Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
FAS6-Q3PH
1
Schedules
of
Investments
(unaudited)
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
2
Franklin
International
Core
Equity
(IU)
Fund
9
Franklin
U.S.
Core
Equity
(IU)
Fund
16
Notes
to
Schedules
of
Investments
22
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited),
April
30,
2025
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
2
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
96.9%
Aerospace
&
Defense
0.8%
Aselsan
Elektronik
Sanayi
ve
Ticaret
A/S
..................
Turkiye
83,082
$
292,688
a
Hindustan
Aeronautics
Ltd.
,
Reg
S
......................
India
13,944
739,430
1,032,118
Air
Freight
&
Logistics
0.3%
a,b
JD
Logistics,
Inc.
,
144A
,
Reg
S
.........................
China
231,200
362,617
Automobile
Components
0.6%
Hankook
Tire
&
Technology
Co.
Ltd.
.....................
South
Korea
12,382
359,645
Hyundai
Mobis
Co.
Ltd.
...............................
South
Korea
2,582
484,664
844,309
Automobiles
2.9%
BYD
Co.
Ltd.
,
A
.....................................
China
6,700
326,079
BYD
Co.
Ltd.
,
H
....................................
China
31,500
1,496,132
Geely
Automobile
Holdings
Ltd.
.........................
China
672,000
1,410,731
Kia
Corp.
.........................................
South
Korea
2,171
137,974
Seres
Group
Co.
Ltd.
,
A
..............................
China
15,000
269,620
Tata
Motors
Ltd.
....................................
India
30,789
234,634
3,875,170
Banks
15.8%
AMMB
Holdings
Bhd.
................................
Malaysia
412,500
493,521
Axis
Bank
Ltd.
......................................
India
10,138
142,207
Banco
de
Chile
.....................................
Chile
4,091,587
600,630
Banco
do
Brasil
SA
..................................
Brazil
122,100
622,425
Bank
Central
Asia
Tbk.
PT
............................
Indonesia
631,200
335,603
Bank
of
Shanghai
Co.
Ltd.
,
A
...........................
China
141,000
201,633
b
Bank
Polska
Kasa
Opieki
SA
...........................
Poland
14,110
707,216
China
CITIC
Bank
Corp.
Ltd.
,
H
.........................
China
1,481,000
1,171,362
China
Construction
Bank
Corp.
,
H
.......................
China
2,219,000
1,822,749
Dubai
Islamic
Bank
PJSC
.............................
United
Arab
Emirates
405,011
834,441
Emirates
NBD
Bank
PJSC
............................
United
Arab
Emirates
100,492
562,401
Eurobank
Ergasias
Services
and
Holdings
SA
..............
Greece
177,568
503,942
Hana
Financial
Group,
Inc.
............................
South
Korea
30,225
1,370,708
HDFC
Bank
Ltd.
....................................
India
78,646
1,786,362
ICICI
Bank
Ltd.
.....................................
India
46,383
779,665
Industrial
Bank
of
Korea
..............................
South
Korea
46,496
501,804
Kasikornbank
PCL
..................................
Thailand
84,000
401,141
KB
Financial
Group,
Inc.
..............................
South
Korea
13,076
826,387
Komercni
Banka
A/S
.................................
Czech
Republic
6,090
295,985
Malayan
Banking
Bhd.
...............................
Malaysia
57,700
133,709
Nedbank
Group
Ltd.
.................................
South
Africa
44,592
607,585
OTP
Bank
Nyrt.
.....................................
Hungary
18,052
1,333,466
Qatar
National
Bank
QPSC
............................
Qatar
74,562
341,979
Riyad
Bank
........................................
Saudi
Arabia
183,415
1,505,702
Shinhan
Financial
Group
Co.
Ltd.
.......................
South
Korea
36,820
1,330,675
TMBThanachart
Bank
PCL
............................
Thailand
4,170,100
228,433
Woori
Financial
Group,
Inc.
............................
South
Korea
105,153
1,309,424
20,751,155
Beverages
2.1%
Arca
Continental
SAB
de
CV
...........................
Mexico
76,900
809,253
a
Nongfu
Spring
Co.
Ltd.
,
H
,
144A
,
Reg
S
..................
China
185,000
850,481
United
Spirits
Ltd.
...................................
India
21,895
404,880
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
3
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Beverages
(continued)
Wuliangye
Yibin
Co.
Ltd.
,
A
............................
China
38,500
$
682,338
2,746,952
Broadline
Retail
4.1%
Alibaba
Group
Holding
Ltd.
............................
China
223,900
3,342,834
b
PDD
Holdings,
Inc.
,
ADR
..............................
China
8,000
844,560
Vipshop
Holdings
Ltd.
,
ADR
...........................
China
53,021
722,146
Woolworths
Holdings
Ltd.
.............................
South
Africa
155,608
481,850
5,391,390
Capital
Markets
1.6%
China
Galaxy
Securities
Co.
Ltd.
,
H
......................
China
127,000
115,371
a
HDFC
Asset
Management
Co.
Ltd.
,
144A
,
Reg
S
...........
India
12,622
654,107
Hithink
RoyalFlush
Information
Network
Co.
Ltd.
,
A
..........
China
5,200
184,494
Huatai
Securities
Co.
Ltd.
,
A
...........................
China
70,900
156,848
Korea
Investment
Holdings
Co.
Ltd.
.....................
South
Korea
7,146
417,220
Reinet
Investments
SCA
..............................
Luxembourg
22,746
597,360
2,125,400
Chemicals
3.2%
Asian
Paints
Ltd.
....................................
India
26,187
752,079
a,b,c
PhosAgro
PJSC
,
GDR
,
Reg
S
..........................
Russia
32,310
—
PI
Industries
Ltd.
....................................
India
11,365
489,561
Pidilite
Industries
Ltd.
................................
India
25,049
900,513
SABIC
Agri-Nutrients
Co.
.............................
Saudi
Arabia
18,089
476,511
Saudi
Aramco
Base
Oil
Co.
............................
Saudi
Arabia
4,285
113,511
Solar
Industries
India
Ltd.
.............................
India
4,506
701,814
Supreme
Industries
Ltd.
..............................
India
10,541
441,526
Yanbu
National
Petrochemical
Co.
......................
Saudi
Arabia
38,642
329,454
4,204,969
Communications
Equipment
0.1%
ZTE
Corp.
,
A
.......................................
China
40,000
176,605
Construction
&
Engineering
0.2%
China
Communications
Services
Corp.
Ltd.
,
H
..............
China
412,000
214,570
Consumer
Finance
0.5%
Krungthai
Card
PCL
.................................
Thailand
153,300
213,805
Muthoot
Finance
Ltd.
................................
India
19,490
501,745
715,550
Consumer
Staples
Distribution
&
Retail
1.0%
Bid
Corp.
Ltd.
......................................
South
Africa
17,473
439,144
Cencosud
SA
......................................
Chile
49,231
168,455
Sumber
Alfaria
Trijaya
Tbk.
PT
.........................
Indonesia
2,677,000
346,550
Wal-Mart
de
Mexico
SAB
de
CV
........................
Mexico
125,800
398,688
1,352,837
Diversified
Telecommunication
Services
1.4%
b
Indus
Towers
Ltd.
...................................
India
124,859
601,712
LG
Uplus
Corp.
.....................................
South
Korea
36,527
308,419
Ooredoo
QPSC
.....................................
Qatar
132,894
473,457
Saudi
Telecom
Co.
..................................
Saudi
Arabia
12,312
156,310
Telekom
Malaysia
Bhd.
...............................
Malaysia
198,100
312,203
1,852,101
Electric
Utilities
1.0%
CEZ
A/S
..........................................
Czech
Republic
14,143
717,893
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
4
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Electric
Utilities
(continued)
c
Inter
RAO
UES
PJSC
................................
Russia
8,656,700
$
—
Public
Power
Corp.
SA
...............................
Greece
7,130
106,877
Tenaga
Nasional
Bhd.
................................
Malaysia
146,700
471,808
1,296,578
Electrical
Equipment
2.8%
ABB
India
Ltd.
......................................
India
4,653
303,980
Contemporary
Amperex
Technology
Co.
Ltd.
,
A
.............
China
37,800
1,208,603
Havells
India
Ltd.
...................................
India
32,756
620,262
HD
Hyundai
Electric
Co.
Ltd.
...........................
South
Korea
2,543
553,420
Voltronic
Power
Technology
Corp.
.......................
Taiwan
10,000
468,913
WEG
SA
..........................................
Brazil
63,500
499,483
3,654,661
Electronic
Equipment,
Instruments
&
Components
2.3%
AAC
Technologies
Holdings,
Inc.
........................
China
126,000
603,157
Delta
Electronics,
Inc.
................................
Taiwan
40,000
419,128
Hon
Hai
Precision
Industry
Co.
Ltd.
......................
Taiwan
301,000
1,341,045
Largan
Precision
Co.
Ltd.
.............................
Taiwan
10,000
712,917
3,076,247
Entertainment
1.1%
International
Games
System
Co.
Ltd.
....................
Taiwan
5,000
129,629
NetEase,
Inc.
......................................
China
62,300
1,339,223
1,468,852
Financial
Services
1.1%
Bajaj
Holdings
&
Investment
Ltd.
........................
India
1,644
233,727
Meritz
Financial
Group,
Inc.
............................
South
Korea
13,786
1,204,355
1,438,082
Food
Products
1.8%
a
China
Feihe
Ltd.
,
144A
,
Reg
S
.........................
China
200,000
151,139
Gruma
SAB
de
CV
,
B
................................
Mexico
26,325
503,075
Indofood
Sukses
Makmur
Tbk.
PT
.......................
Indonesia
728,700
351,505
JBS
SA
...........................................
United
States
69,100
536,713
Orion
Corp.
........................................
South
Korea
1,949
168,937
QL
Resources
Bhd.
..................................
Malaysia
149,150
165,907
Want
Want
China
Holdings
Ltd.
.........................
China
784,000
513,061
2,390,337
Gas
Utilities
0.2%
Kunlun
Energy
Co.
Ltd.
...............................
China
274,000
261,170
Health
Care
Equipment
&
Supplies
0.2%
Shenzhen
Mindray
Bio-Medical
Electronics
Co.
Ltd.
,
A
........
China
7,700
232,878
Health
Care
Providers
&
Services
0.5%
Apollo
Hospitals
Enterprise
Ltd.
.........................
India
1,523
125,882
Bumrungrad
Hospital
PCL
.............................
Thailand
98,900
487,268
613,150
Hotels,
Restaurants
&
Leisure
2.1%
Indian
Hotels
Co.
Ltd.
(The)
,
A
..........................
India
71,979
669,734
a,b
Meituan
Dianping
,
B
,
144A
,
Reg
S
......................
China
107,310
1,776,779
OPAP
SA
.........................................
Greece
15,777
350,552
2,797,065
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
5
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Household
Products
0.1%
Kimberly-Clark
de
Mexico
SAB
de
CV
,
A
..................
Mexico
89,700
$
158,126
Independent
Power
and
Renewable
Electricity
Producers
0.6%
b
Adani
Power
Ltd.
...................................
India
72,481
455,432
China
Yangtze
Power
Co.
Ltd.
,
A
........................
China
40,100
162,835
NTPC
Ltd.
.........................................
India
24,680
103,397
721,664
Insurance
2.5%
BB
Seguridade
Participacoes
SA
........................
Brazil
115,200
868,189
Caixa
Seguridade
Participacoes
SA
.....................
Brazil
58,400
168,352
DB
Insurance
Co.
Ltd.
................................
South
Korea
4,785
308,275
Fubon
Financial
Holding
Co.
Ltd.
........................
Taiwan
224,000
593,697
OUTsurance
Group
Ltd.
..............................
South
Africa
142,915
586,681
People's
Insurance
Co.
Group
of
China
Ltd.
(The)
,
H
.........
China
359,000
212,462
Ping
An
Insurance
Group
Co.
of
China
Ltd.
,
H
..............
China
22,500
134,663
Samsung
Life
Insurance
Co.
Ltd.
........................
South
Korea
6,881
417,798
3,290,117
Interactive
Media
&
Services
5.8%
a,b
Kuaishou
Technology
,
144A
,
Reg
S
......................
China
128,100
845,498
Tencent
Holdings
Ltd.
................................
China
110,200
6,749,855
7,595,353
IT
Services
2.7%
Elm
Co.
..........................................
Saudi
Arabia
3,410
943,620
HCL
Technologies
Ltd.
...............................
India
11,098
205,845
Infosys
Ltd.
........................................
India
33,075
584,698
Tata
Consultancy
Services
Ltd.
.........................
India
43,822
1,788,810
3,522,973
Life
Sciences
Tools
&
Services
0.3%
WuXi
AppTec
Co.
Ltd.
,
A
..............................
China
15,400
125,682
a
WuXi
AppTec
Co.
Ltd.
,
H
,
144A
,
Reg
S
...................
China
38,140
294,769
420,451
Machinery
0.3%
CRRC
Corp.
Ltd.
,
A
..................................
China
189,400
182,965
Sinotruk
Hong
Kong
Ltd.
..............................
China
114,500
275,132
458,097
Marine
Transportation
0.4%
COSCO
SHIPPING
Holdings
Co.
Ltd.
,
H
..................
China
236,500
356,887
Yang
Ming
Marine
Transport
Corp.
......................
Taiwan
98,000
209,375
566,262
Metals
&
Mining
3.4%
Aluminum
Corp.
of
China
Ltd.
,
H
........................
China
652,000
349,951
China
Hongqiao
Group
Ltd.
............................
China
115,000
206,427
b,c
GMK
Norilskiy
Nickel
PAO
.............................
Russia
316,400
—
Harmony
Gold
Mining
Co.
Ltd.
.........................
South
Africa
81,759
1,284,628
Hindalco
Industries
Ltd.
...............................
India
59,423
439,193
Kumba
Iron
Ore
Ltd.
.................................
South
Africa
11,156
194,017
NMDC
Ltd.
........................................
India
519,298
398,388
c
Novolipetsk
Steel
PJSC
..............................
Russia
347,890
—
c
Severstal
PAO
.....................................
Russia
48,409
—
Vale
SA
...........................................
Brazil
84,700
788,920
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
6
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Metals
&
Mining
(continued)
Vedanta
Ltd.
.......................................
India
164,437
$
816,517
4,478,041
Oil,
Gas
&
Consumable
Fuels
5.4%
China
Coal
Energy
Co.
Ltd.
,
H
.........................
China
340,000
351,291
Coal
India
Ltd.
.....................................
India
283,360
1,291,068
ORLEN
SA
........................................
Poland
82,029
1,481,309
PetroChina
Co.
Ltd.
,
H
...............................
China
2,048,000
1,564,955
Petroleo
Brasileiro
SA
................................
Brazil
103,900
586,768
Petronas
Dagangan
Bhd.
.............................
Malaysia
50,700
231,888
Reliance
Industries
Ltd.
...............................
India
77,714
1,290,388
United
Tractors
Tbk.
PT
..............................
Indonesia
247,600
338,375
7,136,042
Personal
Care
Products
0.9%
Colgate-Palmolive
India
Ltd.
...........................
India
22,331
684,310
a
Giant
Biogene
Holding
Co.
Ltd.
,
144A
,
Reg
S
..............
China
46,600
481,462
1,165,772
Pharmaceuticals
2.2%
CSPC
Pharmaceutical
Group
Ltd.
.......................
China
1,197,600
943,277
Dr
Reddy's
Laboratories
Ltd.
...........................
India
12,302
172,685
Jiangsu
Hengrui
Pharmaceuticals
Co.
Ltd.
,
A
...............
China
21,700
152,495
Lupin
Ltd.
.........................................
India
36,172
899,493
Richter
Gedeon
Nyrt.
................................
Hungary
10,095
306,168
Sun
Pharmaceutical
Industries
Ltd.
......................
India
17,077
370,375
2,844,493
Real
Estate
Management
&
Development
1.8%
China
Overseas
Land
&
Investment
Ltd.
..................
China
76,000
134,835
Emaar
Development
PJSC
............................
United
Arab
Emirates
163,501
595,835
Emaar
Properties
PJSC
..............................
United
Arab
Emirates
474,922
1,697,017
2,427,687
Semiconductors
&
Semiconductor
Equipment
13.5%
MediaTek,
Inc.
.....................................
Taiwan
57,000
2,422,107
Novatek
Microelectronics
Corp.
.........................
Taiwan
73,000
1,187,217
Realtek
Semiconductor
Corp.
..........................
Taiwan
32,000
526,050
SK
Hynix,
Inc.
......................................
South
Korea
10,729
1,338,691
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
.............
Taiwan
435,000
12,325,531
17,799,596
Specialty
Retail
2.0%
a
Pop
Mart
International
Group
Ltd.
,
144A
,
Reg
S
............
China
68,800
1,715,959
Trent
Ltd.
.........................................
India
14,542
888,868
2,604,827
Technology
Hardware,
Storage
&
Peripherals
4.2%
Compal
Electronics,
Inc.
..............................
Taiwan
183,000
157,686
Pegatron
Corp.
.....................................
Taiwan
322,000
818,129
Samsung
Electronics
Co.
Ltd.
..........................
South
Korea
85,715
3,344,389
a,b
Xiaomi
Corp.
,
B
,
144A
,
Reg
S
..........................
China
178,400
1,142,153
5,462,357
Textiles,
Apparel
&
Luxury
Goods
0.9%
ANTA
Sports
Products
Ltd.
............................
China
56,600
668,776
Bosideng
International
Holdings
Ltd.
.....................
China
650,000
336,343
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
7
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Textiles,
Apparel
&
Luxury
Goods
(continued)
Pou
Chen
Corp.
....................................
Taiwan
115,000
$
118,423
1,123,542
Transportation
Infrastructure
0.7%
International
Container
Terminal
Services,
Inc.
..............
Philippines
111,720
683,300
Promotora
y
Operadora
de
Infraestructura
SAB
de
CV
.......
Mexico
17,180
192,138
875,438
Wireless
Telecommunication
Services
1.5%
Advanced
Info
Service
PCL
............................
Thailand
13,700
120,843
Bharti
Airtel
Ltd.
....................................
India
11,496
253,582
Etihad
Etisalat
Co.
..................................
Saudi
Arabia
48,672
814,887
SK
Telecom
Co.
Ltd.
.................................
South
Korea
9,260
353,795
Turkcell
Iletisim
Hizmetleri
A/S
..........................
Turkiye
194,731
456,752
1,999,859
Total
Common
Stocks
(Cost
$
107,887,651
)
...................................
127,525,460
Preferred
Stocks
2.5%
Banks
2.1%
d
Bancolombia
SA
,
10
.42
%
.............................
Colombia
17,343
178,127
d
Itau
Unibanco
Holding
SA
,
11
.24
%
......................
Brazil
153,890
964,804
d
Itausa
SA
,
4
.66
%
...................................
Brazil
837,549
1,579,125
2,722,056
Electric
Utilities
0.4%
d
Cia
Energetica
de
Minas
Gerais
,
12
.63
%
..................
Brazil
297,790
574,575
Total
Preferred
Stocks
(Cost
$
2,554,214
)
.....................................
3,296,631
Total
Long
Term
Investments
(Cost
$
110,441,865
)
.............................
130,822,091
a
Short
Term
Investments
0.7%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
0.7%
e,f
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.052
%
..
United
States
974,572
974,572
Total
Money
Market
Funds
(Cost
$
974,572
)
...................................
974,572
Total
Short
Term
Investments
(Cost
$
974,572
)
................................
974,572
a
Total
Investments
(Cost
$
111,416,437
)
100.1
%
................................
$131,796,663
Other
Assets,
less
Liabilities
(
0.1
)
%
.........................................
(238,126)
Net
Assets
100.0%
.........................................................
$131,558,537
a
a
a
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
8
See
Abbreviations
on
page
26
.
a
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
April
30,
2025,
the
aggregate
value
of
these
securities
was
$9,014,394,
representing
6.9%
of
net
assets.
b
Non-income
producing.
c
Fair
valued
using
significant
unobservable
inputs.
See
Note
4
regarding
fair
value
measurements.
d
Variable
rate
security.
The
rate
shown
represents
the
yield
at
period
end.
e
See
Note
3
regarding
investments
in
affiliated
management
investment
companies.
f
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited),
April
30,
2025
Franklin
International
Core
Equity
(IU)
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
9
I
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
97.5%
Aerospace
&
Defense
3.1%
BAE
Systems
plc
...................................
United
Kingdom
234,549
$
5,437,464
Dassault
Aviation
SA
.................................
France
4,892
1,763,893
Leonardo
SpA
......................................
Italy
19,021
988,870
MTU
Aero
Engines
AG
...............................
Germany
3,214
1,112,383
Rolls-Royce
Holdings
plc
.............................
United
Kingdom
85,693
867,425
Safran
SA
.........................................
France
15,999
4,257,647
14,427,682
Air
Freight
&
Logistics
0.4%
Deutsche
Post
AG
...................................
Germany
11,865
506,968
DSV
A/S
..........................................
Denmark
5,414
1,147,551
1,654,519
Automobile
Components
0.5%
Cie
Generale
des
Etablissements
Michelin
SCA
............
France
42,908
1,568,962
Continental
AG
.....................................
Germany
10,738
839,440
2,408,402
Automobiles
1.9%
Ferrari
NV
.........................................
Italy
1,001
458,238
Isuzu
Motors
Ltd.
...................................
Japan
117,851
1,584,912
Stellantis
NV
.......................................
United
States
149,639
1,392,454
Subaru
Corp.
......................................
Japan
123,952
2,244,513
Toyota
Motor
Corp.
..................................
Japan
169,782
3,242,738
8,922,855
Banks
11.7%
a
ABN
AMRO
Bank
NV
,
CVA
,
144A
,
Reg
S
.................
Netherlands
73,702
1,527,315
AIB
Group
plc
......................................
Ireland
417,595
2,806,681
Barclays
plc
.......................................
United
Kingdom
705,066
2,808,731
BNP
Paribas
SA
....................................
France
51,986
4,404,747
Commonwealth
Bank
of
Australia
.......................
Australia
32,944
3,511,473
DBS
Group
Holdings
Ltd.
.............................
Singapore
21,292
691,760
Erste
Group
Bank
AG
................................
Austria
9,605
650,466
HSBC
Holdings
plc
..................................
United
Kingdom
852,362
9,501,599
ING
Groep
NV
.....................................
Netherlands
246,410
4,785,114
Intesa
Sanpaolo
SpA
.................................
Italy
597,656
3,190,460
Mitsubishi
UFJ
Financial
Group,
Inc.
.....................
Japan
50,350
634,366
NatWest
Group
plc
..................................
United
Kingdom
899,953
5,788,756
Standard
Chartered
plc
...............................
United
Kingdom
352,228
5,073,229
Sumitomo
Mitsui
Financial
Group,
Inc.
....................
Japan
133,198
3,177,733
UniCredit
SpA
......................................
Italy
113,783
6,619,992
55,172,422
Beverages
0.9%
Asahi
Group
Holdings
Ltd.
.............................
Japan
78,980
1,091,685
Coca-Cola
HBC
AG
.................................
Italy
56,798
2,957,682
4,049,367
Biotechnology
0.7%
CSL
Ltd.
..........................................
United
States
13,596
2,182,334
b
Genmab
A/S
.......................................
Denmark
2,403
509,529
b
Swedish
Orphan
Biovitrum
AB
..........................
Sweden
16,063
488,552
3,180,415
Broadline
Retail
1.1%
Next
plc
..........................................
United
Kingdom
26,014
4,291,700
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
International
Core
Equity
(IU)
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
10
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Broadline
Retail
(continued)
Wesfarmers
Ltd.
....................................
Australia
17,901
$
896,773
5,188,473
Building
Products
1.0%
Cie
de
Saint-Gobain
SA
..............................
France
43,296
4,707,055
Capital
Markets
3.5%
3i
Group
plc
.......................................
United
Kingdom
120,013
6,803,662
Deutsche
Bank
AG
..................................
Germany
166,426
4,363,746
Macquarie
Group
Ltd.
................................
Australia
18,910
2,336,804
Partners
Group
Holding
AG
............................
Switzerland
1,762
2,308,699
Singapore
Exchange
Ltd.
.............................
Singapore
70,244
772,745
16,585,656
Chemicals
2.2%
Air
Liquide
SA
......................................
France
2,306
473,833
Asahi
Kasei
Corp.
...................................
Japan
130,600
910,118
b
BASF
SE
.........................................
Germany
15,837
808,787
Givaudan
SA
.......................................
Switzerland
894
4,312,979
Mitsubishi
Chemical
Group
Corp.
.......................
Japan
172,400
838,133
Nitto
Denko
Corp.
...................................
Japan
172,841
3,037,994
10,381,844
Commercial
Services
&
Supplies
0.3%
Brambles
Ltd.
......................................
Australia
48,428
636,424
Securitas
AB
,
B
.....................................
Sweden
35,781
567,013
1,203,437
Communications
Equipment
0.3%
Telefonaktiebolaget
LM
Ericsson
,
B
......................
Sweden
179,980
1,520,360
Construction
&
Engineering
0.7%
ACS
Actividades
de
Construccion
y
Servicios
SA
............
Spain
36,853
2,309,018
Eiffage
SA
.........................................
France
8,040
1,094,025
3,403,043
Construction
Materials
0.4%
b
Holcim
AG
........................................
United
States
18,595
2,077,954
Consumer
Staples
Distribution
&
Retail
1.6%
Carrefour
SA
.......................................
France
39,685
612,090
Koninklijke
Ahold
Delhaize
NV
..........................
Netherlands
61,071
2,507,518
Tesco
plc
.........................................
United
Kingdom
881,167
4,360,898
7,480,506
Diversified
Consumer
Services
0.1%
Pearson
plc
.......................................
United
Kingdom
36,715
588,587
Diversified
Telecommunication
Services
2.6%
Deutsche
Telekom
AG
................................
Germany
212,703
7,639,765
Telenor
ASA
.......................................
Norway
158,506
2,380,759
Telia
Co.
AB
.......................................
Sweden
560,752
2,106,450
12,126,974
Electric
Utilities
1.6%
Iberdrola
SA
.......................................
Spain
420,385
7,577,801
Electrical
Equipment
1.7%
ABB
Ltd.
..........................................
Switzerland
54,392
2,872,482
Fujikura
Ltd.
.......................................
Japan
50,200
1,867,786
Mitsubishi
Electric
Corp.
..............................
Japan
115,585
2,236,039
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
International
Core
Equity
(IU)
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
11
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Electrical
Equipment
(continued)
Schneider
Electric
SE
................................
United
States
4,330
$
1,011,686
7,987,993
Electronic
Equipment,
Instruments
&
Components
0.5%
Keyence
Corp.
.....................................
Japan
2,169
906,841
Yokogawa
Electric
Corp.
..............................
Japan
60,547
1,310,246
2,217,087
Entertainment
1.3%
Nintendo
Co.
Ltd.
...................................
Japan
30,727
2,550,956
b
Sea
Ltd.
,
ADR
......................................
Singapore
26,895
3,605,275
6,156,231
Financial
Services
1.4%
EXOR
NV
.........................................
Netherlands
23,098
2,180,791
Industrivarden
AB
,
A
.................................
Sweden
29,418
1,033,810
Investor
AB
,
B
......................................
Sweden
116,474
3,450,946
6,665,547
Food
Products
3.8%
Associated
British
Foods
plc
...........................
United
Kingdom
83,977
2,314,838
Chocoladefabriken
Lindt
&
Spruengli
AG
..................
Switzerland
52
757,848
MEIJI
Holdings
Co.
Ltd.
...............................
Japan
46,258
1,137,338
Nestle
SA
.........................................
United
States
111,798
11,899,487
a
WH
Group
Ltd.
,
144A
,
Reg
S
..........................
Hong
Kong
2,135,692
1,909,752
18,019,263
Gas
Utilities
0.6%
Tokyo
Gas
Co.
Ltd.
..................................
Japan
79,645
2,646,029
Health
Care
Equipment
&
Supplies
1.6%
Cochlear
Ltd.
......................................
Australia
13,668
2,393,685
EssilorLuxottica
SA
..................................
France
3,453
994,992
Fisher
&
Paykel
Healthcare
Corp.
Ltd.
....................
New
Zealand
23,458
473,219
Hoya
Corp.
........................................
Japan
26,859
3,160,396
Straumann
Holding
AG
...............................
Switzerland
3,710
452,385
7,474,677
Health
Care
Providers
&
Services
0.2%
Fresenius
Medical
Care
AG
............................
Germany
16,271
827,796
Health
Care
Technology
0.2%
Pro
Medicus
Ltd.
....................................
Australia
5,615
823,329
Hotels,
Restaurants
&
Leisure
1.2%
Aristocrat
Leisure
Ltd.
................................
Australia
45,825
1,957,142
InterContinental
Hotels
Group
plc
.......................
United
Kingdom
31,086
3,317,184
Sodexo
SA
........................................
France
9,235
586,209
5,860,535
Household
Durables
1.8%
Panasonic
Holdings
Corp.
.............................
Japan
294,700
3,379,021
Sekisui
House
Ltd.
..................................
Japan
29,887
687,108
Sony
Group
Corp.
...................................
Japan
170,400
4,495,629
8,561,758
Independent
Power
and
Renewable
Electricity
Producers
0.1%
RWE
AG
..........................................
Germany
14,486
562,551
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
International
Core
Equity
(IU)
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
12
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Industrial
Conglomerates
1.7%
Hitachi
Ltd.
........................................
Japan
186,407
$
4,607,145
Siemens
AG
.......................................
Germany
13,619
3,135,929
7,743,074
Insurance
4.9%
Aegon
Ltd.
........................................
Netherlands
330,443
2,125,392
Ageas
SA/NV
......................................
Belgium
36,444
2,285,630
AIA
Group
Ltd.
.....................................
Hong
Kong
482,946
3,618,674
Allianz
SE
.........................................
Germany
2,060
851,968
b
AXA
SA
...........................................
France
62,642
2,962,710
Japan
Post
Insurance
Co.
Ltd.
.........................
Japan
48,330
971,585
MS&AD
Insurance
Group
Holdings,
Inc.
..................
Japan
57,228
1,300,782
b
Muenchener
Rueckversicherungs-Gesellschaft
AG
in
Muenchen
Germany
5,100
3,491,508
Sompo
Holdings,
Inc.
................................
Japan
161,665
5,297,942
22,906,191
Interactive
Media
&
Services
0.5%
a
Auto
Trader
Group
plc
,
144A
,
Reg
S
.....................
United
Kingdom
192,810
2,166,192
IT
Services
0.6%
NEC
Corp.
........................................
Japan
122,320
2,977,614
Leisure
Products
0.2%
Bandai
Namco
Holdings,
Inc.
..........................
Japan
24,500
851,437
Life
Sciences
Tools
&
Services
0.4%
Eurofins
Scientific
SE
................................
Luxembourg
31,176
1,967,404
Machinery
3.4%
Atlas
Copco
AB
,
A
...................................
Sweden
185,677
2,874,038
GEA
Group
AG
.....................................
Germany
40,967
2,672,673
Komatsu
Ltd.
......................................
Japan
99,632
2,881,315
Makita
Corp.
.......................................
Japan
61,371
1,794,737
Schindler
Holding
AG
................................
Switzerland
6,072
2,152,791
Wartsila
OYJ
Abp
...................................
Finland
120,620
2,228,614
b
Yangzijiang
Shipbuilding
Holdings
Ltd.
....................
China
688,400
1,179,204
15,783,372
Marine
Transportation
0.3%
AP
Moller
-
Maersk
A/S
,
B
.............................
Denmark
716
1,232,870
Media
0.2%
Publicis
Groupe
SA
..................................
France
11,119
1,131,325
Metals
&
Mining
1.9%
BHP
Group
Ltd.
....................................
Australia
173,431
4,133,494
Fortescue
Ltd.
......................................
Australia
405,490
4,187,773
Northern
Star
Resources
Ltd.
..........................
Australia
44,027
540,813
8,862,080
Multi-Utilities
0.9%
Centrica
plc
.......................................
United
Kingdom
1,282,263
2,745,366
Engie
SA
.........................................
France
62,871
1,299,438
4,044,804
Oil,
Gas
&
Consumable
Fuels
3.6%
BP
plc
............................................
United
States
655,829
3,028,220
ENEOS
Holdings,
Inc.
................................
Japan
427,771
2,059,388
Equinor
ASA
.......................................
Norway
182,030
4,120,364
Idemitsu
Kosan
Co.
Ltd.
..............................
Japan
224,569
1,391,658
Shell
plc
..........................................
United
States
102,143
3,296,333
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
International
Core
Equity
(IU)
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
13
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Oil,
Gas
&
Consumable
Fuels
(continued)
TotalEnergies
SE
...................................
France
56,733
$
3,231,238
17,127,201
Passenger
Airlines
0.2%
Qantas
Airways
Ltd.
.................................
Australia
199,616
1,128,613
Personal
Care
Products
2.2%
Beiersdorf
AG
......................................
Germany
19,650
2,768,646
b
L'Oreal
SA
........................................
France
8,618
3,807,997
Unilever
plc
........................................
United
Kingdom
61,636
3,924,357
10,501,000
Pharmaceuticals
10.1%
AstraZeneca
plc
....................................
United
Kingdom
26,130
3,743,560
Chugai
Pharmaceutical
Co.
Ltd.
........................
Japan
60,100
3,462,334
GSK
plc
..........................................
United
States
312,902
6,190,043
Ipsen
SA
..........................................
France
9,749
1,133,839
Novartis
AG
.......................................
United
States
93,165
10,626,149
Novo
Nordisk
A/S
,
B
.................................
Denmark
75,586
5,053,798
Roche
Holding
AG
..................................
United
States
24,570
8,034,059
Roche
Holding
AG
..................................
United
States
8,083
2,811,888
Sanofi
SA
.........................................
United
States
20,454
2,237,500
Shionogi
&
Co.
Ltd.
..................................
Japan
171,073
2,874,114
UCB
SA
..........................................
Belgium
6,768
1,240,840
47,408,124
Professional
Services
1.7%
Recruit
Holdings
Co.
Ltd.
.............................
Japan
49,253
2,729,370
RELX
plc
.........................................
United
Kingdom
45,741
2,496,322
Teleperformance
SE
.................................
France
8,785
963,319
Wolters
Kluwer
NV
..................................
Netherlands
11,347
2,003,415
8,192,426
Real
Estate
Management
&
Development
1.1%
CK
Asset
Holdings
Ltd.
...............................
Hong
Kong
484,788
1,980,537
Mitsubishi
Estate
Co.
Ltd.
.............................
Japan
89,656
1,574,895
Sun
Hung
Kai
Properties
Ltd.
..........................
Hong
Kong
46,000
436,375
Wharf
Real
Estate
Investment
Co.
Ltd.
...................
Hong
Kong
456,093
1,090,769
5,082,576
Retail
REITs
0.4%
Klepierre
SA
.......................................
France
50,876
1,862,223
Semiconductors
&
Semiconductor
Equipment
3.1%
Advantest
Corp.
....................................
Japan
33,300
1,393,137
ASM
International
NV
................................
Netherlands
985
481,455
ASML
Holding
NV
...................................
Netherlands
10,077
6,745,967
Disco
Corp.
........................................
Japan
17,035
3,295,924
Tokyo
Electron
Ltd.
..................................
Japan
18,938
2,819,838
14,736,321
Software
4.5%
b
Check
Point
Software
Technologies
Ltd.
..................
Israel
20,973
4,604,832
Sage
Group
plc
(The)
................................
United
Kingdom
195,828
3,246,561
SAP
SE
..........................................
Germany
36,019
10,538,750
b
Xero
Ltd.
..........................................
New
Zealand
27,509
2,897,058
21,287,201
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
International
Core
Equity
(IU)
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
14
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Specialty
Retail
0.9%
Industria
de
Diseno
Textil
SA
...........................
Spain
75,108
$
4,038,930
Technology
Hardware,
Storage
&
Peripherals
0.3%
Canon,
Inc.
........................................
Japan
28,800
888,761
Logitech
International
SA
.............................
Switzerland
7,457
566,658
1,455,419
Textiles,
Apparel
&
Luxury
Goods
2.6%
adidas
AG
.........................................
Germany
8,251
1,898,486
Asics
Corp.
........................................
Japan
148,417
3,190,083
Hermes
International
SCA
.............................
France
727
1,999,380
LVMH
Moet
Hennessy
Louis
Vuitton
SE
..................
France
3,797
2,103,270
Pandora
A/S
.......................................
Denmark
19,130
2,847,749
12,038,968
Tobacco
0.7%
Imperial
Brands
plc
..................................
United
Kingdom
14,136
580,043
Japan
Tobacco,
Inc.
.................................
Japan
88,161
2,716,068
3,296,111
Trading
Companies
&
Distributors
0.9%
AerCap
Holdings
NV
.................................
Ireland
17,806
1,887,436
MonotaRO
Co.
Ltd.
..................................
Japan
42,000
807,781
Rexel
SA
.........................................
France
59,982
1,666,517
4,361,734
Transportation
Infrastructure
0.5%
a
Aena
SME
SA
,
144A
,
Reg
S
...........................
Spain
10,150
2,549,842
Wireless
Telecommunication
Services
0.7%
KDDI
Corp.
........................................
Japan
62,600
1,109,499
Vodafone
Group
plc
.................................
United
Kingdom
2,401,353
2,359,809
3,469,308
Total
Common
Stocks
(Cost
$
362,426,939
)
...................................
458,662,508
Preferred
Stocks
0.6%
Household
Products
0.6%
c
Henkel
AG
&
Co.
KGaA
,
2
.98
%
.........................
Germany
32,664
2,536,894
Total
Preferred
Stocks
(Cost
$
2,389,325
)
.....................................
2,536,894
Total
Long
Term
Investments
(Cost
$
364,816,264
)
.............................
461,199,402
a
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
International
Core
Equity
(IU)
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
15
See
Abbreviations
on
page
26
.
Short
Term
Investments
5.1%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
5.1%
d,e
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.052
%
..
United
States
23,986,023
$
23,986,023
Total
Money
Market
Funds
(Cost
$
23,986,023
)
................................
23,986,023
Total
Short
Term
Investments
(Cost
$
23,986,023
)
..............................
23,986,023
a
Total
Investments
(Cost
$
388,802,287
)
103.2
%
................................
$485,185,425
Other
Assets,
less
Liabilities
(
3.2
)
%
.........................................
(14,930,354)
Net
Assets
100.0%
.........................................................
$470,255,071
a
a
a
a
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
April
30,
2025,
the
aggregate
value
of
these
securities
was
$8,153,101,
representing
1.7%
of
net
assets.
b
Non-income
producing.
c
Variable
rate
security.
The
rate
shown
represents
the
yield
at
period
end.
d
See
Note
3
regarding
investments
in
affiliated
management
investment
companies.
e
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited),
April
30,
2025
Franklin
U.S.
Core
Equity
(IU)
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
16
a
a
Shares
a
Value
a
Common
Stocks
98.9%
Aerospace
&
Defense
3.3%
General
Electric
Co.
.................................................
69,369
$
13,980,628
Lockheed
Martin
Corp.
...............................................
24,272
11,595,948
Northrop
Grumman
Corp.
.............................................
2,221
1,080,517
RTX
Corp.
........................................................
41,483
5,232,251
31,889,344
Automobiles
2.0%
General
Motors
Co.
..................................................
199,486
9,024,746
a
Tesla,
Inc.
.........................................................
36,899
10,411,422
19,436,168
Banks
2.7%
Citigroup,
Inc.
......................................................
50,397
3,446,147
JPMorgan
Chase
&
Co.
...............................................
37,645
9,208,720
Wells
Fargo
&
Co.
...................................................
193,484
13,739,299
26,394,166
Beverages
1.0%
a
Boston
Beer
Co.,
Inc.
(The)
,
A
..........................................
1,609
395,492
Coca-Cola
Consolidated,
Inc.
..........................................
1,112
1,507,661
Molson
Coors
Beverage
Co.
,
B
.........................................
37,080
2,133,212
PepsiCo,
Inc.
......................................................
43,234
5,861,666
9,898,031
Biotechnology
5.5%
AbbVie,
Inc.
.......................................................
79,933
15,594,928
Amgen,
Inc.
.......................................................
37,112
10,796,623
a
Biogen,
Inc.
.......................................................
29,527
3,575,129
a
Exelixis,
Inc.
.......................................................
51,796
2,027,814
Gilead
Sciences,
Inc.
................................................
109,921
11,710,983
a
Incyte
Corp.
.......................................................
33,194
2,079,936
Regeneron
Pharmaceuticals,
Inc.
.......................................
7,515
4,499,681
a
United
Therapeutics
Corp.
.............................................
8,119
2,460,788
52,745,882
Broadline
Retail
3.3%
a
Amazon.com,
Inc.
...................................................
164,798
30,392,047
a
Etsy,
Inc.
..........................................................
20,169
876,948
Nordstrom,
Inc.
.....................................................
19,005
458,781
31,727,776
Building
Products
0.1%
Masco
Corp.
.......................................................
12,861
779,505
Capital
Markets
1.7%
Bank
of
New
York
Mellon
Corp.
(The)
....................................
37,842
3,042,875
Morgan
Stanley
.....................................................
17,779
2,052,052
SEI
Investments
Co.
.................................................
20,141
1,576,839
State
Street
Corp.
...................................................
58,213
5,128,566
T
Rowe
Price
Group,
Inc.
.............................................
46,249
4,095,349
15,895,681
Chemicals
0.9%
CF
Industries
Holdings,
Inc.
...........................................
35,314
2,767,558
DuPont
de
Nemours,
Inc.
.............................................
51,837
3,420,724
Linde
plc
..........................................................
1,422
644,493
RPM
International,
Inc.
...............................................
17,726
1,892,250
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
U.S.
Core
Equity
(IU)
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
17
a
a
Shares
a
Value
a
Common
Stocks
(continued)
Chemicals
(continued)
Scotts
Miracle-Gro
Co.
(The)
...........................................
7,639
$
384,853
9,109,878
Commercial
Services
&
Supplies
0.4%
Cintas
Corp.
.......................................................
15,824
3,349,624
Vestis
Corp.
.......................................................
21,872
191,599
3,541,223
Communications
Equipment
1.7%
Cisco
Systems,
Inc.
.................................................
232,074
13,397,632
a
F5,
Inc.
...........................................................
12,588
3,332,547
16,730,179
Construction
&
Engineering
0.3%
EMCOR
Group,
Inc.
.................................................
8,340
3,341,838
Consumer
Finance
0.4%
Synchrony
Financial
.................................................
67,376
3,500,183
Consumer
Staples
Distribution
&
Retail
2.8%
Albertsons
Cos.,
Inc.
,
A
...............................................
56,005
1,230,990
Kroger
Co.
(The)
....................................................
137,254
9,911,111
Walmart,
Inc.
......................................................
167,446
16,284,124
27,426,225
Containers
&
Packaging
0.3%
Amcor
plc
.........................................................
155,955
1,434,784
Crown
Holdings,
Inc.
.................................................
13,746
1,324,152
2,758,936
Diversified
Consumer
Services
0.2%
H&R
Block,
Inc.
.....................................................
25,464
1,537,262
Diversified
Telecommunication
Services
1.0%
AT&T,
Inc.
.........................................................
318,377
8,819,043
a
Liberty
Global
Ltd.
,
A
.................................................
31,105
340,600
a
Liberty
Global
Ltd.
,
C
................................................
30,428
345,053
9,504,696
Electric
Utilities
1.4%
American
Electric
Power
Co.,
Inc.
.......................................
25,985
2,815,215
Edison
International
.................................................
22,580
1,208,256
Entergy
Corp.
......................................................
18,140
1,508,704
NRG
Energy,
Inc.
...................................................
39,488
4,327,095
PPL
Corp.
.........................................................
37,671
1,374,991
Southern
Co.
(The)
..................................................
20,489
1,882,734
13,116,995
Electronic
Equipment,
Instruments
&
Components
0.1%
a
Arrow
Electronics,
Inc.
...............................................
3,107
345,996
Avnet,
Inc.
........................................................
15,872
745,825
1,091,821
Entertainment
1.9%
Electronic
Arts,
Inc.
..................................................
40,408
5,862,797
a
Netflix,
Inc.
........................................................
6,818
7,716,067
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
U.S.
Core
Equity
(IU)
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
18
a
a
Shares
a
Value
a
Common
Stocks
(continued)
Entertainment
(continued)
a
Spotify
Technology
SA
................................................
7,805
$
4,792,114
18,370,978
Financial
Services
6.9%
a
Berkshire
Hathaway,
Inc.
,
B
............................................
53,711
28,641,391
Mastercard,
Inc.
,
A
..................................................
33,248
18,221,899
MGIC
Investment
Corp.
...............................................
46,531
1,159,087
a
PayPal
Holdings,
Inc.
................................................
162,167
10,677,075
Visa,
Inc.
,
A
........................................................
21,074
7,281,067
Western
Union
Co.
(The)
..............................................
65,051
644,656
66,625,175
Food
Products
0.2%
Ingredion,
Inc.
......................................................
13,187
1,751,497
Pilgrim's
Pride
Corp.
.................................................
7,882
430,200
2,181,697
Gas
Utilities
0.0%
†
UGI
Corp.
.........................................................
9,646
316,292
Ground
Transportation
0.7%
a
Lyft,
Inc.
,
A
........................................................
65,948
817,755
a
Uber
Technologies,
Inc.
...............................................
57,963
4,695,583
Union
Pacific
Corp.
..................................................
4,408
950,629
6,463,967
Health
Care
Equipment
&
Supplies
2.5%
Abbott
Laboratories
..................................................
74,295
9,714,071
a
Boston
Scientific
Corp.
...............................................
51,507
5,298,525
a
Hologic,
Inc.
.......................................................
46,917
2,730,570
Medtronic
plc
......................................................
74,649
6,327,249
24,070,415
Health
Care
Providers
&
Services
0.9%
McKesson
Corp.
....................................................
2,947
2,100,592
Premier,
Inc.
,
A
.....................................................
17,874
363,736
UnitedHealth
Group,
Inc.
..............................................
9,443
3,885,228
Universal
Health
Services,
Inc.
,
B
.......................................
12,103
2,143,078
8,492,634
Hotel
&
Resort
REITs
0.0%
†
Park
Hotels
&
Resorts,
Inc.
............................................
37,823
375,961
Hotels,
Restaurants
&
Leisure
1.8%
Booking
Holdings,
Inc.
...............................................
2,654
13,533,489
Boyd
Gaming
Corp.
.................................................
11,579
800,572
Expedia
Group,
Inc.
.................................................
17,441
2,737,016
17,071,077
Household
Products
2.0%
Colgate-Palmolive
Co.
...............................................
114,422
10,548,564
Kimberly-Clark
Corp.
.................................................
17,563
2,314,452
Procter
&
Gamble
Co.
(The)
...........................................
36,866
5,993,306
18,856,322
Independent
Power
and
Renewable
Electricity
Producers
0.7%
Vistra
Corp.
........................................................
50,798
6,584,945
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
U.S.
Core
Equity
(IU)
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
19
a
a
Shares
a
Value
a
Common
Stocks
(continued)
Industrial
Conglomerates
0.6%
3M
Co.
...........................................................
40,595
$
5,639,051
Industrial
REITs
0.2%
First
Industrial
Realty
Trust,
Inc.
........................................
20,973
997,895
Prologis,
Inc.
.......................................................
8,829
902,324
1,900,219
Insurance
1.2%
Aflac,
Inc.
.........................................................
5,615
610,238
Assured
Guaranty
Ltd.
...............................................
9,171
804,572
Axis
Capital
Holdings
Ltd.
.............................................
14,891
1,434,301
Hartford
Insurance
Group,
Inc.
(The)
.....................................
38,549
4,728,806
Old
Republic
International
Corp.
........................................
43,370
1,630,712
Unum
Group
.......................................................
31,974
2,483,101
11,691,730
Interactive
Media
&
Services
6.7%
Alphabet,
Inc.
,
A
....................................................
101,389
16,100,573
Alphabet,
Inc.
,
C
....................................................
100,425
16,157,378
Meta
Platforms,
Inc.
,
A
...............................................
57,988
31,835,412
64,093,363
IT
Services
1.0%
a
DXC
Technology
Co.
.................................................
33,045
512,859
a
GoDaddy,
Inc.
,
A
....................................................
26,979
5,080,955
a
VeriSign,
Inc.
......................................................
14,719
4,152,524
9,746,338
Leisure
Products
0.1%
a
Mattel,
Inc.
........................................................
62,169
987,865
a
Life
Sciences
Tools
&
Services
0.5%
a
Mettler-Toledo
International,
Inc.
........................................
4,199
4,495,323
a
Waters
Corp.
......................................................
1,531
532,375
5,027,698
Machinery
0.5%
Allison
Transmission
Holdings,
Inc.
......................................
15,980
1,473,995
Snap-on,
Inc.
......................................................
10,885
3,415,822
4,889,817
Media
1.0%
Comcast
Corp.
,
A
...................................................
217,380
7,434,396
Fox
Corp.
,
A
.......................................................
43,468
2,164,272
9,598,668
Metals
&
Mining
0.4%
Reliance,
Inc.
......................................................
9,943
2,865,871
Southern
Copper
Corp.
...............................................
13,464
1,205,297
4,071,168
Oil,
Gas
&
Consumable
Fuels
2.9%
Cheniere
Energy,
Inc.
................................................
41,320
9,549,465
EOG
Resources,
Inc.
................................................
85,283
9,409,274
Exxon
Mobil
Corp.
...................................................
51,938
5,486,211
Marathon
Petroleum
Corp.
............................................
6,666
915,975
Ovintiv,
Inc.
........................................................
51,290
1,722,318
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
U.S.
Core
Equity
(IU)
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
20
a
a
Shares
a
Value
a
Common
Stocks
(continued)
Oil,
Gas
&
Consumable
Fuels
(continued)
Valero
Energy
Corp.
.................................................
7,602
$
882,516
27,965,759
Passenger
Airlines
0.5%
a
United
Airlines
Holdings,
Inc.
...........................................
63,439
4,365,872
a
Personal
Care
Products
0.1%
a
BellRing
Brands,
Inc.
.................................................
16,789
1,295,103
a
Pharmaceuticals
2.5%
Bristol-Myers
Squibb
Co.
..............................................
203,069
10,194,064
Eli
Lilly
&
Co.
......................................................
9,846
8,851,062
a
Jazz
Pharmaceuticals
plc
.............................................
10,960
1,281,881
Johnson
&
Johnson
.................................................
23,557
3,682,195
Royalty
Pharma
plc
,
A
................................................
15,321
502,835
24,512,037
Professional
Services
0.2%
Genpact
Ltd.
.......................................................
33,637
1,690,596
Real
Estate
Management
&
Development
0.0%
†
a
Howard
Hughes
Holdings,
Inc.
.........................................
5,743
382,082
a
Retail
REITs
0.9%
Simon
Property
Group,
Inc.
............................................
53,485
8,417,469
Semiconductors
&
Semiconductor
Equipment
10.5%
Applied
Materials,
Inc.
................................................
48,999
7,384,639
Broadcom,
Inc.
.....................................................
65,990
12,701,096
a
Cirrus
Logic,
Inc.
....................................................
10,078
967,891
KLA
Corp.
.........................................................
9,670
6,795,012
Lam
Research
Corp.
.................................................
18,699
1,340,158
NVIDIA
Corp.
......................................................
547,636
59,648,513
QUALCOMM,
Inc.
...................................................
83,459
12,390,323
101,227,632
Software
10.9%
a
Adobe,
Inc.
........................................................
33,321
12,494,708
a
AppLovin
Corp.
,
A
...................................................
12,843
3,458,748
a
DocuSign,
Inc.
,
A
...................................................
38,829
3,174,271
a
Dropbox,
Inc.
,
A
....................................................
41,345
1,180,400
a
Fair
Isaac
Corp.
....................................................
4,419
8,792,396
a
Fortinet,
Inc.
.......................................................
100,062
10,382,433
Gen
Digital,
Inc.
....................................................
110,071
2,847,537
Intuit,
Inc.
.........................................................
5,406
3,392,103
Microsoft
Corp.
.....................................................
138,622
54,791,732
a
Palantir
Technologies,
Inc.
,
A
...........................................
2,570
304,391
a
RingCentral,
Inc.
,
A
..................................................
14,709
375,079
a
Teradata
Corp.
.....................................................
17,792
382,528
a
Zoom
Communications,
Inc.
,
A
.........................................
48,870
3,789,380
105,365,706
Specialized
REITs
0.6%
VICI
Properties,
Inc.
,
A
...............................................
171,297
5,484,930
Specialty
Retail
2.2%
a
AutoZone,
Inc.
.....................................................
356
1,339,486
Bath
&
Body
Works,
Inc.
..............................................
39,248
1,197,456
Best
Buy
Co.,
Inc.
...................................................
40,738
2,716,817
Gap,
Inc.
(The)
.....................................................
36,143
791,532
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited)
Franklin
U.S.
Core
Equity
(IU)
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
21
See
Abbreviations
on
page
26
.
a
a
Shares
a
Value
a
Common
Stocks
(continued)
Specialty
Retail
(continued)
Lowe's
Cos.,
Inc.
....................................................
47,819
$
10,690,416
TJX
Cos.,
Inc.
(The)
.................................................
8,400
1,080,912
Williams-Sonoma,
Inc.
...............................................
20,816
3,215,447
21,032,066
Technology
Hardware,
Storage
&
Peripherals
6.8%
Apple,
Inc.
........................................................
285,829
60,738,663
HP,
Inc.
...........................................................
190,267
4,865,127
65,603,790
Textiles,
Apparel
&
Luxury
Goods
0.3%
a
Crocs,
Inc.
........................................................
10,496
1,012,024
PVH
Corp.
........................................................
10,232
705,803
Tapestry,
Inc.
......................................................
22,455
1,586,446
3,304,273
Tobacco
1.2%
Altria
Group,
Inc.
....................................................
202,916
12,002,481
Trading
Companies
&
Distributors
0.4%
WW
Grainger,
Inc.
...................................................
3,332
3,413,001
Total
Common
Stocks
(Cost
$
673,734,262
)
.....................................
953,543,966
a
a
a
a
Short
Term
Investments
6.9%
a
Money
Market
Funds
6.9%
b,c
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.052
%
..................
66,882,096
66,882,096
Total
Money
Market
Funds
(Cost
$
66,882,096
)
..................................
66,882,096
Total
Short
Term
Investments
(Cost
$
66,882,096
)
................................
66,882,096
a
Total
Investments
(Cost
$
740,616,358
)
105.8
%
..................................
$1,020,426,062
Other
Assets,
less
Liabilities
(
5.8
)
%
...........................................
(56,348,727)
Net
Assets
100.0%
...........................................................
$964,077,335
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
See
Note
3
regarding
investments
in
affiliated
management
investment
companies.
c
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Fund
Allocator
Series
Notes
to
Schedules
of
Investments
(unaudited)
22
Quarterly
Schedules
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 eighteen
separate
funds, three
of
which
are
included
in
this
report
(Funds).
The Funds
follow the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
apply
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
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
Trust’s
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Funds'
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Funds'
administrator
in
performing
this
responsibility,
including
leading
the
cross-functional
Valuation
Committee
(VC).
The
Funds
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value. 
Equity
securities
and exchange
traded
funds listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price
of
the
day,
respectively.
Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m. Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities.
Investments
in
open-end
mutual
funds
are
valued
at
the
closing
NAV.
The
Funds
have procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the
Funds
primarily employ
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed. 
Trading
in
securities
on
foreign
securities
stock
exchanges
and
OTC
markets
may
be
completed
before
4
p.m.
Eastern
time.
In
addition,
trading
in
certain
foreign
markets
may
not
take
place
on
every
Funds’ business
day.
Events
can
occur
between
the
time
at
which
trading
in
a
foreign
security
is
completed
and
4
p.m.
Eastern
time
that
might
call
into
question
the
reliability
of
the
value
of
a
portfolio
security
held
by
the
Fund.
As
a
result,
differences
may
arise
between
the
value
of
the
Funds’
portfolio
securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time.
In
order
to
minimize
the
potential
for
these
differences,
an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the
Funds'
portfolio
securities
to
the
latest
indications
of
fair
value
at 4
p.m.
Eastern
time.
At
April
30,
2025,
certain
securities
may
have
been
fair
valued
using
these
procedures,
in
which
case
the
securities
were
categorized
as
Level
2
within
the
fair
value
hierarchy
(referred
to
as
"market
level
fair
value").
See
the
Fair
Value
Measurements
note
for
more
information.
Franklin
Fund
Allocator
Series
Notes
to
Schedules
of
Investments
(unaudited)
23
Quarterly
Schedules
of
Investments
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.
Investments
in
Affiliated
Management
Investment
Companies
Certain
or
all
Funds
invest
in
one
or
more
affiliated
management
investment
companies.
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
affiliated
fund’s
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Funds
do
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
During
the
period
ended
April
30,
2025,
investments
in
affiliated
management
investment
companies
were
as
follows: 
4. 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.)
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.052%
$1,306,790
$24,029,345
$(24,361,563)
$—
$—
$974,572
974,572
$38,936
Total
Affiliated
Securities
...
$1,306,790
$24,029,345
$(24,361,563)
$—
$—
$974,572
$38,936
Franklin
International
Core
Equity
(IU)
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.052%
$5,677,294
$124,065,938
$(105,757,209)
$—
$—
$23,986,023
23,986,023
$165,786
Total
Affiliated
Securities
...
$5,677,294
$124,065,938
$(105,757,209)
$—
$—
$23,986,023
$165,786
Franklin
U.S.
Core
Equity
(IU)
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.052%
$13,432,528
$115,954,564
$(62,504,996)
$—
$—
$66,882,096
66,882,096
$446,720
Total
Affiliated
Securities
...
$13,432,528
$115,954,564
$(62,504,996)
$—
$—
$66,882,096
$446,720
2. Financial
Instrument
Valuation
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Schedules
of
Investments
(unaudited)
24
Quarterly
Schedules
of
Investments
Level
3
–
significant
unobservable
inputs
(including
the
Funds'
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level. 
A
summary
of
inputs
used
as
of
April
30,
2025,
in
valuing
the
Funds’
assets
carried
at
fair
value,
is
as
follows:  
Level
1
Level
2
Level
3
Total
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
$
—
$
1,032,118
$
—
$
1,032,118
Air
Freight
&
Logistics
...................
—
362,617
—
362,617
Automobile
Components
.................
—
844,309
—
844,309
Automobiles
..........................
—
3,875,170
—
3,875,170
Banks
...............................
1,830,640
18,920,515
—
20,751,155
Beverages
...........................
809,253
1,937,699
—
2,746,952
Broadline
Retail
.......................
2,048,556
3,342,834
—
5,391,390
Capital
Markets
........................
597,360
1,528,040
—
2,125,400
Chemicals
...........................
—
4,204,969
—
a
4,204,969
Communications
Equipment
..............
—
176,605
—
176,605
Construction
&
Engineering
...............
—
214,570
—
214,570
Consumer
Finance
.....................
—
715,550
—
715,550
Consumer
Staples
Distribution
&
Retail
......
1,006,287
346,550
—
1,352,837
Diversified
Telecommunication
Services
.....
—
1,852,101
—
1,852,101
Electric
Utilities
........................
—
1,296,578
—
a
1,296,578
Electrical
Equipment
....................
499,483
3,155,178
—
3,654,661
Electronic
Equipment,
Instruments
&
Components
........................
—
3,076,247
—
3,076,247
Entertainment
.........................
—
1,468,852
—
1,468,852
Financial
Services
......................
—
1,438,082
—
1,438,082
Food
Products
........................
1,039,788
1,350,549
—
2,390,337
Gas
Utilities
..........................
—
261,170
—
261,170
Health
Care
Equipment
&
Supplies
.........
—
232,878
—
232,878
Health
Care
Providers
&
Services
..........
—
613,150
—
613,150
Hotels,
Restaurants
&
Leisure
.............
—
2,797,065
—
2,797,065
Household
Products
....................
158,126
—
—
158,126
Independent
Power
and
Renewable
Electricity
Producers
..........................
—
721,664
—
721,664
Insurance
............................
1,623,222
1,666,895
—
3,290,117
Interactive
Media
&
Services
..............
—
7,595,353
—
7,595,353
IT
Services
...........................
—
3,522,973
—
3,522,973
Life
Sciences
Tools
&
Services
............
—
420,451
—
420,451
Machinery
............................
—
458,097
—
458,097
Marine
Transportation
...................
—
566,262
—
566,262
Metals
&
Mining
.......................
982,937
3,495,104
—
a
4,478,041
Oil,
Gas
&
Consumable
Fuels
.............
586,768
6,549,274
—
7,136,042
Personal
Care
Products
.................
—
1,165,772
—
1,165,772
Pharmaceuticals
.......................
—
2,844,493
—
2,844,493
Real
Estate
Management
&
Development
....
—
2,427,687
—
2,427,687
Semiconductors
&
Semiconductor
Equipment
.
—
17,799,596
—
17,799,596
Specialty
Retail
........................
—
2,604,827
—
2,604,827
Technology
Hardware,
Storage
&
Peripherals
.
—
5,462,357
—
5,462,357
Textiles,
Apparel
&
Luxury
Goods
..........
—
1,123,542
—
1,123,542
Transportation
Infrastructure
..............
192,138
683,300
—
875,438
4. Fair
Value
Measurements
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Schedules
of
Investments
(unaudited)
25
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
(continued)
Common
Stocks:
(continued)
Wireless
Telecommunication
Services
.......
$
814,887
$
1,184,972
$
—
$
1,999,859
Preferred
Stocks
.........................
3,296,631
—
—
3,296,631
Short
Term
Investments
...................
974,572
—
—
974,572
Total
Investments
in
Securities
...........
$16,460,648
$115,336,015
b
$—
$131,796,663
Franklin
International
Core
Equity
(IU)
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
—
14,427,682
—
14,427,682
Air
Freight
&
Logistics
...................
—
1,654,519
—
1,654,519
Automobile
Components
.................
—
2,408,402
—
2,408,402
Automobiles
..........................
—
8,922,855
—
8,922,855
Banks
...............................
—
55,172,422
—
55,172,422
Beverages
...........................
—
4,049,367
—
4,049,367
Biotechnology
.........................
—
3,180,415
—
3,180,415
Broadline
Retail
.......................
—
5,188,473
—
5,188,473
Building
Products
......................
—
4,707,055
—
4,707,055
Capital
Markets
........................
—
16,585,656
—
16,585,656
Chemicals
...........................
—
10,381,844
—
10,381,844
Commercial
Services
&
Supplies
...........
—
1,203,437
—
1,203,437
Communications
Equipment
..............
—
1,520,360
—
1,520,360
Construction
&
Engineering
...............
—
3,403,043
—
3,403,043
Construction
Materials
..................
—
2,077,954
—
2,077,954
Consumer
Staples
Distribution
&
Retail
......
—
7,480,506
—
7,480,506
Diversified
Consumer
Services
............
—
588,587
—
588,587
Diversified
Telecommunication
Services
.....
—
12,126,974
—
12,126,974
Electric
Utilities
........................
—
7,577,801
—
7,577,801
Electrical
Equipment
....................
—
7,987,993
—
7,987,993
Electronic
Equipment,
Instruments
&
Components
........................
—
2,217,087
—
2,217,087
Entertainment
.........................
3,605,275
2,550,956
—
6,156,231
Financial
Services
......................
—
6,665,547
—
6,665,547
Food
Products
........................
—
18,019,263
—
18,019,263
Gas
Utilities
..........................
—
2,646,029
—
2,646,029
Health
Care
Equipment
&
Supplies
.........
—
7,474,677
—
7,474,677
Health
Care
Providers
&
Services
..........
—
827,796
—
827,796
Health
Care
Technology
.................
—
823,329
—
823,329
Hotels,
Restaurants
&
Leisure
.............
—
5,860,535
—
5,860,535
Household
Durables
....................
—
8,561,758
—
8,561,758
Independent
Power
and
Renewable
Electricity
Producers
..........................
—
562,551
—
562,551
Industrial
Conglomerates
................
—
7,743,074
—
7,743,074
Insurance
............................
—
22,906,191
—
22,906,191
Interactive
Media
&
Services
..............
—
2,166,192
—
2,166,192
IT
Services
...........................
—
2,977,614
—
2,977,614
Leisure
Products
.......................
—
851,437
—
851,437
Life
Sciences
Tools
&
Services
............
—
1,967,404
—
1,967,404
Machinery
............................
—
15,783,372
—
15,783,372
Marine
Transportation
...................
—
1,232,870
—
1,232,870
Media
...............................
—
1,131,325
—
1,131,325
Metals
&
Mining
.......................
—
8,862,080
—
8,862,080
Multi-Utilities
..........................
—
4,044,804
—
4,044,804
Oil,
Gas
&
Consumable
Fuels
.............
—
17,127,201
—
17,127,201
4. Fair
Value
Measurements
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Schedules
of
Investments
(unaudited)
26
Quarterly
Schedules
of
Investments
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the
period.
Abbreviations
Level
1
Level
2
Level
3
Total
Franklin
International
Core
Equity
(IU)
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
(continued)
Common
Stocks:
(continued)
Passenger
Airlines
.....................
$
—
$
1,128,613
$
—
$
1,128,613
Personal
Care
Products
.................
—
10,501,000
—
10,501,000
Pharmaceuticals
.......................
—
47,408,124
—
47,408,124
Professional
Services
...................
—
8,192,426
—
8,192,426
Real
Estate
Management
&
Development
....
—
5,082,576
—
5,082,576
Retail
REITs
..........................
—
1,862,223
—
1,862,223
Semiconductors
&
Semiconductor
Equipment
.
—
14,736,321
—
14,736,321
Software
.............................
4,604,832
16,682,369
—
21,287,201
Specialty
Retail
........................
—
4,038,930
—
4,038,930
Technology
Hardware,
Storage
&
Peripherals
.
—
1,455,419
—
1,455,419
Textiles,
Apparel
&
Luxury
Goods
..........
—
12,038,968
—
12,038,968
Tobacco
.............................
—
3,296,111
—
3,296,111
Trading
Companies
&
Distributors
..........
1,887,436
2,474,298
—
4,361,734
Transportation
Infrastructure
..............
—
2,549,842
—
2,549,842
Wireless
Telecommunication
Services
.......
—
3,469,308
—
3,469,308
Preferred
Stocks
.........................
—
2,536,894
—
2,536,894
Short
Term
Investments
...................
23,986,023
—
—
23,986,023
Total
Investments
in
Securities
...........
$34,083,566
$451,101,859
c
$—
$485,185,425
Franklin
U.S.
Core
Equity
(IU)
Fund
Assets:
Investments
in
Securities:
d
Common
Stocks
.........................
953,543,966
—
—
953,543,966
Short
Term
Investments
...................
66,882,096
—
—
66,882,096
Total
Investments
in
Securities
...........
$1,020,426,062
$—
$—
$1,020,426,062
a
The
Valuation
Committee
determined
that
based
on
their
analysis
of
the
market
and
access
to
market
participants,
the
Russian
financial
instruments
held
by
the
Fund
had
little
or
no
value
at
April
30,
2025.
b
Includes
foreign
securities
valued
at
$115,336,015,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
c
Includes
foreign
securities
valued
at
$451,101,859,
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.
d
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
Selected
Portfolio
ADR
American
Depositary
Receipt
GDR
Global
Depositary
Receipt
PJSC
Public
Joint
Stock
Company
REIT
Real
Estate
Investment
Trust
4. Fair
Value
Measurements
(continued)
For
additional
information
on
the
Funds'
significant
accounting
policies,
please
refer
to
the Funds'
most
recent
semiannual
or
annual
shareholder
report.