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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
23
Franklin
Fund
Allocator
Series
Schedule
of
Investments
(unaudited),
April
30,
2026
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
96.7%
Aerospace
&
Defense
0.3%
a
Hindustan
Aeronautics
Ltd.
,
Reg
S
......................
India
16,086
$
738,555
Air
Freight
&
Logistics
0.2%
a,b
JD
Logistics,
Inc.
,
144A
,
Reg
S
.........................
China
268,700
523,318
Automobile
Components
0.8%
Bosch
Ltd.
........................................
India
518
197,077
Huayu
Automotive
Systems
Co.
Ltd.
,
A
...................
China
290,800
794,060
Hyundai
Mobis
Co.
Ltd.
...............................
South
Korea
2,978
861,294
1,852,431
Automobiles
2.0%
Ford
Otomotiv
Sanayi
A/S
.............................
Turkiye
84,493
183,255
Geely
Automobile
Holdings
Ltd.
.........................
China
661,000
1,932,576
Great
Wall
Motor
Co.
Ltd.
,
H
...........................
China
158,000
233,999
Hero
MotoCorp
Ltd.
.................................
India
6,043
326,545
Kia
Corp.
.........................................
South
Korea
3,641
375,539
SAIC
Motor
Corp.
Ltd.
,
A
..............................
China
87,600
177,389
Tata
Motors
Passenger
Vehicles
Ltd.
.....................
India
270,538
978,194
TVS
Motor
Co.
Ltd.
..................................
India
4,761
176,309
4,383,806
Banks
12.0%
Al
Rajhi
Bank
......................................
Saudi
Arabia
156,609
2,871,259
Alinma
Bank
.......................................
Saudi
Arabia
32,749
212,772
AMMB
Holdings
Bhd.
................................
Malaysia
476,600
738,031
Banco
de
Chile
.....................................
Chile
1,092,279
204,761
Bank
of
Baroda
.....................................
India
61,028
170,270
Canara
Bank
.......................................
India
117,417
167,582
Capitec
Bank
Holdings
Ltd.
............................
South
Africa
769
199,673
China
CITIC
Bank
Corp.
Ltd.
,
H
.........................
China
1,131,000
1,186,080
China
Construction
Bank
Corp.
,
H
.......................
China
2,453,000
2,768,946
Commercial
International
Bank
-
Egypt
(CIB)
...............
Egypt
108,455
273,109
Credicorp
Ltd.
......................................
Peru
615
199,365
CTBC
Financial
Holding
Co.
Ltd.
........................
Taiwan
415,000
686,420
Dubai
Islamic
Bank
PJSC
.............................
United
Arab
Emirates
98,793
192,040
Emirates
NBD
Bank
PJSC
............................
United
Arab
Emirates
73,371
579,281
Grupo
Financiero
Banorte
SAB
de
CV
,
O
..................
Mexico
19,200
208,481
Hana
Financial
Group,
Inc.
............................
South
Korea
31,963
2,776,995
HDFC
Bank
Ltd.
....................................
India
103,438
846,027
ICICI
Bank
Ltd.
.....................................
India
33,375
447,837
Industrial
&
Commercial
Bank
of
China
Ltd.
,
H
..............
China
220,000
198,209
Kasikornbank
PCL
..................................
Thailand
97,500
580,259
KB
Financial
Group,
Inc.
..............................
South
Korea
16,698
1,828,518
Komercni
Banka
A/S
.................................
Czech
Republic
3,849
204,889
National
Bank
of
Kuwait
SAKP
.........................
Kuwait
64,752
181,095
Nedbank
Group
Ltd.
.................................
South
Africa
52,162
832,841
b
NU
Holdings
Ltd.
,
A
..................................
Brazil
11,845
171,516
OTP
Bank
Nyrt.
.....................................
Hungary
9,841
1,319,963
Qatar
National
Bank
QPSC
............................
Qatar
86,651
412,907
Riyad
Bank
........................................
Saudi
Arabia
268,342
1,484,628
Shinhan
Financial
Group
Co.
Ltd.
.......................
South
Korea
40,852
2,774,208
Turkiye
Is
Bankasi
A/S
,
C
.............................
Turkiye
1,188,668
377,369
Union
Bank
of
India
Ltd.
..............................
India
296,245
521,048
Woori
Financial
Group,
Inc.
............................
South
Korea
10,416
237,528
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)
Banks
(continued)
b
Yapi
ve
Kredi
Bankasi
A/S
.............................
Turkiye
231,210
$
189,547
26,043,454
Beverages
0.2%
a
Nongfu
Spring
Co.
Ltd.
,
H
,
144A
,
Reg
S
..................
China
36,000
217,716
Wuliangye
Yibin
Co.
Ltd.
,
A
............................
China
17,100
243,259
460,975
Biotechnology
0.4%
a
3SBio,
Inc.
,
144A
,
Reg
S
..............................
China
184,500
551,865
a,b
Innovent
Biologics,
Inc.
,
144A
,
Reg
S
....................
China
20,000
233,549
785,414
Broadline
Retail
3.2%
Alibaba
Group
Holding
Ltd.
............................
China
331,700
5,466,752
Falabella
SA
.......................................
Chile
29,651
179,591
JD.com,
Inc.
,
A
.....................................
China
15,000
227,252
b
PDD
Holdings,
Inc.
,
ADR
..............................
China
3,500
349,580
Vipshop
Holdings
Ltd.
,
ADR
...........................
China
58,041
835,210
7,058,385
Capital
Markets
1.5%
BSE
Ltd.
..........................................
India
6,947
268,324
CSC
Financial
Co.
Ltd.
,
A
.............................
China
55,900
188,971
a
HDFC
Asset
Management
Co.
Ltd.
,
144A
,
Reg
S
...........
India
15,659
449,306
Hithink
RoyalFlush
Information
Network
Co.
Ltd.
,
A
..........
China
33,740
1,167,580
Huatai
Securities
Co.
Ltd.
,
A
...........................
China
82,500
232,394
Korea
Investment
Holdings
Co.
Ltd.
.....................
South
Korea
3,329
547,033
SooChow
Securities
Co.
Ltd.
,
A
.........................
China
150,700
177,915
XP,
Inc.
,
A
.........................................
Brazil
10,973
210,243
3,241,766
Chemicals
1.6%
Asian
Paints
Ltd.
....................................
India
30,205
783,773
a,b,c
PhosAgro
PJSC
,
GDR
,
Reg
S
..........................
Russia
32,310
—
Pidilite
Industries
Ltd.
................................
India
12,845
186,990
SABIC
Agri-Nutrients
Co.
.............................
Saudi
Arabia
21,035
817,945
Solar
Industries
India
Ltd.
.............................
India
1,384
226,078
UPL
Ltd.
..........................................
India
87,614
596,096
Yunnan
Yuntianhua
Co.
Ltd.
,
A
.........................
China
148,300
788,145
3,399,027
Construction
&
Engineering
0.3%
Larsen
&
Toubro
Ltd.
.................................
India
13,200
560,734
Construction
Materials
0.1%
Cemex
SAB
de
CV
..................................
Mexico
197,100
242,024
Consumer
Finance
0.4%
Muthoot
Finance
Ltd.
................................
India
23,492
851,251
Consumer
Staples
Distribution
&
Retail
1.0%
Bid
Corp.
Ltd.
......................................
South
Africa
10,353
253,338
Cencosud
SA
......................................
Chile
60,511
152,991
Clicks
Group
Ltd.
...................................
South
Africa
11,482
182,283
a,b
JD
Health
International,
Inc.
,
144A
,
Reg
S
.................
China
49,700
293,722
President
Chain
Store
Corp.
...........................
Taiwan
30,000
212,051
Raia
Drogasil
SA
....................................
Brazil
45,800
202,926
Shoprite
Holdings
Ltd.
................................
South
Africa
12,925
217,849
Sumber
Alfaria
Trijaya
Tbk.
PT
.........................
Indonesia
3,111,000
238,081
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)
Consumer
Staples
Distribution
&
Retail
(continued)
Wal-Mart
de
Mexico
SAB
de
CV
........................
Mexico
146,100
$
460,585
2,213,826
Diversified
Consumer
Services
1.0%
New
Oriental
Education
&
Technology
Group,
Inc.
...........
China
383,700
2,093,660
Diversified
REITs
0.1%
Fibra
Uno
Administracion
SA
de
CV
.....................
Mexico
124,400
213,570
Diversified
Telecommunication
Services
0.6%
b
Indus
Towers
Ltd.
...................................
India
43,039
186,564
LG
Uplus
Corp.
.....................................
South
Korea
47,592
510,316
Ooredoo
QPSC
.....................................
Qatar
173,672
653,476
1,350,356
Electric
Utilities
1.4%
CPFL
Energia
SA
...................................
Brazil
42,600
420,941
b,c
Inter
RAO
UES
PJSC
................................
Russia
8,656,700
—
Korea
Electric
Power
Corp.
............................
South
Korea
56,454
1,691,468
b,c
Malco
Energy
Ltd.
...................................
India
332,022
423,363
b
PGE
Polska
Grupa
Energetyczna
SA
....................
Poland
195,339
573,924
3,109,696
Electrical
Equipment
3.1%
Bizlink
Holding,
Inc.
..................................
Taiwan
10,000
897,932
Contemporary
Amperex
Technology
Co.
Ltd.
,
H
.............
China
3,200
252,915
GE
Vernova
T&D
India
Ltd.
............................
India
57,897
2,724,364
Havells
India
Ltd.
...................................
India
37,782
494,818
HD
Hyundai
Electric
Co.
Ltd.
...........................
South
Korea
2,536
2,180,754
Sungrow
Power
Supply
Co.
Ltd.
,
A
......................
China
10,400
211,494
6,762,277
Electronic
Equipment,
Instruments
&
Components
3.4%
Delta
Electronics,
Inc.
................................
Taiwan
89,000
6,241,167
Hon
Hai
Precision
Industry
Co.
Ltd.
......................
Taiwan
167,000
1,179,858
7,421,025
Energy
Equipment
&
Services
0.1%
China
Oilfield
Services
Ltd.
,
H
..........................
China
166,000
200,434
Entertainment
1.6%
37
Interactive
Entertainment
Network
Technology
Group
Co.
Ltd.
,
A
..............................................
China
298,100
941,854
International
Games
System
Co.
Ltd.
....................
Taiwan
9,000
213,922
NetEase,
Inc.
......................................
China
97,200
2,275,373
3,431,149
Financial
Services
0.2%
Bajaj
Holdings
&
Investment
Ltd.
........................
India
1,912
207,923
Remgro
Ltd.
.......................................
South
Africa
18,114
213,165
421,088
Food
Products
1.7%
Britannia
Industries
Ltd.
...............................
India
21,058
1,270,396
Charoen
Pokphand
Foods
PCL
.........................
Thailand
624,500
369,748
Gruma
SAB
de
CV
,
B
................................
Mexico
27,380
475,171
Nestle
Malaysia
Bhd.
................................
Malaysia
32,600
889,800
Sigma
Foods
SAB
de
CV
,
A
............................
Mexico
212,500
201,326
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)
Food
Products
(continued)
Want
Want
China
Holdings
Ltd.
.........................
China
913,000
$
515,220
3,721,661
Gas
Utilities
0.3%
ENN
Energy
Holdings
Ltd.
.............................
China
24,700
193,631
ENN
Natural
Gas
Co.
Ltd.
,
A
...........................
China
67,800
201,009
Kunlun
Energy
Co.
Ltd.
...............................
China
340,000
327,198
721,838
Health
Care
Equipment
&
Supplies
0.1%
Shenzhen
Mindray
Bio-Medical
Electronics
Co.
Ltd.
,
A
........
China
9,000
222,703
Health
Care
Providers
&
Services
0.1%
Apollo
Hospitals
Enterprise
Ltd.
.........................
India
3,219
259,840
Hotels,
Restaurants
&
Leisure
0.5%
Allwyn
AG
.........................................
Greece
12,072
172,401
Yum
China
Holdings,
Inc.
.............................
China
19,950
976,219
1,148,620
Household
Durables
0.2%
Gree
Electric
Appliances,
Inc.
of
Zhuhai
,
A
.................
China
31,313
183,813
Midea
Group
Co.
Ltd.
,
A
..............................
China
17,700
210,484
394,297
Household
Products
0.1%
Kimberly-Clark
de
Mexico
SAB
de
CV
,
A
..................
Mexico
87,300
197,404
Independent
Power
and
Renewable
Electricity
Producers
1.1%
b
Adani
Power
Ltd.
...................................
India
421,154
990,998
Huadian
Power
International
Corp.
Ltd.
,
A
.................
China
277,900
203,180
NTPC
Ltd.
.........................................
India
121,391
512,572
Shanghai
Electric
Power
Co.
Ltd.
,
A
.....................
China
66,300
164,934
b,c
Talwandi
Sabo
Power
Ltd.
.............................
India
332,022
423,363
2,295,047
Industrial
Conglomerates
0.1%
Bidvest
Group
Ltd.
..................................
South
Africa
13,270
186,478
Insurance
2.6%
Caixa
Seguridade
Participacoes
SA
.....................
Brazil
60,100
219,558
China
Life
Insurance
Co.
Ltd.
,
H
........................
China
246,000
907,507
China
Pacific
Insurance
Group
Co.
Ltd.
,
A
.................
China
31,700
173,473
Co.
for
Cooperative
Insurance
(The)
.....................
Saudi
Arabia
6,059
210,907
DB
Insurance
Co.
Ltd.
................................
South
Korea
1,841
209,494
OUTsurance
Group
Ltd.
..............................
South
Africa
163,822
696,004
People's
Insurance
Co.
Group
of
China
Ltd.
(The)
,
H
.........
China
435,000
297,634
PICC
Property
&
Casualty
Co.
Ltd.
,
H
....................
China
1,440,000
2,601,162
Ping
An
Insurance
Group
Co.
of
China
Ltd.
,
A
..............
China
22,300
194,423
Powszechny
Zaklad
Ubezpieczen
SA
....................
Poland
10,414
183,212
5,693,374
Interactive
Media
&
Services
3.7%
a
Kuaishou
Technology
,
144A
,
Reg
S
......................
China
26,500
147,521
Tencent
Holdings
Ltd.
................................
China
129,600
7,870,902
8,018,423
IT
Services
1.2%
HCL
Technologies
Ltd.
...............................
India
12,898
164,049
Infosys
Ltd.
........................................
India
38,151
480,287
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)
IT
Services
(continued)
Tata
Consultancy
Services
Ltd.
.........................
India
74,130
$
1,945,343
2,589,679
Life
Sciences
Tools
&
Services
0.1%
WuXi
AppTec
Co.
Ltd.
,
A
..............................
China
17,700
286,768
Machinery
1.0%
HD
Korea
Shipbuilding
&
Offshore
Engineering
Co.
Ltd.
......
South
Korea
757
237,038
Sinotruk
Hong
Kong
Ltd.
..............................
China
129,000
633,430
b
Tata
Motors
Ltd.
....................................
India
196,124
856,924
Yutong
Bus
Co.
Ltd.
,
A
...............................
China
92,000
476,717
2,204,109
Marine
Transportation
0.2%
COSCO
SHIPPING
Holdings
Co.
Ltd.
,
H
..................
China
274,500
504,666
Metals
&
Mining
3.5%
Aluminum
Corp.
of
China
Ltd.
,
H
........................
China
708,000
1,036,907
Anglogold
Ashanti
plc
................................
Australia
3,840
356,848
China
Gold
International
Resources
Corp.
Ltd.
.............
China
17,900
384,498
China
Hongqiao
Group
Ltd.
............................
China
263,500
1,115,409
CMOC
Group
Ltd.
,
A
.................................
China
105,600
291,258
b,c
GMK
Norilskiy
Nickel
PAO
.............................
Russia
316,400
—
Harmony
Gold
Mining
Co.
Ltd.
.........................
South
Africa
60,787
958,254
Hindalco
Industries
Ltd.
...............................
India
69,056
758,690
NMDC
Ltd.
........................................
India
649,686
621,857
b,c
Novolipetsk
Steel
PJSC
..............................
Russia
347,890
—
b,c
Severstal
PAO
.....................................
Russia
48,409
—
Vale
SA
...........................................
Brazil
13,300
218,041
b,c
Vedanta
Aluminium
Metal
Ltd.
..........................
India
332,022
423,363
b,c
Vedanta
Iron
and
Steel
Ltd.
............................
India
332,022
423,363
Vedanta
Ltd.
.......................................
India
332,022
953,494
7,541,982
Oil,
Gas
&
Consumable
Fuels
4.3%
Coal
India
Ltd.
.....................................
India
250,843
1,275,796
HD
Hyundai
Co.
Ltd.
.................................
South
Korea
8,071
1,713,601
Hindustan
Petroleum
Corp.
Ltd.
.........................
India
33,967
134,641
ORLEN
SA
........................................
Poland
82,536
3,033,410
PetroChina
Co.
Ltd.
,
A
................................
China
1,453,300
2,600,645
Reliance
Industries
Ltd.
...............................
India
11,051
167,604
United
Tractors
Tbk.
PT
..............................
Indonesia
289,100
485,174
9,410,871
Passenger
Airlines
0.8%
Eva
Airways
Corp.
...................................
Taiwan
818,000
866,309
a
InterGlobe
Aviation
Ltd.
,
144A
,
Reg
S
....................
India
17,901
817,543
1,683,852
Personal
Care
Products
0.2%
Colgate-Palmolive
India
Ltd.
...........................
India
22,446
497,285
Pharmaceuticals
1.7%
CSPC
Pharmaceutical
Group
Ltd.
.......................
China
1,001,600
1,091,320
Jiangsu
Hengrui
Pharmaceuticals
Co.
Ltd.
,
A
...............
China
25,000
198,013
Lupin
Ltd.
.........................................
India
33,635
822,144
Sino
Biopharmaceutical
Ltd.
...........................
China
1,603,000
1,115,790
Sun
Pharmaceutical
Industries
Ltd.
......................
India
19,846
380,166
3,607,433
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)
Real
Estate
Management
&
Development
1.9%
Emaar
Development
PJSC
............................
United
Arab
Emirates
585,901
$
2,325,675
Emaar
Properties
PJSC
..............................
United
Arab
Emirates
533,592
1,718,166
4,043,841
Semiconductors
&
Semiconductor
Equipment
22.5%
Global
Unichip
Corp.
.................................
Taiwan
3,000
414,788
MediaTek,
Inc.
.....................................
Taiwan
67,000
5,593,270
Novatek
Microelectronics
Corp.
.........................
Taiwan
17,000
220,811
Realtek
Semiconductor
Corp.
..........................
Taiwan
62,000
1,058,490
Rockchip
Electronics
Co.
Ltd.
,
A
........................
China
7,400
199,737
SK
Hynix,
Inc.
......................................
South
Korea
9,999
8,916,795
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
.............
Taiwan
468,000
32,489,435
48,893,326
Software
0.3%
360
Security
Technology,
Inc.
,
A
........................
China
114,000
187,200
TOTVS
SA
........................................
Brazil
63,700
409,847
597,047
Specialty
Retail
0.6%
China
Tourism
Group
Duty
Free
Corp.
Ltd.
,
A
..............
China
14,600
140,791
Chow
Tai
Fook
Jewellery
Group
Ltd.
.....................
China
116,600
159,840
Jarir
Marketing
Co.
..................................
Saudi
Arabia
82,091
329,415
Petronas
Dagangan
Bhd.
.............................
Malaysia
79,000
401,415
Vibra
Energia
SA
....................................
Brazil
41,500
279,080
1,310,541
Technology
Hardware,
Storage
&
Peripherals
9.2%
Asia
Vital
Components
Co.
Ltd.
.........................
Taiwan
24,000
2,197,279
Lite-On
Technology
Corp.
.............................
Taiwan
247,000
1,324,385
Samsung
Electronics
Co.
Ltd.
..........................
South
Korea
110,373
16,620,815
20,142,479
Textiles,
Apparel
&
Luxury
Goods
0.2%
Li
Ning
Co.
Ltd.
.....................................
China
177,500
462,116
Transportation
Infrastructure
1.1%
Grupo
Aeroportuario
del
Centro
Norte
SAB
de
CV
,
B
.........
Mexico
14,500
192,434
International
Container
Terminal
Services,
Inc.
..............
Philippines
191,270
2,209,056
2,401,490
Wireless
Telecommunication
Services
1.9%
Bharti
Airtel
Ltd.
....................................
India
13,361
267,086
Etihad
Etisalat
Co.
..................................
Saudi
Arabia
100,677
1,748,035
Mobile
Telecommunications
Co.
KSCP
...................
Kuwait
114,669
212,557
MTN
Group
Ltd.
....................................
South
Africa
81,167
1,018,394
TIM
SA
...........................................
Brazil
173,300
901,182
4,147,254
Total
Common
Stocks
(Cost
$
138,097,356
)
...................................
210,542,645
Preferred
Stocks
3.2%
Banks
3.2%
d
Banco
Bradesco
SA
,
7
.8
%
............................
Brazil
606,300
2,365,547
d
Grupo
Cibest
SA
,
7
.22
%
..............................
Colombia
11,737
201,483
d
Itau
Unibanco
Holding
SA
,
4
.2
%
........................
Brazil
352,754
3,076,749
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
28
.
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Preferred
Stocks
(continued)
Banks
(continued)
d
Itausa
SA
,
5
.46
%
...................................
Brazil
525,143
$
1,476,229
7,120,008
Total
Preferred
Stocks
(Cost
$
4,616,307
)
.....................................
7,120,008
Total
Long
Term
Investments
(Cost
$
142,713,663
)
.............................
217,662,653
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
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.593
%
.........................................
United
States
1,535,425
1,535,425
Total
Money
Market
Funds
(Cost
$
1,535,425
)
.................................
1,535,425
Total
Short
Term
Investments
(Cost
$
1,535,425
)
...............................
1,535,425
a
Total
Investments
(Cost
$
144,249,088
)
100.6
%
................................
$219,198,078
Other
Assets,
less
Liabilities
(
0.6
)
%
.........................................
(1,425,327)
Net
Assets
100.0%
.........................................................
$217,772,751
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,
2026,
the
aggregate
value
of
these
securities
was
$3,973,095,
representing
1.8%
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,
2026
Franklin
International
Core
Equity
(IU)
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
9
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
98.6%
Aerospace
&
Defense
3.5%
Airbus
SE
.........................................
France
2,453
$
505,709
BAE
Systems
plc
...................................
United
Kingdom
10,561
293,739
Dassault
Aviation
SA
.................................
France
1,738
607,775
Elbit
Systems
Ltd.
...................................
Israel
481
400,167
Kongsberg
Gruppen
ASA
.............................
Norway
8,667
290,001
Leonardo
SpA
......................................
Italy
31,819
1,986,962
Rolls-Royce
Holdings
plc
.............................
United
Kingdom
24,283
390,751
Safran
SA
.........................................
France
13,610
4,370,345
Singapore
Technologies
Engineering
Ltd.
.................
Singapore
43,000
364,403
Thales
SA
.........................................
France
8,090
2,222,626
11,432,478
Air
Freight
&
Logistics
1.3%
Deutsche
Post
AG
...................................
Germany
72,252
4,278,348
Automobile
Components
1.5%
Aisin
Corp.
........................................
Japan
23,100
366,306
a
Continental
AG
.....................................
Germany
36,339
2,749,523
Sumitomo
Electric
Industries
Ltd.
.......................
Japan
25,400
1,672,190
4,788,019
Automobiles
1.0%
Ferrari
NV
.........................................
Italy
772
267,151
Isuzu
Motors
Ltd.
...................................
Japan
20,151
277,651
Mercedes-Benz
Group
AG
............................
Germany
18,669
1,088,219
Subaru
Corp.
......................................
Japan
20,252
301,658
Suzuki
Motor
Corp.
..................................
Japan
78,600
879,018
Toyota
Motor
Corp.
..................................
Japan
17,482
335,574
3,149,271
Banks
14.9%
AIB
Group
plc
......................................
Ireland
59,842
689,772
Banco
Bilbao
Vizcaya
Argentaria
SA
.....................
Spain
114,396
2,526,139
Banco
de
Sabadell
SA
...............................
Spain
91,930
356,413
Banco
Santander
SA
.................................
Spain
29,628
361,531
Bank
Hapoalim
BM
..................................
Israel
13,303
356,920
Barclays
plc
.......................................
United
Kingdom
353,867
2,080,001
BNP
Paribas
SA
....................................
France
47,044
4,940,632
CaixaBank
SA
......................................
Spain
320,634
4,081,143
Commerzbank
AG
...................................
Germany
8,764
362,250
Commonwealth
Bank
of
Australia
.......................
Australia
2,583
325,346
Danske
Bank
A/S
...................................
Denmark
7,276
374,048
Erste
Group
Bank
AG
................................
Austria
5,759
636,347
FinecoBank
Banca
Fineco
SpA
.........................
Italy
14,040
348,552
HSBC
Holdings
plc
..................................
United
Kingdom
429,966
7,911,300
ING
Groep
NV
.....................................
Netherlands
158,512
4,587,558
Intesa
Sanpaolo
SpA
.................................
Italy
137,288
932,767
Mitsubishi
UFJ
Financial
Group,
Inc.
.....................
Japan
344,150
6,181,912
NatWest
Group
plc
..................................
United
Kingdom
460,188
3,670,403
Societe
Generale
SA
.................................
France
45,369
3,652,207
Sumitomo
Mitsui
Financial
Group,
Inc.
....................
Japan
9,300
328,374
UniCredit
SpA
......................................
Italy
54,249
4,192,492
48,896,107
Beverages
0.6%
Coca-Cola
HBC
AG
.................................
Italy
32,077
1,871,018
Biotechnology
0.1%
a
Argenx
SE
........................................
Netherlands
456
357,608
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
0.6%
Next
plc
..........................................
United
Kingdom
2,000
$
352,977
Ryohin
Keikaku
Co.
Ltd.
..............................
Japan
15,300
353,487
a
Sea
Ltd.
,
ADR
......................................
Singapore
3,995
339,096
Wesfarmers
Ltd.
....................................
Australia
19,945
1,059,525
2,105,085
Building
Products
0.7%
Cie
de
Saint-Gobain
SA
..............................
France
22,271
2,040,466
Geberit
AG
........................................
Switzerland
475
320,987
2,361,453
Capital
Markets
3.5%
3i
Group
plc
.......................................
United
Kingdom
10,459
363,741
Deutsche
Bank
AG
..................................
Germany
112,725
3,502,257
Hong
Kong
Exchanges
&
Clearing
Ltd.
...................
Hong
Kong
6,300
335,555
Nomura
Holdings,
Inc.
................................
Japan
38,800
310,781
Singapore
Exchange
Ltd.
.............................
Singapore
208,144
3,559,002
UBS
Group
AG
.....................................
Switzerland
75,330
3,333,488
11,404,824
Chemicals
1.0%
Asahi
Kasei
Corp.
...................................
Japan
31,800
312,907
BASF
SE
.........................................
Germany
6,168
395,595
EMS-Chemie
Holding
AG
.............................
Switzerland
408
347,789
Mitsubishi
Chemical
Group
Corp.
.......................
Japan
49,400
289,605
Nitto
Denko
Corp.
...................................
Japan
104,541
1,988,398
3,334,294
Commercial
Services
&
Supplies
0.1%
Brambles
Ltd.
......................................
Australia
21,820
355,502
Communications
Equipment
1.3%
Nokia
OYJ
........................................
Finland
54,874
697,260
Telefonaktiebolaget
LM
Ericsson
,
B
......................
Sweden
307,235
3,665,006
4,362,266
Construction
&
Engineering
0.2%
ACS
Actividades
de
Construccion
y
Servicios
SA
............
Spain
2,839
409,199
Skanska
AB
,
B
.....................................
Sweden
12,573
339,563
748,762
Construction
Materials
1.4%
Heidelberg
Materials
AG
..............................
Germany
4,557
1,005,471
Holcim
AG
........................................
United
States
38,242
3,553,693
4,559,164
Consumer
Staples
Distribution
&
Retail
2.1%
Coles
Group
Ltd.
....................................
Australia
218,638
3,484,651
Koninklijke
Ahold
Delhaize
NV
..........................
Netherlands
62,609
2,940,712
Tesco
plc
.........................................
United
Kingdom
52,627
345,207
6,770,570
Diversified
Consumer
Services
0.1%
Pearson
plc
.......................................
United
Kingdom
23,351
344,590
Diversified
REITs
0.8%
Stockland
.........................................
Australia
904,100
2,651,452
Diversified
Telecommunication
Services
2.6%
Deutsche
Telekom
AG
................................
Germany
111,763
3,610,017
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)
Diversified
Telecommunication
Services
(continued)
a
Telecom
Italia
SpA
..................................
Italy
376,141
$
347,307
Telenor
ASA
.......................................
Norway
19,555
321,882
Telia
Co.
AB
.......................................
Sweden
259,049
1,354,061
Telstra
Group
Ltd.
...................................
Australia
783,051
3,007,326
8,640,593
Electric
Utilities
2.9%
Endesa
SA
........................................
Spain
9,993
447,903
Enel
SpA
.........................................
Italy
400,540
4,676,583
Iberdrola
SA
.......................................
Spain
189,126
4,433,913
9,558,399
Electrical
Equipment
4.8%
ABB
Ltd.
..........................................
Switzerland
58,251
5,891,491
Fuji
Electric
Co.
Ltd.
.................................
Japan
4,800
403,415
Fujikura
Ltd.
.......................................
Japan
120,700
4,656,968
Mitsubishi
Electric
Corp.
..............................
Japan
99,885
4,008,484
a
Nidec
Corp.
.......................................
Japan
24,200
372,771
Schneider
Electric
SE
................................
United
States
1,295
412,081
15,745,210
Electronic
Equipment,
Instruments
&
Components
0.1%
Yokogawa
Electric
Corp.
..............................
Japan
10,347
360,259
Entertainment
0.1%
Nintendo
Co.
Ltd.
...................................
Japan
4,727
231,240
Financial
Services
0.6%
Groupe
Bruxelles
Lambert
NV
..........................
Belgium
3,600
336,298
Industrivarden
AB
,
A
.................................
Sweden
22,034
1,170,573
ORIX
Corp.
........................................
Japan
18,000
605,817
2,112,688
Food
Products
2.9%
Ajinomoto
Co.,
Inc.
..................................
Japan
122,400
3,933,988
Danone
SA
........................................
France
4,184
327,808
Nestle
SA
.........................................
United
States
35,449
3,588,844
b
WH
Group
Ltd.
,
144A
,
Reg
S
..........................
Hong
Kong
1,446,192
1,757,772
9,608,412
Gas
Utilities
0.9%
Tokyo
Gas
Co.
Ltd.
..................................
Japan
70,945
3,013,025
Health
Care
Equipment
&
Supplies
1.8%
Fisher
&
Paykel
Healthcare
Corp.
Ltd.
....................
New
Zealand
60,442
1,302,542
Hoya
Corp.
........................................
Japan
22,759
4,250,102
Sonova
Holding
AG
..................................
Switzerland
1,371
300,534
5,853,178
Health
Care
Technology
0.1%
Pro
Medicus
Ltd.
....................................
Australia
3,516
345,087
Hotels,
Restaurants
&
Leisure
0.8%
Aristocrat
Leisure
Ltd.
................................
Australia
73,478
2,528,047
Household
Durables
1.5%
Sony
Group
Corp.
...................................
Japan
241,800
4,844,543
Independent
Power
and
Renewable
Electricity
Producers
0.1%
RWE
AG
..........................................
Germany
5,833
424,716
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
1.1%
Hitachi
Ltd.
........................................
Japan
65,907
$
2,095,734
Jardine
Matheson
Holdings
Ltd.
........................
Indonesia
4,400
299,958
Siemens
AG
.......................................
Germany
3,965
1,178,244
3,573,936
Insurance
4.9%
Aegon
Ltd.
........................................
United
States
66,376
550,032
AIA
Group
Ltd.
.....................................
Hong
Kong
435,946
4,786,151
Allianz
SE
.........................................
Germany
806
368,126
AXA
SA
...........................................
France
91,411
4,406,494
Insurance
Australia
Group
Ltd.
.........................
Australia
66,977
364,228
Medibank
Pvt
Ltd.
...................................
Australia
194,884
662,670
Muenchener
Rueckversicherungs-Gesellschaft
AG
in
Muenchen
Germany
2,758
1,649,759
QBE
Insurance
Group
Ltd.
............................
Australia
178,703
2,894,609
Suncorp
Group
Ltd.
..................................
Australia
29,243
363,911
16,045,980
IT
Services
1.2%
Fujitsu
Ltd.
........................................
Japan
110,500
2,217,884
NEC
Corp.
........................................
Japan
67,020
1,782,733
4,000,617
Leisure
Products
0.9%
Bandai
Namco
Holdings,
Inc.
..........................
Japan
124,600
2,860,231
Machinery
4.3%
Atlas
Copco
AB
,
A
...................................
Sweden
100,762
1,936,408
Daimler
Truck
Holding
AG
.............................
Germany
7,168
361,539
Ebara
Corp.
.......................................
Japan
10,400
355,762
FANUC
Corp.
......................................
Japan
8,700
384,306
GEA
Group
AG
.....................................
Germany
4,620
315,923
Knorr-Bremse
AG
...................................
Germany
2,690
313,743
a
Kongsberg
Maritime
A/S
..............................
Norway
8,667
56,803
Makita
Corp.
.......................................
Japan
9,771
362,827
Mitsubishi
Heavy
Industries
Ltd.
........................
Japan
11,200
334,274
Schindler
Holding
AG
................................
Switzerland
3,044
1,064,239
SMC
Corp.
........................................
Japan
900
442,568
Techtronic
Industries
Co.
Ltd.
..........................
Hong
Kong
143,000
2,073,457
Volvo
AB
,
B
........................................
Sweden
10,578
368,715
Wartsila
OYJ
Abp
...................................
Finland
78,339
3,290,019
Yangzijiang
Shipbuilding
Holdings
Ltd.
....................
China
739,500
2,522,039
14,182,622
Marine
Transportation
0.3%
Kuehne
+
Nagel
International
AG
.......................
Switzerland
1,703
399,978
SITC
International
Holdings
Co.
Ltd.
.....................
China
142,000
594,550
994,528
Metals
&
Mining
2.7%
BHP
Group
Ltd.
....................................
Australia
11,475
454,173
Boliden
AB
........................................
Sweden
5,675
298,309
Endeavour
Mining
plc
................................
Ivory
Coast
5,531
333,833
Evolution
Mining
Ltd.
.................................
Australia
41,339
365,484
Fortescue
Ltd.
......................................
Australia
25,188
363,036
Fresnillo
plc
.......................................
Mexico
26,102
1,152,580
Glencore
plc
.......................................
Australia
568,826
4,420,824
JX
Advanced
Metals
Corp.
............................
Japan
41,800
1,296,818
8,685,057
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)
Multi-Utilities
0.9%
Centrica
plc
.......................................
United
Kingdom
716,762
$
2,095,017
E.ON
SE
..........................................
Germany
41,177
912,904
3,007,921
Oil,
Gas
&
Consumable
Fuels
3.8%
BP
plc
............................................
United
States
54,661
432,687
ENEOS
Holdings,
Inc.
................................
Japan
47,200
396,408
Idemitsu
Kosan
Co.
Ltd.
..............................
Japan
37,669
322,309
Neste
OYJ
........................................
Finland
46,516
1,606,791
Repsol
SA
.........................................
Spain
13,632
366,171
Shell
plc
..........................................
United
States
150,601
6,847,347
TotalEnergies
SE
...................................
France
25,969
2,414,431
12,386,144
Passenger
Airlines
1.2%
International
Consolidated
Airlines
Group
SA
...............
United
Kingdom
664,412
3,351,768
Japan
Airlines
Co.
Ltd.
...............................
Japan
19,700
309,799
Qantas
Airways
Ltd.
.................................
Australia
56,349
344,540
4,006,107
Personal
Care
Products
1.5%
L'Oreal
SA
........................................
France
6,870
2,958,835
Unilever
plc
........................................
United
Kingdom
31,306
1,825,614
4,784,449
Pharmaceuticals
8.7%
AstraZeneca
plc
....................................
United
Kingdom
20,127
3,818,542
Chugai
Pharmaceutical
Co.
Ltd.
........................
Japan
66,600
3,551,738
GSK
plc
..........................................
United
Kingdom
167,717
4,397,116
Ipsen
SA
..........................................
France
5,596
1,099,065
Novartis
AG
.......................................
United
States
46,889
6,929,710
Novo
Nordisk
A/S
,
B
.................................
Denmark
22,465
955,570
Orion
OYJ
,
B
......................................
Finland
4,698
379,544
Roche
Holding
AG
..................................
United
States
13,633
5,555,448
Sanofi
SA
.........................................
United
States
8,420
787,914
a
UCB
SA
..........................................
Belgium
3,769
1,026,266
28,500,913
Professional
Services
2.0%
Computershare
Ltd.
.................................
Australia
16,412
360,558
Recruit
Holdings
Co.
Ltd.
.............................
Japan
50,153
2,323,336
SGS
SA
..........................................
Switzerland
2,919
316,274
Wolters
Kluwer
NV
..................................
Netherlands
44,326
3,459,444
6,459,612
Real
Estate
Management
&
Development
1.1%
CK
Asset
Holdings
Ltd.
...............................
Hong
Kong
58,288
367,171
Mitsui
Fudosan
Co.
Ltd.
..............................
Japan
280,200
3,068,759
3,435,930
Retail
REITs
0.1%
Scentre
Group
.....................................
Australia
135,842
365,033
Semiconductors
&
Semiconductor
Equipment
4.6%
Advantest
Corp.
....................................
Japan
6,200
1,157,655
ASML
Holding
NV
...................................
Netherlands
5,057
7,310,127
a
Kioxia
Holdings
Corp.
................................
Japan
2,500
604,897
Lasertec
Corp.
.....................................
Japan
1,500
414,568
SCREEN
Holdings
Co.
Ltd.
............................
Japan
5,600
371,286
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)
Semiconductors
&
Semiconductor
Equipment
(continued)
Tokyo
Electron
Ltd.
..................................
Japan
17,738
$
5,227,084
15,085,617
Software
1.3%
a
Check
Point
Software
Technologies
Ltd.
..................
Israel
2,970
334,036
Sage
Group
plc
(The)
................................
United
Kingdom
101,029
1,204,937
SAP
SE
..........................................
Germany
13,605
2,284,187
a
Xero
Ltd.
..........................................
New
Zealand
6,066
356,245
4,179,405
Specialty
Retail
0.3%
H
&
M
Hennes
&
Mauritz
AB
,
B
.........................
Sweden
40,658
729,717
Industria
de
Diseno
Textil
SA
...........................
Spain
5,353
320,381
1,050,098
Technology
Hardware,
Storage
&
Peripherals
0.3%
Canon,
Inc.
........................................
Japan
11,400
293,283
Logitech
International
SA
.............................
Switzerland
5,725
565,129
858,412
Textiles,
Apparel
&
Luxury
Goods
0.9%
adidas
AG
.........................................
Germany
2,113
365,671
Asics
Corp.
........................................
Japan
41,717
1,184,664
LVMH
Moet
Hennessy
Louis
Vuitton
SE
..................
France
879
469,570
Pandora
A/S
.......................................
Denmark
11,311
860,756
2,880,661
Tobacco
0.6%
Imperial
Brands
plc
..................................
United
Kingdom
47,887
1,819,355
Trading
Companies
&
Distributors
1.4%
AerCap
Holdings
NV
.................................
Ireland
3,273
465,453
ITOCHU
Corp.
.....................................
Japan
25,100
311,067
Marubeni
Corp.
.....................................
Japan
8,600
334,722
Mitsubishi
Corp.
....................................
Japan
11,100
355,496
MonotaRO
Co.
Ltd.
..................................
Japan
23,300
277,053
Rexel
SA
.........................................
France
53,842
2,277,155
Sunbelt
Rentals
Holdings,
Inc.
..........................
United
States
4,868
365,899
Toyota
Tsusho
Corp.
.................................
Japan
8,500
333,674
4,720,519
Transportation
Infrastructure
0.1%
b
Aena
SME
SA
,
144A
,
Reg
S
...........................
Spain
10,999
300,412
Wireless
Telecommunication
Services
0.5%
Tele2
AB
,
B
........................................
Sweden
21,664
444,531
Vodafone
Group
plc
.................................
United
Kingdom
652,539
1,038,285
1,482,816
Total
Common
Stocks
(Cost
$
239,125,131
)
...................................
322,702,583
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
28
.
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Preferred
Stocks
0.1%
Automobiles
0.1%
c
Bayerische
Motoren
Werke
AG
,
5
.56
%
...................
Germany
3,659
$
333,885
Total
Preferred
Stocks
(Cost
$
336,160
)
.......................................
333,885
Total
Long
Term
Investments
(Cost
$
239,461,291
)
.............................
323,036,468
a
Short
Term
Investments
2.5%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
2.5%
d,e
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.593
%
.........................................
United
States
8,144,107
8,144,107
Total
Money
Market
Funds
(Cost
$
8,144,107
)
.................................
8,144,107
Total
Short
Term
Investments
(Cost
$
8,144,107
)
...............................
8,144,107
a
Total
Investments
(Cost
$
247,605,398
)
101.2
%
................................
$331,180,575
Other
Assets,
less
Liabilities
(
1.2
)
%
.........................................
(3,970,269)
Net
Assets
100.0%
.........................................................
$327,210,306
a
a
a
a
Non-income
producing.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
April
30,
2026,
the
aggregate
value
of
these
securities
was
$2,058,184,
representing
0.6%
of
net
assets.
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,
2026
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
99.6%
Aerospace
&
Defense
1.7%
General
Dynamics
Corp.
..............................................
3,267
$
1,124,828
General
Electric
Co.
.................................................
55,114
15,979,202
Lockheed
Martin
Corp.
...............................................
2,450
1,269,027
Northrop
Grumman
Corp.
.............................................
1,961
1,136,360
19,509,417
Air
Freight
&
Logistics
1.4%
Expeditors
International
of
Washington,
Inc.
...............................
7,756
1,147,035
FedEx
Corp.
.......................................................
34,368
13,860,958
United
Parcel
Service,
Inc.
,
B
..........................................
11,887
1,293,305
16,301,298
Automobiles
2.0%
Ford
Motor
Co.
.....................................................
96,529
1,166,070
General
Motors
Co.
..................................................
149,909
11,526,503
a
Tesla,
Inc.
.........................................................
28,173
10,751,662
23,444,235
Banks
3.5%
Bank
of
America
Corp.
...............................................
21,329
1,140,248
Citigroup,
Inc.
......................................................
126,263
16,159,139
First
Horizon
Corp.
..................................................
47,291
1,180,383
JPMorgan
Chase
&
Co.
...............................................
16,776
5,254,747
KeyCorp
..........................................................
54,246
1,199,379
a
NU
Holdings
Ltd.
,
A
..................................................
71,634
1,037,260
PNC
Financial
Services
Group,
Inc.
(The)
.................................
5,319
1,186,137
Wells
Fargo
&
Co.
...................................................
176,756
14,534,646
41,691,939
Beverages
1.2%
a
Boston
Beer
Co.,
Inc.
(The)
,
A
..........................................
4,541
1,076,399
Coca-Cola
Consolidated,
Inc.
..........................................
5,661
1,160,901
a
Monster
Beverage
Corp.
..............................................
14,161
1,091,388
PepsiCo,
Inc.
......................................................
68,009
10,778,747
14,107,435
Biotechnology
2.4%
a
BioMarin
Pharmaceutical,
Inc.
..........................................
21,081
1,136,477
a
Exelixis,
Inc.
.......................................................
27,848
1,238,122
Gilead
Sciences,
Inc.
................................................
99,372
13,001,832
a
Incyte
Corp.
.......................................................
11,815
1,125,615
a
Neurocrine
Biosciences,
Inc.
...........................................
9,030
1,188,980
Regeneron
Pharmaceuticals,
Inc.
.......................................
13,279
9,389,050
a
Vertex
Pharmaceuticals,
Inc.
...........................................
2,582
1,103,495
28,183,571
Broadline
Retail
4.5%
a
Amazon.com,
Inc.
...................................................
196,927
52,197,471
eBay,
Inc.
.........................................................
12,895
1,334,374
53,531,845
Building
Products
0.2%
Johnson
Controls
International
plc
.......................................
8,380
1,223,731
Trane
Technologies
plc
...............................................
2,611
1,286,022
2,509,753
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)
Capital
Markets
2.4%
Ameriprise
Financial,
Inc.
.............................................
2,489
$
1,181,752
Bank
of
New
York
Mellon
Corp.
(The)
....................................
9,066
1,218,198
Blackstone,
Inc.
....................................................
8,670
1,088,779
Charles
Schwab
Corp.
(The)
...........................................
11,305
1,035,990
Evercore,
Inc.
,
A
....................................................
3,803
1,221,866
Goldman
Sachs
Group,
Inc.
(The)
.......................................
1,717
1,586,113
Houlihan
Lokey,
Inc.
,
A
...............................................
7,963
1,232,274
Janus
Henderson
Group
plc
...........................................
138,432
7,144,476
Jefferies
Financial
Group,
Inc.
..........................................
26,691
1,287,040
KKR
&
Co.,
Inc.
.....................................................
12,309
1,284,321
Lazard,
Inc.
,
A
......................................................
25,917
1,256,975
Moody's
Corp.
......................................................
2,329
1,075,649
Morgan
Stanley
.....................................................
6,346
1,209,484
MSCI,
Inc.
,
A
.......................................................
2,050
1,212,390
a
Robinhood
Markets,
Inc.
,
A
............................................
16,061
1,170,686
SEI
Investments
Co.
.................................................
34,529
3,131,090
State
Street
Corp.
...................................................
8,729
1,334,140
28,671,223
Chemicals
1.3%
Corteva,
Inc.
.......................................................
15,468
1,253,063
Linde
plc
..........................................................
2,504
1,254,855
RPM
International,
Inc.
...............................................
11,524
1,174,180
Sherwin-Williams
Co.
(The)
............................................
35,151
11,304,913
14,987,011
Commercial
Services
&
Supplies
0.1%
Veralto
Corp.
.......................................................
12,266
1,081,861
Communications
Equipment
1.5%
a
Arista
Networks,
Inc.
.................................................
86,013
14,855,305
Cisco
Systems,
Inc.
.................................................
13,966
1,277,889
Ubiquiti,
Inc.
.......................................................
2,067
2,091,825
18,225,019
Construction
&
Engineering
0.2%
EMCOR
Group,
Inc.
.................................................
1,710
1,524,755
Valmont
Industries,
Inc.
...............................................
2,719
1,381,361
2,906,116
Consumer
Finance
0.3%
American
Express
Co.
...............................................
3,320
1,072,526
Capital
One
Financial
Corp.
...........................................
6,084
1,163,869
OneMain
Holdings,
Inc.
...............................................
21,662
1,273,076
3,509,471
Consumer
Staples
Distribution
&
Retail
1.4%
Costco
Wholesale
Corp.
..............................................
3,345
3,393,603
Kroger
Co.
(The)
....................................................
16,948
1,153,650
Target
Corp.
.......................................................
79,265
10,284,634
Walmart,
Inc.
......................................................
8,839
1,166,129
15,998,016
Diversified
Telecommunication
Services
1.6%
AT&T,
Inc.
.........................................................
312,602
8,168,290
Comcast
Corp.
,
A
...................................................
370,586
10,020,646
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)
Diversified
Telecommunication
Services
(continued)
Verizon
Communications,
Inc.
..........................................
22,632
$
1,087,015
19,275,951
Electric
Utilities
1.9%
American
Electric
Power
Co.,
Inc.
.......................................
9,529
1,306,521
Edison
International
.................................................
111,835
7,771,414
NRG
Energy,
Inc.
...................................................
7,627
1,186,609
PG&E
Corp.
.......................................................
657,831
10,933,151
Southern
Co.
(The)
..................................................
12,760
1,233,892
22,431,587
Electrical
Equipment
1.6%
GE
Vernova,
Inc.
....................................................
17,163
18,595,424
Energy
Equipment
&
Services
0.3%
Baker
Hughes
Co.
,
A
.................................................
18,463
1,286,317
Halliburton
Co.
.....................................................
29,634
1,253,518
TechnipFMC
plc
....................................................
15,656
1,183,124
3,722,959
Entertainment
1.8%
Electronic
Arts,
Inc.
..................................................
5,764
1,166,461
a
Netflix,
Inc.
........................................................
191,080
17,886,999
a
Spotify
Technology
SA
................................................
2,314
1,033,317
a
Warner
Bros
Discovery,
Inc.
...........................................
40,888
1,106,020
21,192,797
Financial
Services
3.3%
a
Berkshire
Hathaway,
Inc.
,
B
............................................
13,367
6,330,611
Mastercard,
Inc.
,
A
..................................................
37,336
18,777,021
MGIC
Investment
Corp.
...............................................
402,576
10,660,213
PayPal
Holdings,
Inc.
................................................
24,631
1,234,998
a
Toast,
Inc.
,
A
.......................................................
41,478
1,182,953
Visa,
Inc.
,
A
........................................................
3,529
1,164,005
39,349,801
Food
Products
0.3%
Archer-Daniels-Midland
Co.
...........................................
15,273
1,138,450
Pilgrim's
Pride
Corp.
.................................................
28,392
939,775
Smithfield
Foods,
Inc.
................................................
38,887
1,021,950
3,100,175
Gas
Utilities
0.1%
National
Fuel
Gas
Co.
................................................
13,998
1,181,151
Ground
Transportation
0.1%
a
Uber
Technologies,
Inc.
...............................................
13,544
1,010,518
a
Health
Care
Equipment
&
Supplies
0.7%
Abbott
Laboratories
..................................................
12,906
1,171,736
a
Dexcom,
Inc.
.......................................................
18,500
1,101,675
a
IDEXX
Laboratories,
Inc.
..............................................
1,879
1,053,743
a
Insulet
Corp.
.......................................................
5,509
948,319
a
Intuitive
Surgical,
Inc.
................................................
6,310
2,887,519
Stryker
Corp.
......................................................
3,373
1,062,934
8,225,926
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)
Health
Care
Providers
&
Services
2.3%
a
Centene
Corp.
.....................................................
31,660
$
1,699,825
CVS
Health
Corp.
...................................................
14,411
1,200,292
Elevance
Health,
Inc.
................................................
3,104
1,168,408
HCA
Healthcare,
Inc.
.................................................
2,717
1,180,401
UnitedHealth
Group,
Inc.
..............................................
55,943
20,725,762
Universal
Health
Services,
Inc.
,
B
.......................................
5,737
965,365
26,940,053
Health
Care
Technology
0.1%
a
Veeva
Systems,
Inc.
,
A
...............................................
7,374
1,150,123
a
Hotel
&
Resort
REITs
0.2%
Host
Hotels
&
Resorts,
Inc.
............................................
83,860
1,771,962
Hotels,
Restaurants
&
Leisure
2.5%
a
Airbnb,
Inc.
,
A
......................................................
93,917
13,182,190
Booking
Holdings,
Inc.
...............................................
76,168
12,823,645
a
Chipotle
Mexican
Grill,
Inc.
,
A
..........................................
32,709
1,111,779
Expedia
Group,
Inc.
.................................................
4,894
1,215,523
Las
Vegas
Sands
Corp.
...............................................
19,630
1,071,994
29,405,131
Household
Durables
0.1%
Toll
Brothers,
Inc.
...................................................
7,835
1,113,667
Household
Products
0.3%
Clorox
Co.
(The)
....................................................
10,090
973,080
Colgate-Palmolive
Co.
...............................................
12,366
1,055,562
Procter
&
Gamble
Co.
(The)
...........................................
7,850
1,154,656
3,183,298
Independent
Power
and
Renewable
Electricity
Producers
0.2%
a
Talen
Energy
Corp.
..................................................
3,611
1,344,809
Vistra
Corp.
........................................................
7,587
1,197,532
2,542,341
Industrial
Conglomerates
0.7%
3M
Co.
...........................................................
45,425
6,655,671
Honeywell
International,
Inc.
...........................................
5,083
1,089,439
7,745,110
Insurance
1.5%
Aflac,
Inc.
.........................................................
10,165
1,155,455
Allstate
Corp.
(The)
..................................................
5,406
1,174,507
American
International
Group,
Inc.
......................................
14,022
1,048,846
Everest
Group
Ltd.
..................................................
3,414
1,217,979
Hanover
Insurance
Group,
Inc.
(The)
.....................................
6,682
1,254,144
Hartford
Insurance
Group,
Inc.
(The)
.....................................
8,385
1,147,152
Progressive
Corp.
(The)
..............................................
5,708
1,148,906
Travelers
Cos.,
Inc.
(The)
.............................................
28,770
8,778,878
Unum
Group
.......................................................
14,544
1,169,047
18,094,914
Interactive
Media
&
Services
9.4%
Alphabet,
Inc.
,
A
....................................................
90,682
34,894,434
Alphabet,
Inc.
,
C
....................................................
104,149
39,778,669
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)
Interactive
Media
&
Services
(continued)
Meta
Platforms,
Inc.
,
A
...............................................
58,887
$
36,033,544
110,706,647
IT
Services
0.2%
Accenture
plc
,
A
....................................................
5,634
1,006,852
VeriSign,
Inc.
......................................................
4,747
1,275,329
2,282,181
Machinery
2.2%
Caterpillar,
Inc.
.....................................................
24,020
21,380,442
Cummins,
Inc.
......................................................
2,265
1,519,838
Lincoln
Electric
Holdings,
Inc.
..........................................
4,280
1,134,200
Otis
Worldwide
Corp.
................................................
13,317
1,037,128
Toro
Co.
(The)
.....................................................
12,994
1,236,639
26,308,247
Media
0.1%
Fox
Corp.
,
B
.......................................................
21,304
1,214,754
Metals
&
Mining
1.1%
Freeport-McMoRan,
Inc.
..............................................
19,490
1,126,132
Newmont
Corp.
.....................................................
107,136
11,901,738
13,027,870
Multi-Utilities
0.7%
Consolidated
Edison,
Inc.
.............................................
11,203
1,249,022
Public
Service
Enterprise
Group,
Inc.
....................................
90,163
7,362,711
8,611,733
Oil,
Gas
&
Consumable
Fuels
2.4%
a
Antero
Resources
Corp.
..............................................
34,170
1,341,514
Cheniere
Energy,
Inc.
................................................
6,236
1,714,588
Chevron
Corp.
.....................................................
62,817
12,143,154
ConocoPhillips
.....................................................
8,514
1,070,891
Exxon
Mobil
Corp.
...................................................
55,518
8,568,093
Phillips
66
.........................................................
6,971
1,248,855
Valero
Energy
Corp.
.................................................
6,694
1,690,771
27,777,866
Passenger
Airlines
0.1%
Southwest
Airlines
Co.
...............................................
25,993
985,655
Pharmaceuticals
3.9%
Bristol-Myers
Squibb
Co.
..............................................
93,901
5,689,462
Eli
Lilly
&
Co.
......................................................
25,908
24,213,617
Johnson
&
Johnson
.................................................
54,858
12,609,111
Merck
&
Co.,
Inc.
...................................................
23,128
2,525,115
Pfizer,
Inc.
.........................................................
44,027
1,175,521
46,212,826
Professional
Services
0.2%
Automatic
Data
Processing,
Inc.
........................................
5,985
1,268,461
Leidos
Holdings,
Inc.
.................................................
6,504
970,527
2,238,988
Real
Estate
Management
&
Development
1.1%
a
CBRE
Group,
Inc.
,
A
.................................................
7,474
1,066,764
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
a
a
Shares
a
Value
a
Common
Stocks
(continued)
Real
Estate
Management
&
Development
(continued)
a
Jones
Lang
LaSalle,
Inc.
..............................................
35,456
$
11,279,617
12,346,381
Residential
REITs
0.2%
Essex
Property
Trust,
Inc.
.............................................
4,535
1,193,658
Mid-America
Apartment
Communities,
Inc.
................................
8,713
1,125,545
2,319,203
Retail
REITs
0.1%
Simon
Property
Group,
Inc.
............................................
6,266
1,276,447
Semiconductors
&
Semiconductor
Equipment
16.0%
Applied
Materials,
Inc.
................................................
45,503
17,950,479
Broadcom,
Inc.
.....................................................
56,169
23,446,626
KLA
Corp.
.........................................................
4,778
8,363,172
Lam
Research
Corp.
.................................................
18,297
4,718,064
Micron
Technology,
Inc.
...............................................
21,176
10,951,380
NVIDIA
Corp.
......................................................
528,247
105,422,254
QUALCOMM,
Inc.
...................................................
92,723
16,651,196
Teradyne,
Inc.
......................................................
3,553
1,220,349
188,723,520
Software
7.1%
a
Adobe,
Inc.
........................................................
49,642
12,216,896
a
Autodesk,
Inc.
......................................................
4,716
1,117,692
a
Fortinet,
Inc.
.......................................................
13,383
1,128,321
Intuit,
Inc.
.........................................................
2,674
1,038,849
Microsoft
Corp.
.....................................................
142,943
58,289,297
a
Nutanix,
Inc.
,
A
.....................................................
38,895
1,590,417
a
Palantir
Technologies,
Inc.
,
A
...........................................
51,032
7,099,061
a
ServiceNow,
Inc.
....................................................
10,943
966,376
83,446,909
Specialized
REITs
0.4%
American
Tower
Corp.
................................................
6,364
1,162,767
Equinix,
Inc.
.......................................................
1,235
1,337,295
SBA
Communications
Corp.
,
A
.........................................
5,276
1,167,051
VICI
Properties,
Inc.
,
A
...............................................
41,686
1,217,231
4,884,344
Specialty
Retail
0.9%
a
AutoZone,
Inc.
.....................................................
346
1,281,594
Home
Depot,
Inc.
(The)
...............................................
3,432
1,128,442
Lowe's
Cos.,
Inc.
....................................................
16,255
3,881,531
Ross
Stores,
Inc.
...................................................
6,073
1,383,369
TJX
Cos.,
Inc.
(The)
.................................................
16,569
2,597,191
10,272,127
Technology
Hardware,
Storage
&
Peripherals
7.6%
Apple,
Inc.
........................................................
326,348
88,554,530
NetApp,
Inc.
.......................................................
11,448
1,268,095
89,822,625
Textiles,
Apparel
&
Luxury
Goods
0.1%
a
Deckers
Outdoor
Corp.
...............................................
9,184
938,605
a
Tobacco
1.6%
Altria
Group,
Inc.
....................................................
195,704
14,217,895
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.
22
See
Abbreviations
on
page
28
.
a
a
Shares
a
Value
a
Common
Stocks
(continued)
Tobacco
(continued)
Philip
Morris
International,
Inc.
.........................................
30,099
$
4,968,442
19,186,337
Trading
Companies
&
Distributors
0.4%
Applied
Industrial
Technologies,
Inc.
.....................................
4,158
1,271,309
Fastenal
Co.
.......................................................
27,404
1,231,262
Ferguson
Enterprises,
Inc.
............................................
4,845
1,297,055
WW
Grainger,
Inc.
...................................................
1,124
1,305,357
5,104,983
Wireless
Telecommunication
Services
0.1%
T-Mobile
US,
Inc.
...................................................
5,644
1,103,402
Total
Common
Stocks
(Cost
$
747,918,190
)
.....................................
1,173,482,748
a
a
a
a
Short
Term
Investments
0.8%
a
Money
Market
Funds
0.8%
b,c
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.593
%
.............
9,371,024
9,371,024
Total
Money
Market
Funds
(Cost
$
9,371,024
)
...................................
9,371,024
Total
Short
Term
Investments
(Cost
$
9,371,024
)
.................................
9,371,024
a
Total
Investments
(Cost
$
757,289,214
)
100.4
%
..................................
$1,182,853,772
Other
Assets,
less
Liabilities
(
0.4
)
%
...........................................
(4,276,528)
Net
Assets
100.0%
...........................................................
$1,178,577,244
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
23
Quarterly
Schedules
of
Investments
Notes
to
Schedules
of
Investments
(unaudited)
1.
Organization
Franklin
Fund
Allocator
Series (Trust)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company,
consisting
of eighteen
separate
funds, 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
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,
2026,
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)
24
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,
2026,
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
    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
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.593%
............
$1,968,230
$62,764,288
$(63,197,093)
$—
$—
$1,535,425
1,535,425
$49,210
Total
Affiliated
Securities
...
$1,968,230
$62,764,288
$(63,197,093)
$—
$—
$1,535,425
$49,210
Franklin
International
Core
Equity
(IU)
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.593%
............
$11,251,179
$35,369,572
$(38,476,644)
$—
$—
$8,144,107
8,144,107
$90,658
Total
Affiliated
Securities
...
$11,251,179
$35,369,572
$(38,476,644)
$—
$—
$8,144,107
$90,658
Franklin
U.S.
Core
Equity
(IU)
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.593%
............
$6,286,619
$34,117,245
$(31,032,840)
$—
$—
$9,371,024
9,371,024
$267,466
Total
Affiliated
Securities
...
$6,286,619
$34,117,245
$(31,032,840)
$—
$—
$9,371,024
$267,466
2. Financial
Instrument
Valuation
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Schedules
of
Investments
(unaudited)
25
Quarterly
Schedules
of
Investments
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
–
significant
unobservable
inputs
(including
the
Funds'
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level. 
A
summary
of
inputs
used
as
of
April
30,
2026,
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:
a
Common
Stocks
:
Aerospace
&
Defense
...................
$
—
$
738,555
$
—
$
738,555
Air
Freight
&
Logistics
...................
—
523,318
—
523,318
Automobile
Components
.................
794,060
1,058,371
—
1,852,431
Automobiles
..........................
2,349,830
2,033,976
—
4,383,806
Banks
...............................
5,356,926
20,686,528
—
26,043,454
Beverages
...........................
—
460,975
—
460,975
Biotechnology
.........................
—
785,414
—
785,414
Broadline
Retail
.......................
1,364,381
5,694,004
—
7,058,385
Capital
Markets
........................
210,243
3,031,523
—
3,241,766
Chemicals
...........................
—
3,399,027
—
b
3,399,027
Construction
&
Engineering
...............
—
560,734
—
560,734
Construction
Materials
..................
242,024
—
—
242,024
Consumer
Finance
.....................
—
851,251
—
851,251
Consumer
Staples
Distribution
&
Retail
......
1,287,689
926,137
—
2,213,826
Diversified
Consumer
Services
............
—
2,093,660
—
2,093,660
Diversified
REITs
......................
213,570
—
—
213,570
Diversified
Telecommunication
Services
.....
653,476
696,880
—
1,350,356
Electric
Utilities
........................
994,865
1,691,468
423,363
b
3,109,696
Electrical
Equipment
....................
2,724,364
4,037,913
—
6,762,277
Electronic
Equipment,
Instruments
&
Components
........................
—
7,421,025
—
7,421,025
Energy
Equipment
&
Services
.............
—
200,434
—
200,434
Entertainment
.........................
—
3,431,149
—
3,431,149
Financial
Services
......................
—
421,088
—
421,088
Food
Products
........................
3,721,661
—
—
3,721,661
Gas
Utilities
..........................
201,009
520,829
—
721,838
Health
Care
Equipment
&
Supplies
.........
—
222,703
—
222,703
Health
Care
Providers
&
Services
..........
—
259,840
—
259,840
Hotels,
Restaurants
&
Leisure
.............
—
1,148,620
—
1,148,620
Household
Durables
....................
—
394,297
—
394,297
Household
Products
....................
197,404
—
—
197,404
Independent
Power
and
Renewable
Electricity
Producers
..........................
164,934
1,706,750
423,363
2,295,047
Industrial
Conglomerates
................
—
186,478
—
186,478
Insurance
............................
915,562
4,777,812
—
5,693,374
Interactive
Media
&
Services
..............
—
8,018,423
—
8,018,423
IT
Services
...........................
—
2,589,679
—
2,589,679
Life
Sciences
Tools
&
Services
............
—
286,768
—
286,768
Machinery
............................
1,110,147
1,093,962
—
2,204,109
Marine
Transportation
...................
504,666
—
—
504,666
Metals
&
Mining
.......................
218,041
6,477,215
846,726
b
7,541,982
Oil,
Gas
&
Consumable
Fuels
.............
485,174
8,925,697
—
9,410,871
4. Fair
Value
Measurements
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Schedules
of
Investments
(unaudited)
26
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Emerging
Market
Core
Equity
(IU)
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
a
(continued)
Common
Stocks:
(continued)
Passenger
Airlines
.....................
$
—
$
1,683,852
$
—
$
1,683,852
Personal
Care
Products
.................
—
497,285
—
497,285
Pharmaceuticals
.......................
—
3,607,433
—
3,607,433
Real
Estate
Management
&
Development
....
2,325,675
1,718,166
—
4,043,841
Semiconductors
&
Semiconductor
Equipment
.
—
48,893,326
—
48,893,326
Software
.............................
409,847
187,200
—
597,047
Specialty
Retail
........................
1,009,910
300,631
—
1,310,541
Technology
Hardware,
Storage
&
Peripherals
.
—
20,142,479
—
20,142,479
Textiles,
Apparel
&
Luxury
Goods
..........
—
462,116
—
462,116
Transportation
Infrastructure
..............
2,401,490
—
—
2,401,490
Wireless
Telecommunication
Services
.......
2,132,133
2,015,121
—
4,147,254
Preferred
Stocks
.........................
7,120,008
—
—
7,120,008
Short
Term
Investments
...................
1,535,425
—
—
1,535,425
Total
Investments
in
Securities
...........
$40,644,514
$176,860,112
c
$1,693,452
$219,198,078
Franklin
International
Core
Equity
(IU)
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
:
Aerospace
&
Defense
...................
290,001
11,142,477
—
11,432,478
Air
Freight
&
Logistics
...................
—
4,278,348
—
4,278,348
Automobile
Components
.................
—
4,788,019
—
4,788,019
Automobiles
..........................
—
3,149,271
—
3,149,271
Banks
...............................
—
48,896,107
—
48,896,107
Beverages
...........................
—
1,871,018
—
1,871,018
Biotechnology
.........................
—
357,608
—
357,608
Broadline
Retail
.......................
692,583
1,412,502
—
2,105,085
Building
Products
......................
—
2,361,453
—
2,361,453
Capital
Markets
........................
—
11,404,824
—
11,404,824
Chemicals
...........................
—
3,334,294
—
3,334,294
Commercial
Services
&
Supplies
...........
355,502
—
—
355,502
Communications
Equipment
..............
—
4,362,266
—
4,362,266
Construction
&
Engineering
...............
—
748,762
—
748,762
Construction
Materials
..................
—
4,559,164
—
4,559,164
Consumer
Staples
Distribution
&
Retail
......
3,285,919
3,484,651
—
6,770,570
Diversified
Consumer
Services
............
—
344,590
—
344,590
Diversified
REITs
......................
—
2,651,452
—
2,651,452
Diversified
Telecommunication
Services
.....
1,675,943
6,964,650
—
8,640,593
Electric
Utilities
........................
447,903
9,110,496
—
9,558,399
Electrical
Equipment
....................
—
15,745,210
—
15,745,210
Electronic
Equipment,
Instruments
&
Components
........................
—
360,259
—
360,259
Entertainment
.........................
—
231,240
—
231,240
Financial
Services
......................
—
2,112,688
—
2,112,688
Food
Products
........................
1,757,772
7,850,640
—
9,608,412
Gas
Utilities
..........................
—
3,013,025
—
3,013,025
Health
Care
Equipment
&
Supplies
.........
—
5,853,178
—
5,853,178
Health
Care
Technology
.................
—
345,087
—
345,087
Hotels,
Restaurants
&
Leisure
.............
—
2,528,047
—
2,528,047
Household
Durables
....................
—
4,844,543
—
4,844,543
Independent
Power
and
Renewable
Electricity
Producers
..........................
—
424,716
—
424,716
Industrial
Conglomerates
................
—
3,573,936
—
3,573,936
Insurance
............................
—
16,045,980
—
16,045,980
4. Fair
Value
Measurements
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Schedules
of
Investments
(unaudited)
27
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.
Level
1
Level
2
Level
3
Total
Franklin
International
Core
Equity
(IU)
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
a
(continued)
Common
Stocks:
(continued)
IT
Services
...........................
$
—
$
4,000,617
$
—
$
4,000,617
Leisure
Products
.......................
—
2,860,231
—
2,860,231
Machinery
............................
56,803
14,125,819
—
14,182,622
Marine
Transportation
...................
—
994,528
—
994,528
Metals
&
Mining
.......................
—
8,685,057
—
8,685,057
Multi-Utilities
..........................
3,007,921
—
—
3,007,921
Oil,
Gas
&
Consumable
Fuels
.............
—
12,386,144
—
12,386,144
Passenger
Airlines
.....................
—
4,006,107
—
4,006,107
Personal
Care
Products
.................
—
4,784,449
—
4,784,449
Pharmaceuticals
.......................
—
28,500,913
—
28,500,913
Professional
Services
...................
—
6,459,612
—
6,459,612
Real
Estate
Management
&
Development
....
—
3,435,930
—
3,435,930
Retail
REITs
..........................
—
365,033
—
365,033
Semiconductors
&
Semiconductor
Equipment
.
—
15,085,617
—
15,085,617
Software
.............................
334,036
3,845,369
—
4,179,405
Specialty
Retail
........................
—
1,050,098
—
1,050,098
Technology
Hardware,
Storage
&
Peripherals
.
—
858,412
—
858,412
Textiles,
Apparel
&
Luxury
Goods
..........
—
2,880,661
—
2,880,661
Tobacco
.............................
—
1,819,355
—
1,819,355
Trading
Companies
&
Distributors
..........
465,453
4,255,066
—
4,720,519
Transportation
Infrastructure
..............
—
300,412
—
300,412
Wireless
Telecommunication
Services
.......
444,531
1,038,285
—
1,482,816
Preferred
Stocks
.........................
—
333,885
—
333,885
Short
Term
Investments
...................
8,144,107
—
—
8,144,107
Total
Investments
in
Securities
...........
$20,958,474
$310,222,101
d
$—
$331,180,575
Franklin
U.S.
Core
Equity
(IU)
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
.........................
1,173,482,748
—
—
1,173,482,748
Short
Term
Investments
...................
9,371,024
—
—
9,371,024
Total
Investments
in
Securities
...........
$1,182,853,772
$—
$—
$1,182,853,772
a
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
b
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,
2026.
c
Includes
foreign
securities
valued
at
$176,860,112,
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
Includes
foreign
securities
valued
at
$310,222,101,
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.
4. Fair
Value
Measurements
(continued)
Franklin
Fund
Allocator
Series
Notes
to
Schedules
of
Investments
(unaudited)
28
Quarterly
Schedules
of
Investments
Abbreviations
Selected
Portfolio
ADR
American
Depositary
Receipt
GDR
Global
Depositary
Receipt
REIT
Real
Estate
Investment
Trust
For
additional
information
on
the
Funds'
significant
accounting
policies,
please
refer
to
the Funds'
most
recent
semiannual
or
annual
shareholder
report.