Franklin Corefolio Allocation Fund Class C NPORTP Franklin Global Allocation Fund (Sep 2024 report)

Not

FDIC

Insured

May

Lose

Value

Bank

Guarantee

FAS-Q3PH

Schedules

Investments

(unaudited)

Franklin

Conservative

Allocation

Fund

Franklin

Corefolio

Allocation

Fund

Franklin

Global

Allocation

Fund

Franklin

Growth

Allocation

Fund

Franklin

LifeSmart

™

Retirement

Income

Fund

Franklin

LifeSmart

™

2020

Retirement

Target

Fund

Franklin

LifeSmart

™

2025

Retirement

Target

Fund

Franklin

LifeSmart

™

2030

Retirement

Target

Fund

Franklin

LifeSmart

™

2035

Retirement

Target

Fund

Franklin

LifeSmart

™

2040

Retirement

Target

Fund

Franklin

LifeSmart

™

2045

Retirement

Target

Fund

Franklin

LifeSmart

™

2050

Retirement

Target

Fund

Franklin

LifeSmart

™

2055

Retirement

Target

Fund

Franklin

LifeSmart

™

2060

Retirement

Target

Fund

Franklin

Moderate

Allocation

Fund

Notes

Schedules

Investments

Franklin

Fund

Allocator

Series

Schedule

Investments

(unaudited),

September

30,

2024

Franklin

Conservative

Allocation

Fund

Quarterly

Schedule

Investments

See

Notes

Schedules

Investments.

Value

Investments

Underlying

Funds

and

Exchange

Traded

Funds

99.3%

Alternative

Strategies

1.0%

Franklin

Systematic

Style

Premia

ETF

....................................

375,976

9,055,457

Domestic

Equity

31.2%

ClearBridge

Large

Cap

Value

Fund

Class

...............................

566,598

24,969,978

Franklin

Growth

Fund

Class

........................................

405,610

59,713,957

Franklin

U.S.

Core

Equity

(IU)

Fund

.....................................

7,453,256

133,115,148

Franklin

U.S.

Equity

Index

ETF

.........................................

282,023

14,173,038

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

.............................

540,002

31,401,116

iShares

MSCI

USA

Quality

Factor

ETF

...................................

23,233

4,165,677

iShares

MSCI

USA

Value

Factor

ETF

....................................

95,178

10,378,209

277,917,123

Domestic

Fixed

Income

51.7%

BrandywineGLOBAL

Global

Opportunities

Bond

Fund

Class

...............

3,963,815

36,348,187

Franklin

Investment

Grade

Corporate

ETF

.................................

3,423,174

75,635,714

Franklin

U.S.

Core

Bond

ETF

..........................................

9,776,768

215,186,664

Franklin

U.S.

Treasury

Bond

ETF

.......................................

5,130,373

108,045,655

iShares

Floating

Rate

Bond

ETF

........................................

551,660

28,156,726

463,372,946

Foreign

Equity

9.1%

ClearBridge

International

Growth

Fund

Class

............................

86,205

6,093,000

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

............................

1,230,404

13,632,871

Franklin

International

Core

Equity

(IU)

Fund

...............................

3,083,541

39,870,181

iShares

Core

MSCI

EAFE

ETF

.........................................

73,529

5,738,938

Templeton

Developing

Markets

Trust

Class

.............................

393,628

8,065,433

Templeton

Foreign

Fund

Class

......................................

1,082,041

9,283,914

82,684,337

Foreign

Fixed

Income

6.3%

Franklin

High

Yield

Corporate

ETF

......................................

1,679,431

41,053,691

Franklin

International

Aggregate

Bond

ETF

................................

752,046

15,638,797

56,692,488

Total

Investments

Underlying

Funds

and

Exchange

Traded

Funds

(Cost

754,969,775

)

...............................................................

889,722,351

Short

Term

Investments

0.7%

Money

Market

Funds

0.7%

a,b

Institutional

Fiduciary

Trust

Money

Market

Portfolio

4.74

...................

6,044,617

Total

Money

Market

Funds

(Cost

6,044,617

)

...................................

6,044,617

Franklin

Fund

Allocator

Series

Schedule

Investments

(unaudited)

Franklin

Conservative

Allocation

Fund

(continued)

See

Notes

Schedules

Investments.

Quarterly

Schedule

Investments

See

Abbreviations

page

Short

Term

Investments

(continued)

Principal

Amount

Value

Repurchase

Agreements

0.0%

†

Joint

Repurchase

Agreement

4.809

10/01/24

(Maturity

Value

490,105

)

BNP

Paribas

Securities

Corp.

(Maturity

Value

$67,992)

Deutsche

Bank

Securities,

Inc.

(Maturity

Value

$177,340)

HSBC

Securities

(USA),

Inc.

(Maturity

Value

$244,773)

Collateralized

U.S.

Government

Agency

Securities,

2.5%

7%,

5/15/27

8/20/64;

U.S.

Government

Agency

Strips,

3/15/27

2/15/49;

U.S.

Treasury

Bonds,

Index

Linked,

0.13%,

4/15/27;

and

U.S.

Treasury

Notes,

3.75%,

12/31/28

(valued

499,883

)

.......................................................

$490,039

490,039

Total

Repurchase

Agreements

(Cost

490,039

)

..................................

490,039

Total

Short

Term

Investments

(Cost

6,534,656

)

.................................

6,534,656

Total

Investments

(Cost

761,504,431

)

100.0

..................................

$896,257,007

Other

Assets,

less

Liabilities

(0.0)

†

...........................................

(138,757)

Net

Assets

100.0%

...........................................................

$896,118,250

†

Rounds

less

than

0.1%

net

assets.

See

Note

regarding

investments

Underlying

Funds.

The

rate

shown

the

annualized

seven-day

effective

yield

period

end.

Investment

through

participation

joint

account

with

other

funds

managed

the

investment

manager

affiliate

the

investment

manager.

September

30,

2024,

all

repurchase

agreements

had

been

entered

into

that

date.

Franklin

Fund

Allocator

Series

Schedule

Investments

(unaudited),

September

30,

2024

Franklin

Corefolio

Allocation

Fund

Quarterly

Schedule

Investments

See

Notes

Schedules

Investments.

Value

Investments

Underlying

Funds

100.1%

Domestic

Equity

75.9%

Franklin

Growth

Fund

Class

........................................

1,741,891

256,441,206

a,b

Franklin

Growth

Opportunities

Fund

Class

.............................

4,260,719

263,781,084

Franklin

Mutual

Fund

Class

...................................

8,975,007

250,582,204

770,804,494

Foreign

Equity

24.2%

Templeton

Growth

Fund,

Inc.

Class

...................................

8,716,929

245,381,543

Total

Investments

Underlying

Funds

(Cost

572,403,571

)

......................

1,016,186,037

Short

Term

Investments

0.0%

†

Money

Market

Funds

0.0%

†

a,c

Institutional

Fiduciary

Trust

Money

Market

Portfolio

4.74

...................

906

Total

Money

Market

Funds

(Cost

906

)

.........................................

906

Total

Short

Term

Investments

(Cost

906

)

......................................

906

Total

Investments

(Cost

572,404,477

)

100.1

..................................

$1,016,186,943

Other

Assets,

less

Liabilities

(

0.1

)

...........................................

(526,148)

Net

Assets

100.0%

...........................................................

$1,015,660,795

†

Rounds

less

than

0.1%

net

assets.

See

Note

regarding

investments

Underlying

Funds.

Non-income

producing.

The

rate

shown

the

annualized

seven-day

effective

yield

period

end.

Franklin

Fund

Allocator

Series

Schedule

Investments

(unaudited),

September

30,

2024

Franklin

Global

Allocation

Fund

See

Notes

Schedules

Investments.

Quarterly

Schedule

Investments

Country

Value

Common

Stocks

59.3%

Aerospace

Defense

0.5%

BAE

Systems

plc

...................................

United

Kingdom

464,266

7,708,355

Lockheed

Martin

Corp.

...............................

United

States

9,737

5,691,861

13,400,216

Air

Freight

Logistics

0.2%

Expeditors

International

Washington,

Inc.

...............

United

States

43,564

5,724,310

Automobile

Components

0.2%

Cie

Generale

des

Etablissements

Michelin

SCA

............

France

102,304

4,155,276

Hankook

Tire

Technology

Co.

Ltd.

.....................

South

Korea

88,762

2,773,774

6,929,050

Automobiles

0.8%

General

Motors

Co.

..................................

United

States

377,852

16,942,884

Tesla,

Inc.

.........................................

United

States

26,028

6,809,705

23,752,589

Banks

2.8%

BNP

Paribas

....................................

France

49,252

3,380,060

ING

Groep

.....................................

Netherlands

1,407,299

25,534,951

Intesa

Sanpaolo

SpA

.................................

Italy

2,859,994

12,243,876

JPMorgan

Chase

Co.

...............................

United

States

24,472

5,160,166

NatWest

Group

plc

..................................

United

Kingdom

730,733

3,383,076

Shinhan

Financial

Group

Co.

Ltd.

.......................

South

Korea

212,159

8,921,591

UniCredit

SpA

......................................

Italy

471,238

20,689,975

79,313,695

Biotechnology

1.9%

AbbVie,

Inc.

.......................................

United

States

226,914

44,810,977

Amgen,

Inc.

.......................................

United

States

10,147

3,269,465

Regeneron

Pharmaceuticals,

Inc.

.......................

United

States

4,098

4,307,981

52,388,423

Broadline

Retail

2.5%

Alibaba

Group

Holding

Ltd.

ADR

.......................

China

135,724

14,403,031

Amazon.com,

Inc.

...................................

United

States

180,878

33,702,998

MercadoLibre,

Inc.

..................................

Brazil

5,885

12,075,784

PDD

Holdings,

Inc.

ADR

..............................

China

78,065

10,523,943

70,705,756

Building

Products

0.5%

Cie

Saint-Gobain

..............................

France

50,459

4,602,402

Owens

Corning

.....................................

United

States

28,943

5,109,018

UFP

Industries,

Inc.

..................................

United

States

28,947

3,798,136

13,509,556

Capital

Markets

1.3%

Group

plc

.......................................

United

Kingdom

314,701

13,941,826

Deutsche

Bank

..................................

Germany

356,564

6,173,277

Partners

Group

Holding

............................

Switzerland

6,603

9,955,190

SEI

Investments

Co.

.................................

United

States

110,528

7,647,432

37,717,725

Chemicals

0.5%

LyondellBasell

Industries

.........................

United

States

45,856

4,397,590

Nitto

Denko

Corp.

...................................

Japan

252,000

4,240,430

Sherwin-Williams

Co.

(The)

............................

United

States

8,824

3,367,856

Franklin

Fund

Allocator

Series

Schedule

Investments

(unaudited)

Franklin

Global

Allocation

Fund

(continued)

Quarterly

Schedule

Investments

See

Notes

Schedules

Investments.

Country

Value

Common

Stocks

(continued)

Chemicals

(continued)

Shin-Etsu

Chemical

Co.

Ltd.

...........................

Japan

80,100

3,347,178

15,353,054

Commercial

Services

Supplies

0.3%

Cintas

Corp.

.......................................

United

States

35,492

7,307,093

Communications

Equipment

0.5%

Arista

Networks,

Inc.

.................................

United

States

23,325

8,952,602

Cisco

Systems,

Inc.

.................................

United

States

71,806

3,821,515

12,774,117

Construction

Materials

0.2%

CRH

plc

..........................................

United

States

55,800

5,174,892

Consumer

Staples

Distribution

Retail

1.7%

Carrefour

.......................................

France

426,704

7,276,577

Koninklijke

Ahold

Delhaize

..........................

Netherlands

175,585

6,065,434

Kroger

Co.

(The)

....................................

United

States

198,332

11,364,424

Loblaw

Cos.

Ltd.

....................................

Canada

76,200

10,146,852

Target

Corp.

.......................................

United

States

21,314

3,322,000

Walmart,

Inc.

......................................

United

States

117,219

9,465,434

47,640,721

Diversified

Telecommunication

Services

0.4%

Deutsche

Telekom

................................

Germany

295,996

8,693,963

Telkom

Indonesia

Persero

Tbk.

......................

Indonesia

13,349,900

2,643,468

11,337,431

Electric

Utilities

0.3%

Iberdrola

.......................................

Spain

375,036

5,798,257

NRG

Energy,

Inc.

...................................

United

States

41,651

3,794,406

9,592,663

Electrical

Equipment

1.1%

Eaton

Corp.

plc

.....................................

United

States

53,000

17,566,320

Vertiv

Holdings

Co.

................................

United

States

52,406

5,213,873

WEG

..........................................

Brazil

733,490

7,321,708

30,101,901

Electronic

Equipment,

Instruments

Components

0.3%

Hon

Hai

Precision

Industry

Co.

Ltd.

......................

Taiwan

1,301,000

7,631,532

Entertainment

1.2%

NetEase,

Inc.

......................................

China

708,800

13,240,187

Netflix,

Inc.

........................................

United

States

25,088

17,794,166

Nintendo

Co.

Ltd.

...................................

Japan

70,300

3,757,372

34,791,725

Financial

Services

2.1%

Berkshire

Hathaway,

Inc.

............................

United

States

10,066

4,632,977

Equitable

Holdings,

Inc.

...............................

United

States

111,383

4,681,428

Investor

......................................

Sweden

588,101

18,124,474

Mastercard,

Inc.

..................................

United

States

16,880

8,335,344

MGIC

Investment

Corp.

...............................

United

States

328,187

8,401,587

PayPal

Holdings,

Inc.

................................

United

States

47,470

3,704,084

Visa,

Inc.

........................................

United

States

45,846

12,605,358

60,485,252

Franklin

Fund

Allocator

Series

Schedule

Investments

(unaudited)

Franklin

Global

Allocation

Fund

(continued)

See

Notes

Schedules

Investments.

Quarterly

Schedule

Investments

Country

Value

Common

Stocks

(continued)

Food

Products

0.2%

Associated

British

Foods

plc

...........................

United

Kingdom

207,969

6,500,075

Ground

Transportation

0.8%

Landstar

System,

Inc.

................................

United

States

18,357

3,467,086

Old

Dominion

Freight

Line,

Inc.

.........................

United

States

52,844

10,496,932

Uber

Technologies,

Inc.

...............................

United

States

97,060

7,295,030

21,259,048

Health

Care

Equipment

Supplies

1.9%

Abbott

Laboratories

..................................

United

States

154,153

17,574,983

IDEXX

Laboratories,

Inc.

..............................

United

States

23,390

11,817,096

Insulet

Corp.

.......................................

United

States

69,819

16,250,372

Sonova

Holding

..................................

Switzerland

10,553

3,801,143

Stryker

Corp.

......................................

United

States

9,937

3,589,841

53,033,435

Health

Care

Providers

Services

0.8%

Cigna

Group

(The)

..................................

United

States

54,341

18,825,896

UnitedHealth

Group,

Inc.

..............................

United

States

7,578

4,430,705

23,256,601

Hotels,

Restaurants

Leisure

1.5%

Booking

Holdings,

Inc.

...............................

United

States

9,396

39,577,079

InterContinental

Hotels

Group

plc

.......................

United

Kingdom

33,667

3,666,617

43,243,696

Household

Durables

0.5%

NVR,

Inc.

.........................................

United

States

455

4,464,369

PulteGroup,

Inc.

....................................

United

States

61,365

8,807,718

13,272,087

Household

Products

1.1%

Colgate-Palmolive

Co.

...............................

United

States

78,603

8,159,777

Procter

Gamble

Co.

(The)

...........................

United

States

137,160

23,756,112

31,915,889

Industrial

Conglomerates

1.0%

Hitachi

Ltd.

........................................

Japan

1,025,000

27,178,381

Insurance

1.2%

Erie

Indemnity

Co.

.................................

United

States

26,169

14,126,550

Financial

Corp.,

Inc.

...............................

Canada

41,000

3,398,602

Muenchener

Rueckversicherungs-Gesellschaft

Muenchen

Germany

10,635

5,860,884

Group

......................................

Netherlands

84,660

4,224,585

Ping

Insurance

Group

Co.

China

Ltd.

..............

China

973,000

6,109,983

33,720,604

Interactive

Media

Services

3.1%

Alphabet,

Inc.

....................................

United

States

261,519

43,372,926

a,b

Kuaishou

Technology

144A

Reg

......................

China

1,181,600

8,119,092

Meta

Platforms,

Inc.

...............................

United

States

50,147

28,706,149

Pinterest,

Inc.

....................................

United

States

181,803

5,884,963

86,083,130

Services

1.3%

Cognizant

Technology

Solutions

Corp.

..................

United

States

43,493

3,356,790

Infosys

Ltd.

ADR

...................................

India

1,547,100

34,453,917

37,810,707

Franklin

Fund

Allocator

Series

Schedule

Investments

(unaudited)

Franklin

Global

Allocation

Fund

(continued)

Quarterly

Schedule

Investments

See

Notes

Schedules

Investments.

Country

Value

Common

Stocks

(continued)

Life

Sciences

Tools

Services

0.3%

Mettler-Toledo

International,

Inc.

........................

United

States

5,962

8,941,211

Machinery

0.9%

Atlas

Copco

...................................

Sweden

498,831

8,559,545

Caterpillar,

Inc.

.....................................

United

States

39,416

15,416,386

23,975,931

Metals

Mining

0.6%

Fortescue

Ltd.

......................................

Australia

234,543

3,308,609

Reliance,

Inc.

......................................

United

States

19,628

5,676,614

Steel

Dynamics,

Inc.

.................................

United

States

59,001

7,438,846

16,424,069

Oil,

Gas

Consumable

Fuels

2.3%

Exxon

Mobil

Corp.

...................................

United

States

29,108

3,412,040

Marathon

Petroleum

Corp.

............................

United

States

107,124

17,451,571

Petroleo

Brasileiro

................................

Brazil

2,504,600

18,050,881

Suncor

Energy,

Inc.

..................................

Canada

371,500

13,713,373

Valero

Energy

Corp.

.................................

United

States

94,397

12,746,427

65,374,292

Personal

Care

Products

0.8%

BellRing

Brands,

Inc.

.................................

United

States

58,222

3,535,240

Oddity

Tech

Ltd.

..................................

Israel

238,459

9,628,974

Unilever

plc

........................................

United

Kingdom

137,136

8,891,644

22,055,858

Pharmaceuticals

2.8%

Eli

Lilly

Co.

......................................

United

States

21,938

19,435,752

GSK

plc

..........................................

United

States

943,958

19,221,384

Johnson

.................................

United

States

130,899

21,213,492

Novartis

.......................................

Switzerland

71,866

8,274,822

Novo

Nordisk

A/S

.................................

Denmark

62,622

7,427,746

Shionogi

Co.

Ltd.

..................................

Japan

279,900

4,011,860

79,585,056

Professional

Services

1.1%

Recruit

Holdings

Co.

Ltd.

.............................

Japan

311,500

18,923,059

RELX

plc

.........................................

United

Kingdom

102,703

4,849,621

Verisk

Analytics,

Inc.

...............................

United

States

26,587

7,124,252

30,896,932

Retail

REITs

0.3%

Simon

Property

Group,

Inc.

............................

United

States

42,219

7,135,855

Semiconductors

Semiconductor

Equipment

5.9%

Applied

Materials,

Inc.

................................

United

States

18,287

3,694,888

ASML

Holding

...................................

Netherlands

3,778

3,143,052

Semiconductor

Industries

........................

Netherlands

20,507

2,615,711

Broadcom,

Inc.

.....................................

United

States

43,460

7,496,850

KLA

Corp.

.........................................

United

States

33,633

26,045,732

Lam

Research

Corp.

.................................

United

States

3,719

3,035,001

MediaTek,

Inc.

.....................................

Taiwan

709,000

26,033,102

Novatek

Microelectronics

Corp.

.........................

Taiwan

466,000

7,558,801

NVIDIA

Corp.

......................................

United

States

533,362

64,771,481

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

ADR

.........

Taiwan

110,800

19,242,636

Tokyo

Electron

Ltd.

..................................

Japan

19,200

3,423,808

167,061,062

Franklin

Fund

Allocator

Series

Schedule

Investments

(unaudited)

Franklin

Global

Allocation

Fund

(continued)

See

Notes

Schedules

Investments.

Quarterly

Schedule

Investments

Country

Value

Common

Stocks

(continued)

Software

5.0%

Adobe,

Inc.

........................................

United

States

15,879

8,221,828

Atlassian

Corp.

...................................

United

States

22,990

3,651,042

Cadence

Design

Systems,

Inc.

.........................

United

States

11,322

3,068,602

Dropbox,

Inc.

....................................

United

States

118,904

3,023,729

Fair

Isaac

Corp.

....................................

United

States

6,588

12,803,910

HubSpot,

Inc.

......................................

United

States

5,408

2,874,893

Microsoft

Corp.

.....................................

United

States

155,516

66,918,535

Monday.com

Ltd.

....................................

United

States

17,636

4,898,752

ServiceNow,

Inc.

....................................

United

States

7,935

7,096,984

Synopsys,

Inc.

.....................................

United

States

38,834

19,665,149

Xero

Ltd.

..........................................

New

Zealand

71,627

7,404,862

139,628,286

Specialty

Retail

1.6%

AutoZone,

Inc.

.....................................

United

States

5,085

16,017,953

Dick's

Sporting

Goods,

Inc.

............................

United

States

21,020

4,386,874

Industria

Diseno

Textil

...........................

Spain

67,640

4,006,439

Ross

Stores,

Inc.

...................................

United

States

95,893

14,432,856

Vibra

Energia

....................................

Brazil

1,116,300

4,793,977

43,638,099

Technology

Hardware,

Storage

Peripherals

3.3%

Apple,

Inc.

........................................

United

States

381,840

88,968,720

Samsung

Electronics

Co.

Ltd.

..........................

South

Korea

91,900

4,258,725

93,227,445

Textiles,

Apparel

Luxury

Goods

0.9%

Deckers

Outdoor

Corp.

...............................

United

States

47,754

7,614,375

Lululemon

Athletica,

Inc.

..............................

United

States

34,952

9,484,225

Pandora

A/S

.......................................

Denmark

21,415

3,529,605

Ralph

Lauren

Corp.

................................

United

States

19,280

3,737,814

24,366,019

Trading

Companies

Distributors

0.6%

Fastenal

Co.

.......................................

United

States

48,550

3,467,441

Grainger,

Inc.

...................................

United

States

12,558

13,045,376

16,512,817

Wireless

Telecommunication

Services

0.2%

Vodafone

Group

plc

.................................

United

Kingdom

5,939,151

5,952,648

Total

Common

Stocks

(Cost

1,354,828,997

)

..................................

1,667,680,934

Management

Investment

Companies

5.3%

Capital

Markets

5.3%

Franklin

BSP

Private

Credit

Fund

Class

Advisor

............

United

States

3,076,841

32,214,528

Franklin

FTSE

India

ETF

..............................

United

States

165,050

6,915,595

Franklin

High

Yield

Corporate

ETF

......................

United

States

205,000

5,011,225

Franklin

Systematic

Style

Premia

ETF

....................

United

States

2,225,000

53,589,570

VanEck

J.P.

Morgan

Local

Currency

Bond

ETF

..........

United

States

2,036,800

51,734,720

149,465,638

Total

Management

Investment

Companies

(Cost

152,861,630

)

.................

149,465,638

Franklin

Fund

Allocator

Series

Schedule

Investments

(unaudited)

Franklin

Global

Allocation

Fund

(continued)

Quarterly

Schedule

Investments

See

Notes

Schedules

Investments.

Country

Value

Preferred

Stocks

0.4%

Banks

0.4%

Itausa

2.71

...................................

Brazil

4,876,700

9,907,699

Total

Preferred

Stocks

(Cost

10,289,903

)

....................................

9,907,699

Principal

Amount

Corporate

Bonds

7.3%

Automobile

Components

0.1%

Dornoch

Debt

Merger

Sub,

Inc.

Senior

Note

144A,

6.625

10/15/29

........................................

United

States

3,250,000

2,864,018

Banks

1.4%

Australia

New

Zealand

Banking

Group

Ltd.

Sub.

Bond

144A,

2.57%

11/24/30,

FRN

thereafter

11/25/35

..............

Australia

7,780,000

6,754,387

Mitsubishi

UFJ

Financial

Group,

Inc.

Senior

Bond

3.287

7/25/27

.........................................

Japan

1,690,000

1,656,859

Societe

Generale

Senior

Non-Preferred

Note

144A,

2.625

1/22/25

.........................................

France

7,393,000

7,331,021

Sumitomo

Mitsui

Financial

Group,

Inc.

Sub.

Bond

2.142

9/23/30

.........................................

Japan

5,500,000

4,818,955

UniCredit

SpA

Senior

Preferred

Bond

144A,

3.127%

6/02/31,

FRN

thereafter

6/03/32

.............................

Italy

9,889,000

8,777,079

Bancorp

Junior

Sub.

Bond

3.7%

1/14/27,

FRN

thereafter

Perpetual

........................................

United

States

8,870,000

8,188,555

Westpac

Banking

Corp.

Sub.

Bond

2.894%

2/03/25,

FRN

thereafter

2/04/30

.................................

Australia

1,749,000

1,734,229

39,261,085

Beverages

0.2%

Anheuser-Busch

InBev

Worldwide,

Inc.

Senior

Bond

4/13/28

.........................................

Belgium

4,654,000

4,666,188

Biotechnology

0.1%

Grifols

Senior

Note

144A,

4.75

10/15/28

............

Spain

1,862,000

1,745,736

Broadline

Retail

0.2%

Alibaba

Group

Holding

Ltd.

Senior

Bond

3.4

12/06/27

.....

China

6,300,000

6,151,669

Capital

Markets

0.5%

Deutsche

Bank

Senior

Non-Preferred

Bond

3.547%

9/17/30,

FRN

thereafter

9/18/31

.........................................

Germany

5,817,000

5,424,287

Senior

Non-Preferred

Note

2.129%

11/23/25,

FRN

thereafter

11/24/26

................................

Germany

3,491,000

3,381,810

Nomura

Holdings,

Inc.

Senior

Bond

3.103

1/16/30

........

Japan

6,225,000

5,758,266

14,564,363

Chemicals

0.3%

Nutrien

Ltd.

Senior

Bond

2.95

5/13/30

.................

Canada

9,075,000

8,446,635

Communications

Equipment

0.1%

CommScope

LLC

Senior

Secured

Note

144A,

4.75

9/01/29

United

States

4,800,000

4,038,000

Consumer

Finance

0.5%

AerCap

Ireland

Capital

DAC

AerCap

Global

Aviation

Trust

Senior

Bond

3.4

10/29/33

.........................

Ireland

3,956,000

3,501,696

Senior

Note

2.45

10/29/26

........................

Ireland

5,527,000

5,309,593

Volkswagen

International

Finance

Senior

Bond

Reg

3.5%

6/16/25,

FRN

thereafter

Perpetual

...................

Germany

3,700,000

EUR

4,083,725

12,895,014

Franklin

Fund

Allocator

Series

Schedule

Investments

(unaudited)

Franklin

Global

Allocation

Fund

(continued)

See

Notes

Schedules

Investments.

Quarterly

Schedule

Investments

Country

Principal

Amount

Value

Corporate

Bonds

(continued)

Financial

Services

0.4%

Siemens

Financieringsmaatschappij

Senior

Bond

144A,

2.35

10/15/26

...................................

Germany

6,748,000

6,533,887

Woodside

Finance

Ltd.

Senior

Bond

144A,

4.5

3/04/29

....

Australia

4,654,000

4,617,472

11,151,359

Food

Products

0.2%

JBS

USA

Holding

Lux

SARL

JBS

USA

Food

Co.

JBS

Lux

Co.

SARL

Senior

Note

3.75

12/01/31

........................

United

States

4,800,000

4,417,687

Senior

Note

5/15/32

...........................

United

States

1,310,362

1,137,289

5,554,976

Ground

Transportation

0.3%

Ashtead

Capital,

Inc.

Senior

Bond

144A,

5.5

8/11/32

......

United

Kingdom

6,981,000

7,146,302

Health

Care

Providers

Services

0.3%

Fresenius

Medical

Care

Finance

III,

Inc.

Senior

Bond

144A,

2.375

2/16/31

...................................

Germany

10,471,000

8,859,999

Household

Products

0.2%

Kimberly-Clark

Mexico

SAB

Senior

Bond

144A,

2.431

7/01/31

...................................

Mexico

7,190,000

6,376,556

Interactive

Media

Services

0.2%

Tencent

Holdings

Ltd.

Senior

Bond

144A,

2.39

6/03/30

....

China

6,290,000

5,683,683

Metals

Mining

0.5%

ArcelorMittal

Senior

Bond

4.25

7/16/29

.............

Luxembourg

6,981,000

6,941,524

Glencore

Funding

LLC

Senior

Bond

144A,

2.5

9/01/30

....

Australia

8,144,000

7,304,897

14,246,421

Oil,

Gas

Consumable

Fuels

0.5%

Aker

ASA

Senior

Bond

144A,

3.1

7/15/31

............

Norway

9,191,000

8,195,201

Canadian

Natural

Resources

Ltd.

Senior

Bond

3.85

6/01/27

Canada

6,399,000

6,311,462

14,506,663

Paper

Forest

Products

0.2%

Suzano

Austria

GmbH

Senior

Bond

3.75

1/15/31

.........

Brazil

5,591,000

5,155,654

Pharmaceuticals

0.7%

AstraZeneca

plc

Senior

Bond

1/17/29

................

United

Kingdom

4,654,000

4,655,468

Bayer

Finance

LLC

Senior

Note

144A,

4.25

12/15/25

Germany

8,144,000

8,087,856

Takeda

Pharmaceutical

Co.

Ltd.

Senior

Note

11/26/28

...

Japan

6,500,000

6,665,964

19,409,288

Semiconductors

Semiconductor

Equipment

0.3%

Hynix,

Inc.

Senior

Note

144A,

1.5

1/19/26

...........

South

Korea

9,308,000

8,943,461

Wireless

Telecommunication

Services

0.1%

Vodafone

Group

plc

Senior

Bond

6.15

2/27/37

...........

United

Kingdom

2,680,000

2,954,645

Total

Corporate

Bonds

(Cost

204,314,961

)

...................................

204,621,715

Franklin

Fund

Allocator

Series

Schedule

Investments

(unaudited)

Franklin

Global

Allocation

Fund

(continued)

Quarterly

Schedule

Investments

See

Notes

Schedules

Investments.

Country

Principal

Amount

Value

Foreign

Government

and

Agency

Securities

12.5%

Australia

Government

Bond

Reg

1.5

6/21/31

..........

Australia

14,160,000

AUD

8,475,324

Belgium

Government

Bond

Senior

Bond

Reg

3/28/32

Belgium

3,665,000

EUR

4,474,097

Brazil

Notas

Tesouro

Nacional

8/15/26

.............

Brazil

34,577,501

BRL

6,289,396

Bundesrepublik

Deutschland

Reg

Zero

Cpn.,

8/15/30

...........................

Germany

12,215,000

EUR

12,179,837

Reg

2.3

2/15/33

...............................

Germany

58,285,000

EUR

66,235,725

Reg

5/15/38

................................

Germany

8,609,000

EUR

8,095,829

Canada

Government

Bond

2.5

12/01/32

...................................

Canada

20,942,000

CAD

15,064,582

2.75

6/01/33

...................................

Canada

19,081,000

CAD

13,955,155

Canada

Housing

Trust

No.

Senior

Bond

144A,

2.65

12/15/28

........................................

Canada

21,060,000

CAD

15,432,424

China

Government

Bond

2.5

7/25/27

....................................

China

121,580,000

CNY

17,709,846

2.44

10/15/27

...................................

China

47,210,000

CNY

6,879,321

Ecopetrol

Senior

Bond

4.625

11/02/31

..............

Colombia

1,920,000

1,649,568

European

Investment

Bank

Senior

Bond

2.125

4/13/26

....

Supranational

17,160,000

16,736,120

Export-Import

Bank

Korea

Senior

Note

Reg

7.15

4/18/25

South

Korea

306,100,000

INR

3,653,775

Finland

Government

Bond

Senior

Bond

144A,

Reg

0.75

4/15/31

..............

Finland

2,202,000

EUR

2,206,392

Senior

Bond

144A,

Reg

1.375

4/15/47

.............

Finland

1,825,000

EUR

1,513,565

France

Government

Bond

144A,

Reg

2.5

5/25/30

..........................

France

4,793,000

EUR

5,330,903

144A,

Reg

Zero

Cpn.,

11/25/30

.....................

France

5,061,000

EUR

4,823,261

144A,

Reg

1.5

5/25/31

..........................

France

5,130,000

EUR

5,337,152

144A,

Reg

11/25/32

..........................

France

15,124,000

EUR

15,930,106

International

Bank

for

Reconstruction

Development

Senior

Note

1/16/25

.................................

Supranational

275,200,000

INR

3,284,681

Japan

Government

Bond

0.1

6/20/31

....................................

Japan

2,896,000,000

JPY

19,533,843

0.5

9/20/46

....................................

Japan

1,435,000,000

JPY

7,613,707

Mexican

Bonos

Desarr

Fixed

Rate

7.5

5/26/33

.........

Mexico

143,100,000

MXN

6,501,238

Netherlands

Government

Bond

144A,

Reg

0.5

1/15/40

..........................

Netherlands

1,640,000

EUR

1,339,384

144A,

Reg

3.75

1/15/42

.........................

Netherlands

1,006,000

EUR

1,285,430

Petroleos

Mexicanos

Senior

Note

6.5

3/13/27

...........

Mexico

5,236,000

5,137,814

Spain

Bonos

Obligaciones

del

Estado

Senior

Bond

144A,

Reg

1.95

4/30/26

..............

Spain

2,982,000

EUR

3,299,453

Senior

Bond

144A,

Reg

2.9

10/31/46

..............

Spain

1,874,000

EUR

1,894,672

1/31/29

......................................

Spain

4,374,000

EUR

5,592,698

United

Kingdom

Gilt

Reg

4.125

1/29/27

.............................

United

Kingdom

22,840,000

GBP

30,638,168

Reg

4.625

1/31/34

.............................

United

Kingdom

11,924,000

GBP

16,737,742

Reg

1.25

10/22/41

.............................

United

Kingdom

19,723,000

GBP

16,548,102

Total

Foreign

Government

and

Agency

Securities

(Cost

371,071,691

)

..........

351,379,310

U.S.

Government

and

Agency

Securities

6.0%

U.S.

Treasury

Bonds

11/15/42

.....................................

United

States

19,500,000

19,195,313

3.875

2/15/43

...................................

United

States

25,500,000

24,607,500

3.875

5/15/43

...................................

United

States

16,200,000

15,601,992

U.S.

Treasury

Notes

1.75

3/15/25

...................................

United

States

16,700,000

16,510,044

1/31/29

......................................

United

States

47,020,000

47,822,646

0.875

11/15/30

..................................

United

States

13,000,000

11,066,504

1.875

2/15/32

...................................

United

States

25,000,000

22,083,008

Franklin

Fund

Allocator

Series

Schedule

Investments

(unaudited)

Franklin

Global

Allocation

Fund

(continued)

See

Notes

Schedules

Investments.

Quarterly

Schedule

Investments

Country

Principal

Amount

Value

U.S.

Government

and

Agency

Securities

(continued)

U.S.

Treasury

Notes,

(continued)

3.375

5/15/33

...................................

United

States

11,200,000

10,891,781

Total

U.S.

Government

and

Agency

Securities

(Cost

171,540,328

)

..............

167,778,788

Mortgage-Backed

Securities

2.3%

Federal

Home

Loan

Mortgage

Corp.

(FHLMC)

Fixed

Rate

0.3%

FHLMC

Pool,

Year

7/01/53

......................

United

States

5,420,120

5,421,710

FHLMC

Pool,

Year

3/01/54

......................

United

States

2,480,457

2,536,092

7,957,802

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

0.6%

FNMA,

Year

4/01/52

...........................

United

States

3,315,897

2,746,044

FNMA,

Year

2.5

12/01/51

.........................

United

States

4,746,640

4,105,826

FNMA,

Year

4/01/52

...........................

United

States

4,498,429

4,047,079

FNMA,

Year

5.5

3/01/54

.........................

United

States

7,769,949

7,863,876

18,762,825

Government

National

Mortgage

Association

(GNMA)

Fixed

Rate

1.4%

GNMA

II,

Single-family,

Year

7/20/51

...............

United

States

26,014,406

23,746,500

GNMA

II,

Single-family,

Year

8/20/51

...............

United

States

16,934,979

15,460,104

39,206,604

Total

Mortgage-Backed

Securities

(Cost

70,892,270

)

..........................

65,927,231

Total

Long

Term

Investments

(Cost

2,335,799,780

)

...........................

2,616,761,315

Short

Term

Investments

5.6%

Country

Value

Money

Market

Funds

5.6%

c,g

Institutional

Fiduciary

Trust

Money

Market

Portfolio

4.74

...

United

States

157,220,829

Total

Money

Market

Funds

(Cost

157,220,829

)

...............................

157,220,829

Total

Short

Term

Investments

(Cost

157,220,829

)

.............................

157,220,829

Total

Investments

(Cost

2,493,020,609

)

98.7

................................

$2,773,982,144

Other

Assets,

less

Liabilities

1.3

...........................................

38,158,578

Net

Assets

100.0%

.........................................................

$2,812,140,722

The

principal

amount

stated

U.S.

dollars

unless

otherwise

indicated.

Non-income

producing.

Security

was

purchased

pursuant

Rule

144A

Regulation

under

the

Securities

Act

1933.

144A

securities

may

sold

transactions

exempt

from

registration

only

qualified

institutional

buyers

public

offering

registered

under

the

Securities

Act

1933.

Regulation

securities

cannot

sold

the

United

States

without

either

effective

registration

statement

filed

pursuant

the

Securities

Act

1933,

pursuant

exemption

from

registration.

September

30,

2024,

the

aggregate

value

these

securities

was

$340,893,713,

representing

12.1%

net

assets.

See

Note

regarding

investments

affiliated

management

investment

companies.

Variable

rate

security.

The

rate

shown

represents

the

yield

period

end.

Perpetual

security

with

stated

maturity

date.

supranational

organization

entity

formed

two

central

governments

through

international

treaties.

The

rate

shown

the

annualized

seven-day

effective

yield

period

end.

Franklin

Fund

Allocator

Series

Schedule

Investments

(unaudited)

Franklin

Global

Allocation

Fund

(continued)

Quarterly

Schedule

Investments

See

Notes

Schedules

Investments.

September

30,

2024,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

Abbreviations

page

Forward

Exchange

Contracts

Currency

Counter-

party

Type

Quantity

Contract

Amount

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

OTC

Forward

Exchange

Contracts

British

Pound

......

JPHQ

Sell

46,678,000

60,322,763

10/25/24

—

(

2,083,762

)

Canadian

Dollar

....

BZWS

Sell

58,160,000

42,474,431

10/25/24

—

(

556,831

)

Chinese

Yuan

......

BZWS

Sell

168,574,000

23,292,494

10/25/24

—

(

816,592

)

Euro

.............

BZWS

Sell

127,955,000

139,895,750

10/25/24

—

(

2,700,244

)

Total

Forward

Exchange

Contracts

...................................................

—

$(6,157,429)

Net

unrealized

appreciation

(depreciation)

............................................

$(6,157,429)

U.S.

dollars

unless

otherwise

indicated.

May

comprised

multiple

contracts

with

the

same

counterparty,

currency

and

settlement

date.

Franklin

Fund

Allocator

Series

Schedule

Investments

(unaudited),

September

30,

2024

Franklin

Growth

Allocation

Fund

See

Notes

Schedules

Investments.

Quarterly

Schedule

Investments

Value

Investments

Underlying

Funds

and

Exchange

Traded

Funds

99.1%

Alternative

Strategies

1.0%

Franklin

Systematic

Style

Premia

ETF

....................................

584,482

14,077,366

Domestic

Equity

61.9%

ClearBridge

Large

Cap

Value

Fund

Class

...............................

1,761,516

77,629,993

Franklin

Growth

Fund

Class

........................................

1,260,994

185,643,468

Franklin

U.S.

Core

Equity

(IU)

Fund

.....................................

18,449,558

329,509,114

Franklin

U.S.

Equity

Index

ETF

.........................................

2,553,225

128,312,067

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

.............................

1,678,901

97,628,093

iShares

MSCI

USA

Quality

Factor

ETF

...................................

72,250

12,954,425

iShares

MSCI

USA

Value

Factor

ETF

....................................

295,950

32,270,388

863,947,548

Domestic

Fixed

Income

15.9%

BrandywineGLOBAL

Global

Opportunities

Bond

Fund

Class

...............

1,912,387

17,536,589

Franklin

Investment

Grade

Corporate

ETF

.................................

1,651,472

36,489,604

Franklin

U.S.

Core

Bond

ETF

..........................................

4,716,663

103,813,753

Franklin

U.S.

Treasury

Bond

ETF

.......................................

2,475,068

52,124,932

iShares

Floating

Rate

Bond

ETF

........................................

266,125

13,583,020

223,547,898

Foreign

Equity

18.4%

ClearBridge

International

Growth

Fund

Class

............................

268,031

18,944,405

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

............................

3,785,621

41,944,681

Franklin

International

Core

Equity

(IU)

Fund

...............................

9,587,092

123,961,099

iShares

Core

MSCI

EAFE

ETF

.........................................

230,372

17,980,534

Templeton

Developing

Markets

Trust

Class

.............................

1,212,008

24,834,046

Templeton

Foreign

Fund

Class

......................................

3,316,175

28,452,781

256,117,546

Foreign

Fixed

Income

1.9%

Franklin

High

Yield

Corporate

ETF

......................................

810,206

19,805,486

Franklin

International

Aggregate

Bond

ETF

................................

362,799

7,544,405

27,349,891

Total

Investments

Underlying

Funds

and

Exchange

Traded

Funds

(Cost

947,629,479

)

...............................................................

1,385,040,249

Short

Term

Investments

0.8%

Money

Market

Funds

0.7%

a,b

Institutional

Fiduciary

Trust

Money

Market

Portfolio

4.74

...................

10,172,406

Total

Money

Market

Funds

(Cost

10,172,406

)

..................................

10,172,406

Franklin

Fund

Allocator

Series

Schedule

Investments

(unaudited)

Franklin

Growth

Allocation

Fund

(continued)

Quarterly

Schedule

Investments

See

Notes

Schedules

Investments.

See

Abbreviations

page

Short

Term

Investments

(continued)

Principal

Amount

Value

Repurchase

Agreements

0.1%

Joint

Repurchase

Agreement

4.809

10/01/24

(Maturity

Value

681,549

)

BNP

Paribas

Securities

Corp.

(Maturity

Value

$94,551)

Deutsche

Bank

Securities,

Inc.

(Maturity

Value

$246,612)

HSBC

Securities

(USA),

Inc.

(Maturity

Value

$340,386)

Collateralized

U.S.

Government

Agency

Securities,

2.5%

7%,

5/15/27

8/20/64;

U.S.

Government

Agency

Strips,

3/15/27

2/15/49;

U.S.

Treasury

Bonds,

Index

Linked,

0.13%,

4/15/27;

and

U.S.

Treasury

Notes,

3.75%,

12/31/28

(valued

695,147

)

.......................................................

$681,458

681,458

Total

Repurchase

Agreements

(Cost

681,458

)

..................................

681,458

Total

Short

Term

Investments

(Cost

10,853,864

)

................................

10,853,864

Total

Investments

(Cost

958,483,343

)

99.9

...................................

$1,395,894,113

Other

Assets,

less

Liabilities

0.1

.............................................

1,151,912

Net

Assets

100.0%

...........................................................

$1,397,046,025

See

Note

regarding

investments

Underlying

Funds.

The

rate

shown

the

annualized

seven-day

effective

yield

period

end.

Investment

through

participation

joint

account

with

other

funds

managed

the

investment

manager

affiliate

the

investment

manager.

September

30,

2024,

all

repurchase

agreements

had

been

entered

into

that

date.

Franklin

Fund

Allocator

Series

Schedule

Investments

(unaudited),

September

30,

2024

Franklin

LifeSmart™

Retirement

Income

Fund

See

Notes

Schedules

Investments.

Quarterly

Schedule

Investments

Value

Investments

Underlying

Funds

and

Exchange

Traded

Funds

92.7%

Domestic

Equity

28.2%

ClearBridge

Tactical

Dividend

Income

Fund,

Class

........................

198,931

4,939,450

Franklin

U.S.

Core

Equity

(IU)

Fund

.....................................

51,988

928,514

JPMorgan

Equity

Premium

Income

ETF

..................................

84,325

5,018,181

JPMorgan

Nasdaq

Equity

Premium

Income

ETF

............................

38,800

2,131,284

13,017,429

Domestic

Fixed

Income

36.1%

BrandywineGLOBAL

Global

Opportunities

Bond

Fund,

Class

...............

247,240

2,267,194

Franklin

Investment

Grade

Corporate

ETF

.................................

165,804

3,663,473

Franklin

U.S.

Core

Bond

ETF

..........................................

303,119

6,671,649

Franklin

U.S.

Government

Securities

Fund,

Class

........................

789,375

4,120,539

16,722,855

Foreign

Equity

6.0%

Franklin

International

Core

Dividend

Tilt

Index

ETF

..........................

41,425

1,373,653

Templeton

Developing

Markets

Trust,

Class

.............................

22,093

452,685

Templeton

Foreign

Fund,

Class

......................................

106,783

916,201

2,742,539

Foreign

Fixed

Income

22.4%

BrandywineGLOBAL

High

Yield

Fund,

Class

.............................

804,998

8,339,779

Franklin

High

Yield

Corporate

ETF

......................................

83,355

2,037,613

10,377,392

Total

Investments

Underlying

Funds

and

Exchange

Traded

Funds

(Cost

$41,817,612)

................................................................

42,860,215

Units

Index-Linked

Notes

5.0%

Capital

Markets

5.0%

b,c,d

UBS

into

S&P

500

Index,

Senior

Note,

144A,

5.41%,

5/07/27

................

1,999

2,301,283

Total

Index-Linked

Notes

(Cost

$2,099,710)

.....................................

2,301,283

Total

Long

Term

Investments

(Cost

$43,917,322)

................................

45,161,498

Short

Term

Investments

2.5%

Money

Market

Funds

2.5%

a,e

Institutional

Fiduciary

Trust

Money

Market

Portfolio,

4.74%

...................

1,172,128

Total

Money

Market

Funds

(Cost

$1,172,128)

...................................

1,172,128

Total

Short

Term

Investments

(Cost

$1,172,128)

.................................

1,172,128

Total

Investments

(Cost

$45,089,450)

100.2%

...................................

$46,333,626

Other

Assets,

less

Liabilities

(0.2)%

...........................................

(99,524)

Net

Assets

100.0%

...........................................................

$46,234,102

Franklin

Fund

Allocator

Series

Schedule

Investments

(unaudited)

Franklin

LifeSmart™

Retirement

Income

Fund

(continued)

Quarterly

Schedule

Investments

See

Notes

Schedules

Investments.

See

Abbreviations

page

See

Note

regarding

investments

Underlying

Funds.

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

Security

pays

variable

interest

based

the

distributions

the

strategy

index

and

proceeds

earned

from

equity

derivatives.

The

coupon

rate

shown

represents

the

combined

rate

period

end.

Cash

payment

maturity

upon

early

redemption

based

the

performance

the

strategy

index.

Security

was

purchased

pursuant

Rule

144A

Regulation

under

the

Securities

Act

1933.

144A

securities

may

sold

transactions

exempt

from

registration

only

qualified

institutional

buyers

public

offering

registered

under

the

Securities

Act

1933.

Regulation

securities

cannot

sold

the

United

States

without

either

effective

registration

statement

filed

pursuant

the

Securities

Act

1933,

pursuant

exemption

from

registration.

September

30,

2024,

the

value

this

security

was

$2,301,283,

representing

5.0%

net

assets.

The

rate

shown

the

annualized

seven-day

effective

yield

period

end.

Franklin

Fund

Allocator

Series

Schedule

Investments

(unaudited),

September

30,

2024

Franklin

LifeSmart™

2020

Retirement

Target

Fund

See

Notes

Schedules

Investments.

Quarterly

Schedule

Investments

See

Abbreviations

page

Value

Investments

Underlying

Funds

and

Exchange

Traded

Funds

99.0%

Alternative

Strategies

1.0%

Franklin

Systematic

Style

Premia

ETF

....................................

11,210

269,995

Domestic

Equity

29.3%

ClearBridge

Large

Cap

Value

Fund

Class

...............................

16,028

706,352

Franklin

Growth

Fund

Class

........................................

11,474

1,689,183

Franklin

U.S.

Core

Equity

(IU)

Fund

.....................................

210,835

3,765,519

Franklin

U.S.

Equity

Index

ETF

.........................................

7,975

400,783

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

.............................

15,253

886,962

iShares

MSCI

USA

Quality

Factor

ETF

...................................

650

116,545

iShares

MSCI

USA

Value

Factor

ETF

....................................

2,675

291,682

7,857,026

Domestic

Fixed

Income

46.9%

BrandywineGLOBAL

Global

Opportunities

Bond

Fund

Class

...............

107,394

984,807

Franklin

Investment

Grade

Corporate

ETF

.................................

92,728

2,048,844

Franklin

U.S.

Core

Bond

ETF

..........................................

264,863

5,829,635

Franklin

U.S.

Treasury

Bond

ETF

.......................................

138,998

2,927,298

iShares

Floating

Rate

Bond

ETF

........................................

14,925

761,772

12,552,356

Foreign

Equity

16.0%

ClearBridge

International

Growth

Fund

Class

............................

4,453

314,739

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

............................

64,343

712,916

Franklin

International

Core

Equity

(IU)

Fund

...............................

159,282

2,059,512

iShares

Core

MSCI

EAFE

ETF

.........................................

3,904

304,707

Templeton

Developing

Markets

Trust

Class

.............................

20,616

422,421

Templeton

Foreign

Fund

Class

......................................

54,273

465,658

4,279,953

Foreign

Fixed

Income

5.8%

Franklin

High

Yield

Corporate

ETF

......................................

45,488

1,111,954

Franklin

International

Aggregate

Bond

ETF

................................

20,371

423,615

1,535,569

Total

Investments

Underlying

Funds

and

Exchange

Traded

Funds

(Cost

22,483,218

)

................................................................

26,494,899

Short

Term

Investments

0.9%

Money

Market

Funds

0.9%

a,b

Institutional

Fiduciary

Trust

Money

Market

Portfolio

4.74

...................

237,824

Total

Money

Market

Funds

(Cost

237,824

)

.....................................

237,824

Total

Short

Term

Investments

(Cost

237,824

)

..................................

237,824

Total

Investments

(Cost

22,721,042

)

99.9

....................................

$26,732,723

Other

Assets,

less

Liabilities

0.1

.............................................

17,087

Net

Assets

100.0%

...........................................................

$26,749,810

See

Note

regarding

investments

Underlying

Funds.

The

rate

shown

the

annualized

seven-day

effective

yield

period

end.

Franklin

Fund

Allocator

Series

Schedule

Investments

(unaudited),

September

30,

2024

Franklin

LifeSmart™

2025

Retirement

Target

Fund

Quarterly

Schedule

Investments

See

Notes

Schedules

Investments.

Value

Investments

Underlying

Funds

and

Exchange

Traded

Funds

99.1%

Alternative

Strategies

1.0%

Franklin

Systematic

Style

Premia

ETF

....................................

48,058

1,157,487

Domestic

Equity

35.0%

ClearBridge

Large

Cap

Value

Fund,

Class

...............................

82,038

3,615,434

Franklin

Growth

Fund,

Class

........................................

58,728

8,645,986

Franklin

U.S.

Core

Equity

(IU)

Fund

.....................................

1,079,140

19,273,435

Franklin

U.S.

Equity

Index

ETF

.........................................

40,825

2,051,656

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

.............................

78,186

4,546,516

iShares

MSCI

USA

Quality

Factor

ETF

...................................

3,350

600,655

iShares

MSCI

USA

Value

Factor

ETF

....................................

13,775

1,502,026

40,235,708

Domestic

Fixed

Income

39.1%

BrandywineGLOBAL

Global

Opportunities

Bond

Fund,

Class

...............

383,501

3,516,708

Franklin

Investment

Grade

Corporate

ETF

.................................

331,165

7,317,157

Franklin

U.S.

Core

Bond

ETF

..........................................

945,858

20,818,335

Franklin

U.S.

Treasury

Bond

ETF

.......................................

496,338

10,452,878

iShares

Floating

Rate

Bond

ETF

........................................

53,350

2,722,984

44,828,062

Foreign

Equity

19.2%

ClearBridge

International

Growth

Fund,

Class

............................

22,800

1,611,496

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

............................

329,718

3,653,274

Franklin

International

Core

Equity

(IU)

Fund

...............................

815,532

10,544,823

iShares

Core

MSCI

EAFE

ETF

.........................................

19,992

1,560,376

Templeton

Developing

Markets

Trust,

Class

.............................

105,647

2,164,706

Templeton

Foreign

Fund,

Class

......................................

277,903

2,384,405

21,919,080

Foreign

Fixed

Income

4.8%

Franklin

High

Yield

Corporate

ETF

......................................

162,478

3,971,775

Franklin

International

Aggregate

Bond

ETF

................................

72,758

1,513,003

5,484,778

Total

Investments

Underlying

Funds

and

Exchange

Traded

Funds

(Cost

$91,335,005)

................................................................

113,625,115

Short

Term

Investments

1.0%

Money

Market

Funds

1.0%

a,b

Institutional

Fiduciary

Trust

Money

Market

Portfolio,

4.74%

...................

1,107,561

Total

Money

Market

Funds

(Cost

$1,107,561)

...................................

1,107,561

Total

Short

Term

Investments

(Cost

$1,107,561)

.................................

1,107,561

Total

Investments

(Cost

$92,442,566)

100.1%

...................................

$114,732,676

Other

Assets,

less

Liabilities

(0.1)%

...........................................

(18,006)

Net

Assets

100.0%

...........................................................

$114,714,670

Franklin

Fund

Allocator

Series

Schedule

Investments

(unaudited)

Franklin

LifeSmart™

2025

Retirement

Target

Fund

(continued)

See

Notes

Schedules

Investments.

Quarterly

Schedule

Investments

See

Abbreviations

page

See

Note

regarding

investments

Underlying

Funds.

The

rate

shown

the

annualized

seven-day

effective

yield

period

end.

Franklin

Fund

Allocator

Series

Schedule

Investments

(unaudited),

September

30,

2024

Franklin

LifeSmart™

2030

Retirement

Target

Fund

Quarterly

Schedule

Investments

See

Notes

Schedules

Investments.

Value

Investments

Underlying

Funds

and

Exchange

Traded

Funds

99.1%

Alternative

Strategies

1.0%

Franklin

Systematic

Style

Premia

ETF

....................................

31,286

753,529

Domestic

Equity

40.8%

ClearBridge

Large

Cap

Value

Fund

Class

...............................

62,112

2,737,291

Franklin

Growth

Fund

Class

........................................

44,464

6,545,958

Franklin

U.S.

Core

Equity

(IU)

Fund

.....................................

817,024

14,592,049

Franklin

U.S.

Equity

Index

ETF

.........................................

30,896

1,552,675

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

.............................

59,195

3,442,189

iShares

MSCI

USA

Quality

Factor

ETF

...................................

2,539

455,243

iShares

MSCI

USA

Value

Factor

ETF

....................................

10,430

1,137,287

30,462,692

Domestic

Fixed

Income

31.2%

BrandywineGLOBAL

Global

Opportunities

Bond

Fund

Class

...............

199,651

1,830,803

Franklin

Investment

Grade

Corporate

ETF

.................................

172,404

3,809,301

Franklin

U.S.

Core

Bond

ETF

..........................................

492,400

10,837,724

Franklin

U.S.

Treasury

Bond

ETF

.......................................

258,393

5,441,757

iShares

Floating

Rate

Bond

ETF

........................................

27,775

1,417,636

23,337,221

Foreign

Equity

22.2%

ClearBridge

International

Growth

Fund

Class

............................

17,251

1,219,312

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

............................

249,778

2,767,540

Franklin

International

Core

Equity

(IU)

Fund

...............................

617,056

7,978,539

iShares

Core

MSCI

EAFE

ETF

.........................................

15,132

1,181,053

Templeton

Developing

Markets

Trust

Class

.............................

80,035

1,639,909

Templeton

Foreign

Fund

Class

......................................

210,276

1,804,168

16,590,521

Foreign

Fixed

Income

3.9%

Franklin

High

Yield

Corporate

ETF

......................................

84,564

2,067,167

Franklin

International

Aggregate

Bond

ETF

................................

37,858

787,257

2,854,424

Total

Investments

Underlying

Funds

and

Exchange

Traded

Funds

(Cost

58,275,439

)

................................................................

73,998,387

Short

Term

Investments

0.8%

Money

Market

Funds

0.8%

a,b

Institutional

Fiduciary

Trust

Money

Market

Portfolio

4.74

...................

598,969

Total

Money

Market

Funds

(Cost

598,969

)

.....................................

598,969

Franklin

Fund

Allocator

Series

Schedule

Investments

(unaudited)

Franklin

LifeSmart™

2030

Retirement

Target

Fund

(continued)

See

Notes

Schedules

Investments.

Quarterly

Schedule

Investments

See

Abbreviations

page

Short

Term

Investments

(continued)

Principal

Amount

Value

Repurchase

Agreements

0.0%

†

Joint

Repurchase

Agreement

4.809

10/01/24

(Maturity

Value

34,441

)

BNP

Paribas

Securities

Corp.

(Maturity

Value

$4,778)

Deutsche

Bank

Securities,

Inc.

(Maturity

Value

$12,462)

HSBC

Securities

(USA),

Inc.

(Maturity

Value

$17,201)

Collateralized

U.S.

Government

Agency

Securities,

2.5%

7%,

5/15/27

8/20/64;

U.S.

Government

Agency

Strips,

3/15/27

2/15/49;

U.S.

Treasury

Bonds,

Index

Linked,

0.13%,

4/15/27;

and

U.S.

Treasury

Notes,

3.75%,

12/31/28

(valued

35,129

)

........................................................

$34,437

34,437

Total

Repurchase

Agreements

(Cost

34,437

)

...................................

34,437

Total

Short

Term

Investments

(Cost

633,406

)

..................................

633,406

Total

Investments

(Cost

58,908,845

)

99.9

....................................

$74,631,793

Other

Assets,

less

Liabilities

0.1

.............................................

75,285

Net

Assets

100.0%

...........................................................

$74,707,078

†

Rounds

less

than

0.1%

net

assets.

See

Note

regarding

investments

Underlying

Funds.

The

rate

shown

the

annualized

seven-day

effective

yield

period

end.

Investment

through

participation

joint

account

with

other

funds

managed

the

investment

manager

affiliate

the

investment

manager.

September

30,

2024,

all

repurchase

agreements

had

been

entered

into

that

date.

Franklin

Fund

Allocator

Series

Schedule

Investments

(unaudited),

September

30,

2024

Franklin

LifeSmart™

2035

Retirement

Target

Fund

Quarterly

Schedule

Investments

See

Notes

Schedules

Investments.

Value

Investments

Underlying

Funds

and

Exchange

Traded

Funds

99.1%

Alternative

Strategies

1.0%

Franklin

Systematic

Style

Premia

ETF

....................................

60,500

1,457,155

Domestic

Equity

46.4%

ClearBridge

Large

Cap

Value

Fund,

Class

...............................

136,701

6,024,418

Franklin

Growth

Fund,

Class

........................................

97,859

14,406,730

Franklin

U.S.

Core

Equity

(IU)

Fund

.....................................

1,798,142

32,114,821

Franklin

U.S.

Equity

Index

ETF

.........................................

68,037

3,419,193

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

.............................

130,274

7,575,433

iShares

MSCI

USA

Quality

Factor

ETF

...................................

5,589

1,002,108

iShares

MSCI

USA

Value

Factor

ETF

....................................

22,958

2,503,340

67,046,043

Domestic

Fixed

Income

23.4%

BrandywineGLOBAL

Global

Opportunities

Bond

Fund,

Class

...............

290,351

2,662,519

Franklin

Investment

Grade

Corporate

ETF

.................................

250,721

5,539,731

Franklin

U.S.

Core

Bond

ETF

..........................................

716,109

15,761,559

Franklin

U.S.

Treasury

Bond

ETF

.......................................

375,768

7,913,674

iShares

Floating

Rate

Bond

ETF

........................................

40,383

2,061,148

33,938,631

Foreign

Equity

25.4%

ClearBridge

International

Growth

Fund,

Class

............................

37,987

2,684,923

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

............................

549,206

6,085,205

Franklin

International

Core

Equity

(IU)

Fund

...............................

1,358,747

17,568,597

iShares

Core

MSCI

EAFE

ETF

.........................................

33,299

2,598,987

Templeton

Developing

Markets

Trust,

Class

.............................

175,982

3,605,881

Templeton

Foreign

Fund,

Class

......................................

463,056

3,973,018

36,516,611

Foreign

Fixed

Income

2.9%

Franklin

High

Yield

Corporate

ETF

......................................

123,012

3,007,028

Franklin

International

Aggregate

Bond

ETF

................................

55,077

1,145,326

4,152,354

Total

Investments

Underlying

Funds

and

Exchange

Traded

Funds

(Cost

$107,633,323)

...............................................................

143,110,794

Short

Term

Investments

0.9%

Money

Market

Funds

0.8%

a,b

Institutional

Fiduciary

Trust

Money

Market

Portfolio,

4.74%

...................

1,068,514

Total

Money

Market

Funds

(Cost

$1,068,514)

...................................

1,068,514

Franklin

Fund

Allocator

Series

Schedule

Investments

(unaudited)

Franklin

LifeSmart™

2035

Retirement

Target

Fund

(continued)

See

Notes

Schedules

Investments.

Quarterly

Schedule

Investments

See

Abbreviations

page

Short

Term

Investments

(continued)

Principal

Amount

Value

Repurchase

Agreements

0.1%

Joint

Repurchase

Agreement,

4.809%,

10/01/24

(Maturity

Value

$168,680)

BNP

Paribas

Securities

Corp.

(Maturity

Value

$23,401)

Deutsche

Bank

Securities,

Inc.

(Maturity

Value

$61,035)

HSBC

Securities

(USA),

Inc.

(Maturity

Value

$84,244)

Collateralized

U.S.

Government

Agency

Securities,

2.5%

7%,

5/15/27

8/20/64;

U.S.

Government

Agency

Strips,

3/15/27

2/15/49;

U.S.

Treasury

Bonds,

Index

Linked,

0.13%,

4/15/27;

and

U.S.

Treasury

Notes,

3.75%,

12/31/28

(valued

$172,046)

.......................................................

$168,658

168,658

Total

Repurchase

Agreements

(Cost

$168,658)

..................................

168,658

Total

Short

Term

Investments

(Cost

$1,237,172)

.................................

1,237,172

Total

Investments

(Cost

$108,870,495)

100.0%

..................................

$144,347,966

Other

Assets,

less

Liabilities

0.0%

†

............................................

63,306

Net

Assets

100.0%

...........................................................

$144,411,272

†

Rounds

less

than

0.1%

net

assets.

See

Note

regarding

investments

Underlying

Funds.

The

rate

shown

the

annualized

seven-day

effective

yield

period

end.

Investment

through

participation

joint

account

with

other

funds

managed

the

investment

manager

affiliate

the

investment

manager.

September

30,

2024,

all

repurchase

agreements

had

been

entered

into

that

date.

Franklin

Fund

Allocator

Series

Schedule

Investments

(unaudited),

September

30,

2024

Franklin

LifeSmart™

2040

Retirement

Target

Fund

Quarterly

Schedule

Investments

See

Notes

Schedules

Investments.

Value

Investments

Underlying

Funds

and

Exchange

Traded

Funds

99.0%

Alternative

Strategies

1.0%

Franklin

Systematic

Style

Premia

ETF

....................................

25,837

622,289

Domestic

Equity

51.6%

ClearBridge

Large

Cap

Value

Fund

Class

...............................

65,111

2,869,421

Franklin

Growth

Fund

Class

........................................

46,610

6,861,869

Franklin

U.S.

Core

Equity

(IU)

Fund

.....................................

681,940

12,179,452

Franklin

U.S.

Equity

Index

ETF

.........................................

94,375

4,742,806

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

.............................

62,042

3,607,742

iShares

MSCI

USA

Quality

Factor

ETF

...................................

2,650

475,145

iShares

MSCI

USA

Value

Factor

ETF

....................................

10,925

1,191,262

31,927,697

Domestic

Fixed

Income

16.6%

Franklin

Investment

Grade

Corporate

ETF

.................................

82,053

1,812,977

Franklin

U.S.

Core

Bond

ETF

..........................................

234,402

5,159,188

Franklin

U.S.

Treasury

Bond

ETF

.......................................

122,996

2,590,296

iShares

Floating

Rate

Bond

ETF

........................................

13,225

675,004

10,237,465

Foreign

Equity

28.2%

ClearBridge

International

Growth

Fund

Class

............................

18,091

1,278,672

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

............................

261,639

2,898,964

Franklin

International

Core

Equity

(IU)

Fund

...............................

647,087

8,366,833

iShares

Core

MSCI

EAFE

ETF

.........................................

15,859

1,237,795

Templeton

Developing

Markets

Trust

Class

.............................

83,839

1,717,870

Templeton

Foreign

Fund

Class

......................................

220,540

1,892,233

17,392,367

Foreign

Fixed

Income

1.6%

Franklin

High

Yield

Corporate

ETF

......................................

40,248

983,862

Total

Investments

Underlying

Funds

and

Exchange

Traded

Funds

(Cost

45,474,989

)

................................................................

61,163,680

Short

Term

Investments

1.0%

Money

Market

Funds

0.9%

a,b

Institutional

Fiduciary

Trust

Money

Market

Portfolio

4.74

...................

566,335

Total

Money

Market

Funds

(Cost

566,335

)

.....................................

566,335

Franklin

Fund

Allocator

Series

Schedule

Investments

(unaudited)

Franklin

LifeSmart™

2040

Retirement

Target

Fund

(continued)

See

Notes

Schedules

Investments.

Quarterly

Schedule

Investments

See

Abbreviations

page

Short

Term

Investments

(continued)

Principal

Amount

Value

Repurchase

Agreements

0.1%

Joint

Repurchase

Agreement

4.809

10/01/24

(Maturity

Value

44,118

)

BNP

Paribas

Securities

Corp.

(Maturity

Value

$6,120)

Deutsche

Bank

Securities,

Inc.

(Maturity

Value

$15,964)

HSBC

Securities

(USA),

Inc.

(Maturity

Value

$22,034)

Collateralized

U.S.

Government

Agency

Securities,

2.5%

7%,

5/15/27

8/20/64;

U.S.

Government

Agency

Strips,

3/15/27

2/15/49;

U.S.

Treasury

Bonds,

Index

Linked,

0.13%,

4/15/27;

and

U.S.

Treasury

Notes,

3.75%,

12/31/28

(valued

44,998

)

........................................................

$44,112

44,112

Total

Repurchase

Agreements

(Cost

44,112

)

...................................

44,112

Total

Short

Term

Investments

(Cost

610,447

)

..................................

610,447

Total

Investments

(Cost

46,085,436

)

100.0

...................................

$61,774,127

Other

Assets,

less

Liabilities

(0.0)

†

...........................................

(17,506)

Net

Assets

100.0%

...........................................................

$61,756,621

†

Rounds

less

than

0.1%

net

assets.

See

Note

regarding

investments

Underlying

Funds.

The

rate

shown

the

annualized

seven-day

effective

yield

period

end.

Investment

through

participation

joint

account

with

other

funds

managed

the

investment

manager

affiliate

the

investment

manager.

September

30,

2024,

all

repurchase

agreements

had

been

entered

into

that

date.

Franklin

Fund

Allocator

Series

Schedule

Investments

(unaudited),

September

30,

2024

Franklin

LifeSmart™

2045

Retirement

Target

Fund

Quarterly

Schedule

Investments

See

Notes

Schedules

Investments.

See

Abbreviations

page

Value

Investments

Underlying

Funds

and

Exchange

Traded

Funds

99.1%

Alternative

Strategies

1.0%

Franklin

Systematic

Style

Premia

ETF

....................................

43,959

1,058,761

Domestic

Equity

57.1%

ClearBridge

Large

Cap

Value

Fund

Class

...............................

122,373

5,392,988

Franklin

Growth

Fund

Class

........................................

87,601

12,896,667

Franklin

U.S.

Core

Equity

(IU)

Fund

.....................................

1,281,680

22,890,810

Franklin

U.S.

Equity

Index

ETF

.........................................

177,375

8,913,963

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

.............................

116,617

6,781,279

iShares

MSCI

USA

Quality

Factor

ETF

...................................

5,000

896,500

iShares

MSCI

USA

Value

Factor

ETF

....................................

20,550

2,240,772

60,012,979

Domestic

Fixed

Income

9.8%

Franklin

U.S.

Core

Bond

ETF

..........................................

466,586

10,269,558

Foreign

Equity

31.2%

ClearBridge

International

Growth

Fund

Class

............................

33,994

2,402,716

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

............................

491,860

5,449,813

Franklin

International

Core

Equity

(IU)

Fund

...............................

1,215,919

15,721,828

iShares

Core

MSCI

EAFE

ETF

.........................................

29,802

2,326,046

Templeton

Developing

Markets

Trust

Class

.............................

157,613

3,229,486

Templeton

Foreign

Fund

Class

......................................

414,419

3,555,719

32,685,608

Total

Investments

Underlying

Funds

and

Exchange

Traded

Funds

(Cost

73,054,721

)

................................................................

104,026,906

Short

Term

Investments

0.7%

Money

Market

Funds

0.7%

a,b

Institutional

Fiduciary

Trust

Money

Market

Portfolio

4.74

...................

784,908

Total

Money

Market

Funds

(Cost

784,908

)

.....................................

784,908

Total

Short

Term

Investments

(Cost

784,908

)

..................................

784,908

Total

Investments

(Cost

73,839,629

)

99.8

....................................

$104,811,814

Other

Assets,

less

Liabilities

0.2

.............................................

181,038

Net

Assets

100.0%

...........................................................

$104,992,852

See

Note

regarding

investments

Underlying

Funds.

The

rate

shown

the

annualized

seven-day

effective

yield

period

end.

Franklin

Fund

Allocator

Series

Schedule

Investments

(unaudited),

September

30,

2024

Franklin

LifeSmart™

2050

Retirement

Target

Fund

See

Notes

Schedules

Investments.

Quarterly

Schedule

Investments

Value

Investments

Underlying

Funds

and

Exchange

Traded

Funds

99.0%

Alternative

Strategies

1.0%

Franklin

Systematic

Style

Premia

ETF

....................................

23,988

577,756

Domestic

Equity

60.9%

ClearBridge

Large

Cap

Value

Fund

Class

...............................

71,172

3,136,529

Franklin

Growth

Fund

Class

........................................

50,948

7,500,553

Franklin

U.S.

Core

Equity

(IU)

Fund

.....................................

745,401

13,312,864

Franklin

U.S.

Equity

Index

ETF

.........................................

103,155

5,184,044

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

.............................

67,812

3,943,268

iShares

MSCI

USA

Quality

Factor

ETF

...................................

2,911

521,942

iShares

MSCI

USA

Value

Factor

ETF

....................................

11,947

1,302,701

34,901,901

Domestic

Fixed

Income

4.0%

Franklin

U.S.

Core

Bond

ETF

..........................................

103,909

2,287,037

Foreign

Equity

33.1%

ClearBridge

International

Growth

Fund

Class

............................

19,774

1,397,613

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

............................

286,069

3,169,648

Franklin

International

Core

Equity

(IU)

Fund

...............................

707,266

9,144,945

iShares

Core

MSCI

EAFE

ETF

.........................................

17,332

1,352,763

Templeton

Developing

Markets

Trust

Class

.............................

91,673

1,878,383

Templeton

Foreign

Fund

Class

......................................

241,087

2,068,530

19,011,882

Total

Investments

Underlying

Funds

and

Exchange

Traded

Funds

(Cost

41,109,344

)

................................................................

56,778,576

Short

Term

Investments

1.3%

Money

Market

Funds

1.2%

a,b

Institutional

Fiduciary

Trust

Money

Market

Portfolio

4.74

...................

698,566

Total

Money

Market

Funds

(Cost

698,566

)

.....................................

698,566

Principal

Amount

Repurchase

Agreements

0.1%

Joint

Repurchase

Agreement

4.809

10/01/24

(Maturity

Value

51,248

)

BNP

Paribas

Securities

Corp.

(Maturity

Value

$7,109)

Deutsche

Bank

Securities,

Inc.

(Maturity

Value

$18,544)

HSBC

Securities

(USA),

Inc.

(Maturity

Value

$25,595)

Collateralized

U.S.

Government

Agency

Securities,

2.5%

7%,

5/15/27

8/20/64;

U.S.

Government

Agency

Strips,

3/15/27

2/15/49;

U.S.

Treasury

Bonds,

Index

Linked,

0.13%,

4/15/27;

and

U.S.

Treasury

Notes,

3.75%,

12/31/28

(valued

52,270

)

........................................................

$51,241

51,241

Total

Repurchase

Agreements

(Cost

51,241

)

...................................

51,241

Total

Short

Term

Investments

(Cost

749,807

)

..................................

749,807

Total

Investments

(Cost

41,859,151

)

100.3

...................................

$57,528,383

Other

Assets,

less

Liabilities

(

0.3

)

...........................................

(182,259)

Net

Assets

100.0%

...........................................................

$57,346,124

Franklin

Fund

Allocator

Series

Schedule

Investments

(unaudited)

Franklin

LifeSmart™

2050

Retirement

Target

Fund

(continued)

Quarterly

Schedule

Investments

See

Notes

Schedules

Investments.

See

Abbreviations

page

See

Note

regarding

investments

Underlying

Funds.

The

rate

shown

the

annualized

seven-day

effective

yield

period

end.

Investment

through

participation

joint

account

with

other

funds

managed

the

investment

manager

affiliate

the

investment

manager.

September

30,

2024,

all

repurchase

agreements

had

been

entered

into

that

date.

Franklin

Fund

Allocator

Series

Schedule

Investments

(unaudited),

September

30,

2024

Franklin

LifeSmart™

2055

Retirement

Target

Fund

See

Notes

Schedules

Investments.

Quarterly

Schedule

Investments

See

Abbreviations

page

Value

Investments

Underlying

Funds

and

Exchange

Traded

Funds

99.1%

Alternative

Strategies

1.0%

Franklin

Systematic

Style

Premia

ETF

....................................

17,263

415,783

Domestic

Equity

61.5%

ClearBridge

Large

Cap

Value

Fund,

Class

...............................

51,757

2,280,916

Franklin

Growth

Fund,

Class

........................................

37,050

5,454,487

Franklin

U.S.

Core

Equity

(IU)

Fund

.....................................

542,065

9,681,287

Franklin

U.S.

Equity

Index

ETF

.........................................

75,000

3,769,117

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

.............................

49,324

2,868,191

iShares

MSCI

USA

Quality

Factor

ETF

...................................

2,100

376,530

iShares

MSCI

USA

Value

Factor

ETF

....................................

8,675

945,922

25,376,450

Domestic

Fixed

Income

3.0%

Franklin

U.S.

Core

Bond

ETF

..........................................

56,071

1,234,123

Foreign

Equity

33.6%

ClearBridge

International

Growth

Fund,

Class

............................

14,378

1,016,267

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

............................

207,896

2,303,484

Franklin

International

Core

Equity

(IU)

Fund

...............................

514,286

6,649,720

iShares

Core

MSCI

EAFE

ETF

.........................................

12,605

983,820

Templeton

Developing

Markets

Trust,

Class

.............................

66,621

1,365,069

Templeton

Foreign

Fund,

Class

......................................

175,302

1,504,091

13,822,451

Total

Investments

Underlying

Funds

and

Exchange

Traded

Funds

(Cost

$29,693,271)

................................................................

40,848,807

Short

Term

Investments

0.9%

Money

Market

Funds

0.9%

a,b

Institutional

Fiduciary

Trust

Money

Market

Portfolio,

4.74%

...................

388,607

Total

Money

Market

Funds

(Cost

$388,607)

.....................................

388,607

Total

Short

Term

Investments

(Cost

$388,607)

..................................

388,607

Total

Investments

(Cost

$30,081,878)

100.0%

...................................

$41,237,414

Other

Assets,

less

Liabilities

0.0%

†

............................................

2,930

Net

Assets

100.0%

...........................................................

$41,240,344

†

Rounds

less

than

0.1%

net

assets.

See

Note

regarding

investments

Underlying

Funds.

The

rate

shown

the

annualized

seven-day

effective

yield

period

end.

Franklin

Fund

Allocator

Series

Schedule

Investments

(unaudited),

September

30,

2024

Franklin

LifeSmart™

2060

Retirement

Target

Fund

Quarterly

Schedule

Investments

See

Notes

Schedules

Investments.

See

Abbreviations

page

Value

Investments

Underlying

Funds

and

Exchange

Traded

Funds

98.3%

Alternative

Strategies

1.0%

Franklin

Systematic

Style

Premia

ETF

....................................

3,169

76,326

Domestic

Equity

61.1%

ClearBridge

Large

Cap

Value

Fund

Class

...............................

9,525

419,765

Franklin

Growth

Fund

Class

........................................

6,818

1,003,805

Franklin

U.S.

Core

Equity

(IU)

Fund

.....................................

99,757

1,781,669

Franklin

U.S.

Equity

Index

ETF

.........................................

13,800

693,518

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

.............................

9,055

526,548

iShares

MSCI

USA

Quality

Factor

ETF

...................................

400

71,720

iShares

MSCI

USA

Value

Factor

ETF

....................................

1,600

174,464

4,671,489

Domestic

Fixed

Income

3.0%

Franklin

U.S.

Core

Bond

ETF

..........................................

10,300

226,703

Foreign

Equity

33.2%

ClearBridge

International

Growth

Fund

Class

............................

2,646

187,029

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

............................

38,261

423,926

Franklin

International

Core

Equity

(IU)

Fund

...............................

94,647

1,223,781

iShares

Core

MSCI

EAFE

ETF

.........................................

2,314

180,608

Templeton

Developing

Markets

Trust

Class

.............................

12,261

251,232

Templeton

Foreign

Fund

Class

......................................

32,261

276,801

2,543,377

Total

Investments

Underlying

Funds

and

Exchange

Traded

Funds

(Cost

6,180,340

)

.................................................................

7,517,895

Short

Term

Investments

1.4%

Money

Market

Funds

1.4%

a,b

Institutional

Fiduciary

Trust

Money

Market

Portfolio

4.74

...................

108,092

Total

Money

Market

Funds

(Cost

108,092

)

.....................................

108,092

Total

Short

Term

Investments

(Cost

108,092

)

..................................

108,092

Total

Investments

(Cost

6,288,432

)

99.7

.....................................

$7,625,987

Other

Assets,

less

Liabilities

0.3

.............................................

24,407

Net

Assets

100.0%

...........................................................

$7,650,394

See

Note

regarding

investments

Underlying

Funds.

The

rate

shown

the

annualized

seven-day

effective

yield

period

end.

Franklin

Fund

Allocator

Series

Schedule

Investments

(unaudited),

September

30,

2024

Franklin

Moderate

Allocation

Fund

See

Notes

Schedules

Investments.

Quarterly

Schedule

Investments

Value

Investments

Underlying

Funds

and

Exchange

Traded

Funds

99.2%

Alternative

Strategies

1.0%

Franklin

Systematic

Style

Premia

ETF

....................................

715,148

17,224,483

Domestic

Equity

46.4%

ClearBridge

Large

Cap

Value

Fund

Class

...............................

1,610,404

70,970,505

Franklin

Growth

Fund

Class

........................................

1,157,192

170,361,853

Franklin

U.S.

Core

Equity

(IU)

Fund

.....................................

21,263,599

379,767,875

Franklin

U.S.

Equity

Index

ETF

.........................................

804,650

40,437,605

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

.............................

1,540,667

89,589,786

iShares

MSCI

USA

Quality

Factor

ETF

...................................

66,300

11,887,590

iShares

MSCI

USA

Value

Factor

ETF

....................................

271,575

29,612,538

792,627,752

Domestic

Fixed

Income

33.9%

BrandywineGLOBAL

Global

Opportunities

Bond

Fund

Class

...............

4,939,687

45,296,928

Franklin

Investment

Grade

Corporate

ETF

.................................

4,265,823

94,254,212

Franklin

U.S.

Core

Bond

ETF

..........................................

12,183,341

268,155,336

Franklin

U.S.

Treasury

Bond

ETF

.......................................

6,393,222

134,641,255

iShares

Floating

Rate

Bond

ETF

........................................

687,450

35,087,448

577,435,179

Foreign

Equity

13.8%

ClearBridge

International

Growth

Fund

Class

............................

245,953

17,383,989

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

............................

3,486,124

38,626,251

Franklin

International

Core

Equity

(IU)

Fund

...............................

8,797,557

113,752,407

iShares

Core

MSCI

EAFE

ETF

.........................................

211,947

16,542,463

Templeton

Developing

Markets

Trust

Class

.............................

1,115,677

22,860,215

Templeton

Foreign

Fund

Class

......................................

3,057,611

26,234,306

235,399,631

Foreign

Fixed

Income

4.1%

Franklin

High

Yield

Corporate

ETF

......................................

2,092,845

51,159,596

Franklin

International

Aggregate

Bond

ETF

................................

937,163

19,488,305

70,647,901

Total

Investments

Underlying

Funds

and

Exchange

Traded

Funds

(Cost

1,286,619,907

)

..............................................................

1,693,334,946

Short

Term

Investments

0.7%

Money

Market

Funds

0.7%

a,b

Institutional

Fiduciary

Trust

Money

Market

Portfolio

4.74

...................

11,358,076

Total

Money

Market

Funds

(Cost

11,358,076

)

..................................

11,358,076

Franklin

Fund

Allocator

Series

Schedule

Investments

(unaudited)

Franklin

Moderate

Allocation

Fund

(continued)

Quarterly

Schedule

Investments

See

Notes

Schedules

Investments.

See

Abbreviations

page

Short

Term

Investments

(continued)

Principal

Amount

Value

Repurchase

Agreements

0.0%

†

Joint

Repurchase

Agreement

4.809

10/01/24

(Maturity

Value

917,336

)

BNP

Paribas

Securities

Corp.

(Maturity

Value

$127,262)

Deutsche

Bank

Securities,

Inc.

(Maturity

Value

$331,929)

HSBC

Securities

(USA),

Inc.

(Maturity

Value

$458,145)

Collateralized

U.S.

Government

Agency

Securities,

2.5%

7%,

5/15/27

8/20/64;

U.S.

Government

Agency

Strips,

3/15/27

2/15/49;

U.S.

Treasury

Bonds,

Index

Linked,

0.13%,

4/15/27;

and

U.S.

Treasury

Notes,

3.75%,

12/31/28

(valued

935,638

)

.......................................................

$917,214

917,214

Total

Repurchase

Agreements

(Cost

917,214

)

..................................

917,214

Total

Short

Term

Investments

(Cost

12,275,290

)

................................

12,275,290

Total

Investments

(Cost

1,298,895,197

)

99.9

..................................

$1,705,610,236

Other

Assets,

less

Liabilities

0.1

.............................................

1,204,759

Net

Assets

100.0%

...........................................................

$1,706,814,995

†

Rounds

less

than

0.1%

net

assets.

See

Note

regarding

investments

Underlying

Funds.

The

rate

shown

the

annualized

seven-day

effective

yield

period

end.

Investment

through

participation

joint

account

with

other

funds

managed

the

investment

manager

affiliate

the

investment

manager.

September

30,

2024,

all

repurchase

agreements

had

been

entered

into

that

date.

Franklin

Fund

Allocator

Series

Quarterly

Schedules

Investments

Notes

Schedules

Investments

(unaudited)

Organization

Franklin

Fund

Allocator

Series (Trust)

registered

under

the

Investment

Company

Act

1940

(1940

Act)

open-end

management

investment

company,

consisting

of eighteen

separate

funds, fifteen of

which

are

included

this

report

(Funds).

The

Funds

the

accounting

and

reporting

guidance in

Financial

Accounting

Standards Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

apply the

specialized

accounting

and

reporting

guidance

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to, ASC

946.

Certain

all

Funds

invest

primarily

mutual

funds

(Underlying

Funds)

and

exchange

traded

funds

(ETFs),

including

affiliated

funds

managed

Franklin

Templeton

(FT

Underlying

Funds).

The

accounting

policies

the

Underlying

Funds

are

outlined

their

respective

shareholder

reports.

copy

the

Underlying

Funds’

shareholder

reports,

which

each

Fund

invests, is

available

the

U.S.

Securities

and

Exchange

Commission

(SEC)

website

sec.gov.

The

Underlying

Funds’

shareholder

reports

are

not

covered

this

report.

2. Financial

Instrument

Valuation

The

Funds’

investments

financial

instruments

are

carried

fair

value

daily.

Fair

value

the

price

that

would

received

sell

asset

paid

transfer

liability

orderly

transaction

between

market

participants

the

measurement

date.

The

Funds

calculate

the

net

asset

value

(NAV)

per

each

business

day

p.m.

Eastern

time

the

regularly

scheduled

the

New

York

Stock

Exchange

(NYSE),

whichever

earlier.

Under

compliance

policies

and

procedures

approved

the

Trust’s

Board

Trustees

(the

Board),

the

Board

has

designated

the

Funds'

investment

manager

the

valuation

designee

and

has

responsibility

for

oversight

valuation.

The

investment

manager

assisted

the

Funds'

administrator

performing

this

responsibility,

including

leading

the

cross-functional

Valuation

Committee

(VC).

The

Funds

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

determine

fair

value.

Investments

the

Underlying

Funds

are

valued

their

closing

NAV

each

trading

day.

ETFs

listed

exchange

the

NASDAQ

National

Market

System

are

valued

the

last

quoted

sale

price

the

official

closing

price

the

day,

respectively.

Equity

securities,

exchange

traded

funds,

and

derivative

financial

instruments

listed

exchange

the

NASDAQ

National

Market

System

are

valued

the

last

quoted

sale

price

the

official

closing

price

the

day,

respectively.

Foreign

equity

securities

are

valued

the

trading

the

foreign

stock

exchange

which

the

security

primarily

traded

p.m.

Eastern

time.

The

value

then

converted

into

its

U.S.

dollar

equivalent

the

foreign

exchange

rate

effect

p.m. Eastern

time

the

day

that

the

value

the

security

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

multiple

markets

multiple

exchanges

are

valued

according

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

relationships

similar

securities.

Debt

securities

generally

trade

the

OTC

market

rather

than

securities

exchange.

The

Funds’

pricing

services

use

multiple

valuation

techniques

determine

fair

value.

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

market-based

approach

through

which

quotes

from

market

makers

are

used

determine

fair

value.

instances

where

sufficient

market

activity

may

not

exist

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

principal

repayments,

underlying

collateral,

and

other

unique

security

features

order

estimate

the

relevant

cash

flows,

which

are

then

discounted

calculate

the

fair

value.

Investments

open-end

mutual

funds

are

valued

the

closing

NAV. Investments

repurchase

agreements

are

valued

cost,

which

approximates

fair

value.

Franklin

Fund

Allocator

Series

Notes

Schedules

Investments

(unaudited)

Quarterly

Schedules

Investments

Certain

derivative

financial

instruments

trade

the

OTC

market.

The

Funds’

pricing

services

use

various

techniques

including

industry

standard

option

pricing

models

and

proprietary

discounted

cash

flow

models

determine

the

fair

value

those

instruments.

The

Funds’ net

benefit

obligation

under

the

derivative

contract,

measured

the

fair

value

the

contract,

included

net

assets.

The

Funds

have procedures

determine

the

fair

value

financial

instruments

for

which

market

prices

are

not

reliable

readily

available.

Under

these

procedures,

the

Funds

primarily employ

market-based

approach

which

may

use

comparable

assets

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

determine

the

fair

value

the

investment.

income-based

valuation

approach

may

also

used

which

the

anticipated

future

cash

flows

the

investment

are

discounted

calculate

fair

value.

Discounts

may

also

applied

due

the

nature

duration

any

restrictions

the

disposition

the

investments.

Due

the

inherent

uncertainty

valuations

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

active

market

existed.

Trading

securities

foreign

securities

stock

exchanges

and

OTC

markets

may

completed

before

p.m.

Eastern

time.

addition,

trading

certain

foreign

markets

may

not

take

place

every

Funds’ business

day.

Events

can

occur

between

the

time

which

trading

foreign

security

completed

and

p.m.

Eastern

time

that

might

call

into

question

the

reliability

the

value

portfolio

security

held

the

Fund.

result,

differences

may

arise

between

the

value

the

Funds’

portfolio

securities

determined

the

foreign

market

and

the

latest

indications

value

p.m.

Eastern

time.

order

minimize

the

potential

for

these

differences,

independent

pricing

service

may

used

adjust

the

value

the

Funds'

portfolio

securities

the

latest

indications

fair

value

at 4

p.m.

Eastern

time.

September

30,

2024,

certain

securities

may

have

been

fair

valued

using

these

procedures,

which

case

the

securities

were

categorized

Level

within

the

fair

value

hierarchy

(referred

"market

level

fair

value").

See

the

Fair

Value

Measurements

note

for

information.

When

the

last

day

the

reporting

period

non-business

day,

certain

foreign

markets

may

open

those

days

that

the

Funds’

NAV

not

calculated,

which

could

result

differences

between

the

value

the

Funds’

portfolio securities

the

last

business

day

and

the

last

calendar

day

the

reporting

period.

Any

security

valuation

changes

due

open

foreign

market

are

adjusted

and

reflected

the

Funds for

financial

reporting

purposes.

Investments

Underlying

Funds

Certain

all

Funds

invest

Underlying

Funds

which

are

managed

Franklin

Advisers,

Inc.

(Advisers),

affiliate

Services

affiliate

Advisers.

defined

the

1940

Act,

investment

deemed

“Controlled

Affiliate”

fund

when

fund

owns,

either

directly

indirectly,

25%

the

Underlying

Fund’s

outstanding

has

the

power

exercise

control

over

management

policies

such

Underlying

Fund.

The

Funds

not

invest

Underlying

Funds

for

the

purpose

exercising

controlling

influence

over

the

management

policies.

Investments

Underlying

Funds

for

the period ended September

30,

2024,

were

follows:

Value

Beginning

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

Unrealized

Appreciation

(Depreciation)

Value

End

Period

Number

Held

End

Period

Dividend

Income

Franklin

Conservative

Allocation

Fund

Non-Controlled

Affiliates

BrandywineGLOBAL

Global

Opportunities

Bond

Fund,

Class

35,532,536

5,745,294

(4,305,074)

(1,145,663)

521,094

36,348,187

3,963,815

924,870

2. Financial

Instrument

Valuation

(continued)

Franklin

Fund

Allocator

Series

Notes

Schedules

Investments

(unaudited)

Quarterly

Schedules

Investments

Value

Beginning

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

Unrealized

Appreciation

(Depreciation)

Value

End

Period

Number

Held

End

Period

Dividend

Income

Franklin

Conservative

Allocation

Fund

(continued)

Non-Controlled

Affiliates

(continued)

ClearBridge

International

Growth

Fund,

Class

............

6,472,793

207,688

(1,531,025)

132,912

810,632

6,093,000

86,205

—

ClearBridge

Large

Cap

Value

Fund,

Class

.................

26,439,391

1,596,769

(5,197,981)

446,942

1,684,857

24,969,978

566,598

287,319

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

...........

13,340,652

1,621,965

(3,337,957)

(100,538)

2,108,749

13,632,871

1,230,404

192,368

Franklin

Growth

Fund,

Class

63,091,507

1,631,989

(15,951,864)

5,217,280

5,725,045

59,713,957

405,610

—

Franklin

High

Yield

Corporate

ETF

18,243,540

24,232,120

(2,364,256)

(231,598)

1,173,885

41,053,691

1,679,431

778,408

Franklin

International

Aggregate

Bond

ETF

................

15,322,392

1,639,153

(1,621,733)

(

418,491)

717,476

15,638,797

752,046

—

Franklin

International

Core

Equity

(IU)

Fund

................

42,320,816

2,514,252

(9,475,050)

1,074,557

3,435,606

39,870,181

3,083,541

780,118

Franklin

Investment

Grade

Corporate

ETF

............

22,880,435

55,272,583

(3,045,813)

(317,645)

846,154

75,635,714

3,423,174

694,448

Franklin

Systematic

Style

Premia

ETF

....................

8,696,285

393,541

(987,429)

46,361

906,699

9,055,457

375,976

—

Franklin

U.S.

Core

Bond

ETF

...

179,960,360

48,565,381

(16,667,401)

(2,963,445)

6,291,769

215,186,664

9,776,768

4,916,569

Franklin

U.S.

Core

Equity

(IU)

Fund

140,498,475

11,525,264

(50,493,130)

12,431,401

19,153,138

133,115,148

7,453,256

1,289,110

Franklin

U.S.

Equity

Index

ETF

14,968,633

4,103,544

(7,420,656)

753,067

1,768,450

14,173,038

282,023

129,995

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

...............

33,011,646

949,718

(8,994,803)

2,083,524

4,351,031

31,401,116

540,002

250,659

Franklin

U.S.

Treasury

Bond

ETF

59,583,178

55,876,338

(8,660,583)

(2,005,700)

3,252,422

108,045,655

5,130,373

2,295,726

Institutional

Fiduciary

Trust

Money

Market

Portfolio,

4.74%

.......

2,128,612

73,049,868

(69,133,863)

—

6,044,617

224,438

Templeton

Developing

Markets

Trust,

Class

............

9,751,940

1,133,210

(4,151,985)

(46,271)

1,378,539

8,065,433

393,628

—

Templeton

Foreign

Fund,

Class

9,717,617

1,382,287

(2,693,405)

441,920

435,495

9,283,914

1,082,041

—

Western

Asset

Core

Plus

Bond

Fund,

Class

............

100,478,405

10,744,333

(111,649,108)

(13,804,488)

14,230,858

—

3,080,293

Western

Asset

Short-Term

Bond

Fund,

Class

............

22,616,221

2,569,131

(25,500,554)

(169,486)

484,688

—

651,749

Total

Non-Controlled

Affiliates

$825,055,434

$304,754,428

$(353,183,670)

$1,424,639

$69,276,587

$847,327,418

$16,496,070

Total

Affiliated

Securities

....

$825,055,434

$304,754,428

$(353,183,670)

$1,424,639

$69,276,587

$847,327,418

$16,496,070

Franklin

Corefolio

Allocation

Fund

Non-Controlled

Affiliates

Franklin

Growth

Fund,

Class

230,947,089

—

(16,973,105)

1,843,846

40,623,376

256,441,206

1,741,891

—

Franklin

Growth

Opportunities

Fund,

Class

............

251,269,180

—

(40,560,339)

4,646,549

48,425,694

263,781,084

4,260,719

—

Franklin

Mutual

Fund,

Class

.....................

209,518,825

21,149,585

(11,403,727)

703,302

30,614,219

250,582,204

8,975,007

—

Investments

Underlying

Funds

(continued)

Franklin

Fund

Allocator

Series

Notes

Schedules

Investments

(unaudited)

Quarterly

Schedules

Investments

Value

Beginning

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

Unrealized

Appreciation

(Depreciation)

Value

End

Period

Number

Held

End

Period

Dividend

Income

Franklin

Corefolio

Allocation

Fund

(continued)

Non-Controlled

Affiliates

(continued)

Institutional

Fiduciary

Trust

Money

Market

Portfolio,

4.74%

.......

1,179

15,904,435

(15,904,708)

—

906

6,304

Templeton

Growth

Fund,

Inc.,

Class

.....................

222,226,088

12,029,522

(11,561,247)

813,056

21,874,124

245,381,543

8,716,929

—

Total

Non-Controlled

Affiliates

$913,962,361

$49,083,542

$(96,403,126)

$8,006,753

$141,537,413

$1,016,186,943

$6,304

Total

Affiliated

Securities

....

$913,962,361

$49,083,542

$(96,403,126)

$8,006,753

$141,537,413

$1,016,186,943

$6,304

Franklin

Growth

Allocation

Fund

Controlled

Affiliates

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

...........

36,237,958

4,455,344

(4,730,655)

(207,441)

6,189,475

41,944,681

3,785,621

571,636

Non-Controlled

Affiliates

BrandywineGLOBAL

Global

Opportunities

Bond

Fund,

Class

14,223,395

5,102,909

(1,720,457)

(426,623)

357,365

17,536,589

1,912,387

408,291

ClearBridge

International

Growth

Fund,

Class

............

17,656,450

623,092

(2,096,754)

183,121

2,578,496

18,944,405

268,031

—

ClearBridge

Large

Cap

Value

Fund,

Class

.................

72,098,193

6,268,099

(6,938,124)

171,841

6,029,984

77,629,993

1,761,516

848,103

Franklin

Growth

Fund,

Class

174,044,468

747,674

(20,562,588)

2,395,689

29,018,225

185,643,468

1,260,994

—

Franklin

High

Yield

Corporate

ETF

7,304,631

12,998,963

(927,057)

(42,382)

471,331

19,805,486

810,206

335,119

Franklin

International

Aggregate

Bond

ETF

................

6,135,331

1,961,838

(709,587)

(

172,462)

329,285

7,544,405

362,799

—

Franklin

International

Core

Equity

(IU)

Fund

................

115,442,847

10,360,046

(14,806,071)

664,048

12,300,229

123,961,099

9,587,092

2,300,979

Franklin

Investment

Grade

Corporate

ETF

............

9,161,624

28,234,504

(1,207,078)

(78,474)

379,028

36,489,604

1,651,472

297,852

Franklin

Systematic

Style

Premia

ETF

....................

12,133,894

1,391,096

(812,358)

17,252

1,347,482

14,077,366

584,482

—

Franklin

U.S.

Core

Bond

ETF

...

72,059,201

35,781,290

(5,980,982)

(1,002,579)

2,956,823

103,813,753

4,716,663

2,119,820

Franklin

U.S.

Core

Equity

(IU)

Fund

305,126,935

9,929,312

(56,299,412)

7,515,242

63,237,037

329,509,114

18,449,558

2,954,013

Franklin

U.S.

Equity

Index

ETF

116,704,561

15,925,116

(28,004,721)

2,624,521

21,062,590

128,312,067

2,553,225

1,148,033

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

...............

90,020,249

2,912,935

(13,870,844)

2,589,106

15,976,647

97,628,093

1,678,901

741,637

Franklin

U.S.

Treasury

Bond

ETF

23,858,015

30,409,643

(2,922,071)

(477,855)

1,257,200

52,124,932

2,475,068

996,326

Institutional

Fiduciary

Trust

Money

Market

Portfolio,

4.74%

.......

6,207,441

85,724,620

(81,759,655)

—

10,172,406

359,838

Templeton

Developing

Markets

Trust,

Class

............

26,787,077

2,720,717

(8,596,468)

(305,650)

4,228,370

24,834,046

1,212,008

—

Templeton

Foreign

Fund,

Class

26,507,551

4,126,371

(4,797,379)

219,006

2,397,232

28,452,781

3,316,175

—

Western

Asset

Core

Plus

Bond

Fund,

Class

............

40,233,942

11,787,566

(52,555,641)

(1,819,497)

2,353,630

—

1,307,890

Investments

Underlying

Funds

(continued)

Franklin

Fund

Allocator

Series

Notes

Schedules

Investments

(unaudited)

Quarterly

Schedules

Investments

Value

Beginning

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

Unrealized

Appreciation

(Depreciation)

Value

End

Period

Number

Held

End

Period

Dividend

Income

Franklin

Growth

Allocation

Fund

(continued)

Non-Controlled

Affiliates

(continued)

Western

Asset

Short-Term

Bond

Fund,

Class

............

9,057,382

2,862,685

(12,080,974)

161,663

(756)

—

277,362

Total

Non-Controlled

Affiliates

$1,144,763,187

$269,868,476

$(316,648,221)

$12,215,967

$166,280,198

$1,276,479,607

$14,095,263

Total

Affiliated

Securities

....

$1,181,001,145

$274,323,820

$(321,378,876)

$12,008,526

$172,469,673

$1,318,424,288

$14,666,899

Franklin

LifeSmart™

Retirement

Income

Fund

Non-Controlled

Affiliates

BrandywineGLOBAL

Global

Opportunities

Bond

Fund,

Class

2,313,314

216,600

(206,034)

(51,714)

(4,972)

2,267,194

247,240

54,875

BrandywineGLOBAL

High

Yield

Fund,

Class

............

—

8,339,779

—

8,339,779

804,998

—

ClearBridge

Tactical

Dividend

Income

Fund,

Class

.......

5,526,588

196,677

(1,560,419)

140,546

636,058

4,939,450

198,931

141,591

Franklin

High

Yield

Corporate

ETF

2,055,805

99,128

(197,628)

(24,856)

105,164

2,037,613

83,355

84,393

Franklin

International

Core

Dividend

Tilt

Index

ETF

.............

1,316,440

92,356

(129,522)

7,446

86,933

1,373,653

41,425

41,723

Franklin

Investment

Grade

Corporate

ETF

............

2,661,486

1,214,560

(252,829)

(70,747)

111,003

3,663,473

165,804

75,392

Franklin

U.S.

Core

Bond

ETF

...

5,208,669

1,881,090

(487,855)

(93,346)

163,091

6,671,649

303,119

130,597

Franklin

U.S.

Core

Equity

(IU)

Fund

1,084,545

22,924

(431,474)

162,545

89,974

928,514

51,988

10,708

Franklin

U.S.

Government

Securities

Fund,

Class

.....

3,133,651

1,250,387

(291,272)

(50,564)

78,337

4,120,539

789,375

77,854

Institutional

Fiduciary

Trust

Money

Market

Portfolio,

4.74%

.......

1,101,739

5,045,825

(4,975,436)

—

1,172,128

39,257

Templeton

Developing

Markets

Trust,

Class

............

487,991

5,817

(111,291)

(14,941)

85,109

452,685

22,093

—

Templeton

Foreign

Fund,

Class

1,008,454

10,387

(186,789)

38,653

45,496

916,201

106,783

—

Western

Asset

Income

Fund,

Class

.....................

6,817,371

404,777

(7,244,009)

(691,395)

713,256

—

378,261

Western

Asset

Short

Duration

High

Income

Fund,

Class

........

5,025,310

294,196

(5,398,094)

(333,117)

411,705

—

274,064

Total

Non-Controlled

Affiliates

$37,741,363

$19,074,503

$(21,472,652)

$(981,490)

$2,521,154

$36,882,878

$1,308,715

Total

Affiliated

Securities

....

$37,741,363

$19,074,503

$(21,472,652)

$(981,490)

$2,521,154

$36,882,878

$1,308,715

Franklin

LifeSmart™

2020

Retirement

Target

Fund

Non-Controlled

Affiliates

BrandywineGLOBAL

Global

Opportunities

Bond

Fund,

Class

1,087,048

204,386

(282,655)

(78,214)

54,242

984,807

107,394

26,362

ClearBridge

International

Growth

Fund,

Class

............

381,221

5,779

(121,750)

8,702

40,787

314,739

4,453

—

ClearBridge

Large

Cap

Value

Fund,

Class

.................

852,285

58,623

(266,017)

37,206

24,255

706,352

16,028

8,356

Investments

Underlying

Funds

(continued)

Franklin

Fund

Allocator

Series

Notes

Schedules

Investments

(unaudited)

Quarterly

Schedules

Investments

Value

Beginning

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

Unrealized

Appreciation

(Depreciation)

Value

End

Period

Number

Held

End

Period

Dividend

Income

Franklin

LifeSmart™

2020

Retirement

Target

Fund

(continued)

Non-Controlled

Affiliates

(continued)

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

...........

824,345

52,232

(273,478)

(13,452)

123,269

712,916

64,343

10,622

Franklin

Growth

Fund,

Class

2,033,799

51,519

(717,599)

287,238

34,226

1,689,183

11,474

—

Franklin

High

Yield

Corporate

ETF

558,177

666,719

(139,039)

(12,628)

38,725

1,111,954

45,488

22,445

Franklin

International

Aggregate

Bond

ETF

................

468,379

56,663

(108,987)

(26,737)

34,297

423,615

20,371

—

Franklin

International

Core

Equity

(IU)

Fund

................

2,492,364

129,631

(798,941)

77,575

158,883

2,059,512

159,282

41,672

Franklin

Investment

Grade

Corporate

ETF

............

700,604

1,529,117

(193,839)

(24,251)

37,213

2,048,844

92,728

20,029

Franklin

Systematic

Style

Premia

ETF

....................

295,198

10,980

(67,153)

3,770

27,200

269,995

11,210

—

Franklin

U.S.

Core

Bond

ETF

...

5,511,219

1,574,215

(1,336,579)

(237,031)

317,811

5,829,635

264,863

141,958

Franklin

U.S.

Core

Equity

(IU)

Fund

4,528,984

320,602

(2,010,206)

604,008

322,131

3,765,519

210,835

38,282

Franklin

U.S.

Equity

Index

ETF

481,751

134,518

(289,122)

45,916

27,720

400,783

7,975

3,744

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

...............

1,063,106

44,729

(409,745)

138,201

50,671

886,962

15,253

7,249

Franklin

U.S.

Treasury

Bond

ETF

1,824,228

1,700,235

(626,660)

(108,031)

137,526

2,927,298

138,998

66,051

Institutional

Fiduciary

Trust

Money

Market

Portfolio,

4.74%

.......

164,927

4,570,856

(4,497,959)

—

237,824

7,120

Templeton

Developing

Markets

Trust,

Class

............

582,832

89,032

(318,990)

(16,788)

86,335

422,421

20,616

—

Templeton

Foreign

Fund,

Class

572,338

74,794

(225,906)

34,461

9,971

465,658

54,273

—

Western

Asset

Core

Plus

Bond

Fund,

Class

............

3,077,238

369,525

(3,449,647)

(435,396)

438,280

—

89,187

Western

Asset

Short-Term

Bond

Fund,

Class

............

692,612

79,874

(781,137)

(15,844)

24,495

—

18,855

Total

Non-Controlled

Affiliates

$28,192,655

$11,724,029

$(16,915,409)

$268,705

$1,988,037

$25,258,017

$501,932

Total

Affiliated

Securities

....

$28,192,655

$11,724,029

$(16,915,409)

$268,705

$1,988,037

$25,258,017

$501,932

Franklin

LifeSmart™

2025

Retirement

Target

Fund

Non-Controlled

Affiliates

BrandywineGLOBAL

Global

Opportunities

Bond

Fund,

Class

3,319,712

728,915

(479,156)

(125,770)

73,007

3,516,708

383,501

89,662

ClearBridge

International

Growth

Fund,

Class

............

1,671,512

9,003

(311,102)

26,761

215,322

1,611,496

22,800

—

ClearBridge

Large

Cap

Value

Fund,

Class

.................

3,735,880

259,251

(677,846)

66,482

231,667

3,615,434

82,038

40,732

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

...........

3,609,671

300,182

(798,720)

(28,570)

570,711

3,653,274

329,718

51,756

Franklin

Growth

Fund,

Class

8,914,864

114,645

(1,912,555)

681,515

847,517

8,645,986

58,728

—

Franklin

High

Yield

Corporate

ETF

1,706,502

2,404,259

(229,840)

(18,044)

108,898

3,971,775

162,478

75,544

Investments

Underlying

Funds

(continued)

Franklin

Fund

Allocator

Series

Notes

Schedules

Investments

(unaudited)

Quarterly

Schedules

Investments

Value

Beginning

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

Unrealized

Appreciation

(Depreciation)

Value

End

Period

Number

Held

End

Period

Dividend

Income

Franklin

LifeSmart™

2025

Retirement

Target

Fund

(continued)

Non-Controlled

Affiliates

(continued)

Franklin

International

Aggregate

Bond

ETF

................

1,431,031

201,795

(149,832)

(37,327)

67,336

1,513,003

72,758

—

Franklin

International

Core

Equity

(IU)

Fund

................

10,928,089

715,134

(2,244,879)

180,272

966,207

10,544,823

815,532

201,250

Franklin

Investment

Grade

Corporate

ETF

............

2,140,380

5,485,698

(361,548)

(60,135)

112,762

7,317,157

331,165

67,374

Franklin

Systematic

Style

Premia

ETF

....................

1,092,957

74,232

(130,024)

5,023

115,299

1,157,487

48,058

—

Franklin

U.S.

Core

Bond

ETF

...

16,834,046

5,697,142

(2,049,909)

(356,582)

693,638

20,818,335

945,858

477,740

Franklin

U.S.

Core

Equity

(IU)

Fund

19,852,245

1,196,024

(6,180,694)

1,456,609

2,949,251

19,273,435

1,079,140

182,752

Franklin

U.S.

Equity

Index

ETF

2,114,296

621,022

(1,038,712)

123,753

231,297

2,051,656

40,825

18,402

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

...............

4,663,962

164,365

(1,181,589)

276,550

623,228

4,546,516

78,186

35,544

Franklin

U.S.

Treasury

Bond

ETF

5,573,561

5,739,071

(988,293)

(160,577)

289,116

10,452,878

496,338

223,112

Institutional

Fiduciary

Trust

Money

Market

Portfolio,

4.74%

.......

404,403

14,260,966

(13,557,808)

—

1,107,561

32,368

Templeton

Developing

Markets

Trust,

Class

............

2,565,806

368,966

(1,116,817)

(58,688)

405,439

2,164,706

105,647

—

Templeton

Foreign

Fund,

Class

2,509,499

331,611

(679,847)

92,387

130,755

2,384,405

277,903

—

Western

Asset

Core

Plus

Bond

Fund,

Class

............

9,399,396

1,320,320

(10,772,996)

(1,224,127)

1,277,407

—

298,089

Western

Asset

Short-Term

Bond

Fund,

Class

............

2,115,581

296,585

(2,443,233)

(31,187)

62,254

—

63,077

Total

Non-Controlled

Affiliates

$104,583,393

$40,289,186

$(47,305,400)

$808,345

$9,971,111

$108,346,635

$1,857,402

Total

Affiliated

Securities

....

$104,583,393

$40,289,186

$(47,305,400)

$808,345

$9,971,111

$108,346,635

$1,857,402

Franklin

LifeSmart™

2030

Retirement

Target

Fund

Non-Controlled

Affiliates

BrandywineGLOBAL

Global

Opportunities

Bond

Fund,

Class

1,511,702

489,251

(155,022)

(39,460)

24,332

1,830,803

199,651

44,963

ClearBridge

International

Growth

Fund,

Class

............

1,111,715

64,067

(130,582)

7,652

166,460

1,219,312

17,251

—

ClearBridge

Large

Cap

Value

Fund,

Class

.................

2,486,207

300,883

(263,546)

1,866

211,881

2,737,291

62,112

29,629

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

...........

2,392,445

350,827

(369,894)

10,420

383,742

2,767,540

249,778

37,806

Franklin

Growth

Fund,

Class

5,932,774

340,626

(812,591)

62,318

1,022,831

6,545,958

44,464

—

Franklin

High

Yield

Corporate

ETF

774,294

1,315,950

(69,279)

(5,064)

51,266

2,067,167

84,564

37,025

Franklin

International

Aggregate

Bond

ETF

................

651,460

154,940

(35,540)

(8,197)

24,594

787,257

37,858

—

Franklin

International

Core

Equity

(IU)

Fund

................

7,268,271

783,502

(887,067)

22,781

791,052

7,978,539

617,056

145,639

Investments

Underlying

Funds

(continued)

Franklin

Fund

Allocator

Series

Notes

Schedules

Investments

(unaudited)

Quarterly

Schedules

Investments

Value

Beginning

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

Unrealized

Appreciation

(Depreciation)

Value

End

Period

Number

Held

End

Period

Dividend

Income

Franklin

LifeSmart™

2030

Retirement

Target

Fund

(continued)

Non-Controlled

Affiliates

(continued)

Franklin

Investment

Grade

Corporate

ETF

............

971,595

2,930,177

(122,438)

(20,407)

50,374

3,809,301

172,404

32,933

Franklin

Systematic

Style

Premia

ETF

....................

628,629

89,014

(35,548)

792

70,642

753,529

31,286

—

Franklin

U.S.

Core

Bond

ETF

...

7,642,216

3,565,422

(564,761)

(91,548)

286,395

10,837,724

492,400

234,662

Franklin

U.S.

Core

Equity

(IU)

Fund

13,211,611

1,438,339

(3,179,099)

391,807

2,729,391

14,592,049

817,024

130,816

Franklin

U.S.

Equity

Index

ETF

1,406,756

500,952

(609,671)

59,799

194,839

1,552,675

30,896

13,444

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

...............

3,103,041

227,135

(528,627)

82,087

558,553

3,442,189

59,195

25,932

Franklin

U.S.

Treasury

Bond

ETF

2,529,946

3,105,202

(269,697)

(41,853)

118,159

5,441,757

258,393

109,906

Institutional

Fiduciary

Trust

Money

Market

Portfolio,

4.74%

.......

712,937

9,070,056

(9,184,024)

—

598,969

24,116

Templeton

Developing

Markets

Trust,

Class

............

1,719,622

315,952

(649,792)

32,382

221,745

1,639,909

80,035

—

Templeton

Foreign

Fund,

Class

1,669,040

325,402

(353,815)

10,082

153,459

1,804,168

210,276

—

Western

Asset

Core

Plus

Bond

Fund,

Class

............

4,267,097

918,397

(5,232,062)

(421,219)

467,787

—

145,113

Western

Asset

Short-Term

Bond

Fund,

Class

............

960,425

222,493

(1,199,451)

3,511

13,022

—

30,760

Total

Non-Controlled

Affiliates

$60,951,783

$26,508,587

$(24,652,506)

$57,749

$7,540,524

$70,406,137

$1,042,744

Total

Affiliated

Securities

....

$60,951,783

$26,508,587

$(24,652,506)

$57,749

$7,540,524

$70,406,137

$1,042,744

Franklin

LifeSmart™

2035

Retirement

Target

Fund

Non-Controlled

Affiliates

BrandywineGLOBAL

Global

Opportunities

Bond

Fund,

Class

2,160,214

697,635

(176,526)

(43,891)

25,087

2,662,519

290,351

64,638

ClearBridge

International

Growth

Fund,

Class

............

2,443,406

69,636

(211,762)

16,993

366,650

2,684,923

37,987

—

ClearBridge

Large

Cap

Value

Fund,

Class

.................

5,462,294

533,052

(441,083)

4,625

465,530

6,024,418

136,701

64,926

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

...........

5,255,477

583,619

(623,026)

(17,818)

886,953

6,085,205

549,206

82,117

Franklin

Growth

Fund,

Class

13,034,561

370,374

(1,383,366)

163,755

2,221,406

14,406,730

97,859

—

Franklin

High

Yield

Corporate

ETF

1,111,525

1,905,445

(76,805)

(5,395)

72,258

3,007,028

123,012

53,246

Franklin

International

Aggregate

Bond

ETF

................

931,048

222,049

(31,735)

(7,600)

31,564

1,145,326

55,077

—

Franklin

International

Core

Equity

(IU)

Fund

................

15,974,688

1,311,997

(1,516,380)

67,303

1,730,989

17,568,597

1,358,747

316,919

Franklin

Investment

Grade

Corporate

ETF

............

1,393,954

4,242,180

(140,659)

(24,812)

69,068

5,539,731

250,721

47,348

Franklin

Systematic

Style

Premia

ETF

....................

1,220,519

159,236

(60,696)

1,195

136,901

1,457,155

60,500

—

Investments

Underlying

Funds

(continued)

Franklin

Fund

Allocator

Series

Notes

Schedules

Investments

(unaudited)

Quarterly

Schedules

Investments

Value

Beginning

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

Unrealized

Appreciation

(Depreciation)

Value

End

Period

Number

Held

End

Period

Dividend

Income

Franklin

LifeSmart™

2035

Retirement

Target

Fund

(continued)

Non-Controlled

Affiliates

(continued)

Franklin

U.S.

Core

Bond

ETF

...

10,965,448

5,029,703

(520,532)

(83,934)

370,874

15,761,559

716,109

337,422

Franklin

U.S.

Core

Equity

(IU)

Fund

29,026,351

2,114,931

(5,885,199)

634,084

6,224,654

32,114,821

1,798,142

285,223

Franklin

U.S.

Equity

Index

ETF

3,092,366

1,049,245

(1,282,502)

146,301

413,783

3,419,193

68,037

29,457

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

...............

6,819,236

331,708

(984,565)

177,444

1,231,610

7,575,433

130,274

56,821

Franklin

U.S.

Treasury

Bond

ETF

3,630,568

4,424,301

(253,699)

(38,479)

150,983

7,913,674

375,768

158,114

Institutional

Fiduciary

Trust

Money

Market

Portfolio,

4.74%

.......

167,891

12,216,564

(11,315,941)

—

1,068,514

44,131

Templeton

Developing

Markets

Trust,

Class

............

3,784,328

568,743

(1,307,508)

(64,697)

625,015

3,605,881

175,982

—

Templeton

Foreign

Fund,

Class

3,668,343

571,895

(628,823)

26,831

334,772

3,973,018

463,056

—

Western

Asset

Core

Plus

Bond

Fund,

Class

............

6,122,530

1,350,083

(7,543,841)

(597,260)

668,488

—

208,346

Western

Asset

Short-Term

Bond

Fund,

Class

............

1,378,083

313,221

(1,715,360)

8,403

15,653

—

44,166

Total

Non-Controlled

Affiliates

$117,642,830

$38,065,617

$(36,100,008)

$363,048

$16,042,238

$136,013,725

$1,792,874

Total

Affiliated

Securities

....

$117,642,830

$38,065,617

$(36,100,008)

$363,048

$16,042,238

$136,013,725

$1,792,874

Franklin

LifeSmart™

2040

Retirement

Target

Fund

Non-Controlled

Affiliates

ClearBridge

International

Growth

Fund,

Class

............

1,143,148

54,605

(100,669)

6,499

175,089

1,278,672

18,091

—

ClearBridge

Large

Cap

Value

Fund,

Class

.................

2,555,586

308,512

(217,458)

1,579

221,202

2,869,421

65,111

30,691

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

...........

2,441,885

333,231

(287,483)

(13,469)

424,800

2,898,964

261,639

39,153

Franklin

Growth

Fund,

Class

6,169,181

282,924

(714,781)

37,833

1,086,712

6,861,869

46,610

—

Franklin

High

Yield

Corporate

ETF

342,177

636,037

(16,020)

(1,299)

22,967

983,862

40,248

16,940

Franklin

International

Core

Equity

(IU)

Fund

................

7,473,832

826,622

(782,098)

15,134

833,343

8,366,833

647,087

150,687

Franklin

Investment

Grade

Corporate

ETF

............

428,834

1,397,417

(28,697)

(4,962)

20,385

1,812,977

82,053

15,031

Franklin

Systematic

Style

Premia

ETF

....................

512,824

76,086

(24,777)

(100)

58,256

622,289

25,837

—

Franklin

U.S.

Core

Bond

ETF

...

3,375,466

1,827,094

(144,667)

(24,315)

125,610

5,159,188

234,402

107,477

Franklin

U.S.

Core

Equity

(IU)

Fund

10,815,466

515,818

(1,681,615)

282,864

2,246,919

12,179,452

681,940

106,503

Franklin

U.S.

Equity

Index

ETF

4,135,988

459,686

(704,860)

62,272

789,720

4,742,806

94,375

41,554

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

...............

3,189,700

204,344

(451,936)

55,435

610,199

3,607,742

62,042

26,851

Franklin

U.S.

Treasury

Bond

ETF

1,117,178

1,503,340

(70,732)

(11,630)

52,140

2,590,296

122,996

50,440

Institutional

Fiduciary

Trust

Money

Market

Portfolio,

4.74%

.......

308,445

5,472,588

(5,214,698)

—

566,335

19,215

Investments

Underlying

Funds

(continued)

Franklin

Fund

Allocator

Series

Notes

Schedules

Investments

(unaudited)

Quarterly

Schedules

Investments

Value

Beginning

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

Unrealized

Appreciation

(Depreciation)

Value

End

Period

Number

Held

End

Period

Dividend

Income

Franklin

LifeSmart™

2040

Retirement

Target

Fund

(continued)

Non-Controlled

Affiliates

(continued)

Templeton

Developing

Markets

Trust,

Class

............

1,781,865

283,330

(612,656)

(21,997)

287,328

1,717,870

83,839

—

Templeton

Foreign

Fund,

Class

1,716,215

294,131

(289,937)

10,215

161,609

1,892,233

220,540

—

Western

Asset

Core

Plus

Bond

Fund,

Class

............

1,884,719

578,380

(2,492,552)

(86,657)

116,110

—

65,970

Western

Asset

Short-Term

Bond

Fund,

Class

............

424,242

134,975

(567,308)

7,894

197

—

13,995

Total

Non-Controlled

Affiliates

$49,816,751

$15,189,120

$(14,402,944)

$315,296

$7,232,586

$58,150,809

$684,507

Total

Affiliated

Securities

....

$49,816,751

$15,189,120

$(14,402,944)

$315,296

$7,232,586

$58,150,809

$684,507

Franklin

LifeSmart™

2045

Retirement

Target

Fund

Non-Controlled

Affiliates

ClearBridge

International

Growth

Fund,

Class

............

2,116,749

131,471

(185,723)

10,491

329,728

2,402,716

33,994

—

ClearBridge

Large

Cap

Value

Fund,

Class

.................

4,733,010

630,311

(387,344)

2,745

414,266

5,392,988

122,373

57,491

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

...........

4,514,017

656,095

(492,763)

(19,670)

792,134

5,449,813

491,860

73,420

Franklin

Growth

Fund,

Class

11,425,471

601,574

(1,229,684)

58,092

2,041,214

12,896,667

87,601

—

Franklin

International

Core

Equity

(IU)

Fund

................

13,839,193

1,599,545

(1,307,687)

26,789

1,563,988

15,721,828

1,215,919

282,482

Franklin

Systematic

Style

Premia

ETF

....................

864,571

127,336

(31,504)

98,336

1,058,761

43,959

—

Franklin

U.S.

Core

Bond

ETF

...

3,590,239

6,902,896

(329,663)

(48,899)

154,985

10,269,558

466,586

116,843

Franklin

U.S.

Core

Equity

(IU)

Fund

20,030,536

916,192

(2,779,264)

661,624

4,061,722

22,890,810

1,281,680

199,286

Franklin

U.S.

Equity

Index

ETF

7,661,202

938,166

(1,276,912)

97,932

1,493,575

8,913,963

177,375

77,845

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

...............

5,908,547

455,436

(825,174)

102,513

1,139,957

6,781,279

116,617

50,310

Institutional

Fiduciary

Trust

Money

Market

Portfolio,

4.74%

.......

349,503

8,437,277

(8,001,872)

—

784,908

31,558

Templeton

Developing

Markets

Trust,

Class

............

3,318,948

523,828

(1,111,357)

(57,747)

555,814

3,229,486

157,613

—

Templeton

Foreign

Fund,

Class

3,177,885

578,721

(525,366)

20,827

303,652

3,555,719

414,419

—

Investments

Underlying

Funds

(continued)

Franklin

Fund

Allocator

Series

Notes

Schedules

Investments

(unaudited)

Quarterly

Schedules

Investments

Value

Beginning

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

Unrealized

Appreciation

(Depreciation)

Value

End

Period

Number

Held

End

Period

Dividend

Income

Franklin

LifeSmart™

2045

Retirement

Target

Fund

(continued)

Non-Controlled

Affiliates

(continued)

Western

Asset

Core

Plus

Bond

Fund,

Class

............

3,600,983

1,636,381

(5,320,739)

(13,495)

96,870

—

135,063

Total

Non-Controlled

Affiliates

$85,130,854

$24,135,229

$(23,805,052)

$841,224

$13,046,241

$99,348,496

$1,024,298

Total

Affiliated

Securities

....

$85,130,854

$24,135,229

$(23,805,052)

$841,224

$13,046,241

$99,348,496

$1,024,298

Franklin

LifeSmart™

2050

Retirement

Target

Fund

Non-Controlled

Affiliates

ClearBridge

International

Growth

Fund,

Class

............

1,064,121

197,649

(50,017)

1,141

184,719

1,397,613

19,774

—

ClearBridge

Large

Cap

Value

Fund,

Class

.................

2,378,783

646,945

(117,263)

(235)

228,299

3,136,529

71,172

31,822

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

...........

2,263,490

610,611

(127,739)

(4,782)

428,068

3,169,648

286,069

41,001

Franklin

Growth

Fund,

Class

5,742,365

997,717

(359,214)

4,658

1,115,027

7,500,553

50,948

—

Franklin

International

Core

Equity

(IU)

Fund

................

6,957,196

1,706,588

(373,176)

(2,189)

856,526

9,144,945

707,266

155,121

Franklin

Systematic

Style

Premia

ETF

....................

410,549

126,612

(7,414)

47,963

577,756

23,988

—

Franklin

U.S.

Core

Bond

ETF

...

589,686

1,718,912

(48,461)

(1,785)

28,685

2,287,037

103,909

21,215

Franklin

U.S.

Core

Equity

(IU)

Fund

10,067,241

1,610,857

(881,018)

76,764

2,439,020

13,312,864

745,401

107,271

Franklin

U.S.

Equity

Index

ETF

3,849,850

935,137

(455,059)

854,109

5,184,044

103,155

43,085

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

...............

2,969,234

591,907

(282,233)

1,937

662,423

3,943,268

67,812

27,829

Institutional

Fiduciary

Trust

Money

Market

Portfolio,

4.74%

.......

313,460

4,327,880

(3,942,774)

—

698,566

17,795

Templeton

Developing

Markets

Trust,

Class

............

1,666,680

440,222

(504,588)

(22,713)

298,782

1,878,383

91,673

—

Templeton

Foreign

Fund,

Class

1,597,562

468,797

(178,126)

3,871

176,426

2,068,530

241,087

—

Western

Asset

Core

Plus

Bond

Fund,

Class

............

591,854

572,486

(1,189,879)

44,729

(19,190)

—

24,178

Western

Asset

Short-Term

Bond

Fund,

Class

............

—

(6)

—

Total

Non-Controlled

Affiliates

$40,462,077

$14,952,320

$(8,516,961)

$101,443

$7,300,857

$54,299,736

$469,317

Total

Affiliated

Securities

....

$40,462,077

$14,952,320

$(8,516,961)

$101,443

$7,300,857

$54,299,736

$469,317

Franklin

LifeSmart™

2055

Retirement

Target

Fund

Non-Controlled

Affiliates

ClearBridge

International

Growth

Fund,

Class

............

837,457

90,452

(51,637)

1,445

138,550

1,016,267

14,378

—

ClearBridge

Large

Cap

Value

Fund,

Class

.................

1,871,945

368,608

(131,353)

281

171,435

2,280,916

51,757

23,694

Investments

Underlying

Funds

(continued)

Franklin

Fund

Allocator

Series

Notes

Schedules

Investments

(unaudited)

Quarterly

Schedules

Investments

Value

Beginning

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

Unrealized

Appreciation

(Depreciation)

Value

End

Period

Number

Held

End

Period

Dividend

Income

Franklin

LifeSmart™

2055

Retirement

Target

Fund

(continued)

Non-Controlled

Affiliates

(continued)

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

...........

1,783,287

339,717

(138,426)

(12,290)

331,196

2,303,484

207,896

30,368

Franklin

Growth

Fund,

Class

4,518,859

462,683

(383,908)

7,036

849,817

5,454,487

37,050

—

Franklin

International

Core

Equity

(IU)

Fund

................

5,475,307

941,853

(418,214)

1,918

648,856

6,649,720

514,286

116,104

Franklin

Systematic

Style

Premia

ETF

....................

319,619

65,106

(5,758)

(5)

36,821

415,783

17,263

—

Franklin

U.S.

Core

Bond

ETF

...

292,324

993,296

(67,002)

(586)

16,091

1,234,123

56,071

10,678

Franklin

U.S.

Core

Equity

(IU)

Fund

7,922,253

756,734

(923,345)

47,478

1,878,167

9,681,287

542,065

81,403

Franklin

U.S.

Equity

Index

ETF

3,029,936

486,341

(398,181)

23,745

627,276

3,769,117

75,000

32,144

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

...............

2,337,039

282,646

(258,914)

13,485

493,935

2,868,191

49,324

20,760

Institutional

Fiduciary

Trust

Money

Market

Portfolio,

4.74%

.......

236,168

4,230,576

(4,078,137)

—

388,607

12,382

Templeton

Developing

Markets

Trust,

Class

............

1,311,487

258,923

(412,279)

(17,402)

224,340

1,365,069

66,621

—

Templeton

Foreign

Fund,

Class

1,257,276

283,503

(171,750)

4,776

130,286

1,504,091

175,302

—

Western

Asset

Core

Plus

Bond

Fund,

Class

............

293,346

357,717

(666,735)

26,707

(11,035)

—

12,062

Total

Non-Controlled

Affiliates

$31,486,303

$9,918,155

$(8,105,639)

$96,588

$5,535,735

$38,931,142

$339,595

Total

Affiliated

Securities

....

$31,486,303

$9,918,155

$(8,105,639)

$96,588

$5,535,735

$38,931,142

$339,595

Franklin

LifeSmart™

2060

Retirement

Target

Fund

Non-Controlled

Affiliates

ClearBridge

International

Growth

Fund,

Class

............

121,671

51,516

(9,639)

(31)

23,512

187,029

2,646

—

ClearBridge

Large

Cap

Value

Fund,

Class

.................

271,967

140,365

(21,201)

(283)

28,917

419,765

9,525

4,047

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

...........

258,560

133,838

(22,632)

(4,988)

59,148

423,926

38,261

5,226

Franklin

Growth

Fund,

Class

656,526

266,755

(59,187)

(1,781)

141,492

1,003,805

6,818

—

Franklin

International

Core

Equity

(IU)

Fund

................

795,474

394,992

(73,617)

(1,785)

108,717

1,223,781

94,647

19,606

Franklin

Systematic

Style

Premia

ETF

....................

46,418

24,876

(563)

(3)

5,598

76,326

3,169

—

Franklin

U.S.

Core

Bond

ETF

...

42,159

195,573

(13,905)

(71)

2,947

226,703

10,300

1,794

Franklin

U.S.

Core

Equity

(IU)

Fund

1,150,996

455,924

(138,947)

923

312,773

1,781,669

99,757

13,459

Franklin

U.S.

Equity

Index

ETF

440,132

201,111

(54,431)

212

106,494

693,518

13,800

5,469

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

...............

339,051

141,875

(37,049)

334

82,337

526,548

9,055

3,530

Institutional

Fiduciary

Trust

Money

Market

Portfolio,

4.74%

.......

94,853

1,115,949

(1,102,710)

—

108,092

2,735

Investments

Underlying

Funds

(continued)

Franklin

Fund

Allocator

Series

Notes

Schedules

Investments

(unaudited)

Quarterly

Schedules

Investments

Value

Beginning

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

Unrealized

Appreciation

(Depreciation)

Value

End

Period

Number

Held

End

Period

Dividend

Income

Franklin

LifeSmart™

2060

Retirement

Target

Fund

(continued)

Non-Controlled

Affiliates

(continued)

Templeton

Developing

Markets

Trust,

Class

............

191,056

92,540

(67,963)

(2,444)

38,043

251,232

12,261

—

Templeton

Foreign

Fund,

Class

182,664

105,807

(35,028)

(237)

23,595

276,801

32,261

—

Western

Asset

Core

Plus

Bond

Fund,

Class

............

42,616

73,231

(118,838)

5,075

(2,084)

—

2,021

Total

Non-Controlled

Affiliates

$4,634,143

$3,394,352

$(1,755,710)

$(5,079)

$931,489

$7,199,195

$57,887

Total

Affiliated

Securities

....

$4,634,143

$3,394,352

$(1,755,710)

$(5,079)

$931,489

$7,199,195

$57,887

Franklin

Moderate

Allocation

Fund

Controlled

Affiliates

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

...........

35,295,411

4,040,826

(6,297,855)

(207,685)

5,795,554

38,626,251

3,486,124

536,997

Non-Controlled

Affiliates

BrandywineGLOBAL

Global

Opportunities

Bond

Fund,

Class

40,799,789

9,331,189

(4,296,583)

(1,093,402)

555,935

45,296,928

4,939,687

1,122,316

ClearBridge

International

Growth

Fund,

Class

............

17,065,760

503,302

(2,787,778)

257,578

2,345,127

17,383,989

245,953

—

ClearBridge

Large

Cap

Value

Fund,

Class

.................

71,152,721

4,062,616

(10,105,076)

391,366

5,468,878

70,970,505

1,610,404

797,377

Franklin

Growth

Fund,

Class

166,310,770

2,649,432

(28,435,793)

6,226,901

23,610,543

170,361,853

1,157,192

—

Franklin

High

Yield

Corporate

ETF

20,948,797

31,587,351

(2,529,641)

(209,736)

1,362,825

51,159,596

2,092,845

936,256

Franklin

International

Aggregate

Bond

ETF

................

17,594,286

3,114,766

(1,611,180)

(407,600)

798,033

19,488,305

937,163

—

Franklin

International

Core

Equity

(IU)

Fund

................

111,579,997

7,789,953

(17,928,165)

1,503,296

10,807,326

113,752,407

8,797,557

2,167,448

Franklin

Investment

Grade

Corporate

ETF

............

26,273,427

70,722,995

(3,449,834)

(329,794)

1,037,418

94,254,212

4,265,823

834,211

Franklin

Systematic

Style

Premia

ETF

....................

15,518,135

1,144,593

(1,169,499)

43,549

1,687,705

17,224,483

715,148

—

Franklin

U.S.

Core

Bond

ETF

...

206,644,306

71,924,851

(14,948,404)

(2,524,165)

7,058,748

268,155,336

12,183,341

5,919,496

Franklin

U.S.

Core

Equity

(IU)

Fund

370,356,559

27,387,431

(103,945,397)

16,365,968

69,603,314

379,767,875

21,263,599

3,554,709

Franklin

U.S.

Equity

Index

ETF

39,457,841

12,498,873

(18,445,151)

1,454,914

5,471,128

40,437,605

804,650

361,507

Franklin

U.S.

Large

Cap

Multifactor

Index

ETF

...............

87,019,424

2,352,774

(17,361,924)

3,636,288

13,943,224

89,589,786

1,540,667

696,528

Franklin

U.S.

Treasury

Bond

ETF

68,417,872

72,780,935

(8,302,360)

(1,848,675)

3,593,483

134,641,255

6,393,222

2,770,513

Institutional

Fiduciary

Trust

Money

Market

Portfolio,

4.74%

.......

6,534,089

121,531,787

(116,707,800)

—

11,358,076

436,084

Templeton

Developing

Markets

Trust,

Class

............

25,614,321

3,066,537

(9,527,575)

(340,278)

4,047,210

22,860,215

1,115,677

—

Templeton

Foreign

Fund,

Class

25,621,000

3,791,336

(5,633,963)

468,341

1,987,592

26,234,306

3,057,611

—

Western

Asset

Core

Plus

Bond

Fund,

Class

............

115,377,631

18,998,407

(135,252,352)

(12,819,107)

13,695,421

—

3,684,363

Investments

Underlying

Funds

(continued)

Franklin

Fund

Allocator

Series

Notes

Schedules

Investments

(unaudited)

Quarterly

Schedules

Investments

Affiliated

Management

Investment

Companies

Certain

all

Funds

invest

one

affiliated

management

investment

companies.

defined

the

1940

Act,

investment

deemed

“Controlled

Affiliate”

fund

when

fund

owns,

either

directly

indirectly,

25%

the

affiliated

fund’s

outstanding

has

the

power

exercise

control

over

management

policies

such

fund.

The

Funds

not

invest

for

purposes

exercising

controlling

influence

over

the

management

policies.

During

the

period

ended

September

30,

2024,

investments

affiliated

management

investment

companies

were

follows:

Value

Beginning

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

Unrealized

Appreciation

(Depreciation)

Value

End

Period

Number

Held

End

Period

Dividend

Income

Franklin

Moderate

Allocation

Fund

(continued)

Non-Controlled

Affiliates

(continued)

Western

Asset

Short-Term

Bond

Fund,

Class

............

25,970,221

4,554,914

(30,927,897)

2,472

400,290

—

780,255

Total

Non-Controlled

Affiliates

$1,458,256,946

$469,794,042

$(533,366,372)

$10,777,916

$167,474,200

$1,572,936,732

$24,061,063

Total

Affiliated

Securities

....

$1,493,552,357

$473,834,868

$(539,664,227)

$10,570,231

$173,269,754

$1,611,562,983

$24,598,060

Dividend

income

includes

capital

gain

distributions

received,

any,

from

underlying

funds.

Value

Beginning

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

Unrealized

Appreciation

(Depreciation)

Value

End

Period

Number

Held

End

Period

Investment

Income

Franklin

Global

Allocation

Fund

Controlled

Affiliates

Dividends

Franklin

BSP

Private

Credit

Fund,

Class

Advisor

........

—

32,000,000

—

214,528

32,214,528

3,076,841

1,024,460

Franklin

Systematic

Style

Premia

ETF

...................

48,171,250

—

5,418,320

53,589,570

2,225,000

—

Total

Controlled

Affiliates

...

$48,171,250

32,000,000

—

5,632,848

$85,804,098

1,024,460

Non-Controlled

Affiliates

Dividends

Franklin

FTSE

India

ETF

.....

—

6,789,332

—

126,263

6,915,595

165,050

—

Franklin

High

Yield

Corporate

ETF

...................

—

5,010,200

—

1,025

5,011,225

205,000

—

Franklin

Senior

Loan

ETF

....

5,100,900

—

(5,090,300)

73,589

(84,189)

—

280,056

Institutional

Fiduciary

Trust

Money

Market

Portfolio,

4.74%

73,636,327

437,819,036

(354,234,534)

—

157,220,829

3,824,598

Total

Non-Controlled

Affiliates

$78,737,227

449,618,568

(359,324,834)

73,589

43,099

$169,147,649

4,104,654

Total

Affiliated

Securities

...

$126,908,477

481,618,568

(359,324,834)

73,589

$5,675,947

$254,951,747

5,129,114

Investments

Underlying

Funds

(continued)

Franklin

Fund

Allocator

Series

Notes

Schedules

Investments

(unaudited)

Quarterly

Schedules

Investments

5. Fair

Value

Measurements

The Funds

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

determining

the

value

the Funds' financial

instruments

and

are

summarized

the

following

fair

value

hierarchy:

Level

–

quoted

prices

active

markets

for

identical

financial

instruments

Level

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

–

significant

unobservable

inputs

(including

the Funds'

own

assumptions

determining

the

fair

value

financial

instruments)

The

input

levels

are

not

necessarily

indication

the

risk

liquidity

associated

with

financial

instruments

that

level.

summary

inputs

used

September

30,

2024,

valuing

the

Funds'

assets

and

liabilities carried

fair

value,

follows:

Level

Total

Franklin

Conservative

Allocation

Fund

Assets:

Investments

Securities:

Investments

Underlying

Funds

and

Exchange

Traded

Funds

..........................

889,722,351

—

889,722,351

Short

Term

Investments

...................

6,044,617

490,039

—

6,534,656

Total

Investments

Securities

...........

$895,766,968

$490,039

$—

$896,257,007

Franklin

Corefolio

Allocation

Fund

Assets:

Investments

Securities:

Investments

Underlying

Funds

and

Exchange

Traded

Funds

..........................

1,016,186,037

—

1,016,186,037

Short

Term

Investments

...................

906

—

906

Total

Investments

Securities

...........

$1,016,186,943

$—

$1,016,186,943

Level

Total

Franklin

Global

Allocation

Fund

Assets:

Investments

Securities:

Common

Stocks

Aerospace

Defense

...................

5,691,861

7,708,355

—

13,400,216

Air

Freight

Logistics

...................

5,724,310

—

5,724,310

Automobile

Components

.................

—

6,929,050

—

6,929,050

Automobiles

..........................

23,752,589

—

23,752,589

Banks

...............................

5,160,166

74,153,529

—

79,313,695

Biotechnology

.........................

52,388,423

—

52,388,423

Broadline

Retail

.......................

70,705,756

—

70,705,756

Building

Products

......................

8,907,154

4,602,402

—

13,509,556

Capital

Markets

........................

7,647,432

30,070,293

—

37,717,725

Chemicals

...........................

7,765,446

7,587,608

—

15,353,054

Commercial

Services

Supplies

...........

7,307,093

—

7,307,093

Communications

Equipment

..............

12,774,117

—

12,774,117

Construction

Materials

..................

5,174,892

—

5,174,892

Consumer

Staples

Distribution

Retail

......

40,364,144

7,276,577

—

47,640,721

Diversified

Telecommunication

Services

.....

—

11,337,431

—

11,337,431

Electric

Utilities

........................

3,794,406

5,798,257

—

9,592,663

Franklin

Fund

Allocator

Series

Notes

Schedules

Investments

(unaudited)

Quarterly

Schedules

Investments

Level

Total

Franklin

Global

Allocation

Fund

(continued)

Assets:

(continued)

Investments

Securities:

Common

Stocks:

Electrical

Equipment

....................

30,101,901

—

30,101,901

Electronic

Equipment,

Instruments

Components

........................

—

7,631,532

—

7,631,532

Entertainment

.........................

17,794,166

16,997,559

—

34,791,725

Financial

Services

......................

42,360,778

18,124,474

—

60,485,252

Food

Products

........................

—

6,500,075

—

6,500,075

Ground

Transportation

..................

21,259,048

—

21,259,048

Health

Care

Equipment

Supplies

.........

49,232,292

3,801,143

—

53,033,435

Health

Care

Providers

Services

..........

23,256,601

—

23,256,601

Hotels,

Restaurants

Leisure

.............

39,577,079

3,666,617

—

43,243,696

Household

Durables

....................

13,272,087

—

13,272,087

Household

Products

....................

31,915,889

—

31,915,889

Industrial

Conglomerates

................

—

27,178,381

—

27,178,381

Insurance

............................

17,525,152

16,195,452

—

33,720,604

Interactive

Media

Services

..............

77,964,038

8,119,092

—

86,083,130

Services

...........................

37,810,707

—

37,810,707

Life

Sciences

Tools

Services

............

8,941,211

—

8,941,211

Machinery

............................

15,416,386

8,559,545

—

23,975,931

Metals

Mining

.......................

13,115,460

3,308,609

—

16,424,069

Oil,

Gas

Consumable

Fuels

.............

65,374,292

—

65,374,292

Personal

Care

Products

.................

13,164,214

8,891,644

—

22,055,858

Pharmaceuticals

.......................

40,649,244

38,935,812

—

79,585,056

Professional

Services

...................

7,124,252

23,772,680

—

30,896,932

Retail

REITs

..........................

7,135,855

—

7,135,855

Semiconductors

Semiconductor

Equipment

124,286,588

42,774,474

—

167,061,062

Software

.............................

132,223,424

7,404,862

—

139,628,286

Specialty

Retail

........................

39,631,660

4,006,439

—

43,638,099

Technology

Hardware,

Storage

Peripherals

88,968,720

4,258,725

—

93,227,445

Textiles,

Apparel

Luxury

Goods

..........

20,836,414

3,529,605

—

24,366,019

Trading

Companies

Distributors

..........

16,512,817

—

16,512,817

Wireless

Telecommunication

Services

.......

—

5,952,648

—

5,952,648

Management

Investment

Companies

.........

149,465,638

—

149,465,638

Preferred

Stocks

.........................

9,907,699

—

9,907,699

Corporate

Bonds

........................

—

204,621,715

—

204,621,715

Foreign

Government

and

Agency

Securities

....

—

351,379,310

—

351,379,310

U.S.

Government

and

Agency

Securities

.......

—

167,778,788

—

167,778,788

Mortgage-Backed

Securities

................

—

65,927,231

—

65,927,231

Short

Term

Investments

...................

157,220,829

—

157,220,829

Total

Investments

Securities

...........

$1,569,202,230

$1,204,779,914

$—

$2,773,982,144

Liabilities:

Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$—

$6,157,429

$—

$6,157,429

Total

Other

Financial

Instruments

.........

$—

$6,157,429

$—

$6,157,429

5. Fair

Value

Measurements

(continued)

Franklin

Fund

Allocator

Series

Notes

Schedules

Investments

(unaudited)

Quarterly

Schedules

Investments

Level

Total

Franklin

Growth

Allocation

Fund

Assets:

Investments

Securities:

Investments

Underlying

Funds

and

Exchange

Traded

Funds

..........................

1,385,040,249

—

1,385,040,249

Short

Term

Investments

...................

10,172,406

681,458

—

10,853,864

Total

Investments

Securities

...........

$1,395,212,655

$681,458

$—

$1,395,894,113

Franklin

LifeSmart™

Retirement

Income

Fund

Assets:

Investments

Securities:

Investments

Underlying

Funds

and

Exchange

Traded

Funds

..........................

42,860,215

—

42,860,215

Index-Linked

Notes

Capital

Markets

........................

—

2,301,283

Short

Term

Investments

...................

1,172,128

—

1,172,128

Total

Investments

Securities

...........

$44,032,343

$—

$2,301,283

$46,333,626

Franklin

LifeSmart™

2020

Retirement

Target

Fund

Assets:

Investments

Securities:

Investments

Underlying

Funds

and

Exchange

Traded

Funds

..........................

26,494,899

—

26,494,899

Short

Term

Investments

...................

237,824

—

237,824

Total

Investments

Securities

...........

$26,732,723

$—

$26,732,723

Franklin

LifeSmart™

2025

Retirement

Target

Fund

Assets:

Investments

Securities:

Investments

Underlying

Funds

and

Exchange

Traded

Funds

..........................

113,625,115

—

113,625,115

Short

Term

Investments

...................

1,107,561

—

1,107,561

Total

Investments

Securities

...........

$114,732,676

$—

$114,732,676

Franklin

LifeSmart™

2030

Retirement

Target

Fund

Assets:

Investments

Securities:

Investments

Underlying

Funds

and

Exchange

Traded

Funds

..........................

73,998,387

—

73,998,387

Short

Term

Investments

...................

598,969

34,437

—

633,406

Total

Investments

Securities

...........

$74,597,356

$34,437

$—

$74,631,793

Franklin

LifeSmart™

2035

Retirement

Target

Fund

Assets:

Investments

Securities:

Investments

Underlying

Funds

and

Exchange

Traded

Funds

..........................

143,110,794

—

143,110,794

Short

Term

Investments

...................

1,068,514

168,658

—

1,237,172

Total

Investments

Securities

...........

$144,179,308

$168,658

$—

$144,347,966

Franklin

LifeSmart™

2040

Retirement

Target

Fund

Assets:

Investments

Securities:

Investments

Underlying

Funds

and

Exchange

Traded

Funds

..........................

61,163,680

—

61,163,680

Short

Term

Investments

...................

566,335

44,112

—

610,447

Total

Investments

Securities

...........

$61,730,015

$44,112

$—

$61,774,127

5. Fair

Value

Measurements

(continued)

Franklin

Fund

Allocator

Series

Notes

Schedules

Investments

(unaudited)

Quarterly

Schedules

Investments

reconciliation

which

Level

inputs

are

used

determining

fair

value

presented

when

there

are

significant

Level

assets

and/or

liabilities

the

beginning

and/or

end

the period.

September

30,

2024,

the

reconciliation

follows:

Level

Total

Franklin

LifeSmart™

2045

Retirement

Target

Fund

Assets:

Investments

Securities:

Investments

Underlying

Funds

and

Exchange

Traded

Funds

..........................

104,026,906

—

104,026,906

Short

Term

Investments

...................

784,908

—

784,908

Total

Investments

Securities

...........

$104,811,814

$—

$104,811,814

Franklin

LifeSmart™

2050

Retirement

Target

Fund

Assets:

Investments

Securities:

Investments

Underlying

Funds

and

Exchange

Traded

Funds

..........................

56,778,576

—

56,778,576

Short

Term

Investments

...................

698,566

51,241

—

749,807

Total

Investments

Securities

...........

$57,477,142

$51,241

$—

$57,528,383

Franklin

LifeSmart™

2055

Retirement

Target

Fund

Assets:

Investments

Securities:

Investments

Underlying

Funds

and

Exchange

Traded

Funds

..........................

40,848,807

—

40,848,807

Short

Term

Investments

...................

388,607

—

388,607

Total

Investments

Securities

...........

$41,237,414

$—

$41,237,414

Franklin

LifeSmart™

2060

Retirement

Target

Fund

Assets:

Investments

Securities:

Investments

Underlying

Funds

and

Exchange

Traded

Funds

..........................

7,517,895

—

7,517,895

Short

Term

Investments

...................

108,092

—

108,092

Total

Investments

Securities

...........

$7,625,987

$—

$7,625,987

Franklin

Moderate

Allocation

Fund

Assets:

Investments

Securities:

Investments

Underlying

Funds

and

Exchange

Traded

Funds

..........................

1,693,334,946

—

1,693,334,946

Short

Term

Investments

...................

11,358,076

917,214

—

12,275,290

Total

Investments

Securities

...........

$1,704,693,022

$917,214

$—

$1,705,610,236

For

detailed

categories,

see

the

accompanying

Schedule

Investments.

Includes

foreign

securities

valued

$415,072,870,

which

were

categorized

Level

result

the

application

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

information.

5. Fair

Value

Measurements

(continued)

Franklin

Fund

Allocator

Series

Notes

Schedules

Investments

(unaudited)

Quarterly

Schedules

Investments

Level

financial

instruments,

for

the

Franklin

Global

Allocation

Fund

and

Franklin

LifeSmart

Retirement

Income

Fund,

include fair

value

immaterial

assets

and/or

liabilities

developed

using

various

valuation

techniques

and

unobservable

inputs.

May

also

include

values

derived

using recent

transactions,

private

transaction

prices

non-public

third-party

pricing

information

which

unobservable.

Abbreviations

Balance

Beginning

Period

Purchases

Sales

Transfer

Into

Level

Transfer

Out

Level

Net

Accretion

(Amortiza-

tion)

Net

Realized

Gain

(Loss)

Net

Unr

ealized

Appreciatio

(

Depreciation

)

Balance

End

Period

Net

Change

Unrealized

Appreciation

(Depreciation)

Assets

Held

Period

End

Franklin

LifeSmart™

Retirement

Income

Fund

Assets:

Investments

Securities:

Index-Linked

Notes

Capital

Markets

.....

2,270,512

2,099,710

(2,335,175)

—

235,262

30,974

2,301,283

201,574

Total

Investments

Securities

............

$2,270,512

$2,099,710

$(2,335,175)

$—

$235,262

$30,974

$2,301,283

$201,574

Purchases

include

all

purchases

securities

and

securities

received

corporate

actions.

Sales

include

all

sales

securities,

maturities,

paydowns

and

securities

tendered

corporate

actions.

Counterparty

BZWS

Barclays

Bank

plc

JPHQ

JPMorgan

Chase

Bank

rency

AUD

Australian

Dollar

BRL

Brazilian

Real

CAD

Canadian

Dollar

CNY

Chinese

Yuan

EUR

Euro

GBP

British

Pound

INR

Indian

Rupee

JPY

Japanese

Yen

MXN

Mexican

Peso

Selected

Portfolio

ADR

American

Depositary

Receipt

ETF

Exchange-Traded

Fund

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

FRN

Floating

Rate

Note

GNMA

Government

National

Mortgage

Association

REIT

Real

Estate

Investment

Trust

5. Fair

Value

Measurements

(continued)

For

additional

information

the

Funds'

significant

accounting

policies,

please

refer

the Funds'

most

recent

semiannual

annual

shareholder

report.

Franklin Corefolio Allocation Fund Class C (FTCLX) NPORT-PFranklin Global Allocation Fund (Sep 2024 report)