Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

FAS3-Q3PH

{Footer

Text}

1

Statement

of

Investments

(unaudited)

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

2

Franklin

International

Core

Equity

(IU)

Fund

8

Franklin

U.S.

Core

Equity

(IU)

Fund

14

Notes

to

Financial

Statements

20

Franklin

Fund

Allocator

Series

Statement

of

Investments

(unaudited),

April

30,

2021

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

2

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

96.8%

Air

Freight

&

Logistics

0.2%

Hyundai

Glovis

Co.

Ltd.

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

South

Korea

1,430

$

244,667

Auto

Components

0.9%

a

Fuyao

Glass

Industry

Group

Co.

Ltd.,

H,

144A,

Reg

S

..........

China

93,200

539,577

Hankook

Tire

&

Technology

Co.

Ltd.

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

South

Korea

18,799

806,947

1,346,524

Automobiles

1.2%

Ford

Otomotiv

Sanayi

A/S

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

Turkey

9,003

191,175

Hero

MotoCorp

Ltd.

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

India

8,473

322,272

Kia

Corp.

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

South

Korea

12,768

881,017

a

Yadea

Group

Holdings

Ltd.,

144A,

Reg

S

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

China

130,000

284,603

1,679,067

Banks

10.3%

Al

Rajhi

Bank

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

Saudi

Arabia

119,311

3,141,368

Bank

Central

Asia

Tbk

.

PT

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

Indonesia

92,100

203,887

Bank

of

Beijing

Co.

Ltd.,

A

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

China

208,800

153,441

BDO

Unibank

,

Inc.

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

Philippines

144,640

308,217

China

Merchants

Bank

Co.

Ltd.,

H

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

China

84,500

678,739

Chongqing

Rural

Commercial

Bank

Co.

Ltd.,

H

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

China

598,000

253,411

Hana

Financial

Group,

Inc.

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

South

Korea

65,471

2,669,674

Huaxia

Bank

Co.

Ltd.,

A

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

China

200,700

193,360

ICICI

Bank

Ltd.

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

India

60,229

487,999

Industrial

Bank

Co.

Ltd.,

A

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

China

319,706

1,071,676

Kasikornbank

PCL

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

Thailand

371,700

1,571,154

KB

Financial

Group,

Inc.

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

South

Korea

33,252

1,628,444

Masraf

Al

Rayan

QSC

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

Qatar

825,914

1,013,465

a,b

Moneta

Money

Bank

A/S,

144A,

Reg

S

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

Czech

Republic

38,697

143,716

a

Postal

Savings

Bank

of

China

Co.

Ltd.,

H,

144A,

Reg

S

.........

China

501,000

324,932

Shinhan

Financial

Group

Co.

Ltd.

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

South

Korea

28,876

1,032,282

14,875,765

Biotechnology

0.2%

a,b

3SBio,

Inc.,

144A,

Reg

S

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

China

320,500

302,976

Building

Products

0.3%

China

Lesso

Group

Holdings

Ltd.

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

China

180,000

452,773

Capital

Markets

1.5%

B3

SA

-

Brasil

Bolsa

Balcao

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

Brazil

111,000

1,052,346

GF

Securities

Co.

Ltd.,

A

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

China

92,300

211,192

Hithink

RoyalFlush

Information

Network

Co.

Ltd.,

A

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

China

8,394

140,306

Korea

Investment

Holdings

Co.

Ltd.

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

South

Korea

5,128

512,115

Meritz

Securities

Co.

Ltd.

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

South

Korea

35,675

153,871

b

Noah

Holdings

Ltd.,

ADR

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

China

3,200

140,960

2,210,790

Chemicals

2.9%

Advanced

Petrochemical

Co.

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

Saudi

Arabia

26,238

566,497

Kumho

Petrochemical

Co.

Ltd.

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

South

Korea

4,435

1,025,486

Lotte

Chemical

Corp.

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

South

Korea

3,810

1,028,947

a

PhosAgro

PJSC,

GDR,

Reg

S

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

Russia

35,733

656,415

Shandong

Hualu

Hengsheng

Chemical

Co.

Ltd.,

A

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

China

25,800

154,924

Wanhua

Chemical

Group

Co.

Ltd.,

A

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

China

50,900

804,606

4,236,875

Commercial

Services

&

Supplies

0.6%

a

A-Living

Smart

City

Services

Co.

Ltd.,

H,

144A,

Reg

S

.........

China

42,369

194,746

Franklin

Fund

Allocator

Series

Statement

of

Investments

(unaudited)

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

3

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Commercial

Services

&

Supplies

(continued)

Country

Garden

Services

Holdings

Co.

Ltd.

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

China

61,000

$

639,027

833,773

Construction

Materials

0.2%

Indocement

Tunggal

Prakarsa

Tbk

.

PT

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

Indonesia

394,100

349,978

Consumer

Finance

0.7%

Krungthai

Card

PCL

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

Thailand

90,900

222,025

b

Lufax

Holding

Ltd.,

ADR

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

China

43,500

517,650

Samsung

Card

Co.

Ltd.

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

South

Korea

7,093

223,819

963,494

Electrical

Equipment

1.1%

Havells

India

Ltd.

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

India

50,755

677,356

WEG

SA

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

Brazil

113,200

729,570

Zhejiang

Chint

Electrics

Co.

Ltd.,

A

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

China

33,900

173,739

1,580,665

Electronic

Equipment,

Instruments

&

Components

2.5%

Hon

Hai

Precision

Industry

Co.

Ltd.

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

Taiwan

391,000

1,606,729

b

Innolux

Corp.

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

Taiwan

668,000

712,845

Kingboard

Holdings

Ltd.

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

China

172,500

1,018,692

Synnex

Technology

International

Corp.

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

Taiwan

168,000

333,509

3,671,775

Entertainment

1.2%

NetEase

,

Inc.,

ADR

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

China

15,600

1,748,136

Equity

Real

Estate

Investment

Trusts

(REITs)

0.6%

Fibra

Uno

Administracion

SA

de

CV

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

Mexico

716,700

884,786

Food

&

Staples

Retailing

0.3%

BIM

Birlesik

Magazalar

A/S

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

Turkey

37,455

294,068

Clicks

Group

Ltd.

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

South

Africa

12,011

200,609

494,677

Food

Products

1.0%

a

Dali

Foods

Group

Co.

Ltd.,

144A,

Reg

S

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

China

536,000

318,795

JBS

SA

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

United

States

122,800

680,897

Uni

-President

China

Holdings

Ltd.

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

China

337,000

409,376

1,409,068

Gas

Utilities

0.7%

China

Gas

Holdings

Ltd.

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

China

129,800

467,859

ENN

Energy

Holdings

Ltd.

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

China

12,400

211,601

Indraprastha

Gas

Ltd.

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

India

41,188

282,475

961,935

Health

Care

Equipment

&

Supplies

1.1%

Shenzhen

Mindray

Bio-Medical

Electronics

Co.

Ltd.,

A

..........

China

11,100

796,552

Supermax

Corp.

Bhd.

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

Malaysia

390,635

573,500

Top

Glove

Corp.

Bhd.

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

Malaysia

167,600

230,742

1,600,794

Health

Care

Providers

&

Services

0.2%

Apollo

Hospitals

Enterprise

Ltd.

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

India

3,563

153,554

Sinopharm

Group

Co.

Ltd.,

H

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

China

56,800

175,191

328,745

Franklin

Fund

Allocator

Series

Statement

of

Investments

(unaudited)

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

4

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Hotels,

Restaurants

&

Leisure

0.6%

OPAP

SA

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

Greece

14,557

$

223,258

Yum

China

Holdings,

Inc.

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

China

10,400

654,368

877,626

Household

Durables

0.5%

Midea

Group

Co.

Ltd.,

A

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

China

56,600

698,837

Household

Products

0.5%

Kimberly-Clark

de

Mexico

SAB

de

CV,

A

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

Mexico

387,800

669,982

Independent

Power

and

Renewable

Electricity

Producers

0.3%

Colbun

SA

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

Chile

2,061,534

353,862

Industrial

Conglomerates

0.7%

KOC

Holding

A/S

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

Turkey

203,971

452,296

Sime

Darby

Bhd.

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

Malaysia

510,100

281,386

Turkiye

Sise

ve

Cam

Fabrikalari

A/S

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

Turkey

362,023

328,372

1,062,054

Insurance

4.1%

China

Life

Insurance

Co.

Ltd.

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

Taiwan

492,000

465,706

DB

Insurance

Co.

Ltd.

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

South

Korea

5,320

232,536

Fubon

Financial

Holding

Co.

Ltd.

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

Taiwan

935,000

2,141,569

People's

Insurance

Co.

Group

of

China

Ltd.

(The),

H

...........

China

690,000

235,877

PICC

Property

&

Casualty

Co.

Ltd.,

H

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

China

738,000

722,495

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

A

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

China

159,300

1,779,603

Samsung

Life

Insurance

Co.

Ltd.

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

South

Korea

3,986

290,389

5,868,175

Interactive

Media

&

Services

6.7%

Autohome

,

Inc.,

ADR

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

China

6,600

612,018

Momo

,

Inc.,

ADR

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

China

30,000

439,800

Tencent

Holdings

Ltd.

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

China

107,700

8,591,449

9,643,267

Internet

&

Direct

Marketing

Retail

9.4%

b

Alibaba

Group

Holding

Ltd.,

ADR

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

China

35,200

8,129,440

b

JD.com,

Inc.,

ADR

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

China

16,700

1,291,912

a,b

Meituan

Dianping

,

B,

144A,

Reg

S

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

China

45,000

1,722,344

Naspers

Ltd.,

N

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

South

Africa

4,995

1,136,864

b

Pinduoduo

,

Inc.,

ADR

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

China

4,200

562,506

b

Vipshop

Holdings

Ltd.,

ADR

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

China

24,100

741,557

13,584,623

IT

Services

5.5%

HCL

Technologies

Ltd.

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

India

73,193

887,049

Infosys

Ltd.

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

India

141,108

2,565,061

a

Larsen

&

Toubro

Infotech

Ltd.,

144A,

Reg

S

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

India

8,665

454,485

Tata

Consultancy

Services

Ltd.

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

India

62,373

2,553,129

Tech

Mahindra

Ltd.

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

India

58,501

757,202

TravelSky

Technology

Ltd.,

H

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

China

96,000

210,042

Wipro

Ltd.

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

India

84,182

556,886

7,983,854

Leisure

Products

0.2%

Giant

Manufacturing

Co.

Ltd.

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

Taiwan

20,000

253,868

Life

Sciences

Tools

&

Services

1.8%

b

Divi's

Laboratories

Ltd.

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

India

9,176

502,882

a

Pharmaron

Beijing

Co.

Ltd.,

H,

144A,

Reg

S

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

China

21,800

450,098

Franklin

Fund

Allocator

Series

Statement

of

Investments

(unaudited)

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

5

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Life

Sciences

Tools

&

Services

(continued)

a

WuXi

AppTec

Co.

Ltd.,

H,

144A,

Reg

S

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

China

28,800

$

678,554

a,b

Wuxi

Biologics

Cayman,

Inc.,

144A,

Reg

S

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

China

65,500

919,475

2,551,009

Machinery

1.4%

Haitian

International

Holdings

Ltd.

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

China

131,000

532,986

Jiangsu

Hengli

Hydraulic

Co.

Ltd.,

A

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

China

13,488

178,580

Sany

Heavy

Industry

Co.

Ltd.,

A

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

China

133,600

634,282

Shenzhen

Inovance

Technology

Co.

Ltd.,

A

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

China

18,400

253,098

Weichai

Power

Co.

Ltd.,

A

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

China

90,300

251,378

Zoomlion

Heavy

Industry

Science

and

Technology

Co.

Ltd.,

A

....

China

111,000

201,582

2,051,906

Marine

0.6%

b

Evergreen

Marine

Corp.

Taiwan

Ltd.

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

Taiwan

305,000

857,698

Metals

&

Mining

6.4%

African

Rainbow

Minerals

Ltd.

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

South

Africa

28,770

537,086

China

Hongqiao

Group

Ltd.

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

China

444,500

701,594

China

Molybdenum

Co.

Ltd.,

H

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

China

483,000

326,246

Cia

Siderurgica

Nacional

SA

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

Brazil

166,600

1,508,621

Impala

Platinum

Holdings

Ltd.

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

South

Africa

37,472

700,266

Kumba

Iron

Ore

Ltd.

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

South

Africa

17,003

770,597

MMC

Norilsk

Nickel

PJSC

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

Russia

4,024

1,372,813

POSCO

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

South

Korea

4,229

1,374,918

Severstal

PAO

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

Russia

55,728

1,313,902

Sibanye

Stillwater

Ltd.

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

South

Africa

128,754

599,069

9,205,112

Oil,

Gas

&

Consumable

Fuels

3.0%

Adaro

Energy

Tbk

.

PT

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

Indonesia

3,659,900

314,697

China

Shenhua

Energy

Co.

Ltd.,

A

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

China

80,700

238,929

China

Shenhua

Energy

Co.

Ltd.,

H

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

China

835,000

1,739,216

Exxaro

Resources

Ltd.

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

South

Africa

56,521

594,396

Tatneft

PJSC

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

Russia

207,822

1,398,670

4,285,908

Paper

&

Forest

Products

0.2%

Nine

Dragons

Paper

Holdings

Ltd.

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

Hong

Kong

176,000

241,169

Personal

Products

1.0%

Colgate-Palmolive

India

Ltd.

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

India

31,551

630,684

Marico

Ltd.

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

India

135,031

749,511

1,380,195

Pharmaceuticals

2.0%

Aurobindo

Pharma

Ltd.

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

India

39,868

527,541

China

Medical

System

Holdings

Ltd.

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

China

283,000

653,655

China

Traditional

Chinese

Medicine

Holdings

Co.

Ltd.

..........

China

704,000

401,965

CSPC

Pharmaceutical

Group

Ltd.

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

China

231,600

285,873

Jiangsu

Hengrui

Medicine

Co.

Ltd.,

A

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

China

46,840

606,550

Richter

Gedeon

Nyrt

.

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

Hungary

16,544

472,975

2,948,559

Real

Estate

Management

&

Development

1.4%

Agile

Group

Holdings

Ltd.

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

China

304,000

474,902

Aldar

Properties

PJSC

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

United

Arab

Emirates

1,017,608

969,781

Logan

Group

Co.

Ltd.

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

China

249,000

395,526

Franklin

Fund

Allocator

Series

Statement

of

Investments

(unaudited)

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

6

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Real

Estate

Management

&

Development

(continued)

Sunac

China

Holdings

Ltd.

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

China

48,000

$

186,181

2,026,390

Semiconductors

&

Semiconductor

Equipment

12.2%

ASE

Technology

Holding

Co.

Ltd.

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

Taiwan

277,000

1,157,014

b

Daqo

New

Energy

Corp.,

ADR

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

China

5,200

418,548

LONGi

Green

Energy

Technology

Co.

Ltd.,

A

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

China

48,400

738,115

b

MediaTek

,

Inc.

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

Taiwan

14,000

586,664

Novatek

Microelectronics

Corp.

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

Taiwan

74,000

1,631,942

b

Realtek

Semiconductor

Corp.

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

Taiwan

33,000

622,275

SK

Hynix,

Inc.

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

South

Korea

18,285

2,075,139

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

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

Taiwan

424,000

8,925,446

United

Microelectronics

Corp.

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

Taiwan

427,000

851,290

Vanguard

International

Semiconductor

Corp.

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

Taiwan

118,000

498,993

Xinyi

Solar

Holdings

Ltd.

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

China

76,000

126,755

17,632,181

Specialty

Retail

1.1%

Mr

Price

Group

Ltd.

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

South

Africa

64,761

810,226

a

Topsports

International

Holdings

Ltd.,

144A,

Reg

S

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

China

315,000

424,015

Zhongsheng

Group

Holdings

Ltd.

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

China

53,000

400,889

1,635,130

Technology

Hardware,

Storage

&

Peripherals

5.1%

Lenovo

Group

Ltd.

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

China

1,114,000

1,522,120

Samsung

Electronics

Co.

Ltd.

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

South

Korea

80,002

5,800,686

7,322,806

Textiles,

Apparel

&

Luxury

Goods

1.3%

Bosideng

International

Holdings

Ltd.

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

China

836,000

424,016

Li

Ning

Co.

Ltd.

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

China

35,500

288,107

Page

Industries

Ltd.

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

India

1,104

441,650

Pou

Chen

Corp.

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

Taiwan

597,000

757,744

1,911,517

Thrifts

&

Mortgage

Finance

0.8%

Housing

Development

Finance

Corp.

Ltd.

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

India

35,532

1,157,383

Tobacco

0.4%

a,b

Smoore

International

Holdings

Ltd.,

144A,

Reg

S

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

China

89,000

627,909

Transportation

Infrastructure

0.9%

b

Adani

Ports

&

Special

Economic

Zone

Ltd.

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

India

83,676

823,149

International

Container

Terminal

Services,

Inc.

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

Philippines

82,500

221,767

Westports

Holdings

Bhd.

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

Malaysia

224,600

235,815

1,280,731

Wireless

Telecommunication

Services

1.0%

b

MTN

Group

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

South

Africa

64,166

405,997

Turkcell

Iletisim

Hizmetleri

A/S

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

Turkey

80,211

143,778

Vodacom

Group

Ltd.

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

South

Africa

97,571

845,964

1,395,739

Total

Common

Stocks

(Cost

$111,752,342)

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

139,684,753

Preferred

Stocks

1.8%

Banks

1.8%

c

Banco

Bradesco

SA,

3.27%

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

Brazil

140,690

617,703

Franklin

Fund

Allocator

Series

Statement

of

Investments

(unaudited)

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

7

See

Abbreviations

on

page

24

.

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Preferred

Stocks

(continued)

Banks

(continued)

c

Itausa

SA,

5.06%

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

Brazil

1,079,700

$

1,999,537

2,617,240

Total

Preferred

Stocks

(Cost

$3,498,133)

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

2,617,240

Total

Long

Term

Investments

(Cost

$115,250,475)

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

142,301,993

a

Short

Term

Investments

1.4%

a

a

Country

Shares

a

Value

a

Money

Market

Funds

1.4%

d,e

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

.....

United

States

2,077,572

2,077,572

Total

Money

Market

Funds

(Cost

$2,077,572)

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

2,077,572

Total

Short

Term

Investments

(Cost

$2,077,572

)

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

2,077,572

a

Total

Investments

(Cost

$117,328,047)

100.0%

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

$144,379,565

Other

Assets,

less

Liabilities

(

0.0

)

%

†

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

(66,248)

Net

Assets

100.0%

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

$144,313,317

†

Rounds

to

less

than

0.01%

of

net

assets.

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

April

30,

2021,

the

aggregate

value

of

these

securities

was

$8,042,640,

representing

5.6%

of

net

assets.

b

Non-income

producing.

c

Variable

rate

security.

The

rate

shown

represents

the

yield

at

period

end.

d

See

Note

5

regarding

investments

in

affiliated

management

investment

companies.

e

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Fund

Allocator

Series

Statement

of

Investments

(unaudited),

April

30,

2021

Franklin

International

Core

Equity

(IU)

Fund

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

8

I

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

98.3%

Air

Freight

&

Logistics

1.4%

Deutsche

Post

AG

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

Germany

77,466

$

4,562,719

Auto

Components

0.1%

Toyota

Industries

Corp.

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

Japan

3,900

313,141

Automobiles

3.7%

Bayerische

Motoren

Werke

AG

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

Germany

8,857

887,599

Daimler

AG

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

Germany

45,046

4,009,204

Stellantis

NV

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

United

States

200,625

3,324,397

Toyota

Motor

Corp.

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

Japan

53,900

4,033,208

12,254,408

Banks

7.7%

Barclays

plc

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

United

Kingdom

912,142

2,208,349

a

BNP

Paribas

SA

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

France

100,078

6,417,042

Commonwealth

Bank

of

Australia

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

Australia

52,480

3,593,067

DBS

Group

Holdings

Ltd.

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

Singapore

14,800

331,684

a

FinecoBank

Banca

Fineco

SpA

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

Italy

61,376

1,055,699

ING

Groep

NV

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

Netherlands

465,496

5,946,956

Standard

Chartered

plc

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

United

Kingdom

58,952

422,934

Sumitomo

Mitsui

Financial

Group,

Inc.

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

Japan

148,500

5,216,854

25,192,585

Beverages

1.2%

Anheuser-Busch

InBev

SA/NV

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

Belgium

47,682

3,377,577

b

Budweiser

Brewing

Co.

APAC

Ltd.,

144A,

Reg

S

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

China

145,100

457,225

3,834,802

Biotechnology

0.9%

CSL

Ltd.

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

Australia

13,900

2,904,009

Building

Products

2.7%

Cie

de

Saint-Gobain

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

France

49,299

3,110,657

Geberit

AG

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

Switzerland

6,990

4,599,731

Xinyi

Glass

Holdings

Ltd.

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

Hong

Kong

286,000

1,013,300

8,723,688

Capital

Markets

8.5%

3i

Group

plc

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

United

Kingdom

275,238

4,875,135

EQT

AB

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

Sweden

10,074

339,516

Hargreaves

Lansdown

plc

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

United

Kingdom

69,851

1,658,439

Hong

Kong

Exchanges

&

Clearing

Ltd.

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

Hong

Kong

73,900

4,456,986

Magellan

Financial

Group

Ltd.

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

Australia

21,387

796,873

Nomura

Holdings,

Inc.

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

Japan

405,700

2,180,801

Partners

Group

Holding

AG

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

Switzerland

4,658

6,635,531

Singapore

Exchange

Ltd.

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

Singapore

236,200

1,850,319

UBS

Group

AG

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

Switzerland

322,177

4,920,108

27,713,708

Chemicals

1.9%

BASF

SE

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

Germany

10,891

877,757

b

Covestro

AG,

144A,

Reg

S

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

Germany

8,048

526,357

EMS-

Chemie

Holding

AG

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

Switzerland

1,604

1,497,756

Nitto

Denko

Corp.

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

Japan

29,800

2,466,190

Tosoh

Corp.

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

Japan

52,400

928,829

6,296,889

Construction

&

Engineering

0.1%

Obayashi

Corp.

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

Japan

45,200

413,575

Franklin

Fund

Allocator

Series

Statement

of

Investments

(unaudited)

Franklin

International

Core

Equity

(IU)

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

9

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Construction

Materials

0.2%

Taiheiyo

Cement

Corp.

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

Japan

28,100

$

705,532

Diversified

Financial

Services

2.4%

a

Kinnevik

AB,

B

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

Sweden

47,122

2,600,724

M&G

plc

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

United

Kingdom

504,472

1,514,287

ORIX

Corp.

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

Japan

225,600

3,642,223

7,757,234

Diversified

Telecommunication

Services

2.5%

a

BT

Group

plc

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

United

Kingdom

433,496

988,817

b

Cellnex

Telecom

SA,

144A,

Reg

S

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

Spain

25,218

1,426,492

Deutsche

Telekom

AG

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

Germany

161,953

3,116,924

Nippon

Telegraph

&

Telephone

Corp.

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

Japan

99,200

2,501,233

8,033,466

Electrical

Equipment

1.4%

Mitsubishi

Electric

Corp.

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

Japan

294,200

4,533,344

Electronic

Equipment,

Instruments

&

Components

0.7%

Hitachi

Ltd.

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

Japan

8,500

420,750

Keyence

Corp.

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

Japan

2,500

1,200,188

Murata

Manufacturing

Co.

Ltd.

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

Japan

9,000

715,599

2,336,537

Entertainment

1.2%

Nintendo

Co.

Ltd.

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

Japan

7,000

4,015,757

Equity

Real

Estate

Investment

Trusts

(REITs)

1.1%

Goodman

Group

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

Australia

255,824

3,731,053

Food

&

Staples

Retailing

0.7%

Koninklijke

Ahold

Delhaize

NV

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

Netherlands

45,758

1,231,487

Lawson,

Inc.

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

Japan

14,600

656,170

Sundrug

Co.

Ltd.

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

Japan

13,100

446,445

2,334,102

Food

Products

0.6%

Nestle

SA

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

Switzerland

14,844

1,771,442

b

WH

Group

Ltd.,

144A,

Reg

S

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

Hong

Kong

349,000

304,084

2,075,526

Gas

Utilities

1.6%

Osaka

Gas

Co.

Ltd.

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

Japan

106,600

2,063,441

Toho

Gas

Co.

Ltd.

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

Japan

20,900

1,164,861

Tokyo

Gas

Co.

Ltd.

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

Japan

106,700

2,165,458

5,393,760

Health

Care

Equipment

&

Supplies

4.1%

Coloplast

A/S,

B

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

Denmark

15,787

2,615,079

DiaSorin

SpA

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

Italy

5,044

856,696

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

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

New

Zealand

59,108

1,523,385

Hoya

Corp.

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

Japan

34,000

3,864,797

a

Koninklijke

Philips

NV

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

Netherlands

19,949

1,128,026

b

Siemens

Healthineers

AG,

144A,

Reg

S

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

Germany

13,293

759,680

a

Sonova

Holding

AG

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

Switzerland

9,037

2,676,004

13,423,667

Health

Care

Providers

&

Services

0.3%

Fresenius

Medical

Care

AG

&

Co.

KGaA

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

Germany

5,178

412,322

Franklin

Fund

Allocator

Series

Statement

of

Investments

(unaudited)

Franklin

International

Core

Equity

(IU)

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

10

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Health

Care

Providers

&

Services

(continued)

Fresenius

SE

&

Co.

KGaA

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

Germany

12,407

$

609,821

1,022,143

Health

Care

Technology

0.1%

M3,

Inc.

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

Japan

4,700

324,690

Household

Durables

3.3%

Barratt

Developments

plc

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

United

Kingdom

197,028

2,100,838

Iida

Group

Holdings

Co.

Ltd.

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

Japan

42,400

1,032,673

Persimmon

plc

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

United

Kingdom

55,601

2,405,417

Sekisui

House

Ltd.

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

Japan

122,200

2,474,984

Sony

Group

Corp.

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

Japan

18,700

1,869,691

Taylor

Wimpey

plc

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

United

Kingdom

347,126

861,146

10,744,749

Industrial

Conglomerates

0.4%

CK

Hutchison

Holdings

Ltd.

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

United

Kingdom

85,000

694,714

Siemens

AG

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

Germany

4,195

699,902

1,394,616

Insurance

2.4%

Admiral

Group

plc

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

United

Kingdom

56,375

2,435,984

CNP

Assurances

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

France

48,405

846,675

Japan

Post

Insurance

Co.

Ltd.

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

Japan

44,000

848,400

NN

Group

NV

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

Netherlands

34,168

1,704,319

T&D

Holdings,

Inc.

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

Japan

154,600

1,897,378

7,732,756

Interactive

Media

&

Services

1.1%

a,b

Auto

Trader

Group

plc,

144A,

Reg

S

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

United

Kingdom

158,865

1,250,726

Kakaku.com,

Inc.

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

Japan

24,600

667,928

REA

Group

Ltd.

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

Australia

14,970

1,821,558

3,740,212

Internet

&

Direct

Marketing

Retail

1.1%

a

HelloFresh

SE

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

Germany

8,831

732,608

a

Prosus

NV

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

China

12,301

1,335,104

a,b

Zalando

SE,

144A,

Reg

S

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

Germany

7,546

784,806

ZOZO,

Inc.

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

Japan

21,700

729,892

3,582,410

IT

Services

2.1%

a

Amadeus

IT

Group

SA

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

Spain

34,113

2,323,127

Fujitsu

Ltd.

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

Japan

28,400

4,511,774

6,834,901

Life

Sciences

Tools

&

Services

0.7%

Sartorius

Stedim

Biotech

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

France

5,102

2,343,375

Machinery

4.5%

Amada

Co.

Ltd.

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

Japan

37,100

402,420

Atlas

Copco

AB,

A

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

Sweden

69,906

4,239,079

Atlas

Copco

AB,

B

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

Sweden

31,465

1,632,677

CNH

Industrial

NV

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

United

Kingdom

66,777

991,318

Epiroc

AB,

A

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

Sweden

125,283

2,710,796

Epiroc

AB,

B

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

Sweden

74,423

1,457,157

Kurita

Water

Industries

Ltd.

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

Japan

9,100

420,297

Makita

Corp.

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

Japan

17,600

792,657

Franklin

Fund

Allocator

Series

Statement

of

Investments

(unaudited)

Franklin

International

Core

Equity

(IU)

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

11

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Machinery

(continued)

Techtronic

Industries

Co.

Ltd.

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

Hong

Kong

124,500

$

2,259,024

14,905,425

Marine

0.5%

AP

Moller

-

Maersk

A/S,

A

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

Denmark

748

1,757,641

Metals

&

Mining

5.1%

Anglo

American

plc

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

South

Africa

22,636

959,811

ArcelorMittal

SA

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

Luxembourg

12,633

367,265

BHP

Group

Ltd.

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

Australia

54,773

1,993,770

BHP

Group

plc

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

Australia

27,324

822,887

Evraz

plc

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

Russia

150,055

1,330,786

Fortescue

Metals

Group

Ltd.

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

Australia

160,347

2,774,575

Norsk

Hydro

ASA

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

Norway

50,974

324,595

Rio

Tinto

Ltd.

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

Australia

37,384

3,475,103

Rio

Tinto

plc

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

Australia

46,552

3,899,209

voestalpine

AG

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

Austria

16,949

735,352

16,683,353

Multiline

Retail

0.8%

a

Next

plc

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

United

Kingdom

25,605

2,759,456

Oil,

Gas

&

Consumable

Fuels

4.2%

BP

plc

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

United

Kingdom

1,125,469

4,711,778

Equinor

ASA

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

Norway

92,952

1,876,981

Galp

Energia

SGPS

SA,

B

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

Portugal

32,942

379,336

Lundin

Energy

AB

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

Sweden

53,579

1,709,050

Neste

OYJ

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

Finland

18,540

1,121,175

TOTAL

SE

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

France

87,262

3,856,950

13,655,270

Personal

Products

2.9%

Kose

Corp.

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

Japan

4,300

647,332

L'Oreal

SA

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

France

11,216

4,592,811

Unilever

plc

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

United

Kingdom

72,929

4,272,125

9,512,268

Pharmaceuticals

6.2%

Astellas

Pharma,

Inc.

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

Japan

56,200

845,909

AstraZeneca

plc

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

United

Kingdom

3,119

332,011

Bayer

AG

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

Germany

13,988

905,178

Ipsen

SA

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

France

11,016

1,065,017

Novo

Nordisk

A/S,

B

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

Denmark

86,511

6,382,008

Orion

OYJ,

B

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

Finland

13,652

604,520

Otsuka

Holdings

Co.

Ltd.

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

Japan

39,400

1,510,056

Roche

Holding

AG

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

Switzerland

18,812

6,135,980

Sanofi

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

France

18,349

1,923,833

Sumitomo

Dainippon

Pharma

Co.

Ltd.

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

Japan

28,800

500,028

20,204,540

Professional

Services

4.3%

Adecco

Group

AG

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

Switzerland

44,489

3,015,612

Nihon

M&A

Center,

Inc.

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

Japan

10,400

271,710

Persol

Holdings

Co.

Ltd.

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

Japan

25,200

464,110

Randstad

NV

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

Netherlands

34,097

2,460,276

Recruit

Holdings

Co.

Ltd.

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

Japan

40,000

1,803,582

SGS

SA

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

Switzerland

1,188

3,515,371

Franklin

Fund

Allocator

Series

Statement

of

Investments

(unaudited)

Franklin

International

Core

Equity

(IU)

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

12

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Professional

Services

(continued)

Wolters

Kluwer

NV

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

Netherlands

28,187

$

2,549,651

14,080,312

Real

Estate

Management

&

Development

2.4%

Daito

Trust

Construction

Co.

Ltd.

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

Japan

13,200

1,403,660

LEG

Immobilien

SE

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

Germany

16,983

2,363,032

Sun

Hung

Kai

Properties

Ltd.

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

Hong

Kong

239,500

3,602,645

Swire

Pacific

Ltd.,

A

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

Hong

Kong

48,500

390,727

7,760,064

Road

&

Rail

0.4%

Nippon

Express

Co.

Ltd.

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

Japan

16,800

1,285,827

Semiconductors

&

Semiconductor

Equipment

2.3%

ASML

Holding

NV

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

Netherlands

2,427

1,575,533

Tokyo

Electron

Ltd.

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

Japan

12,800

5,813,871

7,389,404

Software

1.8%

a

Check

Point

Software

Technologies

Ltd.

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

Israel

9,200

1,074,652

Oracle

Corp.

Japan

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

Japan

7,600

712,571

Sage

Group

plc

(The)

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

United

Kingdom

117,729

1,037,303

SAP

SE

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

Germany

22,163

3,103,408

5,927,934

Specialty

Retail

1.1%

a

Kingfisher

plc

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

United

Kingdom

419,419

2,070,606

Shimamura

Co.

Ltd.

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

Japan

4,100

405,631

Yamada

Holdings

Co.

Ltd.

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

Japan

213,300

1,061,906

3,538,143

Technology

Hardware,

Storage

&

Peripherals

1.1%

Brother

Industries

Ltd.

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

Japan

51,500

1,092,010

Logitech

International

SA

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

Switzerland

23,280

2,591,308

3,683,318

Textiles,

Apparel

&

Luxury

Goods

2.1%

a

Burberry

Group

plc

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

United

Kingdom

17,414

495,678

Hermes

International

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

France

3,770

4,731,966

a

Moncler

SpA

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

Italy

8,668

531,288

Pandora

A/S

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

Denmark

11,008

1,246,704

7,005,636

Tobacco

0.3%

Imperial

Brands

plc

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

United

Kingdom

52,333

1,090,844

Trading

Companies

&

Distributors

0.9%

Ferguson

plc

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

United

States

9,866

1,244,405

Marubeni

Corp.

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

Japan

55,200

459,795

Mitsui

&

Co.

Ltd.

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

Japan

39,100

825,190

MonotaRO

Co.

Ltd.

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

Japan

22,100

561,198

3,090,588

Wireless

Telecommunication

Services

1.2%

KDDI

Corp.

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

Japan

127,200

3,845,363

Total

Common

Stocks

(Cost

$264,223,729)

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

322,444,740

Franklin

Fund

Allocator

Series

Statement

of

Investments

(unaudited)

Franklin

International

Core

Equity

(IU)

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

13

See

Abbreviations

on

page

24

.

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Preferred

Stocks

0.7%

Chemicals

0.3%

c

FUCHS

PETROLUB

SE,

2.19%

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

Germany

20,325

$

1,082,340

Health

Care

Equipment

&

Supplies

0.4%

c

Sartorius

AG,

0.08%

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

Germany

2,223

1,254,314

Total

Preferred

Stocks

(Cost

$2,106,790)

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

2,336,654

Total

Long

Term

Investments

(Cost

$266,330,519)

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

324,781,394

a

Short

Term

Investments

0.5%

a

a

Country

Shares

a

Value

a

Money

Market

Funds

0.5%

d,e

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

.....

United

States

1,568,764

1,568,764

Total

Money

Market

Funds

(Cost

$1,568,764)

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

1,568,764

Total

Short

Term

Investments

(Cost

$1,568,764

)

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

1,568,764

a

Total

Investments

(Cost

$267,899,283)

99.5%

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

$326,350,158

Other

Assets,

less

Liabilities

0.5%

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

1,828,176

Net

Assets

100.0%

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

$328,178,334

a

Non-income

producing.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

April

30,

2021,

the

aggregate

value

of

these

securities

was

$5,509,370,

representing

1.7%

of

net

assets.

c

Variable

rate

security.

The

rate

shown

represents

the

yield

at

period

end.

d

See

Note

5

regarding

investments

in

affiliated

management

investment

companies.

e

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Fund

Allocator

Series

Statement

of

Investments

(unaudited),

April

30,

2021

Franklin

U.S.

Core

Equity

(IU)

Fund

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

14

a

a

Shares

a

Value

a

Common

Stocks

99.1%

Aerospace

&

Defense

1.0%

Huntington

Ingalls

Industries,

Inc.

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

14,055

$

2,984,157

Lockheed

Martin

Corp.

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

14,362

5,465,603

8,449,760

Air

Freight

&

Logistics

0.9%

FedEx

Corp.

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

2,863

831,158

United

Parcel

Service,

Inc.,

B

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

31,885

6,500,076

7,331,234

Automobiles

0.8%

a

Tesla,

Inc.

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

10,193

7,231,322

a

Banks

3.6%

Bank

of

America

Corp.

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

34,299

1,390,138

Citigroup,

Inc.

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

11,164

795,323

Citizens

Financial

Group,

Inc.

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

157,227

7,276,466

Fifth

Third

Bancorp

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

21,494

871,367

JPMorgan

Chase

&

Co.

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

34,329

5,280,143

KeyCorp

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

255,181

5,552,739

People's

United

Financial,

Inc.

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

45,691

828,378

Regions

Financial

Corp.

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

270,522

5,897,380

Truist

Financial

Corp.

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

13,945

827,078

US

Bancorp

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

14,372

852,978

Zions

Bancorp

NA

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

14,828

827,402

30,399,392

Beverages

1.2%

Constellation

Brands,

Inc.,

A

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

3,386

813,724

a

Monster

Beverage

Corp.

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

93,122

9,037,490

9,851,214

Biotechnology

2.5%

AbbVie,

Inc.

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

46,168

5,147,732

a

Alexion

Pharmaceuticals,

Inc.

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

24,779

4,179,722

Amgen,

Inc.

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

17,090

4,095,448

a

Biogen,

Inc.

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

2,895

773,920

Gilead

Sciences,

Inc.

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

12,073

766,273

a

Regeneron

Pharmaceuticals,

Inc.

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

2,705

1,301,917

a

Vertex

Pharmaceuticals,

Inc.

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

21,522

4,696,100

20,961,112

Building

Products

0.3%

A

O

Smith

Corp.

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

24,164

1,637,111

Masco

Corp.

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

13,290

848,965

2,486,076

Capital

Markets

8.4%

Ameriprise

Financial,

Inc.

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

3,485

900,524

Bank

of

New

York

Mellon

Corp.

(The)

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

32,263

1,609,279

BlackRock,

Inc.

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

1,054

863,542

Charles

Schwab

Corp.

(The)

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

12,465

877,536

Goldman

Sachs

Group,

Inc.

(The)

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

53,394

18,605,139

Invesco

Ltd.

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

136,418

3,683,286

Moody's

Corp.

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

20,487

6,693,308

Morgan

Stanley

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

10,261

847,046

MSCI,

Inc.

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

13,481

6,548,665

Raymond

James

Financial,

Inc.

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

6,585

861,186

S&P

Global,

Inc.

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

42,938

16,762,566

Franklin

Fund

Allocator

Series

Statement

of

Investments

(unaudited)

Franklin

U.S.

Core

Equity

(IU)

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

15

a

a

Shares

a

Value

a

Common

Stocks

(continued)

Capital

Markets

(continued)

State

Street

Corp.

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

25,522

$

2,142,572

T

Rowe

Price

Group,

Inc.

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

64,345

11,530,624

71,925,273

Chemicals

2.4%

Celanese

Corp.

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

5,250

822,413

LyondellBasell

Industries

NV,

A

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

92,872

9,634,541

Mosaic

Co.

(The)

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

122,354

4,304,414

Sherwin-Williams

Co.

(The)

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

22,182

6,074,984

20,836,352

Commercial

Services

&

Supplies

0.3%

Rollins,

Inc.

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

69,730

2,599,534

Communications

Equipment

0.1%

Cisco

Systems,

Inc.

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

15,215

774,596

Construction

&

Engineering

0.3%

Quanta

Services,

Inc.

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

26,031

2,515,636

Consumer

Finance

1.3%

Capital

One

Financial

Corp.

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

50,921

7,591,303

Synchrony

Financial

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

86,268

3,773,362

11,364,665

Distributors

0.1%

Pool

Corp.

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

2,577

1,088,834

Diversified

Telecommunication

Services

0.1%

Verizon

Communications,

Inc.

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

13,722

792,994

Electric

Utilities

0.7%

Exelon

Corp.

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

28,694

1,289,508

NRG

Energy,

Inc.

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

86,190

3,087,326

PPL

Corp.

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

27,498

801,017

Southern

Co.

(The)

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

12,823

848,498

6,026,349

Electrical

Equipment

0.2%

Emerson

Electric

Co.

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

8,759

792,602

a

Generac

Holdings,

Inc.

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

2,636

853,932

1,646,534

Energy

Equipment

&

Services

0.1%

Halliburton

Co.

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

46,041

900,562

Entertainment

1.5%

Activision

Blizzard,

Inc.

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

17,652

1,609,686

Electronic

Arts,

Inc.

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

20,786

2,953,275

a

Netflix,

Inc.

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

5,843

3,000,205

a

Take-Two

Interactive

Software,

Inc.

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

10,714

1,879,021

a

Walt

Disney

Co.

(The)

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

18,902

3,516,150

12,958,337

Equity

Real

Estate

Investment

Trusts

(REITs)

3.6%

Apartment

Income

REIT

Corp.

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

17,961

810,939

Extra

Space

Storage,

Inc.

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

5,999

891,991

Highwoods

Properties,

Inc.

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

18,320

820,553

Iron

Mountain,

Inc.

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

21,780

873,814

Franklin

Fund

Allocator

Series

Statement

of

Investments

(unaudited)

Franklin

U.S.

Core

Equity

(IU)

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

16

a

a

Shares

a

Value

a

Common

Stocks

(continued)

Equity

Real

Estate

Investment

Trusts

(REITs)

(continued)

Kimco

Realty

Corp.

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

137,134

$

2,879,814

Lamar

Advertising

Co.,

A

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

8,713

862,935

Public

Storage

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

49,375

13,882,275

Simon

Property

Group,

Inc.

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

58,524

7,124,712

Weyerhaeuser

Co.

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

78,022

3,024,913

31,171,946

Food

&

Staples

Retailing

1.9%

Kroger

Co.

(The)

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

228,865

8,362,727

Walmart,

Inc.

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

54,635

7,643,983

16,006,710

Health

Care

Equipment

&

Supplies

3.8%

Abbott

Laboratories

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

12,319

1,479,266

a

ABIOMED,

Inc.

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

3,529

1,131,856

a

Align

Technology,

Inc.

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

1,549

922,476

Danaher

Corp.

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

22,320

5,667,941

a

Hologic,

Inc.

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

82,225

5,389,849

a

IDEXX

Laboratories,

Inc.

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

30,511

16,750,234

ResMed,

Inc.

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

4,183

786,278

32,127,900

Health

Care

Providers

&

Services

0.6%

Chemed

Corp.

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

1,688

804,518

CVS

Health

Corp.

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

11,874

907,173

HCA

Healthcare,

Inc.

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

4,269

858,325

a

Laboratory

Corp.

of

America

Holdings

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

3,176

844,403

McKesson

Corp.

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

4,077

764,682

Universal

Health

Services,

Inc.,

B

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

5,914

877,697

5,056,798

Health

Care

Technology

0.9%

Cerner

Corp.

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

97,499

7,317,300

Hotels,

Restaurants

&

Leisure

0.8%

a

Chipotle

Mexican

Grill,

Inc.

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

561

837,029

Domino's

Pizza,

Inc.

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

8,388

3,542,588

McDonald's

Corp.

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

3,601

850,124

Starbucks

Corp.

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

7,323

838,410

Yum!

Brands,

Inc.

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

7,317

874,528

6,942,679

Household

Durables

0.5%

DR

Horton,

Inc.

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

9,094

893,849

Lennar

Corp.,

A

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

24,107

2,497,485

PulteGroup,

Inc.

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

15,484

915,414

4,306,748

Household

Products

2.6%

Clorox

Co.

(The)

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

4,094

747,155

Colgate-Palmolive

Co.

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

199,065

16,064,546

Procter

&

Gamble

Co.

(The)

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

37,841

5,048,746

21,860,447

Industrial

Conglomerates

0.6%

3M

Co.

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

25,385

5,004,399

Franklin

Fund

Allocator

Series

Statement

of

Investments

(unaudited)

Franklin

U.S.

Core

Equity

(IU)

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

17

a

a

Shares

a

Value

a

Common

Stocks

(continued)

Insurance

0.9%

Aflac,

Inc.

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

65,259

$

3,506,366

MetLife,

Inc.

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

23,929

1,522,602

Prudential

Financial,

Inc.

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

8,817

884,874

Travelers

Cos.,

Inc.

(The)

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

5,194

803,304

Unum

Group

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

44,502

1,257,627

7,974,773

Interactive

Media

&

Services

8.7%

a

Alphabet,

Inc.,

A

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

6,053

14,245,736

a

Alphabet,

Inc.,

C

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

13,868

33,423,544

a

Facebook,

Inc.,

A

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

82,515

26,823,976

74,493,256

Internet

&

Direct

Marketing

Retail

3.5%

a

Amazon.com,

Inc.

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

8,070

27,982,079

eBay,

Inc.

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

13,352

744,908

a

Etsy,

Inc.

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

4,077

810,467

29,537,454

IT

Services

1.0%

Accenture

plc,

A

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

27,239

7,898,493

Cognizant

Technology

Solutions

Corp.,

A

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

10,237

823,055

8,721,548

Life

Sciences

Tools

&

Services

2.7%

Agilent

Technologies,

Inc.

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

7,688

1,027,424

a

Mettler-Toledo

International,

Inc.

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

8,289

10,886,110

PerkinElmer,

Inc.

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

6,211

805,132

Thermo

Fisher

Scientific,

Inc.

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

10,344

4,864,059

a

Waters

Corp.

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

17,309

5,190,450

22,773,175

Machinery

0.8%

Caterpillar,

Inc.

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

3,471

791,770

Deere

&

Co.

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

10,116

3,751,518

Snap-on,

Inc.

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

8,198

1,947,845

6,491,133

Media

0.6%

Comcast

Corp.,

A

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

25,477

1,430,534

Fox

Corp.,

A

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

26,123

977,522

Fox

Corp.,

B

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

55,315

2,012,360

Interpublic

Group

of

Cos.,

Inc.

(The)

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

28,178

894,651

5,315,067

Metals

&

Mining

1.1%

Freeport-McMoRan,

Inc.

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

24,894

938,752

Nucor

Corp.

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

106,961

8,798,612

9,737,364

Multiline

Retail

0.8%

Target

Corp.

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

31,887

6,608,900

Multi-Utilities

0.5%

DTE

Energy

Co.

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

27,362

3,831,227

Public

Service

Enterprise

Group,

Inc.

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

13,272

838,260

4,669,487

Franklin

Fund

Allocator

Series

Statement

of

Investments

(unaudited)

Franklin

U.S.

Core

Equity

(IU)

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

18

a

a

Shares

a

Value

a

Common

Stocks

(continued)

Oil,

Gas

&

Consumable

Fuels

2.8%

EOG

Resources,

Inc.

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

211,477

$

15,573,166

Exxon

Mobil

Corp.

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

153,352

8,777,869

24,351,035

Pharmaceuticals

2.2%

Bristol-Myers

Squibb

Co.

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

12,472

778,502

Eli

Lilly

&

Co.

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

8,285

1,514,249

Johnson

&

Johnson

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

57,066

9,286,350

Merck

&

Co.,

Inc.

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

86,595

6,451,328

Pfizer,

Inc.

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

29,408

1,136,619

19,167,048

Professional

Services

0.4%

Robert

Half

International,

Inc.

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

40,718

3,567,304

Real

Estate

Management

&

Development

0.2%

a

CBRE

Group,

Inc.,

A

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

20,874

1,778,465

a

Road

&

Rail

0.2%

Old

Dominion

Freight

Line,

Inc.

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

6,821

1,758,522

Semiconductors

&

Semiconductor

Equipment

7.7%

Applied

Materials,

Inc.

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

29,056

3,856,022

Broadcom,

Inc.

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

1,691

771,434

Intel

Corp.

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

180,043

10,357,874

KLA

Corp.

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

2,543

801,935

Lam

Research

Corp.

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

1,401

869,251

Maxim

Integrated

Products,

Inc.

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

13,455

1,264,770

a

Micron

Technology,

Inc.

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

149,262

12,846,980

NVIDIA

Corp.

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

8,300

4,983,154

QUALCOMM,

Inc.

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

23,153

3,213,636

Skyworks

Solutions,

Inc.

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

33,729

6,116,080

Teradyne,

Inc.

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

12,212

1,527,477

Texas

Instruments,

Inc.

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

107,940

19,484,249

66,092,862

Software

12.2%

a

Adobe,

Inc.

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

22,175

11,272,439

a

Autodesk,

Inc.

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

6,383

1,863,262

a

Cadence

Design

Systems,

Inc.

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

99,295

13,084,102

Citrix

Systems,

Inc.

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

5,767

714,243

a

Fortinet,

Inc.

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

27,287

5,572,824

Intuit,

Inc.

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

33,254

13,705,969

Microsoft

Corp.

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

186,145

46,942,046

Oracle

Corp.

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

132,005

10,004,659

a

Synopsys,

Inc.

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

3,323

820,980

103,980,524

Specialty

Retail

4.0%

Best

Buy

Co.,

Inc.

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

54,164

6,297,648

Home

Depot,

Inc.

(The)

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

45,631

14,769,386

a

L

Brands,

Inc.

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

78,002

5,140,332

Lowe's

Cos.,

Inc.

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

33,748

6,623,045

Tractor

Supply

Co.

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

5,385

1,015,611

33,846,022

Technology

Hardware,

Storage

&

Peripherals

5.6%

Apple,

Inc.

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

300,452

39,497,420

Franklin

Fund

Allocator

Series

Statement

of

Investments

(unaudited)

Franklin

U.S.

Core

Equity

(IU)

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

19

See

Abbreviations

on

page

24

.

a

a

Shares

a

Value

a

Common

Stocks

(continued)

Technology

Hardware,

Storage

&

Peripherals

(continued)

HP,

Inc.

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

243,477

$

8,305,000

47,802,420

Textiles,

Apparel

&

Luxury

Goods

0.2%

NIKE,

Inc.,

B

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

6,447

855,001

a

Tapestry,

Inc.

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

20,236

968,293

1,823,294

Tobacco

0.9%

Altria

Group,

Inc.

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

15,279

729,572

Philip

Morris

International,

Inc.

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

75,567

7,178,865

7,908,437

Trading

Companies

&

Distributors

1.0%

Fastenal

Co.

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

76,736

4,011,758

a

United

Rentals,

Inc.

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

2,463

788,037

WW

Grainger,

Inc.

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

8,118

3,519,478

8,319,273

Total

Common

Stocks

(Cost

$642,910,174)

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

846,652,066

a

a

a

a

Short

Term

Investments

0.8%

a

Money

Market

Funds

0.8%

b,c

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

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

7,251,413

7,251,413

Total

Money

Market

Funds

(Cost

$7,251,413)

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

7,251,413

Total

Short

Term

Investments

(Cost

$7,251,413

)

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

7,251,413

a

Total

Investments

(Cost

$650,161,587)

99.9%

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

$853,903,479

Other

Assets,

less

Liabilities

0.1%

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

686,813

Net

Assets

100.0%

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

$854,590,292

a

Non-income

producing.

b

See

Note

5

regarding

investments

in

affiliated

management

investment

companies.

c

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Fund

Allocator

Series

Notes

to

Statements

of

Investments

(unaudited)

20

1.

Organization

Franklin

Fund

Allocator

Series (Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company,

consisting

of twenty-one

separate

funds, three

of

which

are

included

in

this

report

(Funds)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP). 

2. Financial

Instrument

Valuation

The

Funds’

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Funds

calculate

the

net

asset

value

(NAV)

per

share

each

business

day

as

of

4

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the

Fund’s

Board

of

Trustees

(the

Board),

the

Funds’

administrator

has

responsibility

for

oversight

of

valuation,

including

leading

the

cross-functional

Valuation

Committee

(VC).

The

Funds

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value. 

Equity

securities

and

exchange

traded

funds

listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price

of

the

day,

respectively.

Foreign

equity

securities

are

valued

as

of

the

close

of

trading

on

the

foreign

stock

exchange

on

which

the

security

is

primarily

traded

or

as

of

4

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

4

p.m. Eastern

time

on

the

day

that

the

value

of

the

security

is

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities. 

Investments

in

open-end

mutual

funds

are

valued

at

the

closing

NAV.

The

Funds

have procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the

Funds

primarily employ

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

book

values,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed. 

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

4

p.m.

Eastern

time.

In

addition,

trading

in

certain

foreign

markets

may

not

take

place

on

every

Funds’ business

day.

Events

can

occur

between

the

time

at

which

trading

in

a

foreign

security

is

completed

and

4

p.m.

Eastern

time

that

might

call

into

question

the

reliability

of

the

value

of

a

portfolio

security

held

by

the

Fund.

As

a

result,

differences

may

arise

between

the

value

of

the

Funds’

portfolio

securities

as

determined

at

the

foreign

market

close

and

the

latest

indications

of

value

at

4

p.m.

Eastern

time.

In

order

to

minimize

the

potential

for

these

differences,

an

independent

pricing

service

may

be

used

to

adjust

the

value

of

the

Funds'

portfolio

securities

to

the

latest

indications

of

fair

value

at 4

p.m.

Eastern

time.

At

April

30,

2021,

certain

securities

may

have

been

fair

valued

using

these

procedures,

in

which

case

the

securities

were

categorized

as

Level

2

inputs

within

the

fair

value

hierarchy

(referred

to

as

"market

level

fair

value").

See

the

Fair

Value

Measurements

note

for

more

information.

When

the

last

day

of

the

reporting

period

is

a

non-business

day,

certain

foreign

markets

may

be

open

on

those

days

that

the

Funds’

NAV

is

not

calculated,

which

could

result

in

differences

between

the

value

of

the

Funds’

portfolio securities

on

the

last

business

day

and

the

last

calendar

day

of

the

reporting

period.

Any

security

valuation

changes

due

to

an

open

foreign

market

are

adjusted

and

reflected

by

the

Funds for

financial

reporting

purposes.

Franklin

Fund

Allocator

Series

Notes

to

Statements

of

Investments

(unaudited)

21

3.

Concentration

of

Risk

Investing

in

foreign

securities

may

include

certain

risks

and

considerations

not

typically

associated

with

investing

in

U.S.

securities,

such

as

fluctuating

currency

values

and

changing

local,

regional

and

global

economic,

political

and

social

conditions,

which

may

result

in

greater

market

volatility.

Political

and

financial

uncertainty

in

many

foreign

regions

may

increase

market

volatility

and

the

economic

risk

of

investing

in

foreign

securities.

In

addition,

certain

foreign

securities

may

not

be

as

liquid

as

U.S.

securities.

4.

Novel

Coronavirus

Pandemic 

The

global

outbreak

of

the

novel

coronavirus

disease,

known

as

COVID-19, has

caused

adverse

effects

on

many

companies,

sectors,

nations,

regions

and

the

markets

in

general, and

may

continue for

an unpredictable duration.

The

effects

of

this

pandemic

may

materially

impact

the

value

and

performance

of

the

Funds, their ability

to

buy

and

sell

fund

investments

at

appropriate

valuations

and their ability

to

achieve their investment

objectives.

5.

Investments

in

Affiliated

Management

Investment

Companies 

Certain

or

all

Funds

invest

in

one

or

more

affiliated

management

investment

companies

for

purposes

other

than

exercising

a

controlling

influence

over

the

management

or

policies.

During

the

period

ended

April

30,

2021,

investments

in

affiliated

management

investment

companies

were

as

follows: 

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Investment

Income

a      

a  

a  

a  

a  

a  

a  

a  

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

.......

$769,974

$34,258,168

$(32,950,570)

$—

$—

$2,077,572

2,077,572

$22

Total

Affiliated

Securities

....

$769,974

$34,258,168

$(32,950,570)

$—

$—

$2,077,572

$22

Franklin

International

Core

Equity

(IU)

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

.......

$3,295,841

$15,241,786

$(16,968,863)

$—

$—

$1,568,764

1,568,764

$35

Total

Affiliated

Securities

....

$3,295,841

$15,241,786

$(16,968,863)

$—

$—

$1,568,764

$35

Franklin

U.S.

Core

Equity

(IU)

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

.......

$7,725,842

$24,350,020

$(24,824,449)

$—

$—

$7,251,413

7,251,413

$137

Total

Affiliated

Securities

....

$7,725,842

$24,350,020

$(24,824,449)

$—

$—

$7,251,413

$137

Franklin

Fund

Allocator

Series

Notes

to

Statements

of

Investments

(unaudited)

22

6. Fair

Value

Measurements 

The

Funds

follow

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the

Funds'

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Funds’

financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

• Level

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

• Level

2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

• Level

3

–

significant

unobservable

inputs

(including

the

Funds'

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level. 

A

summary

of

inputs

used

as

of

April

30,

2021,

in

valuing

the

Funds’

assets

carried

at

fair

value,

is

as

follows:  

Level

1

Level

2

Level

3

Total

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Air

Freight

&

Logistics

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

$

—

$

244,667

$

—

$

244,667

Auto

Components

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

—

1,346,524

—

1,346,524

Automobiles

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

191,175

1,487,892

—

1,679,067

Banks

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

—

14,875,765

—

14,875,765

Biotechnology

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

—

302,976

—

302,976

Building

Products

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

—

452,773

—

452,773

Capital

Markets

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

1,193,306

1,017,484

—

2,210,790

Chemicals

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

656,415

3,580,460

—

4,236,875

Commercial

Services

&

Supplies

...........

—

833,773

—

833,773

Construction

Materials

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

—

349,978

—

349,978

Consumer

Finance

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

517,650

445,844

—

963,494

Electrical

Equipment

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

729,570

851,095

—

1,580,665

Electronic

Equipment,

Instruments

&

Components

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

—

3,671,775

—

3,671,775

Entertainment

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

1,748,136

—

—

1,748,136

Equity

Real

Estate

Investment

Trusts

(REITs)

.

884,786

—

—

884,786

Food

&

Staples

Retailing

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

494,677

—

—

494,677

Food

Products

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

999,692

409,376

—

1,409,068

Gas

Utilities

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

—

961,935

—

961,935

Health

Care

Equipment

&

Supplies

.........

—

1,600,794

—

1,600,794

Health

Care

Providers

&

Services

..........

—

328,745

—

328,745

Hotels,

Restaurants

&

Leisure

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

654,368

223,258

—

877,626

Household

Durables

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

—

698,837

—

698,837

Household

Products

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

669,982

—

—

669,982

Independent

Power

and

Renewable

Electricity

Producers

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

353,862

—

—

353,862

Industrial

Conglomerates

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

—

1,062,054

—

1,062,054

Insurance

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

—

5,868,175

—

5,868,175

Interactive

Media

&

Services

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

1,051,818

8,591,449

—

9,643,267

Internet

&

Direct

Marketing

Retail

..........

10,725,415

2,859,208

—

13,584,623

IT

Services

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

—

7,983,854

—

7,983,854

Leisure

Products

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

—

253,868

—

253,868

Life

Sciences

Tools

&

Services

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

—

2,551,009

—

2,551,009

Machinery

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

—

2,051,906

—

2,051,906

Marine

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

—

857,698

—

857,698

Metals

&

Mining

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

1,508,621

7,696,491

—

9,205,112

Franklin

Fund

Allocator

Series

Notes

to

Statements

of

Investments

(unaudited)

23

Level

1

Level

2

Level

3

Total

Franklin

Emerging

Market

Core

Equity

(IU)

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

Common

Stocks:

Oil,

Gas

&

Consumable

Fuels

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

$

594,396

$

3,691,512

$

—

$

4,285,908

Paper

&

Forest

Products

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

—

241,169

—

241,169

Personal

Products

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

—

1,380,195

—

1,380,195

Pharmaceuticals

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

—

2,948,559

—

2,948,559

Real

Estate

Management

&

Development

....

—

2,026,390

—

2,026,390

Semiconductors

&

Semiconductor

Equipment

.

418,548

17,213,633

—

17,632,181

Specialty

Retail

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

—

1,635,130

—

1,635,130

Technology

Hardware,

Storage

&

Peripherals

.

—

7,322,806

—

7,322,806

Textiles,

Apparel

&

Luxury

Goods

..........

—

1,911,517

—

1,911,517

Thrifts

&

Mortgage

Finance

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

—

1,157,383

—

1,157,383

Tobacco

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

—

627,909

—

627,909

Transportation

Infrastructure

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

235,815

1,044,916

—

1,280,731

Wireless

Telecommunication

Services

.......

143,778

1,251,961

—

1,395,739

Preferred

Stocks

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

2,617,240

—

—

2,617,240

Short

Term

Investments

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

2,077,572

—

—

2,077,572

Total

Investments

in

Securities

...........

$28,466,822

$115,912,743

a

$—

$144,379,565

Franklin

International

Core

Equity

(IU)

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Air

Freight

&

Logistics

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

—

4,562,719

—

4,562,719

Auto

Components

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

—

313,141

—

313,141

Automobiles

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

—

12,254,408

—

12,254,408

Banks

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

—

25,192,585

—

25,192,585

Beverages

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

—

3,834,802

—

3,834,802

Biotechnology

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

—

2,904,009

—

2,904,009

Building

Products

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

—

8,723,688

—

8,723,688

Capital

Markets

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

—

27,713,708

—

27,713,708

Chemicals

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

—

6,296,889

—

6,296,889

Construction

&

Engineering

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

—

413,575

—

413,575

Construction

Materials

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

—

705,532

—

705,532

Diversified

Financial

Services

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

—

7,757,234

—

7,757,234

Diversified

Telecommunication

Services

.....

—

8,033,466

—

8,033,466

Electrical

Equipment

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

—

4,533,344

—

4,533,344

Electronic

Equipment,

Instruments

&

Components

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

—

2,336,537

—

2,336,537

Entertainment

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

—

4,015,757

—

4,015,757

Equity

Real

Estate

Investment

Trusts

(REITs)

.

—

3,731,053

—

3,731,053

Food

&

Staples

Retailing

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

—

2,334,102

—

2,334,102

Food

Products

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

—

2,075,526

—

2,075,526

Gas

Utilities

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

—

5,393,760

—

5,393,760

Health

Care

Equipment

&

Supplies

.........

—

13,423,667

—

13,423,667

Health

Care

Providers

&

Services

..........

—

1,022,143

—

1,022,143

Health

Care

Technology

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

—

324,690

—

324,690

Household

Durables

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

—

10,744,749

—

10,744,749

Industrial

Conglomerates

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

—

1,394,616

—

1,394,616

Insurance

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

—

7,732,756

—

7,732,756

Interactive

Media

&

Services

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

—

3,740,212

—

3,740,212

Internet

&

Direct

Marketing

Retail

..........

732,608

2,849,802

—

3,582,410

IT

Services

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

—

6,834,901

—

6,834,901

Life

Sciences

Tools

&

Services

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

—

2,343,375

—

2,343,375

Machinery

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

—

14,905,425

—

14,905,425

Marine

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

—

1,757,641

—

1,757,641

6. Fair

Value

Measurements 

(continued)

Franklin

Fund

Allocator

Series

Notes

to

Statements

of

Investments

(unaudited)

24

7.

Subsequent

Events

The

Funds

have evaluated

subsequent

events

through

the

issuance

of

the

Statements of

Investments

and

determined

that

no

events

have

occurred

that

require

disclosure.

Abbreviations

Level

1

Level

2

Level

3

Total

Franklin

International

Core

Equity

(IU)

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

Common

Stocks:

Metals

&

Mining

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

$

—

$

16,683,353

$

—

$

16,683,353

Multiline

Retail

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

—

2,759,456

—

2,759,456

Oil,

Gas

&

Consumable

Fuels

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

—

13,655,270

—

13,655,270

Personal

Products

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

—

9,512,268

—

9,512,268

Pharmaceuticals

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

604,520

19,600,020

—

20,204,540

Professional

Services

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

—

14,080,312

—

14,080,312

Real

Estate

Management

&

Development

....

—

7,760,064

—

7,760,064

Road

&

Rail

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

—

1,285,827

—

1,285,827

Semiconductors

&

Semiconductor

Equipment

.

—

7,389,404

—

7,389,404

Software

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

1,074,652

4,853,282

—

5,927,934

Specialty

Retail

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

—

3,538,143

—

3,538,143

Technology

Hardware,

Storage

&

Peripherals

.

—

3,683,318

—

3,683,318

Textiles,

Apparel

&

Luxury

Goods

..........

—

7,005,636

—

7,005,636

Tobacco

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

—

1,090,844

—

1,090,844

Trading

Companies

&

Distributors

..........

—

3,090,588

—

3,090,588

Wireless

Telecommunication

Services

.......

—

3,845,363

—

3,845,363

Preferred

Stocks

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

—

2,336,654

—

2,336,654

Short

Term

Investments

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

1,568,764

—

—

1,568,764

Total

Investments

in

Securities

...........

$3,980,544

$322,369,614

b

$—

$326,350,158

Franklin

U.S.

Core

Equity

(IU)

Fund

Assets:

Investments

in

Securities:

c

Common

Stocks

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

846,652,066

—

—

846,652,066

Short

Term

Investments

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

7,251,413

—

—

7,251,413

Total

Investments

in

Securities

...........

$853,903,479

$—

$—

$853,903,479

a

Includes

foreign

securities

valued

at

$115,912,743,

which

were

categorized

as

Level

2

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

b

Includes

foreign

securities

valued

at

$321,669,712,

which

were

categorized

as

Level

2

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

c

For

detailed

categories,

see

the

accompanying

Statement

of

Investments.

Selected

Portfolio

ADR

American

Depositary

Receipt

GDR

Global

Depositary

Receipt

REIT

Real

Estate

Investment

Trust

6. Fair

Value

Measurements 

(continued)

For

additional

information

on

the

Funds'

significant

accounting

policies,

please

refer

to

the Funds'

most

recent

semiannual

or

annual

shareholder

report.