341,742
59,173
1,314
Franklin
LibertyQ
U.S.
Equity
ETF
881,483
177,147
(170,512)
24,610
(57,248)
855,480
19,053
2,618
Franklin
U.S.
Core
Equity
(IU)
Fund
8,822,202
255,640
(1,512,961)
(29,610)
(407,188)
7,128,083
498,119
—
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.......
3
2,032,151
(1,682,327)
—
—
349,827
349,827
8
Templeton
Developing
Markets
Trust,
Class
R6
............
605,500
503,866
(24,619)
(2,983)
(76,264)
1,005,500
51,670
—
Templeton
Foreign
Fund,
Class
R6
1,041,988
28,378
(370,035)
31,747
(22,942)
709,136
100,873
—
Western
Asset
Core
Plus
Bond
Fund,
Class
IS
............
2,694,526
1,391,696
(54,886)
(7,632)
(336,989)
3,686,715
341,362
21,148
5.
Investments
in
FT
Underlying
Funds  
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Schedules
of
Investments
(unaudited)
42
Quarterly
Schedules
of
Investments
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Dividend
Income
a
a
a
a
a
a
a
a
a
Franklin
LifeSmart™
2020
Retirement
Target
Fund
(continued)
Non-Controlled
Affiliates
(continued)
Western
Asset
Short-Term
Bond
Fund,
Class
IS
............
$
1,073,847
$
249,071
$
(69,377)
$
(2,301)
$
(38,886)
$
1,212,354
324,159
$
4,349
Total
Non-Controlled
Affiliates
$41,108,152
$7,457,923
$(7,729,552)
$(83,700)
$(2,491,594)
$38,261,229
$95,691
Total
Affiliated
Securities
....
$41,108,152
$7,457,923
$(7,729,552)
$(83,700)
$(2,491,594)
$38,261,229
$95,691
Franklin
LifeSmart™
2025
Retirement
Target
Fund
Non-Controlled
Affiliates
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund,
Class
IS
2,825,250
622,005
(193,545)
(16,105)
(78,019)
3,159,586
294,463
8,629
ClearBridge
Large
Cap
Value
Fund,
Class
IS
.................
7,900,941
98,266
(892,576)
42,840
(176,362)
6,973,109
179,396
22,011
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
...........
3,097,498
819,786
(9,424)
(168)
(158,366)
3,749,326
355,050
—
Franklin
FTSE
Europe
ETF
....
968,159
23,469
(849,800)
114,254
(256,082)
—
—
—
Franklin
Growth
Fund,
Class
R6
.
15,972,227
1,183,589
(1,539,478)
(105,523)
(1,521,539)
13,989,276
102,696
—
Franklin
International
Core
Equity
(IU)
Fund
................
10,898,437
1,954,043
(334,952)
(48,826)
(842,197)
11,626,505
1,011,000
—
Franklin
International
Growth
Fund,
Class
R6
................
1,895,053
310,401
(112,086)
(19,409)
(297,144)
1,776,815
98,004
—
Franklin
Liberty
High
Yield
Corporate
ETF
............
4,185,999
128,829
(580,277)
(31,557)
(207,690)
3,495,304
141,453
30,776
Franklin
Liberty
International
Aggregate
Bond
ETF
........
2,773,811
44,622
(612,465)
(28,444)
(45,050)
2,132,474
89,883
—
Franklin
Liberty
Investment
Grade
Corporate
ETF
............
1,852,156
581,781
(90,375)
(8,139)
(144,595)
2,190,828
92,440
12,063
Franklin
Liberty
Senior
Loan
ETF
2,329,560
46,022
(597,877)
(8,482)
(20,037)
1,749,186
70,889
11,767
Franklin
Liberty
Systematic
Style
Premia
ETF
..............
739,420
5,439
(67,338)
(13,225)
(1,622)
662,674
31,283
—
Franklin
Liberty
U.S.
Core
Bond
ETF
....................
21,191,518
1,153,786
(4,000,849)
(111,331)
(1,135,757)
17,097,367
729,933
92,952
Franklin
Liberty
U.S.
Treasury
Bond
ETF
....................
3,722,764
207,514
(234,363)
(19,458)
(168,355)
3,508,102
154,713
3,384
Franklin
LibertyQ
U.S.
Equity
ETF
3,222,872
596,980
(463,563)
68,776
(190,649)
3,234,416
72,036
9,365
Franklin
U.S.
Core
Equity
(IU)
Fund
31,756,777
636,849
(3,850,237)
(110,861)
(1,493,248)
26,939,280
1,882,549
—
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.......
13
5,203,625
(4,861,445)
—
—
342,193
342,193
27
Templeton
Developing
Markets
Trust,
Class
R6
............
3,024,775
1,238,985
(135,373)
(35,604)
(348,987)
3,743,796
192,384
—
Templeton
Foreign
Fund,
Class
R6
3,978,852
42,644
(1,389,542)
154,103
(119,920)
2,666,137
379,251
—
Western
Asset
Core
Plus
Bond
Fund,
Class
IS
............
7,031,491
3,562,276
(61,623)
(4,963)
(889,716)
9,637,465
892,358
55,172
5.
Investments
in
FT
Underlying
Funds  
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Schedules
of
Investments
(unaudited)
43
Quarterly
Schedules
of
Investments
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Dividend
Income
a
a
a
a
a
a
a
a
a
Franklin
LifeSmart™
2025
Retirement
Target
Fund
(continued)
Non-Controlled
Affiliates
(continued)
Western
Asset
Short-Term
Bond
Fund,
Class
IS
............
$
2,802,314
$
745,610
$
(146,782)
$
(3,961)
$
(105,044)
$
3,292,137
880,251
$
11,533
Total
Non-Controlled
Affiliates
$132,169,887
$19,206,521
$(21,023,970)
$(186,083)
$(8,200,379)
$121,965,976
$257,679
Total
Affiliated
Securities
....
$132,169,887
$19,206,521
$(21,023,970)
$(186,083)
$(8,200,379)
$121,965,976
$257,679
Franklin
LifeSmart™
2030
Retirement
Target
Fund
Non-Controlled
Affiliates
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund,
Class
IS
949,870
249,329
(44,986)
(3,685)
(28,821)
1,121,707
104,539
3,027
ClearBridge
Large
Cap
Value
Fund,
Class
IS
.................
3,999,208
109,155
(247,771)
2,919
(72,468)
3,791,043
97,531
11,648
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
...........
1,692,004
468,718
(19,000)
(844)
(86,124)
2,054,754
194,579
—
Franklin
FTSE
Europe
ETF
....
523,170
21,238
(467,266)
59,595
(136,737)
—
—
—
Franklin
Growth
Fund,
Class
R6
.
8,283,384
739,047
(583,612)
(65,500)
(768,685)
7,604,634
55,826
—
Franklin
International
Core
Equity
(IU)
Fund
................
5,972,992
1,032,841
(199,543)
(28,805)
(454,311)
6,323,174
549,841
—
Franklin
International
Growth
Fund,
Class
R6
................
1,027,329
183,931
(76,709)
(18,336)
(151,846)
964,369
53,192
—
Franklin
Liberty
High
Yield
Corporate
ETF
............
1,453,397
85,031
(201,837)
(10,741)
(72,855)
1,252,995
50,708
10,799
Franklin
Liberty
International
Aggregate
Bond
ETF
........
952,832
43,119
(213,708)
(9,792)
(15,624)
756,827
31,900
—
Franklin
Liberty
Investment
Grade
Corporate
ETF
............
642,233
234,119
(37,501)
(3,215)
(50,171)
785,465
33,142
4,220
Franklin
Liberty
Senior
Loan
ETF
808,503
38,548
(209,787)
(2,917)
(7,059)
627,288
25,422
4,126
Franklin
Liberty
Systematic
Style
Premia
ETF
..............
340,401
14,078
(34,186)
(6,523)
(555)
313,215
14,786
—
Franklin
Liberty
U.S.
Core
Bond
ETF
....................
7,385,589
633,486
(1,451,321)
(40,200)
(397,023)
6,130,531
261,729
32,515
Franklin
Liberty
U.S.
Treasury
Bond
ETF
....................
1,292,686
123,963
(93,240)
(7,379)
(58,457)
1,257,573
55,461
1,197
Franklin
LibertyQ
U.S.
Equity
ETF
1,667,543
349,385
(198,382)
13,670
(75,459)
1,756,757
39,126
4,933
Franklin
U.S.
Core
Equity
(IU)
Fund
16,273,762
441,671
(1,256,672)
(64,261)
(749,913)
14,644,587
1,023,381
—
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.......
6
3,209,974
(2,581,949)
—
—
628,031
628,031
14
Templeton
Developing
Markets
Trust,
Class
R6
............
1,665,712
640,828
(38,848)
(6,844)
(210,816)
2,050,032
105,346
—
Templeton
Foreign
Fund,
Class
R6
2,149,699
45,234
(767,783)
44,385
(24,474)
1,447,061
205,841
—
Western
Asset
Core
Plus
Bond
Fund,
Class
IS
............
2,386,772
1,381,541
—
—
(312,622)
3,455,691
319,971
19,338
5.
Investments
in
FT
Underlying
Funds  
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Schedules
of
Investments
(unaudited)
44
Quarterly
Schedules
of
Investments
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Dividend
Income
a
a
a
a
a
a
a
a
a
Franklin
LifeSmart™
2030
Retirement
Target
Fund
(continued)
Non-Controlled
Affiliates
(continued)
Western
Asset
Short-Term
Bond
Fund,
Class
IS
............
$
951,538
$
391,376
$
(46,917)
$
(1,222)
$
(38,160)
$
1,256,615
335,993
$
4,156
Total
Non-Controlled
Affiliates
$60,418,630
$10,436,612
$(8,771,018)
$(149,695)
$(3,712,180)
$58,222,349
$95,973
Total
Affiliated
Securities
....
$60,418,630
$10,436,612
$(8,771,018)
$(149,695)
$(3,712,180)
$58,222,349
$95,973
Franklin
LifeSmart™
2035
Retirement
Target
Fund
Non-Controlled
Affiliates
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund,
Class
IS
1,615,481
394,843
(92,115)
(7,554)
(46,660)
1,863,995
173,718
5,016
ClearBridge
Large
Cap
Value
Fund,
Class
IS
.................
8,922,369
259,498
(607,085)
16,463
(166,490)
8,424,755
216,742
25,325
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
...........
4,371,726
440,928
—
—
(225,140)
4,587,514
434,424
—
Franklin
FTSE
Europe
ETF
....
1,171,645
32,073
(1,031,022)
125,126
(297,822)
—
—
—
Franklin
Growth
Fund,
Class
R6
.
17,952,826
1,434,835
(678,985)
(45,578)
(1,765,194)
16,897,904
124,049
—
Franklin
International
Core
Equity
(IU)
Fund
................
13,487,630
2,086,430
(432,693)
(63,963)
(1,017,224)
14,060,180
1,222,624
—
Franklin
International
Growth
Fund,
Class
R6
................
2,291,201
382,003
(147,511)
(27,434)
(353,556)
2,144,703
118,296
—
Franklin
Liberty
High
Yield
Corporate
ETF
............
2,028,077
108,618
(270,572)
(13,760)
(103,019)
1,749,344
70,795
15,007
Franklin
Liberty
International
Aggregate
Bond
ETF
........
1,583,181
52,455
(335,794)
(15,278)
(26,854)
1,257,710
53,012
—
Franklin
Liberty
Investment
Grade
Corporate
ETF
............
896,955
321,276
(47,732)
(4,148)
(70,321)
1,096,030
46,246
5,862
Franklin
Liberty
Senior
Loan
ETF
1,128,497
46,059
(285,584)
(3,902)
(9,996)
875,074
35,464
5,733
Franklin
Liberty
Systematic
Style
Premia
ETF
..............
674,767
23,587
(59,176)
(11,590)
(2,154)
625,434
29,525
—
Franklin
Liberty
U.S.
Core
Bond
ETF
....................
10,119,465
751,389
(1,707,315)
(45,731)
(560,962)
8,556,846
365,315
45,160
Franklin
Liberty
U.S.
Treasury
Bond
ETF
....................
1,802,137
166,712
(121,301)
(9,436)
(82,236)
1,755,876
77,437
1,665
Franklin
LibertyQ
U.S.
Equity
ETF
3,636,971
1,852,296
(1,167,614)
86,801
(210,259)
4,198,195
93,501
13,801
Franklin
U.S.
Core
Equity
(IU)
Fund
33,981,989
—
—
—
(1,713,756)
32,268,233
2,254,943
—
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.......
9
4,830,489
(3,743,663)
—
—
1,086,835
1,086,835
30
Templeton
Developing
Markets
Trust,
Class
R6
............
4,233,465
996,065
(103,241)
(2,405)
(546,040)
4,577,844
235,244
—
Templeton
Foreign
Fund,
Class
R6
4,599,997
68,511
(1,482,795)
163,625
(131,155)
3,218,183
457,778
—
Western
Asset
Core
Plus
Bond
Fund,
Class
IS
............
3,411,230
1,849,464
—
—
(437,119)
4,823,575
446,627
27,008
5.
Investments
in
FT
Underlying
Funds  
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Schedules
of
Investments
(unaudited)
45
Quarterly
Schedules
of
Investments
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Dividend
Income
a
a
a
a
a
a
a
a
a
Franklin
LifeSmart™
2035
Retirement
Target
Fund
(continued)
Non-Controlled
Affiliates
(continued)
Western
Asset
Short-Term
Bond
Fund,
Class
IS
............
$
1,359,316
$
727,141
$
(86,568)
$
(2,254)
$
(55,676)
$
1,941,959
519,240
$
6,073
Total
Non-Controlled
Affiliates
$119,268,934
$16,824,672
$(12,400,766)
$138,982
$(7,821,633)
$116,010,189
$150,680
Total
Affiliated
Securities
....
$119,268,934
$16,824,672
$(12,400,766)
$138,982
$(7,821,633)
$116,010,189
$150,680
Franklin
LifeSmart™
2040
Retirement
Target
Fund
Non-Controlled
Affiliates
ClearBridge
Large
Cap
Value
Fund,
Class
IS
.................
3,398,026
98,003
(85,602)
1,714
(60,658)
3,351,483
86,223
9,751
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
...........
1,734,895
167,561
—
—
(90,794)
1,811,662
171,559
—
Franklin
FTSE
Europe
ETF
....
472,518
12,728
(416,333)
53,233
(122,146)
—
—
—
Franklin
Growth
Fund,
Class
R6
.
7,148,048
406,674
(116,404)
(12,059)
(700,909)
6,725,350
49,371
—
Franklin
International
Core
Equity
(IU)
Fund
................
5,285,608
949,726
(181,754)
(19,849)
(414,102)
5,619,629
488,663
—
Franklin
International
Growth
Fund,
Class
R6
................
922,300
204,679
(122,416)
(17,747)
(130,857)
855,959
47,212
—
Franklin
Liberty
High
Yield
Corporate
ETF
............
452,306
31,534
(66,188)
(3,106)
(22,942)
391,604
15,848
3,321
Franklin
Liberty
Investment
Grade
Corporate
ETF
............
200,653
77,539
(16,249)
(1,316)
(15,261)
245,366
10,353
1,299
Franklin
Liberty
Senior
Loan
ETF
251,349
14,309
(66,938)
(839)
(2,208)
195,673
7,930
1,269
Franklin
Liberty
Systematic
Style
Premia
ETF
..............
239,667
10,042
(22,315)
(4,206)
(510)
222,678
10,512
—
Franklin
Liberty
U.S.
Core
Bond
ETF
....................
2,291,989
203,218
(442,625)
(11,566)
(123,780)
1,917,236
81,852
10,017
Franklin
Liberty
U.S.
Treasury
Bond
ETF
....................
402,432
50,376
(39,099)
(1,253)
(19,137)
393,319
17,346
367
Franklin
LibertyQ
U.S.
Equity
ETF
1,420,823
1,441,862
(114,669)
4,590
(49,985)
2,702,621
60,192
7,228
Franklin
U.S.
Core
Equity
(IU)
Fund
12,432,235
—
—
—
(626,973)
11,805,262
824,966
—
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.......
4
2,495,055
(1,933,666)
—
—
561,393
561,393
11
Templeton
Developing
Markets
Trust,
Class
R6
............
1,719,000
350,831
(62,941)
(914)
(200,932)
1,805,044
92,757
—
Templeton
Foreign
Fund,
Class
R6
1,893,431
82,716
(711,941)
39,372
(19,135)
1,284,443
182,709
—
Western
Asset
Core
Plus
Bond
Fund,
Class
IS
............
740,382
450,119
(13,204)
(761)
(95,738)
1,080,798
100,074
5,989
5.
Investments
in
FT
Underlying
Funds  
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Schedules
of
Investments
(unaudited)
46
Quarterly
Schedules
of
Investments
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Dividend
Income
a
a
a
a
a
a
a
a
a
Franklin
LifeSmart™
2040
Retirement
Target
Fund
(continued)
Non-Controlled
Affiliates
(continued)
Western
Asset
Short-Term
Bond
Fund,
Class
IS
............
$
295,463
$
265,073
$
(28,388)
$
(749)
$
(13,330)
$
518,069
138,521
$
1,463
Total
Non-Controlled
Affiliates
$41,301,129
$7,312,045
$(4,440,732)
$24,544
$(2,709,397)
$41,487,589
$40,715
Total
Affiliated
Securities
....
$41,301,129
$7,312,045
$(4,440,732)
$24,544
$(2,709,397)
$41,487,589
$40,715
Franklin
LifeSmart™
2045
Retirement
Target
Fund
Non-Controlled
Affiliates
ClearBridge
Large
Cap
Value
Fund,
Class
IS
.................
7,191,500
268,667
(340,629)
13,236
(134,269)
6,998,505
180,049
20,077
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
...........
4,137,604
82,588
(244,793)
(17,331)
(195,267)
3,762,801
356,326
—
Franklin
FTSE
Europe
ETF
....
1,014,785
31,080
(897,192)
92,661
(241,334)
—
—
—
Franklin
Growth
Fund,
Class
R6
.
14,715,308
1,092,294
(299,782)
(22,960)
(1,450,629)
14,034,231
103,026
—
Franklin
International
Core
Equity
(IU)
Fund
................
11,638,898
1,689,178
(645,227)
(95,510)
(832,696)
11,754,643
1,022,143
—
Franklin
International
Growth
Fund,
Class
R6
................
1,984,318
312,318
(223,282)
(36,755)
(292,225)
1,744,374
96,215
—
Franklin
Liberty
Systematic
Style
Premia
ETF
..............
472,196
19,128
(50,275)
(9,452)
201
431,798
20,384
—
Franklin
Liberty
U.S.
Core
Bond
ETF
....................
2,021,752
405,390
(340,341)
(11,710)
(126,609)
1,948,482
83,186
10,573
Franklin
LibertyQ
U.S.
Equity
ETF
2,950,427
2,207,131
(204,018)
53,694
(152,781)
4,854,453
108,117
12,762
Franklin
U.S.
Core
Equity
(IU)
Fund
26,748,484
—
—
—
(1,348,961)
25,399,523
1,774,949
—
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.......
6
3,354,421
(2,663,468)
—
—
690,959
690,959
18
Templeton
Developing
Markets
Trust,
Class
R6
............
4,030,870
443,204
(204,744)
(37,413)
(476,768)
3,755,149
192,968
—
Templeton
Foreign
Fund,
Class
R6
4,040,920
47,668
(1,481,422)
132,893
(100,903)
2,639,156
375,413
—
Western
Asset
Core
Plus
Bond
Fund,
Class
IS
............
2,028,708
417,968
(306,839)
(15,331)
(177,059)
1,947,447
180,319
11,558
Western
Asset
Short-Term
Bond
Fund,
Class
IS
............
—
442,961
(3,497)
(56)
(6,642)
432,766
115,713
621
Total
Non-Controlled
Affiliates
$82,975,776
$10,813,996
$(7,905,509)
$45,966
$(5,535,942)
$80,394,287
$55,609
Total
Affiliated
Securities
....
$82,975,776
$10,813,996
$(7,905,509)
$45,966
$(5,535,942)
$80,394,287
$55,609
Franklin
LifeSmart™
2050
Retirement
Target
Fund
Non-Controlled
Affiliates
ClearBridge
Large
Cap
Value
Fund,
Class
IS
.................
3,364,181
237,716
(479,969)
(2,689)
(56,207)
3,063,032
78,802
8,747
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
...........
1,915,868
136,380
(301,358)
(16,642)
(84,770)
1,649,478
156,201
—
5.
Investments
in
FT
Underlying
Funds  
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Schedules
of
Investments
(unaudited)
47
Quarterly
Schedules
of
Investments
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Dividend
Income
a
a
a
a
a
a
a
a
a
Franklin
LifeSmart™
2050
Retirement
Target
Fund
(continued)
Non-Controlled
Affiliates
(continued)
Franklin
FTSE
Europe
ETF
....
$
518,116
$
37,995
$
(488,219)
$
68,458
$
(136,350)
$
—
—
$
—
Franklin
Growth
Fund,
Class
R6
.
7,205,622
998,506
(1,356,177)
(134,386)
(567,484)
6,146,081
45,119
—
Franklin
International
Core
Equity
(IU)
Fund
................
5,437,449
1,001,493
(740,696)
(67,922)
(381,274)
5,249,050
456,439
—
Franklin
International
Growth
Fund,
Class
R6
................
1,015,837
160,730
(285,419)
(34,636)
(124,743)
731,769
40,362
—
Franklin
Liberty
Systematic
Style
Premia
ETF
..............
227,056
19,408
(61,036)
(9,581)
5,545
181,392
8,563
—
Franklin
Liberty
U.S.
Core
Bond
ETF
....................
—
217,195
(120,070)
(1,535)
(4,825)
90,765
3,875
507
Franklin
LibertyQ
U.S.
Equity
ETF
1,434,368
2,045,621
(649,433)
(3,112)
(56,126)
2,771,318
61,722
7,001
Franklin
U.S.
Core
Equity
(IU)
Fund
11,032,966
—
—
—
(556,406)
10,476,560
732,115
—
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.......
4
2,284,212
(1,892,135)
—
—
392,081
392,081
7
Templeton
Developing
Markets
Trust,
Class
R6
............
2,033,777
217,566
(380,567)
(28,204)
(192,871)
1,649,701
84,774
—
Templeton
Foreign
Fund,
Class
R6
2,110,317
30,965
(1,024,666)
58,183
(31,333)
1,143,466
162,655
—
Western
Asset
Core
Plus
Bond
Fund,
Class
IS
............
204,076
9,741
(110,823)
(5,335)
(6,820)
90,839
8,411
717
Western
Asset
Short-Term
Bond
Fund,
Class
IS
............
—
186,359
(1,844)
(30)
(2,818)
181,667
48,574
264
Total
Non-Controlled
Affiliates
$36,499,637
$7,583,887
$(7,892,412)
$(177,431)
$(2,196,482)
$33,817,199
$17,243
Total
Affiliated
Securities
....
$36,499,637
$7,583,887
$(7,892,412)
$(177,431)
$(2,196,482)
$33,817,199
$17,243
Franklin
LifeSmart™
2055
Retirement
Target
Fund
Non-Controlled
Affiliates
ClearBridge
Large
Cap
Value
Fund,
Class
IS
.................
2,028,956
200,114
(49,030)
655
(35,813)
2,144,882
55,181
6,068
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
...........
1,222,321
41,329
(43,270)
(3,613)
(60,239)
1,156,528
109,520
—
Franklin
FTSE
Europe
ETF
....
302,761
21,873
(279,290)
46,084
(91,428)
—
—
—
Franklin
Growth
Fund,
Class
R6
.
4,236,751
510,288
(23,333)
(6,045)
(416,305)
4,301,356
31,577
—
Franklin
International
Core
Equity
(IU)
Fund
................
3,420,945
674,595
(206,857)
(23,117)
(259,295)
3,606,271
313,589
—
Franklin
International
Growth
Fund,
Class
R6
................
593,953
139,585
(114,748)
(15,909)
(81,052)
521,829
28,783
—
Franklin
Liberty
Systematic
Style
Premia
ETF
..............
132,055
11,705
(14,247)
(2,713)
45
126,845
5,988
—
Franklin
Liberty
U.S.
Core
Bond
ETF
....................
—
132,124
(64,796)
(673)
(3,506)
63,149
2,696
336
Franklin
LibertyQ
U.S.
Equity
ETF
839,344
1,599,266
(31,106)
1,572
(22,686)
2,386,390
53,149
5,440
Franklin
U.S.
Core
Equity
(IU)
Fund
7,253,054
—
—
—
(365,782)
6,887,272
481,291
—
5.
Investments
in
FT
Underlying
Funds  
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Schedules
of
Investments
(unaudited)
48
Quarterly
Schedules
of
Investments
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Dividend
Income
a
a
a
a
a
a
a
a
a
Franklin
LifeSmart™
2055
Retirement
Target
Fund
(continued)
Non-Controlled
Affiliates
(continued)
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.......
$
2
$
1,393,285
$
(1,063,735)
$
—
$
—
$
329,552
329,552
$
7
Templeton
Developing
Markets
Trust,
Class
R6
............
1,193,793
176,815
(59,482)
(8,425)
(149,840)
1,152,861
59,243
—
Templeton
Foreign
Fund,
Class
R6
1,234,222
87,346
(533,342)
19,589
(8,201)
799,614
113,743
—
Western
Asset
Core
Plus
Bond
Fund,
Class
IS
............
127,578
6,661
(62,856)
(2,877)
(4,910)
63,596
5,888
460
Western
Asset
Short-Term
Bond
Fund,
Class
IS
............
—
129,122
—
—
(1,931)
127,191
34,008
180
Total
Non-Controlled
Affiliates
$22,585,735
$5,124,108
$(2,546,092)
$4,528
$(1,500,943)
$23,667,336
$12,491
Total
Affiliated
Securities
....
$22,585,735
$5,124,108
$(2,546,092)
$4,528
$(1,500,943)
$23,667,336
$12,491
Franklin
LifeSmart™
2060
Retirement
Target
Fund
Non-Controlled
Affiliates
ClearBridge
Large
Cap
Value
Fund,
Class
IS
.................
121,636
87,050
(9,695)
156
(3,511)
195,636
5,033
539
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
...........
71,054
43,799
(2,911)
(413)
(6,077)
105,452
9,986
—
Franklin
FTSE
Europe
ETF
....
19,596
14,535
(30,165)
(2,082)
(1,884)
—
—
—
Franklin
Growth
Fund,
Class
R6
.
252,340
185,657
(19,367)
149
(26,679)
392,100
2,878
—
Franklin
International
Core
Equity
(IU)
Fund
................
203,327
161,316
(14,900)
(2,244)
(19,926)
327,573
28,485
—
Franklin
International
Growth
Fund,
Class
R6
................
36,231
31,987
(14,380)
(2,309)
(3,744)
47,785
2,636
—
Franklin
Liberty
Systematic
Style
Premia
ETF
..............
8,047
7,122
(3,297)
(65)
(283)
11,524
544
—
Franklin
Liberty
U.S.
Core
Bond
ETF
....................
—
11,052
(4,878)
(61)
(257)
5,856
250
23
Franklin
LibertyQ
U.S.
Equity
ETF
50,745
241,802
(8,104)
98
(324)
284,217
6,330
634
Franklin
U.S.
Core
Equity
(IU)
Fund
381,307
202,890
—
—
(18,881)
565,316
39,505
—
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.......
16,296
422,172
(402,610)
—
—
35,858
35,858
1
Templeton
Developing
Markets
Trust,
Class
R6
............
71,685
63,441
(15,914)
(4,877)
(9,374)
104,961
5,394
—
Templeton
Foreign
Fund,
Class
R6
74,879
44,250
(45,226)
(2,179)
1,146
72,870
10,366
—
Western
Asset
Core
Plus
Bond
Fund,
Class
IS
............
7,062
2,895
(3,632)
(171)
(421)
5,733
531
36
5.
Investments
in
FT
Underlying
Funds  
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Schedules
of
Investments
(unaudited)
49
Quarterly
Schedules
of
Investments
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Dividend
Income
a
a
a
a
a
a
a
a
a
Franklin
LifeSmart™
2060
Retirement
Target
Fund
(continued)
Non-Controlled
Affiliates
(continued)
Western
Asset
Short-Term
Bond
Fund,
Class
IS
............
$
—
$
11,770
$
—
$
—
$
(174)
$
11,596
3,101
$
16
Total
Non-Controlled
Affiliates
$1,314,205
$1,531,738
$(575,079)
$(13,998)
$(90,389)
$2,166,477
$1,249
Total
Affiliated
Securities
....
$1,314,205
$1,531,738
$(575,079)
$(13,998)
$(90,389)
$2,166,477
$1,249
Franklin
Moderate
Allocation
Fund
Controlled
Affiliates
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
...........
36,190,583
3,834,968
(625,405)
(65,135)
(1,953,812)
37,381,199
3,539,886
—
Franklin
International
Core
Equity
(IU)
Fund
................
139,530,343
13,755,791
(5,312,773)
(808,465)
(11,265,493)
135,899,403
11,817,339
—
Franklin
U.S.
Core
Equity
(IU)
Fund
556,798,655
19,588,295
(76,471,904)
(3,414,621)
(24,958,084)
471,542,341
32,951,946
—
Total
Controlled
Affiliates
....
$732,519,581
$37,179,054
$(82,410,082)
$(4,288,221)
$(38,177,389)
$644,822,943
$—
Non-Controlled
Affiliates
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund,
Class
IS
32,172,162
6,835,344
(2,205,496)
(188,822)
(880,553)
35,732,635
3,330,162
96,984
ClearBridge
Large
Cap
Value
Fund,
Class
IS
.................
137,778,328
1,583,385
(14,881,441)
695,150
(3,081,226)
122,094,196
3,141,091
367,590
Franklin
FTSE
Europe
ETF
....
12,721,804
235,930
(11,118,209)
1,318,510
(3,158,035)
—
—
—
Franklin
Growth
Fund,
Class
R6
.
281,119,140
14,331,020
(22,381,654)
(1,525,687)
(26,708,085)
244,834,734
1,797,348
—
Franklin
International
Growth
Fund,
Class
R6
................
24,856,235
3,547,585
(3,447,616)
(522,804)
(3,749,673)
20,683,727
1,140,856
—
Franklin
Liberty
High
Yield
Corporate
ETF
............
58,827,480
2,008,606
(8,772,940)
(555,460)
(2,796,987)
48,710,699
1,971,295
427,956
Franklin
Liberty
International
Aggregate
Bond
ETF
........
31,620,949
1,084,663
(7,760,907)
(369,156)
(459,964)
24,115,585
1,016,463
—
Franklin
Liberty
Investment
Grade
Corporate
ETF
............
26,022,034
8,530,963
(1,880,505)
(174,121)
(1,965,116)
30,533,255
1,288,323
167,500
Franklin
Liberty
Senior
Loan
ETF
32,732,318
756,533
(8,706,629)
(122,620)
(280,085)
24,379,517
988,025
163,571
Franklin
Liberty
Systematic
Style
Premia
ETF
..............
11,230,370
643,012
(1,651,214)
(328,759)
100,253
9,993,662
471,773
—
Franklin
Liberty
U.S.
Core
Bond
ETF
....................
292,865,850
19,248,302
(56,519,560)
(1,674,210)
(15,649,262)
238,271,120
10,172,441
1,290,439
Franklin
Liberty
U.S.
Treasury
Bond
ETF
....................
52,305,894
4,315,611
(5,121,801)
(431,174)
(2,175,845)
48,892,685
2,156,247
47,243
Franklin
LibertyQ
U.S.
Equity
ETF
54,848,126
9,724,227
(5,792,226)
990,784
(3,184,923)
56,585,988
1,260,267
161,061
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.......
132
86,288,815
(39,667,032)
—
—
46,621,915
46,621,915
568
Templeton
Developing
Markets
Trust,
Class
R6
............
36,166,834
5,304,955
(665,820)
(206,823)
(4,102,399)
36,496,747
1,875,475
—
Templeton
Foreign
Fund,
Class
R6
50,283,951
—
(19,518,071)
2,316,737
(2,057,038)
31,025,579
4,413,311
—
5.
Investments
in
FT
Underlying
Funds  
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Schedules
of
Investments
(unaudited)
50
Quarterly
Schedules
of
Investments
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
March
31,
2022,
in
valuing
the
Funds’
assets
and
liabilities
carried
at
fair
value,
is
as
follows:  
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Dividend
Income
a
a
a
a
a
a
a
a
a
Franklin
Moderate
Allocation
Fund
(continued)
Non-Controlled
Affiliates
(continued)
Western
Asset
Core
Plus
Bond
Fund,
Class
IS
............
$
98,686,924
$
49,430,600
$
(1,319,238)
$
(127,350)
$
(12,363,425)
$
134,307,511
12,435,881
$
769,877
Western
Asset
Short-Term
Bond
Fund,
Class
IS
............
39,319,448
22,868,242
(3,858,281)
(124,232)
(1,559,833)
56,645,344
15,145,814
175,684
Total
Non-Controlled
Affiliates
$1,273,557,979
$236,737,793
$(215,268,640)
$(1,030,037)
$(84,072,196)
$1,209,924,899
$3,668,473
Total
Affiliated
Securities
....
$2,006,077,560
$273,916,847
$(297,678,722)
$(5,318,258)
$(122,249,585)
$1,854,747,842
$3,668,473
Level
1
Level
2
Level
3
Total
Franklin
Conservative
Allocation
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
..........................
$
1,215,716,804
$
—
$
—
$
1,215,716,804
Short
Term
Investments
...................
35,975,542
158,892
—
36,134,434
Total
Investments
in
Securities
...........
$1,251,692,346
$158,892
$—
$1,251,851,238
Franklin
Corefolio
Allocation
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
..........................
982,681,083
—
—
982,681,083
Short
Term
Investments
...................
656,726
—
—
656,726
Total
Investments
in
Securities
...........
$983,337,809
$—
$—
$983,337,809
5.
Investments
in
FT
Underlying
Funds  
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Schedules
of
Investments
(unaudited)
51
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Global
Allocation
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
$
23,182,380
$
—
$
—
$
23,182,380
Air
Freight
&
Logistics
...................
13,854,116
12,417,173
—
26,271,289
Automobiles
..........................
—
28,584,632
—
28,584,632
Banks
...............................
105,719,836
40,785,076
—
146,504,912
Beverages
...........................
26,363,326
—
—
26,363,326
Biotechnology
.........................
37,933,740
—
—
37,933,740
Building
Products
......................
7,680,810
—
—
7,680,810
Capital
Markets
........................
35,201,106
3,843,637
—
39,044,743
Chemicals
...........................
14,054,920
10,101,091
—
24,156,011
Communications
Equipment
..............
6,273,000
—
—
6,273,000
Diversified
Telecommunication
Services
.....
15,867,810
—
—
15,867,810
Electric
Utilities
........................
48,418,800
11,847,148
—
60,265,948
Electrical
Equipment
....................
—
12,991,224
—
12,991,224
Electronic
Equipment,
Instruments
&
Components
........................
12,181,140
—
—
12,181,140
Entertainment
.........................
11,006,370
16,204,859
—
27,211,229
Equity
Real
Estate
Investment
Trusts
(REITs)
.
37,411,310
—
—
37,411,310
Food
&
Staples
Retailing
.................
8,071,464
—
—
8,071,464
Food
Products
........................
9,322,830
17,895,899
—
27,218,729
Health
Care
Equipment
&
Supplies
.........
17,075,205
—
—
17,075,205
Health
Care
Providers
&
Services
..........
40,505,457
—
—
40,505,457
Hotels,
Restaurants
&
Leisure
.............
13,105,840
—
—
13,105,840
Household
Durables
....................
—
21,256,742
—
21,256,742
Household
Products
....................
27,504,000
—
—
27,504,000
Industrial
Conglomerates
................
21,501,090
27,467,010
—
48,968,100
Insurance
............................
33,332,219
25,497,731
—
58,829,950
Interactive
Media
&
Services
..............
59,953,770
10,601,767
—
70,555,537
Internet
&
Direct
Marketing
Retail
..........
47,393,100
311,202
—
47,704,302
IT
Services
...........................
35,065,073
13,785,666
—
48,850,739
Life
Sciences
Tools
&
Services
............
23,625,780
—
—
23,625,780
Machinery
............................
31,982,497
10,733,864
—
42,716,361
Marine
..............................
—
16,995,596
—
16,995,596
Media
...............................
10,192,714
—
—
10,192,714
Metals
&
Mining
.......................
56,118,394
35,199,070
—
91,317,464
Multiline
Retail
........................
26,162,160
—
—
26,162,160
Multi-Utilities
..........................
12,745,500
11,975,818
—
24,721,318
Oil,
Gas
&
Consumable
Fuels
.............
55,100,873
47,731,256
—
102,832,129
Personal
Products
.....................
—
13,939,718
—
13,939,718
Pharmaceuticals
.......................
49,516,426
77,363,738
—
126,880,164
Road
&
Rail
..........................
36,511,922
—
—
36,511,922
Semiconductors
&
Semiconductor
Equipment
.
113,260,200
20,288,166
—
133,548,366
Software
.............................
122,757,831
—
—
122,757,831
Specialty
Retail
........................
68,562,518
—
—
68,562,518
Technology
Hardware,
Storage
&
Peripherals
.
43,652,500
11,419,582
—
55,072,082
Textiles,
Apparel
&
Luxury
Goods
..........
12,783,200
—
—
12,783,200
Trading
Companies
&
Distributors
..........
—
21,164,128
—
21,164,128
Wireless
Telecommunication
Services
.......
—
13,716,343
—
13,716,343
Management
Investment
Companies
.........
264,201,875
—
—
264,201,875
Corporate
Bonds
........................
—
170,965,837
—
170,965,837
Foreign
Government
and
Agency
Securities
....
—
191,317,251
—
191,317,251
U.S.
Government
and
Agency
Securities
.......
—
274,885,788
—
274,885,788
Mortgage-Backed
Securities
................
—
56,829,054
—
56,829,054
6. Fair
Value
Measurements 
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Schedules
of
Investments
(unaudited)
52
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Global
Allocation
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Short
Term
Investments
...................
$
217,449,495
—
—
$
217,449,495
Total
Investments
in
Securities
...........
$1,852,602,597
$1,228,116,066
b
$—
$3,080,718,663
Other
Financial
Instruments:
Forward
exchange
contracts
...............
$
—
$
13,483,202
$
—
$
13,483,202
Total
Other
Financial
Instruments
.........
$—
$13,483,202
$—
$13,483,202
Liabilities:
Other
Financial
Instruments:
Forward
exchange
contracts
................
$
—
$
1,551,022
$
—
$
1,551,022
Total
Other
Financial
Instruments
.........
$—
$1,551,022
$—
$1,551,022
Level
1
Level
2
Level
3
Total
Franklin
Growth
Allocation
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
..........................
$
1,362,215,455
$
—
$
—
$
1,362,215,455
Short
Term
Investments
...................
36,608,505
838,801
—
37,447,306
Total
Investments
in
Securities
...........
$1,398,823,960
$838,801
$—
$1,399,662,761
Franklin
LifeSmart™
Retirement
Income
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
..........................
48,665,420
—
—
48,665,420
Index-Linked
Notes
......................
—
6,153,478
—
6,153,478
Short
Term
Investments
...................
502,779
—
—
502,779
Total
Investments
in
Securities
...........
$49,168,199
$6,153,478
$—
$55,321,677
Franklin
LifeSmart™
2020
Retirement
Target
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
..........................
40,428,556
—
—
40,428,556
Short
Term
Investments
...................
349,827
22,120
—
371,947
Total
Investments
in
Securities
...........
$40,778,383
$22,120
$—
$40,800,503
Franklin
LifeSmart™
2025
Retirement
Target
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
..........................
129,579,680
—
—
129,579,680
Short
Term
Investments
...................
342,193
—
—
342,193
Total
Investments
in
Securities
...........
$129,921,873
$—
$—
$129,921,873
Franklin
LifeSmart™
2030
Retirement
Target
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
..........................
61,262,145
—
—
61,262,145
Short
Term
Investments
...................
628,031
67,611
—
695,642
Total
Investments
in
Securities
...........
$61,890,176
$67,611
$—
$61,957,787
6. Fair
Value
Measurements 
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Schedules
of
Investments
(unaudited)
53
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
LifeSmart™
2035
Retirement
Target
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
..........................
$
122,067,182
$
—
$
—
$
122,067,182
Short
Term
Investments
...................
1,086,835
81,988
—
1,168,823
Total
Investments
in
Securities
...........
$123,154,017
$81,988
$—
$123,236,005
Franklin
LifeSmart™
2040
Retirement
Target
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
..........................
43,460,077
—
—
43,460,077
Short
Term
Investments
...................
561,393
87,838
—
649,231
Total
Investments
in
Securities
...........
$44,021,470
$87,838
$—
$44,109,308
Franklin
LifeSmart™
2045
Retirement
Target
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
..........................
84,176,469
—
—
84,176,469
Short
Term
Investments
...................
690,959
43,827
—
734,786
Total
Investments
in
Securities
...........
$84,867,428
$43,827
$—
$84,911,255
Franklin
LifeSmart™
2050
Retirement
Target
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
..........................
35,329,776
—
—
35,329,776
Short
Term
Investments
...................
392,081
53,518
—
445,599
Total
Investments
in
Securities
...........
$35,721,857
$53,518
$—
$35,775,375
Franklin
LifeSmart™
2055
Retirement
Target
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
..........................
24,681,908
—
—
24,681,908
Short
Term
Investments
...................
329,552
—
—
329,552
Total
Investments
in
Securities
...........
$25,011,460
$—
$—
$25,011,460
Franklin
LifeSmart™
2060
Retirement
Target
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
..........................
2,249,505
—
—
2,249,505
Short
Term
Investments
...................
35,858
—
—
35,858
Total
Investments
in
Securities
...........
$2,285,363
$—
$—
$2,285,363
Franklin
Moderate
Allocation
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
..........................
1,924,549,956
—
—
1,924,549,956
Short
Term
Investments
...................
46,621,915
—
—
46,621,915
Total
Investments
in
Securities
...........
$1,971,171,871
$—
$—
$1,971,171,871
a
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
b
Includes
foreign
securities
valued
at
$534,118,136,
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.
6. Fair
Value
Measurements 
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Schedules
of
Investments
(unaudited)
54
Quarterly
Schedules
of
Investments
7.
Subsequent
Events
The
Funds
have evaluated
subsequent
events
through
the
issuance
of
the
Schedules of
Investments
and
determined
that
no
events
have
occurred
that
require
disclosure.
Abbreviations
Counterparty
BZWS
Barclays
Bank
plc
HSBK
HSBC
Bank
plc
JPHQ
JPMorgan
Chase
Bank
NA
Cu
r
rency
AUD
Australian
Dollar
CAD
Canadian
Dollar
EUR
Euro
GBP
British
Pound
JPY
Japanese
Yen
USD
United
States
Dollar
Selected
Portfolio
ADR
American
Depositary
Receipt
ETF
Exchange-Traded
Fund
FRN
Floating
Rate
Note
GNMA
Government
National
Mortgage
Association
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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