0001752724-21-249164.txt : 20211122 0001752724-21-249164.hdr.sgml : 20211122 20211122151231 ACCESSION NUMBER: 0001752724-21-249164 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20210930 FILED AS OF DATE: 20211122 PERIOD START: 20211231 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FRANKLIN FUND ALLOCATOR SERIES CENTRAL INDEX KEY: 0001022804 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-07851 FILM NUMBER: 211432038 BUSINESS ADDRESS: STREET 1: ONE FRANKLIN PARKWAY CITY: SAN MATEO STATE: CA ZIP: 94403-1906 BUSINESS PHONE: 650-312-4018 MAIL ADDRESS: STREET 1: FRANKLIN FUND ALLOCATOR SERIES STREET 2: ONE FRANKLIN PARKWAY CITY: SAN MATEO STATE: CA ZIP: 94403-1906 FORMER COMPANY: FORMER CONFORMED NAME: FRANKLIN TEMPLETON FUND ALLOCATOR SERIES DATE OF NAME CHANGE: 19960912 0001022804 S000041338 Franklin LifeSmart 2030 Retirement Target Fund C000128217 Advisor Class FLRZX C000128218 Class A FLRSX C000128219 Class C FLRTX C000128220 Class R FLRWX C000128221 Class R6 FLERX NPORT-P 1 primary_doc.xml NPORT-P false 0001022804 XXXXXXXX S000041338 C000128220 C000128218 C000128221 C000128219 C000128217 Franklin Fund Allocator Series 811-07851 0001022804 5493009BPYLDNZHEMO31 One Franklin Parkway San Mateo 94403-1906 650-312-2000 Franklin LifeSmart 2030 Retirement Target Fund S000041338 549300QZVTYR56VW1065 2021-12-31 2021-09-30 N 59425562.53 72855.52 59352707.01 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 222308.54000000 N Franklin LibertyQ US Equity ETF 549300OMVSYP2F5WOS42 Franklin LibertyQ US Equity ETF 35473P801 64668.00000000 NS USD 2727049.56000000 4.594650686346 Long RF US N 1 N N N Franklin International Growth Fund 549300FFQ9Q5UZ95E702 Franklin International Growth Fund, Class R6 353533649 42503.88500000 NS USD 937635.70000000 1.579769057276 Long RF US N 1 N N N Franklin Emerging Market Core Equity IU Fund 549300RHSEWP5HCKT350 Franklin Emerging Market Core Equity IU Fund 35473A598 143617.26800000 NS USD 1648726.24000000 2.777845060583 Long RF US N 1 N N N Franklin Liberty Senior Loan ETF 549300I3TND36ZL4CK30 Franklin Liberty Senior Loan ETF 35473P595 29899.00000000 NS USD 747475.00000000 1.259378110376 Long RF US N 1 N N N Franklin International Core Equity IU Fund 5493000TU9OU8KKTOX45 Franklin International Core Equity IU Fund 35473A580 379339.43400000 NS USD 4855544.76000000 8.180831177897 Long RF US N 1 N N N Franklin Liberty US Treasury Bond ETF 5493008ZZCRVIGT1H265 Franklin Liberty US Treasury Bond ETF 35473P488 48932.00000000 NS USD 1175346.64000000 1.980274698847 Long RF US N 1 N N N Franklin Liberty International Aggregate Bond ETF 549300X1LYVIK50DRI49 Franklin Liberty International Aggregate Bond ETF 35473P611 36053.00000000 NS USD 906732.95000000 1.527702771580 Long RF US N 1 N N N Franklin Liberty Systematic Style Premia ETF 549300FEMFRM3FWBHG39 Franklin Liberty Systematic Style Premia ETF 35473P546 14762.00000000 NS USD 301060.66000000 0.507239981403 Long RF US N 1 N N N Western Asset Short-Term Bond Fund 549300G71M2UUYXXMK17 Western Asset Short-Term Bond Fund 52468A731 231494.55800000 NS USD 909773.61000000 1.532825806659 Long RF US N 1 N N N Templeton Foreign Fund 549300XGZSBD9O0E1I88 Templeton Foreign Fund, Class R6 880196878 328990.01800000 NS USD 2480584.74000000 4.179396130292 Long RF US N 1 N N N Franklin US Core Equity IU Fund 549300EV7Q7FYQ96LR11 Franklin US Core Equity IU Fund 35473A614 883787.67000000 NS USD 13018192.38000000 21.93361185330 Long RF US N 1 N N N Franklin Growth Fund 549300HNBBCTK2YQED48 Franklin Growth Fund, Class R6 353496649 49060.00500000 NS USD 7476254.16000000 12.59631537739 Long RF US N 1 N N N BrandywineGLOBAL - Global Opportunities Bond Fund 549300UL6SM15ZRNUZ25 BrandywineGLOBAL - Global Opportunities Bond Fund 524686318 79588.81200000 NS USD 896170.02000000 1.509905891653 Long RF US N 1 N N N Templeton Developing Markets Trust 549300ZJC3KUG08IH343 Templeton Developing Markets Trust, Class R6 88018W609 66359.52600000 NS USD 1601918.96000000 2.698982136956 Long RF US N 1 N N N Western Asset Core Plus Bond Fund 549300M92SFKO7RZX103 Western Asset Core Plus Bond Fund, Class S 957663669 161818.37200000 NS USD 1948293.20000000 3.282568391820 Long RF US N 1 N N N Schwab US TIPS ETF 5493001H0ESLTZTZWE77 Schwab US TIPS ETF 808524870 18748.00000000 NS USD 1173249.84000000 1.976741919795 Long RF US N 1 N N N iShares MSCI EAFE Value ETF 549300AN74D4XJZB8Y40 iShares MSCI EAFE Value ETF 464288877 19269.00000000 NS USD 979828.65000000 1.650857558754 Long RF US N 1 N N N Franklin Liberty U.S. Core Bond ETF 549300IKA3VXH7FL6377 Franklin Liberty U.S. Core Bond ETF 35473P553 261860.00000000 NS USD 6625058.00000000 11.16218338429 Long RF US N 1 N N N Franklin Liberty Investment Grade Corporate ETF 549300AGICP0BF7KSG70 Franklin Liberty Investment Grade Corporate ETF 35473P603 33827.00000000 NS USD 877810.65000000 1.478973233440 Long RF US N 1 N N N Franklin FTSE Europe ETF 549300MGO0V5Y80BBI27 Franklin FTSE Europe ETF 35473P652 16767.00000000 NS USD 474076.86000000 0.798745135449 Long RF US N 1 N N N Franklin Liberty High Yield Corporate ETF 5493002F67QK4VNO5Q54 Franklin Liberty High Yield Corporate ETF 35473P629 50490.00000000 NS USD 1334440.60000000 2.248323062628 Long RF US N 1 N N N Vanguard S&P 500 ETF 549300D8V8ZP5GRJOC71 Vanguard S&P 500 ETF 922908363 4604.00000000 NS USD 1815817.60000000 3.059367788724 Long RF US N 1 N N N Institutional Fiduciary Trust - Money Market Portfolio 549300M4TP89K77LG374 Institutional Fiduciary Trust - Money Market Portfolio 457756500 423048.98100000 NS USD 423048.98000000 0.712771162954 Long STIV RF US N 1 N N N ClearBridge Large Cap Value Fund 5493008X4JXB7WRB6E40 ClearBridge Large Cap Value Fund 52470J605 96232.50600000 NS USD 3697252.88000000 6.229291074082 Long RF US N 1 N N N 2021-11-01 Franklin Fund Allocator Series Jeff White Jeff White Interim Chief Financial Officer, Chief Accounting Officer and Treasurer XXXX NPORT-EX 2 FFAS.htm
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
FAS-Q3PH
1
Statements
of
Investments
(unaudited)
Franklin
Conservative
Allocation
Fund
2
Franklin
Corefolio
Allocation
Fund
4
Franklin
Global
Allocation
Fund
5
Franklin
Growth
Allocation
Fund
14
Franklin
LifeSmart
™
Retirement
Income
Fund
16
Franklin
LifeSmart
™
2020
Retirement
Target
Fund
18
Franklin
LifeSmart
™
2025
Retirement
Target
Fund
20
Franklin
LifeSmart
™
2030
Retirement
Target
Fund
22
Franklin
LifeSmart
™
2035
Retirement
Target
Fund
24
Franklin
LifeSmart
™
2040
Retirement
Target
Fund
26
Franklin
LifeSmart
™
2045
Retirement
Target
Fund
28
Franklin
LifeSmart
™
2050
Retirement
Target
Fund
29
Franklin
LifeSmart
™
2055
Retirement
Target
Fund
30
Franklin
LifeSmart
™
2060
Retirement
Target
Fund
31
Franklin
Moderate
Allocation
Fund
32
Notes
to
Statements
of
Investments
34
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited),
September
30,
2021
Franklin
Conservative
Allocation
Fund
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
2
I
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
99.1%
Alternative
Strategies
0.5%
a
Franklin
Liberty
Systematic
Style
Premia
ETF
..............................
330,398
$
6,738,236
Domestic
Equity
35.0%
a
ClearBridge
Large
Cap
Value
Fund,
Class
IS
...............................
1,538,658
59,115,249
a
Franklin
Growth
Fund,
Class
R6
........................................
794,612
121,090,903
a
Franklin
LibertyQ
U.S.
Equity
ETF
.......................................
543,501
22,919,437
a
Franklin
U.S.
Core
Equity
(IU)
Fund
.....................................
15,332,024
225,840,718
Vanguard
S&P
500
ETF
..............................................
84,735
33,419,484
462,385,791
Domestic
Fixed
Income
51.1%
a
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund,
Class
IS
...............
2,842,019
32,001,135
a
Franklin
Liberty
High
Yield
Corporate
ETF
.................................
2,192,237
57,940,386
a
Franklin
Liberty
Investment
Grade
Corporate
ETF
...........................
988,153
25,642,570
a
Franklin
Liberty
Senior
Loan
ETF
.......................................
1,314,542
32,863,550
a
Franklin
Liberty
U.S.
Core
Bond
ETF
.....................................
11,413,074
288,750,772
a
Franklin
Liberty
U.S.
Treasury
Bond
ETF
..................................
2,141,478
51,438,302
Schwab
U.S.
TIPS
ETF
...............................................
829,926
51,936,769
a
Western
Asset
Core
Plus
Bond
Fund,
Class
S
..............................
7,841,930
94,416,691
a
Western
Asset
Short-Term
Bond
Fund,
Class
IS
............................
9,927,229
39,014,009
674,004,184
Foreign
Equity
10.0%
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
............................
1,160,357
13,320,899
a
Franklin
FTSE
Europe
ETF
............................................
187,577
5,303,627
a
Franklin
International
Core
Equity
(IU)
Fund
...............................
4,074,622
52,155,163
a
Franklin
International
Growth
Fund,
Class
R6
..............................
479,019
10,567,153
iShares
MSCI
EAFE
Value
ETF
.........................................
209,573
10,656,787
a
Templeton
Developing
Markets
Trust,
Class
R6
.............................
519,125
12,531,680
a
Templeton
Foreign
Fund,
Class
R6
......................................
3,507,287
26,444,941
130,980,250
Foreign
Fixed
Income
2.5%
a,b
Franklin
Liberty
International
Aggregate
Bond
ETF
..........................
1,330,673
33,466,426
b
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$1,139,802,732)
..............................................................
1,307,574,887
a
a
a
a
Short
Term
Investments
0.6%
a
Money
Market
Funds
0.6%
a,c
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
...................
7,625,312
7,625,312
Total
Money
Market
Funds
(Cost
$7,625,312)
...................................
7,625,312
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited)
Franklin
Conservative
Allocation
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
3
See
Abbreviations
on
page
56
.
Short
Term
Investments
(continued)
a
a
Principal
Amount
a
Value
Repurchase
Agreements
0.0%
†
d
Joint
Repurchase
Agreement,
0.028%,
10/01/21
(Maturity
Value
$888,965)
BNP
Paribas
Securities
Corp.
(Maturity
Value
$549,087)
Deutsche
Bank
Securities,
Inc.
(Maturity
Value
$108,045)
HSBC
Securities
(USA),
Inc.
(Maturity
Value
$231,833)
Collateralized
by
U.S.
Government
Agency
Securities,
2.5%
-
4%,
4/20/27
-
4/20/51;
and
U.S.
Treasury
Notes,
0.25%
-
2%,
6/30/25
-
8/15/25
(valued
at
$906,937)
....
$
888,965
$
888,964
Total
Repurchase
Agreements
(Cost
$888,964)
..................................
888,964
Total
Short
Term
Investments
(Cost
$8,514,276
)
.................................
8,514,276
a
Total
Investments
(Cost
$1,148,317,008)
99.7%
..................................
$1,316,089,163
Other
Assets,
less
Liabilities
0.3%
.............................................
3,084,868
Net
Assets
100.0%
...........................................................
$1,319,174,031
†
Rounds
to
less
than
0.1%
of
net
assets.
a
See
Note
5
regarding
investments
in
FT
Underlying
Funds.
b
Non-income
producing.
c
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
d
Investment
is
through
participation
in
a
joint
account
with
other
funds
managed
by
the
investment
manager
or
an
affiliate
of
the
investment
manager.
At
September
30,
2021,
all
repurchase
agreements
had
been
entered
into
on
that
date.
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited),
September
30,
2021
Franklin
Corefolio
Allocation
Fund
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
4
I
See
Abbreviations
on
page
56
.
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
100.1%
Domestic
Equity
76.2%
a
Franklin
Growth
Fund,
Class
R6
........................................
1,718,954
$
261,951,339
a
Franklin
Growth
Opportunities
Fund,
Class
R6
.............................
3,904,243
264,902,865
a
Franklin
Mutual
Shares
Fund,
Class
R6
...................................
8,892,341
258,322,514
785,176,718
Foreign
Equity
23.9%
a
Templeton
Growth
Fund,
Inc.,
Class
R6
...................................
9,990,847
245,774,847
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$589,406,901)
...............................................................
1,030,951,565
a
a
a
a
Short
Term
Investments
0.0%
†
a
Money
Market
Funds
0.0%
†
a,b
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
...................
441,278
441,278
Total
Money
Market
Funds
(Cost
$441,278)
.....................................
441,278
Total
Short
Term
Investments
(Cost
$441,278
)
..................................
441,278
a
Total
Investments
(Cost
$589,848,179)
100.1%
..................................
$1,031,392,843
Other
Assets,
less
Liabilities
(0.1)%
...........................................
(1,054,678)
Net
Assets
100.0%
...........................................................
$1,030,338,165
†
Rounds
to
less
than
0.1%
of
net
assets.
a
See
Note
5
regarding
investments
in
FT
Underlying
Funds.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited),
September
30,
2021
Franklin
Global
Allocation
Fund
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
63.5%
Aerospace
&
Defense
0.8%
Raytheon
Technologies
Corp.
............................
United
States
312,000
$
26,819,520
Air
Freight
&
Logistics
0.9%
Deutsche
Post
AG
.....................................
Germany
260,000
16,303,847
United
Parcel
Service,
Inc.,
B
............................
United
States
64,600
11,763,660
28,067,507
Automobiles
1.0%
Daimler
AG
..........................................
Germany
115,000
10,146,207
Toyota
Motor
Corp.
....................................
Japan
1,137,000
20,258,368
30,404,575
Banks
5.0%
Banco
Bilbao
Vizcaya
Argentaria
SA
.......................
Spain
2,970,000
19,602,967
Bank
of
America
Corp.
.................................
United
States
700,100
29,719,245
Citigroup,
Inc.
........................................
United
States
79,300
5,565,274
Commonwealth
Bank
of
Australia
.........................
Australia
175,000
12,981,423
HSBC
Holdings
plc
....................................
United
Kingdom
1,470,000
7,685,301
JPMorgan
Chase
&
Co.
.................................
United
States
275,300
45,063,857
Royal
Bank
of
Canada
.................................
Canada
118,000
11,738,990
US
Bancorp
.........................................
United
States
419,000
24,905,360
157,262,417
Beverages
1.5%
Coca-Cola
Co.
(The)
...................................
United
States
338,000
17,734,860
Constellation
Brands,
Inc.,
A
.............................
United
States
56,700
11,946,123
PepsiCo,
Inc.
........................................
United
States
117,000
17,597,970
47,278,953
Biotechnology
0.9%
AbbVie,
Inc.
.........................................
United
States
272,000
29,340,640
Building
Products
0.5%
Trane
Technologies
plc
.................................
United
States
85,000
14,675,250
Capital
Markets
1.6%
Hong
Kong
Exchanges
&
Clearing
Ltd.
.....................
Hong
Kong
82,000
5,038,910
Morgan
Stanley
.......................................
United
States
285,000
27,733,350
S&P
Global,
Inc.
......................................
United
States
44,700
18,992,583
51,764,843
Chemicals
0.8%
BASF
SE
...........................................
Germany
177,000
13,417,840
Linde
plc
............................................
United
Kingdom
44,000
12,908,720
26,326,560
Communications
Equipment
0.4%
Cisco
Systems,
Inc.
...................................
United
States
242,500
13,199,275
Diversified
Telecommunication
Services
0.3%
Verizon
Communications,
Inc.
............................
United
States
200,500
10,829,005
Electric
Utilities
1.8%
Duke
Energy
Corp.
....................................
United
States
260,000
25,373,400
Iberdrola
SA
.........................................
Spain
1,066,000
10,723,960
NextEra
Energy,
Inc.
...................................
United
States
132,000
10,364,640
Southern
Co.
(The)
....................................
United
States
184,000
11,402,480
57,864,480
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited)
Franklin
Global
Allocation
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)
Electrical
Equipment
0.5%
Mitsubishi
Electric
Corp.
................................
Japan
1,132,600
$
15,740,416
Electronic
Equipment,
Instruments
&
Components
0.4%
TE
Connectivity
Ltd.
...................................
United
States
93,000
12,761,460
Entertainment
0.9%
Electronic
Arts,
Inc.
....................................
United
States
87,000
12,375,750
Nintendo
Co.
Ltd.
.....................................
Japan
32,100
15,340,040
27,715,790
Equity
Real
Estate
Investment
Trusts
(REITs)
1.2%
Alexander's,
Inc.
......................................
United
States
12,678
3,304,140
American
Tower
Corp.
..................................
United
States
61,500
16,322,715
Prologis,
Inc.
.........................................
United
States
136,000
17,058,480
36,685,335
Food
&
Staples
Retailing
0.5%
Walmart,
Inc.
........................................
United
States
110,200
15,359,676
Food
Products
1.0%
Mondelez
International,
Inc.,
A
............................
United
States
250,000
14,545,000
Nestle
SA
...........................................
Switzerland
137,641
16,587,043
31,132,043
Health
Care
Equipment
&
Supplies
0.8%
Danaher
Corp.
.......................................
United
States
46,000
14,004,240
Medtronic
plc
........................................
United
States
98,000
12,284,300
26,288,540
Health
Care
Providers
&
Services
1.5%
Anthem,
Inc.
.........................................
United
States
46,900
17,484,320
UnitedHealth
Group,
Inc.
................................
United
States
78,000
30,477,720
47,962,040
Hotels,
Restaurants
&
Leisure
0.4%
McDonald's
Corp.
.....................................
United
States
53,000
12,778,830
Household
Durables
0.7%
Sony
Group
Corp.
.....................................
Japan
206,600
22,936,474
Household
Products
0.8%
Procter
&
Gamble
Co.
(The)
.............................
United
States
180,000
25,164,000
Industrial
Conglomerates
1.8%
Hitachi
Ltd.
..........................................
Japan
284,000
16,801,641
Honeywell
International,
Inc.
.............................
United
States
110,500
23,456,940
Siemens
AG
.........................................
Germany
95,697
15,650,668
55,909,249
Insurance
1.8%
AIA
Group
Ltd.
.......................................
Hong
Kong
897,000
10,319,387
Allianz
SE
...........................................
Germany
25,000
5,600,901
MetLife,
Inc.
.........................................
United
States
273,300
16,870,809
Muenchener
Rueckversicherungs-Gesellschaft
AG
in
Muenchen
..
Germany
38,000
10,368,586
Sun
Life
Financial,
Inc.
.................................
Canada
253,000
13,020,958
56,180,641
Interactive
Media
&
Services
2.6%
a
Alphabet,
Inc.,
A
......................................
United
States
15,000
40,102,800
a
Facebook,
Inc.,
A
.....................................
United
States
82,000
27,829,980
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited)
Franklin
Global
Allocation
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
7
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Interactive
Media
&
Services
(continued)
Tencent
Holdings
Ltd.
..................................
China
230,000
$
13,730,626
81,663,406
Internet
&
Direct
Marketing
Retail
1.7%
a
Amazon.com,
Inc.
.....................................
United
States
13,000
42,705,520
a
Pinduoduo
,
Inc.,
ADR
..................................
China
125,000
11,333,750
54,039,270
IT
Services
2.0%
Cognizant
Technology
Solutions
Corp.,
A
....................
United
States
211,200
15,673,152
Fujitsu
Ltd.
..........................................
Japan
92,000
16,625,381
Mastercard
,
Inc.,
A
....................................
United
States
54,000
18,774,720
Visa,
Inc.,
A
..........................................
United
States
54,000
12,028,500
63,101,753
Life
Sciences
Tools
&
Services
0.4%
a
Illumina,
Inc.
.........................................
United
States
29,000
11,762,690
Machinery
1.4%
Deere
&
Co.
.........................................
United
States
65,000
21,779,550
Stanley
Black
&
Decker,
Inc.
.............................
United
States
68,300
11,973,673
Volvo
AB,
B
..........................................
Sweden
490,000
10,942,979
44,696,202
Marine
0.5%
AP
Moller
-
Maersk
A/S,
B
...............................
Denmark
5,655
15,307,879
Media
0.4%
Comcast
Corp.,
A
.....................................
United
States
217,700
12,175,961
Metals
&
Mining
2.0%
Agnico
Eagle
Mines
Ltd.
................................
Canada
210,000
10,892,450
BHP
Group
plc
.......................................
Australia
665,000
16,752,371
Fortescue
Metals
Group
Ltd.
.............................
Australia
380,000
4,046,087
Newmont
Corp.
.......................................
United
States
220,000
11,946,000
Rio
Tinto
plc
.........................................
Australia
322,000
21,105,437
64,742,345
Multiline
Retail
0.8%
a
Dollar
Tree,
Inc.
......................................
United
States
76,900
7,360,868
Target
Corp.
.........................................
United
States
78,000
17,844,060
25,204,928
Multi-Utilities
0.7%
Dominion
Energy,
Inc.
..................................
United
States
150,000
10,953,000
RWE
AG
............................................
Germany
275,000
9,698,386
20,651,386
Oil,
Gas
&
Consumable
Fuels
2.8%
Canadian
Natural
Resources
Ltd.
.........................
Canada
385,000
14,073,765
Chevron
Corp.
.......................................
United
States
305,000
30,942,250
Eni
SpA
............................................
Italy
1,850,000
24,669,067
TotalEnergies
SE
.....................................
France
410,000
19,596,316
89,281,398
Personal
Products
0.3%
Unilever
plc
..........................................
United
Kingdom
187,000
10,122,748
Pharmaceuticals
3.8%
AstraZeneca
plc
......................................
United
Kingdom
207,000
24,944,395
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited)
Franklin
Global
Allocation
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
8
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Pharmaceuticals
(continued)
Bristol-Myers
Squibb
Co.
................................
United
States
260,000
$
15,384,200
Eisai
Co.
Ltd.
........................................
Japan
198,000
14,831,682
Eli
Lilly
&
Co.
........................................
United
States
27,800
6,423,190
Johnson
&
Johnson
...................................
United
States
100,000
16,150,000
Novo
Nordisk
A/S,
B
...................................
Denmark
157,000
15,132,456
Pfizer,
Inc.
...........................................
United
States
305,000
13,118,050
Takeda
Pharmaceutical
Co.
Ltd.
..........................
Japan
399,500
13,176,620
119,160,593
Road
&
Rail
1.0%
Canadian
National
Railway
Co.
...........................
Canada
95,000
11,006,907
Union
Pacific
Corp.
....................................
United
States
107,000
20,973,070
31,979,977
Semiconductors
&
Semiconductor
Equipment
4.7%
Analog
Devices,
Inc.
...................................
United
States
100,000
16,748,000
Applied
Materials,
Inc.
..................................
United
States
125,000
16,091,250
Broadcom,
Inc.
.......................................
United
States
35,000
16,972,550
Lam
Research
Corp.
...................................
United
States
17,000
9,675,550
NVIDIA
Corp.
........................................
United
States
63,000
13,051,080
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.,
ADR
...........
Taiwan
250,000
27,912,500
Texas
Instruments,
Inc.
.................................
United
States
158,100
30,388,401
Tokyo
Electron
Ltd.
....................................
Japan
39,500
17,450,261
148,289,592
Software
4.9%
a
Adobe,
Inc.
..........................................
United
States
25,000
14,393,000
Intuit,
Inc.
...........................................
United
States
33,000
17,803,830
Microsoft
Corp.
.......................................
United
States
200,000
56,384,000
Oracle
Corp.
.........................................
United
States
186,000
16,206,180
a
salesforce.com,
Inc.
...................................
United
States
47,000
12,747,340
a
ServiceNow
,
Inc.
......................................
United
States
15,000
9,334,050
a
Synopsys,
Inc.
.......................................
United
States
50,000
14,970,500
a
Workday,
Inc.,
A
......................................
United
States
51,000
12,744,390
154,583,290
Specialty
Retail
3.0%
Home
Depot,
Inc.
(The)
.................................
United
States
59,000
19,367,340
Lowe's
Cos.,
Inc.
......................................
United
States
95,000
19,271,700
a
O'Reilly
Automotive,
Inc.
................................
United
States
28,000
17,109,680
TJX
Cos.,
Inc.
(The)
...................................
United
States
232,700
15,353,546
Tractor
Supply
Co.
....................................
United
States
118,000
23,907,980
95,010,246
Technology
Hardware,
Storage
&
Peripherals
1.1%
Apple,
Inc.
..........................................
United
States
250,000
35,375,000
Textiles,
Apparel
&
Luxury
Goods
0.6%
NIKE,
Inc.,
B
.........................................
United
States
120,000
17,427,600
Trading
Companies
&
Distributors
0.6%
ITOCHU
Corp.
.......................................
Japan
625,600
18,221,217
Wireless
Telecommunication
Services
0.4%
KDDI
Corp.
..........................................
Japan
418,300
13,771,740
Total
Common
Stocks
(Cost
$1,838,030,579)
....................................
2,007,016,740
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited)
Franklin
Global
Allocation
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
Management
Investment
Companies
8.8%
Capital
Markets
8.8%
iShares
Core
MSCI
Emerging
Markets
ETF
..................
United
States
1,600,000
$
98,816,000
iShares
J.P.
Morgan
USD
Emerging
Markets
Bond
ETF
.........
United
States
280,000
30,816,800
b
Templeton
Global
Bond
Fund,
Class
R6
....................
United
States
13,440,735
120,428,982
VanEck
J.P.
Morgan
EM
Local
Currency
Bond
ETF
............
United
States
985,000
29,520,450
279,582,232
Total
Management
Investment
Companies
(Cost
$300,210,428)
...................
279,582,232
Principal
Amount
*
Corporate
Bonds
4.3%
Automobiles
0.0%
†
Ford
Motor
Co.
,
Senior
Note
,
4.346
%
,
12/08/26
...............
United
States
1,207,000
1,286,964
Banks
1.5%
c
Australia
&
New
Zealand
Banking
Group
Ltd.
,
Sub.
Bond
,
144A,
2.57%
to
11/25/30,
FRN
thereafter
,
11/25/35
................
Australia
6,687,000
6,496,494
d
Bank
of
America
Corp.
,
U
,
Junior
Sub.
Bond
,
5.2%
to
6/01/23,
FRN
thereafter
,
Perpetual
.................................
United
States
3,994,000
4,111,324
Bank
of
Montreal
,
Senior
Note
,
1.85
%
,
5/01/25
...............
Canada
1,524,000
1,568,773
Barclays
plc
,
Senior
Note
,
2.852%
to
5/07/25,
FRN
thereafter
,
5/07/26
...........................................
United
Kingdom
6,250,000
6,567,089
HSBC
Holdings
plc
,
Sub.
Bond
,
4.25
%
,
8/18/25
...............
United
Kingdom
6,128,000
6,724,999
d
JPMorgan
Chase
&
Co.
,
Q
,
Junior
Sub.
Bond
,
5.15%
to
5/01/23,
FRN
thereafter
,
Perpetual
.............................
United
States
4,045,000
4,166,352
Mitsubishi
UFJ
Financial
Group,
Inc.
,
Senior
Bond
,
3.287
%
,
7/25/27
Japan
1,690,000
1,845,772
c
Societe
Generale
SA
,
Senior
Note
,
144A,
2.625
%
,
1/22/25
......
France
6,354,000
6,599,691
Sumitomo
Mitsui
Financial
Group,
Inc.
,
Sub.
Bond
,
3.202
%
,
9/17/29
Japan
1,464,000
1,542,844
Toronto-Dominion
Bank
(The)
,
Sub.
Bond
,
3.105%
to
4/22/25,
FRN
thereafter
,
4/22/30
...................................
Canada
4,900,000
CAD
4,054,756
d
Wells
Fargo
&
Co.
,
S
,
Junior
Sub.
Bond
,
5.9%
to
6/15/24,
FRN
thereafter
,
Perpetual
.................................
United
States
1,504,000
1,619,620
Westpac
Banking
Corp.
,
Sub.
Bond
,
2.894%
to
2/04/25,
FRN
thereafter
,
2/04/30
...................................
Australia
1,503,000
1,556,796
46,854,510
Biotechnology
0.0%
†
c
Grifols
SA
,
Senior
Note
,
144A,
3.2
%
,
5/01/25
................
Spain
527,000
EUR
613,394
Capital
Markets
0.2%
Nomura
Holdings,
Inc.
,
Senior
Bond
,
3.103
%
,
1/16/30
..........
Japan
6,225,000
6,490,784
Chemicals
0.1%
c
Braskem
Netherlands
Finance
BV
,
Senior
Bond
,
144A,
4.5
%
,
1/31/30
...........................................
Brazil
1,258,000
1,340,085
c
INEOS
Quattro
Finance
1
plc
,
Senior
Note
,
144A,
3.75
%
,
7/15/26
.
United
Kingdom
1,051,000
EUR
1,253,232
2,593,317
Communications
Equipment
0.0%
†
c
CommScope
Technologies
LLC
,
Senior
Note
,
144A,
5
%
,
3/15/27
..
United
States
954,000
908,857
Consumer
Finance
0.1%
c,d
Volkswagen
International
Finance
NV
,
Senior
Bond
,
Reg
S,
3.5%
to
6/17/25,
FRN
thereafter
,
Perpetual
.......................
Germany
3,200,000
EUR
3,985,608
Containers
&
Packaging
0.1%
c
Mauser
Packaging
Solutions
Holding
Co.
,
Senior
Note,
144A,
7.25%,
4/15/25
......................
United
States
954,000
949,421
Senior
Secured
Note,
144A,
5.5%,
4/15/24
................
United
States
313,000
316,130
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited)
Franklin
Global
Allocation
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
10
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Containers
&
Packaging
(continued)
c
Trivium
Packaging
Finance
BV
,
Senior
Secured
Note
,
144A,
3.75
%
,
8/15/26
...........................................
Netherlands
521,000
EUR
$
618,927
1,884,478
Diversified
Telecommunication
Services
0.1%
c
Altice
France
Holding
SA
,
Senior
Note
,
144A,
6
%
,
2/15/28
......
Luxembourg
1,243,000
1,195,667
c
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
,
Senior
Bond
,
144A,
4.5
%
,
8/15/30
.................................
United
States
300,000
309,891
1,505,558
Energy
Equipment
&
Services
0.1%
c
Weatherford
International
Ltd.
,
Senior
Secured
Note
,
144A,
6.5
%
,
9/15/28
...........................................
United
States
3,800,000
3,918,750
Health
Care
Providers
&
Services
0.1%
Centene
Corp.
,
Senior
Note
,
3.375
%
,
2/15/30
................
United
States
1,523,000
1,578,666
c
CHS/Community
Health
Systems,
Inc.
,
Secured
Note,
144A,
6.875%,
4/15/29
....................
United
States
950,000
953,548
Senior
Note,
144A,
6.875%,
4/01/28
.....................
United
States
687,000
661,533
Senior
Secured
Note,
144A,
8%,
3/15/26
..................
United
States
1,162,000
1,233,724
4,427,471
Hotels,
Restaurants
&
Leisure
0.0%
†
c
Wynn
Las
Vegas
LLC
/
Wynn
Las
Vegas
Capital
Corp.
,
Senior
Bond
,
144A,
5.5
%
,
3/01/25
.................................
United
States
915,000
934,444
Household
Products
0.2%
c
Kimberly-Clark
de
Mexico
SAB
de
CV
,
Senior
Bond
,
144A,
2.431
%
,
7/01/31
...........................................
Mexico
6,180,000
6,167,331
Independent
Power
and
Renewable
Electricity
Producers
0.0%
†
c
Calpine
Corp.
,
Senior
Secured
Note
,
144A,
4.5
%
,
2/15/28
.......
United
States
306,000
312,502
Insurance
0.2%
Prudential
Financial,
Inc.
,
Junior
Sub.
Bond
,
5.375%
to
5/15/25,
FRN
thereafter
,
5/15/45
...................................
United
States
4,060,000
4,481,602
Interactive
Media
&
Services
0.2%
c
Tencent
Holdings
Ltd.
,
Senior
Note
,
144A,
2.39
%
,
6/03/30
.......
China
6,290,000
6,188,072
Internet
&
Direct
Marketing
Retail
0.2%
Alibaba
Group
Holding
Ltd.
,
Senior
Bond,
3.4%,
12/06/27
...........................
China
6,300,000
6,753,551
Senior
Bond,
2.125%,
2/09/31
..........................
China
750,000
721,357
7,474,908
Media
0.1%
DISH
DBS
Corp.
,
Senior
Note
,
5.875
%
,
11/15/24
..............
United
States
1,226,000
1,319,826
c
Univision
Communications,
Inc.
,
Senior
Secured
Note
,
144A,
6.625
%
,
6/01/27
.....................................
United
States
1,210,000
1,315,875
c
Ziggo
BV
,
Senior
Secured
Bond
,
144A,
4.875
%
,
1/15/30
........
Netherlands
1,219,000
1,258,617
3,894,318
Metals
&
Mining
0.2%
c
Cleveland-Cliffs,
Inc.
,
Senior
Secured
Note
,
144A,
9.875
%
,
10/17/25
United
States
356,000
408,955
c
FMG
Resources
August
2006
Pty.
Ltd.
,
Senior
Note
,
144A,
5.125
%
,
5/15/24
...........................................
Australia
3,217,000
3,439,134
Freeport-McMoRan,
Inc.
,
Senior
Note
,
4.125
%
,
3/01/28
.........
United
States
600,000
622,500
4,470,589
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited)
Franklin
Global
Allocation
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
11
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Oil,
Gas
&
Consumable
Fuels
0.2%
c
Calumet
Specialty
Products
Partners
LP
/
Calumet
Finance
Corp.
,
Senior
Note
,
144A,
11
%
,
4/15/25
........................
United
States
1,249,000
$
1,353,604
Occidental
Petroleum
Corp.
,
Senior
Note
,
5.55
%
,
3/15/26
.......
United
States
3,900,000
4,334,070
5,687,674
Paper
&
Forest
Products
0.2%
Suzano
Austria
GmbH
,
Senior
Bond
,
3.75
%
,
1/15/31
...........
Brazil
4,805,000
4,941,943
Pharmaceuticals
0.2%
AstraZeneca
plc
,
Senior
Bond
,
1.375
%
,
8/06/30
..............
United
Kingdom
4,595,000
4,375,967
c
Bausch
Health
Cos.,
Inc.
,
Senior
Bond
,
144A,
6.125
%
,
4/15/25
...
United
States
756,000
772,557
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
Senior
Note
,
2.8
%
,
7/21/23
...........................................
Israel
970,000
965,431
6,113,955
Road
&
Rail
0.2%
c
Ashtead
Capital,
Inc.
,
Senior
Note
,
144A,
4
%
,
5/01/28
..........
United
Kingdom
6,220,000
6,612,366
Tobacco
0.1%
BAT
Capital
Corp.
,
Senior
Bond
,
2.726
%
,
3/25/31
.............
United
Kingdom
4,350,000
4,287,210
Total
Corporate
Bonds
(Cost
$137,473,154)
.....................................
136,036,605
a
Foreign
Government
and
Agency
Securities
8.1%
c
Australia
Government
Bond,
Reg
S,
1.5%,
6/21/31
............
Australia
12,170,000
AUD
8,838,838
c
Belgium
Government
Bond,
Reg
S,
4%,
3/28/32
..............
Belgium
3,150,000
EUR
5,141,882
c
Bundesrepublik
Deutschland,
Reg
S,
2%,
1/04/22
.............
Germany
6,455,000
EUR
7,529,089
Canada
Government
Bond
,
0.25%,
2/01/23
.....................................
Canada
4,100,000
CAD
3,229,545
5.75%,
6/01/33
.....................................
Canada
2,640,000
CAD
2,992,201
c
Canada
Housing
Trust
No.
1,
Senior
Bond,
144A,
2.65%,
12/15/28
Canada
18,100,000
CAD
15,309,670
European
Investment
Bank,
Senior
Bond,
2.125%,
4/13/26
......
Supranational
e
14,750,000
15,556,241
c
Finland
Government
Bond
,
Senior
Bond,
144A,
Reg
S,
0.75%,
4/15/31
................
Finland
1,892,000
EUR
2,355,056
Senior
Bond,
144A,
Reg
S,
1.375%,
4/15/47
...............
Finland
1,567,000
EUR
2,210,123
c
France
Government
Bond
,
Reg
S,
Zero
Cpn
.,
2/25/22
.............................
France
6,530,000
EUR
7,584,975
Reg
S,
8.25%,
4/25/22
................................
France
2,484,897
EUR
3,022,603
Reg
S,
2.5%,
5/25/30
.................................
France
4,120,000
EUR
5,819,049
Reg
S,
Zero
Cpn
.,
11/25/30
............................
France
4,350,000
EUR
5,011,971
Reg
S,
1.5%,
5/25/31
.................................
France
4,410,000
EUR
5,803,413
c
Italy
Buoni
Poliennali
del
Tesoro
,
Reg
S,
5%,
3/01/22
..................................
Italy
6,133,000
EUR
7,265,289
Senior
Bond,
144A,
Reg
S,
4.75%,
9/01/44
................
Italy
1,860,000
EUR
3,440,627
Senior
Bond,
144A,
Reg
S,
3.25%,
9/01/46
................
Italy
1,884,000
EUR
2,870,563
Senior
Bond,
144A,
Reg
S,
1.7%,
9/01/51
.................
Italy
2,786,000
EUR
3,150,546
Japan
Government
Bond
,
0.1%,
6/20/31
......................................
Japan
8,050,000,000
JPY
72,562,112
0.5%,
9/20/46
......................................
Japan
1,435,000,000
JPY
12,704,164
Mexico
Government
Bond,
Senior
Bond,
4.125%,
1/21/26
.......
Mexico
13,950,000
15,622,744
c
Netherlands
Government
Bond
,
144A,
Reg
S,
Zero
Cpn
.,
1/15/22
........................
Netherlands
5,528,000
EUR
6,415,154
144A,
Reg
S,
0.5%,
1/15/40
............................
Netherlands
1,410,000
EUR
1,722,134
144A,
Reg
S,
3.75%,
1/15/42
...........................
Netherlands
865,000
EUR
1,705,563
Spain
Bonos
Y
Obligaciones
del
Estado
,
c
Senior
Bond,
144A,
Reg
S,
5.85%,
1/31/22
................
Spain
5,904,000
EUR
6,983,697
c
Senior
Bond,
144A,
Reg
S,
1.95%,
4/30/26
................
Spain
2,563,000
EUR
3,274,458
6%,
1/31/29
........................................
Spain
3,760,000
EUR
6,256,031
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited)
Franklin
Global
Allocation
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
12
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
Spain
Bonos
Y
Obligaciones
del
Estado,
(continued)
c
Senior
Bond,
144A,
Reg
S,
2.9%,
10/31/46
................
Spain
1,610,000
EUR
$
2,555,834
c
United
Kingdom
Gilt
,
Reg
S,
4%,
3/07/22
..................................
United
Kingdom
7,727,000
GBP
10,590,293
Reg
S,
1.5%,
7/22/47
.................................
United
Kingdom
5,110,000
GBP
7,036,869
Total
Foreign
Government
and
Agency
Securities
(Cost
$263,356,391)
............
254,560,734
U.S.
Government
and
Agency
Securities
6.8%
U.S.
Treasury
Notes
,
0.125%,
12/31/22
....................................
United
States
55,000,000
54,993,554
0.125%,
8/31/23
.....................................
United
States
32,000,000
31,917,500
0.375%,
9/15/24
.....................................
United
States
32,000,000
31,865,000
0.375%,
12/31/25
....................................
United
States
13,000,000
12,741,016
0.875%,
11/15/30
....................................
United
States
13,000,000
12,340,098
f
0.125%,
1/15/31
.....................................
United
States
63,000,000
72,577,288
Total
U.S.
Government
and
Agency
Securities
(Cost
$217,782,900)
................
216,434,456
Mortgage-Backed
Securities
2.1%
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
2.1%
GNMA
II,
Single-family,
30
Year,
3%,
7/20/51
.................
United
States
38,619,865
40,409,914
GNMA
II,
Single-family,
30
Year,
3%,
8/20/51
.................
United
States
23,902,987
25,060,274
65,470,188
Total
Mortgage-Backed
Securities
(Cost
$65,710,843)
............................
65,470,188
Total
Long
Term
Investments
(Cost
$2,822,564,295)
.............................
2,959,100,955
a
Short
Term
Investments
8.1%
a
a
Country
Shares
a
Value
a
Money
Market
Funds
8.1%
b,g
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.....
United
States
256,542,115
256,542,115
Total
Money
Market
Funds
(Cost
$256,542,115)
.................................
256,542,115
Total
Short
Term
Investments
(Cost
$256,542,115
)
...............................
256,542,115
a
Total
Investments
(Cost
$3,079,106,410)
101.7%
................................
$3,215,643,070
Other
Assets,
less
Liabilities
(1.7)%
...........................................
(54,314,300)
Net
Assets
100.0%
...........................................................
$3,161,328,770
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
See
Note
5
regarding
investments
in
FT
Underlying
Funds.
c
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
September
30,
2021,
the
aggregate
value
of
these
securities
was
$185,756,105,
representing
5.9%
of
net
assets.
d
Perpetual
security
with
no
stated
maturity
date.
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited)
Franklin
Global
Allocation
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
13
At
September
30,
2021,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
See
Note
3. 
See
Abbreviations
on
page
56
.
e
A
supranational
organization
is
an
entity
formed
by
two
or
more
central
governments
through
international
treaties.
f
Principal
amount
of
security
is
adjusted
for
inflation.
g
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Forward
Exchange
Contracts
Currency
Counter-
party
a
Type
Quantity
Contract
Amount
*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
British
Pound
......
JPHQ
Sell
53,168,982
73,025,683
11/15/21
$
1,385,956
$
—
Canadian
Dollar
....
BZWS
Sell
119,280,680
94,322,256
11/15/21
172,797
—
Danish
Krone
......
BZWS
Sell
246,298,513
38,871,951
11/15/21
479,635
—
Euro
.............
BZWS
Sell
83,092,162
97,525,271
11/15/21
1,196,112
—
Hong
Kong
Dollar
...
HSBK
Sell
389,810,445
50,031,824
11/15/21
—
(48,272)
Japanese
Yen
......
JPHQ
Sell
14,233,933,951
130,033,846
11/15/21
2,102,622
—
Total
Forward
Exchange
Contracts
...................................................
$5,337,122
$(48,272)
Net
unrealized
appreciation
(depreciation)
............................................
$5,288,850
*
In
U.S.
dollars
unless
otherwise
indicated.
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited),
September
30,
2021
Franklin
Growth
Allocation
Fund
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
14
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
99.1%
Alternative
Strategies
0.5%
a
Franklin
Liberty
Systematic
Style
Premia
ETF
..............................
362,937
$
7,401,846
Domestic
Equity
63.4%
a
ClearBridge
Large
Cap
Value
Fund,
Class
IS
...............................
3,277,696
125,929,092
a
Franklin
Growth
Fund,
Class
R6
........................................
1,756,795
267,718,037
a
Franklin
LibertyQ
U.S.
Equity
ETF
.......................................
1,089,837
45,958,426
a
Franklin
U.S.
Core
Equity
(IU)
Fund
.....................................
25,315,379
372,895,533
Vanguard
S&P
500
ETF
..............................................
269,148
106,151,971
918,653,059
Domestic
Fixed
Income
12.7%
a
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund,
Class
IS
...............
1,249,150
14,065,432
a
Franklin
Liberty
High
Yield
Corporate
ETF
.................................
575,663
15,214,658
a
Franklin
Liberty
Investment
Grade
Corporate
ETF
...........................
258,554
6,709,476
a
Franklin
Liberty
Senior
Loan
ETF
.......................................
347,499
8,687,475
a
Franklin
Liberty
U.S.
Core
Bond
ETF
.....................................
2,937,348
74,314,904
a
Franklin
Liberty
U.S.
Treasury
Bond
ETF
..................................
564,696
13,563,998
Schwab
U.S.
TIPS
ETF
...............................................
216,166
13,527,668
a
Western
Asset
Core
Plus
Bond
Fund,
Class
S
..............................
2,416,483
29,094,407
a
Western
Asset
Short-Term
Bond
Fund,
Class
IS
............................
2,577,571
10,129,856
185,307,874
Foreign
Equity
21.5%
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
............................
3,247,378
37,279,904
a
Franklin
FTSE
Europe
ETF
............................................
439,856
12,436,665
a
Franklin
International
Core
Equity
(IU)
Fund
...............................
9,190,489
117,638,260
a
Franklin
International
Growth
Fund,
Class
R6
..............................
1,090,256
24,051,052
iShares
MSCI
EAFE
Value
ETF
.........................................
483,179
24,569,652
a
Templeton
Developing
Markets
Trust,
Class
R6
.............................
1,462,444
35,303,389
a
Templeton
Foreign
Fund,
Class
R6
......................................
7,992,147
60,260,789
311,539,711
Foreign
Fixed
Income
1.0%
a,b
Franklin
Liberty
International
Aggregate
Bond
ETF
..........................
584,688
14,704,903
b
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$1,091,110,537)
..............................................................
1,437,607,393
a
a
a
a
Short
Term
Investments
0.5%
a
Money
Market
Funds
0.5%
a,c
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
...................
7,558,321
7,558,321
Total
Money
Market
Funds
(Cost
$7,558,321)
...................................
7,558,321
Total
Short
Term
Investments
(Cost
$7,558,321
)
.................................
7,558,321
a
Total
Investments
(Cost
$1,098,668,858)
99.6%
..................................
$1,445,165,714
Other
Assets,
less
Liabilities
0.4%
.............................................
5,154,280
Net
Assets
100.0%
...........................................................
$1,450,319,994
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited)
Franklin
Growth
Allocation
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
15
See
Abbreviations
on
page
56
.
a
See
Note
5
regarding
investments
in
FT
Underlying
Funds.
b
Non-income
producing.
c
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited),
September
30,
2021
Franklin
LifeSmart™
Retirement
Income
Fund
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
16
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
88.2%
Domestic
Equity
23.4%
a
Franklin
U.S.
Core
Equity
(IU)
Fund
.....................................
280,388
$
4,130,113
Global
X
U.S.
Preferred
ETF
...........................................
262,075
6,751,052
Vanguard
S&P
500
ETF
..............................................
5,650
2,228,360
13,109,525
Domestic
Fixed
Income
42.1%
a
Franklin
Liberty
High
Yield
Corporate
ETF
.................................
106,683
2,819,610
a
Franklin
Liberty
Investment
Grade
Corporate
ETF
...........................
128,865
3,344,047
a
Franklin
Liberty
U.S.
Core
Bond
ETF
.....................................
287,766
7,280,480
a
Franklin
U.S.
Government
Securities
Fund,
Class
R6
........................
951,030
5,630,099
Schwab
U.S.
TIPS
ETF
...............................................
26,761
1,674,703
Western
Asset
Short
Duration
High
Income
Fund,
Class
A
.....................
537,189
2,868,590
23,617,529
Foreign
Equity
7.5%
a
Templeton
Developing
Markets
Trust,
Class
R6
.............................
22,474
542,517
a
Templeton
Foreign
Fund,
Class
R6
......................................
484,301
3,651,629
4,194,146
Foreign
Fixed
Income
15.2%
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund
-
USD
Hedged,
Class
IS
....
271,972
2,817,630
a
Western
Asset
Income
Fund,
Class
IS
....................................
929,023
5,694,912
8,512,542
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$48,336,146)
................................................................
49,433,742
Units
a
a
a
a
Index-Linked
Notes
10.9%
Capital
Markets
10.9%
b,c
Credit
Suisse
AG,
Senior
Note,
144A,
12.535%,
9/06/22
......................
812
3,064,131
b,c
UBS
AG,
Senior
Note
,
144A,
7.15%,
11/07/22
..............................
2,624
3,039,685
6,103,816
Total
Index-Linked
Notes
(Cost
$5,753,564)
.....................................
6,103,816
Total
Long
Term
Investments
(Cost
$54,089,710)
................................
55,537,558
a
a
a
a
a
Short
Term
Investments
0.7%
Shares
a
Money
Market
Funds
0.7%
a,d
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
...................
382,601
382,601
Total
Money
Market
Funds
(Cost
$382,601)
.....................................
382,601
Total
Short
Term
Investments
(Cost
$382,601
)
..................................
382,601
a
Total
Investments
(Cost
$54,472,311)
99.8%
....................................
$55,920,159
Other
Assets,
less
Liabilities
0.2%
.............................................
123,784
Net
Assets
100.0%
...........................................................
$56,043,943
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited)
Franklin
LifeSmart™
Retirement
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
17
See
Abbreviations
on
page
56
.
a
See
Note
5
regarding
investments
in
FT
Underlying
Funds.
b
Security
pays
variable
interest
based
on
the
distributions
of
the
strategy
index
and
proceeds
earned
from
related
equity
derivatives.
The
coupon
rate
shown
represents
the
combined
rate
at
period
end.
Cash
payment
at
maturity
or
upon
early
redemption
is
based
on
the
performance
of
the
strategy
index.
c
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
September
30,
2021,
the
value
of
these
securi-
ties
was
$6,103,816,
representing
10.9%
of
net
assets.
d
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited),
September
30,
2021
Franklin
LifeSmart™
2020
Retirement
Target
Fund
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
18
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
99.0%
Alternative
Strategies
0.5%
a
Franklin
Liberty
Systematic
Style
Premia
ETF
..............................
10,802
$
220,299
Domestic
Equity
38.7%
a
ClearBridge
Large
Cap
Value
Fund,
Class
IS
...............................
55,176
2,119,850
a
Franklin
Growth
Fund,
Class
R6
........................................
28,584
4,355,950
a
Franklin
LibertyQ
U.S.
Equity
ETF
.......................................
19,765
833,490
a
Franklin
U.S.
Core
Equity
(IU)
Fund
.....................................
565,963
8,336,630
Vanguard
S&P
500
ETF
..............................................
2,711
1,069,218
16,715,138
Domestic
Fixed
Income
42.1%
a
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund,
Class
IS
...............
96,077
1,081,832
a
Franklin
Liberty
High
Yield
Corporate
ETF
.................................
59,515
1,572,970
a
Franklin
Liberty
Investment
Grade
Corporate
ETF
...........................
26,265
681,577
a
Franklin
Liberty
Senior
Loan
ETF
.......................................
35,215
880,375
a
Franklin
Liberty
U.S.
Core
Bond
ETF
.....................................
308,684
7,809,705
a
Franklin
Liberty
U.S.
Treasury
Bond
ETF
..................................
57,707
1,386,122
Schwab
U.S.
TIPS
ETF
...............................................
22,068
1,381,015
a
Western
Asset
Core
Plus
Bond
Fund,
Class
S
..............................
194,671
2,343,835
a
Western
Asset
Short-Term
Bond
Fund,
Class
IS
............................
268,533
1,055,335
18,192,766
Foreign
Equity
15.1%
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
............................
56,920
653,447
a
Franklin
FTSE
Europe
ETF
............................................
8,902
251,699
a
Franklin
International
Core
Equity
(IU)
Fund
...............................
201,255
2,576,061
a
Franklin
International
Growth
Fund,
Class
R6
..............................
22,550
497,460
iShares
MSCI
EAFE
Value
ETF
.........................................
10,239
520,653
a
Templeton
Developing
Markets
Trust,
Class
R6
.............................
26,360
636,320
a
Templeton
Foreign
Fund,
Class
R6
......................................
174,532
1,315,972
6,451,612
Foreign
Fixed
Income
2.6%
a,b
Franklin
Liberty
International
Aggregate
Bond
ETF
..........................
43,906
1,104,236
b
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$37,407,965)
................................................................
42,684,051
a
a
a
a
Short
Term
Investments
0.8%
a
Money
Market
Funds
0.8%
a,c
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.0
1%
...................
329,042
329,042
Total
Money
Market
Funds
(Cost
$329,042)
.....................................
329,042
Total
Short
Term
Investments
(Cost
$329,042
)
..................................
329,042
a
Total
Investments
(Cost
$37,737,007)
99.8%
....................................
$43,013,093
Other
Assets,
less
Liabilities
0.2%
.............................................
101,727
Net
Assets
100.0%
...........................................................
$43,114,820
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited)
Franklin
LifeSmart™
2020
Retirement
Target
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
19
See
Abbreviations
on
page
56
.
a
See
Note
5
regarding
investments
in
FT
Underlying
Funds.
b
Non-income
producing.
c
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited),
September
30,
2021
Franklin
LifeSmart™
2025
Retirement
Target
Fund
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
20
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
99.2%
Alternative
Strategies
0.5%
a
Franklin
Liberty
Systematic
Style
Premia
ETF
..............................
34,187
$
697,220
Domestic
Equity
43.4%
a
ClearBridge
Large
Cap
Value
Fund,
Class
IS
...............................
194,751
7,482,314
a
Franklin
Growth
Fund,
Class
R6
........................................
101,211
15,423,593
a
Franklin
LibertyQ
U.S.
Equity
ETF
.......................................
70,151
2,958,268
a
Franklin
U.S.
Core
Equity
(IU)
Fund
.....................................
2,003,854
29,516,767
Vanguard
S&P
500
ETF
..............................................
9,640
3,802,016
59,182,958
Domestic
Fixed
Income
34.6%
a
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund,
Class
IS
...............
243,212
2,738,565
a
Franklin
Liberty
High
Yield
Corporate
ETF
.................................
154,989
4,096,328
a
Franklin
Liberty
Investment
Grade
Corporate
ETF
...........................
68,609
1,780,404
a
Franklin
Liberty
Senior
Loan
ETF
.......................................
91,729
2,293,225
a
Franklin
Liberty
U.S.
Core
Bond
ETF
.....................................
803,978
20,340,643
a
Franklin
Liberty
U.S.
Treasury
Bond
ETF
..................................
150,306
3,610,350
Schwab
U.S.
TIPS
ETF
...............................................
57,575
3,603,043
a
Western
Asset
Core
Plus
Bond
Fund,
Class
S
..............................
515,015
6,200,769
a
Western
Asset
Short-Term
Bond
Fund,
Class
IS
............................
699,316
2,748,311
47,411,638
Foreign
Equity
18.6%
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
............................
270,572
3,106,169
a
Franklin
FTSE
Europe
ETF
............................................
34,012
961,669
a
Franklin
International
Core
Equity
(IU)
Fund
...............................
743,290
9,514,110
a
Franklin
International
Growth
Fund,
Class
R6
..............................
86,869
1,916,339
iShares
MSCI
EAFE
Value
ETF
.........................................
37,856
1,924,978
a
Templeton
Developing
Markets
Trust,
Class
R6
.............................
125,052
3,018,757
a
Templeton
Foreign
Fund,
Class
R6
......................................
644,381
4,858,632
25,300,654
Foreign
Fixed
Income
2.1%
a,b
Franklin
Liberty
International
Aggregate
Bond
ETF
..........................
111,184
2,796,278
b
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$113,825,406)
...............................................................
135,388,748
a
a
a
a
Short
Term
Investments
1.0%
a
Money
Market
Funds
1.0%
a,c
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
...................
1,304,328
1,304,328
Total
Money
Market
Funds
(Cost
$1,304,328)
...................................
1,304,328
Total
Short
Term
Investments
(Cost
$1,304,328
)
.................................
1,304,328
a
Total
Investments
(Cost
$115,129,734)
100.2%
..................................
$136,693,076
Other
Assets,
less
Liabilities
(0.2)%
...........................................
(187,143)
Net
Assets
10
0.0
%
...........................................................
$136,505,933
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited)
Franklin
LifeSmart™
2025
Retirement
Target
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
21
See
Abbreviations
on
page
56
.
a
See
Note
5
regarding
investments
in
FT
Underlying
Funds.
b
Non-income
producing.
c
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited),
September
30,
2021
Franklin
LifeSmart™
2030
Retirement
Target
Fund
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
22
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
99.1%
Alternative
Strategies
0.5%
a
Franklin
Liberty
Systematic
Style
Premia
ETF
..............................
14,762
$
301,061
Domestic
Equity
48.9%
a
ClearBridge
Large
Cap
Value
Fund,
Class
IS
...............................
96,528
3,708,600
a
Franklin
Growth
Fund,
Class
R6
........................................
49,400
7,528,129
a
Franklin
LibertyQ
U.S.
Equity
ETF
.......................................
34,269
1,445,124
a
Franklin
U.S.
Core
Equity
(IU)
Fund
.....................................
981,149
14,452,326
Vanguard
S&P
500
ETF
..............................................
4,759
1,876,949
29,011,128
Domestic
Fixed
Income
26.2%
a
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund,
Class
IS
...............
79,714
897,574
a
Franklin
Liberty
High
Yield
Corporate
ETF
.................................
50,490
1,334,441
a
Franklin
Liberty
Investment
Grade
Corporate
ETF
...........................
22,481
583,382
a
Franklin
Liberty
Senior
Loan
ETF
.......................................
29,899
747,475
a
Franklin
Liberty
U.S.
Core
Bond
ETF
.....................................
261,860
6,625,058
a
Franklin
Liberty
U.S.
Treasury
Bond
ETF
..................................
48,932
1,175,347
Schwab
U.S.
TIPS
ETF
...............................................
18,748
1,173,250
a
Western
Asset
Core
Plus
Bond
Fund,
Class
S
..............................
174,117
2,096,371
a
Western
Asset
Short-Term
Bond
Fund,
Class
IS
............................
231,789
910,931
15,543,829
Foreign
Equity
22.0%
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
............................
143,617
1,648,726
a
Franklin
FTSE
Europe
ETF
............................................
17,529
495,622
a
Franklin
International
Core
Equity
(IU)
Fund
...............................
379,339
4,855,545
a
Franklin
International
Growth
Fund,
Class
R6
..............................
44,503
981,739
iShares
MSCI
EAFE
Value
ETF
.........................................
19,269
979,829
a
Templeton
Developing
Markets
Trust,
Class
R6
.............................
66,360
1,601,919
a
Templeton
Foreign
Fund,
Class
R6
......................................
328,990
2,480,585
13,043,965
Foreign
Fixed
Income
1.5%
a,b
Franklin
Liberty
International
Aggregate
Bond
ETF
..........................
36,053
906,733
b
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$48,532,770)
................................................................
58,806,716
a
a
a
a
Short
Term
Investments
1.1%
a
Money
Market
Funds
1.1%
a,c
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
...................
630,237
630,237
Total
Money
Market
Funds
(Cost
$630,237)
.....................................
630,237
Total
Short
Term
Investments
(Cost
$630,237
)
..................................
630,237
a
Total
Investments
(Cost
$49,163,007)
100.2%
...................................
$59,436,953
Other
Assets,
less
Liabilities
(0.2)%
...........................................
(91,955)
Net
Assets
10
0.0
%
...........................................................
$59,344,998
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited)
Franklin
LifeSmart™
2030
Retirement
Target
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
23
See
Abbreviations
on
page
56
.
a
See
Note
5
regarding
investments
in
FT
Underlying
Funds.
b
Non-income
producing.
c
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited),
September
30,
2021
Franklin
LifeSmart™
2035
Retirement
Target
Fund
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
24
See
Abbreviations
on
page
56
.
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
99.0%
Alternative
Strategies
0.5%
a
Franklin
Liberty
Systematic
Style
Premia
ETF
..............................
31,303
$
638,403
Domestic
Equity
53.2%
a
ClearBridge
Large
Cap
Value
Fund,
Class
IS
...............................
219,376
8,428,427
a
Franklin
Growth
Fund,
Class
R6
........................................
113,023
17,223,635
a
Franklin
LibertyQ
U.S.
Equity
ETF
.......................................
78,303
3,302,037
a
Franklin
U.S.
Core
Equity
(IU)
Fund
.....................................
2,080,953
30,652,432
Vanguard
S&P
500
ETF
..............................................
16,099
6,349,446
65,955,977
Domestic
Fixed
Income
18.4%
a
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund,
Class
IS
...............
139,185
1,567,227
a
Franklin
Liberty
High
Yield
Corporate
ETF
.................................
74,184
1,960,668
a
Franklin
Liberty
Investment
Grade
Corporate
ETF
...........................
32,584
845,555
a
Franklin
Liberty
Senior
Loan
ETF
.......................................
43,916
1,097,900
a
Franklin
Liberty
U.S.
Core
Bond
ETF
.....................................
376,842
9,534,103
a
Franklin
Liberty
U.S.
Treasury
Bond
ETF
..................................
71,950
1,728,239
Schwab
U.S.
TIPS
ETF
...............................................
27,568
1,725,205
a
Western
Asset
Core
Plus
Bond
Fund,
Class
S
..............................
249,402
3,002,790
a
Western
Asset
Short-Term
Bond
Fund,
Class
IS
............................
334,843
1,315,935
22,777,622
Foreign
Equity
25.6%
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
............................
382,335
4,389,200
a
Franklin
FTSE
Europe
ETF
............................................
39,908
1,128,375
a
Franklin
International
Core
Equity
(IU)
Fund
...............................
900,042
11,520,544
a
Franklin
International
Growth
Fund,
Class
R6
..............................
100,740
2,222,332
iShares
MSCI
EAFE
Value
ETF
.........................................
45,787
2,328,269
a
Templeton
Developing
Markets
Trust,
Class
R6
.............................
178,317
4,304,582
a
Templeton
Foreign
Fund,
Class
R6
......................................
780,520
5,885,122
31,778,424
Foreign
Fixed
Income
1.3%
a,b
Franklin
Liberty
International
Aggregate
Bond
ETF
..........................
63,590
1,599,288
b
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$97,023,408)
................................................................
122,749,714
a
a
a
a
Short
Term
Investments
1.0%
a
Money
Market
Funds
1.0%
a,c
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
...................
1,293,464
1,293,464
Total
Money
Market
Funds
(Cost
$1,293,464)
...................................
1,293,464
Total
Short
Term
Investments
(Cost
$1,293,464
)
.................................
1,293,464
a
Total
Investments
(Cost
$98,316,872)
100.0%
...................................
$124,043,178
Other
Assets,
less
Liabilities
(0.0)%
†
...........................................
(99,187)
Net
Assets
100.0%
...........................................................
$123,943,991
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited)
Franklin
LifeSmart™
2035
Retirement
Target
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
25
†
Rounds
to
less
than
0.1%
of
net
assets.
a
See
Note
5
regarding
investments
in
FT
Underlying
Funds.
b
Non-income
producing.
c
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited),
September
30,
2021
Franklin
LifeSmart™
2040
Retirement
Target
Fund
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
26
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
99.0%
Alternative
Strategies
0.5%
a
Franklin
Liberty
Systematic
Style
Premia
ETF
..............................
10,662
$
217,444
Domestic
Equity
58.7%
a
ClearBridge
Large
Cap
Value
Fund,
Class
IS
...............................
84,345
3,240,552
a
Franklin
Growth
Fund,
Class
R6
........................................
42,547
6,483,757
a
Franklin
LibertyQ
U.S.
Equity
ETF
.......................................
29,420
1,240,641
a
Franklin
U.S.
Core
Equity
(IU)
Fund
.....................................
761,312
11,214,125
Vanguard
S&P
500
ETF
..............................................
6,722
2,651,157
24,830,232
Domestic
Fixed
Income
10.7%
a
Franklin
Liberty
High
Yield
Corporate
ETF
.................................
15,649
413,600
a
Franklin
Liberty
Investment
Grade
Corporate
ETF
...........................
6,869
178,251
a
Franklin
Liberty
Senior
Loan
ETF
.......................................
9,230
230,750
a
Franklin
Liberty
U.S.
Core
Bond
ETF
.....................................
79,532
2,012,160
a
Franklin
Liberty
U.S.
Treasury
Bond
ETF
..................................
15,175
364,503
Schwab
U.S.
TIPS
ETF
...............................................
5,813
363,778
a
Western
Asset
Core
Plus
Bond
Fund,
Class
S
..............................
53,208
640,625
a
Western
Asset
Short-Term
Bond
Fund,
Class
IS
............................
71,157
279,646
4,483,313
Foreign
Equity
29.1%
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
............................
149,201
1,712,823
a
Franklin
FTSE
Europe
ETF
............................................
15,479
437,659
a
Franklin
International
Core
Equity
(IU)
Fund
...............................
350,244
4,483,128
a
Franklin
International
Growth
Fund,
Class
R6
..............................
39,201
864,782
iShares
MSCI
EAFE
Value
ETF
.........................................
17,734
901,774
a
Templeton
Developing
Markets
Trust,
Class
R6
.............................
70,088
1,691,919
a
Templeton
Foreign
Fund,
Class
R6
......................................
295,585
2,228,713
12,320,798
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$32,076,163)
................................................................
41,851,787
a
a
a
a
Short
Term
Investments
1.0%
a
Money
Market
Funds
1.0%
a,b
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
...................
438,331
438,331
Total
Money
Market
Funds
(Cost
$438,331)
.....................................
438,331
Total
Short
Term
Investments
(Cost
$438,331
)
..................................
438,331
a
Total
Investments
(Cost
$32,514,494)
100.0%
...................................
$42,290,118
Other
Assets,
less
Liabilities
0.0%
†
............................................
2,674
Net
Assets
100.0%
...........................................................
$42,292,792
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited)
Franklin
LifeSmart™
2040
Retirement
Target
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
27
See
Abbreviations
on
page
56
.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
See
Note
5
regarding
investments
in
FT
Underlying
Funds.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited),
September
30,
2021
Franklin
LifeSmart™
2045
Retirement
Target
Fund
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
28
See
Abbreviations
on
page
56
.
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
99.1%
Alternative
Strategies
0.5%
a
Franklin
Liberty
Systematic
Style
Premia
ETF
..............................
21,720
$
442,964
Domestic
Equity
62.2%
a
ClearBridge
Large
Cap
Value
Fund,
Class
IS
...............................
178,961
6,875,683
a
Franklin
Growth
Fund,
Class
R6
........................................
91,112
13,884,498
a
Franklin
LibertyQ
U.S.
Equity
ETF
.......................................
63,102
2,661,011
a
Franklin
U.S.
Core
Equity
(IU)
Fund
.....................................
1,637,995
24,127,666
Vanguard
S&P
500
ETF
..............................................
14,236
5,614,678
53,163,536
Domestic
Fixed
Income
3.6%
a
Franklin
Liberty
U.S.
Core
Bond
ETF
.....................................
59,483
1,504,920
a
Western
Asset
Core
Plus
Bond
Fund,
Class
S
..............................
129,426
1,558,282
3,063,202
Foreign
Equity
32.8%
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
............................
358,328
4,113,601
a
Franklin
FTSE
Europe
ETF
............................................
34,445
973,912
a
Franklin
International
Core
Equity
(IU)
Fund
...............................
777,467
9,951,578
a
Franklin
International
Growth
Fund,
Class
R6
..............................
87,001
1,919,242
iShares
MSCI
EAFE
Value
ETF
.........................................
39,554
2,011,321
a
Templeton
Developing
Markets
Trust,
Class
R6
.............................
168,328
4,063,447
a
Templeton
Foreign
Fund,
Class
R6
......................................
654,424
4,934,354
27,967,455
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$63,620,635)
................................................................
84,637,157
a
a
a
a
Short
Term
Investments
0.9%
a
Money
Market
Funds
0.9%
a,b
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
...................
737,332
737,332
Total
Money
Market
Funds
(Cost
$737,332)
.....................................
737,332
Total
Short
Term
Investments
(Cost
$737,332
)
..................................
737,332
a
Total
Investments
(Cost
$64,357,967)
100.0%
...................................
$85,374,489
Other
Assets,
less
Liabilities
0.0%
†
............................................
57,606
Net
Assets
100.0%
...........................................................
$85,432,095
†
Rounds
to
less
than
0.1%
of
net
assets.
a
See
Note
5
regarding
investments
in
FT
Underlying
Funds.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited),
September
30,
2021
Franklin
LifeSmart™
2050
Retirement
Target
Fund
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
29
See
Abbreviations
on
page
56
.
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
98.9%
Alternative
Strategies
0.5%
a
Franklin
Liberty
Systematic
Style
Premia
ETF
..............................
8,900
$
181,509
Domestic
Equity
63.2%
a
ClearBridge
Large
Cap
Value
Fund,
Class
IS
...............................
74,383
2,857,779
a
Franklin
Growth
Fund,
Class
R6
........................................
38,185
5,819,056
a
Franklin
LibertyQ
U.S.
Equity
ETF
.......................................
26,448
1,115,312
a
Franklin
U.S.
Core
Equity
(IU)
Fund
.....................................
675,625
9,951,956
Vanguard
S&P
500
ETF
..............................................
6,451
2,544,274
22,288,377
Domestic
Fixed
Income
0.5%
a
Western
Asset
Core
Plus
Bond
Fund,
Class
S
..............................
15,046
181,160
Foreign
Equity
34.7%
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
............................
155,487
1,784,995
a
Franklin
FTSE
Europe
ETF
............................................
15,062
425,869
a
Franklin
International
Core
Equity
(IU)
Fund
...............................
341,025
4,365,115
a
Franklin
International
Growth
Fund,
Class
R6
..............................
38,169
842,018
iShares
MSCI
EAFE
Value
ETF
.........................................
17,239
876,603
a
Templeton
Developing
Markets
Trust,
Class
R6
.............................
73,086
1,764,295
a
Templeton
Foreign
Fund,
Class
R6
......................................
287,820
2,170,166
12,229,061
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$25,917,095)
................................................................
34,880,107
a
a
a
a
Short
Term
Investments
1.1%
a
Money
Market
Funds
1.1%
a,b
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
...................
389,198
389,198
Total
Money
Market
Funds
(Cost
$389,198)
.....................................
389,198
Total
Short
Term
Investments
(Cost
$389,198
)
..................................
389,198
a
Total
Investments
(Cost
$26,306,293)
100.0%
...................................
$35,269,305
Other
Assets,
less
Liabilities
0.0
%
†
............................................
1,735
Net
Assets
100.0%
...........................................................
$35,271,040
†
Rounds
to
less
than
0.1%
of
net
assets.
a
See
Note
5
regarding
investments
in
FT
Underlying
Funds.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited),
September
30,
2021
Franklin
LifeSmart™
2055
Retirement
Target
Fund
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
30
I
See
Abbreviations
on
page
56
.
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
98.9%
Alternative
Strategies
0.5%
a
Franklin
Liberty
Systematic
Style
Premia
ETF
..............................
5,819
$
118,675
Domestic
Equity
63.2%
a
ClearBridge
Large
Cap
Value
Fund,
Class
IS
...............................
48,618
1,867,902
a
Franklin
Growth
Fund,
Class
R6
........................................
24,880
3,791,387
a
Franklin
LibertyQ
U.S.
Equity
ETF
.......................................
17,231
726,631
a
Franklin
U.S.
Core
Equity
(IU)
Fund
.....................................
444,155
6,542,399
Vanguard
S&P
500
ETF
..............................................
4,029
1,589,038
14,517,357
Domestic
Fixed
Income
0.5%
a
Western
Asset
Core
Plus
Bond
Fund,
Class
S
..............................
9,888
119,049
Foreign
Equity
34.7%
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
............................
101,386
1,163,913
a
Franklin
FTSE
Europe
ETF
............................................
9,848
278,446
a
Franklin
International
Core
Equity
(IU)
Fund
...............................
222,823
2,852,132
a
Franklin
International
Growth
Fund,
Class
R6
..............................
24,933
550,019
iShares
MSCI
EAFE
Value
ETF
.........................................
11,078
563,316
a
Templeton
Developing
Markets
Trust,
Class
R6
.............................
47,766
1,153,065
a
Templeton
Foreign
Fund,
Class
R6
......................................
187,523
1,413,922
7,974,813
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$17,326,602)
................................................................
22,729,894
a
a
a
a
Short
Term
Investments
1.1%
a
Money
Market
Funds
1.1%
a,b
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.0
1%
...................
254,137
254,137
Total
Money
Market
Funds
(Cost
$254,137)
.....................................
254,137
Total
Short
Term
Investments
(Cost
$254,137
)
..................................
254,137
a
Total
Investments
(Cost
$17,580,739)
100.0%
...................................
$22,984,031
Other
Assets,
less
Liabilities
0.0%
†
............................................
1,499
Net
Assets
100.0%
...........................................................
$22,985,530
†
Rounds
to
less
than
0.1%
of
net
assets.
a
See
Note
5
regarding
investments
in
FT
Underlying
Funds.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited),
September
30,
2021
Franklin
LifeSmart™
2060
Retirement
Target
Fund
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
31
See
Abbreviations
on
page
56
.
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
103.3%
Alternative
Strategies
0.5%
a
Franklin
Liberty
Systematic
Style
Premia
ETF
..............................
350
$
7,138
Domestic
Equity
66.1%
a
ClearBridge
Large
Cap
Value
Fund,
Class
IS
...............................
3,067
117,833
a
Franklin
Growth
Fund,
Class
R6
........................................
1,555
236,982
a
Franklin
LibertyQ
U.S.
Equity
ETF
.......................................
1,077
45,417
a
Franklin
U.S.
Core
Equity
(IU)
Fund
.....................................
24,191
356,332
Vanguard
S&P
500
ETF
..............................................
385
151,844
908,408
Domestic
Fixed
Income
0.5%
a
Western
Asset
Core
Plus
Bond
Fund,
Class
S
..............................
596
7,179
Foreign
Equity
36.2%
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
............................
6,488
74,483
a
Franklin
FTSE
Europe
ETF
............................................
630
17,813
a
Franklin
International
Core
Equity
(IU)
Fund
...............................
13,781
176,402
a
Franklin
International
Growth
Fund,
Class
R6
..............................
1,541
33,991
iShares
MSCI
EAFE
Value
ETF
.........................................
699
35,544
a
Templeton
Developing
Markets
Trust,
Class
R6
.............................
2,942
71,029
a
Templeton
Foreign
Fund,
Class
R6
......................................
11,721
88,375
497,637
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$1,354,683)
.................................................................
1,420,362
a
a
a
a
a
Total
Investments
(Cost
$1,354,683)
103.3%
....................................
$1,420,362
Other
Assets,
less
Liabilities
(3.3)%
...........................................
(45,924)
Net
Assets
100.0%
...........................................................
$1,374,438
a
See
Note
5
regarding
investments
in
FT
Underlying
Funds.
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited),
September
30,
2021
Franklin
Moderate
Allocation
Fund
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
32
I
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
99.2%
Alternative
Strategies
0.5%
a
Franklin
Liberty
Systematic
Style
Premia
ETF
..............................
521,000
$
10,625,430
Domestic
Equity
49.5%
a
ClearBridge
Large
Cap
Value
Fund,
Class
IS
...............................
3,439,633
132,150,718
a
Franklin
Growth
Fund,
Class
R6
........................................
1,775,377
270,549,714
a
Franklin
LibertyQ
U.S.
Equity
ETF
.......................................
1,218,016
51,363,735
a
Franklin
U.S.
Core
Equity
(IU)
Fund
.....................................
34,293,504
505,143,316
Vanguard
S&P
500
ETF
..............................................
178,665
70,465,476
1,029,672,959
Domestic
Fixed
Income
32.3%
a
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund,
Class
IS
...............
2,688,298
30,270,238
a
Franklin
Liberty
High
Yield
Corporate
ETF
.................................
2,177,846
57,560,034
a
Franklin
Liberty
Investment
Grade
Corporate
ETF
...........................
982,700
25,501,065
a
Franklin
Liberty
Senior
Loan
ETF
.......................................
1,296,523
32,413,075
a
Franklin
Liberty
U.S.
Core
Bond
ETF
.....................................
11,282,878
285,456,813
a
Franklin
Liberty
U.S.
Treasury
Bond
ETF
..................................
2,129,661
51,154,457
Schwab
U.S.
TIPS
ETF
...............................................
822,995
51,503,027
a
Western
Asset
Core
Plus
Bond
Fund,
Class
S
..............................
8,358,245
100,633,115
a
Western
Asset
Short-Term
Bond
Fund,
Class
IS
............................
9,813,389
38,566,619
673,058,443
Foreign
Equity
15.4%
a
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
............................
3,213,917
36,895,773
a
Franklin
FTSE
Europe
ETF
............................................
437,388
12,366,883
a
Franklin
International
Core
Equity
(IU)
Fund
...............................
9,584,746
122,684,751
a
Franklin
International
Growth
Fund,
Class
R6
..............................
1,136,289
25,066,533
iShares
MSCI
EAFE
Value
ETF
.........................................
500,134
25,431,814
a
Templeton
Developing
Markets
Trust,
Class
R6
.............................
1,440,970
34,785,027
a
Templeton
Foreign
Fund,
Class
R6
......................................
8,319,633
62,730,035
319,960,816
Foreign
Fixed
Income
1.5%
a,b
Franklin
Liberty
International
Aggregate
Bond
ETF
..........................
1,258,989
31,663,573
b
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$1,685,744,812)
..............................................................
2,064,981,221
a
a
a
a
Short
Term
Investments
0.6%
a
Money
Market
Funds
0.6%
a,c
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
...................
13,322,056
13,322,056
Total
Money
Market
Funds
(Cost
$13,322,056)
..................................
13,322,056
Total
Short
Term
Investments
(Cost
$13,322,056
)
................................
13,322,056
a
Total
Investments
(Cost
$1,699,066,868)
99.8%
..................................
$2,078,303,277
Other
Assets,
less
Liabilities
0.2%
.............................................
3,531,641
Net
Assets
100.0%
...........................................................
$2,081,834,918
Franklin
Fund
Allocator
Series
Statement
of
Investments
(unaudited)
Franklin
Moderate
Allocation
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
33
See
Abbreviations
on
page
56
.
a
See
Note
5
regarding
investments
in
FT
Underlying
Funds.
b
Non-income
producing.
c
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Fund
Allocator
Series
Notes
to
Statements
of
Investments
(unaudited)
34
Quarterly
Statements
of
Investments
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-five
separate
funds, fifteen
of
which
are
included
in
this
report
(Funds)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP).
Certain
or
all
Funds
invest
primarily
in
mutual
funds
(Underlying
Funds)
and
exchange
traded
funds
(ETFs),
including
affiliated
funds
managed
by
Franklin
Templeton
(FT
Underlying
Funds).
The
accounting
policies
of
the
Underlying
Funds
are
outlined
in
their
respective
shareholder
reports.
A
copy
of
the
Underlying
Funds’
shareholder
reports,
in
which
each
Fund
invests,
is
available
on
the
U.S.
Securities
and
Exchange
Commission
(SEC)
website
at
sec.gov.
The
Underlying
Funds’
shareholder
reports
are
not
covered
by
this
report.
Effective
February
1,
2021,
the
Franklin
Global
Allocation
Fund
(Fund)
repositioned
to
a
direct
investment
fund
with
an
actively
managed
dynamic
allocation
strategy,
which
involved
modifying
the
Fund’s
principal
investment
strategies
and
changing
the
name
of
the
Fund
from
Franklin
Founding
Funds
Allocation
Fund
to
Franklin
Global
Allocation
Fund.
Effective
January
29,
2021,
the
Trust
began
offering
shares
of
the
Franklin
LifeSmart™
2060
Retirement
Target
Fund.
2. Financial
Instrument
Valuation
The
Funds’
investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Funds
calculate
the
net
asset
value
(NAV)
per
share
each
business
day
as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the
Fund’s
Board
of
Trustees
(the
Board),
the
Funds’
administrator
has
responsibility
for
oversight
of
valuation,
including
leading
the
cross-functional
Valuation
Committee
(VC).
The
Funds
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value.
Investments
in
the
Underlying
Funds
are
valued
at
their
closing
NAV
each
trading
day.
ETFs
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price
of
the
day,
respectively.
Equity
securities,
exchange
traded
funds
and
derivative
financial
instruments
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price
of
the
day,
respectively.
Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m. Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities.
Debt
securities
generally
trade
in
the
over-the-counter
market
rather
than
on
a
securities
exchange.
The
Funds’
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
Investments
in
open-end
mutual
funds
are
valued
at
the
closing
NAV.
Investments
in
repurchase
agreements
are
valued
at
cost,
which
approximates
fair
value.
Franklin
Fund
Allocator
Series
Notes
to
Statements
of
Investments
(unaudited)
35
Quarterly
Statements
of
Investments
Certain
derivative
financial
instruments
trade
in
the
OTC
market.
The
Funds’
pricing
services
use
various
techniques
including
industry
standard
option
pricing
models
and
proprietary
discounted
cash
flow
models
to
determine
the
fair
value
of
those
instruments.
The
Funds’ net
benefit
or
obligation
under
the
derivative
contract,
as
measured
by
the
fair
value
of
the
contract,
is
included
in
net
assets.
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
September
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.
See
the
Fair
Value
Measurements
note
for
more
information.
When
the
last
day
of
the
reporting
period
is
a
non-business
day,
certain
foreign
markets
may
be
open
on
those
days
that
the
Funds’
NAV
is
not
calculated,
which
could
result
in
differences
between
the
value
of
the
Funds’
portfolio securities
on
the
last
business
day
and
the
last
calendar
day
of
the
reporting
period.
Any
security
valuation
changes
due
to
an
open
foreign
market
are
adjusted
and
reflected
by
the
Funds for
financial
reporting
purposes.
3.
Derivative
Financial
Instruments
Certain
or
all
Funds
invested
in
derivative
financial
instruments
in
order
to
manage
risk
or
gain
exposure
to
various
other
investments
or
markets.
Derivatives
are
financial
contracts
based
on
an
underlying
or
notional
amount,
require
no
initial
investment
or
an
initial
net
investment
that
is
smaller
than
would
normally
be
required
to
have
a
similar
response
to
changes
in
market
factors,
and
require
or
permit
net
settlement.
Derivatives
contain
various
risks
including
the
potential
inability
of
the
counterparty
to
fulfill
their
obligations
under
the
terms
of
the
contract,
the
potential
for
an
illiquid
secondary
market,
and/or
the
potential
for
market
movements.
Derivative
counterparty
credit
risk
is
managed
through
a
formal
evaluation
of
the
creditworthiness
of
all
potential
counterparties.
Certain
or
all
Funds
attempt
to
reduce
their
exposure
to
counterparty
credit
risk
on
OTC
derivatives,
whenever
possible,
by
entering
into
International
Swaps
and
Derivatives
Association
(ISDA)
master
agreements
with
certain
counterparties.
These
agreements
contain
various
provisions,
including
but
not
limited
to
collateral
requirements,
events
of
default,
or
early
termination.
Termination
events
applicable
to
the
counterparty
include
certain
deteriorations
in
the
credit
quality
of
the
counterparty.
Termination
events
applicable
to
the
Funds include
failure
of
the
Funds
to
maintain
certain
net
asset
levels
and/or
limit
the
decline
in
net
assets
over
various
periods
of
time.
In
the
event
of
default
or
early
termination,
the
ISDA
master
agreement
gives
the
non-defaulting
party
the
right
to
net
and
close-out
all
transactions
traded,
whether
or
2. Financial
Instrument
Valuation
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Statements
of
Investments
(unaudited)
36
Quarterly
Statements
of
Investments
not
arising
under
the
ISDA
agreement,
to
one
net
amount
payable
by
one
counterparty
to
the
other.
Early
termination
by
the
counterparty
may
result
in
an
immediate
payment
by
the
Funds
of
any
net
liability
owed
to
that
counterparty
under
the
ISDA
agreement.
Collateral
requirements
differ
by
type
of
derivative.
Collateral
or
initial
margin
requirements
are
set
by
the
broker
or
exchange
clearing
house
for
exchange
traded
and
centrally
cleared
derivatives.
Initial
margin
deposited
is
held
at
the
exchange
and
can
be
in
the
form
of
cash
and/or
securities.
For
OTC
derivatives
traded
under
an
ISDA
master
agreement,
posting
of
collateral
is
required
by
either
the
Fund
or
the
applicable
counterparty
if
the
total
net
exposure
of
all
OTC
derivatives
with
the
applicable
counterparty
exceeds
the
minimum
transfer
amount,
which
typically
ranges
from
$100,000
to
$250,000,
and
can
vary
depending
on
the
counterparty
and
the
type
of
the
agreement.
Generally,
collateral
is
determined
at
the
close
of
Fund
business
each
day
and
any
additional
collateral
required
due
to
changes
in
derivative
values
may
be
delivered
by
the
Fund
or
the
counterparty
the
next
business
day,
or
within
a
few
business
days.
Collateral
pledged
and/or
received
by
the
Fund
for
OTC
derivatives,
if
any,
is
held
in
segregated
accounts
with
the
Fund’s
custodian/counterparty
broker
and
can
be
in
the
form
of
cash
and/or
securities.
Unrestricted
cash
may
be
invested
according
to
the
Funds’ investment
objectives.
To
the
extent
that
the
amounts
due
to
the
Fund
from
its
counterparties
are
not
subject
to
collateralization
or
are
not
fully
collateralized,
the
Fund
bears
the
risk
of
loss
from
counterparty
non-performance.
Certain
or
all
Funds
entered
into
OTC
forward
exchange
contracts
primarily
to
manage
and/or
gain
exposure
to
certain
foreign
currencies.
A
forward
exchange
contract
is
an
agreement
between
the
Fund
and
a
counterparty
to
buy
or
sell
a
foreign
currency at
a
specific
exchange
rate
on
a
future
date.
The
following
Funds
have
invested
in
derivatives
during
the
period. 
Franklin
Global
Allocation
Fund
-
Forwards
4.
Novel
Coronavirus
Pandemic 
The
global
outbreak
of
the
novel
coronavirus
disease,
known
as
COVID-19, has
caused
adverse
effects
on
many
companies,
sectors,
nations,
regions
and
the
markets
in
general, and
may
continue for
an unpredictable duration.
The
effects
of
this
pandemic
may
materially
impact
the
value
and
performance
of
the
Funds, their ability
to
buy
and
sell
fund
investments
at
appropriate
valuations
and their ability
to
achieve their investment
objectives.
5.
Investments
in
FT
Underlying
Funds  
The
Funds
invest
in
Underlying
Funds
which
are
managed
by
Franklin
Advisers,
Inc.
(Advisers),
an
affiliate
of
FT
Services
or
an
affiliate
of
Advisers.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
Underlying
Fund’s
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
Underlying
Fund.
The
Funds
do
not
invest
in Underlying
Funds
for
the
purpose
of
exercising
a
controlling
influence
over
the
management
or
policies.
Investments
in
FT
Underlying
Funds
for
the
nine
months
ended
September
30,
2021,
were
as
follows:
3.
Derivative
Financial
Instruments
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Statements
of
Investments
(unaudited)
37
Quarterly
Statements
of
Investments
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Dividend
Income
a
a
a
a
a
a
a
a
a
Franklin
Conservative
Allocation
Fund
Controlled
Affiliates
Franklin
Liberty
International
Aggregate
Bond
ETF
........
$
61,041,693
$
428,711
$
(26,958,121)
$
(347,485)
$
(698,372)
$
33,466,426
1,330,673
$
—
Non-Controlled
Affiliates
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund,
Class
IS
$
—
$
32,653,644
$
—
$
—
$
(652,509)
$
32,001,135
2,842,019
$
296,432
ClearBridge
Large
Cap
Value
Fund,
Class
IS
.................
—
77,685,451
(25,067,402)
1,673,343
4,823,857
59,115,249
1,538,658
549,951
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
...........
16,123,784
835,342
(3,748,499)
663,150
(552,878)
13,320,899
1,160,357
203,504
Franklin
FTSE
China
ETF
.....
3,114,896
89,404
(3,211,569)
20,146
(12,877)
—
a
—
—
Franklin
FTSE
Europe
ETF
....
12,816,076
228,045
(8,764,593)
1,324,416
(300,317)
5,303,627
187,577
116,797
Franklin
FTSE
Japan
ETF
.....
6,956,102
2,975,155
(10,060,528)
1,036,948
(907,677)
—
a
—
—
Franklin
Growth
Fund,
Class
R6
.
126,745,749
—
(19,798,757)
5,471,776
8,672,135
121,090,903
794,612
—
Franklin
International
Core
Equity
(IU)
Fund
................
40,844,001
8,221,756
—
—
3,089,406
52,155,163
4,074,622
836,593
Franklin
International
Growth
Fund,
Class
R6
................
13,392,110
152,310
(3,336,734)
1,084,962
(725,495)
10,567,153
479,019
—
Franklin
Liberty
High
Yield
Corporate
ETF
............
19,092,902
45,707,553
(6,679,123)
(41,633)
(139,313)
57,940,386
2,192,237
1,880,079
Franklin
Liberty
Investment
Grade
Corporate
ETF
............
49,886,647
7,100,780
(29,401,173)
(635,760)
(1,307,924)
25,642,570
988,153
956,422
Franklin
Liberty
Senior
Loan
ETF
—
45,264,200
(12,276,369)
(82,016)
(42,265)
32,863,550
1,314,542
798,550
Franklin
Liberty
Short
Duration
U.S.
Government
ETF
...........
48,743,931
—
(48,562,962)
(154,368)
(26,601)
—
a
—
85,306
Franklin
Liberty
Systematic
Style
Premia
ETF
..............
5,277,512
1,219,910
—
—
240,814
6,738,236
330,398
78,796
Franklin
Liberty
U.S.
Core
Bond
ETF
....................
302,240,393
82,527,273
(85,748,975)
(376,294)
(9,891,625)
288,750,772
11,413,074
4,678,516
Franklin
Liberty
U.S.
Treasury
Bond
ETF
....................
60,704,285
10,019,090
(17,024,117)
(881,044)
(1,379,912)
51,438,302
2,141,478
695,699
Franklin
LibertyQ
U.S.
Equity
ETF
93,294,463
15,992,854
(95,893,001)
20,153,394
(10,628,273)
22,919,437
543,501
699,219
Franklin
Low
Duration
Total
Return
Fund,
Class
R6
............
55,875,006
122,193
(56,054,928)
473,865
(416,136)
—
a
—
176,877
Franklin
Rising
Dividends
Fund,
Class
R6
................
66,873,189
—
(68,799,427)
37,223,819
(35,297,581)
—
a
—
—
Franklin
U.S.
Core
Equity
(IU)
Fund
114,063,795
90,984,616
—
—
20,792,307
225,840,718
15,332,024
993,986
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.......
5,871,512
137,954,793
(136,200,993)
—
—
7,625,312
7,625,312
640
Templeton
Developing
Markets
Trust,
Class
R6
............
13,251,691
625,235
(869,092)
133,176
(609,330)
12,531,680
519,125
—
Templeton
Foreign
Fund,
Class
R6
18,026,683
7,398,787
—
—
1,019,471
26,444,941
3,507,287
—
Templeton
Global
Total
Return
Fund,
Class
R6
............
12,325,096
203,783
(12,005,404)
(1,350,484)
827,009
—
a
—
203,783
5.
Investments
in
FT
Underlying
Funds  
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Statements
of
Investments
(unaudited)
38
Quarterly
Statements
of
Investments
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Dividend
Income
a
a
a
a
a
a
a
a
a
Franklin
Conservative
Allocation
Fund
(continued)
Non-Controlled
Affiliates
(continued)
Western
Asset
Core
Plus
Bond
Fund,
Class
S
.............
$
—
$
104,519,174
$
(10,056,685)
$
131,852
$
(177,650)
$
94,416,691
7,841,930
$
1,138,716
b
Western
Asset
Short-Term
Bond
Fund,
Class
IS
............
—
90,210,935
(51,098,111)
—
(98,815)
39,014,009
9,927,229
493,881
Total
Non-Controlled
Affiliates
$1,085,519,823
$762,692,283
$(704,658,442)
$65,869,248
$(23,702,179)
$1,185,720,733
$14,883,747
Total
Affiliated
Securities
....
$1,146,561,516
$763,120,994
$(731,616,563)
$65,521,763
$(24,400,551)
$1,219,187,159
$14,883,747
Franklin
Corefolio
Allocation
Fund
Non-Controlled
Affiliates
Franklin
Growth
Fund,
Class
R6
.
240,674,595
—
(8,176,587)
1,029,472
28,423,859
261,951,339
1,718,954
—
Franklin
Growth
Opportunities
Fund,
Class
R6
............
240,066,441
—
(6,593,942)
893,500
30,536,866
264,902,865
3,904,243
—
Franklin
Mutual
Shares
Fund,
Class
R6
.....................
234,889,839
—
(10,900,470)
(81,821)
34,414,966
258,322,514
8,892,341
—
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.......
—
15,537,876
(15,096,598)
—
—
441,278
441,278
20
Templeton
Growth
Fund,
Inc.,
Class
R6
.....................
237,214,959
—
(1,384,085)
(79,485)
10,023,458
245,774,847
9,990,847
—
Total
Non-Controlled
Affiliates
$952,845,834
$15,537,876
$(42,151,682)
$1,761,666
$103,399,149
$1,031,392,843
$20
Total
Affiliated
Securities
....
$952,845,834
$15,537,876
$(42,151,682)
$1,761,666
$103,399,149
$1,031,392,843
$20
Franklin
Global
Allocation
Fund
Non-Controlled
Affiliates
Franklin
Income
Fund,
Class
R6
.
1,087,143,048
4,911,217
(1,082,679,346)
(76,752,826)
67,377,907
—
a
—
4,911,216
Franklin
Mutual
Shares
Fund,
Class
R6
.....................
1,103,704,998
—
(1,104,695,326)
(21,788,732)
22,779,060
—
a
—
—
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.......
—
1,083,384,406
(826,842,291)
—
—
256,542,115
256,542,115
8,272
Templeton
Global
Bond
Fund,
Class
R6
................
—
129,544,518
—
—
(9,115,536)
120,428,982
13,440,735
4,544,518
Templeton
Growth
Fund,
Inc.,
Class
R6
.....................
1,093,315,104
—
(1,065,286,816)
(27,837,205)
(191,083)
—
a
—
—
Total
Non-Controlled
Affiliates
$3,284,163,150
$1,217,840,141
$(4,079,503,779)
$(126,378,763)
$80,850,348
$376,971,097
$9,464,006
Total
Affiliated
Securities
....
$3,284,163,150
$1,217,840,141
$(4,079,503,779)
$(126,378,763)
$80,850,348
$376,971,097
$9,464,006
Franklin
Growth
Allocation
Fund
Non-Controlled
Affiliates
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund,
Class
IS
—
14,252,486
—
—
(187,054)
14,065,432
1,249,150
132,093
ClearBridge
Large
Cap
Value
Fund,
Class
IS
.................
—
154,464,485
(38,791,499)
837,734
9,418,372
125,929,092
3,277,696
979,065
5.
Investments
in
FT
Underlying
Funds  
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Statements
of
Investments
(unaudited)
39
Quarterly
Statements
of
Investments
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Dividend
Income
a
a
a
a
a
a
a
a
a
Franklin
Growth
Allocation
Fund
(continued)
Non-Controlled
Affiliates
(continued)
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
...........
$
42,192,366
$
3,448,469
$
(8,544,635)
$
1,305,307
$
(1,121,603)
$
37,279,904
3,247,378
$
545,469
Franklin
FTSE
China
ETF
.....
7,953,840
2,494,440
(10,443,975)
28,577
(32,882)
—
a
—
—
Franklin
FTSE
Europe
ETF
....
29,700,957
946,615
(21,549,260)
3,701,887
(363,534)
12,436,665
439,856
264,618
Franklin
FTSE
Japan
ETF
.....
14,977,315
3,228,547
(18,471,133)
1,719,910
(1,454,639)
—
a
—
—
Franklin
Growth
Fund,
Class
R6
.
248,864,005
14,386,602
(24,353,103)
5,070,539
23,749,994
267,718,037
1,756,795
—
Franklin
International
Core
Equity
(IU)
Fund
................
96,794,122
13,487,786
(142,792)
9,736
7,489,408
117,638,260
9,190,489
1,942,417
Franklin
International
Growth
Fund,
Class
R6
................
31,172,245
459,030
(8,350,144)
2,675,839
(1,905,918)
24,051,052
1,090,256
—
Franklin
Liberty
High
Yield
Corporate
ETF
............
5,437,401
22,501,168
(12,744,151)
13,668
6,572
15,214,658
575,663
653,611
Franklin
Liberty
International
Aggregate
Bond
ETF
........
18,704,049
863,700
(4,557,461)
(60,610)
(244,775)
14,704,903
584,688
—
Franklin
Liberty
Investment
Grade
Corporate
ETF
............
13,319,310
1,295,873
(7,416,577)
(270,617)
(218,513)
6,709,476
258,554
262,597
Franklin
Liberty
Senior
Loan
ETF
—
14,177,484
(5,450,287)
(26,691)
(13,031)
8,687,475
347,499
242,868
Franklin
Liberty
Short
Duration
U.S.
Government
ETF
...........
13,416,969
—
(13,367,156)
(38,460)
(11,353)
—
a
—
23,481
Franklin
Liberty
Systematic
Style
Premia
ETF
..............
5,628,429
1,556,306
—
—
217,111
7,401,846
362,937
86,556
Franklin
Liberty
U.S.
Core
Bond
ETF
....................
79,864,061
24,076,788
(27,028,219)
78,012
(2,675,738)
74,314,904
2,937,348
1,206,419
Franklin
Liberty
U.S.
Treasury
Bond
ETF
....................
17,377,414
11,396,475
(14,519,274)
(790,108)
99,491
13,563,998
564,696
250,763
Franklin
LibertyQ
U.S.
Equity
ETF
179,207,916
26,214,245
(178,008,315)
38,206,459
(19,661,879)
45,958,426
1,089,837
1,485,605
Franklin
Low
Duration
Total
Return
Fund,
Class
R6
............
14,927,981
32,646
(14,976,050)
166,008
(150,585)
—
a
—
47,256
Franklin
Rising
Dividends
Fund,
Class
R6
................
123,829,549
—
(128,460,585)
75,672,210
(71,041,174)
—
a
—
—
Franklin
U.S.
Core
Equity
(IU)
Fund
224,920,106
106,296,015
—
—
41,679,412
372,895,533
25,315,379
1,932,507
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.......
—
133,955,346
(126,397,025)
—
—
7,558,321
7,558,321
658
Templeton
Developing
Markets
Trust,
Class
R6
............
33,686,403
3,896,358
(814,323)
115,362
(1,580,411)
35,303,389
1,462,444
—
Templeton
Foreign
Fund,
Class
R6
42,607,247
15,818,313
(959,556)
82,756
2,712,029
60,260,789
7,992,147
—
Templeton
Global
Total
Return
Fund,
Class
R6
............
13,148,651
217,399
(12,807,597)
(1,511,992)
953,539
—
a
—
217,399
Western
Asset
Core
Plus
Bond
Fund,
Class
S
.............
—
29,358,972
—
—
(264,565)
29,094,407
2,416,483
237,529
b
5.
Investments
in
FT
Underlying
Funds  
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Statements
of
Investments
(unaudited)
40
Quarterly
Statements
of
Investments
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Dividend
Income
a
a
a
a
a
a
a
a
a
Franklin
Growth
Allocation
Fund
(continued)
Non-Controlled
Affiliates
(continued)
Western
Asset
Short-Term
Bond
Fund,
Class
IS
............
$
—
$
10,155,532
$
—
$
—
$
(25,676)
$
10,129,856
2,577,571
$
53,516
Total
Non-Controlled
Affiliates
$1,257,730,336
$608,981,080
$(678,153,117)
$126,985,526
$(14,627,402)
$1,300,916,423
$10,564,427
Total
Affiliated
Securities
....
$1,257,730,336
$608,981,080
$(678,153,117)
$126,985,526
$(14,627,402)
$1,300,916,423
$10,564,427
Franklin
LifeSmart™
Retirement
Income
Fund
Non-Controlled
Affiliates
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund,
Class
IS
—
580,901
(591,503)
10,602
—
—
a
—
4,504
Franklin
Income
Fund,
Class
R6
.
11,942,166
53,949
(11,891,359)
717,949
(822,705)
—
a
—
53,949
Franklin
International
Growth
Fund,
Class
R6
................
2,809,700
—
(2,946,802)
485,848
(348,746)
—
a
—
—
Franklin
Liberty
High
Yield
Corporate
ETF
............
1,128,022
2,501,702
(810,997)
5,609
(4,726)
2,819,610
106,683
87,166
Franklin
Liberty
International
Aggregate
Bond
ETF
........
1,085,024
142,100
(1,210,071)
(9,089)
(7,964)
—
a
—
—
Franklin
Liberty
Investment
Grade
Corporate
ETF
............
5,137,342
616,365
(2,202,019)
(90,569)
(117,072)
3,344,047
128,865
96,302
Franklin
Liberty
Senior
Loan
ETF
—
2,397,618
(2,398,183)
565
—
—
a
—
27,793
Franklin
Liberty
U.S.
Core
Bond
ETF
....................
11,529,824
4,258,435
(8,095,615)
(104,876)
(307,288)
7,280,480
287,766
192,682
Franklin
Liberty
U.S.
Treasury
Bond
ETF
....................
2,864,210
569,652
(3,350,098)
(122,914)
39,150
—
a
—
26,604
Franklin
LibertyQ
U.S.
Equity
ETF
3,520,625
—
(3,590,129)
783,117
(713,613)
—
a
—
7,059
Franklin
U.S.
Core
Equity
(IU)
Fund
3,140,134
1,651,830
(1,181,127)
183,403
335,873
4,130,113
280,388
21,177
Franklin
U.S.
Government
Securities
Fund,
Class
R6
.....
3,944,487
3,665,358
(1,848,959)
1,644
(132,431)
5,630,099
951,030
81,010
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.......
1,298,368
23,940,010
(24,855,777)
—
—
382,601
382,601
39
Templeton
Developing
Markets
Trust,
Class
R6
............
616,505
21,012
(76,345)
11,931
(30,586)
542,517
22,474
—
Templeton
Foreign
Fund,
Class
R6
1,273,505
2,824,326
(432,310)
26,370
(40,262)
3,651,629
484,301
—
Western
Asset
Income
Fund,
Class
IS
.....................
—
6,079,011
(356,873)
543
(27,769)
5,694,912
929,023
65,732
Total
Non-Controlled
Affiliates
$50,289,912
$49,302,269
$(65,838,167)
$1,900,133
$(2,178,139)
$33,476,008
$664,017
Total
Affiliated
Securities
....
$50,289,912
$49,302,269
$(65,838,167)
$1,900,133
$(2,178,139)
$33,476,008
$664,017
Franklin
LifeSmart™
2020
Retirement
Target
Fund
Non-Controlled
Affiliates
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund,
Class
IS
—
1,186,613
(74,328)
(1,407)
(29,046)
1,081,832
96,077
10,305
5.
Investments
in
FT
Underlying
Funds  
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Statements
of
Investments
(unaudited)
41
Quarterly
Statements
of
Investments
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Dividend
Income
a
a
a
a
a
a
a
a
a
Franklin
LifeSmart™
2020
Retirement
Target
Fund
(continued)
Non-Controlled
Affiliates
(continued)
ClearBridge
Large
Cap
Value
Fund,
Class
IS
.................
$
—
$
2,765,826
$
(859,126)
$
39,427
$
173,723
$
2,119,850
55,176
$
19,196
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
...........
1,009,327
66,795
(443,455)
66,328
(45,548)
653,447
56,920
11,183
Franklin
FTSE
China
ETF
.....
193,240
5,548
(198,531)
542
(799)
—
a
—
—
Franklin
FTSE
Europe
ETF
....
675,662
37,078
(529,165)
97,431
(29,307)
251,699
8,902
6,066
Franklin
FTSE
Japan
ETF
.....
349,736
381,168
(742,144)
83,254
(72,014)
—
a
—
—
Franklin
Growth
Fund,
Class
R6
.
4,577,804
412,083
(1,216,256)
225,050
357,269
4,355,950
28,584
—
Franklin
International
Core
Equity
(IU)
Fund
................
2,107,449
936,627
(608,403)
31,496
108,892
2,576,061
201,255
41,517
Franklin
International
Growth
Fund,
Class
R6
................
702,671
27,512
(256,110)
60,531
(37,144)
497,460
22,550
—
Franklin
Liberty
High
Yield
Corporate
ETF
............
568,443
1,407,241
(401,973)
(662)
(79)
1,572,970
59,515
57,507
Franklin
Liberty
International
Aggregate
Bond
ETF
........
1,481,610
273,599
(623,675)
(8,794)
(18,504)
1,104,236
43,906
—
Franklin
Liberty
Investment
Grade
Corporate
ETF
............
1,532,130
680,409
(1,468,297)
(59,910)
(2,755)
681,577
26,265
25,065
Franklin
Liberty
Senior
Loan
ETF
—
1,455,045
(570,399)
(3,210)
(1,061)
880,375
35,215
25,180
Franklin
Liberty
Short
Duration
U.S.
Government
ETF
...........
1,457,794
35,961
(1,488,273)
(4,336)
(1,146)
—
a
—
2,548
Franklin
Liberty
Systematic
Style
Premia
ETF
..............
187,254
48,707
(22,963)
(5,800)
13,101
220,299
10,802
2,809
Franklin
Liberty
U.S.
Core
Bond
ETF
....................
9,134,692
2,854,035
(3,875,439)
(49,732)
(253,851)
7,809,705
308,684
136,486
Franklin
Liberty
U.S.
Treasury
Bond
ETF
....................
1,878,488
674,715
(1,098,392)
(55,879)
(12,810)
1,386,122
57,707
19,249
Franklin
LibertyQ
U.S.
Equity
ETF
3,349,931
382,586
(3,239,950)
765,584
(424,661)
833,490
19,765
27,271
Franklin
Low
Duration
Total
Return
Fund,
Class
R6
............
1,679,031
3,663
(1,684,317)
20,534
(18,911)
—
a
—
5,208
Franklin
Rising
Dividends
Fund,
Class
R6
................
2,381,190
102,022
(2,573,667)
929,863
(839,408)
—
a
—
—
Franklin
U.S.
Core
Equity
(IU)
Fund
4,102,258
4,638,083
(1,226,693)
43,089
779,893
8,336,630
565,963
37,603
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.......
153,283
10,453,515
(10,277,756)
—
—
329,042
329,042
25
Templeton
Developing
Markets
Trust,
Class
R6
............
812,524
78,130
(234,222)
17,676
(37,788)
636,320
26,360
—
Templeton
Foreign
Fund,
Class
R6
970,861
514,674
(236,263)
5,900
60,800
1,315,972
174,532
—
Templeton
Global
Total
Return
Fund,
Class
R6
............
430,004
18,717
(430,072)
(38,648)
19,999
—
a
—
7,241
Western
Asset
Core
Plus
Bond
Fund,
Class
S
.............
—
2,943,799
(597,802)
1,147
(3,309)
2,343,835
194,671
28,899
b
5.
Investments
in
FT
Underlying
Funds  
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Statements
of
Investments
(unaudited)
42
Quarterly
Statements
of
Investments
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Dividend
Income
a
a
a
a
a
a
a
a
a
Franklin
LifeSmart™
2020
Retirement
Target
Fund
(continued)
Non-Controlled
Affiliates
(continued)
Western
Asset
Short-Term
Bond
Fund,
Class
IS
............
$
—
$
2,277,644
$
(1,219,442)
$
(228)
$
(2,639)
$
1,055,335
268,533
$
13,105
Total
Non-Controlled
Affiliates
$39,735,382
$34,661,795
$(36,197,113)
$2,159,246
$(317,103)
$40,042,207
$476,463
Total
Affiliated
Securities
....
$39,735,382
$34,661,795
$(36,197,113)
$2,159,246
$(317,103)
$40,042,207
$476,463
Franklin
LifeSmart™
2025
Retirement
Target
Fund
Non-Controlled
Affiliates
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund,
Class
IS
—
2,970,654
(170,880)
(3,235)
(57,974)
2,738,565
243,212
26,513
ClearBridge
Large
Cap
Value
Fund,
Class
IS
.................
—
9,737,741
(2,998,733)
121,257
622,049
7,482,314
194,751
67,415
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
...........
3,947,628
173,383
(1,043,913)
161,426
(132,355)
3,106,169
270,572
50,249
Franklin
FTSE
China
ETF
.....
744,331
—
(746,284)
5,030
(3,077)
—
a
—
—
Franklin
FTSE
Europe
ETF
....
2,496,942
64,711
(1,896,843)
373,835
(76,976)
961,669
34,012
23,191
Franklin
FTSE
Japan
ETF
.....
1,323,870
933,465
(2,303,075)
306,837
(261,097)
—
a
—
—
Franklin
Growth
Fund,
Class
R6
.
18,306,866
492,873
(5,543,893)
1,446,022
721,725
15,423,593
101,211
—
Franklin
International
Core
Equity
(IU)
Fund
................
8,007,443
2,904,098
(1,942,147)
102,741
441,975
9,514,110
743,290
155,252
Franklin
International
Growth
Fund,
Class
R6
................
2,721,050
81,223
(979,266)
262,787
(169,455)
1,916,339
86,869
—
Franklin
Liberty
High
Yield
Corporate
ETF
............
1,440,834
3,863,547
(1,207,612)
(1,502)
1,061
4,096,328
154,989
153,279
Franklin
Liberty
International
Aggregate
Bond
ETF
........
3,666,985
320,354
(1,128,845)
(15,085)
(47,131)
2,796,278
111,184
—
Franklin
Liberty
Investment
Grade
Corporate
ETF
............
3,774,470
1,302,042
(3,148,883)
(116,492)
(30,733)
1,780,404
68,609
68,727
Franklin
Liberty
Senior
Loan
ETF
—
3,750,619
(1,446,269)
(8,309)
(2,816)
2,293,225
91,729
66,037
Franklin
Liberty
Short
Duration
U.S.
Government
ETF
...........
3,604,988
—
(3,591,604)
(10,330)
(3,054)
—
a
—
6,309
Franklin
Liberty
Systematic
Style
Premia
ETF
..............
586,336
155,596
(67,361)
(17,012)
39,661
697,220
34,187
8,940
Franklin
Liberty
U.S.
Core
Bond
ETF
....................
24,272,456
5,934,698
(9,102,954)
(133,060)
(630,497)
20,340,643
803,978
362,439
Franklin
Liberty
U.S.
Treasury
Bond
ETF
....................
4,894,923
2,282,997
(3,394,055)
(171,906)
(1,609)
3,610,350
150,306
46,482
Franklin
LibertyQ
U.S.
Equity
ETF
12,582,170
345,414
(11,263,532)
3,017,095
(1,722,879)
2,958,268
70,151
102,045
Franklin
Low
Duration
Total
Return
Fund,
Class
R6
............
4,390,545
9,573
(4,404,425)
88,720
(84,413)
—
a
—
13,670
Franklin
Rising
Dividends
Fund,
Class
R6
................
9,108,959
186,317
(9,646,102)
5,033,039
(4,682,213)
—
a
—
—
Franklin
U.S.
Core
Equity
(IU)
Fund
15,790,078
14,652,401
(3,995,637)
150,060
2,919,865
29,516,767
2,003,854
137,186
5.
Investments
in
FT
Underlying
Funds  
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Statements
of
Investments
(unaudited)
43
Quarterly
Statements
of
Investments
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Dividend
Income
a
a
a
a
a
a
a
a
a
Franklin
LifeSmart™
2025
Retirement
Target
Fund
(continued)
Non-Controlled
Affiliates
(continued)
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.......
$
910,873
$
21,244,956
$
(20,851,501)
$
—
$
—
$
1,304,328
1,304,328
$
81
Templeton
Developing
Markets
Trust,
Class
R6
............
3,147,351
564,998
(549,665)
26,357
(170,284)
3,018,757
125,052
—
Templeton
Foreign
Fund,
Class
R6
3,783,721
1,493,924
(649,711)
9,601
221,097
4,858,632
644,381
—
Templeton
Global
Total
Return
Fund,
Class
R6
............
1,346,867
22,269
(1,311,932)
(134,474)
77,270
—
a
—
22,269
Western
Asset
Core
Plus
Bond
Fund,
Class
S
.............
—
7,667,169
(1,467,858)
2,746
(1,288)
6,200,769
515,015
78,216
b
Western
Asset
Short-Term
Bond
Fund,
Class
IS
............
—
4,304,957
(1,549,140)
(545)
(6,961)
2,748,311
699,316
29,116
Total
Non-Controlled
Affiliates
$130,849,686
$85,459,979
$(96,402,120)
$10,495,603
$(3,040,109)
$127,363,039
$1,417,416
Total
Affiliated
Securities
....
$130,849,686
$85,459,979
$(96,402,120)
$10,495,603
$(3,040,109)
$127,363,039
$1,417,416
Franklin
LifeSmart™
2030
Retirement
Target
Fund
Non-Controlled
Affiliates
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund,
Class
IS
—
1,199,143
(279,889)
(5,299)
(16,381)
897,574
79,714
10,205
ClearBridge
Large
Cap
Value
Fund,
Class
IS
.................
—
5,900,549
(2,677,532)
161,240
324,343
3,708,600
96,528
38,167
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
...........
2,499,782
288,166
(1,172,163)
143,549
(110,608)
1,648,726
143,617
31,807
Franklin
FTSE
China
ETF
.....
502,964
69,268
(572,853)
2,991
(2,370)
—
a
—
—
Franklin
FTSE
Europe
ETF
....
1,466,324
67,913
(1,223,683)
248,205
(63,137)
495,622
17,529
14,536
Franklin
FTSE
Japan
ETF
.....
731,665
977,296
(1,742,194)
177,244
(144,011)
—
a
—
—
Franklin
Growth
Fund,
Class
R6
.
10,345,578
943,156
(5,211,048)
1,790,009
(339,566)
7,528,129
49,400
—
Franklin
International
Core
Equity
(IU)
Fund
................
4,684,093
2,667,724
(2,854,536)
87,782
270,482
4,855,545
379,339
94,353
Franklin
International
Growth
Fund,
Class
R6
................
1,506,778
122,891
(715,583)
203,623
(135,970)
981,739
44,503
—
Franklin
Liberty
High
Yield
Corporate
ETF
............
523,376
1,990,061
(1,177,888)
(977)
(131)
1,334,441
50,490
64,388
Franklin
Liberty
International
Aggregate
Bond
ETF
........
1,252,548
396,860
(722,944)
(7,817)
(11,914)
906,733
36,053
—
Franklin
Liberty
Investment
Grade
Corporate
ETF
............
1,368,125
422,930
(1,157,265)
(38,005)
(12,403)
583,382
22,481
28,479
Franklin
Liberty
Senior
Loan
ETF
—
1,402,107
(649,807)
(4,113)
(712)
747,475
29,899
23,546
Franklin
Liberty
Short
Duration
U.S.
Government
ETF
...........
1,336,287
—
(1,331,326)
(3,830)
(1,131)
—
a
—
2,339
Franklin
Liberty
Systematic
Style
Premia
ETF
..............
284,567
114,971
(111,708)
(28,183)
41,414
301,061
14,762
4,755
5.
Investments
in
FT
Underlying
Funds  
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Statements
of
Investments
(unaudited)
44
Quarterly
Statements
of
Investments
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Dividend
Income
a
a
a
a
a
a
a
a
a
Franklin
LifeSmart™
2030
Retirement
Target
Fund
(continued)
Non-Controlled
Affiliates
(continued)
Franklin
Liberty
U.S.
Core
Bond
ETF
....................
$
8,612,136
$
3,716,470
$
(5,418,549)
$
(76,154)
$
(208,845)
$
6,625,058
261,860
$
154,227
Franklin
Liberty
U.S.
Treasury
Bond
ETF
....................
1,734,123
665,761
(1,164,219)
(56,177)
(4,141)
1,175,347
48,932
19,049
Franklin
LibertyQ
U.S.
Equity
ETF
7,291,097
401,348
(7,016,512)
1,791,811
(1,022,620)
1,445,124
34,269
58,949
Franklin
Low
Duration
Total
Return
Fund,
Class
R6
............
1,566,968
3,427
(1,572,014)
48,336
(46,717)
—
a
—
4,960
Franklin
Rising
Dividends
Fund,
Class
R6
................
5,244,910
193,387
(5,660,900)
1,980,736
(1,758,133)
—
a
—
—
Franklin
U.S.
Core
Equity
(IU)
Fund
9,352,120
9,202,749
(6,107,336)
330,148
1,674,645
14,452,326
981,149
81,893
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.......
461,257
17,336,992
(17,168,012)
—
—
630,237
630,237
44
Templeton
Developing
Markets
Trust,
Class
R6
............
2,067,967
414,336
(820,028)
55,396
(115,752)
1,601,919
66,360
—
Templeton
Foreign
Fund,
Class
R6
2,171,717
1,435,754
(1,303,253)
7,854
168,513
2,480,585
328,990
—
Templeton
Global
Total
Return
Fund,
Class
R6
............
663,118
93,398
(726,015)
(56,934)
26,433
—
a
—
11,904
Western
Asset
Core
Plus
Bond
Fund,
Class
S
.............
—
3,403,926
(1,318,347)
4,447
6,345
2,096,371
174,117
31,681
b
Western
Asset
Short-Term
Bond
Fund,
Class
IS
............
—
1,205,143
(291,207)
(741)
(2,264)
910,931
231,789
5,933
Total
Non-Controlled
Affiliates
$65,667,500
$54,635,726
$(70,166,811)
$6,755,141
$(1,484,631)
$55,406,925
$681,215
Total
Affiliated
Securities
....
$65,667,500
$54,635,726
$(70,166,811)
$6,755,141
$(1,484,631)
$55,406,925
$681,215
Franklin
LifeSmart™
2035
Retirement
Target
Fund
Non-Controlled
Affiliates
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund,
Class
IS
—
1,917,056
(320,130)
(6,061)
(23,638)
1,567,227
139,185
16,885
ClearBridge
Large
Cap
Value
Fund,
Class
IS
.................
—
12,984,819
(5,558,697)
268,957
733,348
8,428,427
219,376
82,160
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
...........
6,231,816
280,852
(2,191,933)
287,546
(219,081)
4,389,200
382,335
79,982
Franklin
FTSE
China
ETF
.....
1,174,547
—
(1,177,628)
7,937
(4,856)
—
a
—
—
Franklin
FTSE
Europe
ETF
....
3,285,049
55,051
(2,622,956)
508,864
(97,633)
1,128,375
39,908
31,701
Franklin
FTSE
Japan
ETF
.....
1,741,892
1,694,669
(3,493,342)
371,576
(314,795)
—
a
—
—
Franklin
Growth
Fund,
Class
R6
.
22,993,541
489,406
(9,283,678)
4,061,413
(1,037,047)
17,223,635
113,023
—
Franklin
International
Core
Equity
(IU)
Fund
................
10,556,792
4,784,399
(4,579,074)
177,468
580,959
11,520,544
900,042
206,330
Franklin
International
Growth
Fund,
Class
R6
................
3,316,469
202,607
(1,435,937)
438,072
(298,879)
2,222,332
100,740
—
Franklin
Liberty
High
Yield
Corporate
ETF
............
744,748
3,132,341
(1,921,268)
4,486
361
1,960,668
74,184
93,091
5.
Investments
in
FT
Underlying
Funds  
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Statements
of
Investments
(unaudited)
45
Quarterly
Statements
of
Investments
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Dividend
Income
a
a
a
a
a
a
a
a
a
Franklin
LifeSmart™
2035
Retirement
Target
Fund
(continued)
Non-Controlled
Affiliates
(continued)
Franklin
Liberty
International
Aggregate
Bond
ETF
........
$
2,040,407
$
230,207
$
(640,401)
$
(5,710)
$
(25,215)
$
1,599,288
63,590
$
—
Franklin
Liberty
Investment
Grade
Corporate
ETF
............
1,950,538
269,352
(1,306,158)
(44,034)
(24,143)
845,555
32,584
38,587
Franklin
Liberty
Senior
Loan
ETF
—
2,335,546
(1,230,297)
(6,155)
(1,194)
1,097,900
43,916
37,813
Franklin
Liberty
Short
Duration
U.S.
Government
ETF
...........
1,924,575
—
(1,917,430)
(5,771)
(1,374)
—
a
—
3,368
Franklin
Liberty
Systematic
Style
Premia
ETF
..............
577,980
190,444
(152,583)
(38,534)
61,096
638,403
31,303
9,248
Franklin
Liberty
U.S.
Core
Bond
ETF
....................
11,028,501
5,460,489
(6,595,601)
(57,364)
(301,922)
9,534,103
376,842
199,179
Franklin
Liberty
U.S.
Treasury
Bond
ETF
....................
2,391,313
1,289,861
(1,868,170)
(94,332)
9,567
1,728,239
71,950
24,113
Franklin
LibertyQ
U.S.
Equity
ETF
16,257,690
84,651
(14,659,488)
4,040,276
(2,421,092)
3,302,037
78,303
128,210
Franklin
Low
Duration
Total
Return
Fund,
Class
R6
............
2,225,009
4,866
(2,232,174)
34,331
(32,032)
—
a
—
7,042
Franklin
Rising
Dividends
Fund,
Class
R6
................
11,680,863
—
(12,070,198)
6,121,810
(5,732,475)
—
a
—
—
Franklin
U.S.
Core
Equity
(IU)
Fund
20,803,766
15,281,947
(9,701,653)
477,040
3,791,332
30,652,432
2,080,953
177,891
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.......
150,290
22,003,293
(20,860,119)
—
—
1,293,464
1,293,464
81
Templeton
Developing
Markets
Trust,
Class
R6
............
5,118,546
376,987
(997,585)
86,804
(280,170)
4,304,582
178,317
—
Templeton
Foreign
Fund,
Class
R6
4,681,872
2,539,069
(1,674,504)
(21,209)
359,894
5,885,122
780,520
—
Templeton
Global
Total
Return
Fund,
Class
R6
............
1,350,909
22,336
(1,315,869)
(114,738)
57,362
—
a
—
22,336
Western
Asset
Core
Plus
Bond
Fund,
Class
S
.............
—
4,797,005
(1,801,767)
4,602
2,950
3,002,790
249,402
41,541
b
Western
Asset
Short-Term
Bond
Fund,
Class
IS
............
—
1,603,714
(283,723)
(722)
(3,334)
1,315,935
334,843
8,120
Total
Non-Controlled
Affiliates
$132,227,113
$82,030,967
$(111,892,363)
$16,496,552
$(5,222,011)
$113,640,258
$1,207,678
Total
Affiliated
Securities
....
$132,227,113
$82,030,967
$(111,892,363)
$16,496,552
$(5,222,011)
$113,640,258
$1,207,678
Franklin
LifeSmart™
2040
Retirement
Target
Fund
Non-Controlled
Affiliates
ClearBridge
Large
Cap
Value
Fund,
Class
IS
.................
—
6,281,108
(3,531,300)
192,754
297,990
3,240,552
84,345
36,544
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
...........
2,703,240
193,783
(1,212,284)
141,903
(113,819)
1,712,823
149,201
38,290
Franklin
FTSE
China
ETF
.....
508,944
108,733
(617,915)
2,342
(2,104)
—
a
—
—
Franklin
FTSE
Europe
ETF
....
1,505,969
59,324
(1,320,684)
250,964
(57,914)
437,659
15,479
15,763
Franklin
FTSE
Japan
ETF
.....
803,196
873,805
(1,705,589)
177,769
(149,181)
—
a
—
—
5.
Investments
in
FT
Underlying
Funds  
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Statements
of
Investments
(unaudited)
46
Quarterly
Statements
of
Investments
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Dividend
Income
a
a
a
a
a
a
a
a
a
Franklin
LifeSmart™
2040
Retirement
Target
Fund
(continued)
Non-Controlled
Affiliates
(continued)
Franklin
Growth
Fund,
Class
R6
.
$
10,560,384
$
922,125
$
(6,497,615)
$
2,400,689
$
(901,826)
$
6,483,757
42,547
$
—
Franklin
International
Core
Equity
(IU)
Fund
................
4,999,128
2,919,063
(3,831,903)
156,276
240,564
4,483,128
350,244
99,155
Franklin
International
Growth
Fund,
Class
R6
................
1,580,855
216,799
(1,023,343)
293,148
(202,677)
864,782
39,201
—
Franklin
Liberty
High
Yield
Corporate
ETF
............
189,800
1,137,122
(915,758)
2,750
(314)
413,600
15,649
27,350
Franklin
Liberty
Investment
Grade
Corporate
ETF
............
496,944
131,320
(434,034)
(13,685)
(2,294)
178,251
6,869
9,892
Franklin
Liberty
Senior
Loan
ETF
—
667,093
(433,997)
(2,162)
(184)
230,750
9,230
10,229
Franklin
Liberty
Short
Duration
U.S.
Government
ETF
...........
488,325
—
(486,513)
(1,569)
(243)
—
a
—
855
Franklin
Liberty
Systematic
Style
Premia
ETF
..............
242,300
111,159
(145,407)
(36,310)
45,702
217,444
10,662
4,051
Franklin
Liberty
U.S.
Core
Bond
ETF
....................
2,884,293
2,120,660
(2,903,816)
(17,896)
(71,081)
2,012,160
79,532
51,769
Franklin
Liberty
U.S.
Treasury
Bond
ETF
....................
609,526
369,000
(593,424)
(28,488)
7,889
364,503
15,175
6,354
Franklin
LibertyQ
U.S.
Equity
ETF
7,510,669
387,540
(7,469,040)
1,940,392
(1,128,920)
1,240,641
29,420
58,113
Franklin
Low
Duration
Total
Return
Fund,
Class
R6
............
567,043
1,240
(568,869)
8,030
(7,444)
—
a
—
1,795
Franklin
Rising
Dividends
Fund,
Class
R6
................
5,240,035
221,186
(5,684,646)
1,890,226
(1,666,801)
—
a
—
—
Franklin
U.S.
Core
Equity
(IU)
Fund
9,792,410
6,128,795
(6,818,784)
456,629
1,655,075
11,214,125
761,312
83,934
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.......
137,383
16,756,886
(16,455,938)
—
—
438,331
438,331
36
Templeton
Developing
Markets
Trust,
Class
R6
............
2,174,948
1,121,936
(1,516,829)
48,264
(136,400)
1,691,919
70,088
—
Templeton
Foreign
Fund,
Class
R6
2,153,890
2,117,240
(2,229,316)
27,976
158,923
2,228,713
295,585
—
Western
Asset
Core
Plus
Bond
Fund,
Class
S
.............
—
1,201,976
(560,449)
2,537
(3,439)
640,625
53,208
8,973
b
Western
Asset
Short-Term
Bond
Fund,
Class
IS
............
—
453,473
(172,729)
(440)
(658)
279,646
71,157
2,110
Total
Non-Controlled
Affiliates
$55,149,282
$44,501,366
$(67,130,182)
$7,892,099
$(2,039,156)
$38,373,409
$455,213
Total
Affiliated
Securities
....
$55,149,282
$44,501,366
$(67,130,182)
$7,892,099
$(2,039,156)
$38,373,409
$455,213
Franklin
LifeSmart™
2045
Retirement
Target
Fund
Non-Controlled
Affiliates
ClearBridge
Large
Cap
Value
Fund,
Class
IS
.................
—
10,538,120
(4,504,512)
241,368
600,707
6,875,683
178,961
68,773
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
...........
5,125,258
500,183
(1,512,250)
140,347
(139,937)
4,113,601
358,328
75,334
5.
Investments
in
FT
Underlying
Funds  
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Statements
of
Investments
(unaudited)
47
Quarterly
Statements
of
Investments
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Dividend
Income
a
a
a
a
a
a
a
a
a
Franklin
LifeSmart™
2045
Retirement
Target
Fund
(continued)
Non-Controlled
Affiliates
(continued)
Franklin
FTSE
China
ETF
.....
$
966,198
$
91,014
$
(1,058,828)
$
5,610
$
(3,994)
$
—
a
—
$
—
Franklin
FTSE
Europe
ETF
....
2,648,329
158,840
(2,170,548)
398,061
(60,770)
973,912
34,445
28,656
Franklin
FTSE
Japan
ETF
.....
1,342,125
2,147,444
(3,535,562)
289,109
(243,116)
—
a
—
—
Franklin
Growth
Fund,
Class
R6
.
19,573,768
336,187
(8,645,265)
3,730,147
(1,110,339)
13,884,498
91,112
—
Franklin
International
Core
Equity
(IU)
Fund
................
8,702,913
4,995,419
(4,357,812)
142,773
468,285
9,951,578
777,467
177,562
Franklin
International
Growth
Fund,
Class
R6
................
2,798,056
233,835
(1,247,454)
372,168
(237,363)
1,919,242
87,001
—
Franklin
Liberty
Systematic
Style
Premia
ETF
..............
414,809
144,082
(132,184)
(33,366)
49,623
442,964
21,720
6,724
Franklin
Liberty
U.S.
Core
Bond
ETF
....................
1,614,658
2,725,724
(2,779,784)
(9,828)
(45,850)
1,504,920
59,483
34,165
Franklin
LibertyQ
U.S.
Equity
ETF
13,815,338
—
(12,561,669)
3,406,159
(1,998,817)
2,661,011
63,102
108,400
Franklin
Rising
Dividends
Fund,
Class
R6
................
9,742,984
154,346
(10,321,191)
4,723,981
(4,300,120)
—
a
—
—
Franklin
U.S.
Core
Equity
(IU)
Fund
17,842,471
7,780,836
(5,049,460)
339,139
3,214,680
24,127,666
1,637,995
151,466
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.......
57,646
16,246,877
(15,567,191)
—
—
737,332
737,332
56
Templeton
Developing
Markets
Trust,
Class
R6
............
4,089,916
1,715,983
(1,500,006)
(61,208)
(181,238)
4,063,447
168,328
—
Templeton
Foreign
Fund,
Class
R6
4,023,269
3,033,275
(2,452,316)
25,022
305,104
4,934,354
654,424
—
Western
Asset
Core
Plus
Bond
Fund,
Class
S
.............
—
2,153,500
(591,309)
5,101
(9,010)
1,558,282
129,426
28,067
b
Total
Non-Controlled
Affiliates
$92,757,738
$52,955,665
$(77,987,341)
$13,714,583
$(3,692,155)
$77,748,490
$679,203
Total
Affiliated
Securities
....
$92,757,738
$52,955,665
$(77,987,341)
$13,714,583
$(3,692,155)
$77,748,490
$679,203
Franklin
LifeSmart™
2050
Retirement
Target
Fund
Non-Controlled
Affiliates
ClearBridge
Large
Cap
Value
Fund,
Class
IS
.................
—
5,894,216
(3,533,520)
220,642
276,441
2,857,779
74,383
34,945
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
...........
2,749,839
603,370
(1,589,103)
129,576
(108,687)
1,784,995
155,487
42,186
Franklin
FTSE
China
ETF
.....
558,248
13,693
(573,267)
4,600
(3,274)
—
a
—
—
Franklin
FTSE
Europe
ETF
....
1,526,769
200,373
(1,510,872)
267,990
(58,391)
425,869
15,062
16,093
Franklin
FTSE
Japan
ETF
.....
772,464
1,145,761
(1,939,789)
165,787
(144,223)
—
a
—
—
Franklin
Growth
Fund,
Class
R6
.
10,032,925
748,697
(6,482,410)
2,516,241
(996,397)
5,819,056
38,185
—
Franklin
International
Core
Equity
(IU)
Fund
................
5,008,274
3,071,448
(4,130,881)
195,989
220,285
4,365,115
341,025
102,564
Franklin
International
Growth
Fund,
Class
R6
................
1,525,111
622,132
(1,422,440)
318,203
(200,988)
842,018
38,169
—
Franklin
Liberty
Systematic
Style
Premia
ETF
..............
208,879
96,903
(134,212)
(33,447)
43,386
181,509
8,900
3,685
5.
Investments
in
FT
Underlying
Funds  
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Statements
of
Investments
(unaudited)
48
Quarterly
Statements
of
Investments
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Dividend
Income
a
a
a
a
a
a
a
a
a
Franklin
LifeSmart™
2050
Retirement
Target
Fund
(continued)
Non-Controlled
Affiliates
(continued)
Franklin
Liberty
U.S.
Core
Bond
ETF
....................
$
347,612
$
704,125
$
(1,041,572)
$
3,449
$
(13,614)
$
—
a
—
$
2,558
Franklin
LibertyQ
U.S.
Equity
ETF
7,526,545
317,713
(7,570,674)
1,961,262
(1,119,534)
1,115,312
26,448
56,668
Franklin
Rising
Dividends
Fund,
Class
R6
................
5,121,977
454,070
(5,791,678)
1,799,506
(1,583,875)
—
a
—
—
Franklin
U.S.
Core
Equity
(IU)
Fund
9,397,730
4,810,778
(6,322,569)
712,896
1,353,121
9,951,956
675,625
80,827
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.......
—
11,425,659
(11,036,461)
—
—
389,198
389,198
32
Templeton
Developing
Markets
Trust,
Class
R6
............
2,163,284
1,186,019
(1,464,815)
6,944
(127,137)
1,764,295
73,086
—
Templeton
Foreign
Fund,
Class
R6
2,197,341
2,013,596
(2,231,733)
37,353
153,609
2,170,166
287,820
—
Western
Asset
Core
Plus
Bond
Fund,
Class
S
.............
—
315,913
(135,131)
1,424
(1,046)
181,160
15,046
4,278
b
Total
Non-Controlled
Affiliates
$49,136,998
$33,624,466
$(56,911,127)
$8,308,415
$(2,310,324)
$31,848,428
$343,836
Total
Affiliated
Securities
....
$49,136,998
$33,624,466
$(56,911,127)
$8,308,415
$(2,310,324)
$31,848,428
$343,836
Franklin
LifeSmart™
2055
Retirement
Target
Fund
Non-Controlled
Affiliates
ClearBridge
Large
Cap
Value
Fund,
Class
IS
.................
—
3,622,760
(2,043,214)
115,946
172,410
1,867,902
48,618
21,177
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
...........
1,532,282
650,039
(1,021,156)
47,764
(45,016)
1,163,913
101,386
25,226
Franklin
FTSE
China
ETF
.....
314,018
21,747
(336,370)
2,555
(1,950)
—
a
—
—
Franklin
FTSE
Europe
ETF
....
837,553
168,519
(847,118)
142,340
(22,848)
278,446
9,848
9,724
Franklin
FTSE
Japan
ETF
.....
434,996
689,332
(1,137,150)
91,598
(78,776)
—
a
—
—
Franklin
Growth
Fund,
Class
R6
.
5,738,706
473,529
(3,316,764)
873,703
22,213
3,791,387
24,880
—
Franklin
International
Core
Equity
(IU)
Fund
................
2,803,333
2,113,262
(2,291,894)
30,099
197,332
2,852,132
222,823
60,941
Franklin
International
Growth
Fund,
Class
R6
................
863,616
390,779
(781,200)
153,642
(76,818)
550,019
24,933
—
Franklin
Liberty
Systematic
Style
Premia
ETF
..............
111,075
70,198
(68,382)
(17,021)
22,805
118,675
5,819
2,187
Franklin
Liberty
U.S.
Core
Bond
ETF
....................
224,001
383,712
(601,989)
1,362
(7,086)
—
a
—
1,466
Franklin
LibertyQ
U.S.
Equity
ETF
4,237,997
366,622
(4,368,192)
986,986
(496,782)
726,631
17,231
34,374
Franklin
Rising
Dividends
Fund,
Class
R6
................
2,867,319
352,461
(3,346,885)
840,470
(713,365)
—
a
—
—
Franklin
U.S.
Core
Equity
(IU)
Fund
5,291,921
3,220,355
(3,156,269)
236,565
949,827
6,542,399
444,155
48,076
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.......
222,738
7,793,514
(7,762,115)
—
—
254,137
254,137
22
Templeton
Developing
Markets
Trust,
Class
R6
............
1,207,703
841,627
(810,506)
(33,642)
(52,117)
1,153,065
47,766
—
5.
Investments
in
FT
Underlying
Funds  
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Statements
of
Investments
(unaudited)
49
Quarterly
Statements
of
Investments
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Dividend
Income
a
a
a
a
a
a
a
a
a
Franklin
LifeSmart™
2055
Retirement
Target
Fund
(continued)
Non-Controlled
Affiliates
(continued)
Templeton
Foreign
Fund,
Class
R6
$
1,298,745
$
1,369,340
$
(1,363,358)
$
8,828
$
100,367
$
1,413,922
187,523
$
—
Western
Asset
Core
Plus
Bond
Fund,
Class
S
.............
—
212,051
(93,095)
781
(688)
119,049
9,888
2,563
b
Total
Non-Controlled
Affiliates
$27,986,003
$22,739,847
$(33,345,657)
$3,481,976
$(30,492)
$20,831,677
$205,756
Total
Affiliated
Securities
....
$27,986,003
$22,739,847
$(33,345,657)
$3,481,976
$(30,492)
$20,831,677
$205,756
Franklin
LifeSmart™
2060
Retirement
Target
Fund
Non-Controlled
Affiliates
ClearBridge
Large
Cap
Value
Fund,
Class
IS
.................
—
132,304
(21,737)
44
7,222
117,833
3,067
858
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
...........
—
93,184
(15,083)
(294)
(3,324)
74,483
6,488
837
Franklin
FTSE
Europe
ETF
....
—
39,530
(25,356)
2,569
1,070
17,813
630
319
Franklin
Growth
Fund,
Class
R6
.
—
260,902
(48,899)
(678)
25,657
236,982
1,555
—
Franklin
International
Core
Equity
(IU)
Fund
................
—
187,851
(16,412)
81
4,882
176,402
13,781
2,012
Franklin
International
Growth
Fund,
Class
R6
................
—
50,005
(17,633)
568
1,051
33,991
1,541
—
Franklin
Liberty
Systematic
Style
Premia
ETF
..............
—
6,996
—
—
142
7,138
350
72
Franklin
Liberty
U.S.
Core
Bond
ETF
....................
—
17,890
(17,780)
(110)
—
—
a
—
31
Franklin
LibertyQ
U.S.
Equity
ETF
—
180,707
(151,504)
10,902
5,312
45,417
1,077
1,304
Franklin
Rising
Dividends
Fund,
Class
R6
................
—
114,360
(120,722)
6,362
—
—
a
—
—
Franklin
U.S.
Core
Equity
(IU)
Fund
—
350,950
(26,803)
303
31,882
356,332
24,191
1,584
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.......
—
240,279
(240,279)
—
—
—
a
—
1
Templeton
Developing
Markets
Trust,
Class
R6
............
—
86,050
(8,329)
(495)
(6,197)
71,029
2,942
—
Templeton
Foreign
Fund,
Class
R6
—
104,906
(19,729)
356
2,842
88,375
11,721
—
Western
Asset
Core
Plus
Bond
Fund,
Class
S
.............
—
7,230
—
—
(51)
7,179
596
90
b
Total
Non-Controlled
Affiliates
$—
$1,873,144
$(730,266)
$19,608
$70,488
$1,232,974
$7,108
Total
Affiliated
Securities
....
$—
$1,873,144
$(730,266)
$19,608
$70,488
$1,232,974
$7,108
Franklin
Moderate
Allocation
Fund
Controlled
Affiliates
ClearBridge
Large
Cap
Value
Fund,
Class
IS
.................
—
153,920,304
(33,002,573)
638,940
10,594,047
132,150,718
3,439,633
1,097,470
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
...........
40,977,794
2,672,941
(6,795,351)
1,108,560
(1,068,171)
36,895,773
3,213,917
545,158
5.
Investments
in
FT
Underlying
Funds  
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Statements
of
Investments
(unaudited)
50
Quarterly
Statements
of
Investments
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Dividend
Income
a
a
a
a
a
a
a
a
a
Franklin
Moderate
Allocation
Fund
(continued)
Controlled
Affiliates
(continued)
Franklin
Liberty
International
Aggregate
Bond
ETF
........
$
60,473,317
$
524,119
$
(28,279,764)
$
(376,788)
$
(677,311)
$
31,663,573
1,258,989
$
—
Franklin
U.S.
Core
Equity
(IU)
Fund
258,629,036
199,690,922
—
—
46,823,358
505,143,316
34,293,504
2,224,934
Total
Controlled
Affiliates
....
$360,080,147
$356,808,286
$(68,077,688)
$1,370,712
$55,671,923
$705,853,380
$3,867,562
Non-Controlled
Affiliates
BrandywineGLOBAL
-
Global
Opportunities
Bond
Fund,
Class
IS
—
31,047,609
—
—
(777,371)
30,270,238
2,688,298
277,503
Franklin
FTSE
China
ETF
.....
7,797,976
2,292,275
(10,087,578)
29,564
(32,237)
—
a
—
—
Franklin
FTSE
Europe
ETF
....
30,926,256
368,218
(21,983,238)
3,709,185
(653,538)
12,366,883
437,388
276,263
Franklin
FTSE
Japan
ETF
.....
15,981,407
3,621,102
(19,904,278)
2,208,268
(1,906,499)
—
a
—
—
Franklin
Growth
Fund,
Class
R6
.
284,751,290
—
(46,839,954)
18,552,505
14,085,873
270,549,714
1,775,377
—
Franklin
International
Core
Equity
(IU)
Fund
................
101,306,605
13,947,654
(433,381)
29,549
7,834,324
122,684,751
9,584,746
2,031,361
Franklin
International
Growth
Fund,
Class
R6
................
33,224,578
433,895
(9,454,652)
3,065,382
(2,202,670)
25,066,533
1,136,289
—
Franklin
Liberty
High
Yield
Corporate
ETF
............
18,947,477
45,237,980
(6,519,559)
(40,638)
(65,226)
57,560,034
2,177,846
1,968,066
Franklin
Liberty
Investment
Grade
Corporate
ETF
............
50,810,800
7,393,838
(30,848,116)
(1,136,541)
(718,916)
25,501,065
982,700
1,029,521
Franklin
Liberty
Senior
Loan
ETF
—
44,888,655
(12,352,284)
(79,160)
(44,136)
32,413,075
1,296,523
811,623
Franklin
Liberty
Short
Duration
U.S.
Government
ETF
...........
48,229,275
—
(48,050,217)
(156,176)
(22,882)
—
a
—
84,405
Franklin
Liberty
Systematic
Style
Premia
ETF
..............
8,282,421
2,024,657
—
—
318,352
10,625,430
521,000
124,252
Franklin
Liberty
U.S.
Core
Bond
ETF
....................
295,876,084
56,225,759
(56,976,383)
(61,971)
(9,606,676)
285,456,813
11,282,878
4,921,148
Franklin
Liberty
U.S.
Treasury
Bond
ETF
....................
59,426,589
3,878,599
(9,927,817)
(520,459)
(1,702,455)
51,154,457
2,129,661
742,708
Franklin
LibertyQ
U.S.
Equity
ETF
204,062,468
31,231,537
(205,890,074)
45,985,967
(24,026,163)
51,363,735
1,218,016
1,603,665
Franklin
Low
Duration
Total
Return
Fund,
Class
R6
............
54,722,180
119,672
(54,898,391)
527,390
(470,851)
—
a
—
173,227
Franklin
Rising
Dividends
Fund,
Class
R6
................
145,564,206
—
(150,002,629)
86,378,516
(81,940,093)
—
a
—
—
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.......
—
194,299,576
(180,977,520)
—
—
13,322,056
13,322,056
921
Templeton
Developing
Markets
Trust,
Class
R6
............
33,342,978
2,999,790
—
—
(1,557,741)
34,785,027
1,440,970
—
Templeton
Foreign
Fund,
Class
R6
44,361,410
17,104,265
(1,635,597)
218,394
2,681,563
62,730,035
8,319,633
—
Templeton
Global
Total
Return
Fund,
Class
R6
............
19,342,865
319,814
(18,841,144)
(2,197,026)
1,375,491
—
a
—
319,814
Western
Asset
Core
Plus
Bond
Fund,
Class
S
.............
—
101,940,220
(1,046,865)
12,985
(273,225)
100,633,115
8,358,245
1,101,219
b
5.
Investments
in
FT
Underlying
Funds  
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Statements
of
Investments
(unaudited)
51
Quarterly
Statements
of
Investments
6. Fair
Value
Measurements 
The
Funds
follow
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the
Funds'
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Funds’
financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
• Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
• Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
• Level
3
–
significant
unobservable
inputs
(including
the
Funds'
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level. 
A
summary
of
inputs
used
as
of
September
30,
2021,
in
valuing
the
Funds’
assets
and
liabilities
carried
at
fair
value,
is
as
follows:  
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Dividend
Income
a
a
a
a
a
a
a
a
a
Franklin
Moderate
Allocation
Fund
(continued)
Non-Controlled
Affiliates
(continued)
Western
Asset
Short-Term
Bond
Fund,
Class
IS
............
$
—
$
38,664,373
$
—
$
—
$
(97,754)
$
38,566,619
9,813,389
$
203,746
Total
Non-Controlled
Affiliates
$1,456,956,865
$598,039,488
$(886,669,677)
$156,525,734
$(99,802,830)
$1,225,049,580
$15,669,442
Total
Affiliated
Securities
....
$1,817,037,012
$954,847,774
$(954,747,365)
$157,896,446
$(44,130,907)
$1,930,902,960
$19,537,004
a
As
of
September
30,
2021,
no
longer
held
by
the
fund.
b
Dividend
income
includes
capital
gain
distributions
received,
if
any,
from
underlying
funds.
Level
1
Level
2
Level
3
Total
Franklin
Conservative
Allocation
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
..........................
$
1,307,574,887
$
—
$
—
$
1,307,574,887
Short
Term
Investments
...................
7,625,312
888,964
—
8,514,276
Total
Investments
in
Securities
...........
$1,315,200,199
$888,964
$—
$1,316,089,163
Franklin
Corefolio
Allocation
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
..........................
1,030,951,565
—
—
1,030,951,565
Short
Term
Investments
...................
441,278
—
—
441,278
Total
Investments
in
Securities
...........
$1,031,392,843
$—
$—
$1,031,392,843
5.
Investments
in
FT
Underlying
Funds  
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Statements
of
Investments
(unaudited)
52
Quarterly
Statements
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Global
Allocation
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
$
26,819,520
$
—
$
—
$
26,819,520
Air
Freight
&
Logistics
...................
11,763,660
16,303,847
—
28,067,507
Automobiles
..........................
—
30,404,575
—
30,404,575
Banks
...............................
116,992,726
40,269,691
—
157,262,417
Beverages
...........................
47,278,953
—
—
47,278,953
Biotechnology
.........................
29,340,640
—
—
29,340,640
Building
Products
......................
14,675,250
—
—
14,675,250
Capital
Markets
........................
46,725,933
5,038,910
—
51,764,843
Chemicals
...........................
12,908,720
13,417,840
—
26,326,560
Communications
Equipment
..............
13,199,275
—
—
13,199,275
Diversified
Telecommunication
Services
.....
10,829,005
—
—
10,829,005
Electric
Utilities
........................
47,140,520
10,723,960
—
57,864,480
Electrical
Equipment
....................
—
15,740,416
—
15,740,416
Electronic
Equipment,
Instruments
&
Components
........................
12,761,460
—
—
12,761,460
Entertainment
.........................
12,375,750
15,340,040
—
27,715,790
Equity
Real
Estate
Investment
Trusts
(REITs)
.
36,685,335
—
—
36,685,335
Food
&
Staples
Retailing
.................
15,359,676
—
—
15,359,676
Food
Products
........................
14,545,000
16,587,043
—
31,132,043
Health
Care
Equipment
&
Supplies
.........
26,288,540
—
—
26,288,540
Health
Care
Providers
&
Services
..........
47,962,040
—
—
47,962,040
Hotels,
Restaurants
&
Leisure
.............
12,778,830
—
—
12,778,830
Household
Durables
....................
—
22,936,474
—
22,936,474
Household
Products
....................
25,164,000
—
—
25,164,000
Industrial
Conglomerates
................
23,456,940
32,452,309
—
55,909,249
Insurance
............................
29,891,767
26,288,874
—
56,180,641
Interactive
Media
&
Services
..............
67,932,780
13,730,626
—
81,663,406
Internet
&
Direct
Marketing
Retail
..........
54,039,270
—
—
54,039,270
IT
Services
...........................
46,476,372
16,625,381
—
63,101,753
Life
Sciences
Tools
&
Services
............
11,762,690
—
—
11,762,690
Machinery
............................
33,753,223
10,942,979
—
44,696,202
Marine
..............................
—
15,307,879
—
15,307,879
Media
...............................
12,175,961
—
—
12,175,961
Metals
&
Mining
.......................
22,838,450
41,903,895
—
64,742,345
Multiline
Retail
........................
25,204,928
—
—
25,204,928
Multi-Utilities
..........................
10,953,000
9,698,386
—
20,651,386
Oil,
Gas
&
Consumable
Fuels
.............
45,016,015
44,265,383
—
89,281,398
Personal
Products
.....................
—
10,122,748
—
10,122,748
Pharmaceuticals
.......................
51,075,440
68,085,153
—
119,160,593
Road
&
Rail
..........................
31,979,977
—
—
31,979,977
Semiconductors
&
Semiconductor
Equipment
.
130,839,331
17,450,261
—
148,289,592
Software
.............................
154,583,290
—
—
154,583,290
Specialty
Retail
........................
95,010,246
—
—
95,010,246
Technology
Hardware,
Storage
&
Peripherals
.
35,375,000
—
—
35,375,000
Textiles,
Apparel
&
Luxury
Goods
..........
17,427,600
—
—
17,427,600
Trading
Companies
&
Distributors
..........
—
18,221,217
—
18,221,217
Wireless
Telecommunication
Services
.......
—
13,771,740
—
13,771,740
Management
Investment
Companies
.........
279,582,232
—
—
279,582,232
Corporate
Bonds
........................
—
136,036,605
—
136,036,605
Foreign
Government
and
Agency
Securities
....
—
254,560,734
—
254,560,734
U.S.
Government
and
Agency
Securities
.......
—
216,434,456
—
216,434,456
Mortgage-Backed
Securities
................
—
65,470,188
—
65,470,188
Short
Term
Investments
...................
256,542,115
—
—
256,542,115
6. Fair
Value
Measurements 
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Statements
of
Investments
(unaudited)
53
Quarterly
Statements
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Global
Allocation
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Short
Term
Investments
Total
Investments
in
Securities
...........
$2,017,511,460
$1,198,131,610
a
$—
$3,215,643,070
Other
Financial
Instruments:
Forward
exchange
contracts
...............
$
—
$
5,337,122
$
—
$
5,337,122
Total
Other
Financial
Instruments
.........
$—
$5,337,122
$—
$5,337,122
Liabilities:
Other
Financial
Instruments:
Forward
exchange
contracts
................
$
—
$
48,272
$
—
$
48,272
Level
1
Level
2
Level
3
Total
Franklin
Growth
Allocation
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
..........................
$
1,437,607,393
$
—
$
—
$
1,437,607,393
Short
Term
Investments
...................
7,558,321
—
—
7,558,321
Total
Investments
in
Securities
...........
$1,445,165,714
$—
$—
$1,445,165,714
Franklin
LifeSmart™
Retirement
Income
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
..........................
$
49,433,742
$
—
$
—
$
49,433,742
Index-Linked
Notes
......................
—
6,103,816
—
6,103,816
Short
Term
Investments
...................
382,601
—
—
382,601
Total
Investments
in
Securities
...........
$49,816,343
$6,103,816
$—
$55,920,159
Franklin
LifeSmart™
2020
Retirement
Target
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
..........................
$
42,684,051
$
—
$
—
$
42,684,051
Short
Term
Investments
...................
329,042
—
—
329,042
Total
Investments
in
Securities
...........
$43,013,093
$—
$—
$43,013,093
Franklin
LifeSmart™
2025
Retirement
Target
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
..........................
$
135,388,748
$
—
$
—
$
135,388,748
Short
Term
Investments
...................
1,304,328
—
—
1,304,328
Total
Investments
in
Securities
...........
$136,693,076
$—
$—
$136,693,076
Franklin
LifeSmart™
2030
Retirement
Target
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
..........................
$
58,806,716
$
—
$
—
$
58,806,716
Short
Term
Investments
...................
630,237
—
—
630,237
Total
Investments
in
Securities
...........
$59,436,953
$—
$—
$59,436,953
6. Fair
Value
Measurements 
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Statements
of
Investments
(unaudited)
54
Quarterly
Statements
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
LifeSmart™
2035
Retirement
Target
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
..........................
$
$
122,749,714
$
$
—
$
$
—
$
$
122,749,714
Short
Term
Investments
...................
1,293,464
—
—
1,293,464
Total
Investments
in
Securities
...........
$124,043,178
$—
$—
$124,043,178
Franklin
LifeSmart™
2040
Retirement
Target
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
..........................
$
41,851,787
$
—
$
—
$
41,851,787
Short
Term
Investments
...................
438,331
—
—
438,331
Total
Investments
in
Securities
...........
$42,290,118
$—
$—
$42,290,118
Franklin
LifeSmart™
2045
Retirement
Target
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
..........................
$
84,637,157
$
—
$
—
$
84,637,157
Short
Term
Investments
...................
737,332
—
—
737,332
Total
Investments
in
Securities
...........
$85,374,489
$—
$—
$85,374,489
Franklin
LifeSmart™
2050
Retirement
Target
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
..........................
$
34,880,107
$
—
$
—
$
34,880,107
Short
Term
Investments
...................
389,198
—
—
389,198
Total
Investments
in
Securities
...........
$35,269,305
$—
$—
$35,269,305
Franklin
LifeSmart™
2055
Retirement
Target
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
..........................
$
22,729,894
$
—
$
—
$
22,729,894
Short
Term
Investments
...................
254,137
—
—
254,137
Total
Investments
in
Securities
...........
$22,984,031
$—
$—
$22,984,031
Franklin
LifeSmart™
2060
Retirement
Target
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
..........................
$
1,420,362
$
—
$
—
$
1,420,362
Total
Investments
in
Securities
...........
$1,420,362
$—
$—
$1,420,362
Franklin
Moderate
Allocation
Fund
Assets:
Investments
in
Securities:
a
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
..........................
$
2,064,981,221
$
—
$
—
$
2,064,981,221
Short
Term
Investments
...................
13,322,056
—
—
13,322,056
Total
Investments
in
Securities
...........
$2,078,303,277
$—
$—
$2,078,303,277
a
For
detailed
categories,
see
the
accompanying
Statement
of
Investments.
b
Includes
foreign
securities
valued
at
$525,629,627,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
6. Fair
Value
Measurements 
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Statements
of
Investments
(unaudited)
55
Quarterly
Statements
of
Investments
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.
Franklin
Fund
Allocator
Series
Notes
to
Statements
of
Investments
(unaudited)
56
Quarterly
Statements
of
Investments
Abbreviations
Counterparty
BZWS
Barclays
Bank
plc
HSBK
HSBC
Bank
plc
JPHQ
JPMorgan
Chase
Bank
NA
Cu
r
rency
AUD
Australian
Dollar
CAD
Canadian
Dollar
EUR
Euro
GBP
British
Pound
JPY
Japanese
Yen
USD
United
States
Dollar
Selected
Portfolio
ADR
American
Depositary
Receipt
ETF
Exchange-Traded
Fund
FRN
Floating
Rate
Note
GNMA
Government
National
Mortgage
Association
For
additional
information
on
the
Funds'
significant
accounting
policies,
please
refer
to
the Funds'
most
recent
semiannual
or
annual
shareholder
report.